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: |
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BlackRock Multi-Sector Income Trust (BIT) |
| Fund Address: |
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100 Bellevue Parkway, Wilmington, DE 19809 |
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Multi-Sector Income Trust, 50 Hudson Yards, New York, NY 10001
Registrant’s telephone number, including area code: (800) 882‑0052, Option 4
Date of fiscal year end: 10/31/2023
Date of reporting period: 04/30/2023
Item 1 – Report to Stockholders
(a) The Report to Shareholders is attached herewith.
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2023 Semi-Annual Report (Unaudited) |
BlackRock Multi-Sector Income Trust (BIT)
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| 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 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, 2023
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Total Cumulative Distributions
for the Fiscal Period |
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% Breakdown of the Total Cumulative Distributions for the Fiscal Period |
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Trust Name |
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Net
Income |
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Net Realized
Capital Gains Short-Term |
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Net Realized
Capital Gains Long-Term |
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Return of
Capital |
(a) |
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Total Per
Common Share |
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Net
Income |
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Net Realized
Capital Gains Short-Term |
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Net Realized
Capital Gains Long-Term |
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Return of
Capital |
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Total Per
Common Share |
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BIT |
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$ |
0.429748 |
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$ |
— |
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$ |
— |
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$ |
0.312452 |
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$ |
0.742200 |
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58 |
% |
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— |
% |
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— |
% |
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42 |
% |
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100 |
% |
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(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. |
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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:
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| Exchange Symbol |
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Amount Per Common Share |
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| BIT |
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$ |
0.1237 |
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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.
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| 2 |
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2 0 2 3 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,
Investors faced an uncertain economic landscape during the 12‑month reporting period ended April 30, 2023, amid mixed indicators and rapidly changing market conditions. The U.S. economy returned to modest growth beginning in the third quarter of 2022, although the pace of growth slowed thereafter. Inflation was elevated, reaching a 40‑year high as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated as the period continued, while continued strength in consumer spending backstopped the economy.
Equity returns varied substantially, as large-capitalization U.S. stocks gained for the period amid a rebound in big tech stocks, whereas small-capitalization U.S. stocks declined. International equities from developed markets advanced strongly, while emerging market stocks declined, pressured by higher interest rates and volatile commodities prices.
The 10‑year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bonds posted a positive return as demand from yield-seeking investors remained strong.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.
Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.
While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar could provide a supportive backdrop. We also see selective, long-term opportunities in credit, where we believe that valuations are appealing, and higher yields offer attractive income. However, we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. For fixed income investing with a six‑ to twelve-month horizon, we see the most significant opportunities in short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, 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,
Rob Kapito
President, BlackRock Advisors, LLC
Rob Kapito
President, BlackRock Advisors, LLC
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| Total Returns as of April 30, 2023 |
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6‑Month |
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12‑Month |
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| U.S. large cap equities
(S&P 500® Index) |
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8.63% |
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2.66% |
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| U.S. small cap equities (Russell 2000® Index) |
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(3.45) |
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(3.65) |
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| International equities (MSCI Europe, Australasia, Far East Index) |
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24.19 |
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8.42 |
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| Emerging market equities (MSCI Emerging Markets Index) |
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16.36 |
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(6.51) |
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| 3‑month Treasury bills (ICE BofA 3‑Month U.S. Treasury Bill Index) |
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2.09 |
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2.83 |
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| U.S. Treasury securities (ICE BofA 10‑Year U.S. Treasury Index) |
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7.14 |
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(1.68) |
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| U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |
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6.91 |
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(0.43) |
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| Tax‑exempt municipal bonds (Bloomberg Municipal Bond Index) |
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7.65 |
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2.87 |
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| U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |
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6.21 |
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1.21 |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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| 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 |
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3 |
Table of Contents
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Page |
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2 |
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3 |
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| Semi-Annual Report: |
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5 |
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5 |
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6 |
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| Financial Statements: |
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8 |
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45 |
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47 |
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48 |
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49 |
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51 |
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52 |
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63 |
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66 |
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| The Benefits and Risks of Leveraging |
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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 and/or dollar rolls 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 borrow money (including through the use of TOB Trusts) or issue debt securities 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.
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. Pursuant to Rule 18f‑4 under the 1940 Act, among other things, the Trust must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value‑at‑risk. 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.
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| 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 |
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5 |
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| Trust Summary as of April 30, 2023 |
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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
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| Symbol on New York Stock Exchange |
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BIT |
| Initial Offering Date |
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February 27, 2013 |
| Current Distribution Rate on Closing Market Price as of April 30, 2023 ($14.73)(a) |
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10.08% |
| Current Monthly Distribution per Common Share(b) |
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$0.1237 |
| Current Annualized Distribution per Common Share(b) |
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$1.4844 |
| Leverage as of April 30, 2023(c) |
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33% |
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(a) |
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. |
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(b) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
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(c) |
Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
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Market Price and Net Asset Value Per Share Summary
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04/30/23 |
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10/31/22 |
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Change |
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High |
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Low |
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| Closing Market Price |
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$ |
14.73 |
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$ |
14.43 |
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2.08 |
% |
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$ |
15.24 |
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$ |
14.08 |
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| Net Asset Value |
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14.72 |
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14.66 |
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0.41 |
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15.36 |
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14.37 |
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Performance
Returns for the period ended April 30, 2023 were as follows:
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Average Annual Total Returns |
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6‑month |
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1 Year |
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5 Years |
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10 Years |
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| Trust at NAV(a)(b) |
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5.58 |
% |
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0.40 |
% |
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3.98 |
% |
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6.39 |
% |
| Trust at Market Price(a)(b) |
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7.33 |
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3.02 |
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6.35 |
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6.60 |
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| Bloomberg U.S. Aggregate Bond Index(c) |
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6.91 |
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(0.43 |
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1.18 |
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1.32 |
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(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage. |
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(b) |
The Trust moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
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(c) |
A broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. |
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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?
The largest positive contributor to the Trust’s performance was exposure to investment grade corporate bonds. The Trust’s exposure to government agency securities proved additive as well, while the allocation to commercial mortgage-backed securities (“CMBS”) contributed to a lesser extent.
On the downside, exposure to non‑agency adjustable-rate mortgage-backed securities detracted from performance, along with allocations to municipal bonds and non‑dollar denominated securities.
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.
During the reporting period, the Trust held derivatives including U.S. futures and interest rate swaps, primarily as hedging vehicles. The Trust’s use of derivatives marginally detracted performance.
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| 6 |
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2 0 2 3 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 |
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| Trust Summary as of April 30, 2023 (continued) |
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BlackRock Multi-Sector Income Trust (BIT) |
Describe recent portfolio activity.
Over the period, the Trust reduced risk in assets such as emerging market bonds in anticipation of a potential economic slowdown. The higher quality bias was reflected in other changes as well including increased exposure to investment grade corporate bonds, as well as to agency mortgage-backed securities (“MBS”) which appear attractively valued relative to most other segments of the bond market and have benefited from reduced interest rate volatility. The allocation to high yield corporate bonds was marginally increased, and the Trust tactically allocated to asset-backed securities and collateralized loan obligations (“CLOs”) on the basis of attractive income. The Trust reduced exposure to capital securities (i.e., subordinated bank debt) in advance of the regional bank crisis.
The Trust increased duration (and corresponding interest rate sensitivity) over the period on the view that the Fed is likely to end its cycle of rate hikes with inflation is moderating.
Given elevated funding costs, leverage was reduced to close to zero in order to increase carry (incremental income) earned on assets and support the Trust’s dividend.
Describe portfolio positioning at period end.
At period end, the Trust maintained a diversified exposure within non‑government spread sectors, including investment grade and high yield corporate bonds, CMBS, CLOs, and both agency and non‑agency MBS.
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
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| PORTFOLIO COMPOSITION |
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| Asset Type |
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Percentage of Total Investments |
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| Corporate Bonds |
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51.5 |
% |
| U.S. Government Sponsored Agency Securities |
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15.2 |
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| Asset-Backed Securities |
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11.5 |
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| Non‑Agency Mortgage-Backed Securities |
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10.4 |
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| Floating Rate Loan Interests |
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4.6 |
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| Preferred Securities |
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3.4 |
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| Foreign Government and Agency Obligations |
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1.8 |
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| Short-Term Securities |
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1.0 |
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| Other* |
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0.6 |
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| CREDIT QUALITY ALLOCATION |
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| Credit Rating(a)(b) |
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Percentage of
Total Investments |
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| AAA/Aaa(c) |
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21.8 |
% |
| AA/Aa |
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1.0 |
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| A |
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2.4 |
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| BBB/Baa |
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12.8 |
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| BB/Ba |
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22.1 |
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| B |
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21.6 |
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| CCC/Caa |
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6.2 |
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| CC |
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2.3 |
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| C |
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2.4 |
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| N/R(d) |
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7.4 |
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| (a) |
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. |
| (b) |
Excludes short-term securities. |
| (c) |
Includes U.S. Government Sponsored Agency Securities which are deemed AAA/Aaa by the investment adviser. |
| (d) |
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, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Trust’s total investments. |
| * |
Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details. |
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| T R U S T S U M M A R Y |
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7 |
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| Schedule of Investments (unaudited) April 30, 2023 |
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BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
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| Security |
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|
|
Par
(000) |
|
|
Value |
|
|
|
|
|
| Asset-Backed Securities |
|
|
|
|
|
|
|
|
|
|
|
|
| Allegro CLO V Ltd., Series 2017‑1A, Class AR, (3‑mo. LIBOR US + 0.95%), 6.21%, 10/16/30(a)(b) |
|
|
USD |
|
|
|
474 |
|
|
$ |
467,063 |
|
| ALM Ltd., Series 2020‑1A, Class D, (3‑mo. LIBOR US + 6.00%), 11.26%, 10/15/29(a)(b) |
|
|
|
|
|
|
287 |
|
|
|
255,681 |
|
| Anchorage Capital CLO 5‑R Ltd., Series 2014‑5RA, Class E, (3‑mo. LIBOR US + 5.40%), 10.66%, 01/15/30(a)(b) |
|
|
|
|
|
|
860 |
|
|
|
790,165 |
|
| Anchorage Capital CLO 7 Ltd., Series 2015‑7A, Class D1R2, (3‑mo. LIBOR US + 3.50%), 8.77%, 01/28/31(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
232,241 |
|
| Apidos CLO XXVI, Series 2017‑26A, Class A1AR, (3‑mo. LIBOR US + 0.90%), 6.16%, 07/18/29(a)(b) |
|
|
|
|
|
|
454 |
|
|
|
449,985 |
|
| Apidos CLO XXVII, Series 2017‑27A, Class A1R, (3- mo. LIBOR US + 0.93%), 6.19%, 07/17/30(a)(b) |
|
|
|
|
|
|
247 |
|
|
|
244,642 |
|
| Ares XL CLO Ltd., Series 2016‑40A, Class A1RR, (3‑mo. LIBOR US + 0.87%), 6.13%, 01/15/29(a)(b) |
|
|
|
|
|
|
804 |
|
|
|
797,013 |
|
| ARES XLVII CLO Ltd., Series 2018‑47A, Class A1, (3‑mo. LIBOR US + 0.92%), 6.18%, 04/15/30(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
247,689 |
|
| Argent Securities Trust, Series 2006‑W5, Class A1A, (1‑mo. LIBOR US + 0.30%), 5.32%, 06/25/36(a) |
|
|
|
|
|
|
4,185 |
|
|
|
2,734,829 |
|
| Atrium XIII, Series 13A, Class A2, (3‑mo. LIBOR US + 1.25%), 6.52%, 11/21/30(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
242,028 |
|
| Atrium XV, Series 15A, Class D, (3‑mo. LIBOR US + 3.00%), 8.27%, 01/23/31(a)(b) |
|
|
|
|
|
|
550 |
|
|
|
526,585 |
|
| Bain Capital Credit CLO Ltd., Series 2020‑2A, Class DR, (3‑mo. LIBOR US + 3.30%), 8.57%, 07/19/34(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
227,513 |
|
| Barings CLO Ltd., (3‑mo. LIBOR US + 3.15%), 8.41%, 07/15/34 |
|
|
|
|
|
|
250 |
|
|
|
231,669 |
|
| Bayview Commercial Asset Trust, Series 2007‑2A, Class A1, (1‑mo. LIBOR US + 0.27%), 5.29%, 07/25/37(a)(b) |
|
|
|
|
|
|
1,385 |
|
|
|
1,224,665 |
|
| Bear Stearns Asset-Backed Securities I Trust, Series 2006‑HE9, Class 2A, (1‑mo. LIBOR US + 0.28%), 5.30%, 11/25/36(a) |
|
|
|
|
|
|
1,078 |
|
|
|
1,038,174 |
|
| Benefit Street Partners CLO II Ltd., Series 2013‑IIA, Class A1R2, (3‑mo. LIBOR US + 0.87%), 6.13%, 07/15/29(a)(b) |
|
|
|
|
|
|
160 |
|
|
|
159,110 |
|
| Benefit Street Partners CLO XX Ltd., Series 2020‑20A, Class CR, (3‑mo. LIBOR US + 2.05%), 7.31%, 07/15/34(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
233,168 |
|
| BlueMountain CLO Ltd., Series 2013‑2A, Class A1R, (3‑mo. LIBOR US + 1.18%), 6.45%, 10/22/30(a)(b) |
|
|
|
|
|
|
437 |
|
|
|
432,838 |
|
| BlueMountain Fuji U.S. CLO II Ltd., (3‑mo. LIBOR US + 1.00%), 6.25%, 10/20/30 |
|
|
|
|
|
|
3,405 |
|
|
|
3,369,658 |
|
| Carlyle Global Market Strategies CLO Ltd., Series 2015‑1A, Class AR3, (3‑mo. LIBOR US + 0.98%), 6.23%, 07/20/31(a)(b) |
|
|
|
|
|
|
1,624 |
|
|
|
1,599,311 |
|
| Carlyle U.S. CLO Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| (3‑mo. LIBOR US + 3.20%), 8.46%, 01/25/35 |
|
|
|
|
|
|
250 |
|
|
|
226,986 |
|
| Series 2018‑4A, Class A2, (3‑mo. LIBOR US + 1.80%), 7.05%, 01/20/31(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
244,389 |
|
| Carrington Mortgage Loan Trust(a) |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2006-FRE2, Class A2, (1‑mo. LIBOR US + 0.12%), 5.14%, 10/25/36 |
|
|
|
|
|
|
2,974 |
|
|
|
2,309,479 |
|
| Series 2006-FRE2, Class A5, (1‑mo. LIBOR US + 0.08%), 5.10%, 03/25/35 |
|
|
|
|
|
|
6,126 |
|
|
|
4,750,169 |
|
| CarVal CLO III Ltd., Series 2019‑2A, Class E, (3‑mo. LIBOR US + 6.44%), 11.69%, 07/20/32(a)(b) |
|
|
|
|
|
|
500 |
|
|
|
441,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Asset-Backed Securities (continued) |
|
| CBAM Ltd., Series 2017‑1A, Class A1, (3‑mo. LIBOR US + 1.25%), 6.50%, 07/20/30(a)(b) |
|
|
USD |
|
|
|
1,165 |
|
|
$ |
1,156,439 |
|
| C‑BASS Trust, Series 2006‑CB7, Class A4, (1‑mo. LIBOR US + 0.32%), 5.34%, 10/25/36(a) |
|
|
|
|
|
|
4,163 |
|
|
|
2,723,025 |
|
| Cedar Funding XV CLO Ltd., Series 2022‑15A, Class B, (3‑mo. CME Term SOFR + 1.80%), 6.85%, 04/20/35(a)(b) |
|
|
|
|
|
|
400 |
|
|
|
385,993 |
|
| CIFC Funding IV Ltd., Series 2017‑4A, Class A1R, (3‑mo. LIBOR US + 0.95%), 6.22%, 10/24/30(a)(b) |
|
|
|
|
|
|
476 |
|
|
|
470,542 |
|
| CIFC Funding Ltd.(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Class 1A, (3‑mo. LIBOR US + 1.70%), 6.96%, 10/21/31 |
|
|
|
|
|
|
750 |
|
|
|
730,200 |
|
| Series 2013‑4A, Class A1RR, (3‑mo. LIBOR US + 1.06%), 6.35%, 04/27/31 |
|
|
|
|
|
|
250 |
|
|
|
247,746 |
|
| Series 2014‑5A, Class A1R2, (3‑mo. LIBOR US + 1.20%), 6.46%, 10/17/31 |
|
|
|
|
|
|
550 |
|
|
|
545,692 |
|
| Series 2020‑1A, Class DR, (3‑mo. LIBOR US + 3.10%), 8.36%, 07/15/36 |
|
|
|
|
|
|
500 |
|
|
|
476,492 |
|
| CIFC Funding VII Ltd.(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2022‑7A, Class D, (3‑mo. CME Term SOFR + 5.35%), 10.42%, 10/22/35 |
|
|
|
|
|
|
250 |
|
|
|
245,027 |
|
| Series 2022‑7A, Class E, (3‑mo. CME Term SOFR + 8.94%), 14.01%, 10/22/35 |
|
|
|
|
|
|
500 |
|
|
|
494,587 |
|
| Citigroup Mortgage Loan Trust, Series 2006‑FX1, Class A7, 5.78%, 10/25/36 |
|
|
|
|
|
|
337 |
|
|
|
222,083 |
|
| Clear Creek CLO, Series 2015‑1A, Class DR, (3‑mo. LIBOR US + 2.95%), 8.20%, 10/20/30(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
233,569 |
|
| Countrywide Asset-Backed Certificates Trust, Series 2006‑26, Class 1A, (1‑mo. LIBOR US + 0.14%), 5.16%, 06/25/37(a) |
|
|
|
|
|
|
526 |
|
|
|
480,270 |
|
| CWHEQ Revolving Home Equity Loan Trust, Series 2006‑I, Class 1A, (1‑mo. LIBOR US + 0.14%), 5.09%, 01/15/37(a) |
|
|
|
|
|
|
435 |
|
|
|
384,927 |
|
| Deer Creek CLO Ltd., Series 2017‑1A, Class A, (3‑mo. LIBOR US + 1.18%), 6.43%, 10/20/30(a)(b) |
|
|
|
|
|
|
416 |
|
|
|
411,860 |
|
| Dryden 106 CLO Ltd., Series 2022-106A, Class E, (3‑mo. CME Term SOFR + 8.87%), 13.43%, 10/15/35(a)(b) |
|
|
|
|
|
|
500 |
|
|
|
497,226 |
|
| Dryden 37 Senior Loan Fund, Series 2015‑37A, Class AR, (3‑mo. LIBOR US + 1.10%), 6.36%, 01/15/31(a)(b) |
|
|
|
|
|
|
245 |
|
|
|
243,152 |
|
| Dryden XXVI Senior Loan Fund, Series 2013‑26A, Class AR, (3‑mo. LIBOR US + 0.90%), 6.16%, 04/15/29(a)(b) |
|
|
|
|
|
|
419 |
|
|
|
414,864 |
|
| Elmwood CLO IV Ltd., Series 2020‑1A, Class B, (3- mo. LIBOR US + 1.70%), 6.96%, 04/15/33(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
244,410 |
|
| Flatiron CLO 18 Ltd., Series 2018‑1A, Class A, (3‑mo. CME Term SOFR + 1.21%), 6.20%, 04/17/31(a)(b) |
|
|
|
|
|
|
1,500 |
|
|
|
1,486,839 |
|
| Fremont Home Loan Trust(a) |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2006‑A, Class 2A3, (1‑mo. LIBOR US + 0.32%), 5.34%, 05/25/36 |
|
|
|
|
|
|
4,148 |
|
|
|
2,381,276 |
|
| Series 2006‑D, Class 2A3, (1‑mo. LIBOR US + 0.15%), 5.17%, 11/25/36 |
|
|
|
|
|
|
6,282 |
|
|
|
2,298,036 |
|
| Galaxy XXI CLO Ltd., Series 2015‑21A, Class ER, (3‑mo. LIBOR US + 5.25%), 10.50%, 04/20/31(a)(b) |
|
|
|
|
|
|
500 |
|
|
|
430,509 |
|
| Galaxy XXVI CLO Ltd., Series 2018‑26A, Class A, (3‑mo. LIBOR US + 1.20%), 6.11%, 11/22/31(a)(b) |
|
|
|
|
|
|
750 |
|
|
|
741,979 |
|
| Galaxy XXVIII CLO Ltd., Series 2018‑28A, Class A1, (3‑mo. LIBOR US + 1.10%), 6.36%, 07/15/31(a)(b) |
|
|
|
|
|
|
500 |
|
|
|
492,849 |
|
|
|
|
| 8 |
|
2 0 2 3 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par (000) |
|
|
Value |
|
|
| Asset-Backed Securities (continued) |
|
| Generate CLO 2 Ltd.(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2A, Class DR, (3-mo. LIBOR US + 2.60%), 7.87%, 01/22/31 |
|
|
USD |
|
|
|
600 |
|
|
$ |
560,596 |
|
| Series 2A, Class ER, (3-mo. LIBOR US + 5.65%), 10.92%, 01/22/31 |
|
|
|
|
|
|
250 |
|
|
|
218,458 |
|
| Gilbert Park CLO Ltd., Series 2017-1A, Class A, (3-mo. LIBOR US + 1.19%), 6.45%, 10/15/30(a)(b) |
|
|
|
|
|
|
500 |
|
|
|
495,855 |
|
| GoldenTree Loan Management U.S. CLO 2 Ltd., Series 2017-2A, Class AR, (3-mo. LIBOR US + 0.91%), 6.16%, 11/20/30(a)(b) |
|
|
|
|
|
|
1,000 |
|
|
|
988,558 |
|
| GoldenTree Loan Management U.S. CLO 3 Ltd., (3-mo. LIBOR US + 2.85%), 8.10%, 04/20/30 |
|
|
|
|
|
|
250 |
|
|
|
238,141 |
|
| GoldenTree Loan Management U.S. CLO 5 Ltd., Series 2019-5A, Class BR, (3-mo. LIBOR US + 1.55%), 6.80%, 10/20/32(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
246,106 |
|
| Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class AR, (3-mo. LIBOR US + 1.12%), 6.37%, 07/20/31(a)(b) |
|
|
|
|
|
|
500 |
|
|
|
496,029 |
|
| GoldenTree Loan Opportunities X Ltd., Series 2015-10A, Class DR, (3-mo. LIBOR US + 3.05%), 8.30%, 07/20/31(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
239,963 |
|
| Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3-mo. LIBOR US + 6.45%), 11.71%, 04/15/33(a)(b) |
|
|
|
|
|
|
500 |
|
|
|
441,352 |
|
| Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1-mo. LIBOR US + 0.17%), 5.19%, 04/25/37(a) |
|
|
|
|
|
|
3,416 |
|
|
|
2,347,508 |
|
| HPS Loan Management Ltd., Series 8A-2016, Class ER, (3-mo. LIBOR US + 5.50%), 10.75%, 07/20/30(a)(b) |
|
|
|
|
|
|
1,000 |
|
|
|
829,711 |
|
| Jay Park CLO Ltd., Series 2016-1A, Class CR, (3-mo. LIBOR US + 2.65%), 7.90%, 10/20/27(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
241,285 |
|
| LCM XXI LP, Series 21A, Class AR, (3-mo. LIBOR US + 0.88%), 6.13%, 04/20/28(a)(b) |
|
|
|
|
|
|
34 |
|
|
|
33,677 |
|
| LCM XXIV Ltd., Series 24A, Class AR, (3-mo. LIBOR US + 0.98%), 6.23%, 03/20/30(a)(b) |
|
|
|
|
|
|
218 |
|
|
|
215,473 |
|
| Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A3, (1-mo. LIBOR US + 0.32%), 5.34%, 08/25/36(a) |
|
|
|
|
|
|
5,084 |
|
|
|
2,107,487 |
|
| Madison Park Funding XLI Ltd., Series 12A, Class AR, (3-mo. LIBOR US + 0.83%), 6.10%, 04/22/27(a)(b) |
|
|
|
|
|
|
273 |
|
|
|
270,418 |
|
| Madison Park Funding XVII Ltd., Series 2015-17A, Class DR, (3-mo. LIBOR US + 3.60%), 8.86%, 07/21/30(a)(b) |
|
|
|
|
|
|
500 |
|
|
|
479,058 |
|
| Madison Park Funding XVIII Ltd., Series 2015-18A, Class DR, (3-mo. LIBOR US + 2.95%), 8.21%, 10/21/30(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
232,807 |
|
| Madison Park Funding XXIX Ltd.(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2018-29A, Class D, (3-mo. LIBOR US + 3.00%), 8.26%, 10/18/30 |
|
|
|
|
|
|
565 |
|
|
|
539,408 |
|
| Series 2018-29A, Class E, (3-mo. LIBOR US + 5.70%), 10.96%, 10/18/30 |
|
|
|
|
|
|
500 |
|
|
|
460,953 |
|
| Madison Park Funding XXV Ltd., Series 2017-25A, Class A1R, (3-mo. LIBOR US + 0.97%), 6.23%, 04/25/29(a)(b) |
|
|
|
|
|
|
975 |
|
|
|
965,373 |
|
| Madison Park Funding XXVI Ltd., Series 2007-4A, Class DR, (3-mo. LIBOR US + 3.00%), 8.30%, 07/29/30(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
236,580 |
|
| Madison Park Funding XXX Ltd., Series 2018-30A, Class A, (3-mo. LIBOR US + 0.75%), 6.01%, 04/15/29(a)(b) |
|
|
|
|
|
|
237 |
|
|
|
234,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par (000) |
|
|
Value |
|
|
| Asset-Backed Securities (continued) |
|
| Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR, (3-mo. LIBOR US + 1.65%), 6.91%, 07/15/33(a)(b) |
|
|
USD |
|
|
|
800 |
|
|
$ |
782,228 |
|
| Mastr Asset-Backed Securities Trust, Series 2006- HE2, Class A3, (1-mo. LIBOR US + 0.30%), 5.32%, 06/25/36(a) |
|
|
|
|
|
|
7,145 |
|
|
|
2,661,453 |
|
| Neuberger Berman CLO XV, Series 2013-15A, Class A1R2, (3-mo. LIBOR US + 0.92%), 6.18%, 10/15/29(a)(b) |
|
|
|
|
|
|
492 |
|
|
|
486,375 |
|
| Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ERR, (3-mo. LIBOR US + 6.50%), 11.76%, 07/15/34(a)(b) |
|
|
|
|
|
|
710 |
|
|
|
633,675 |
|
| Neuberger Berman Loan Advisers CLO 25 Ltd., Series 2017-25A, Class AR, (3-mo. LIBOR US + 0.93%), 6.19%, 10/18/29(a)(b) |
|
|
|
|
|
|
1,371 |
|
|
|
1,356,094 |
|
| Neuberger Berman Loan Advisers CLO 26 Ltd., Series 2017-26A, Class AR, (3-mo. LIBOR US + 0.92%), 6.18%, 10/18/30(a)(b) |
|
|
|
|
|
|
246 |
|
|
|
243,731 |
|
| Neuberger Berman Loan Advisers CLO 37 Ltd., Series 2020-37A, Class CR, (3-mo. LIBOR US + 1.80%), 7.05%, 07/20/31(a)(b) |
|
|
|
|
|
|
400 |
|
|
|
388,649 |
|
| Neuberger Berman Loan Advisers CLO 46 Ltd., Series 2021-46A, Class B, (3-mo. LIBOR US + 1.65%), 6.90%, 01/20/36(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
241,379 |
|
| Neuberger Berman Loan Advisers NBLA CLO 52 Ltd.(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2022-52A, Class D, (3-mo. CME Term SOFR + 5.75%), 10.82%, 10/24/35 |
|
|
|
|
|
|
550 |
|
|
|
548,372 |
|
| Series 2022-52A, Class E, (3-mo. CME Term SOFR + 8.81%), 13.88%, 10/24/35 |
|
|
|
|
|
|
250 |
|
|
|
246,771 |
|
| OCP CLO Ltd.(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2015-9A, Class A1R2, (3-mo. CME Term SOFR + 1.25%), 6.24%, 01/15/33 |
|
|
|
|
|
|
550 |
|
|
|
539,750 |
|
| Series 2017-13A, Class A1AR, (3-mo. LIBOR US + 0.96%), 6.22%, 07/15/30 |
|
|
|
|
|
|
590 |
|
|
|
583,584 |
|
| Series 2017-14A, Class A2, (3-mo. LIBOR US + 1.50%), 6.42%, 11/20/30 |
|
|
|
|
|
|
400 |
|
|
|
389,205 |
|
| Series 2019-17A, Class A1R, (3-mo. LIBOR US + 1.04%), 6.29%, 07/20/32 |
|
|
|
|
|
|
500 |
|
|
|
490,934 |
|
| Octagon Investment Partners 31 Ltd., Series 2017-1A, Class E, (3-mo. LIBOR US + 6.30%), 11.55%, 07/20/30(a)(b) |
|
|
|
|
|
|
500 |
|
|
|
441,395 |
|
| Octagon Investment Partners 32 Ltd., Series 2017-1A, Class A1R, (3-mo. LIBOR US + 0.95%), 6.21%, 07/15/29(a)(b) |
|
|
|
|
|
|
237 |
|
|
|
234,514 |
|
| Octagon Investment Partners XIV Ltd., Series 2012- 1A, Class AARR, (3-mo. LIBOR US + 0.95%), 6.21%, 07/15/29(a)(b) |
|
|
|
|
|
|
468 |
|
|
|
463,476 |
|
| Octagon Investment Partners XV Ltd., Series 2013-1A, Class A1RR, (3-mo. LIBOR US + 0.97%), 6.24%, 07/19/30(a)(b) |
|
|
|
|
|
|
2,623 |
|
|
|
2,595,386 |
|
| Octagon Investment Partners XVII Ltd., Series 2013-1A, Class BR2, (3-mo. LIBOR US + 1.40%), 6.66%, 01/25/31(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
243,476 |
|
| Octagon Investment Partners XXI Ltd., Series 2014-1A, Class AAR3, (3-mo. LIBOR US + 1.00%), 5.87%, 02/14/31(a)(b) |
|
|
|
|
|
|
500 |
|
|
|
493,421 |
|
| Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, (3-mo. LIBOR US + 2.75%), 8.02%, 01/22/30(a)(b) |
|
|
|
|
|
|
500 |
|
|
|
463,682 |
|
|
|
|
| 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par (000) |
|
|
Value |
|
|
| Asset-Backed Securities (continued) |
|
| OHA Credit Partners XI Ltd., Series 2015-11A, Class DR, (3-mo. LIBOR US + 2.95%), 8.20%, 01/20/32 |
|
|
USD |
|
|
|
250 |
|
|
$ |
237,792 |
|
| OZLM VII Ltd., Series 2014-7RA, Class A1R, (3-mo. LIBOR US + 1.01%), 6.27%, 07/17/29(a)(b) |
|
|
|
|
|
|
490 |
|
|
|
486,243 |
|
| OZLM VIII Ltd., Series 2014-8A, Class A1R3, (3-mo. LIBOR US + 0.98%), 6.24%, 10/17/29(a)(b) |
|
|
|
|
|
|
721 |
|
|
|
714,141 |
|
| OZLM XXI Ltd., Series 2017-21A, Class D, (3-mo. LIBOR US + 5.54%), 10.79%, 01/20/31(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
201,679 |
|
| Palmer Square CLO Ltd., Series 2014-1A, Class A1R2, (3-mo. LIBOR US + 1.13%), 6.39%, 01/17/31(a)(b) |
|
|
|
|
|
|
672 |
|
|
|
667,468 |
|
| Palmer Square Loan Funding Ltd.(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2020-1A, Class A1, (3-mo. LIBOR US + 0.80%), 5.72%, 02/20/28 |
|
|
|
|
|
|
99 |
|
|
|
99,029 |
|
| Series 2021-1A, Class A1, (3-mo. LIBOR US + 0.90%), 6.15%, 04/20/29 |
|
|
|
|
|
|
243 |
|
|
|
241,038 |
|
| Series 2021-3A, Class A1, (3-mo. LIBOR US + 0.80%), 6.05%, 07/20/29 |
|
|
|
|
|
|
976 |
|
|
|
964,433 |
|
| Series 2022-1A, Class A1, (3-mo. CME Term SOFR + 1.05%), 6.04%, 04/15/30 |
|
|
|
|
|
|
213 |
|
|
|
210,859 |
|
| Rad CLO 1 Ltd., Series 2018-1A, Class AR, (3-mo. LIBOR US + 0.98%), 6.24%, 07/15/31(a)(b) |
|
|
|
|
|
|
700 |
|
|
|
689,296 |
|
| Rad CLO 6 Ltd., Series 2019-6A, Class E, (3-mo. LIBOR US + 7.53%), 12.78%, 01/20/33(a)(b) |
|
|
|
|
|
|
500 |
|
|
|
456,426 |
|
| Rad CLO Ltd., Series 2022-17A, Class E, (3-mo. CME Term SOFR + 8.30%), 13.35%, 10/20/35(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
239,281 |
|
| Regatta IX Funding Ltd., Series 2022-1A, Class D, (3-mo. LIBOR US + 3.90%), 9.16%, 04/17/30(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
243,655 |
|
| Regatta VIII Funding Ltd., Series 2017-1A, Class A, (3-mo. LIBOR US + 1.25%), 6.51%, 10/17/30(a)(b) |
|
|
|
|
|
|
415 |
|
|
|
412,464 |
|
| Regatta XI Funding Ltd., Series 2018-1A, Class A, (3-mo. LIBOR US + 1.07%), 6.33%, 07/17/31(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
247,416 |
|
| Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3-mo. LIBOR US + 1.45%), 6.71%, 01/15/34(a)(b) |
|
|
|
|
|
|
850 |
|
|
|
825,456 |
|
| Regional Management Issuance Trust, 3.88%, 10/17/33(b)(c) |
|
|
|
|
|
|
1,110 |
|
|
|
964,368 |
|
| Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37 |
|
|
|
|
|
|
3,562 |
|
|
|
1,627,868 |
|
| Rockford Tower CLO Ltd., Series 2017-2A, Class DR, (3-mo. LIBOR US + 2.85%), 8.11%, 10/15/29(a)(b) |
|
|
|
|
|
|
500 |
|
|
|
463,652 |
|
| Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1-mo. LIBOR US + 0.40%), 5.42%, 09/25/47(a) |
|
|
|
|
|
|
3,664 |
|
|
|
3,326,775 |
|
| Scholar Funding Trust, Series 2013-A, Class R, 0.00%, 01/30/45(c) |
|
|
|
|
|
|
— |
(d) |
|
|
701,808 |
|
| Signal Peak CLO 4 Ltd., (3-mo. LIBOR US + 0.95%), 6.22%, 10/26/34 |
|
|
|
|
|
|
1,200 |
|
|
|
1,194,292 |
|
| Southwick Park CLO LLC, Series 2019-4A, Class A1R, (3-mo. LIBOR US + 1.06%), 6.31%, 07/20/32(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
247,787 |
|
| Stratus Static CLO Ltd., Series 2022-3A, Class D, (3-mo. CME Term SOFR + 5.29%), 10.34%, 10/20/31(a)(b) |
|
|
|
|
|
|
500 |
|
|
|
501,224 |
|
| Symphony CLO XV Ltd., Series 2014-15A, Class AR3, (3-mo. LIBOR US + 1.08%), 6.34%, 01/17/32(a)(b) |
|
|
|
|
|
|
500 |
|
|
|
493,680 |
|
| Symphony CLO XXXII Ltd., Series 2022-32A, Class B, (3-mo. CME Term SOFR + 1.85%), 6.92%, 04/23/35(a)(b) |
|
|
|
|
|
|
600 |
|
|
|
579,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par (000) |
|
|
Value |
|
|
| Asset-Backed Securities (continued) |
|
| TCI-Flatiron CLO Ltd., Series 2016-1A, Class AR3, (3-mo. CME Term SOFR + 1.10%), 6.09%, 01/17/32(a)(b) |
|
|
USD |
|
|
|
1,368 |
|
|
$ |
1,353,440 |
|
| TCI-Symphony CLO Ltd., Series 2017-1A, Class AR, (3-mo. LIBOR US + 0.93%), 6.19%, 07/15/30(a)(b) |
|
|
|
|
|
|
2,364 |
|
|
|
2,332,484 |
|
| TICP CLO IX Ltd., Series 2017-9A, Class D, (3-mo. LIBOR US + 2.90%), 8.15%, 01/20/31(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
240,403 |
|
| TICP CLO VIII Ltd., Series 2017-8A, Class A2R, (3- mo. LIBOR US + 1.70%), 6.95%, 10/20/34(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
241,969 |
|
| Trestles CLO IV Ltd., Series 2021-4A, Class B1, (3- mo. LIBOR US + 1.70%), 6.96%, 07/21/34(a)(b) |
|
|
|
|
|
|
1,000 |
|
|
|
967,470 |
|
| Trestles CLO Ltd., Series 2017-1A, Class CR, (3-mo. LIBOR US + 2.90%), 8.16%, 04/25/32(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
234,324 |
|
| Trimaran CAVU Ltd.(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2022-2A, Class D, (3-mo. CME Term SOFR + 6.12%), 11.17%, 01/20/36 |
|
|
|
|
|
|
1,100 |
|
|
|
1,089,230 |
|
| Series 2022-2A, Class E, (3-mo. CME Term SOFR + 8.81%), 13.86%, 01/20/36 |
|
|
|
|
|
|
500 |
|
|
|
468,760 |
|
| Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32(e) |
|
|
GBP |
|
|
|
31 |
|
|
|
38,306 |
|
| Voya CLO Ltd., Series 2021-1A, Series D, (3-mo. LIBOR US + 3.15%), 8.41%, 07/15/34(a)(b) |
|
|
USD |
|
|
|
250 |
|
|
|
230,300 |
|
| Voya Ltd., Series 2012-4A, Class A1R3, (3-mo. CME Term SOFR + 1.26%), 6.25%, 10/15/30(a)(b) |
|
|
|
|
|
|
466 |
|
|
|
462,980 |
|
| WaMu Asset-Backed Certificates Trust, Series 2007- HE3, Class 2A3, (1-mo. LIBOR US + 0.24%), 5.26%, 05/25/37(a) |
|
|
|
|
|
|
5,781 |
|
|
|
4,725,024 |
|
| Whetstone Park CLO Ltd., Series 2021-1A, Classs 1A, (3-mo. LIBOR US + 1.60%), 6.85%, 01/20/35(a)(b) |
|
|
|
|
|
|
275 |
|
|
|
269,849 |
|
| York CLO 1 Ltd., Series 2014-1A, Class DRR, (3-mo. LIBOR US + 3.01%), 8.28%, 10/22/29(a)(b) |
|
|
|
|
|
|
250 |
|
|
|
239,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Asset-Backed Securities — 17.9%
(Cost: $104,358,444) |
|
|
|
|
|
|
|
99,494,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
| Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aerospace & Defense — 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
| Raytheon Technologies Corp. |
|
|
|
|
|
|
25,650 |
|
|
|
2,562,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Building Products — 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
| Carrier Global Corp. |
|
|
|
|
|
|
25,650 |
|
|
|
1,072,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Machinery — 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
| Otis Worldwide Corp. |
|
|
|
|
|
|
12,825 |
|
|
|
1,093,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Common Stocks — 0.9%
(Cost: $2,968,841) |
|
|
|
|
|
|
|
4,729,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par (000) |
|
|
|
|
|
|
|
|
| Corporate Bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aerospace & Defense — 3.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| Amsted Industries, Inc., 5.63%, 07/01/27(b) |
|
|
USD |
|
|
|
185 |
|
|
|
181,369 |
|
| Boeing Co., 5.15%, 05/01/30(f) |
|
|
|
|
|
|
1,489 |
|
|
|
1,500,459 |
|
| Bombardier, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.50%, 03/15/25 |
|
|
|
|
|
|
22 |
|
|
|
22,002 |
|
| 7.13%, 06/15/26(f) |
|
|
|
|
|
|
1,318 |
|
|
|
1,313,858 |
|
|
|
|
| 10 |
|
2 0 2 3 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par (000) |
|
|
Value |
|
|
| Aerospace & Defense (continued) |
|
| Bombardier, Inc.(b) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.88%, 04/15/27(f) |
|
|
USD |
|
|
|
781 |
|
|
$ |
778,704 |
|
| 6.00%, 02/15/28(f) |
|
|
|
|
|
|
683 |
|
|
|
647,787 |
|
| 7.50%, 02/01/29 |
|
|
|
|
|
|
970 |
|
|
|
954,010 |
|
| 7.45%, 05/01/34 |
|
|
|
|
|
|
286 |
|
|
|
315,744 |
|
| Embraer Netherlands Finance BV, 6.95%, 01/17/28(b) |
|
|
|
|
|
|
269 |
|
|
|
271,165 |
|
| F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26(b) |
|
|
|
|
|
|
464 |
|
|
|
388,600 |
|
| Howmet Aerospace, Inc., 5.13%, 10/01/24 |
|
|
|
|
|
|
2 |
|
|
|
1,992 |
|
| Lockheed Martin Corp., 4.09%, 09/15/52 |
|
|
|
|
|
|
451 |
|
|
|
406,344 |
|
| Northrop Grumman Corp., 3.85%, 04/15/45(f) |
|
|
|
|
|
|
680 |
|
|
|
566,561 |
|
| Raytheon Technologies Corp., 3.75%, 11/01/46(f) |
|
|
|
|
|
|
700 |
|
|
|
577,864 |
|
| Rolls-Royce PLC, 5.75%, 10/15/27(b)(f) |
|
|
|
|
|
|
1,545 |
|
|
|
1,541,855 |
|
| Spirit AeroSystems, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.50%, 04/15/25 |
|
|
|
|
|
|
40 |
|
|
|
39,740 |
|
| 9.38%, 11/30/29 |
|
|
|
|
|
|
787 |
|
|
|
845,956 |
|
| TransDigm, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.25%, 03/15/26(b)(f) |
|
|
|
|
|
|
6,944 |
|
|
|
6,975,231 |
|
| 6.38%, 06/15/26 |
|
|
|
|
|
|
58 |
|
|
|
57,921 |
|
| 7.50%, 03/15/27 |
|
|
|
|
|
|
134 |
|
|
|
134,669 |
|
| 6.75%, 08/15/28(b)(f) |
|
|
|
|
|
|
3,142 |
|
|
|
3,190,830 |
|
| Triumph Group, Inc., 9.00%, 03/15/28(b) |
|
|
|
|
|
|
1,159 |
|
|
|
1,174,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,887,563 |
|
|
|
|
|
| Automobile Components — 1.4% |
|
|
|
|
|
|
|
|
|
| Aptiv PLC, 4.40%, 10/01/46(f) |
|
|
|
|
|
|
280 |
|
|
|
219,997 |
|
| Clarios Global LP, 6.75%, 05/15/25(b) |
|
|
|
|
|
|
140 |
|
|
|
140,197 |
|
| Clarios Global LP/Clarios U.S. Finance Co. |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.38%, 05/15/26(e) |
|
|
EUR |
|
|
|
423 |
|
|
|
445,129 |
|
| 6.25%, 05/15/26(b) |
|
|
USD |
|
|
|
1,265 |
|
|
|
1,258,767 |
|
| 8.50%, 05/15/27(b)(f) |
|
|
|
|
|
|
3,592 |
|
|
|
3,613,001 |
|
| 6.75%, 05/15/28(g) |
|
|
|
|
|
|
1,034 |
|
|
|
1,038,002 |
|
| Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(b) |
|
|
|
|
|
|
231 |
|
|
|
214,253 |
|
| Faurecia SE(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.75%, 02/15/27 |
|
|
EUR |
|
|
|
100 |
|
|
|
97,685 |
|
| 3.75%, 06/15/28 |
|
|
|
|
|
|
100 |
|
|
|
97,518 |
|
| Goodyear Tire & Rubber Co. |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.00%, 07/15/29 |
|
|
USD |
|
|
|
132 |
|
|
|
116,682 |
|
| 5.63%, 04/30/33 |
|
|
|
|
|
|
137 |
|
|
|
118,585 |
|
| IHO Verwaltungs GmbH, (4.63% PIK), 3.88%, 05/15/27(e)(h) |
|
|
EUR |
|
|
|
100 |
|
|
|
96,557 |
|
| ZF Finance GmbH, 2.00%, 05/06/27(e) |
|
|
|
|
|
|
100 |
|
|
|
95,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,551,687 |
|
|
|
|
|
| Automobiles — 1.8% |
|
|
|
|
|
|
|
|
|
| Asbury Automotive Group, Inc., 5.00%, 02/15/32(b) |
|
|
USD |
|
|
|
168 |
|
|
|
144,754 |
|
| Constellation Automotive Financing PLC, 4.88%, 07/15/27(e) |
|
|
GBP |
|
|
|
100 |
|
|
|
95,490 |
|
| Ford Motor Co.(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.25%, 02/12/32 |
|
|
USD |
|
|
|
741 |
|
|
|
574,658 |
|
| 6.10%, 08/19/32 |
|
|
|
|
|
|
232 |
|
|
|
221,254 |
|
| Ford Motor Credit Co. LLC |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 06/16/25 |
|
|
|
|
|
|
397 |
|
|
|
386,455 |
|
| 3.38%, 11/13/25 |
|
|
|
|
|
|
200 |
|
|
|
185,732 |
|
| 4.39%, 01/08/26(f) |
|
|
|
|
|
|
1,250 |
|
|
|
1,187,610 |
|
| 6.86%, 06/05/26 |
|
|
GBP |
|
|
|
108 |
|
|
|
135,234 |
|
| 2.70%, 08/10/26 |
|
|
USD |
|
|
|
376 |
|
|
|
333,513 |
|
| 4.95%, 05/28/27(f) |
|
|
|
|
|
|
519 |
|
|
|
490,814 |
|
| 4.87%, 08/03/27 |
|
|
EUR |
|
|
|
125 |
|
|
|
133,605 |
|
| 4.13%, 08/17/27 |
|
|
USD |
|
|
|
320 |
|
|
|
293,619 |
|
| 3.82%, 11/02/27 |
|
|
|
|
|
|
400 |
|
|
|
358,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par (000) |
|
|
Value |
|
|
| Automobiles (continued) |
|
| Ford Motor Credit Co. LLC (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.90%, 02/16/28(f) |
|
|
USD |
|
|
|
376 |
|
|
$ |
325,477 |
|
| 6.80%, 05/12/28 |
|
|
|
|
|
|
754 |
|
|
|
754,451 |
|
| 5.11%, 05/03/29 |
|
|
|
|
|
|
214 |
|
|
|
199,399 |
|
| 7.35%, 03/06/30 |
|
|
|
|
|
|
400 |
|
|
|
410,864 |
|
| 3.63%, 06/17/31 |
|
|
|
|
|
|
617 |
|
|
|
508,630 |
|
| General Motors Co. |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.60%, 10/15/32 |
|
|
|
|
|
|
127 |
|
|
|
124,423 |
|
| 6.25%, 10/02/43(f) |
|
|
|
|
|
|
2,194 |
|
|
|
2,125,819 |
|
| General Motors Financial Co., Inc., 4.25%, 05/15/23(f) |
|
|
|
|
|
|
326 |
|
|
|
325,808 |
|
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b) |
|
|
|
|
|
|
228 |
|
|
|
180,120 |
|
| Renault SA, 2.38%, 05/25/26(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
100,581 |
|
| TML Holdings Pte. Ltd., 4.35%, 06/09/26(e)(f) |
|
|
USD |
|
|
|
200 |
|
|
|
183,725 |
|
| Wabash National Corp., 4.50%, 10/15/28(b) |
|
|
|
|
|
|
281 |
|
|
|
244,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,025,170 |
|
|
|
|
|
| Banks — 0.8% |
|
|
|
|
|
|
|
|
|
| Banco Bilbao Vizcaya Argentaria SA, (5-year USD Swap + 3.87%), 6.13%(a)(f)(i) |
|
|
|
|
|
|
2,000 |
|
|
|
1,594,150 |
|
| Banco BPM SpA, (5-year EUR Swap + 3.17%), 2.88%, 06/29/31(a)(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
94,901 |
|
| Banco de Sabadell SA, (1-year EUR Swap + 2.40%), 5.25%, 02/07/29(a)(e) |
|
|
|
|
|
|
100 |
|
|
|
105,957 |
|
| Banco do Brasil SA, 6.25%, 04/18/30 |
|
|
USD |
|
|
|
218 |
|
|
|
216,147 |
|
| Bangkok Bank PCL, (5-year CMT + 4.73%), 5.00% |
|
|
|
|
|
|
205 |
|
|
|
191,329 |
|
| Bank Leumi Le-Israel BM, (5-year CMT + 3.47%), 7.13%, 07/18/33(a)(b)(e) |
|
|
|
|
|
|
200 |
|
|
|
193,788 |
|
| Chong Hing Bank Ltd., (5-year CMT + 3.86%), 5.70%(a)(e)(i) |
|
|
|
|
|
|
250 |
|
|
|
243,328 |
|
| Credit Suisse AG/New York, 5.00%, 07/09/27 |
|
|
|
|
|
|
900 |
|
|
|
867,668 |
|
| Intesa Sanpaolo SpA, 5.71%, 01/15/26(b)(f) |
|
|
|
|
|
|
200 |
|
|
|
192,594 |
|
| Standard Chartered PLC, (5-year USD ICE Swap + 1.97%), 4.87%, 03/15/33(a)(b)(f) |
|
|
|
|
|
|
500 |
|
|
|
459,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,159,712 |
|
|
|
|
|
| Beverages — 1.8% |
|
|
|
|
|
|
|
|
|
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46(f) |
|
|
|
|
|
|
2,160 |
|
|
|
2,140,459 |
|
| ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(b)(f)(h) |
|
|
|
|
|
|
864 |
|
|
|
708,514 |
|
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 06/15/27 |
|
|
|
|
|
|
736 |
|
|
|
732,360 |
|
| 3.25%, 09/01/28 |
|
|
|
|
|
|
200 |
|
|
|
175,111 |
|
| 4.00%, 09/01/29(f) |
|
|
|
|
|
|
2,668 |
|
|
|
2,173,260 |
|
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.25%, 04/30/25(b) |
|
|
|
|
|
|
200 |
|
|
|
196,701 |
|
| 2.13%, 08/15/26(e) |
|
|
EUR |
|
|
|
243 |
|
|
|
237,292 |
|
| 4.13%, 08/15/26(b) |
|
|
USD |
|
|
|
400 |
|
|
|
376,814 |
|
| Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25(b) |
|
|
|
|
|
|
211 |
|
|
|
187,262 |
|
| Mauser Packaging Solutions Holding Co., 9.25%, 04/15/27(b) |
|
|
|
|
|
|
120 |
|
|
|
113,880 |
|
| Trivium Packaging Finance BV(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.50%, 08/15/26 |
|
|
|
|
|
|
1,189 |
|
|
|
1,154,345 |
|
| 8.50%, 08/15/27(f) |
|
|
|
|
|
|
1,924 |
|
|
|
1,857,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,053,481 |
|
|
|
|
|
| Biotechnology — 0.2% |
|
|
|
|
|
|
|
|
|
| Amgen, Inc., 2.80%, 08/15/41(f) |
|
|
|
|
|
|
250 |
|
|
|
182,177 |
|
|
|
|
| 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par (000) |
|
|
Value |
|
|
| Biotechnology (continued) |
|
| Cidron Aida Finco SARL, 5.00%, 04/01/28(e) |
|
|
EUR |
|
|
|
100 |
|
|
$ |
98,371 |
|
| Gilead Sciences, Inc., 4.75%, 03/01/46(f) |
|
|
USD |
|
|
|
700 |
|
|
|
668,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
949,102 |
|
|
|
|
|
| Broadline Retail — 0.0% |
|
|
|
|
|
|
|
|
|
| NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26(b) |
|
|
|
|
|
|
206 |
|
|
|
191,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Building Materials — 0.5% |
|
|
|
|
|
|
|
|
|
| Camelot Return Merger Sub, Inc., 8.75%, 08/01/28(b) |
|
|
|
|
|
|
269 |
|
|
|
254,877 |
|
| Jeld-Wen, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.25%, 05/15/25 |
|
|
|
|
|
|
189 |
|
|
|
190,315 |
|
| 4.63%, 12/15/25 |
|
|
|
|
|
|
150 |
|
|
|
144,750 |
|
| Masonite International Corp., Class C, 5.38%, 02/01/28(b) |
|
|
|
|
|
|
161 |
|
|
|
154,962 |
|
| New Enterprise Stone & Lime Co., Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.25%, 07/15/28 |
|
|
|
|
|
|
103 |
|
|
|
92,185 |
|
| 9.75%, 07/15/28 |
|
|
|
|
|
|
48 |
|
|
|
45,840 |
|
| Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28(b) |
|
|
|
|
|
|
731 |
|
|
|
684,162 |
|
| Standard Industries, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.25%, 11/21/26(e) |
|
|
EUR |
|
|
|
131 |
|
|
|
126,359 |
|
| 5.00%, 02/15/27(b) |
|
|
USD |
|
|
|
94 |
|
|
|
89,882 |
|
| 4.75%, 01/15/28(b) |
|
|
|
|
|
|
115 |
|
|
|
107,484 |
|
| 4.38%, 07/15/30(b)(f) |
|
|
|
|
|
|
1,082 |
|
|
|
933,927 |
|
| 3.38%, 01/15/31(b) |
|
|
|
|
|
|
55 |
|
|
|
43,527 |
|
| Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(b) |
|
|
|
|
|
|
40 |
|
|
|
38,008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,906,278 |
|
|
|
|
|
| Building Products — 1.0% |
|
|
|
|
|
|
|
|
|
| Advanced Drainage Systems, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.00%, 09/30/27 |
|
|
|
|
|
|
315 |
|
|
|
301,219 |
|
| 6.38%, 06/15/30 |
|
|
|
|
|
|
580 |
|
|
|
573,806 |
|
| Beacon Roofing Supply, Inc., 4.13%, 05/15/29(b) |
|
|
|
|
|
|
159 |
|
|
|
139,094 |
|
| Foundation Building Materials, Inc., 6.00%, 03/01/29(b) |
|
|
|
|
|
|
104 |
|
|
|
83,087 |
|
| GYP Holdings III Corp., 4.63%, 05/01/29(b) |
|
|
|
|
|
|
472 |
|
|
|
416,540 |
|
| Lowe’s Cos., Inc., 4.65%, 04/15/42(f) |
|
|
|
|
|
|
400 |
|
|
|
361,395 |
|
| Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26(b) |
|
|
|
|
|
|
111 |
|
|
|
100,733 |
|
| SRS Distribution, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.63%, 07/01/28 |
|
|
|
|
|
|
936 |
|
|
|
824,312 |
|
| 6.13%, 07/01/29(f) |
|
|
|
|
|
|
638 |
|
|
|
526,305 |
|
| 6.00%, 12/01/29(f) |
|
|
|
|
|
|
976 |
|
|
|
794,952 |
|
| White Cap Buyer LLC, 6.88%, 10/15/28(b)(f) |
|
|
|
|
|
|
1,577 |
|
|
|
1,367,514 |
|
| White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26(b)(h) |
|
|
|
|
|
|
324 |
|
|
|
297,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,786,023 |
|
|
|
|
|
| Capital Markets — 1.5% |
|
|
|
|
|
|
|
|
|
| Blackstone Holdings Finance Co. LLC, 5.90%, 11/03/27(b) |
|
|
|
|
|
|
766 |
|
|
|
785,859 |
|
| Blackstone Private Credit Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.05%, 09/29/25(b) |
|
|
|
|
|
|
103 |
|
|
|
103,143 |
|
| 3.25%, 03/15/27 |
|
|
|
|
|
|
97 |
|
|
|
83,587 |
|
| Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(b)(f) |
|
|
|
|
|
|
273 |
|
|
|
245,727 |
|
| GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 |
|
|
|
|
|
|
698 |
|
|
|
572,366 |
|
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.25%, 05/15/26 |
|
|
|
|
|
|
534 |
|
|
|
525,434 |
|
| 5.25%, 05/15/27(f) |
|
|
|
|
|
|
842 |
|
|
|
793,472 |
|
| 4.38%, 02/01/29 |
|
|
|
|
|
|
378 |
|
|
|
331,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par (000) |
|
|
Value |
|
|
| Capital Markets (continued) |
|
| Intercorp Peru Ltd., 3.88%, 08/15/29(b) |
|
|
USD |
|
|
|
270 |
|
|
$ |
226,007 |
|
| Morgan Stanley, (5-year CMT + 2.43%), 5.95%, 01/19/38(a) |
|
|
|
|
|
|
125 |
|
|
|
125,664 |
|
| NFP Corp.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.88%, 08/15/28(f) |
|
|
|
|
|
|
1,027 |
|
|
|
934,806 |
|
| 6.88%, 08/15/28(f) |
|
|
|
|
|
|
2,267 |
|
|
|
1,977,678 |
|
| 7.50%, 10/01/30 |
|
|
|
|
|
|
136 |
|
|
|
133,300 |
|
| Northern Trust Corp., 6.13%, 11/02/32(f) |
|
|
|
|
|
|
300 |
|
|
|
320,837 |
|
| Owl Rock Capital Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.75%, 07/22/25(f) |
|
|
|
|
|
|
238 |
|
|
|
219,819 |
|
| 3.40%, 07/15/26 |
|
|
|
|
|
|
83 |
|
|
|
74,341 |
|
| Owl Rock Core Income Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.13%, 09/23/26 |
|
|
|
|
|
|
56 |
|
|
|
48,625 |
|
| 7.75%, 09/16/27(b)(f) |
|
|
|
|
|
|
395 |
|
|
|
396,865 |
|
| Raymond James Financial, Inc., 4.95%, 07/15/46(f) |
|
|
|
|
|
|
400 |
|
|
|
368,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,268,008 |
|
|
|
|
|
| Chemicals — 1.8% |
|
|
|
|
|
|
|
|
|
| Avient Corp., 7.13%, 08/01/30(b) |
|
|
|
|
|
|
141 |
|
|
|
144,104 |
|
| Axalta Coating Systems LLC, 3.38%, 02/15/29(b) |
|
|
|
|
|
|
245 |
|
|
|
211,864 |
|
| Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27(b) |
|
|
|
|
|
|
600 |
|
|
|
579,483 |
|
| Braskem Idesa SAPI, 6.99%, 02/20/32(b) |
|
|
|
|
|
|
305 |
|
|
|
216,321 |
|
| Braskem Netherlands Finance BV, 7.25%, 02/13/33(b) |
|
|
|
|
|
|
290 |
|
|
|
276,363 |
|
| Element Solutions, Inc., 3.88%, 09/01/28(b)(f) |
|
|
|
|
|
|
2,001 |
|
|
|
1,765,626 |
|
| HB Fuller Co., 4.25%, 10/15/28 |
|
|
|
|
|
|
141 |
|
|
|
129,466 |
|
| Herens Holdco SARL, 4.75%, 05/15/28(b) |
|
|
|
|
|
|
671 |
|
|
|
556,356 |
|
| Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(b) |
|
|
|
|
|
|
443 |
|
|
|
393,004 |
|
| Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(b)(h) |
|
|
|
|
|
|
332 |
|
|
|
232,400 |
|
| Kronos International, Inc., 3.75%, 09/15/25(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
101,894 |
|
| LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(b) |
|
|
USD |
|
|
|
170 |
|
|
|
146,412 |
|
| MEGlobal BV, 2.63%, 04/28/28(e) |
|
|
|
|
|
|
200 |
|
|
|
176,850 |
|
| Minerals Technologies, Inc., 5.00%, 07/01/28(b) |
|
|
|
|
|
|
218 |
|
|
|
198,925 |
|
| Sasol Financing USA LLC |
|
|
|
|
|
|
|
|
|
|
|
|
| 8.75%, 05/03/29(g) |
|
|
|
|
|
|
348 |
|
|
|
349,392 |
|
| 5.50%, 03/18/31 |
|
|
|
|
|
|
320 |
|
|
|
264,760 |
|
| SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26(b)(f) |
|
|
|
|
|
|
305 |
|
|
|
280,798 |
|
| Sherwin-Williams Co., 4.50%, 06/01/47(f) |
|
|
|
|
|
|
310 |
|
|
|
274,508 |
|
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b) |
|
|
|
|
|
|
703 |
|
|
|
598,548 |
|
| WESCO Distribution, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.13%, 06/15/25 |
|
|
|
|
|
|
830 |
|
|
|
844,029 |
|
| 7.25%, 06/15/28(f) |
|
|
|
|
|
|
573 |
|
|
|
588,167 |
|
| WR Grace Holdings LLC(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.88%, 06/15/27 |
|
|
|
|
|
|
177 |
|
|
|
168,097 |
|
| 5.63%, 08/15/29(f) |
|
|
|
|
|
|
1,429 |
|
|
|
1,232,636 |
|
| 7.38%, 03/01/31 |
|
|
|
|
|
|
419 |
|
|
|
419,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,149,650 |
|
|
|
|
|
| Commercial Services & Supplies — 1.5% |
|
|
|
|
|
|
|
|
|
| ADT Security Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.13%, 06/15/23 |
|
|
|
|
|
|
2 |
|
|
|
1,990 |
|
| 4.13%, 08/01/29(b) |
|
|
|
|
|
|
35 |
|
|
|
30,406 |
|
| 4.88%, 07/15/32(b) |
|
|
|
|
|
|
16 |
|
|
|
13,840 |
|
| Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26(b) |
|
|
|
|
|
|
222 |
|
|
|
202,354 |
|
| APX Group, Inc., 5.75%, 07/15/29(b) |
|
|
|
|
|
|
342 |
|
|
|
305,506 |
|
| Cablevision Lightpath LLC, 3.88%, 09/15/27(b) |
|
|
|
|
|
|
418 |
|
|
|
348,879 |
|
|
|
|
| 12 |
|
2 0 2 3 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par (000) |
|
|
Value |
|
|
| Commercial Services & Supplies (continued) |
|
| Fortress Transportation and Infrastructure Investors LLC(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.50%, 10/01/25 |
|
|
USD |
|
|
|
698 |
|
|
$ |
689,298 |
|
| 9.75%, 08/01/27 |
|
|
|
|
|
|
180 |
|
|
|
187,458 |
|
| 5.50%, 05/01/28(f) |
|
|
|
|
|
|
520 |
|
|
|
476,624 |
|
| Herc Holdings, Inc., 5.50%, 07/15/27(b)(f) |
|
|
|
|
|
|
682 |
|
|
|
651,299 |
|
| Hertz Corp.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.63%, 12/01/26 |
|
|
|
|
|
|
161 |
|
|
|
145,006 |
|
| 5.00%, 12/01/29(f) |
|
|
|
|
|
|
130 |
|
|
|
106,356 |
|
| LABL, Inc., 9.50%, 11/01/28 |
|
|
|
|
|
|
408 |
|
|
|
420,012 |
|
| Loxam SAS, 4.50%, 02/15/27(e) |
|
|
EUR |
|
|
|
101 |
|
|
|
105,182 |
|
| Metis Merger Sub LLC, 6.50%, 05/15/29(b) |
|
|
USD |
|
|
|
158 |
|
|
|
133,926 |
|
| NESCO Holdings II, Inc., 5.50%, 04/15/29(b) |
|
|
|
|
|
|
305 |
|
|
|
275,584 |
|
| Prime Security Services Borrower LLC/Prime Finance, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.25%, 04/15/24 |
|
|
|
|
|
|
178 |
|
|
|
177,153 |
|
| 5.75%, 04/15/26(f) |
|
|
|
|
|
|
788 |
|
|
|
782,061 |
|
| 6.25%, 01/15/28(f) |
|
|
|
|
|
|
201 |
|
|
|
188,244 |
|
| Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(b) |
|
|
|
|
|
|
690 |
|
|
|
568,008 |
|
| United Rentals North America, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.50%, 05/15/27 |
|
|
|
|
|
|
173 |
|
|
|
171,890 |
|
| 6.00%, 12/15/29(b)(f) |
|
|
|
|
|
|
2,204 |
|
|
|
2,236,815 |
|
| Verisure Holding AB(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.25%, 02/15/27 |
|
|
EUR |
|
|
|
100 |
|
|
|
96,587 |
|
| 9.25%, 10/15/27 |
|
|
|
|
|
|
100 |
|
|
|
117,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,432,242 |
|
|
|
|
|
| Communications Equipment(b) — 0.5% |
|
|
|
|
|
|
|
|
|
| CommScope Technologies LLC, 6.00%, 06/15/25(f) |
|
|
USD |
|
|
|
655 |
|
|
|
615,676 |
|
| CommScope, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 03/01/26 |
|
|
|
|
|
|
486 |
|
|
|
464,171 |
|
| 8.25%, 03/01/27 |
|
|
|
|
|
|
222 |
|
|
|
171,632 |
|
| 7.13%, 07/01/28 |
|
|
|
|
|
|
188 |
|
|
|
134,890 |
|
| 4.75%, 09/01/29(f) |
|
|
|
|
|
|
604 |
|
|
|
487,758 |
|
| Viasat, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.63%, 09/15/25(f) |
|
|
|
|
|
|
692 |
|
|
|
660,860 |
|
| 5.63%, 04/15/27 |
|
|
|
|
|
|
87 |
|
|
|
80,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,615,679 |
|
|
|
|
|
| Construction Materials(b) — 0.1% |
|
|
|
|
|
|
|
|
|
| BCPE Empire Holdings, Inc., 7.63%, 05/01/27(f) |
|
|
|
|
|
|
425 |
|
|
|
389,937 |
|
| Resideo Funding, Inc., 4.00%, 09/01/29 |
|
|
|
|
|
|
77 |
|
|
|
65,217 |
|
| Ritchie Bros Holdings, Inc., 6.75%, 03/15/28 |
|
|
|
|
|
|
102 |
|
|
|
105,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
560,724 |
|
|
|
|
|
| Consumer Discretionary — 2.0% |
|
|
|
|
|
|
|
|
|
| APi Group DE, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.13%, 07/15/29 |
|
|
|
|
|
|
168 |
|
|
|
145,370 |
|
| 4.75%, 10/15/29 |
|
|
|
|
|
|
128 |
|
|
|
115,969 |
|
| Carnival Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 10.13%, 02/01/26(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
114,846 |
|
| 10.50%, 02/01/26(b)(f) |
|
|
USD |
|
|
|
762 |
|
|
|
795,471 |
|
| 7.63%, 03/01/26(b)(f) |
|
|
|
|
|
|
91 |
|
|
|
83,209 |
|
| 5.75%, 03/01/27(b) |
|
|
|
|
|
|
1,192 |
|
|
|
981,015 |
|
| 9.88%, 08/01/27(b) |
|
|
|
|
|
|
335 |
|
|
|
343,453 |
|
| 4.00%, 08/01/28(b) |
|
|
|
|
|
|
600 |
|
|
|
520,107 |
|
| 6.00%, 05/01/29(b)(f) |
|
|
|
|
|
|
610 |
|
|
|
478,788 |
|
| Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28(b)(f) |
|
|
|
|
|
|
2,597 |
|
|
|
2,791,993 |
|
| CoreLogic, Inc., 4.50%, 05/01/28(b)(f) |
|
|
|
|
|
|
835 |
|
|
|
682,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par (000) |
|
|
Value |
|
|
| Consumer Discretionary (continued) |
|
| Legends Hospitality Holding Co. LLC/Legends |
|
|
|
|
|
|
|
|
|
|
|
|
| Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26(b) |
|
|
USD |
|
|
|
114 |
|
|
$ |
103,170 |
|
| Life Time, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.75%, 01/15/26 |
|
|
|
|
|
|
435 |
|
|
|
424,792 |
|
| 8.00%, 04/15/26 |
|
|
|
|
|
|
336 |
|
|
|
334,103 |
|
| Lindblad Expeditions LLC, 6.75%, 02/15/27(b) |
|
|
|
|
|
|
389 |
|
|
|
365,667 |
|
| NCL Corp. Ltd.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.88%, 03/15/26 |
|
|
|
|
|
|
301 |
|
|
|
259,272 |
|
| 8.38%, 02/01/28 |
|
|
|
|
|
|
173 |
|
|
|
174,035 |
|
| 7.75%, 02/15/29 |
|
|
|
|
|
|
54 |
|
|
|
45,724 |
|
| NCL Finance Ltd., 6.13%, 03/15/28(b) |
|
|
|
|
|
|
333 |
|
|
|
268,897 |
|
| Neptune Bidco U.S., Inc., 9.29%, 04/15/29(b) |
|
|
|
|
|
|
108 |
|
|
|
101,655 |
|
| Royal Caribbean Cruises Ltd.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 11.50%, 06/01/25 |
|
|
|
|
|
|
154 |
|
|
|
163,433 |
|
| 4.25%, 07/01/26 |
|
|
|
|
|
|
92 |
|
|
|
82,348 |
|
| 5.50%, 08/31/26 |
|
|
|
|
|
|
176 |
|
|
|
161,342 |
|
| 5.38%, 07/15/27 |
|
|
|
|
|
|
173 |
|
|
|
153,590 |
|
| 11.63%, 08/15/27 |
|
|
|
|
|
|
229 |
|
|
|
243,607 |
|
| 5.50%, 04/01/28 |
|
|
|
|
|
|
152 |
|
|
|
134,033 |
|
| 8.25%, 01/15/29 |
|
|
|
|
|
|
251 |
|
|
|
263,675 |
|
| 9.25%, 01/15/29 |
|
|
|
|
|
|
448 |
|
|
|
477,915 |
|
| 7.25%, 01/15/30(f) |
|
|
|
|
|
|
352 |
|
|
|
352,990 |
|
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b) |
|
|
|
|
|
|
187 |
|
|
|
158,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,321,129 |
|
|
|
|
|
| Consumer Finance — 1.8% |
|
|
|
|
|
|
|
|
|
| Block, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.75%, 06/01/26 |
|
|
|
|
|
|
596 |
|
|
|
539,387 |
|
| 3.50%, 06/01/31(f) |
|
|
|
|
|
|
2,184 |
|
|
|
1,779,295 |
|
| Discover Financial Services, 6.70%, 11/29/32 |
|
|
|
|
|
|
115 |
|
|
|
121,680 |
|
| Global Payments, Inc.(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.20%, 08/15/29 |
|
|
|
|
|
|
736 |
|
|
|
650,951 |
|
| 2.90%, 05/15/30 |
|
|
|
|
|
|
748 |
|
|
|
641,058 |
|
| 5.40%, 08/15/32 |
|
|
|
|
|
|
317 |
|
|
|
313,531 |
|
| Iron Mountain U.K. PLC, 3.88%, 11/15/25(e) |
|
|
GBP |
|
|
|
100 |
|
|
|
119,402 |
|
| Navient Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.25%, 09/25/23 |
|
|
USD |
|
|
|
91 |
|
|
|
91,167 |
|
| 6.13%, 03/25/24 |
|
|
|
|
|
|
105 |
|
|
|
104,074 |
|
| 5.88%, 10/25/24 |
|
|
|
|
|
|
76 |
|
|
|
74,691 |
|
| 5.50%, 03/15/29 |
|
|
|
|
|
|
268 |
|
|
|
230,735 |
|
| OneMain Finance Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.88%, 03/15/25 |
|
|
|
|
|
|
362 |
|
|
|
354,138 |
|
| 7.13%, 03/15/26(f) |
|
|
|
|
|
|
422 |
|
|
|
411,256 |
|
| 3.50%, 01/15/27 |
|
|
|
|
|
|
389 |
|
|
|
332,253 |
|
| 6.63%, 01/15/28 |
|
|
|
|
|
|
285 |
|
|
|
264,337 |
|
| 5.38%, 11/15/29(f) |
|
|
|
|
|
|
131 |
|
|
|
110,204 |
|
| 4.00%, 09/15/30 |
|
|
|
|
|
|
141 |
|
|
|
106,481 |
|
| Sabre Global, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 9.25%, 04/15/25 |
|
|
|
|
|
|
229 |
|
|
|
211,252 |
|
| 7.38%, 09/01/25 |
|
|
|
|
|
|
376 |
|
|
|
334,170 |
|
| 11.25%, 12/15/27 |
|
|
|
|
|
|
74 |
|
|
|
65,027 |
|
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(b) |
|
|
|
|
|
|
819 |
|
|
|
770,141 |
|
| Shift4 Payments, Inc., 0.00%, 12/15/25(j)(k) |
|
|
|
|
|
|
219 |
|
|
|
238,819 |
|
| Verscend Escrow Corp., 9.75%, 08/15/26(b)(f) |
|
|
|
|
|
|
2,007 |
|
|
|
2,025,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,889,572 |
|
|
|
|
| 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Consumer Staples Distribution & Retail — 0.9% |
|
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.25%, 03/15/26 |
|
|
USD |
|
|
|
79 |
|
|
$ |
74,296 |
|
| 7.50%, 03/15/26 |
|
|
|
|
|
|
127 |
|
|
|
131,134 |
|
| 4.63%, 01/15/27(f) |
|
|
|
|
|
|
1,035 |
|
|
|
1,000,531 |
|
| 5.88%, 02/15/28 |
|
|
|
|
|
|
377 |
|
|
|
373,207 |
|
| 6.50%, 02/15/28 |
|
|
|
|
|
|
199 |
|
|
|
201,488 |
|
| 3.50%, 03/15/29 |
|
|
|
|
|
|
114 |
|
|
|
101,004 |
|
| 4.88%, 02/15/30(f) |
|
|
|
|
|
|
281 |
|
|
|
262,032 |
|
| Bellis Acquisition Co. PLC, 3.25%, 02/16/26(e) |
|
|
GBP |
|
|
|
100 |
|
|
|
103,054 |
|
| BRF GmbH, 4.35%, 09/29/26(e) |
|
|
USD |
|
|
|
200 |
|
|
|
174,225 |
|
| Darling Ingredients, Inc., 6.00%, 06/15/30(b)(f) |
|
|
|
|
|
|
557 |
|
|
|
551,020 |
|
| Lamb Weston Holdings, Inc.(b)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.13%, 01/31/30 |
|
|
|
|
|
|
368 |
|
|
|
337,026 |
|
| 4.38%, 01/31/32 |
|
|
|
|
|
|
491 |
|
|
|
447,900 |
|
| Ocado Group PLC, 3.88%, 10/08/26(e) |
|
|
GBP |
|
|
|
100 |
|
|
|
92,371 |
|
| Performance Food Group, Inc., 4.25%, 08/01/29(b) |
|
|
USD |
|
|
|
376 |
|
|
|
342,293 |
|
| Post Holdings, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.75%, 03/01/27 |
|
|
|
|
|
|
42 |
|
|
|
41,748 |
|
| 4.63%, 04/15/30(f) |
|
|
|
|
|
|
397 |
|
|
|
358,576 |
|
| Premier Foods Finance PLC, 3.50%, 10/15/26(e) |
|
|
GBP |
|
|
|
100 |
|
|
|
113,736 |
|
| U.S. Foods, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.75%, 02/15/29 |
|
|
USD |
|
|
|
427 |
|
|
|
397,188 |
|
| 4.63%, 06/01/30 |
|
|
|
|
|
|
51 |
|
|
|
46,640 |
|
| United Natural Foods, Inc., 6.75%, 10/15/28(b) |
|
|
|
|
|
|
44 |
|
|
|
41,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,191,234 |
|
|
|
|
|
| Containers & Packaging — 1.3% |
|
|
|
|
|
|
|
|
|
| Clydesdale Acquisition Holdings, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.63%, 04/15/29 |
|
|
|
|
|
|
1,346 |
|
|
|
1,321,094 |
|
| 8.75%, 04/15/30 |
|
|
|
|
|
|
523 |
|
|
|
481,324 |
|
| Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 |
|
|
|
|
|
|
74 |
|
|
|
70,840 |
|
| Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 |
|
|
|
|
|
|
258 |
|
|
|
252,926 |
|
| Graphic Packaging International LLC, 2.63%, 02/01/29(e) |
|
|
EUR |
|
|
|
195 |
|
|
|
187,370 |
|
| Kleopatra Finco SARL, 4.25%, 03/01/26(e) |
|
|
|
|
|
|
100 |
|
|
|
89,023 |
|
| LABL, Inc., 5.88%, 11/01/28(b) |
|
|
USD |
|
|
|
280 |
|
|
|
258,300 |
|
| Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26(b)(f) |
|
|
|
|
|
|
4,174 |
|
|
|
4,233,794 |
|
| Sealed Air Corp., 5.13%, 12/01/24(b) |
|
|
|
|
|
|
54 |
|
|
|
53,583 |
|
| Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28(b) |
|
|
|
|
|
|
208 |
|
|
|
211,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,159,312 |
|
|
|
|
|
| Diversified Consumer Services — 2.2% |
|
|
|
|
|
|
|
|
|
| Allied Universal Holdco LLC/Allied Universal Finance Corp.(b)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.63%, 07/15/26 |
|
|
|
|
|
|
2,652 |
|
|
|
2,556,400 |
|
| 9.75%, 07/15/27 |
|
|
|
|
|
|
895 |
|
|
|
832,558 |
|
| 6.00%, 06/01/29 |
|
|
|
|
|
|
1,655 |
|
|
|
1,297,488 |
|
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28(b) |
|
|
|
|
|
|
2,246 |
|
|
|
1,953,509 |
|
| Clarivate Science Holdings Corp.(b)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.88%, 07/01/28 |
|
|
|
|
|
|
1,421 |
|
|
|
1,278,616 |
|
| 4.88%, 07/01/29 |
|
|
|
|
|
|
1,061 |
|
|
|
955,528 |
|
| Garda World Security Corp.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.63%, 02/15/27 |
|
|
|
|
|
|
183 |
|
|
|
168,101 |
|
| 7.75%, 02/15/28 |
|
|
|
|
|
|
509 |
|
|
|
511,545 |
|
| Graham Holdings Co., 5.75%, 06/01/26(b) |
|
|
|
|
|
|
135 |
|
|
|
133,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par (000) |
|
|
Value |
|
|
| Diversified Consumer Services (continued) |
|
| Rekeep SpA, 7.25%, 02/01/26(e) |
|
|
EUR |
|
|
|
100 |
|
|
$ |
96,809 |
|
| Service Corp. International |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 06/01/29 |
|
|
USD |
|
|
|
107 |
|
|
|
102,987 |
|
| 4.00%, 05/15/31(f) |
|
|
|
|
|
|
454 |
|
|
|
400,097 |
|
| Sotheby’s, 7.38%, 10/15/27(b)(f) |
|
|
|
|
|
|
1,930 |
|
|
|
1,809,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,096,388 |
|
|
|
|
|
| Diversified REITs — 0.6% |
|
|
|
|
|
|
|
|
|
| American Tower Corp., 2.30%, 09/15/31 |
|
|
|
|
|
|
1,000 |
|
|
|
811,100 |
|
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b) |
|
|
|
|
|
|
204 |
|
|
|
168,708 |
|
| Iron Mountain, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.00%, 07/15/28 |
|
|
|
|
|
|
40 |
|
|
|
37,649 |
|
| 5.25%, 07/15/30 |
|
|
|
|
|
|
183 |
|
|
|
168,548 |
|
| 5.63%, 07/15/32 |
|
|
|
|
|
|
123 |
|
|
|
111,711 |
|
| MPT Operating Partnership LP/MPT Finance Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.55%, 12/05/23 |
|
|
GBP |
|
|
|
136 |
|
|
|
164,081 |
|
| 4.63%, 08/01/29(f) |
|
|
USD |
|
|
|
359 |
|
|
|
271,771 |
|
| 3.50%, 03/15/31(f) |
|
|
|
|
|
|
1,545 |
|
|
|
1,056,058 |
|
| RHP Hotel Properties LP/RHP Finance Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.75%, 10/15/27 |
|
|
|
|
|
|
35 |
|
|
|
32,900 |
|
| 4.50%, 02/15/29(b) |
|
|
|
|
|
|
97 |
|
|
|
87,344 |
|
| Trust Fibra Uno, 5.25%, 01/30/26(b) |
|
|
|
|
|
|
235 |
|
|
|
224,395 |
|
| VICI Properties LP, 4.95%, 02/15/30 |
|
|
|
|
|
|
254 |
|
|
|
242,796 |
|
| VICI Properties LP/VICI Note Co., Inc., 3.88%, 02/15/29(b) |
|
|
|
|
|
|
64 |
|
|
|
57,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,434,573 |
|
|
| Diversified Telecommunication Services — 2.3% |
|
| AT&T, Inc.(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.65%, 06/01/44 |
|
|
|
|
|
|
111 |
|
|
|
98,135 |
|
| 4.75%, 05/15/46 |
|
|
|
|
|
|
2,545 |
|
|
|
2,280,307 |
|
| Level 3 Financing, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.40%, 03/01/27 |
|
|
|
|
|
|
675 |
|
|
|
528,107 |
|
| 4.63%, 09/15/27 |
|
|
|
|
|
|
233 |
|
|
|
143,908 |
|
| 4.25%, 07/01/28(f) |
|
|
|
|
|
|
799 |
|
|
|
465,774 |
|
| 3.63%, 01/15/29 |
|
|
|
|
|
|
140 |
|
|
|
78,298 |
|
| 3.75%, 07/15/29 |
|
|
|
|
|
|
221 |
|
|
|
124,374 |
|
| 3.88%, 11/15/29 |
|
|
|
|
|
|
557 |
|
|
|
406,605 |
|
| 10.50%, 05/15/30(f) |
|
|
|
|
|
|
491 |
|
|
|
470,036 |
|
| Lumen Technologies, Inc., 4.00%, 02/15/27(b)(f) |
|
|
|
|
|
|
1,347 |
|
|
|
899,527 |
|
| SoftBank Group Corp., 4.50%, 04/20/25(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
105,484 |
|
| Sprint Capital Corp., 8.75%, 03/15/32 |
|
|
USD |
|
|
|
1,008 |
|
|
|
1,232,094 |
|
| Telecom Italia Capital SA |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.38%, 11/15/33 |
|
|
|
|
|
|
191 |
|
|
|
170,749 |
|
| 6.00%, 09/30/34 |
|
|
|
|
|
|
569 |
|
|
|
485,063 |
|
| 7.20%, 07/18/36 |
|
|
|
|
|
|
137 |
|
|
|
123,803 |
|
| 7.72%, 06/04/38 |
|
|
|
|
|
|
71 |
|
|
|
66,376 |
|
| Telecom Italia SpA |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.30%, 05/30/24(b) |
|
|
|
|
|
|
202 |
|
|
|
197,301 |
|
| 2.75%, 04/15/25(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
104,132 |
|
| 6.88%, 02/15/28(e) |
|
|
|
|
|
|
100 |
|
|
|
110,609 |
|
| 1.63%, 01/18/29(e) |
|
|
|
|
|
|
100 |
|
|
|
84,846 |
|
| Verizon Communications, Inc.(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.50%, 08/10/33 |
|
|
USD |
|
|
|
500 |
|
|
|
483,057 |
|
| 3.70%, 03/22/61 |
|
|
|
|
|
|
1,250 |
|
|
|
928,505 |
|
| Zayo Group Holdings, Inc.(b)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.00%, 03/01/27 |
|
|
|
|
|
|
2,618 |
|
|
|
1,982,237 |
|
| 6.13%, 03/01/28 |
|
|
|
|
|
|
1,599 |
|
|
|
1,022,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,591,522 |
|
|
|
|
| 14 |
|
2 0 2 3 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
|
|
|
| Education — 0.0% |
|
|
|
|
|
|
|
|
|
| Grand Canyon University, 5.13%, 10/01/28 |
|
|
USD |
|
|
|
249 |
|
|
$ |
224,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Electric Utilities — 0.8% |
|
|
|
|
|
|
|
|
|
| Comision Federal de Electricidad, 4.88%, 01/15/24 |
|
|
|
|
|
|
323 |
|
|
|
318,922 |
|
| Duke Energy Corp., 4.80%, 12/15/45(f) |
|
|
|
|
|
|
1,500 |
|
|
|
1,391,385 |
|
| Enel Finance International NV, 3.63%, 05/25/27(b)(f) |
|
|
|
|
|
|
1,250 |
|
|
|
1,190,777 |
|
| FirstEnergy Transmission LLC, 5.45%, 07/15/44(b)(f) |
|
|
|
|
|
|
497 |
|
|
|
484,392 |
|
| NextEra Energy Operating Partners LP(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.25%, 07/15/24 |
|
|
|
|
|
|
205 |
|
|
|
201,921 |
|
| 4.25%, 09/15/24 |
|
|
|
|
|
|
11 |
|
|
|
10,560 |
|
| Virginia Electric and Power Co., Series A, 6.00%, 05/15/37(f) |
|
|
|
|
|
|
750 |
|
|
|
810,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,408,118 |
|
|
|
|
|
| Electrical Equipment(b) — 0.4% |
|
|
|
|
|
|
|
|
|
| Gates Global LLC/Gates Corp., 6.25%, 01/15/26 |
|
|
|
|
|
|
572 |
|
|
|
566,280 |
|
| Regal Rexnord Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.05%, 02/15/26 |
|
|
|
|
|
|
115 |
|
|
|
116,624 |
|
| 6.05%, 04/15/28 |
|
|
|
|
|
|
769 |
|
|
|
776,302 |
|
| 6.30%, 02/15/30 |
|
|
|
|
|
|
265 |
|
|
|
269,985 |
|
| 6.40%, 04/15/33 |
|
|
|
|
|
|
275 |
|
|
|
280,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,009,632 |
|
|
| Electronic Equipment, Instruments & Components — 0.6% |
|
| CDW LLC/CDW Finance Corp., 3.25%, 02/15/29 |
|
|
|
|
|
|
351 |
|
|
|
303,483 |
|
| Corning, Inc., 4.38%, 11/15/57(f) |
|
|
|
|
|
|
1,915 |
|
|
|
1,621,503 |
|
| Imola Merger Corp., 4.75%, 05/15/29(b)(f) |
|
|
|
|
|
|
683 |
|
|
|
591,445 |
|
| Vertiv Group Corp., 4.13%, 11/15/28(b) |
|
|
|
|
|
|
776 |
|
|
|
700,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,216,914 |
|
|
|
|
|
| Energy Equipment & Services — 0.8% |
|
|
|
|
|
|
|
|
|
| Archrock Partners LP/Archrock Partners Finance Corp.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.88%, 04/01/27 |
|
|
|
|
|
|
381 |
|
|
|
374,356 |
|
| 6.25%, 04/01/28(f) |
|
|
|
|
|
|
1,088 |
|
|
|
1,044,415 |
|
| Noble Finance II LLC, 8.00%, 04/15/30 |
|
|
|
|
|
|
424 |
|
|
|
434,184 |
|
| USA Compression Partners LP/USA Compression Finance Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.88%, 04/01/26 |
|
|
|
|
|
|
516 |
|
|
|
510,427 |
|
| 6.88%, 09/01/27 |
|
|
|
|
|
|
717 |
|
|
|
697,777 |
|
| Valaris Ltd., 8.38%, 04/30/30 |
|
|
|
|
|
|
712 |
|
|
|
712,306 |
|
| Vallourec SA, 8.50%, 06/30/26(e) |
|
|
EUR |
|
|
|
32 |
|
|
|
35,129 |
|
| Weatherford International Ltd.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 11.00%, 12/01/24 |
|
|
USD |
|
|
|
9 |
|
|
|
9,269 |
|
| 6.50%, 09/15/28 |
|
|
|
|
|
|
280 |
|
|
|
280,000 |
|
| 8.63%, 04/30/30(f) |
|
|
|
|
|
|
408 |
|
|
|
415,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,513,460 |
|
|
| Environmental, Maintenance & Security Service — 0.8% |
|
| Clean Harbors, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.88%, 07/15/27 |
|
|
|
|
|
|
297 |
|
|
|
287,502 |
|
| 5.13%, 07/15/29 |
|
|
|
|
|
|
149 |
|
|
|
143,164 |
|
| 6.38%, 02/01/31 |
|
|
|
|
|
|
142 |
|
|
|
144,874 |
|
| Covanta Holding Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.88%, 12/01/29(b) |
|
|
|
|
|
|
181 |
|
|
|
161,090 |
|
| 5.00%, 09/01/30 |
|
|
|
|
|
|
91 |
|
|
|
80,480 |
|
| GFL Environmental, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.25%, 06/01/25 |
|
|
|
|
|
|
22 |
|
|
|
21,399 |
|
| 3.75%, 08/01/25(f) |
|
|
|
|
|
|
402 |
|
|
|
388,625 |
|
| 5.13%, 12/15/26 |
|
|
|
|
|
|
496 |
|
|
|
487,928 |
|
| 4.00%, 08/01/28 |
|
|
|
|
|
|
567 |
|
|
|
517,490 |
|
| 3.50%, 09/01/28 |
|
|
|
|
|
|
208 |
|
|
|
189,042 |
|
| 4.75%, 06/15/29(f) |
|
|
|
|
|
|
483 |
|
|
|
449,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Environmental, Maintenance & Security Service (continued) |
|
| GFL Environmental, Inc.(b) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.38%, 08/15/29 |
|
|
USD |
|
|
|
403 |
|
|
$ |
364,731 |
|
| Tervita Corp., 11.00%, 12/01/25(b) |
|
|
|
|
|
|
147 |
|
|
|
156,675 |
|
| Waste Pro USA, Inc., 5.50%, 02/15/26(b) |
|
|
|
|
|
|
1,144 |
|
|
|
1,063,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,455,919 |
|
|
|
|
|
| Financial Services — 2.0% |
|
|
|
|
|
|
|
|
|
| ABRA Global Finance, 11.50%, 03/02/28 |
|
|
|
|
|
|
213 |
|
|
|
170,458 |
|
| Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28(b) |
|
|
|
|
|
|
514 |
|
|
|
407,756 |
|
| ASG Finance Designated Activity Co., 7.88%, 12/03/24(b) |
|
|
|
|
|
|
262 |
|
|
|
256,105 |
|
| Bank of America Corp., (1-day SOFR + 1.99%), 6.20%, 11/10/28(a)(f) |
|
|
|
|
|
|
454 |
|
|
|
473,372 |
|
| Barclays PLC, 5.20%, 05/12/26 |
|
|
|
|
|
|
200 |
|
|
|
195,224 |
|
| Credit Suisse Group AG, (5-year EURIBOR ICE Swap + 4.95%), 7.75%, 03/01/29(a)(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
120,507 |
|
| Deutsche Bank AG, (1-day SOFR + 3.18%), 6.72%, 01/18/29(a) |
|
|
USD |
|
|
|
815 |
|
|
|
828,659 |
|
| Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(b)(h) |
|
|
|
|
|
|
285 |
|
|
|
254,300 |
|
| Goldman Sachs Group, Inc., Series R, (5-year CMT + 3.22%), 4.95%(a)(i) |
|
|
|
|
|
|
900 |
|
|
|
841,466 |
|
| Home Point Capital, Inc., 5.00%, 02/01/26(b) |
|
|
|
|
|
|
247 |
|
|
|
208,715 |
|
| HSBC Holdings PLC |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.38%, 11/23/26(f) |
|
|
|
|
|
|
370 |
|
|
|
358,287 |
|
| (5-year CMT + 3.25%), 4.70%(a)(f)(i) |
|
|
|
|
|
|
465 |
|
|
|
346,425 |
|
| (5-year CMT + 3.65%), 4.60%(a)(i) |
|
|
|
|
|
|
200 |
|
|
|
151,125 |
|
| (1-day SOFR + 3.35%), 7.39%, 11/03/28(a) |
|
|
|
|
|
|
350 |
|
|
|
376,758 |
|
| ION Trading Technologies SARL, 5.75%, 05/15/28(b) |
|
|
|
|
|
|
246 |
|
|
|
205,850 |
|
| Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28(b) |
|
|
|
|
|
|
415 |
|
|
|
348,952 |
|
| JPMorgan Chase & Co., (3-mo. LIBOR US + 0.95%), 3.51%, 01/23/29(a)(f) |
|
|
|
|
|
|
2,250 |
|
|
|
2,116,169 |
|
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.25%, 10/01/25 |
|
|
|
|
|
|
54 |
|
|
|
50,760 |
|
| 4.25%, 02/01/27 |
|
|
|
|
|
|
220 |
|
|
|
187,550 |
|
| 4.75%, 06/15/29 |
|
|
|
|
|
|
85 |
|
|
|
67,256 |
|
| Lloyds Banking Group PLC, (5-year CMT + 4.82%), 6.75%(a)(i) |
|
|
|
|
|
|
515 |
|
|
|
474,302 |
|
| MGIC Investment Corp., 5.25%, 08/15/28 |
|
|
|
|
|
|
216 |
|
|
|
206,418 |
|
| Nationstar Mortgage Holdings, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 01/15/27 |
|
|
|
|
|
|
237 |
|
|
|
224,558 |
|
| 5.13%, 12/15/30 |
|
|
|
|
|
|
136 |
|
|
|
111,398 |
|
| 5.75%, 11/15/31 |
|
|
|
|
|
|
146 |
|
|
|
121,435 |
|
| Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/26(b)(f) |
|
|
|
|
|
|
962 |
|
|
|
856,267 |
|
| Spectrum Brands, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.00%, 10/01/29 |
|
|
|
|
|
|
106 |
|
|
|
95,930 |
|
| 5.50%, 07/15/30 |
|
|
|
|
|
|
198 |
|
|
|
182,391 |
|
| Voya Financial, Inc., (3-mo. LIBOR US + 3.58%), 5.65%, 05/15/53(a)(f) |
|
|
|
|
|
|
1,090 |
|
|
|
1,089,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,327,880 |
|
|
|
|
|
| Food Products — 0.8% |
|
|
|
|
|
|
|
|
|
| Aramark International Finance SARL, 3.13%, 04/01/25(e) |
|
|
EUR |
|
|
|
200 |
|
|
|
210,057 |
|
| Aramark Services, Inc.(b)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.00%, 04/01/25 |
|
|
USD |
|
|
|
320 |
|
|
|
316,770 |
|
| 6.38%, 05/01/25 |
|
|
|
|
|
|
105 |
|
|
|
105,000 |
|
| 5.00%, 02/01/28 |
|
|
|
|
|
|
1,184 |
|
|
|
1,127,641 |
|
|
|
|
| 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
|
|
|
| Food Products (continued) |
|
|
|
|
|
|
|
|
|
| Chobani LLC/Chobani Finance Corp., Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.50%, 04/15/25(f) |
|
|
USD |
|
|
|
1,512 |
|
|
$ |
1,482,229 |
|
| 4.63%, 11/15/28 |
|
|
|
|
|
|
1,233 |
|
|
|
1,131,338 |
|
| Darling Global Finance BV, 3.63%, 05/15/26(e) |
|
|
EUR |
|
|
|
156 |
|
|
|
167,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,540,452 |
|
|
|
|
|
| Gas Utilities — 0.0% |
|
|
|
|
|
|
|
|
|
| Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(b) |
|
|
USD |
|
|
|
117 |
|
|
|
102,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ground Transportation — 0.5% |
|
|
|
|
|
|
|
|
|
| Burlington Northern Santa Fe LLC, 4.38%, 09/01/42(f) |
|
|
|
|
|
|
500 |
|
|
|
465,182 |
|
| Danaos Corp., 8.50%, 03/01/28(b) |
|
|
|
|
|
|
100 |
|
|
|
98,974 |
|
| Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(b)(f) |
|
|
|
|
|
|
1,835 |
|
|
|
1,766,698 |
|
| Union Pacific Corp., 3.20%, 05/20/41(f) |
|
|
|
|
|
|
275 |
|
|
|
221,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,551,901 |
|
|
|
|
|
| Health Care Equipment & Supplies — 0.4% |
|
|
|
|
|
|
|
|
|
| Avantor Funding, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.63%, 11/01/25(e) |
|
|
EUR |
|
|
|
300 |
|
|
|
315,566 |
|
| 4.63%, 07/15/28(b)(f) |
|
|
USD |
|
|
|
1,021 |
|
|
|
955,018 |
|
| 3.88%, 11/01/29(b) |
|
|
|
|
|
|
31 |
|
|
|
27,307 |
|
| Becton Dickinson & Co., 4.69%, 12/15/44 |
|
|
|
|
|
|
600 |
|
|
|
561,165 |
|
| Embecta Corp., 6.75%, 02/15/30(b) |
|
|
|
|
|
|
95 |
|
|
|
86,071 |
|
| Garden Spinco Corp., 8.63%, 07/20/30(b) |
|
|
|
|
|
|
254 |
|
|
|
273,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,218,177 |
|
|
|
|
|
| Health Care Providers & Services — 2.1% |
|
|
|
|
|
|
|
|
|
| AdaptHealth LLC(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.13%, 08/01/28 |
|
|
|
|
|
|
97 |
|
|
|
85,614 |
|
| 5.13%, 03/01/30 |
|
|
|
|
|
|
34 |
|
|
|
28,135 |
|
| AHP Health Partners, Inc., 5.75%, 07/15/29(b) |
|
|
|
|
|
|
415 |
|
|
|
352,750 |
|
| Cano Health LLC, 6.25%, 10/01/28(b) |
|
|
|
|
|
|
100 |
|
|
|
53,531 |
|
| CHS/Community Health Systems, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.63%, 03/15/27 |
|
|
|
|
|
|
132 |
|
|
|
121,806 |
|
| 6.00%, 01/15/29(f) |
|
|
|
|
|
|
653 |
|
|
|
578,721 |
|
| 5.25%, 05/15/30 |
|
|
|
|
|
|
811 |
|
|
|
675,939 |
|
| 4.75%, 02/15/31 |
|
|
|
|
|
|
416 |
|
|
|
335,603 |
|
| Encompass Health Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.75%, 02/01/30(f) |
|
|
|
|
|
|
500 |
|
|
|
461,088 |
|
| 4.63%, 04/01/31 |
|
|
|
|
|
|
326 |
|
|
|
292,330 |
|
| HealthEquity, Inc., 4.50%, 10/01/29(b) |
|
|
|
|
|
|
904 |
|
|
|
808,357 |
|
| Legacy LifePoint Health LLC(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.75%, 04/15/25 |
|
|
|
|
|
|
210 |
|
|
|
202,037 |
|
| 4.38%, 02/15/27(f) |
|
|
|
|
|
|
255 |
|
|
|
216,957 |
|
| Medline Borrower LP(b)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.88%, 04/01/29 |
|
|
|
|
|
|
746 |
|
|
|
652,715 |
|
| 5.25%, 10/01/29 |
|
|
|
|
|
|
1,707 |
|
|
|
1,476,492 |
|
| ModivCare, Inc., 5.88%, 11/15/25(b) |
|
|
|
|
|
|
175 |
|
|
|
167,216 |
|
| Molina Healthcare, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.38%, 06/15/28 |
|
|
|
|
|
|
59 |
|
|
|
55,296 |
|
| 3.88%, 11/15/30 |
|
|
|
|
|
|
321 |
|
|
|
283,165 |
|
| 3.88%, 05/15/32(f) |
|
|
|
|
|
|
213 |
|
|
|
182,537 |
|
| Northwell Healthcare, Inc., 4.26%, 11/01/47(f) |
|
|
|
|
|
|
686 |
|
|
|
574,158 |
|
| RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26(b) |
|
|
|
|
|
|
24 |
|
|
|
19,959 |
|
| Surgery Center Holdings, Inc.(b)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.75%, 07/01/25 |
|
|
|
|
|
|
392 |
|
|
|
391,510 |
|
| 10.00%, 04/15/27 |
|
|
|
|
|
|
457 |
|
|
|
468,422 |
|
| Teleflex, Inc., 4.63%, 11/15/27 |
|
|
|
|
|
|
100 |
|
|
|
96,250 |
|
| Tenet Healthcare Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.63%, 07/15/24 |
|
|
|
|
|
|
104 |
|
|
|
103,106 |
|
| 4.88%, 01/01/26 |
|
|
|
|
|
|
920 |
|
|
|
906,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Health Care Providers & Services (continued) |
|
| Tenet Healthcare Corp. (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.25%, 02/01/27 |
|
|
USD |
|
|
|
231 |
|
|
$ |
229,854 |
|
| 5.13%, 11/01/27(f) |
|
|
|
|
|
|
490 |
|
|
|
475,435 |
|
| 6.13%, 10/01/28 |
|
|
|
|
|
|
235 |
|
|
|
227,999 |
|
| 6.13%, 06/15/30(b)(f) |
|
|
|
|
|
|
452 |
|
|
|
447,078 |
|
| UnitedHealth Group, Inc., 4.38%, 03/15/42(f) |
|
|
|
|
|
|
750 |
|
|
|
694,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,664,712 |
|
|
|
|
|
| Health Care Technology(b) — 0.6% |
|
|
|
|
|
|
|
|
|
| AthenaHealth Group, Inc., 6.50%, 02/15/30(f) |
|
|
|
|
|
|
2,189 |
|
|
|
1,797,910 |
|
| Catalent Pharma Solutions, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.00%, 07/15/27(f) |
|
|
|
|
|
|
341 |
|
|
|
327,360 |
|
| 3.50%, 04/01/30 |
|
|
|
|
|
|
479 |
|
|
|
406,146 |
|
| Charles River Laboratories International, Inc., 4.00%, 03/15/31 |
|
|
|
|
|
|
55 |
|
|
|
47,918 |
|
| IQVIA, Inc., 5.00%, 10/15/26 |
|
|
|
|
|
|
548 |
|
|
|
538,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,117,663 |
|
|
|
|
|
| Hotels, Restaurants & Leisure — 3.4% |
|
|
|
|
|
|
|
|
|
| Boyd Gaming Corp., 4.75%, 06/15/31(b)(f) |
|
|
|
|
|
|
439 |
|
|
|
401,938 |
|
| Boyne USA, Inc., 4.75%, 05/15/29(b) |
|
|
|
|
|
|
440 |
|
|
|
398,554 |
|
| Burger King (Restaurant Brands Int)/New Red Finance, Inc., 3.88%, 01/15/28(b) |
|
|
|
|
|
|
69 |
|
|
|
64,718 |
|
| Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.38%, 01/15/28(f) |
|
|
|
|
|
|
157 |
|
|
|
146,769 |
|
| 4.00%, 10/15/30 |
|
|
|
|
|
|
627 |
|
|
|
547,359 |
|
| Caesars Entertainment, Inc.(b)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.25%, 07/01/25 |
|
|
|
|
|
|
1,533 |
|
|
|
1,534,871 |
|
| 8.13%, 07/01/27 |
|
|
|
|
|
|
2,072 |
|
|
|
2,113,962 |
|
| 4.63%, 10/15/29 |
|
|
|
|
|
|
803 |
|
|
|
704,468 |
|
| 7.00%, 02/15/30 |
|
|
|
|
|
|
2,001 |
|
|
|
2,018,859 |
|
| Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(b) |
|
|
|
|
|
|
20 |
|
|
|
20,165 |
|
| CDI Escrow Issuer, Inc., 5.75%, 04/01/30(b)(f) |
|
|
|
|
|
|
857 |
|
|
|
826,342 |
|
| Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(b) |
|
|
|
|
|
|
559 |
|
|
|
557,338 |
|
| Champion Path Holdings Ltd., 4.50%, 01/27/26(e) |
|
|
|
|
|
|
250 |
|
|
|
220,047 |
|
| Churchill Downs, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.50%, 04/01/27(b) |
|
|
|
|
|
|
684 |
|
|
|
667,275 |
|
| 4.75%, 01/15/28(b) |
|
|
|
|
|
|
618 |
|
|
|
585,243 |
|
| 6.75%, 05/01/31 |
|
|
|
|
|
|
504 |
|
|
|
507,301 |
|
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30(b) |
|
|
|
|
|
|
82 |
|
|
|
66,427 |
|
| Fortune Star BVI Ltd., 6.75%, 07/02/23(e) |
|
|
|
|
|
|
200 |
|
|
|
194,000 |
|
| Hilton Domestic Operating Co., Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.75%, 05/01/28(b) |
|
|
|
|
|
|
111 |
|
|
|
110,731 |
|
| 3.75%, 05/01/29(b) |
|
|
|
|
|
|
186 |
|
|
|
167,653 |
|
| 4.88%, 01/15/30 |
|
|
|
|
|
|
469 |
|
|
|
445,273 |
|
| 4.00%, 05/01/31(b) |
|
|
|
|
|
|
302 |
|
|
|
267,111 |
|
| 3.63%, 02/15/32(b) |
|
|
|
|
|
|
20 |
|
|
|
17,068 |
|
| Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28(g) |
|
|
|
|
|
|
319 |
|
|
|
319,921 |
|
| Lottomatica SpA/Roma, 6.25%, 07/15/25(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
111,292 |
|
| Melco Resorts Finance Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.88%, 06/06/25(b) |
|
|
USD |
|
|
|
200 |
|
|
|
188,038 |
|
| 5.25%, 04/26/26(e) |
|
|
|
|
|
|
250 |
|
|
|
229,688 |
|
| 5.75%, 07/21/28(b) |
|
|
|
|
|
|
200 |
|
|
|
174,500 |
|
| 5.38%, 12/04/29(b) |
|
|
|
|
|
|
800 |
|
|
|
661,900 |
|
| Merlin Entertainments Ltd., 5.75%, 06/15/26(b) |
|
|
|
|
|
|
600 |
|
|
|
570,000 |
|
|
|
|
| 16 |
|
2 0 2 3 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
|
|
|
| Hotels, Restaurants & Leisure (continued) |
|
|
|
|
|
|
|
|
|
| MGM China Holdings Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.88%, 05/15/26(e)(f) |
|
|
USD |
|
|
|
250 |
|
|
$ |
238,438 |
|
| 4.75%, 02/01/27(b) |
|
|
|
|
|
|
200 |
|
|
|
180,913 |
|
| Motion Bondco DAC, 6.63%, 11/15/27(b) |
|
|
|
|
|
|
200 |
|
|
|
181,034 |
|
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.63%, 09/01/29 |
|
|
|
|
|
|
148 |
|
|
|
107,343 |
|
| 5.88%, 09/01/31 |
|
|
|
|
|
|
148 |
|
|
|
104,710 |
|
| Scientific Games International, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.00%, 05/15/28(f) |
|
|
|
|
|
|
190 |
|
|
|
189,536 |
|
| 7.25%, 11/15/29 |
|
|
|
|
|
|
213 |
|
|
|
213,000 |
|
| Six Flags Entertainment Corp., 7.25%, 05/03/31(g) |
|
|
|
|
|
|
488 |
|
|
|
478,106 |
|
| Station Casinos LLC, 4.63%, 12/01/31(b) |
|
|
|
|
|
|
354 |
|
|
|
303,125 |
|
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(b)(f) |
|
|
|
|
|
|
268 |
|
|
|
257,817 |
|
| Wynn Macau Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.50%, 01/15/26(e) |
|
|
|
|
|
|
200 |
|
|
|
185,250 |
|
| 5.63%, 08/26/28(b) |
|
|
|
|
|
|
500 |
|
|
|
434,687 |
|
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(b)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 10/01/29 |
|
|
|
|
|
|
968 |
|
|
|
891,285 |
|
| 7.13%, 02/15/31 |
|
|
|
|
|
|
360 |
|
|
|
368,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,972,808 |
|
|
|
|
|
| Household Durables — 0.4% |
|
|
|
|
|
|
|
|
|
| Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30(b) |
|
|
|
|
|
|
185 |
|
|
|
153,296 |
|
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.00%, 06/15/29 |
|
|
|
|
|
|
266 |
|
|
|
209,631 |
|
| 4.88%, 02/15/30 |
|
|
|
|
|
|
476 |
|
|
|
371,280 |
|
| K Hovnanian Enterprises, Inc., 7.75%, 02/15/26(b) |
|
|
|
|
|
|
284 |
|
|
|
279,030 |
|
| Meritage Homes Corp., 5.13%, 06/06/27 |
|
|
|
|
|
|
57 |
|
|
|
55,860 |
|
| NCR Corp.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.75%, 09/01/27 |
|
|
|
|
|
|
259 |
|
|
|
254,156 |
|
| 5.00%, 10/01/28 |
|
|
|
|
|
|
143 |
|
|
|
124,721 |
|
| 5.13%, 04/15/29(f) |
|
|
|
|
|
|
197 |
|
|
|
170,405 |
|
| 6.13%, 09/01/29 |
|
|
|
|
|
|
93 |
|
|
|
91,154 |
|
| SWF Escrow Issuer Corp.,
6.50%, 10/01/29(b)(f) |
|
|
|
|
|
|
422 |
|
|
|
257,420 |
|
| Taylor Morrison Communities, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.88%, 06/15/27 |
|
|
|
|
|
|
299 |
|
|
|
298,136 |
|
| 5.13%, 08/01/30 |
|
|
|
|
|
|
75 |
|
|
|
70,328 |
|
| Tempur Sealy International, Inc., 3.88%, 10/15/31(b) |
|
|
|
|
|
|
130 |
|
|
|
107,777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,443,194 |
|
|
|
|
|
| Household Products — 0.0% |
|
|
|
|
|
|
|
|
|
| Central Garden & Pet Co. |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 02/01/28 |
|
|
|
|
|
|
20 |
|
|
|
18,938 |
|
| 4.13%, 10/15/30 |
|
|
|
|
|
|
244 |
|
|
|
209,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
228,071 |
|
|
| Independent Power and Renewable Electricity Producers — 0.7% |
|
| Calpine Corp.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.25%, 06/01/26 |
|
|
|
|
|
|
195 |
|
|
|
189,632 |
|
| 5.13%, 03/15/28(f) |
|
|
|
|
|
|
1,281 |
|
|
|
1,183,271 |
|
| 5.00%, 02/01/31 |
|
|
|
|
|
|
58 |
|
|
|
48,864 |
|
| Clearway Energy Operating LLC, 4.75%, 03/15/28(b) |
|
|
|
|
|
|
116 |
|
|
|
109,930 |
|
| India Cleantech Energy, 4.70%, 08/10/26(b) |
|
|
|
|
|
|
229 |
|
|
|
200,738 |
|
| NRG Energy, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.63%, 01/15/27 |
|
|
|
|
|
|
958 |
|
|
|
960,704 |
|
| 5.25%, 06/15/29(b) |
|
|
|
|
|
|
135 |
|
|
|
124,525 |
|
| 3.88%, 02/15/32(b) |
|
|
|
|
|
|
15 |
|
|
|
12,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Independent Power and Renewable Electricity Producers (continued) |
|
| NRG Energy, Inc. (continued) 7.00%, 03/15/33(b) |
|
|
USD |
|
|
|
270 |
|
|
$ |
280,130 |
|
| SCC Power PLC(b)(h) |
|
|
|
|
|
|
|
|
|
|
|
|
| (4.00% PIK), 4.00%, 05/17/32 |
|
|
|
|
|
|
363 |
|
|
|
33,268 |
|
| (8.00% Cash or 4.00% Cash + 4.00% PIK), 8.00%, 12/31/28 |
|
|
|
|
|
|
670 |
|
|
|
225,914 |
|
| Talen Energy Supply LLC, 8.63%, 06/01/30(g) |
|
|
|
|
|
|
174 |
|
|
|
174,000 |
|
| TransAlta Corp., 7.75%, 11/15/29 |
|
|
|
|
|
|
142 |
|
|
|
149,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,692,199 |
|
|
|
|
|
| Industrial Conglomerates — 0.0% |
|
|
|
|
|
|
|
|
|
| CK Hutchison International 23 Ltd., 4.75%, 04/21/28 |
|
|
|
|
|
|
231 |
|
|
|
232,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Insurance — 1.9% |
|
|
|
|
|
|
|
|
|
| Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29(b) |
|
|
|
|
|
|
295 |
|
|
|
244,018 |
|
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.25%, 10/15/27 |
|
|
|
|
|
|
2,129 |
|
|
|
1,949,199 |
|
| 6.75%, 10/15/27(f) |
|
|
|
|
|
|
2,135 |
|
|
|
1,993,009 |
|
| 6.75%, 04/15/28 |
|
|
|
|
|
|
794 |
|
|
|
792,997 |
|
| 5.88%, 11/01/29(f) |
|
|
|
|
|
|
1,984 |
|
|
|
1,711,486 |
|
| AmWINS Group, Inc., 4.88%, 06/30/29(b) |
|
|
|
|
|
|
366 |
|
|
|
332,114 |
|
| Berkshire Hathaway Finance Corp., 4.40%, 05/15/42(f) |
|
|
|
|
|
|
250 |
|
|
|
242,429 |
|
| GTCR AP Finance, Inc., 8.00%, 05/15/27(b) |
|
|
|
|
|
|
351 |
|
|
|
343,109 |
|
| HUB International Ltd.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.00%, 05/01/26 |
|
|
|
|
|
|
1,392 |
|
|
|
1,385,804 |
|
| 5.63%, 12/01/29 |
|
|
|
|
|
|
67 |
|
|
|
59,630 |
|
| Jones Deslauriers Insurance Management, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 8.50%, 03/15/30(g) |
|
|
|
|
|
|
462 |
|
|
|
467,484 |
|
| 10.50%, 12/15/30(b) |
|
|
|
|
|
|
350 |
|
|
|
355,250 |
|
| Liberty Mutual Group, Inc., (5-year EUR Swap + 3.70%), 3.63%, 05/23/59(a)(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
101,126 |
|
| Ryan Specialty Group LLC, 4.38%, 02/01/30(b) |
|
|
USD |
|
|
|
239 |
|
|
|
214,204 |
|
| Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47(b)(f) |
|
|
|
|
|
|
700 |
|
|
|
592,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,784,748 |
|
|
|
|
|
| Interactive Media & Services — 0.2% |
|
|
|
|
|
|
|
|
|
| Cablevision Lightpath LLC, 5.63%, 09/15/28(b) |
|
|
|
|
|
|
401 |
|
|
|
292,912 |
|
| iliad SA(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.38%, 06/14/27 |
|
|
EUR |
|
|
|
100 |
|
|
|
108,321 |
|
| 5.63%, 02/15/30 |
|
|
|
|
|
|
100 |
|
|
|
105,303 |
|
| Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 04/30/27(b) |
|
|
USD |
|
|
|
337 |
|
|
|
292,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
798,884 |
|
|
|
|
|
| Internet Software & Services — 1.1% |
|
|
|
|
|
|
|
|
|
| Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27(b) |
|
|
|
|
|
|
359 |
|
|
|
344,814 |
|
| Match Group Holdings II LLC(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.63%, 02/15/29 |
|
|
|
|
|
|
209 |
|
|
|
196,506 |
|
| 4.13%, 08/01/30 |
|
|
|
|
|
|
262 |
|
|
|
223,939 |
|
| 3.63%, 10/01/31 |
|
|
|
|
|
|
564 |
|
|
|
460,732 |
|
| Uber Technologies, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 0.00%, 12/15/25(f)(j)(k) |
|
|
|
|
|
|
1,537 |
|
|
|
1,336,810 |
|
| 8.00%, 11/01/26(b) |
|
|
|
|
|
|
983 |
|
|
|
1,007,860 |
|
| 7.50%, 09/15/27(b)(f) |
|
|
|
|
|
|
1,157 |
|
|
|
1,193,427 |
|
| 6.25%, 01/15/28(b)(f) |
|
|
|
|
|
|
366 |
|
|
|
369,331 |
|
| 4.50%, 08/15/29(b)(f) |
|
|
|
|
|
|
875 |
|
|
|
804,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,938,054 |
|
|
|
|
| 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
|
|
|
| IT Services — 1.1% |
|
|
|
|
|
|
|
|
|
| Ahead DB Holdings LLC, 6.63%, 05/01/28(b) |
|
|
USD |
|
|
|
190 |
|
|
$ |
158,650 |
|
| CA Magnum Holdings, 5.38%, 10/31/26(b) |
|
|
|
|
|
|
488 |
|
|
|
427,854 |
|
| Camelot Finance SA, 4.50%, 11/01/26(b) |
|
|
|
|
|
|
602 |
|
|
|
570,141 |
|
| Dun & Bradstreet Corp., 5.00%, 12/15/29(b) |
|
|
|
|
|
|
787 |
|
|
|
691,041 |
|
| Gartner, Inc., 4.50%, 07/01/28(b) |
|
|
|
|
|
|
15 |
|
|
|
14,097 |
|
| KBR, Inc., 4.75%, 09/30/28(b) |
|
|
|
|
|
|
273 |
|
|
|
252,427 |
|
| La Financiere Atalian SASU, 5.13%, 05/15/25(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
72,875 |
|
| McAfee Corp., 7.38%, 02/15/30(b)(f) |
|
|
USD |
|
|
|
1,368 |
|
|
|
1,135,576 |
|
| Presidio Holdings, Inc., 4.88%, 02/01/27(b) |
|
|
|
|
|
|
59 |
|
|
|
55,877 |
|
| Science Applications International Corp., 4.88%, 04/01/28(b)(f) |
|
|
|
|
|
|
377 |
|
|
|
355,673 |
|
| Twilio, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.63%, 03/15/29 |
|
|
|
|
|
|
206 |
|
|
|
175,873 |
|
| 3.88%, 03/15/31(f) |
|
|
|
|
|
|
630 |
|
|
|
526,478 |
|
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(b)(f) |
|
|
|
|
|
|
1,621 |
|
|
|
1,397,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,834,237 |
|
|
|
|
|
| Leisure Products — 0.1% |
|
|
|
|
|
|
|
|
|
| Mattel, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.20%, 10/01/40 |
|
|
|
|
|
|
291 |
|
|
|
274,249 |
|
| 5.45%, 11/01/41 |
|
|
|
|
|
|
326 |
|
|
|
289,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
564,059 |
|
|
|
|
|
| Machinery — 1.1% |
|
|
|
|
|
|
|
|
|
| Chart Industries, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.50%, 01/01/30 |
|
|
|
|
|
|
813 |
|
|
|
837,390 |
|
| 9.50%, 01/01/31 |
|
|
|
|
|
|
120 |
|
|
|
127,050 |
|
| Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(b)(f)(h) |
|
|
|
|
|
|
587 |
|
|
|
534,170 |
|
| Madison IAQ LLC, 5.88%, 06/30/29(b)(f) |
|
|
|
|
|
|
447 |
|
|
|
349,916 |
|
| OT Merger Corp., 7.88%, 10/15/29(b) |
|
|
|
|
|
|
147 |
|
|
|
86,730 |
|
| Renk AG/Frankfurt am Main, 5.75%, 07/15/25(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
107,730 |
|
| Terex Corp., 5.00%, 05/15/29(b)(f) |
|
|
USD |
|
|
|
421 |
|
|
|
391,577 |
|
| Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26(b)(f) |
|
|
|
|
|
|
1,241 |
|
|
|
1,104,490 |
|
| TK Elevator Holdco GmbH,
7.63%, 07/15/28(b)(f) |
|
|
|
|
|
|
552 |
|
|
|
493,772 |
|
| TK Elevator Midco GmbH, 4.38%, 07/15/27(e) |
|
|
EUR |
|
|
|
235 |
|
|
|
230,786 |
|
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b)(f) |
|
|
USD |
|
|
|
2,166 |
|
|
|
2,024,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,288,532 |
|
|
|
|
|
| Marine Transportation — 0.0% |
|
|
|
|
|
|
|
|
|
| Huntington Ingalls Industries, Inc., 4.20%, 05/01/30(f) |
|
|
|
|
|
|
232 |
|
|
|
218,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Media — 7.5% |
|
|
|
|
|
|
|
|
|
| Altice Financing SA |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%, 01/15/28(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
85,122 |
|
| 5.00%, 01/15/28(b)(f) |
|
|
USD |
|
|
|
462 |
|
|
|
374,082 |
|
| 5.75%, 08/15/29(b)(f) |
|
|
|
|
|
|
1,778 |
|
|
|
1,418,228 |
|
| Altice France Holding SA, 10.50%, 05/15/27(b) |
|
|
|
|
|
|
576 |
|
|
|
425,364 |
|
| AMC Networks, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.75%, 08/01/25 |
|
|
|
|
|
|
283 |
|
|
|
262,507 |
|
| 4.25%, 02/15/29 |
|
|
|
|
|
|
157 |
|
|
|
108,770 |
|
| Cable One, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 0.00%, 03/15/26(j)(k) |
|
|
|
|
|
|
114 |
|
|
|
93,252 |
|
| 1.13%, 03/15/28(j) |
|
|
|
|
|
|
940 |
|
|
|
720,510 |
|
| 4.00%, 11/15/30(b)(f) |
|
|
|
|
|
|
191 |
|
|
|
155,321 |
|
| CCO Holdings LLC/CCO Holdings Capital Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 05/01/27(b) |
|
|
|
|
|
|
711 |
|
|
|
670,878 |
|
| 5.00%, 02/01/28(b) |
|
|
|
|
|
|
527 |
|
|
|
487,260 |
|
| 6.38%, 09/01/29(b)(f) |
|
|
|
|
|
|
955 |
|
|
|
907,593 |
|
| 4.75%, 03/01/30(b)(f) |
|
|
|
|
|
|
368 |
|
|
|
316,626 |
|
| 4.25%, 02/01/31(b)(f) |
|
|
|
|
|
|
1,017 |
|
|
|
832,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
|
|
|
| Media (continued) |
|
|
|
|
|
|
|
|
|
| CCO Holdings LLC/CCO Holdings Capital Corp. (continued) |
|
|
|
|
|
| 7.38%, 03/01/31(b)(f) |
|
|
USD |
|
|
|
398 |
|
|
$ |
390,024 |
|
| 4.75%, 02/01/32(b) |
|
|
|
|
|
|
549 |
|
|
|
454,287 |
|
| 4.50%, 05/01/32(f) |
|
|
|
|
|
|
318 |
|
|
|
254,583 |
|
| 4.50%, 06/01/33(b) |
|
|
|
|
|
|
332 |
|
|
|
264,276 |
|
| 4.25%, 01/15/34(b)(f) |
|
|
|
|
|
|
1,710 |
|
|
|
1,302,576 |
|
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45 |
|
|
|
|
|
|
3,000 |
|
|
|
2,779,625 |
|
| Clear Channel International BV, 6.63%, 08/01/25(b) |
|
|
|
|
|
|
507 |
|
|
|
501,687 |
|
| Clear Channel Outdoor Holdings, Inc.(b)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 08/15/27 |
|
|
|
|
|
|
1,797 |
|
|
|
1,623,163 |
|
| 7.75%, 04/15/28 |
|
|
|
|
|
|
1,036 |
|
|
|
786,112 |
|
| 7.50%, 06/01/29 |
|
|
|
|
|
|
1,051 |
|
|
|
777,734 |
|
| CMG Media Corp., 8.88%, 12/15/27(b) |
|
|
|
|
|
|
841 |
|
|
|
652,027 |
|
| Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26(b) |
|
|
|
|
|
|
2,129 |
|
|
|
2,029,050 |
|
| CSC Holdings LLC |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.25%, 06/01/24 |
|
|
|
|
|
|
687 |
|
|
|
669,814 |
|
| 5.50%, 04/15/27(b) |
|
|
|
|
|
|
427 |
|
|
|
365,088 |
|
| 11.25%, 05/15/28(b) |
|
|
|
|
|
|
580 |
|
|
|
578,028 |
|
| 6.50%, 02/01/29(b)(f) |
|
|
|
|
|
|
368 |
|
|
|
307,255 |
|
| 4.13%, 12/01/30(b)(f) |
|
|
|
|
|
|
935 |
|
|
|
671,033 |
|
| 4.50%, 11/15/31(b) |
|
|
|
|
|
|
811 |
|
|
|
568,149 |
|
| Directv Financing LLC/Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27(b)(f) |
|
|
|
|
|
|
551 |
|
|
|
483,541 |
|
| Discovery Communications LLC, 4.95%, 05/15/42(f) |
|
|
|
|
|
|
400 |
|
|
|
324,124 |
|
| DISH DBS Corp.(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.75%, 07/01/26 |
|
|
|
|
|
|
1,070 |
|
|
|
618,128 |
|
| 5.25%, 12/01/26(b) |
|
|
|
|
|
|
1,341 |
|
|
|
1,024,299 |
|
| 5.75%, 12/01/28(b) |
|
|
|
|
|
|
277 |
|
|
|
196,921 |
|
| DISH Network Corp., 11.75%, 11/15/27(b) |
|
|
|
|
|
|
234 |
|
|
|
221,047 |
|
| Frontier Communications Holdings LLC(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.88%, 10/15/27(f) |
|
|
|
|
|
|
341 |
|
|
|
313,885 |
|
| 5.00%, 05/01/28 |
|
|
|
|
|
|
1,029 |
|
|
|
903,577 |
|
| 8.75%, 05/15/30(f) |
|
|
|
|
|
|
1,409 |
|
|
|
1,393,643 |
|
| GCI LLC, 4.75%, 10/15/28(b) |
|
|
|
|
|
|
136 |
|
|
|
116,280 |
|
| Iliad Holding SASU |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.50%, 10/15/26(b)(f) |
|
|
|
|
|
|
1,722 |
|
|
|
1,656,926 |
|
| 5.63%, 10/15/28(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
100,455 |
|
| 7.00%, 10/15/28(b)(f) |
|
|
USD |
|
|
|
1,038 |
|
|
|
982,120 |
|
| LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(b) |
|
|
|
|
|
|
180 |
|
|
|
170,980 |
|
| Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(b)(h) |
|
|
|
|
|
|
313 |
|
|
|
77,405 |
|
| Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(b) |
|
|
|
|
|
|
303 |
|
|
|
220,732 |
|
| Live Nation Entertainment, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.63%, 03/15/26 |
|
|
|
|
|
|
22 |
|
|
|
21,405 |
|
| 6.50%, 05/15/27 |
|
|
|
|
|
|
1,896 |
|
|
|
1,917,379 |
|
| 4.75%, 10/15/27(f) |
|
|
|
|
|
|
618 |
|
|
|
572,361 |
|
| 3.75%, 01/15/28 |
|
|
|
|
|
|
253 |
|
|
|
226,435 |
|
| Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27(b) |
|
|
|
|
|
|
209 |
|
|
|
193,536 |
|
| Network i2i Ltd., (5-year CMT + 4.27%),
5.65%(a)(e)(f)(i) |
|
|
|
|
|
|
250 |
|
|
|
239,656 |
|
| Outfront Media Capital LLC/Outfront Media Capital Corp.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.00%, 08/15/27(f) |
|
|
|
|
|
|
1,045 |
|
|
|
964,859 |
|
| 4.25%, 01/15/29(f) |
|
|
|
|
|
|
295 |
|
|
|
252,669 |
|
| 4.63%, 03/15/30 |
|
|
|
|
|
|
105 |
|
|
|
88,644 |
|
|
|
|
| 18 |
|
2 0 2 3 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
|
|
|
| Media (continued) |
|
|
|
|
|
|
|
|
|
| Paramount Global, 5.85%, 09/01/43(f) |
|
|
USD |
|
|
|
645 |
|
|
$ |
552,454 |
|
| Radiate Holdco LLC/Radiate Finance, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.50%, 09/15/26(f) |
|
|
|
|
|
|
616 |
|
|
|
479,407 |
|
| 6.50%, 09/15/28 |
|
|
|
|
|
|
1,468 |
|
|
|
684,969 |
|
| Sable International Finance Ltd., 5.75%, 09/07/27(b) |
|
|
|
|
|
|
200 |
|
|
|
185,750 |
|
| Sinclair Television Group, Inc., 4.13%, 12/01/30(b)(f) |
|
|
|
|
|
|
643 |
|
|
|
511,404 |
|
| Sirius XM Radio, Inc.(b)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.00%, 08/01/27 |
|
|
|
|
|
|
888 |
|
|
|
816,786 |
|
| 4.00%, 07/15/28 |
|
|
|
|
|
|
312 |
|
|
|
263,437 |
|
| Stagwell Global LLC, 5.63%, 08/15/29(b) |
|
|
|
|
|
|
129 |
|
|
|
112,153 |
|
| Summer BC Holdco B SARL, 5.75%, 10/31/26(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
95,728 |
|
| Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25(e)(h) |
|
|
|
|
|
|
113 |
|
|
|
103,912 |
|
| TEGNA, Inc., 4.75%, 03/15/26(b) |
|
|
USD |
|
|
|
59 |
|
|
|
56,334 |
|
| Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28(b) |
|
|
|
|
|
|
400 |
|
|
|
369,200 |
|
| Univision Communications, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 02/15/25 |
|
|
|
|
|
|
110 |
|
|
|
108,311 |
|
| 6.63%, 06/01/27 |
|
|
|
|
|
|
132 |
|
|
|
127,098 |
|
| 7.38%, 06/30/30(f) |
|
|
|
|
|
|
270 |
|
|
|
259,072 |
|
| UPC Broadband Finco BV, 4.88%, 07/15/31(b) |
|
|
|
|
|
|
574 |
|
|
|
495,328 |
|
| VZ Secured Financing BV, 3.50%, 01/15/32(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
85,832 |
|
| Warnermedia Holdings, Inc., 6.41%, 03/15/26 |
|
|
USD |
|
|
|
115 |
|
|
|
115,992 |
|
| Ziggo Bond Co. BV(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 01/15/27(f) |
|
|
|
|
|
|
638 |
|
|
|
605,282 |
|
| 5.13%, 02/28/30 |
|
|
|
|
|
|
295 |
|
|
|
239,703 |
|
| Ziggo BV, 4.88%, 01/15/30(b) |
|
|
|
|
|
|
217 |
|
|
|
186,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,568,939 |
|
|
|
|
|
| Metals & Mining — 2.7% |
|
|
|
|
|
|
|
|
|
| ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/24(e) |
|
|
|
|
|
|
250 |
|
|
|
248,797 |
|
| AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 |
|
|
|
|
|
|
400 |
|
|
|
350,700 |
|
| Arconic Corp.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 05/15/25 |
|
|
|
|
|
|
361 |
|
|
|
358,910 |
|
| 6.13%, 02/15/28(f) |
|
|
|
|
|
|
488 |
|
|
|
481,618 |
|
| ATI, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.88%, 12/01/27 |
|
|
|
|
|
|
216 |
|
|
|
210,938 |
|
| 4.88%, 10/01/29 |
|
|
|
|
|
|
129 |
|
|
|
118,932 |
|
| 5.13%, 10/01/31 |
|
|
|
|
|
|
350 |
|
|
|
314,953 |
|
| BHP Billiton Finance USA Ltd., 4.13%, 02/24/42(f) |
|
|
|
|
|
|
250 |
|
|
|
228,023 |
|
| Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b)(f) |
|
|
|
|
|
|
1,785 |
|
|
|
1,770,300 |
|
| Carpenter Technology Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.38%, 07/15/28 |
|
|
|
|
|
|
106 |
|
|
|
105,073 |
|
| 7.63%, 03/15/30(f) |
|
|
|
|
|
|
422 |
|
|
|
431,624 |
|
| Commercial Metals Co., 4.38%, 03/15/32 |
|
|
|
|
|
|
46 |
|
|
|
39,788 |
|
| Constellium SE |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.25%, 02/15/26(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
107,406 |
|
| 5.88%, 02/15/26(b)(f) |
|
|
USD |
|
|
|
1,193 |
|
|
|
1,187,202 |
|
| 5.63%, 06/15/28(b) |
|
|
|
|
|
|
250 |
|
|
|
240,065 |
|
| 3.75%, 04/15/29(b) |
|
|
|
|
|
|
2,013 |
|
|
|
1,732,619 |
|
| JSW Steel Ltd., 5.95%, 04/18/24(e) |
|
|
|
|
|
|
200 |
|
|
|
197,600 |
|
| Kaiser Aluminum Corp.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.63%, 03/01/28(f) |
|
|
|
|
|
|
243 |
|
|
|
214,579 |
|
| 4.50%, 06/01/31 |
|
|
|
|
|
|
770 |
|
|
|
610,202 |
|
| Metinvest BV(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| 8.50%, 04/23/26 |
|
|
|
|
|
|
302 |
|
|
|
192,525 |
|
| 7.65%, 10/01/27 |
|
|
|
|
|
|
200 |
|
|
|
120,875 |
|
| New Gold, Inc., 7.50%, 07/15/27(b) |
|
|
|
|
|
|
900 |
|
|
|
867,537 |
|
| Nexans SA, 5.50%, 04/05/28(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
112,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
|
|
|
| Metals & Mining (continued) |
|
|
|
|
|
|
|
|
|
| Novelis Corp.(b)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.25%, 11/15/26 |
|
|
USD |
|
|
|
1,042 |
|
|
$ |
953,913 |
|
| 4.75%, 01/30/30 |
|
|
|
|
|
|
1,059 |
|
|
|
958,261 |
|
| 3.88%, 08/15/31 |
|
|
|
|
|
|
1,372 |
|
|
|
1,148,914 |
|
| Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(e) |
|
|
EUR |
|
|
|
300 |
|
|
|
284,290 |
|
| Rio Tinto Finance USA PLC, 4.75%, 03/22/42(f) |
|
|
USD |
|
|
|
400 |
|
|
|
392,018 |
|
| Roller Bearing Co. of America, Inc., 4.38%, 10/15/29(b) |
|
|
|
|
|
|
155 |
|
|
|
140,595 |
|
| Stillwater Mining Co., 4.00%, 11/16/26(e) |
|
|
|
|
|
|
426 |
|
|
|
382,149 |
|
| Vedanta Resources Finance II PLC |
|
|
|
|
|
|
|
|
|
|
|
|
| 13.88%, 01/21/24(e) |
|
|
|
|
|
|
200 |
|
|
|
170,250 |
|
| 8.95%, 03/11/25(b) |
|
|
|
|
|
|
320 |
|
|
|
226,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,899,185 |
|
|
|
|
|
| Multi-Utilities — 0.0% |
|
|
|
|
|
|
|
|
|
| Abu Dhabi National Energy Co. PJSC, 4.38%, 01/24/29(g) |
|
|
|
|
|
|
200 |
|
|
|
201,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Offshore Drilling & Other Services(b) — 0.4% |
|
|
|
|
|
|
|
|
|
| Entegris Escrow Corp., 4.75%, 04/15/29(f) |
|
|
|
|
|
|
1,939 |
|
|
|
1,803,507 |
|
| Entegris, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.38%, 04/15/28 |
|
|
|
|
|
|
223 |
|
|
|
203,383 |
|
| 3.63%, 05/01/29 |
|
|
|
|
|
|
202 |
|
|
|
172,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,179,863 |
|
|
|
|
|
| Oil, Gas & Consumable Fuels — 12.5% |
|
|
|
|
|
|
|
|
|
| Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(b) |
|
|
|
|
|
|
944 |
|
|
|
916,687 |
|
| Antero Midstream Partners LP/Antero Midstream Finance Corp.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.75%, 03/01/27 |
|
|
|
|
|
|
382 |
|
|
|
369,515 |
|
| 5.75%, 01/15/28 |
|
|
|
|
|
|
75 |
|
|
|
72,648 |
|
| 5.38%, 06/15/29(f) |
|
|
|
|
|
|
263 |
|
|
|
246,269 |
|
| Antero Resources Corp., 7.63%, 02/01/29(b) |
|
|
|
|
|
|
158 |
|
|
|
161,747 |
|
| Apache Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.25%, 01/15/30(f) |
|
|
|
|
|
|
278 |
|
|
|
254,023 |
|
| 5.10%, 09/01/40(f) |
|
|
|
|
|
|
520 |
|
|
|
445,661 |
|
| 4.75%, 04/15/43 |
|
|
|
|
|
|
800 |
|
|
|
623,712 |
|
| 5.35%, 07/01/49 |
|
|
|
|
|
|
83 |
|
|
|
64,341 |
|
| Arcosa, Inc., 4.38%, 04/15/29(b) |
|
|
|
|
|
|
477 |
|
|
|
434,508 |
|
| Ascent Resources Utica Holdings LLC/ARU Finance Corp.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 9.00%, 11/01/27 |
|
|
|
|
|
|
1,055 |
|
|
|
1,304,244 |
|
| 8.25%, 12/31/28 |
|
|
|
|
|
|
1,141 |
|
|
|
1,126,849 |
|
| 5.88%, 06/30/29 |
|
|
|
|
|
|
27 |
|
|
|
24,250 |
|
| Baytex Energy Corp., 8.50%, 04/30/30 |
|
|
|
|
|
|
227 |
|
|
|
228,208 |
|
| Buckeye Partners LP |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.13%, 03/01/25(b) |
|
|
|
|
|
|
345 |
|
|
|
329,450 |
|
| 5.85%, 11/15/43 |
|
|
|
|
|
|
182 |
|
|
|
140,056 |
|
| 5.60%, 10/15/44 |
|
|
|
|
|
|
117 |
|
|
|
84,299 |
|
| Callon Petroleum Co. |
|
|
|
|
|
|
|
|
|
|
|
|
| 8.25%, 07/15/25 |
|
|
|
|
|
|
56 |
|
|
|
55,720 |
|
| 6.38%, 07/01/26 |
|
|
|
|
|
|
208 |
|
|
|
200,958 |
|
| 8.00%, 08/01/28(b)(f) |
|
|
|
|
|
|
1,399 |
|
|
|
1,380,286 |
|
| 7.50%, 06/15/30(b)(f) |
|
|
|
|
|
|
775 |
|
|
|
736,107 |
|
| Cellnex Finance Co. SA(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| 1.25%, 01/15/29 |
|
|
EUR |
|
|
|
100 |
|
|
|
92,523 |
|
| 2.00%, 09/15/32 |
|
|
|
|
|
|
100 |
|
|
|
87,428 |
|
| Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31(e)(j) |
|
|
|
|
|
|
100 |
|
|
|
87,960 |
|
| Cheniere Energy Partners LP |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.50%, 10/01/29(f) |
|
|
USD |
|
|
|
1,194 |
|
|
|
1,123,359 |
|
| 4.00%, 03/01/31 |
|
|
|
|
|
|
537 |
|
|
|
480,306 |
|
|
|
|
| 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
|
|
|
| Oil, Gas & Consumable Fuels (continued) |
|
|
|
|
|
|
|
|
|
| Cheniere Energy Partners LP (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.25%, 01/31/32(f) |
|
|
USD |
|
|
|
715 |
|
|
$ |
595,654 |
|
| Chesapeake Energy Corp.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.88%, 02/01/29 |
|
|
|
|
|
|
53 |
|
|
|
50,687 |
|
| 6.75%, 04/15/29(f) |
|
|
|
|
|
|
555 |
|
|
|
549,408 |
|
| Civitas Resources, Inc., 5.00%, 10/15/26(b) |
|
|
|
|
|
|
113 |
|
|
|
106,220 |
|
| CNX Midstream Partners LP, 4.75%, 04/15/30(b) |
|
|
|
|
|
|
124 |
|
|
|
103,817 |
|
| CNX Resources Corp., 7.38%, 01/15/31(b)(f) |
|
|
|
|
|
|
127 |
|
|
|
122,532 |
|
| Comstock Resources, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.75%, 03/01/29 |
|
|
|
|
|
|
376 |
|
|
|
340,422 |
|
| 5.88%, 01/15/30(f) |
|
|
|
|
|
|
1,024 |
|
|
|
879,076 |
|
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(b)(f) |
|
|
|
|
|
|
2,219 |
|
|
|
2,065,222 |
|
| Crescent Energy Finance LLC(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.25%, 05/01/26 |
|
|
|
|
|
|
902 |
|
|
|
864,134 |
|
| 9.25%, 02/15/28(f) |
|
|
|
|
|
|
333 |
|
|
|
332,088 |
|
| Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.63%, 05/01/27 |
|
|
|
|
|
|
67 |
|
|
|
64,295 |
|
| 6.00%, 02/01/29 |
|
|
|
|
|
|
369 |
|
|
|
347,782 |
|
| 8.00%, 04/01/29 |
|
|
|
|
|
|
57 |
|
|
|
57,998 |
|
| 7.38%, 02/01/31 |
|
|
|
|
|
|
126 |
|
|
|
126,000 |
|
| CrownRock LP/CrownRock Finance, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.63%, 10/15/25 |
|
|
|
|
|
|
1,141 |
|
|
|
1,126,383 |
|
| 5.00%, 05/01/29 |
|
|
|
|
|
|
81 |
|
|
|
76,524 |
|
| DCP Midstream Operating LP(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.45%, 11/03/36 |
|
|
|
|
|
|
182 |
|
|
|
190,737 |
|
| 6.75%, 09/15/37 |
|
|
|
|
|
|
323 |
|
|
|
350,890 |
|
| Diamondback Energy, Inc., 6.25%, 03/15/33(f) |
|
|
|
|
|
|
785 |
|
|
|
837,366 |
|
| DT Midstream, Inc.(b)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.13%, 06/15/29 |
|
|
|
|
|
|
415 |
|
|
|
367,795 |
|
| 4.38%, 06/15/31 |
|
|
|
|
|
|
527 |
|
|
|
458,234 |
|
| Earthstone Energy Holdings LLC, 8.00%, 04/15/27(b)(f) |
|
|
|
|
|
|
352 |
|
|
|
343,531 |
|
| Ecopetrol SA |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.13%, 01/16/25(f) |
|
|
|
|
|
|
396 |
|
|
|
378,556 |
|
| 4.63%, 11/02/31 |
|
|
|
|
|
|
370 |
|
|
|
274,910 |
|
| 8.88%, 01/13/33 |
|
|
|
|
|
|
339 |
|
|
|
327,771 |
|
| 5.88%, 05/28/45 |
|
|
|
|
|
|
215 |
|
|
|
139,911 |
|
| eG Global Finance PLC(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.75%, 02/07/25 |
|
|
|
|
|
|
252 |
|
|
|
238,770 |
|
| 8.50%, 10/30/25(f) |
|
|
|
|
|
|
299 |
|
|
|
284,866 |
|
| Empresa Nacional del Petroleo ENAP, 6.15%, 05/10/33(b) |
|
|
|
|
|
|
200 |
|
|
|
200,990 |
|
| Enbridge, Inc.(a)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| (3-mo. LIBOR US + 3.64%), 6.25%, 03/01/78 |
|
|
|
|
|
|
1,865 |
|
|
|
1,684,468 |
|
| Series 20-A, (5-year CMT + 5.31%), 5.75%, 07/15/80 |
|
|
|
|
|
|
690 |
|
|
|
631,638 |
|
| Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28(b) |
|
|
|
|
|
|
567 |
|
|
|
564,163 |
|
| Energy Transfer LP |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.75%, 05/15/30(f) |
|
|
|
|
|
|
926 |
|
|
|
851,355 |
|
| 6.13%, 12/15/45 |
|
|
|
|
|
|
500 |
|
|
|
488,481 |
|
| 5.30%, 04/15/47 |
|
|
|
|
|
|
350 |
|
|
|
306,628 |
|
| Series H, (5-year CMT + 5.69%), 6.50%(a)(i) |
|
|
|
|
|
|
581 |
|
|
|
514,185 |
|
| EnLink Midstream LLC |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.63%, 01/15/28(b) |
|
|
|
|
|
|
450 |
|
|
|
443,203 |
|
| 5.38%, 06/01/29 |
|
|
|
|
|
|
341 |
|
|
|
329,186 |
|
| 6.50%, 09/01/30(b) |
|
|
|
|
|
|
300 |
|
|
|
303,051 |
|
| EnLink Midstream Partners LP 4.15%, 06/01/25 |
|
|
|
|
|
|
28 |
|
|
|
27,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
|
|
|
| Oil, Gas & Consumable Fuels (continued) |
|
|
|
|
|
|
|
|
|
| EnLink Midstream Partners LP (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.85%, 07/15/26 |
|
|
USD |
|
|
|
160 |
|
|
$ |
155,794 |
|
| 5.60%, 04/01/44 |
|
|
|
|
|
|
274 |
|
|
|
227,714 |
|
| 5.45%, 06/01/47 |
|
|
|
|
|
|
78 |
|
|
|
65,130 |
|
| Enterprise Products Operating LLC, (3-mo. LIBOR US + 2.57%), 5.38%, 02/15/78(a) |
|
|
|
|
|
|
420 |
|
|
|
342,316 |
|
| EQM Midstream Partners LP |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 07/01/25(b) |
|
|
|
|
|
|
44 |
|
|
|
43,227 |
|
| 4.13%, 12/01/26 |
|
|
|
|
|
|
131 |
|
|
|
118,876 |
|
| 4.50%, 01/15/29(b) |
|
|
|
|
|
|
34 |
|
|
|
28,894 |
|
| 7.50%, 06/01/30(b) |
|
|
|
|
|
|
108 |
|
|
|
104,832 |
|
| 4.75%, 01/15/31(b)(f) |
|
|
|
|
|
|
804 |
|
|
|
658,935 |
|
| Genesis Energy LP/Genesis Energy Finance Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.50%, 10/01/25 |
|
|
|
|
|
|
135 |
|
|
|
132,156 |
|
| 7.75%, 02/01/28 |
|
|
|
|
|
|
204 |
|
|
|
200,784 |
|
| 8.88%, 04/15/30 |
|
|
|
|
|
|
201 |
|
|
|
201,270 |
|
| Gulfport Energy Corp., 8.00%, 05/17/26(b) |
|
|
|
|
|
|
47 |
|
|
|
47,118 |
|
| Harvest Midstream I LP, 7.50%, 09/01/28(b) |
|
|
|
|
|
|
78 |
|
|
|
76,319 |
|
| Hess Corp., 4.30%, 04/01/27(f) |
|
|
|
|
|
|
750 |
|
|
|
736,377 |
|
| Hilcorp Energy I LP/Hilcorp Finance Co.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.25%, 11/01/28 |
|
|
|
|
|
|
188 |
|
|
|
180,057 |
|
| 5.75%, 02/01/29 |
|
|
|
|
|
|
283 |
|
|
|
264,395 |
|
| 6.00%, 02/01/31 |
|
|
|
|
|
|
20 |
|
|
|
18,432 |
|
| HPCL-Mittal Energy Ltd., 5.45%, 10/22/26(e) |
|
|
|
|
|
|
200 |
|
|
|
190,225 |
|
| HTA Group Ltd., 7.00%, 12/18/25(b) |
|
|
|
|
|
|
431 |
|
|
|
404,817 |
|
| IHS Holding Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.63%, 11/29/26(e) |
|
|
|
|
|
|
262 |
|
|
|
218,164 |
|
| 6.25%, 11/29/28(b) |
|
|
|
|
|
|
200 |
|
|
|
159,350 |
|
| Impulsora Pipeline LLC, 6.05%, 01/01/43(c) |
|
|
|
|
|
|
1,524 |
|
|
|
1,375,335 |
|
| ITT Holdings LLC, 6.50%, 08/01/29(b) |
|
|
|
|
|
|
437 |
|
|
|
362,828 |
|
| Kinder Morgan Energy Partners LP, 4.25%, 09/01/24(f) |
|
|
|
|
|
|
2,500 |
|
|
|
2,474,139 |
|
| Kinetik Holdings LP, 5.88%, 06/15/30(b)(f) |
|
|
|
|
|
|
683 |
|
|
|
654,294 |
|
| Leviathan Bond Ltd., 5.75%, 06/30/23(b)(e) |
|
|
|
|
|
|
75 |
|
|
|
73,970 |
|
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(b) |
|
|
|
|
|
|
41 |
|
|
|
39,770 |
|
| Matador Resources Co. |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.88%, 09/15/26 |
|
|
|
|
|
|
401 |
|
|
|
393,232 |
|
| 6.88%, 04/15/28 |
|
|
|
|
|
|
290 |
|
|
|
291,818 |
|
| MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(b) |
|
|
|
|
|
|
309 |
|
|
|
237,080 |
|
| Medco Bell Pte. Ltd., 6.38%, 01/30/27(e) |
|
|
|
|
|
|
250 |
|
|
|
227,938 |
|
| MPLX LP, 4.25%, 12/01/27(f) |
|
|
|
|
|
|
235 |
|
|
|
229,766 |
|
| Murphy Oil Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.88%, 12/01/27 |
|
|
|
|
|
|
25 |
|
|
|
24,586 |
|
| 6.13%, 12/01/42 |
|
|
|
|
|
|
35 |
|
|
|
29,972 |
|
| Murphy Oil USA, Inc., 4.75%, 09/15/29 |
|
|
|
|
|
|
171 |
|
|
|
158,603 |
|
| Nabors Industries Ltd.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.25%, 01/15/26 |
|
|
|
|
|
|
273 |
|
|
|
257,323 |
|
| 7.50%, 01/15/28(f) |
|
|
|
|
|
|
382 |
|
|
|
347,613 |
|
| Nabors Industries, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.75%, 02/01/25 |
|
|
|
|
|
|
1,259 |
|
|
|
1,228,985 |
|
| 7.38%, 05/15/27(b)(f) |
|
|
|
|
|
|
481 |
|
|
|
466,570 |
|
| New Fortress Energy, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.75%, 09/15/25 |
|
|
|
|
|
|
1,332 |
|
|
|
1,268,513 |
|
| 6.50%, 09/30/26 |
|
|
|
|
|
|
1,708 |
|
|
|
1,572,778 |
|
| NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(b) |
|
|
|
|
|
|
486 |
|
|
|
465,982 |
|
| NGPL PipeCo LLC, 7.77%, 12/15/37(b)(f) |
|
|
|
|
|
|
270 |
|
|
|
299,322 |
|
| Northern Oil and Gas, Inc., 8.13%, 03/01/28(b)(f) |
|
|
|
|
|
|
1,620 |
|
|
|
1,599,750 |
|
| NuStar Logistics LP |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 06/01/26 |
|
|
|
|
|
|
234 |
|
|
|
230,272 |
|
|
|
|
| 20 |
|
2 0 2 3 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par (000) |
|
|
Value |
|
|
| Oil, Gas & Consumable Fuels (continued) |
|
| NuStar Logistics LP (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.38%, 10/01/30 |
|
|
USD |
|
|
|
30 |
|
|
$ |
28,890 |
|
| Occidental Petroleum Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.95%, 07/01/24 |
|
|
|
|
|
|
38 |
|
|
|
38,665 |
|
| 5.88%, 09/01/25 |
|
|
|
|
|
|
150 |
|
|
|
151,594 |
|
| 8.88%, 07/15/30 |
|
|
|
|
|
|
411 |
|
|
|
482,925 |
|
| 6.63%, 09/01/30(f) |
|
|
|
|
|
|
1,047 |
|
|
|
1,117,672 |
|
| 6.13%, 01/01/31 |
|
|
|
|
|
|
33 |
|
|
|
34,497 |
|
| 7.50%, 05/01/31 |
|
|
|
|
|
|
193 |
|
|
|
215,336 |
|
| 6.45%, 09/15/36(f) |
|
|
|
|
|
|
573 |
|
|
|
608,096 |
|
| 6.20%, 03/15/40 |
|
|
|
|
|
|
801 |
|
|
|
822,253 |
|
| 4.63%, 06/15/45 |
|
|
|
|
|
|
36 |
|
|
|
29,514 |
|
| 6.60%, 03/15/46 |
|
|
|
|
|
|
244 |
|
|
|
260,380 |
|
| 4.40%, 04/15/46 |
|
|
|
|
|
|
132 |
|
|
|
106,312 |
|
| 4.20%, 03/15/48 |
|
|
|
|
|
|
43 |
|
|
|
33,559 |
|
| OQ SAOC, 5.13%, 05/06/28(b) |
|
|
|
|
|
|
300 |
|
|
|
287,258 |
|
| PDC Energy, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.13%, 09/15/24 |
|
|
|
|
|
|
89 |
|
|
|
88,331 |
|
| 5.75%, 05/15/26 |
|
|
|
|
|
|
292 |
|
|
|
283,449 |
|
| Permian Resources Operating LLC(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.38%, 01/15/26 |
|
|
|
|
|
|
82 |
|
|
|
78,048 |
|
| 7.75%, 02/15/26 |
|
|
|
|
|
|
718 |
|
|
|
726,077 |
|
| 6.88%, 04/01/27 |
|
|
|
|
|
|
196 |
|
|
|
194,040 |
|
| 5.88%, 07/01/29 |
|
|
|
|
|
|
503 |
|
|
|
475,978 |
|
| Petroleos Mexicanos |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.50%, 03/13/27 |
|
|
|
|
|
|
359 |
|
|
|
320,013 |
|
| 8.75%, 06/02/29(f) |
|
|
|
|
|
|
357 |
|
|
|
327,221 |
|
| 5.95%, 01/28/31 |
|
|
|
|
|
|
435 |
|
|
|
321,639 |
|
| 6.70%, 02/16/32 |
|
|
|
|
|
|
220 |
|
|
|
168,988 |
|
| Precision Drilling Corp., 6.88%, 01/15/29(b) |
|
|
|
|
|
|
16 |
|
|
|
14,680 |
|
| Puma International Financing SA, 5.13%, 10/06/24(b) |
|
|
|
|
|
|
483 |
|
|
|
461,265 |
|
| Range Resources Corp., 4.88%, 05/15/25 |
|
|
|
|
|
|
18 |
|
|
|
17,757 |
|
| Rockcliff Energy II LLC, 5.50%, 10/15/29(b) |
|
|
|
|
|
|
121 |
|
|
|
109,423 |
|
| Rockies Express Pipeline LLC, 4.95%, 07/15/29(b) |
|
|
|
|
|
|
66 |
|
|
|
60,948 |
|
| Shell International Finance BV, 4.38%, 05/11/45(f) |
|
|
|
|
|
|
450 |
|
|
|
418,385 |
|
| SM Energy Co. |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.63%, 06/01/25 |
|
|
|
|
|
|
203 |
|
|
|
198,309 |
|
| 6.75%, 09/15/26(f) |
|
|
|
|
|
|
161 |
|
|
|
158,585 |
|
| 6.63%, 01/15/27 |
|
|
|
|
|
|
27 |
|
|
|
26,055 |
|
| 6.50%, 07/15/28 |
|
|
|
|
|
|
222 |
|
|
|
210,345 |
|
| Southwestern Energy Co. |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.38%, 02/01/29(f) |
|
|
|
|
|
|
260 |
|
|
|
245,122 |
|
| 4.75%, 02/01/32 |
|
|
|
|
|
|
6 |
|
|
|
5,291 |
|
| Suncor Energy, Inc., 6.50%, 06/15/38(f) |
|
|
|
|
|
|
800 |
|
|
|
861,794 |
|
| Sunoco LP/Sunoco Finance Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 04/15/27 |
|
|
|
|
|
|
75 |
|
|
|
74,589 |
|
| 5.88%, 03/15/28 |
|
|
|
|
|
|
147 |
|
|
|
143,693 |
|
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.50%, 10/01/25 |
|
|
|
|
|
|
16 |
|
|
|
16,122 |
|
| 6.00%, 03/01/27 |
|
|
|
|
|
|
53 |
|
|
|
51,136 |
|
| 5.50%, 01/15/28 |
|
|
|
|
|
|
98 |
|
|
|
90,666 |
|
| 6.00%, 12/31/30 |
|
|
|
|
|
|
36 |
|
|
|
31,973 |
|
| 6.00%, 09/01/31 |
|
|
|
|
|
|
168 |
|
|
|
148,751 |
|
| Tap Rock Resources LLC, 7.00%, 10/01/26(b) |
|
|
|
|
|
|
982 |
|
|
|
943,515 |
|
| Transocean Titan Financing Ltd., 8.38%, 02/01/28(b) |
|
|
|
|
|
|
228 |
|
|
|
232,384 |
|
| Transocean, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.50%, 01/15/26 |
|
|
|
|
|
|
316 |
|
|
|
291,472 |
|
| 11.50%, 01/30/27 |
|
|
|
|
|
|
239 |
|
|
|
244,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Oil, Gas & Consumable Fuels (continued) |
|
| Transocean, Inc.(b) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| 8.75%, 02/15/30 |
|
|
USD |
|
|
|
1,276 |
|
|
$ |
1,287,471 |
|
| Venture Global Calcasieu Pass LLC(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.88%, 08/15/29 |
|
|
|
|
|
|
1,114 |
|
|
|
1,000,593 |
|
| 4.13%, 08/15/31(f) |
|
|
|
|
|
|
1,172 |
|
|
|
1,038,219 |
|
| 3.88%, 11/01/33(f) |
|
|
|
|
|
|
1,924 |
|
|
|
1,622,352 |
|
| Vermilion Energy, Inc., 6.88%, 05/01/30(b) |
|
|
|
|
|
|
204 |
|
|
|
189,296 |
|
| Vivo Energy Investments BV, 5.13%, 09/24/27(b) |
|
|
|
|
|
|
349 |
|
|
|
316,019 |
|
| Western Midstream Operating LP |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.15%, 04/01/33 |
|
|
|
|
|
|
95 |
|
|
|
96,597 |
|
| 5.45%, 04/01/44 |
|
|
|
|
|
|
934 |
|
|
|
812,125 |
|
| 5.30%, 03/01/48 |
|
|
|
|
|
|
43 |
|
|
|
36,288 |
|
| 5.50%, 08/15/48 |
|
|
|
|
|
|
103 |
|
|
|
88,084 |
|
| 5.50%, 02/01/50(f) |
|
|
|
|
|
|
978 |
|
|
|
829,709 |
|
| Williams Cos, Inc., 4.50%, 11/15/23(f) |
|
|
|
|
|
|
1,750 |
|
|
|
1,742,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
69,619,146 |
|
|
|
|
|
| Passenger Airlines — 1.4% |
|
|
|
|
|
|
|
|
|
| Air Canada, 3.88%, 08/15/26(b) |
|
|
|
|
|
|
495 |
|
|
|
458,213 |
|
| Allegiant Travel Co., 7.25%, 08/15/27(b) |
|
|
|
|
|
|
147 |
|
|
|
145,181 |
|
| American Airlines, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 11.75%, 07/15/25 |
|
|
|
|
|
|
1,305 |
|
|
|
1,435,577 |
|
| 7.25%, 02/15/28 |
|
|
|
|
|
|
92 |
|
|
|
89,482 |
|
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.50%, 04/20/26 |
|
|
|
|
|
|
267 |
|
|
|
261,690 |
|
| 5.75%, 04/20/29 |
|
|
|
|
|
|
1,251 |
|
|
|
1,188,853 |
|
| Avianca Midco 2 PLC, 9.00%, 12/01/28(b) |
|
|
|
|
|
|
304 |
|
|
|
253,021 |
|
| Deutsche Lufthansa AG, 3.75%, 02/11/28(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
102,267 |
|
| Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(b)(f) |
|
|
USD |
|
|
|
260 |
|
|
|
242,221 |
|
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(b)(f) |
|
|
|
|
|
|
1,158 |
|
|
|
1,156,273 |
|
| United Airlines Pass-Through Trust |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2020-1, Class A, 5.88%, 04/15/29(f) |
|
|
|
|
|
|
649 |
|
|
|
648,846 |
|
| Series 2020-1, Class B, 4.88%, 07/15/27 |
|
|
|
|
|
|
41 |
|
|
|
39,844 |
|
| United Airlines, Inc.(b)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.38%, 04/15/26 |
|
|
|
|
|
|
694 |
|
|
|
662,783 |
|
| 4.63%, 04/15/29 |
|
|
|
|
|
|
877 |
|
|
|
793,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,477,960 |
|
|
|
|
|
| Pharmaceuticals — 1.3% |
|
|
|
|
|
|
|
|
|
| AbbVie, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.75%, 03/15/45 |
|
|
|
|
|
|
500 |
|
|
|
471,958 |
|
| 4.45%, 05/14/46(f) |
|
|
|
|
|
|
1,000 |
|
|
|
902,903 |
|
| Bayer AG, (5-year EUR Swap + 3.75%), 4.50%, 03/25/82(a)(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
102,262 |
|
| Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27(e) |
|
|
|
|
|
|
100 |
|
|
|
99,584 |
|
| CVS Health Corp., 5.05%, 03/25/48(f) |
|
|
USD |
|
|
|
1,110 |
|
|
|
1,036,213 |
|
| Gruenenthal GmbH, 4.13%, 05/15/28(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
100,824 |
|
| Jazz Securities DAC, 4.38%, 01/15/29(b)(f) |
|
|
USD |
|
|
|
200 |
|
|
|
183,813 |
|
| Option Care Health, Inc., 4.38%, 10/31/29(b) |
|
|
|
|
|
|
314 |
|
|
|
282,330 |
|
| Organon & Co./Organon Foreign Debt Co.-Issuer BV(b)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.13%, 04/30/28 |
|
|
|
|
|
|
1,153 |
|
|
|
1,060,765 |
|
| 5.13%, 04/30/31 |
|
|
|
|
|
|
536 |
|
|
|
477,599 |
|
| Rossini SARL, 6.75%, 10/30/25(e) |
|
|
EUR |
|
|
|
166 |
|
|
|
183,105 |
|
| Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 09/15/29 |
|
|
|
|
|
|
100 |
|
|
|
111,486 |
|
| Teva Pharmaceutical Finance Netherlands III BV 7.13%, 01/31/25 |
|
|
USD |
|
|
|
200 |
|
|
|
203,250 |
|
|
|
|
| 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Pharmaceuticals (continued) |
|
| Teva Pharmaceutical Finance Netherlands III BV (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.15%, 10/01/26 |
|
|
USD |
|
|
|
655 |
|
|
$ |
590,319 |
|
| 4.75%, 05/09/27 |
|
|
|
|
|
|
200 |
|
|
|
186,163 |
|
| 6.75%, 03/01/28 |
|
|
|
|
|
|
200 |
|
|
|
199,500 |
|
| 7.88%, 09/15/29 |
|
|
|
|
|
|
200 |
|
|
|
208,900 |
|
| 8.13%, 09/15/31 |
|
|
|
|
|
|
200 |
|
|
|
210,252 |
|
| Utah Acquisition Sub, Inc., 3.95%, 06/15/26(f) |
|
|
|
|
|
|
650 |
|
|
|
621,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,233,145 |
|
|
|
|
|
| Real Estate — 0.0% |
|
|
|
|
|
|
|
|
|
| VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28(b) |
|
|
|
|
|
|
128 |
|
|
|
120,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Real Estate Management & Development — 0.5% |
|
| Agps Bondco PLC, 2.75%, 11/13/26(e)(l)(m) |
|
|
EUR |
|
|
|
200 |
|
|
|
84,846 |
|
| CIFI Holdings Group Co. Ltd., 6.00%, 07/16/25(e)(l)(m) |
|
|
USD |
|
|
|
200 |
|
|
|
29,000 |
|
| Country Garden Holdings Co. Ltd., 6.50%, 04/08/24(e)(f) |
|
|
|
|
|
|
200 |
|
|
|
153,975 |
|
| Easy Tactic Ltd., (6.50% Cash or 7.50% PIK), 7.50%, 07/11/27(h) |
|
|
|
|
|
|
218 |
|
|
|
37,215 |
|
| Fantasia Holdings Group Co. Ltd.(l)(m) |
|
|
|
|
|
|
|
|
|
|
|
|
| 11.75%, 04/17/22(e) |
|
|
|
|
|
|
430 |
|
|
|
40,850 |
|
| 11.88%, 06/01/23(e) |
|
|
|
|
|
|
200 |
|
|
|
19,000 |
|
| 9.25%, 07/28/23(e) |
|
|
|
|
|
|
400 |
|
|
|
38,000 |
|
| 0.00%, 12/31/79 |
|
|
|
|
|
|
200 |
|
|
|
19,000 |
|
| Fastighets AB Balder, (5-year EUR Swap + 3.19%), 2.87%, 06/02/81(a)(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
74,125 |
|
| Greystar Real Estate Partners LLC, 5.75%, 12/01/25(b) |
|
|
USD |
|
|
|
120 |
|
|
|
117,349 |
|
| Heimstaden Bostad AB, (5-year EUR Swap + 3.15%), 2.63%(a)(e)(i) |
|
|
EUR |
|
|
|
100 |
|
|
|
58,116 |
|
| Howard Hughes Corp., 5.38%, 08/01/28(b) |
|
|
USD |
|
|
|
106 |
|
|
|
95,689 |
|
| MAF Sukuk Ltd.(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.64%, 05/14/29(f) |
|
|
|
|
|
|
325 |
|
|
|
321,202 |
|
| 3.93%, 02/28/30 |
|
|
|
|
|
|
262 |
|
|
|
247,721 |
|
| Modern Land China Co. Ltd., (2.00% Cash or 9.00% PIK), 9.00%, 12/30/26(e)(h)(l)(m) |
|
|
|
|
|
|
226 |
|
|
|
14,485 |
|
| Realogy Group LLC/Realogy Co.-Issuer
Corp.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.75%, 01/15/29 |
|
|
|
|
|
|
375 |
|
|
|
278,437 |
|
| 5.25%, 04/15/30 |
|
|
|
|
|
|
173 |
|
|
|
123,342 |
|
| Ronshine China Holdings Ltd., 7.35%, 12/15/23(e)(l)(m) |
|
|
|
|
|
|
23 |
|
|
|
1,495 |
|
| Shui On Development Holding Ltd., 5.75%, 11/12/23(e) |
|
|
|
|
|
|
200 |
|
|
|
195,475 |
|
| Sinic Holdings Group Co. Ltd., 10.50%, 12/31/79(l)(m) |
|
|
|
|
|
|
200 |
|
|
|
2,000 |
|
| Theta Capital Pte. Ltd., 8.13%, 01/22/25(e) |
|
|
|
|
|
|
200 |
|
|
|
165,850 |
|
| VICI Properties LP, 5.13%, 05/15/32 |
|
|
|
|
|
|
805 |
|
|
|
768,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,885,413 |
|
|
| Semiconductors & Semiconductor Equipment — 0.7% |
|
| ams-OSRAM AG, 6.00%, 07/31/25(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
102,076 |
|
| Broadcom, Inc.(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.30%, 11/15/32 |
|
|
USD |
|
|
|
732 |
|
|
|
671,172 |
|
| 3.42%, 04/15/33(b) |
|
|
|
|
|
|
527 |
|
|
|
443,545 |
|
| 3.14%, 11/15/35(b) |
|
|
|
|
|
|
160 |
|
|
|
123,866 |
|
| Marvell Technology, Inc., 2.95%, 04/15/31(f) |
|
|
|
|
|
|
302 |
|
|
|
252,056 |
|
| QUALCOMM, Inc., 4.65%, 05/20/35(f) |
|
|
|
|
|
|
400 |
|
|
|
403,406 |
|
| Sensata Technologies BV(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.00%, 10/01/25 |
|
|
|
|
|
|
368 |
|
|
|
362,329 |
|
| 5.88%, 09/01/30 |
|
|
|
|
|
|
309 |
|
|
|
303,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Semiconductors & Semiconductor Equipment (continued) |
|
| Sensata Technologies, Inc., 4.38%, 02/15/30(b) |
|
|
USD |
|
|
|
1,020 |
|
|
$ |
929,092 |
|
| Synaptics, Inc., 4.00%, 06/15/29(b)(f) |
|
|
|
|
|
|
216 |
|
|
|
182,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,773,497 |
|
|
|
|
|
| Software — 2.5% |
|
|
|
|
|
|
|
|
|
| ACI Worldwide, Inc., 5.75%, 08/15/26(b) |
|
|
|
|
|
|
510 |
|
|
|
508,087 |
|
| Alteryx, Inc., 8.75%, 03/15/28 |
|
|
|
|
|
|
320 |
|
|
|
311,091 |
|
| Black Knight InfoServ LLC, 3.63%, 09/01/28(b) |
|
|
|
|
|
|
501 |
|
|
|
452,153 |
|
| Boxer Parent Co., Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.50%, 10/02/25(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
108,642 |
|
| 7.13%, 10/02/25(b) |
|
|
USD |
|
|
|
761 |
|
|
|
758,725 |
|
| 9.13%, 03/01/26(b) |
|
|
|
|
|
|
629 |
|
|
|
613,167 |
|
| Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(b)(f) |
|
|
|
|
|
|
662 |
|
|
|
655,472 |
|
| Cloud Software Group Holdings, Inc., 6.50%, 03/31/29(b)(f) |
|
|
|
|
|
|
4,064 |
|
|
|
3,660,112 |
|
| Cloud Software Group, Inc., 9.00%, 09/30/29 |
|
|
|
|
|
|
1,904 |
|
|
|
1,636,107 |
|
| Crowdstrike Holdings, Inc., 3.00%, 02/15/29 |
|
|
|
|
|
|
53 |
|
|
|
46,102 |
|
| Elastic NV, 4.13%, 07/15/29(b) |
|
|
|
|
|
|
481 |
|
|
|
416,161 |
|
| Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28(b) |
|
|
|
|
|
|
200 |
|
|
|
168,000 |
|
| Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(b) |
|
|
|
|
|
|
294 |
|
|
|
257,543 |
|
| MicroStrategy, Inc., 6.13%, 06/15/28(b)(f) |
|
|
|
|
|
|
577 |
|
|
|
521,475 |
|
| Open Text Corp., 6.90%, 12/01/27(b) |
|
|
|
|
|
|
1,133 |
|
|
|
1,170,222 |
|
| Oracle Corp.(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.25%, 11/09/32 |
|
|
|
|
|
|
648 |
|
|
|
699,609 |
|
| 3.60%, 04/01/50 |
|
|
|
|
|
|
250 |
|
|
|
177,753 |
|
| SS&C Technologies, Inc.,
5.50%, 09/30/27(b)(f) |
|
|
|
|
|
|
1,438 |
|
|
|
1,391,863 |
|
| Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(b)(f) |
|
|
|
|
|
|
372 |
|
|
|
282,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,834,563 |
|
|
|
|
|
| Specialized REITs — 0.1% |
|
|
|
|
|
|
|
|
|
| Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28(b) |
|
|
|
|
|
|
631 |
|
|
|
603,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Specialty Retail(b) — 0.4% |
|
|
|
|
|
|
|
|
|
| Arko Corp., 5.13%, 11/15/29 |
|
|
|
|
|
|
232 |
|
|
|
187,989 |
|
| PetSmart, Inc./PetSmart Finance Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.75%, 02/15/28 |
|
|
|
|
|
|
436 |
|
|
|
412,085 |
|
| 7.75%, 02/15/29 |
|
|
|
|
|
|
895 |
|
|
|
882,587 |
|
| Staples, Inc., 7.50%, 04/15/26 |
|
|
|
|
|
|
526 |
|
|
|
443,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,926,256 |
|
|
| Technology Hardware, Storage & Peripherals — 0.1% |
|
| Coherent Corp., 5.00%, 12/15/29(b)(f) |
|
|
|
|
|
|
828 |
|
|
|
745,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Textiles, Apparel & Luxury Goods(b) — 0.1% |
|
| Hanesbrands, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.88%, 05/15/26 |
|
|
|
|
|
|
124 |
|
|
|
116,859 |
|
| 9.00%, 02/15/31 |
|
|
|
|
|
|
372 |
|
|
|
380,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
497,656 |
|
|
|
|
|
| Tobacco(f) — 0.4% |
|
|
|
|
|
|
|
|
|
| Altria Group, Inc., 4.50%, 05/02/43 |
|
|
|
|
|
|
750 |
|
|
|
608,602 |
|
| Philip Morris International, Inc., 4.38%, 11/15/41 |
|
|
|
|
|
|
900 |
|
|
|
781,046 |
|
| Reynolds American, Inc., 5.85%, 08/15/45 |
|
|
|
|
|
|
715 |
|
|
|
646,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,036,227 |
|
|
|
|
|
| Transportation Infrastructure — 0.6% |
|
|
|
|
|
|
|
|
|
| Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61(b) |
|
|
|
|
|
|
320 |
|
|
|
245,860 |
|
|
|
|
| 22 |
|
2 0 2 3 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Transportation Infrastructure (continued) |
|
| Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(b) |
|
|
USD |
|
|
|
274 |
|
|
$ |
268,794 |
|
| Azzurra Aeroporti SpA, 2.63%, 05/30/27(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
97,245 |
|
| DP World Salaam, (5-year CMT + 5.75%), 6.00%(a)(e)(i) |
|
|
USD |
|
|
|
456 |
|
|
|
455,002 |
|
| FedEx Corp.(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.90%, 02/01/35 |
|
|
|
|
|
|
500 |
|
|
|
450,638 |
|
| 4.75%, 11/15/45 |
|
|
|
|
|
|
500 |
|
|
|
452,225 |
|
| GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27(e) |
|
|
|
|
|
|
200 |
|
|
|
175,350 |
|
| Heathrow Finance PLC, 4.13%, 09/01/29(e)(n) |
|
|
GBP |
|
|
|
100 |
|
|
|
104,587 |
|
| Mexico City Airport Trust, 5.50%, 07/31/47(e) |
|
|
USD |
|
|
|
308 |
|
|
|
236,159 |
|
| Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26(b)(f) |
|
|
|
|
|
|
520 |
|
|
|
506,412 |
|
| XPO Escrow Sub LLC, 7.50%, 11/15/27(b) |
|
|
|
|
|
|
109 |
|
|
|
111,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,103,995 |
|
|
|
|
|
| Utilities — 0.3% |
|
|
|
|
|
|
|
|
|
| AES Panama Generation Holdings SRL, 4.38%, 05/31/30(e) |
|
|
|
|
|
|
223 |
|
|
|
192,340 |
|
| Centrais Eletricas Brasileiras SA, 3.63%, 02/04/25(b) |
|
|
|
|
|
|
200 |
|
|
|
189,970 |
|
| Consensus Cloud Solutions, Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 10/15/26 |
|
|
|
|
|
|
91 |
|
|
|
83,670 |
|
| 6.50%, 10/15/28 |
|
|
|
|
|
|
83 |
|
|
|
72,625 |
|
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29(e) |
|
|
|
|
|
|
250 |
|
|
|
216,460 |
|
| Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(b) |
|
|
|
|
|
|
471 |
|
|
|
438,184 |
|
| Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33(e)(f) |
|
|
|
|
|
|
162 |
|
|
|
158,511 |
|
| Vistra Operations Co. LLC(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.50%, 09/01/26 |
|
|
|
|
|
|
18 |
|
|
|
17,637 |
|
| 5.63%, 02/15/27(f) |
|
|
|
|
|
|
254 |
|
|
|
247,726 |
|
| 5.00%, 07/31/27 |
|
|
|
|
|
|
18 |
|
|
|
17,106 |
|
| 4.38%, 05/01/29 |
|
|
|
|
|
|
191 |
|
|
|
170,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,804,994 |
|
|
| Wireless Telecommunication Services — 1.1% |
|
| Altice France SA/France |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.88%, 02/01/27(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
95,314 |
|
| 8.13%, 02/01/27(b)(f) |
|
|
USD |
|
|
|
570 |
|
|
|
508,961 |
|
| 5.50%, 01/15/28(b) |
|
|
|
|
|
|
357 |
|
|
|
281,048 |
|
| 5.13%, 01/15/29(b) |
|
|
|
|
|
|
201 |
|
|
|
148,545 |
|
| 5.13%, 07/15/29(b) |
|
|
|
|
|
|
1,206 |
|
|
|
891,651 |
|
| 5.50%, 10/15/29(b) |
|
|
|
|
|
|
200 |
|
|
|
149,716 |
|
| Kenbourne Invest SA(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.88%, 11/26/24 |
|
|
|
|
|
|
205 |
|
|
|
135,467 |
|
| 4.70%, 01/22/28 |
|
|
|
|
|
|
200 |
|
|
|
106,750 |
|
| Liberty Costa Rica Senior Secured Finance, 10.88%, 01/15/31(b) |
|
|
|
|
|
|
345 |
|
|
|
327,405 |
|
| Millicom International Cellular SA, 5.13%, 01/15/28(e) |
|
|
|
|
|
|
283 |
|
|
|
249,448 |
|
| SBA Communications Corp., 3.13%, 02/01/29(f) |
|
|
|
|
|
|
1,409 |
|
|
|
1,205,401 |
|
| VICI Properties LP/VICI Note Co., Inc.(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.63%, 05/01/24 |
|
|
|
|
|
|
69 |
|
|
|
68,663 |
|
| 3.50%, 02/15/25 |
|
|
|
|
|
|
140 |
|
|
|
134,525 |
|
| 4.25%, 12/01/26 |
|
|
|
|
|
|
135 |
|
|
|
128,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Wireless Telecommunication Services (continued) |
|
| VICI Properties LP/VICI Note Co., Inc.(b) (continued) |
|
| 4.63%, 12/01/29 |
|
|
USD |
|
|
|
696 |
|
|
$ |
646,451 |
|
| 4.13%, 08/15/30 |
|
|
|
|
|
|
488 |
|
|
|
435,086 |
|
| Vmed O2 U.K. Financing I PLC |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.00%, 01/31/29(e) |
|
|
GBP |
|
|
|
100 |
|
|
|
101,671 |
|
| 4.50%, 07/15/31(e) |
|
|
|
|
|
|
100 |
|
|
|
97,800 |
|
| 4.75%, 07/15/31(b)(f) |
|
|
USD |
|
|
|
562 |
|
|
|
478,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,191,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Corporate Bonds — 80.3%
(Cost: $477,511,252) |
|
|
|
446,271,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Floating Rate Loan Interests(a) |
|
|
|
|
|
| Aerospace & Defense — 0.3% |
|
|
|
|
|
|
|
|
|
| Peraton Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| 2nd Lien Term Loan B1, (3-mo. LIBOR US at 0.75% Floor + 7.75%), 12.65%, 02/01/29 |
|
|
|
|
|
|
748 |
|
|
|
714,985 |
|
| Term Loan B, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 8.83%, 02/01/28 |
|
|
|
|
|
|
966 |
|
|
|
945,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,660,443 |
|
|
|
|
|
| Beverages — 0.0% |
|
|
|
|
|
|
|
|
|
| Naked Juice LLC, 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.00%, 01/24/30 |
|
|
|
|
|
|
38 |
|
|
|
28,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Broadline Retail — 0.0% |
|
|
|
|
|
|
|
|
|
| PUG LLC, USD Term Loan, (1-mo. LIBOR US + 3.50%), 8.52%, 02/12/27 |
|
|
|
|
|
|
120 |
|
|
|
94,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Markets — 0.1% |
|
|
|
|
|
|
|
|
|
| Advisor Group, Inc., 2021 Term Loan, (1-mo. LIBOR US + 4.50%), 9.52%, 07/31/26 |
|
|
|
|
|
|
153 |
|
|
|
151,756 |
|
| Ascensus Holdings, Inc., 2021 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 6.50%), 11.38%, 08/02/29 |
|
|
|
|
|
|
232 |
|
|
|
207,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
359,077 |
|
|
|
|
|
| Chemicals — 0.3% |
|
|
|
|
|
|
|
|
|
| Arc Falcon I, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.75%), 8.77%, 09/30/28 |
|
|
|
|
|
|
237 |
|
|
|
215,652 |
|
| Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. LIBOR US at 0.75% Floor + 7.75%), 12.77%, 11/24/28 |
|
|
|
|
|
|
118 |
|
|
|
104,842 |
|
| Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 9.71%, 08/27/26 |
|
|
|
|
|
|
281 |
|
|
|
277,875 |
|
| Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.28%, 10/04/29 |
|
|
|
|
|
|
666 |
|
|
|
637,458 |
|
|
|
|
| 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Chemicals (continued) |
|
| Momentive Performance Materials Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.48%, 03/29/28 |
|
|
USD |
|
|
|
277 |
|
|
$ |
275,789 |
|
| W.R. Grace Holdings LLC, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.75%), 8.94%, 09/22/28 |
|
|
|
|
|
|
254 |
|
|
|
253,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,765,084 |
|
|
| Commercial Services & Supplies — 0.1% |
|
| PECF USS Intermediate Holding III Corp., Term Loan B, (3‑mo. LIBOR US at 0.50% Floor + 4.25%), 9.54%, 12/15/28 |
|
|
|
|
|
|
606 |
|
|
|
496,436 |
|
| TruGreen LP, 2020 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 8.50%), 13.77%, 11/02/28(c) |
|
|
|
|
|
|
201 |
|
|
|
130,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
627,086 |
|
|
|
|
|
| Construction & Engineering — 0.5% |
|
|
|
|
|
|
|
|
|
| Amentum Government Services Holdings LLC, Term Loan B, (1-mo. LIBOR US + 4.00%), 9.02%, 01/29/27(c) |
|
|
|
|
|
|
79 |
|
|
|
76,015 |
|
| Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (1-mo. LIBOR US at 1.00% Floor + 4.25%), 9.24%, 06/21/24 |
|
|
|
|
|
|
2,569 |
|
|
|
2,413,337 |
|
| Propulsion BC Newco LLC, Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.90%, 09/14/29 |
|
|
|
|
|
|
158 |
|
|
|
155,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,644,875 |
|
|
| Consumer Finance — 0.0% |
|
| Credito Real SAB de CV Sofom ENR, Term Loan B, (Defaulted),
0.00%, 02/17/24(c)(l)(m) |
|
|
|
|
|
|
56 |
|
|
|
4,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Containers & Packaging — 0.1% |
|
|
|
|
|
|
|
|
|
| Mauser Packaging Solutions Holding Co., Term Loan B, (1‑mo. CME Term SOFR + 4.00%), 8.80%, 08/14/26 |
|
|
|
|
|
|
176 |
|
|
|
175,368 |
|
| Trident TPI Holdings, Inc., 2023 USD Term Loan, 09/15/28(o) |
|
|
|
|
|
|
329 |
|
|
|
320,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
495,373 |
|
|
| Diversified Consumer Services — 0.1% |
|
| Ascend Learning LLC |
|
|
|
|
|
|
|
|
|
|
|
|
| 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.75%), 10.83%, 12/10/29 |
|
|
|
|
|
|
157 |
|
|
|
136,001 |
|
| 2021 Term Loan, 12/11/28(o) |
|
|
|
|
|
|
139 |
|
|
|
126,755 |
|
| Sotheby’s, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.50%), 9.76%, 01/15/27 |
|
|
|
|
|
|
— |
(d) |
|
|
1 |
|
| WCG Purchaser Corp., 2019 Term Loan, (3-mo. LIBOR US at 1.00% Floor + 4.00%), 8.95%, 01/08/27 |
|
|
|
|
|
|
78 |
|
|
|
74,433 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
337,190 |
|
|
| Diversified Telecommunication Services — 0.2% |
|
| Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 8.81%, 05/01/28 |
|
|
|
|
|
|
222 |
|
|
|
211,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
|
| Diversified Telecommunication Services (continued) |
|
|
|
|
| Radiate Holdco LLC, 2021 Term Loan B, (1-mo. LIBOR US at 0.75% Floor + 3.25%), 8.27%, 09/25/26 |
|
|
USD |
|
|
|
74 |
|
|
$ |
61,056 |
|
| Zayo Group Holdings, Inc., USD Term Loan, (1-mo. LIBOR US + 3.00%), 8.02%, 03/09/27 |
|
|
|
|
|
|
794 |
|
|
|
643,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
916,161 |
|
|
| Energy Equipment & Services — 0.0% |
|
| Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1-mo. LIBOR US + 3.00%), 8.02%, 06/28/24 |
|
|
|
17 |
|
|
|
11,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Entertainment — 0.0% |
|
|
|
|
|
|
|
|
|
| Delta 2 Lux SARL, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.23%, 01/15/30 |
|
|
|
|
|
|
60 |
|
|
|
60,045 |
|
| EP Purchaser LLC, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 8.66%, 11/06/28 |
|
|
|
82 |
|
|
|
81,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
141,952 |
|
|
|
|
|
| Financial Services — 0.1% |
|
|
|
|
|
|
|
|
|
| Deerfield Dakota Holding LLC, 2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 6.75%), 11.91%, 04/07/28 |
|
|
|
|
|
|
274 |
|
|
|
251,622 |
|
| White Cap Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.73%, 10/19/27 |
|
|
|
|
|
|
426 |
|
|
|
421,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
673,152 |
|
|
|
|
|
| Food Products — 0.0% |
|
|
|
|
|
|
|
|
|
| Chobani LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.60%, 10/25/27 |
|
|
|
|
|
|
61 |
|
|
|
60,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ground Transportation — 0.0% |
|
|
|
|
|
|
|
|
|
| AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 9.62%, 04/06/28 |
|
|
|
142 |
|
|
|
135,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Health Care Equipment & Supplies — 0.1% |
|
| Bausch and Lomb, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.46%, 05/10/27 |
|
|
|
172 |
|
|
|
167,054 |
|
| Chariot Buyer LLC, Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 3.25%), 8.27%, 11/03/28 |
|
|
|
327 |
|
|
|
317,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
484,247 |
|
|
| Health Care Providers & Services — 0.1% |
|
| Envision Healthcare Corp., 2022 First Out Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 7.88%), 12.92%, 03/31/27 |
|
|
|
|
|
|
78 |
|
|
|
60,913 |
|
| LifePoint Health, Inc., 2018 Term Loan B, (3-mo. LIBOR US + 3.75%), 9.02%, 11/16/25 |
|
|
|
|
|
|
146 |
|
|
|
136,932 |
|
| Quorum Health Corp., 2020 Term Loan, (3-mo. LIBOR US at 1.00% Floor + 8.25%), 13.24%, 04/29/25 |
|
|
|
279 |
|
|
|
163,746 |
|
| Surgery Center Holdings, Inc., 2021 Term Loan, (1- mo. LIBOR US at 0.75% Floor + 3.75%), 8.70%, 08/31/26 |
|
|
|
|
|
|
207 |
|
|
|
206,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
568,359 |
|
|
|
|
|
| Health Care Technology — 0.6% |
|
|
|
|
|
|
|
|
|
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.46%, 02/15/29 |
|
|
|
1,985 |
|
|
|
1,857,433 |
|
|
|
|
| 24 |
|
2 0 2 3 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Health Care Technology (continued) |
|
| Polaris Newco LLC, USD Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.00%), 9.16%, 06/02/28 |
|
|
USD |
|
|
|
364 |
|
|
$ |
337,081 |
|
| Verscend Holding Corp., 2021 Term Loan B, (1-mo. LIBOR US + 4.00%), 9.02%, 08/27/25 |
|
|
|
|
|
|
1,236 |
|
|
|
1,233,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,427,978 |
|
|
|
|
|
| Hotels, Restaurants & Leisure — 0.1% |
|
|
|
|
|
|
|
|
|
| Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.98%, 01/27/29 |
|
|
|
|
|
|
468 |
|
|
|
455,190 |
|
| IRB Holding Corp., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.08%, 12/15/27 |
|
|
|
|
|
|
204 |
|
|
|
200,003 |
|
| Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3-mo. LIBOR US + 2.25%), 7.41%, 07/21/26 |
|
|
|
|
|
|
39 |
|
|
|
38,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
694,089 |
|
|
|
|
|
| Household Durables — 0.1% |
|
|
|
|
|
|
|
|
|
| Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.37%, 02/26/29(c) |
|
|
|
|
|
|
275 |
|
|
|
249,492 |
|
| Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. LIBOR US at 0.75% Floor + 4.00%), 9.01%, 10/06/28 |
|
|
|
|
|
|
532 |
|
|
|
448,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
697,725 |
|
|
|
|
|
| Insurance — 0.1% |
|
|
|
|
|
|
|
|
|
| Alliant Holdings Intermediate LLC, 2023 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.38%, 11/05/27 |
|
|
|
|
|
|
122 |
|
|
|
121,320 |
|
| Hub International Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.25%), 8.51%, 04/25/25 |
|
|
|
|
|
|
125 |
|
|
|
124,279 |
|
| 2022 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 8.73%, 11/10/29 |
|
|
|
|
|
|
117 |
|
|
|
116,419 |
|
| Ryan Specialty Group LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.08%, 09/01/27 |
|
|
|
|
|
|
232 |
|
|
|
231,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
593,390 |
|
|
|
|
|
| Interactive Media & Services — 0.1% |
|
|
|
|
|
|
|
|
|
| Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.05%, 02/16/28 |
|
|
|
|
|
|
125 |
|
|
|
120,356 |
|
| Camelot Finance SA, Term Loan B, (1-mo. LIBOR US + 3.00%), 8.02%, 10/30/26 |
|
|
|
|
|
|
168 |
|
|
|
167,865 |
|
| Grab Holdings, Inc., Term Loan B, (1-mo. LIBOR US at 1.00% Floor + 4.50%), 9.53%, 01/29/26 |
|
|
|
|
|
|
34 |
|
|
|
34,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
322,603 |
|
|
|
|
|
| IT Services — 0.2% |
|
|
|
|
|
|
|
|
|
| Epicor Software Corp., 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.75%), 12.83%, 07/31/28 |
|
|
|
|
|
|
117 |
|
|
|
116,250 |
|
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.00%, 10/01/27 |
|
|
|
|
|
|
555 |
|
|
|
533,961 |
|
| Quartz Acquireco LLC, Term Loan B, 04/14/30(c)(o) |
|
|
|
|
|
|
191 |
|
|
|
190,045 |
|
| TierPoint LLC, 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 8.77%, 05/05/26 |
|
|
|
|
|
|
64 |
|
|
|
61,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
901,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Leisure Products — 0.0% |
|
| Peloton Interactive, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.50%), 11.76%, 05/25/27 |
|
|
USD |
|
|
|
131 |
|
|
$ |
130,559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Machinery — 0.4% |
|
|
|
|
|
|
|
|
|
| Roper Industrial Products Investment Co., USD Term Loan, (3-mo. CME Term SOFR + 4.50%), 9.40%, 11/22/29 |
|
|
|
|
|
|
374 |
|
|
|
371,371 |
|
| SPX Flow, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.58%, 04/05/29 |
|
|
|
|
|
|
339 |
|
|
|
326,651 |
|
| Titan Acquisition Ltd., 2018 Term Loan B, (3-mo. LIBOR US + 3.00%), 8.15%, 03/28/25 |
|
|
|
|
|
|
1,850 |
|
|
|
1,769,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,467,415 |
|
|
|
|
|
| Media — 0.6% |
|
|
|
|
|
|
|
|
|
| AVSC Holding Corp., 2018 2nd Lien Term Loan, (3- mo. LIBOR US at 1.00% Floor + 7.25%), 12.06%, 09/01/25 |
|
|
|
|
|
|
311 |
|
|
|
270,640 |
|
| Clear Channel Outdoor Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR + 3.50%), 8.81%, 08/21/26 |
|
|
|
|
|
|
1,580 |
|
|
|
1,486,633 |
|
| DirecTV Financing LLC, Term Loan, (1-mo. LIBOR US at 0.75% Floor + 5.00%), 10.02%, 08/02/27 |
|
|
|
|
|
|
1,075 |
|
|
|
1,030,305 |
|
| Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.08%, 02/01/29 |
|
|
|
|
|
|
541 |
|
|
|
533,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,320,879 |
|
|
|
|
|
| Oil, Gas & Consumable Fuels — 0.6% |
|
|
|
|
|
|
|
|
|
| Ascent Resources Utica Holdings LLC, 2020 Fixed 2nd Lien Term Loan, (3-mo. LIBOR US at 1.00% Floor + 9.00%), 14.21%, 11/01/25 |
|
|
|
|
|
|
2,934 |
|
|
|
3,106,099 |
|
| Freeport LNG Investments LLLP, Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 8.75%, 12/21/28 |
|
|
|
|
|
|
321 |
|
|
|
311,612 |
|
| M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.55%, 09/19/29 |
|
|
|
|
|
|
143 |
|
|
|
142,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,559,893 |
|
|
|
|
|
| Passenger Airlines — 0.4% |
|
|
|
|
|
|
|
|
|
| AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.00%, 04/20/28 |
|
|
|
|
|
|
748 |
|
|
|
752,318 |
|
| Air Canada, 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.50%), 8.37%, 08/11/28 |
|
|
|
|
|
|
257 |
|
|
|
255,579 |
|
| Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. LIBOR US at 1.00% Floor + 5.25%), 10.21%, 06/21/27 |
|
|
|
|
|
|
194 |
|
|
|
201,861 |
|
| SkyMiles IP Ltd., 2020 Skymiles Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.80%, 10/20/27 |
|
|
|
|
|
|
343 |
|
|
|
354,998 |
|
| United Airlines, Inc., 2021 Term Loan B, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 8.77%, 04/21/28 |
|
|
|
|
|
|
772 |
|
|
|
768,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,333,266 |
|
|
|
|
|
| Pharmaceuticals — 0.0% |
|
|
|
|
|
|
|
|
|
| Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1-mo. LIBOR US + 3.50%), 8.56%, 05/04/25 |
|
|
|
|
|
|
89 |
|
|
|
82,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Professional Services — 0.1% |
|
|
|
|
|
|
|
|
|
| CoreLogic, Inc., Term Loan, 06/02/28(o) |
|
|
|
|
|
|
166 |
|
|
|
148,540 |
|
|
|
|
| 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Professional Services (continued) |
|
| Galaxy U.S. Opco, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.73%, 04/29/29(c) |
|
|
USD |
|
|
|
170 |
|
|
$ |
151,429 |
|
| VS Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.90%, 02/28/27 |
|
|
|
|
|
|
91 |
|
|
|
89,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
389,706 |
|
|
|
|
|
| Software — 1.4% |
|
|
|
|
|
|
|
|
|
| Boxer Parent Co., Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 2021 USD 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 5.50%), 10.52%, 02/27/26 |
|
|
|
|
|
|
529 |
|
|
|
510,263 |
|
| 2021 USD Term Loan, (1-mo. LIBOR US + 3.75%), 8.77%, 10/02/25 |
|
|
|
|
|
|
212 |
|
|
|
209,299 |
|
| Central Parent, Inc., 2022 USD Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.15%, 07/06/29 |
|
|
|
|
|
|
129 |
|
|
|
128,482 |
|
| Cloud Software Group, Inc., 2022 USD Term Loan, (2-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.50%, 03/30/29 |
|
|
|
|
|
|
807 |
|
|
|
753,456 |
|
| Cloudera, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.08%, 10/08/29 |
|
|
|
|
|
|
442 |
|
|
|
389,506 |
|
| 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.83%, 10/08/28 |
|
|
|
|
|
|
340 |
|
|
|
327,930 |
|
| Delta TopCo, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.66%, 12/01/27 |
|
|
|
|
|
|
310 |
|
|
|
296,378 |
|
| Helios Software Holdings, Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR + 3.75%), 8.83%, 03/11/28 |
|
|
|
|
|
|
90 |
|
|
|
87,900 |
|
| Magenta Buyer LLC |
|
|
|
|
|
|
|
|
|
|
|
|
| 2021 USD 1st Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.03%, 07/27/28 |
|
|
|
|
|
|
795 |
|
|
|
667,489 |
|
| 2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 8.25%), 13.53%, 07/27/29 |
|
|
|
|
|
|
530 |
|
|
|
398,825 |
|
| McAfee Corp., 2022 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.65%, 03/01/29 |
|
|
|
|
|
|
872 |
|
|
|
821,315 |
|
| MH Sub I LLC |
|
|
|
|
|
|
|
|
|
|
|
|
| 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.25%), 11.23%, 02/23/29 |
|
|
|
|
|
|
66 |
|
|
|
61,022 |
|
| 2023 Term Loan, 0.00%, 04/25/28 |
|
|
|
|
|
|
825 |
|
|
|
790,969 |
|
| Planview Parent, Inc., 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 7.25%), 12.41%, 12/18/28 |
|
|
|
|
|
|
195 |
|
|
|
173,550 |
|
| Proofpoint, Inc., 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 6.25%), 11.27%, 08/31/29 |
|
|
|
|
|
|
472 |
|
|
|
447,063 |
|
| Sabre Global, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 2021 Term Loan B1, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.52%, 12/17/27 |
|
|
|
|
|
|
71 |
|
|
|
54,940 |
|
| 2021 Term Loan B2, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.52%, 12/17/27 |
|
|
|
|
|
|
114 |
|
|
|
87,902 |
|
| Sophia LP, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 8.66%, 10/07/27 |
|
|
|
|
|
|
772 |
|
|
|
761,511 |
|
| SS&C Technologies, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| 2018 Term Loan B3, (1-mo. LIBOR US + 1.75%), 6.77%, 04/16/25 |
|
|
|
|
|
|
86 |
|
|
|
85,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Software (continued) |
|
| SS&C Technologies, Inc. (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| 2018 Term Loan B4, (1-mo. LIBOR US + 1.75%), 6.77%, 04/16/25 |
|
|
USD |
|
|
|
68 |
|
|
$ |
67,885 |
|
| UKG, Inc., 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.27%, 05/03/27 |
|
|
|
|
|
|
556 |
|
|
|
533,634 |
|
| Ultimate Software Group, Inc., Term Loan B, (3-mo. CME Term SOFR + 3.75%), 8.90%, 05/04/26 |
|
|
|
|
|
|
208 |
|
|
|
203,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,858,662 |
|
|
| Specialty Retail — 0.0% |
|
| Staples, Inc., 7 Year Term Loan, (3-mo. LIBOR US + 5.00%), 9.81%, 04/16/26 |
|
|
|
|
|
|
— |
(d) |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Textiles, Apparel & Luxury Goods — 0.1% |
|
| Crocs, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.58%, 02/20/29 |
|
|
|
|
|
|
273 |
|
|
|
272,871 |
|
| Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.73%, 03/08/30 |
|
|
|
|
|
|
138 |
|
|
|
137,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
410,095 |
|
|
| Trading Companies & Distributors — 0.1% |
|
| SRS Distribution, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.47%, 06/02/28 |
|
|
|
|
|
|
287 |
|
|
|
272,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transportation Infrastructure — 0.2% |
|
| Brown Group Holding LLC, 2022 Incremental Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.78%, 07/02/29 |
|
|
|
|
|
|
423 |
|
|
|
420,106 |
|
| KKR Apple Bidco LLC, 2021 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 5.75%), 10.77%, 09/21/29 |
|
|
|
|
|
|
34 |
|
|
|
33,320 |
|
| MHI Holdings LLC, Term Loan B, (1-mo. LIBOR US + 5.00%), 10.02%, 09/21/26 |
|
|
|
|
|
|
352 |
|
|
|
351,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
804,702 |
|
|
| Wireless Telecommunication Services — 0.1% |
|
| Digicel International Finance Ltd., 2017 Term Loan B, (1-mo. LIBOR US + 3.25%), 8.27%, 05/28/24 |
|
|
|
|
|
|
700 |
|
|
|
631,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Floating Rate Loan Interests — 7.2%
(Cost: $41,492,972) |
|
|
|
39,907,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign Government and Agency Obligations |
|
|
| Bahrain — 0.0% |
|
| Bahrain Government International Bond, 5.45%, 09/16/32(e) |
|
|
|
|
|
|
200 |
|
|
|
178,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chile — 0.1% |
|
| Chile Government International Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.34%, 03/07/42 |
|
|
|
|
|
|
200 |
|
|
|
181,662 |
|
| 4.00%, 01/31/52(f) |
|
|
|
|
|
|
200 |
|
|
|
165,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
347,575 |
|
|
| Colombia — 0.3% |
|
| Colombia Government International Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.50%, 01/28/26 |
|
|
|
|
|
|
542 |
|
|
|
513,816 |
|
| 3.88%, 04/25/27 |
|
|
|
|
|
|
200 |
|
|
|
179,662 |
|
|
|
|
| 26 |
|
2 0 2 3 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Colombia (continued) |
|
| Colombia Government International Bond (continued) |
|
| 3.13%, 04/15/31(f) |
|
|
USD |
|
|
|
677 |
|
|
$ |
501,107 |
|
| 8.00%, 04/20/33 |
|
|
|
|
|
|
544 |
|
|
|
541,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,736,307 |
|
|
| Dominican Republic — 0.3% |
|
| Dominican Republic International Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.88%, 01/29/26(e) |
|
|
|
|
|
|
207 |
|
|
|
210,661 |
|
| 5.95%, 01/25/27(e) |
|
|
|
|
|
|
523 |
|
|
|
518,195 |
|
| 5.50%, 02/22/29(b) |
|
|
|
|
|
|
260 |
|
|
|
247,374 |
|
| 4.50%, 01/30/30(b) |
|
|
|
|
|
|
452 |
|
|
|
399,116 |
|
| 7.05%, 02/03/31(b) |
|
|
|
|
|
|
150 |
|
|
|
152,297 |
|
| 4.88%, 09/23/32(b) |
|
|
|
|
|
|
339 |
|
|
|
291,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,819,035 |
|
|
| Egypt — 0.0% |
|
| Egypt Government International Bond, 7.50%, 02/16/61(b) |
|
|
|
|
|
|
200 |
|
|
|
99,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Guatemala — 0.2% |
|
| Guatemala Government Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.50%, 05/03/26(e)(f) |
|
|
|
|
|
|
200 |
|
|
|
195,037 |
|
| 5.25%, 08/10/29(b) |
|
|
|
|
|
|
200 |
|
|
|
194,663 |
|
| 5.38%, 04/24/32(b) |
|
|
|
|
|
|
200 |
|
|
|
194,912 |
|
| 4.65%, 10/07/41(b) |
|
|
|
|
|
|
401 |
|
|
|
327,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
911,753 |
|
|
| Hungary — 0.1% |
|
| Hungary Government International Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.38%, 03/25/24 |
|
|
|
|
|
|
64 |
|
|
|
64,052 |
|
| 5.25%, 06/16/29(b) |
|
|
|
|
|
|
250 |
|
|
|
247,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
311,286 |
|
|
| Indonesia — 0.0% |
|
| Perusahaan Penerbit SBSN Indonesia III, 4.40%, 06/06/27(b) |
|
|
|
|
|
|
200 |
|
|
|
200,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ivory Coast — 0.1% |
|
| Ivory Coast Government International Bond, 6.38%, 03/03/28(e)(f) |
|
|
|
|
|
|
731 |
|
|
|
695,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mexico — 0.2% |
|
| Mexico Government International Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.75%, 01/11/28(f) |
|
|
|
|
|
|
805 |
|
|
|
777,227 |
|
| 4.88%, 05/19/33 |
|
|
|
|
|
|
200 |
|
|
|
193,663 |
|
| 6.35%, 02/09/35 |
|
|
|
|
|
|
200 |
|
|
|
214,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,184,927 |
|
|
| Morocco — 0.0% |
|
| Morocco Government International Bonds, 5.95%, 03/08/28 |
|
|
|
|
|
|
200 |
|
|
|
205,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nigeria — 0.1% |
|
| Nigeria Government International Bond, 8.38%, 03/24/29(b) |
|
|
|
|
|
|
400 |
|
|
|
325,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oman — 0.1% |
|
| Oman Government International Bond(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.50%, 03/08/47 |
|
|
|
|
|
|
309 |
|
|
|
289,166 |
|
| 6.75%, 01/17/48(f) |
|
|
|
|
|
|
309 |
|
|
|
298,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
587,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Panama — 0.2% |
|
| Panama Government International Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.16%, 01/23/30(f) |
|
|
USD |
|
|
|
396 |
|
|
$ |
349,792 |
|
| 6.40%, 02/14/35 |
|
|
|
|
|
|
337 |
|
|
|
356,335 |
|
| 6.85%, 03/28/54 |
|
|
|
|
|
|
200 |
|
|
|
208,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
914,627 |
|
|
| Paraguay — 0.1% |
|
| Paraguay Government International Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.95%, 04/28/31(b) |
|
|
|
|
|
|
200 |
|
|
|
193,225 |
|
| 5.60%, 03/13/48(e) |
|
|
|
|
|
|
210 |
|
|
|
183,461 |
|
| 5.40%, 03/30/50(e) |
|
|
|
|
|
|
400 |
|
|
|
340,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
717,511 |
|
|
| Peru — 0.2% |
|
| Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25(e) |
|
|
|
|
|
|
379 |
|
|
|
367,583 |
|
| Peruvian Government International Bond(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.78%, 01/23/31 |
|
|
|
|
|
|
233 |
|
|
|
201,734 |
|
| 1.86%, 12/01/32 |
|
|
|
|
|
|
712 |
|
|
|
550,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,119,693 |
|
|
| Poland — 0.1% |
|
| Republic of Poland Government International Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.88%, 10/04/33 |
|
|
|
|
|
|
138 |
|
|
|
140,096 |
|
| 5.50%, 04/04/53 |
|
|
|
|
|
|
211 |
|
|
|
219,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
359,180 |
|
|
| Romania — 0.3% |
|
| Romanian Government International Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.25%, 11/25/27(b) |
|
|
|
|
|
|
336 |
|
|
|
331,548 |
|
| 2.88%, 03/11/29(e) |
|
|
EUR |
|
|
|
365 |
|
|
|
345,334 |
|
| 2.50%, 02/08/30(e) |
|
|
|
|
|
|
381 |
|
|
|
338,299 |
|
| 2.12%, 07/16/31(e) |
|
|
|
|
|
|
428 |
|
|
|
348,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,363,526 |
|
|
| Saudi Arabia — 0.2% |
|
| Saudi Government International Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.75%, 01/18/28(b) |
|
|
USD |
|
|
|
275 |
|
|
|
279,864 |
|
| 4.50%, 04/17/30(e)(f) |
|
|
|
|
|
|
362 |
|
|
|
365,236 |
|
| 5.00%, 01/18/53(b) |
|
|
|
|
|
|
371 |
|
|
|
351,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
996,460 |
|
|
| Senegal — 0.0% |
|
| Senegal Government International Bond, 6.25%, 05/23/33(e)(f) |
|
|
|
|
|
|
231 |
|
|
|
181,306 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| South Africa — 0.2% |
|
| Republic of South Africa Government International Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.85%, 09/30/29 |
|
|
|
|
|
|
210 |
|
|
|
188,383 |
|
| 5.88%, 04/20/32(f) |
|
|
|
|
|
|
390 |
|
|
|
353,998 |
|
| 5.00%, 10/12/46 |
|
|
|
|
|
|
501 |
|
|
|
340,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
882,999 |
|
|
| Sri Lanka — 0.0% |
|
| Sri Lanka Government International Bond, 6.85%, 03/14/24(e)(f)(l)(m) |
|
|
|
|
|
|
400 |
|
|
|
132,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ukraine — 0.0% |
|
| Ukraine Government International Bond(l)(m) 8.99%, 02/01/26(e) |
|
|
|
|
|
|
224 |
|
|
|
38,682 |
|
|
|
|
| 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par (000) |
|
|
Value |
|
|
| Ukraine (continued) |
|
| Ukraine Government International Bond(l)(m) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.75%, 09/01/27(e) |
|
|
USD |
|
|
|
226 |
|
|
$ |
39,028 |
|
| 7.25%, 03/15/35(b) |
|
|
|
|
|
|
371 |
|
|
|
60,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
137,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Foreign Government and Agency Obligations — 2.8% (Cost: $16,867,988) |
|
|
|
15,408,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
|
| California — 0.0% |
|
| California County Tobacco Securitization Agency, Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/55(k) |
|
|
|
|
|
|
1,230 |
|
|
|
206,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Illinois — 0.2% |
|
| State of Illinois, GO, 5.10%, 06/01/33 |
|
|
|
|
|
|
800 |
|
|
|
801,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds — 0.2%
(Cost: $1,016,527) |
|
|
|
1,007,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Agency Mortgage-Backed Securities |
|
|
| Collateralized Mortgage Obligations — 12.8% |
|
| Ajax Mortgage Loan Trust, Series 2017-D, Class B, 0.00%, 12/25/57(a)(b) |
|
|
|
|
|
|
20 |
|
|
|
10,131 |
|
| Alternative Loan Trust |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2006-J8, Class A5, 6.00%, 02/25/37 |
|
|
|
|
|
|
1,829 |
|
|
|
828,799 |
|
| Series 2007-19, Class 1A1, 6.00%, 08/25/37 |
|
|
|
|
|
|
546 |
|
|
|
282,504 |
|
| Bravo Residential Funding Trust |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.85%, 09/25/62 |
|
|
|
|
|
|
425 |
|
|
|
411,805 |
|
| Series 2021-NQM1, Class A1, 0.94%, 02/25/49(a)(b) |
|
|
|
|
|
|
717 |
|
|
|
629,608 |
|
| Chase Home Lending Mortgage Trust, Series 2019- ATR1, Class A12, 6.50%, 04/25/49(a)(b) |
|
|
|
|
|
|
415 |
|
|
|
424,353 |
|
| CHL Mortgage Pass-Through Trust |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2007-J2, Class 2A1, (1-mo. LIBOR US + 0.65%), 5.67%, 07/25/37(a) |
|
|
|
|
|
|
2,655 |
|
|
|
754,120 |
|
| Series 2007-J2, Class 2A8, 6.00%, 07/25/37 |
|
|
|
|
|
|
1,466 |
|
|
|
582,951 |
|
| CIM TRUST, 6.03%, 04/25/58 |
|
|
|
|
|
|
1,364 |
|
|
|
1,362,165 |
|
| Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 3.78%, 11/25/36(a) |
|
|
|
|
|
|
771 |
|
|
|
721,839 |
|
| COLT Mortgage Loan Trust(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2020-2, Class M1, 5.25%, 03/25/65(a) |
|
|
|
|
|
|
2,550 |
|
|
|
2,464,104 |
|
| Series 2020-3, Class M1, 3.36%, 04/27/65(a) |
|
|
|
|
|
|
2,850 |
|
|
|
2,566,408 |
|
| Series 2022-1, Class A1, 4.55%, 04/25/67(a) |
|
|
|
|
|
|
1,416 |
|
|
|
1,388,766 |
|
| Series 2022-7, Class A1, 5.16%, 04/25/67 |
|
|
|
|
|
|
2,453 |
|
|
|
2,421,505 |
|
| Series 2022-9, Class A1, 6.79%, 12/25/67 |
|
|
|
|
|
|
352 |
|
|
|
356,172 |
|
| Countrywide Alternative Loan Trust |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2005-9CB, Class 1A3, (1-mo. LIBOR US + 0.45%), 5.47%, 05/25/35(a) |
|
|
|
|
|
|
1,295 |
|
|
|
1,117,445 |
|
| Series 2006-40T1, Class 2A5, (1-mo. LIBOR US + 0.40%), 5.42%, 12/25/36(a) |
|
|
|
|
|
|
2,261 |
|
|
|
476,067 |
|
| Series 2006-7CB, Class 2A1, 6.50%, 05/25/36 |
|
|
|
|
|
|
1,402 |
|
|
|
703,584 |
|
| Series 2006-J7, Class 2A1, (1-mo. LIBOR US + 1.50%), 6.35%, 11/20/46(a) |
|
|
|
|
|
|
2,930 |
|
|
|
2,149,073 |
|
| Series 2006-OA14, Class 3A1, (12-mo. MTA + 0.85%), 4.31%, 11/25/46(a) |
|
|
|
|
|
|
4,274 |
|
|
|
3,559,236 |
|
| Series 2006-OA16, Class A2, (1-mo. LIBOR US + 0.38%), 5.40%, 10/25/46(a) |
|
|
|
|
|
|
2,820 |
|
|
|
2,524,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par (000) |
|
|
Value |
|
|
| Collateralized Mortgage Obligations (continued) |
|
| Countrywide Alternative Loan Trust (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2006-OA18, Class A1, (1-mo. LIBOR US + 0.24%), 5.26%, 12/25/46(a) |
|
|
USD |
|
|
|
1,635 |
|
|
$ |
1,396,012 |
|
| Series 2006-OA6, Class 1A1A, (1-mo. LIBOR US + 0.42%), 5.44%, 07/25/46(a) |
|
|
|
|
|
|
3,373 |
|
|
|
2,848,963 |
|
| Series 2006-OA8, Class 1A1, (1-mo. LIBOR US + 0.38%), 5.40%, 07/25/46(a) |
|
|
|
|
|
|
1,113 |
|
|
|
946,461 |
|
| Series 2007-12T1, Class A22, 5.75%, 06/25/37 |
|
|
|
|
|
|
3,360 |
|
|
|
1,588,568 |
|
| Series 2007-12T1, Class A5, 6.00%, 06/25/37 |
|
|
|
|
|
|
1,631 |
|
|
|
803,104 |
|
| Series 2007-22, Class 2A16, 6.50%, 09/25/37 |
|
|
|
|
|
|
7,074 |
|
|
|
2,994,264 |
|
| Series 2007-23CB, Class A1, 6.00%, 09/25/37 |
|
|
|
|
|
|
4,050 |
|
|
|
2,299,997 |
|
| Series 2007-4CB, Class 1A3, (1-mo. LIBOR US + 0.35%), 5.37%, 04/25/37(a) |
|
|
|
|
|
|
1,626 |
|
|
|
1,238,660 |
|
| Series 2007-OA2, Class 1A1, (12-mo. MTA + 0.84%), 4.30%, 03/25/47(a) |
|
|
|
|
|
|
1,947 |
|
|
|
1,611,044 |
|
| Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1-mo. LIBOR US + 0.40%), 5.42%, 04/25/46(a) |
|
|
|
|
|
|
4,067 |
|
|
|
3,749,427 |
|
| Credit Suisse Mortgage Capital Certificates Trust, Series 2022-NQM5, Class A1, 5.17%, 05/25/67(a)(b) |
|
|
|
|
|
|
2,854 |
|
|
|
2,788,799 |
|
| Csmc Trust(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2011-4R, Class 1A2, (1-mo. LIBOR US + 1.50%), 6.16%, 09/27/37 |
|
|
|
|
|
|
1,206 |
|
|
|
1,002,499 |
|
| Series 2021-NQM2, Class M1, 2.28%, 02/25/66 |
|
|
|
|
|
|
1,500 |
|
|
|
899,749 |
|
| Ellington Financial Mortgage Trust(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2020-1, Class M1, 5.24%, 05/25/65 |
|
|
|
|
|
|
500 |
|
|
|
480,952 |
|
| Series 2021-2, Class A1, 0.93%, 06/25/66 |
|
|
|
|
|
|
211 |
|
|
|
170,896 |
|
| GCAT Trust, Series 2022-NQM3, Class A1, 4.35%, 04/25/67(a)(b) |
|
|
|
|
|
|
994 |
|
|
|
961,407 |
|
| GS Mortgage-Backed Securities Trust,
Series 2021- PJ7, Class A2, 2.50%, 01/25/52(a)(b) |
|
|
|
|
|
|
2,128 |
|
|
|
1,748,084 |
|
| Homeward Opportunities Fund Trust, Series 2022-1, Class A1, 5.08%, 07/25/67(b) |
|
|
|
|
|
|
1,072 |
|
|
|
1,050,952 |
|
| JP Morgan Mortgage Trust |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2022-DSC1, Class A1, 4.75%, 01/25/63(a)(b) |
|
|
|
|
|
|
549 |
|
|
|
527,435 |
|
| Series 2023-DSC1, Class A1, 4.63%, 07/25/63 |
|
|
|
|
|
|
346 |
|
|
|
331,251 |
|
| MFA Trust, Series 2021-NQM1, Class M1, 2.31%, 04/25/65(a)(b) |
|
|
|
|
|
|
2,000 |
|
|
|
1,479,334 |
|
| Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 2.94%, 05/26/37(b) |
|
|
|
|
|
|
4,084 |
|
|
|
3,897,066 |
|
| Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36(a) |
|
|
|
|
|
|
6,709 |
|
|
|
1,502,074 |
|
| OBX Trust(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2022-NQM9, Class A1A, 6.45%, 09/25/62 |
|
|
|
|
|
|
585 |
|
|
|
588,893 |
|
| Series 2023-NQM1, Class A1, 6.12%, 11/25/62(a) |
|
|
|
|
|
|
499 |
|
|
|
500,496 |
|
| Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, (1-mo. LIBOR US + 0.60%), 5.62%, 08/25/36(a) |
|
|
|
|
|
|
6,255 |
|
|
|
1,178,710 |
|
| SG Residential Mortgage Trust, Series 2022-2, Class A1, 5.35%, 08/25/62(b) |
|
|
|
|
|
|
720 |
|
|
|
710,900 |
|
| Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A1A, 4.10%, 07/25/57(b) |
|
|
|
|
|
|
706 |
|
|
|
680,056 |
|
| STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65(a)(b) |
|
|
|
|
|
|
1,750 |
|
|
|
1,336,526 |
|
| Starwood Mortgage Residential Trust, Series 2020-3, Class M1,
3.54%, 04/25/65(a)(b) |
|
|
|
|
|
|
1,057 |
|
|
|
881,075 |
|
| Verus Securitization Trust(b) Series 2022-3, Class A1, 4.13%, 02/25/67 |
|
|
|
|
|
|
495 |
|
|
|
467,130 |
|
|
|
|
| 28 |
|
2 0 2 3 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Collateralized Mortgage Obligations (continued) |
|
| Verus Securitization Trust(b) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2022-7, Class A1, 5.15%, 07/25/67 |
|
|
USD |
|
|
|
1,913 |
|
|
$ |
1,880,834 |
|
| Series 2022-INV2, Class A1, 6.79%, 10/25/67 |
|
|
|
|
|
|
536 |
|
|
|
540,787 |
|
| Series 2023-1, Class A1, 5.85%, 12/25/67 |
|
|
|
|
|
|
340 |
|
|
|
340,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,157,752 |
|
|
| Commercial Mortgage-Backed Securities — 3.4% |
|
| American Homes 4 Rent Trust, Series 2014-SFR2, Class E, 6.23%, 10/17/36(b) |
|
|
|
|
|
|
2,000 |
|
|
|
1,976,376 |
|
| BX Commercial Mortgage Trust(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2019-XL, Class A, (1-mo. CME Term SOFR + 1.03%), 5.92%, 10/15/36 |
|
|
|
|
|
|
1,078 |
|
|
|
1,066,391 |
|
| Series 2021-CIP, Class A, (1-mo. LIBOR US + 0.92%), 5.87%,12/15/38 |
|
|
|
|
|
|
600 |
|
|
|
580,479 |
|
| Series 2021-SOAR, Class A, (1-mo. LIBOR US + 0.67%), 5.62%, 06/15/38 |
|
|
|
|
|
|
1,599 |
|
|
|
1,547,315 |
|
| Series 2022-LP2, Class A, (1-mo. CME Term SOFR + 1.01%), 5.90%, 02/15/39 |
|
|
|
|
|
|
1,551 |
|
|
|
1,502,780 |
|
| BX Trust(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2021-LBA, Class AJV, (1-mo. CME Term SOFR + 0.91%), 5.80%, 02/15/36 |
|
|
|
|
|
|
1,650 |
|
|
|
1,589,302 |
|
| Series 2021-SDMF, Class A, (1-mo. LIBOR US + 0.59%), 5.54%, 09/15/34 |
|
|
|
|
|
|
199 |
|
|
|
191,277 |
|
| Series 2022-GPA, Class A, (1-mo. CME Term SOFR + 2.17%), 7.05%, 10/15/39 |
|
|
|
|
|
|
650 |
|
|
|
648,371 |
|
| Cold Storage Trust, Class A, (1-mo. LIBOR US + 0.90%), 5.85%, 11/15/37(a)(b) |
|
|
|
|
|
|
101 |
|
|
|
98,962 |
|
| Csmc Trust, Series 2020-NET, Class A, 2.26%, 08/15/37(b) |
|
|
|
|
|
|
489 |
|
|
|
440,717 |
|
| Extended Stay America Trust, Series 2021-ESH, Class D, (1-mo. LIBOR US + 2.25%), 7.20%, 07/15/38(a)(b) |
|
|
|
|
|
|
322 |
|
|
|
309,235 |
|
| FirstKey Homes Trust, Series 2022-SFR1, Class E1, 5.00%, 05/17/39(b) |
|
|
|
|
|
|
3,800 |
|
|
|
3,546,671 |
|
| GS Mortgage Securities Corp. Trust, Series 2022- SHIP, Class A, (1-mo. CME Term SOFR + 0.73%), 5.62%, 08/15/36(a)(b) |
|
|
|
|
|
|
600 |
|
|
|
595,932 |
|
| Independence Plaza Trust 2018-INDP, Series 2018- INDP, Class A, 3.76%, 07/10/35(b) |
|
|
|
|
|
|
1,000 |
|
|
|
946,368 |
|
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-ACB, Class A, (30-day Avg SOFR + 1.40%), 6.15%, 03/15/39(a)(b) |
|
|
|
|
|
|
1,600 |
|
|
|
1,563,949 |
|
| Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-1A, Class B, (1-mo. LIBOR US + 1.00%), 6.02%, 04/25/31(a)(b) |
|
|
|
|
|
|
203 |
|
|
|
201,849 |
|
| Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class A, (1-mo. CME Term SOFR + 2.19%), 7.08%, 05/15/37(a)(b) |
|
|
|
|
|
|
500 |
|
|
|
482,450 |
|
| Wells Fargo Commercial Mortgage Trust, Series 2016- LC25, Class A4, 3.64%, 12/15/59 |
|
|
|
|
|
|
1,600 |
|
|
|
1,510,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,798,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Agency Mortgage-Backed Securities — 16.2% (Cost: $105,977,860) |
|
|
|
89,956,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par (000) |
|
|
Value |
|
|
|
|
|
| Preferred Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Trusts — 3.8%(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Automobiles — 0.1% |
|
|
|
|
|
|
|
|
|
| General Motors Financial Co., Inc., Series C, 5.70%(f)(i) |
|
|
USD |
|
|
|
395 |
|
|
$ |
345,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Banks(i) — 1.0% |
|
|
|
|
|
|
|
|
|
| AIB Group PLC, 5.25%(e) |
|
|
EUR |
|
|
|
200 |
|
|
|
200,647 |
|
| Banco Mercantil del Norte SA(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.88% |
|
|
USD |
|
|
|
205 |
|
|
|
177,709 |
|
| 6.75% |
|
|
|
|
|
|
292 |
|
|
|
279,736 |
|
| Bank of East Asia Ltd., 5.88%(e) |
|
|
|
|
|
|
250 |
|
|
|
227,937 |
|
| Industrial & Commercial Bank of China Ltd., 3.20%(e) |
|
|
|
|
|
|
210 |
|
|
|
196,849 |
|
| Kasikornbank PCL, 5.28%(e)(f) |
|
|
|
|
|
|
246 |
|
|
|
228,519 |
|
| Nordea Bank Abp, 3.75%(b) |
|
|
|
|
|
|
560 |
|
|
|
420,970 |
|
| PNC Financial Services Group, Inc.(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.25%, 12/31/99 |
|
|
|
|
|
|
380 |
|
|
|
348,270 |
|
| Series V, 6.20% |
|
|
|
|
|
|
377 |
|
|
|
355,024 |
|
| Rizal Commercial Banking Corp., 6.50%(e) |
|
|
|
|
|
|
200 |
|
|
|
177,250 |
|
| Wells Fargo & Co., Series S, 5.90%(f) |
|
|
|
|
|
|
3,000 |
|
|
|
2,828,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,441,611 |
|
|
| Capital Markets — 0.4% |
|
| Bank of New York Mellon Corp.,
Series I, 3.75%(f)(i) |
|
|
|
|
|
|
2,845 |
|
|
|
2,377,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Telecommunication Services(e)(i) — 0.1% |
|
| Telefonica Europe BV |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.13% |
|
|
EUR |
|
|
|
100 |
|
|
|
111,980 |
|
| 6.14% |
|
|
|
|
|
|
200 |
|
|
|
213,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
325,198 |
|
|
|
|
|
| Electric Utilities — 0.5% |
|
|
|
|
|
|
|
|
|
| Edison International, Series B, 5.00%(i) |
|
|
USD |
|
|
|
220 |
|
|
|
188,060 |
|
| EDP - Energias de Portugal SA,
5.94%, 04/23/83(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
108,537 |
|
| NextEra Energy Capital Holdings, Inc.,
5.65%, 05/01/79 |
|
|
USD |
|
|
|
2,500 |
|
|
|
2,257,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,554,116 |
|
|
|
|
|
| Financial Services(i) — 1.5% |
|
|
|
|
|
|
|
|
|
| Bank of America Corp., Series X, 6.25%(f) |
|
|
|
|
|
|
2,925 |
|
|
|
2,859,480 |
|
| Barclays PLC |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.38% |
|
|
|
|
|
|
585 |
|
|
|
387,517 |
|
| 8.00% |
|
|
|
|
|
|
275 |
|
|
|
240,872 |
|
| BNP Paribas SA, 6.88%(e) |
|
|
EUR |
|
|
|
200 |
|
|
|
204,403 |
|
| Credit Agricole SA, 4.75%(b) |
|
|
USD |
|
|
|
260 |
|
|
|
199,940 |
|
| HSBC Holdings PLC, 6.00%(f) |
|
|
|
|
|
|
695 |
|
|
|
614,032 |
|
| Lloyds Banking Group PLC, 8.00% |
|
|
|
|
|
|
345 |
|
|
|
315,502 |
|
| NatWest Group PLC, 6.00% |
|
|
|
|
|
|
1,185 |
|
|
|
1,110,819 |
|
| Societe Generale SA, 6.75%(b)(f) |
|
|
|
|
|
|
3,000 |
|
|
|
2,347,020 |
|
| Woori Bank, 4.25%(e) |
|
|
|
|
|
|
250 |
|
|
|
237,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,516,898 |
|
|
| Independent Power and Renewable Electricity Producers(b)(i) — 0.2% |
|
| NRG Energy, Inc., 10.25% |
|
|
|
|
|
|
595 |
|
|
|
583,741 |
|
| Vistra Corp., 7.00% |
|
|
|
|
|
|
307 |
|
|
|
275,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
859,067 |
|
|
|
|
|
| Media — 0.0% |
|
|
|
|
|
|
|
|
|
| SES SA, 2.88%(e)(i) |
|
|
EUR |
|
|
|
100 |
|
|
|
89,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
| |
|
|
| Oil, Gas & Consumable Fuels(e)(i) — 0.0% |
|
| Abertis Infraestructuras Finance BV, 3.25% |
|
|
EUR |
|
|
|
100 |
|
|
$ |
97,421 |
|
| Repsol International Finance BV, 4.25% |
|
|
|
|
|
|
100 |
|
|
|
98,859 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
196,280 |
|
|
| Real Estate Management & Development — 0.0% |
|
| Aroundtown SA, 3.38%(e)(i) |
|
|
|
|
|
|
100 |
|
|
|
48,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Utilities — 0.0% |
|
| Electricite de France SA, 3.00%(e)(i) |
|
|
|
|
|
|
200 |
|
|
|
180,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Wireless Telecommunication Services — 0.0% |
|
| Vodafone Group PLC |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.25%, 06/04/81 |
|
|
USD |
|
|
|
58 |
|
|
|
50,742 |
|
| 2.63%, 08/27/80(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
98,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
149,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,083,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
| |
|
|
| Preferred Stocks — 1.5%(a)(i) |
|
|
| Capital Markets — 1.5% |
|
| Goldman Sachs Group, Inc., Series J |
|
|
|
|
|
|
175,000 |
|
|
|
4,392,500 |
|
| Morgan Stanley |
|
|
|
|
|
|
|
|
|
|
|
|
| Series F |
|
|
|
|
|
|
100,000 |
|
|
|
2,538,000 |
|
| Series K |
|
|
|
|
|
|
60,125 |
|
|
|
1,503,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,434,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Preferred Securities — 5.3%
(Cost: $32,350,248) |
|
|
|
29,517,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par (000) |
|
|
|
|
| |
|
|
| U.S. Government Sponsored Agency Securities |
|
|
| Collateralized Mortgage Obligations — 1.0% |
|
| Freddie Mac REMICS, Series 4480, Class ZX, 4.00%, 11/15/44 |
|
|
USD |
|
|
|
4,829 |
|
|
|
4,678,105 |
|
| Ginnie Mae, Series 2017-136, Class GB, 3.00%, 03/20/47 |
|
|
|
|
|
|
616 |
|
|
|
573,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,251,121 |
|
|
|
|
|
| Mortgage-Backed Securities — 22.8% |
|
|
|
|
|
|
|
|
|
| Fannie Mae Mortgage-Backed Securities(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| 1.50%, 06/01/31 |
|
|
|
|
|
|
4,890 |
|
|
|
4,523,687 |
|
| 4.50%, 07/01/55 |
|
|
|
|
|
|
6,857 |
|
|
|
6,856,077 |
|
| 4.00%, 02/01/56 - 04/01/56 |
|
|
|
|
|
|
7,346 |
|
|
|
7,042,297 |
|
| Freddie Mac Mortgage-Backed Securities, 1.50%, 05/01/31(f) |
|
|
|
|
|
|
3,516 |
|
|
|
3,238,232 |
|
| Uniform Mortgage-Backed Securities |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.50%, 11/01/23 - 05/12/52(f)(p) |
|
|
|
|
|
|
20,150 |
|
|
|
19,840,592 |
|
| 4.00%, 02/01/34 - 09/01/52(f) |
|
|
|
|
|
|
56,303 |
|
|
|
54,053,316 |
|
| 3.50%, 03/25/52(p) |
|
|
|
|
|
|
10,000 |
|
|
|
9,291,406 |
|
| 5.00%, 05/11/53(p) |
|
|
|
|
|
|
11,000 |
|
|
|
10,936,836 |
|
| 5.50%, 05/11/53(p) |
|
|
|
|
|
|
11,000 |
|
|
|
11,090,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
126,872,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total U.S. Government Sponsored Agency Securities — 23.8% (Cost: $136,242,072) |
|
|
|
132,123,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
| Warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Entertainment — 0.0% |
|
| Aviron Capital LLC, (Expires 12/16/31)(c)(m) |
|
|
|
10 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Warrants — 0.0%
(Cost: $ — ) |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments — 154.6%
(Cost: $918,786,204) |
|
|
|
858,417,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-Term Securities |
|
|
| Money Market Funds — 1.5% |
|
| BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.72%(q)(r) |
|
|
|
|
|
|
8,479,460 |
|
|
|
8,479,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Short-Term Securities — 1.5%
(Cost: $8,479,460) |
|
|
|
8,479,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments Before TBA Sale Commitments — 156.1% (Cost: $927,265,664) |
|
|
|
866,896,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par (000) |
|
|
|
|
| |
|
|
| TBA Sale Commitments |
|
|
| Mortgage-Backed Securities — (1.5)% |
|
| Uniform Mortgage-Backed Securities, 4.00%, 06/25/52(p) |
|
|
USD |
|
|
|
(8,500 |
) |
|
|
(8,124,805 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total TBA Sale Commitments — (1.5)%
(Proceeds: $(8,125,137)) |
|
|
|
(8,124,805 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments, Net of TBA Sale Commitments — 154.6%
(Cost: $919,140,527) |
|
|
|
858,771,762 |
|
|
|
| Liabilities in Excess of Other Assets — (54.6)% |
|
|
|
(303,321,058 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Assets — 100.0% |
|
|
$ |
555,450,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
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. |
| (b) |
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. |
| (c) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (d) |
Rounds to less than 1,000. |
| (e) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (f) |
All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements. |
| (g) |
When-issued security. |
| (h) |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (i) |
Perpetual security with no stated maturity date. |
| (j) |
Convertible security. |
| (l) |
Issuer filed for bankruptcy and/or is in default. |
| (m) |
Non-income producing security. |
| (n) |
Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end. |
| (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. |
|
|
|
| 30 |
|
2 0 2 3 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) |
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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliated Issuer |
|
Value at 10/31/22 |
|
|
Purchases at Cost |
|
|
Proceeds from Sales |
|
|
Net Realized Gain (Loss) |
|
|
Change in Unrealized Appreciation (Depreciation) |
|
|
Value at 04/30/23 |
|
|
Shares Held at 04/30/23 |
|
|
Income |
|
|
Capital Gain Distributions from Underlying Funds |
|
|
|
|
|
|
|
|
|
|
|
| BlackRock Liquidity Funds, T-Fund, Institutional Class |
|
$ |
11,782,913 |
|
|
$ |
— |
|
|
|
$ (3,303,453 |
)(a) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,479,460 |
|
|
|
8,479,460 |
|
|
$ |
209,946 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
|
Reverse Repurchase Agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Counterparty |
|
|
Interest
Rate |
|
|
|
Trade
Date |
|
|
|
Maturity
Date |
(a) |
|
|
Face Value |
|
|
|
Face Value
Including Accrued Interest |
|
|
Type of Non‑Cash Underlying Collateral |
|
|
Remaining
Contractual Maturity of the Agreements |
(a) |
| |
|
|
|
|
|
|
|
|
|
| HSBC Securities (USA), Inc. |
|
|
5.00 |
%(b) |
|
|
12/28/22 |
|
|
|
Open |
|
|
$ |
408,425 |
|
|
$ |
414,968 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| HSBC Securities (USA), Inc. |
|
|
5.00 |
(b) |
|
|
12/28/22 |
|
|
|
Open |
|
|
|
304,500 |
|
|
|
309,378 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| HSBC Securities (USA), Inc. |
|
|
5.00 |
(b) |
|
|
12/28/22 |
|
|
|
Open |
|
|
|
455,000 |
|
|
|
462,289 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| HSBC Securities (USA), Inc. |
|
|
5.00 |
(b) |
|
|
02/03/23 |
|
|
|
Open |
|
|
|
247,263 |
|
|
|
250,056 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
4.95 |
(b) |
|
|
02/17/23 |
|
|
|
Open |
|
|
|
205,100 |
|
|
|
206,992 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
02/24/23 |
|
|
|
Open |
|
|
|
308,441 |
|
|
|
311,061 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
02/24/23 |
|
|
|
Open |
|
|
|
450,521 |
|
|
|
454,347 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
4.90 |
(b) |
|
|
02/27/23 |
|
|
|
Open |
|
|
|
339,295 |
|
|
|
342,085 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
02/28/23 |
|
|
|
Open |
|
|
|
221,250 |
|
|
|
223,071 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
02/28/23 |
|
|
|
Open |
|
|
|
310,040 |
|
|
|
312,592 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
4.65 |
(b) |
|
|
03/06/23 |
|
|
|
Open |
|
|
|
236,848 |
|
|
|
238,491 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
4.95 |
(b) |
|
|
03/06/23 |
|
|
|
Open |
|
|
|
731,250 |
|
|
|
736,658 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
4.95 |
(b) |
|
|
03/06/23 |
|
|
|
Open |
|
|
|
351,073 |
|
|
|
353,669 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
5.00 |
(b) |
|
|
03/06/23 |
|
|
|
Open |
|
|
|
1,061,547 |
|
|
|
1,069,480 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
5.10 |
(b) |
|
|
03/06/23 |
|
|
|
Open |
|
|
|
452,800 |
|
|
|
456,122 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/06/23 |
|
|
|
Open |
|
|
|
1,956,144 |
|
|
|
1,970,760 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| TD Securities (USA) LLC |
|
|
4.99 |
(b) |
|
|
03/06/23 |
|
|
|
Open |
|
|
|
203,870 |
|
|
|
205,390 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
03/07/23 |
|
|
|
Open |
|
|
|
279,680 |
|
|
|
281,725 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
4.85 |
(b) |
|
|
03/09/23 |
|
|
|
Open |
|
|
|
451,162 |
|
|
|
454,257 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
4.85 |
(b) |
|
|
03/09/23 |
|
|
|
Open |
|
|
|
215,683 |
|
|
|
217,162 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
4.87 |
(b) |
|
|
03/09/23 |
|
|
|
Open |
|
|
|
297,510 |
|
|
|
299,559 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
4.87 |
(b) |
|
|
03/09/23 |
|
|
|
Open |
|
|
|
222,750 |
|
|
|
224,284 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/15/23 |
|
|
|
Open |
|
|
|
2,350,000 |
|
|
|
2,364,769 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/15/23 |
|
|
|
Open |
|
|
|
605,069 |
|
|
|
608,871 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BofA Securities, Inc. |
|
|
3.65 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
192,290 |
|
|
|
193,031 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
480,562 |
|
|
|
482,592 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.25 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
354,375 |
|
|
|
355,965 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.50 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
397,575 |
|
|
|
399,463 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.50 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
2,686,250 |
|
|
|
2,699,010 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.65 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
916,456 |
|
|
|
920,955 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.72 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
860,000 |
|
|
|
864,285 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.82 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
270,461 |
|
|
|
271,837 |
|
|
Foreign Agency Obligations |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.85 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
241,258 |
|
|
|
242,493 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.85 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
670,647 |
|
|
|
674,081 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.85 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
143,450 |
|
|
|
144,184 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.85 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
1,212,675 |
|
|
|
1,218,883 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.85 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
1,590,260 |
|
|
|
1,598,401 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
425,149 |
|
|
|
427,348 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
323,764 |
|
|
|
325,438 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
712,177 |
|
|
|
715,861 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
445,508 |
|
|
|
447,812 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
335,000 |
|
|
|
336,733 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
|
|
|
| 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) |
Reverse Repurchase Agreements (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Counterparty |
|
|
Interest
Rate |
|
|
|
Trade
Date |
|
|
|
Maturity
Date |
(a) |
|
|
Face Value |
|
|
|
Face Value
Including Accrued Interest |
|
|
Type of Non‑Cash Underlying Collateral |
|
|
Remaining
Contractual Maturity of the Agreements |
(a) |
| |
|
|
|
|
|
|
|
|
|
| BofA Securities, Inc. |
|
|
4.90 |
% |
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
$ |
189,040 |
|
|
$ |
190,018 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
415,504 |
|
|
|
417,653 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
455,812 |
|
|
|
458,170 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
294,188 |
|
|
|
295,709 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
335,283 |
|
|
|
337,017 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
141,000 |
|
|
|
141,729 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
271,306 |
|
|
|
272,710 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
566,756 |
|
|
|
569,688 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
79,463 |
|
|
|
79,874 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
802,500 |
|
|
|
806,651 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
655,191 |
|
|
|
658,580 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
393,158 |
|
|
|
395,191 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
285,863 |
|
|
|
287,341 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
356,870 |
|
|
|
358,716 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
355,000 |
|
|
|
356,836 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
603,322 |
|
|
|
606,443 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
109,311 |
|
|
|
109,877 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
711,370 |
|
|
|
715,087 |
|
|
Foreign Agency Obligations |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
165,010 |
|
|
|
165,872 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
301,250 |
|
|
|
302,824 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
320,625 |
|
|
|
322,300 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
355,100 |
|
|
|
356,955 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
490,906 |
|
|
|
493,471 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
583,875 |
|
|
|
586,926 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
303,880 |
|
|
|
305,468 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
621,641 |
|
|
|
624,889 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
348,125 |
|
|
|
349,944 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
269,280 |
|
|
|
270,687 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
480,000 |
|
|
|
482,508 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
1,008,712 |
|
|
|
1,014,036 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
538,200 |
|
|
|
541,040 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
82,039 |
|
|
|
82,472 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
195,570 |
|
|
|
196,602 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
197,730 |
|
|
|
198,774 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
1,070,557 |
|
|
|
1,076,208 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
409,758 |
|
|
|
411,920 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
143,750 |
|
|
|
144,509 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
333,923 |
|
|
|
335,685 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
80,194 |
|
|
|
80,617 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
1,326,614 |
|
|
|
1,333,615 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
249,783 |
|
|
|
251,101 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
667,920 |
|
|
|
671,445 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
667,732 |
|
|
|
671,257 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
310,650 |
|
|
|
312,290 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
1,202,860 |
|
|
|
1,209,208 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
489,880 |
|
|
|
492,465 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
741,600 |
|
|
|
745,514 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
445,802 |
|
|
|
448,155 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
495,342 |
|
|
|
497,957 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
143,500 |
|
|
|
144,257 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
116,121 |
|
|
|
116,734 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
308,550 |
|
|
|
310,178 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
361,425 |
|
|
|
363,333 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
1,547,440 |
|
|
|
1,555,607 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
350,000 |
|
|
|
351,847 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.03 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
2,008,125 |
|
|
|
2,018,787 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.09 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
126,819 |
|
|
|
127,500 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.09 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
410,091 |
|
|
|
412,295 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.09 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
232,444 |
|
|
|
233,693 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.09 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
333,350 |
|
|
|
335,141 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.09 |
|
|
|
03/23/23 |
|
|
|
05/10/23 |
|
|
|
408,065 |
|
|
|
410,257 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| TD Securities (USA) LLC |
|
|
5.00 |
(b) |
|
|
03/23/23 |
|
|
|
Open |
|
|
|
1,532,000 |
|
|
|
1,540,086 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
|
|
|
| 32 |
|
2 0 2 3 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) |
Reverse Repurchase Agreements (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Counterparty |
|
|
Interest
Rate |
|
|
|
Trade
Date |
|
|
|
Maturity
Date |
(a) |
|
|
Face Value |
|
|
|
Face Value
Including Accrued Interest |
|
|
Type of Non‑Cash Underlying Collateral |
|
|
Remaining
Contractual Maturity of the Agreements |
(a) |
| |
|
|
|
|
|
|
|
|
|
| TD Securities (USA) LLC |
|
|
5.00 |
%(b) |
|
|
03/23/23 |
|
|
|
Open |
|
|
$ |
560,805 |
|
|
$ |
563,765 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| TD Securities (USA) LLC |
|
|
5.00 |
(b) |
|
|
03/23/23 |
|
|
|
Open |
|
|
|
1,095,109 |
|
|
|
1,100,889 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
03/24/23 |
|
|
|
05/10/23 |
|
|
|
2,415,000 |
|
|
|
2,426,740 |
|
|
Capital Trusts |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
4.75 |
(b) |
|
|
03/24/23 |
|
|
|
Open |
|
|
|
963,989 |
|
|
|
968,440 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
4.85 |
(b) |
|
|
03/24/23 |
|
|
|
Open |
|
|
|
217,195 |
|
|
|
218,219 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
4.95 |
(b) |
|
|
03/24/23 |
|
|
|
Open |
|
|
|
512,262 |
|
|
|
514,728 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
(b) |
|
|
03/24/23 |
|
|
|
Open |
|
|
|
1,288,560 |
|
|
|
1,294,824 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| Barclays Bank PLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
692,812 |
|
|
|
696,084 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
4.89 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
997,802 |
|
|
|
1,002,411 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| Credit Agricole Corporate and Investment Bank |
|
|
5.02 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
325,710 |
|
|
|
327,254 |
|
|
Foreign Agency Obligations |
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
446,250 |
|
|
|
448,349 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
245,875 |
|
|
|
247,031 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
837,390 |
|
|
|
841,329 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
421,583 |
|
|
|
423,565 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
609,040 |
|
|
|
611,916 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
516,806 |
|
|
|
519,247 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
584,187 |
|
|
|
586,946 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
546,000 |
|
|
|
548,578 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
431,875 |
|
|
|
433,914 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
387,000 |
|
|
|
388,828 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
807,000 |
|
|
|
810,811 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
1,284,375 |
|
|
|
1,290,440 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
645,937 |
|
|
|
648,988 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
2,163,250 |
|
|
|
2,173,465 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
343,000 |
|
|
|
344,620 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
341,000 |
|
|
|
342,610 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
360,000 |
|
|
|
361,700 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
171,875 |
|
|
|
172,687 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
479,050 |
|
|
|
481,312 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
332,538 |
|
|
|
334,108 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
731,250 |
|
|
|
734,703 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
566,250 |
|
|
|
568,924 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
568,750 |
|
|
|
571,436 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
2,007,510 |
|
|
|
2,016,990 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
420,625 |
|
|
|
422,611 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
310,515 |
|
|
|
311,981 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
309,500 |
|
|
|
310,962 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
384,000 |
|
|
|
385,813 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
771,562 |
|
|
|
775,206 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
618,625 |
|
|
|
621,546 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
217,963 |
|
|
|
218,992 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
1,129,687 |
|
|
|
1,135,022 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
256,525 |
|
|
|
257,736 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| TD Securities (USA) LLC |
|
|
4.99 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
294,810 |
|
|
|
296,199 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| TD Securities (USA) LLC |
|
|
4.99 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
207,953 |
|
|
|
208,933 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| TD Securities (USA) LLC |
|
|
4.99 |
(b) |
|
|
03/27/23 |
|
|
|
Open |
|
|
|
225,938 |
|
|
|
227,002 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| HSBC Securities (USA), Inc. |
|
|
5.00 |
(b) |
|
|
03/29/23 |
|
|
|
Open |
|
|
|
776,169 |
|
|
|
779,618 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
03/29/23 |
|
|
|
Open |
|
|
|
670,680 |
|
|
|
673,661 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| Barclays Capital, Inc. |
|
|
1.00 |
(b) |
|
|
03/30/23 |
|
|
|
Open |
|
|
|
314,090 |
|
|
|
314,360 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
03/30/23 |
|
|
|
Open |
|
|
|
412,100 |
|
|
|
413,867 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
03/30/23 |
|
|
|
Open |
|
|
|
344,250 |
|
|
|
345,726 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
03/30/23 |
|
|
|
Open |
|
|
|
670,000 |
|
|
|
672,873 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BofA Securities, Inc. |
|
|
5.10 |
|
|
|
03/31/23 |
|
|
|
05/10/23 |
|
|
|
1,540,770 |
|
|
|
1,546,882 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
4.99 |
(b) |
|
|
03/31/23 |
|
|
|
Open |
|
|
|
298,124 |
|
|
|
299,405 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| Barclays Bank PLC |
|
|
4.95 |
|
|
|
04/10/23 |
|
|
|
05/11/23 |
|
|
|
2,008,800 |
|
|
|
2,014,324 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| Barclays Bank PLC |
|
|
4.95 |
|
|
|
04/10/23 |
|
|
|
05/11/23 |
|
|
|
426,250 |
|
|
|
427,422 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| Barclays Bank PLC |
|
|
4.95 |
|
|
|
04/10/23 |
|
|
|
05/11/23 |
|
|
|
434,375 |
|
|
|
435,570 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| Barclays Bank PLC |
|
|
4.95 |
|
|
|
04/10/23 |
|
|
|
05/11/23 |
|
|
|
195,213 |
|
|
|
195,749 |
|
|
Capital Trusts |
|
|
Up to 30 Days |
|
| Barclays Bank PLC |
|
|
5.10 |
|
|
|
04/10/23 |
|
|
|
05/11/23 |
|
|
|
1,152,500 |
|
|
|
1,155,765 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| Barclays Capital, Inc. |
|
|
4.25 |
|
|
|
04/10/23 |
|
|
|
05/11/23 |
|
|
|
403,650 |
|
|
|
404,603 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| Barclays Capital, Inc. |
|
|
4.25 |
|
|
|
04/10/23 |
|
|
|
05/11/23 |
|
|
|
65,975 |
|
|
|
66,131 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
|
|
|
| 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) |
Reverse Repurchase Agreements (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Counterparty |
|
|
Interest
Rate |
|
|
|
Trade
Date |
|
|
|
Maturity
Date |
(a) |
|
|
Face Value |
|
|
|
Face Value
Including Accrued Interest |
|
|
Type of Non‑Cash Underlying Collateral |
|
|
Remaining
Contractual Maturity of the Agreements |
(a) |
| |
|
|
|
|
|
|
|
|
|
| Barclays Capital, Inc. |
|
|
4.95 |
% |
|
|
04/10/23 |
|
|
|
05/11/23 |
|
|
$ |
398,738 |
|
|
$ |
399,834 |
|
|
Capital Trusts |
|
|
Up to 30 Days |
|
| Barclays Capital, Inc. |
|
|
4.95 |
|
|
|
04/10/23 |
|
|
|
05/11/23 |
|
|
|
259,125 |
|
|
|
259,838 |
|
|
Capital Trusts |
|
|
Up to 30 Days |
|
| Barclays Capital, Inc. |
|
|
5.05 |
|
|
|
04/10/23 |
|
|
|
05/11/23 |
|
|
|
1,178,181 |
|
|
|
1,181,487 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| Barclays Capital, Inc. |
|
|
5.05 |
|
|
|
04/10/23 |
|
|
|
05/11/23 |
|
|
|
678,750 |
|
|
|
680,654 |
|
|
Capital Trusts |
|
|
Up to 30 Days |
|
| Barclays Capital, Inc. |
|
|
5.10 |
|
|
|
04/10/23 |
|
|
|
05/11/23 |
|
|
|
1,339,585 |
|
|
|
1,343,380 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| Barclays Capital, Inc. |
|
|
5.10 |
|
|
|
04/10/23 |
|
|
|
05/11/23 |
|
|
|
1,182,755 |
|
|
|
1,186,106 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
3.25 |
|
|
|
04/11/23 |
|
|
|
05/10/23 |
|
|
|
278,160 |
|
|
|
278,637 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| Barclays Capital, Inc. |
|
|
5.10 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
1,012,559 |
|
|
|
1,015,284 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
1,501,042 |
|
|
|
1,504,802 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
1,929,526 |
|
|
|
1,934,359 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
689,021 |
|
|
|
690,747 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
4,790,691 |
|
|
|
4,802,692 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
1,593,564 |
|
|
|
1,597,556 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
2,039,733 |
|
|
|
2,044,842 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
3,136,452 |
|
|
|
3,144,308 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
6,654,104 |
|
|
|
6,670,773 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
639,843 |
|
|
|
641,446 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
2,927,678 |
|
|
|
2,935,012 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
1,118,403 |
|
|
|
1,121,205 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
2,117,876 |
|
|
|
2,123,181 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
1,300,726 |
|
|
|
1,303,984 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
1,205,365 |
|
|
|
1,208,384 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
1,572,609 |
|
|
|
1,576,549 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
4,382,161 |
|
|
|
4,393,138 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
1,569,777 |
|
|
|
1,573,709 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| Citigroup Global Markets, Inc. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
20,348 |
|
|
|
20,399 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| Citigroup Global Markets, Inc. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
102,230 |
|
|
|
102,486 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| Citigroup Global Markets, Inc. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
233,885 |
|
|
|
234,471 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| Citigroup Global Markets, Inc. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
23,010 |
|
|
|
23,068 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| Citigroup Global Markets, Inc. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
40,784,911 |
|
|
|
40,864,118 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| Citigroup Global Markets, Inc. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
416,869 |
|
|
|
417,913 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| Citigroup Global Markets, Inc. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
26,369 |
|
|
|
26,435 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| Citigroup Global Markets, Inc. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
125,230 |
|
|
|
125,544 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| Citigroup Global Markets, Inc. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
21,706 |
|
|
|
21,761 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| Citigroup Global Markets, Inc. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
354,968 |
|
|
|
355,857 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
|
|
|
| 34 |
|
2 0 2 3 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) |
Reverse Repurchase Agreements (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Counterparty |
|
|
Interest
Rate |
|
|
|
Trade
Date |
|
|
|
Maturity
Date |
(a) |
|
|
Face Value |
|
|
|
Face Value
Including Accrued Interest |
|
|
Type of Non‑Cash Underlying Collateral |
|
|
Remaining
Contractual Maturity of the Agreements |
(a) |
| |
|
|
|
|
|
|
|
|
|
| Citigroup Global Markets, Inc. |
|
|
5.01 |
% |
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
$ |
161,951 |
|
|
$ |
162,357 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| Citigroup Global Markets, Inc. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
31,473 |
|
|
|
31,552 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| Citigroup Global Markets, Inc. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
21,396 |
|
|
|
21,449 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| Citigroup Global Markets, Inc. |
|
|
5.01 |
|
|
|
04/11/23 |
|
|
|
05/11/23 |
|
|
|
115,416 |
|
|
|
115,705 |
|
|
U.S. Government Sponsored Agency Securities |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
0.75 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
315,619 |
|
|
|
315,744 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.00 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
119,479 |
|
|
|
119,731 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.75 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
394,200 |
|
|
|
395,188 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.80 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
937,082 |
|
|
|
939,456 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.80 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
866,276 |
|
|
|
868,471 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.80 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
277,469 |
|
|
|
277,469 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.90 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
365,600 |
|
|
|
366,545 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.90 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
899,977 |
|
|
|
902,305 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.90 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
626,850 |
|
|
|
628,471 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.90 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
140,670 |
|
|
|
141,034 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.90 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
412,965 |
|
|
|
414,033 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.90 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
960,937 |
|
|
|
963,423 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.90 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
153,904 |
|
|
|
154,302 |
|
|
Foreign Agency Obligations |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.95 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
364,170 |
|
|
|
365,121 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.95 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
183,750 |
|
|
|
184,230 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.95 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
1,245,790 |
|
|
|
1,249,045 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.95 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
395,560 |
|
|
|
396,593 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.95 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
463,586 |
|
|
|
464,797 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.95 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
734,500 |
|
|
|
736,419 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.95 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
2,017,500 |
|
|
|
2,022,771 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.95 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
198,575 |
|
|
|
199,094 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.95 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
336,289 |
|
|
|
337,167 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.95 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
205,875 |
|
|
|
206,413 |
|
|
Capital Trusts |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.95 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
328,680 |
|
|
|
328,680 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
163,114 |
|
|
|
163,544 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
209,715 |
|
|
|
210,268 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
323,125 |
|
|
|
323,978 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
671,220 |
|
|
|
672,991 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
369,000 |
|
|
|
369,974 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
325,468 |
|
|
|
326,326 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
440,250 |
|
|
|
441,412 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
183,750 |
|
|
|
184,235 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
498,750 |
|
|
|
500,066 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.05 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
274,050 |
|
|
|
274,780 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.15 |
|
|
|
04/11/23 |
|
|
|
05/12/23 |
|
|
|
5,234,040 |
|
|
|
5,248,266 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
5.12 |
(b) |
|
|
04/11/23 |
|
|
|
Open |
|
|
|
3,778,662 |
|
|
|
3,789,411 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
04/11/23 |
|
|
|
Open |
|
|
|
1,684,375 |
|
|
|
1,688,820 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.15 |
(b) |
|
|
04/11/23 |
|
|
|
Open |
|
|
|
1,434,694 |
|
|
|
1,438,799 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/12/23 |
|
|
|
05/12/23 |
|
|
|
1,172,745 |
|
|
|
1,175,677 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
04/12/23 |
|
|
|
Open |
|
|
|
445,625 |
|
|
|
446,735 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
5.10 |
(b) |
|
|
04/12/23 |
|
|
|
Open |
|
|
|
1,502,512 |
|
|
|
1,506,344 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| HSBC Securities (USA), Inc. |
|
|
5.00 |
(b) |
|
|
04/13/23 |
|
|
|
Open |
|
|
|
829,927 |
|
|
|
831,887 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
04/13/23 |
|
|
|
Open |
|
|
|
571,106 |
|
|
|
572,449 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| TD Securities (USA) LLC |
|
|
4.99 |
(b) |
|
|
04/13/23 |
|
|
|
Open |
|
|
|
1,542,976 |
|
|
|
1,546,612 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BofA Securities, Inc. |
|
|
5.09 |
|
|
|
04/14/23 |
|
|
|
05/10/23 |
|
|
|
677,120 |
|
|
|
678,460 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.50 |
|
|
|
04/17/23 |
|
|
|
05/10/23 |
|
|
|
98,108 |
|
|
|
98,267 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
04/17/23 |
|
|
|
05/10/23 |
|
|
|
1,226,452 |
|
|
|
1,228,667 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
4.89 |
(b) |
|
|
04/17/23 |
|
|
|
Open |
|
|
|
356,400 |
|
|
|
357,029 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
4.99 |
(b) |
|
|
04/17/23 |
|
|
|
Open |
|
|
|
457,119 |
|
|
|
457,942 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
04/17/23 |
|
|
|
Open |
|
|
|
227,500 |
|
|
|
227,909 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
04/17/23 |
|
|
|
Open |
|
|
|
359,500 |
|
|
|
360,147 |
|
|
Corporate Bonds |
|
|
Open/Demand |
|
| BofA Securities, Inc. |
|
|
(0.25 |
) |
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
381,875 |
|
|
|
381,867 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
2.00 |
|
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
246,875 |
|
|
|
246,916 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
3.25 |
|
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
574,469 |
|
|
|
575,335 |
|
|
Corporate Bonds |
|
|
Up to 30 Days |
|
|
|
|
| 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) |
Reverse Repurchase Agreements (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Counterparty |
|
|
Interest
Rate |
|
|
|
Trade
Date |
|
|
|
Maturity
Date |
(a) |
|
|
Face Value |
|
|
|
Face Value
Including Accrued Interest |
|
|
|
Type of Non‑Cash Underlying
Collateral |
|
|
|
Remaining
Contractual Maturity of the Agreements |
(a) |
| |
|
|
|
|
|
|
|
|
|
| BofA Securities, Inc. |
|
|
4.70 |
% |
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
$ |
429,510 |
|
|
$ |
430,210 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.75 |
|
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
571,320 |
|
|
|
572,246 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.85 |
|
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
590,879 |
|
|
|
591,834 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.85 |
|
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
592,779 |
|
|
|
593,745 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
188,703 |
|
|
|
189,013 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
496,000 |
|
|
|
496,816 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
183,251 |
|
|
|
183,544 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
559,125 |
|
|
|
560,048 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
2,302,500 |
|
|
|
2,306,242 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
267,520 |
|
|
|
267,961 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
575,000 |
|
|
|
575,704 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
2,197,711 |
|
|
|
2,199,717 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
350,455 |
|
|
|
351,033 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
429,750 |
|
|
|
430,470 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
139,750 |
|
|
|
139,979 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
273,130 |
|
|
|
273,581 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
4.95 |
|
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
585,632 |
|
|
|
586,599 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.05 |
|
|
|
04/18/23 |
|
|
|
05/10/23 |
|
|
|
515,489 |
|
|
|
516,331 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| HSBC Securities (USA), Inc. |
|
|
5.00 |
(b) |
|
|
04/18/23 |
|
|
|
Open |
|
|
|
118,600 |
|
|
|
118,798 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| HSBC Securities (USA), Inc. |
|
|
5.00 |
(b) |
|
|
04/18/23 |
|
|
|
Open |
|
|
|
647,820 |
|
|
|
648,900 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| J.P. Morgan Securities LLC |
|
|
4.00 |
|
|
|
04/19/23 |
|
|
|
05/12/23 |
|
|
|
127,000 |
|
|
|
127,155 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.00 |
|
|
|
04/19/23 |
|
|
|
05/12/23 |
|
|
|
112,000 |
|
|
|
112,137 |
|
|
|
Foreign Agency Obligations |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.00 |
|
|
|
04/19/23 |
|
|
|
05/12/23 |
|
|
|
134,000 |
|
|
|
134,164 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.80 |
|
|
|
04/19/23 |
|
|
|
05/12/23 |
|
|
|
447,666 |
|
|
|
448,323 |
|
|
|
Foreign Agency Obligations |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.90 |
|
|
|
04/19/23 |
|
|
|
05/12/23 |
|
|
|
246,814 |
|
|
|
247,183 |
|
|
|
Foreign Agency Obligations |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.90 |
|
|
|
04/19/23 |
|
|
|
05/12/23 |
|
|
|
151,050 |
|
|
|
151,276 |
|
|
|
Foreign Agency Obligations |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/19/23 |
|
|
|
05/12/23 |
|
|
|
575,662 |
|
|
|
576,542 |
|
|
|
Foreign Agency Obligations |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/19/23 |
|
|
|
05/12/23 |
|
|
|
169,250 |
|
|
|
169,509 |
|
|
|
Foreign Agency Obligations |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/19/23 |
|
|
|
05/12/23 |
|
|
|
196,563 |
|
|
|
196,863 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| Barclays Bank PLC |
|
|
5.00 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
2,115,969 |
|
|
|
2,119,201 |
|
|
|
Capital Trusts |
|
|
|
Open/Demand |
|
| Barclays Bank PLC |
|
|
5.00 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
1,543,287 |
|
|
|
1,545,645 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Barclays Bank PLC |
|
|
5.10 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
3,180,000 |
|
|
|
3,184,955 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Barclays Capital, Inc. |
|
|
(1.75 |
)(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
316,975 |
|
|
|
316,806 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Barclays Capital, Inc. |
|
|
5.00 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
485,817 |
|
|
|
486,560 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
4.82 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
1,018,750 |
|
|
|
1,020,250 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
4.87 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
344,955 |
|
|
|
345,468 |
|
|
|
Capital Trusts |
|
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
4.90 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
404,325 |
|
|
|
404,930 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
4.95 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
847,500 |
|
|
|
848,782 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
4.99 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
309,660 |
|
|
|
310,132 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
5.05 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
1,193,482 |
|
|
|
1,195,324 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Credit Agricole Corporate and Investment Bank |
|
|
5.00 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
343,900 |
|
|
|
344,425 |
|
|
|
Foreign Agency Obligations |
|
|
|
Open/Demand |
|
| Credit Agricole Corporate and Investment Bank |
|
|
5.00 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
807,812 |
|
|
|
809,047 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Credit Agricole Corporate and Investment Bank |
|
|
5.02 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
494,840 |
|
|
|
495,599 |
|
|
|
Foreign Agency Obligations |
|
|
|
Open/Demand |
|
| Credit Agricole Corporate and Investment Bank |
|
|
5.02 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
186,109 |
|
|
|
186,394 |
|
|
|
Foreign Agency Obligations |
|
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.85 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
269,775 |
|
|
|
270,175 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.95 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
896,250 |
|
|
|
897,606 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
395,625 |
|
|
|
396,227 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
381,381 |
|
|
|
381,962 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
330,000 |
|
|
|
330,502 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
244,381 |
|
|
|
244,753 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
175,459 |
|
|
|
175,726 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
1,458,750 |
|
|
|
1,460,970 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
242,880 |
|
|
|
243,250 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
737,905 |
|
|
|
739,028 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
343,750 |
|
|
|
344,273 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
880,924 |
|
|
|
882,264 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
626,652 |
|
|
|
627,606 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
301,760 |
|
|
|
302,219 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
|
|
|
| 36 |
|
2 0 2 3 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) |
Reverse Repurchase Agreements (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Counterparty |
|
|
Interest
Rate |
|
|
|
Trade
Date |
|
|
|
Maturity
Date |
(a) |
|
|
Face Value |
|
|
|
Face Value
Including Accrued Interest |
|
|
|
Type of Non‑Cash Underlying
Collateral |
|
|
|
Remaining
Contractual Maturity of the Agreements |
(a) |
| |
|
|
|
|
|
|
|
|
|
| Nomura Securities International, Inc. |
|
|
4.98 |
%(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
$ |
1,681,440 |
|
|
$ |
1,683,999 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
603,419 |
|
|
|
604,337 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| Nomura Securities International, Inc. |
|
|
4.98 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
236,538 |
|
|
|
236,897 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
93,934 |
|
|
|
94,077 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
166,250 |
|
|
|
166,504 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
205,450 |
|
|
|
205,764 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
213,438 |
|
|
|
213,764 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
212,438 |
|
|
|
212,762 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| RBC Capital Markets LLC |
|
|
5.00 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
414,063 |
|
|
|
414,695 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| TD Securities (USA) LLC |
|
|
5.00 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
369,325 |
|
|
|
369,889 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| TD Securities (USA) LLC |
|
|
5.00 |
(b) |
|
|
04/19/23 |
|
|
|
Open |
|
|
|
1,060,025 |
|
|
|
1,061,644 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
5.04 |
(b) |
|
|
04/20/23 |
|
|
|
Open |
|
|
|
2,643,469 |
|
|
|
2,647,170 |
|
|
|
Capital Trusts |
|
|
|
Open/Demand |
|
| BNP Paribas S.A. |
|
|
4.90 |
(b) |
|
|
04/26/23 |
|
|
|
Open |
|
|
|
608,685 |
|
|
|
609,016 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| J.P. Morgan Securities LLC |
|
|
4.80 |
(b) |
|
|
04/26/23 |
|
|
|
Open |
|
|
|
200,313 |
|
|
|
200,419 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
(b) |
|
|
04/26/23 |
|
|
|
Open |
|
|
|
280,194 |
|
|
|
280,350 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
(b) |
|
|
04/26/23 |
|
|
|
Open |
|
|
|
187,984 |
|
|
|
188,088 |
|
|
|
Capital Trusts |
|
|
|
Open/Demand |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
(b) |
|
|
04/26/23 |
|
|
|
Open |
|
|
|
153,250 |
|
|
|
153,335 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| BofA Securities, Inc. |
|
|
4.90 |
|
|
|
04/27/23 |
|
|
|
05/10/23 |
|
|
|
204,469 |
|
|
|
204,469 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| BofA Securities, Inc. |
|
|
5.00 |
|
|
|
04/27/23 |
|
|
|
05/10/23 |
|
|
|
787,837 |
|
|
|
788,166 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
2.00 |
|
|
|
04/27/23 |
|
|
|
05/12/23 |
|
|
|
603,000 |
|
|
|
603,100 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.95 |
|
|
|
04/27/23 |
|
|
|
05/12/23 |
|
|
|
152,350 |
|
|
|
152,413 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
4.98 |
|
|
|
04/27/23 |
|
|
|
05/12/23 |
|
|
|
293,460 |
|
|
|
293,582 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/27/23 |
|
|
|
05/12/23 |
|
|
|
185,625 |
|
|
|
185,702 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/27/23 |
|
|
|
05/12/23 |
|
|
|
384,375 |
|
|
|
384,535 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/27/23 |
|
|
|
05/12/23 |
|
|
|
224,625 |
|
|
|
224,719 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/27/23 |
|
|
|
05/12/23 |
|
|
|
421,500 |
|
|
|
421,676 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/27/23 |
|
|
|
05/12/23 |
|
|
|
338,750 |
|
|
|
338,891 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/27/23 |
|
|
|
05/12/23 |
|
|
|
163,519 |
|
|
|
163,587 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/27/23 |
|
|
|
05/12/23 |
|
|
|
364,210 |
|
|
|
364,362 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/27/23 |
|
|
|
05/12/23 |
|
|
|
474,250 |
|
|
|
474,448 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/27/23 |
|
|
|
05/12/23 |
|
|
|
166,875 |
|
|
|
166,945 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/27/23 |
|
|
|
05/12/23 |
|
|
|
558,000 |
|
|
|
558,232 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/27/23 |
|
|
|
05/12/23 |
|
|
|
322,711 |
|
|
|
322,846 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| J.P. Morgan Securities LLC |
|
|
5.00 |
|
|
|
04/27/23 |
|
|
|
05/12/23 |
|
|
|
404,296 |
|
|
|
404,465 |
|
|
|
Corporate Bonds |
|
|
|
Up to 30 Days |
|
| BNP Paribas S.A. |
|
|
5.05 |
(b) |
|
|
04/27/23 |
|
|
|
Open |
|
|
|
1,248,812 |
|
|
|
1,249,338 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| TD Securities (USA) LLC |
|
|
5.15 |
(b) |
|
|
04/27/23 |
|
|
|
Open |
|
|
|
1,633,316 |
|
|
|
1,634,017 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
| TD Securities (USA) LLC |
|
|
5.15 |
(b) |
|
|
04/27/23 |
|
|
|
Open |
|
|
|
2,406,690 |
|
|
|
2,407,723 |
|
|
|
Corporate Bonds |
|
|
|
Open/Demand |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
277,342,635 |
|
|
$ |
278,202,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Certain agreements have no stated maturity and can be terminated by either party at any time. |
|
(b) |
Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
|
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description |
|
Number of Contracts |
|
|
Expiration Date |
|
|
Notional Amount (000) |
|
|
Value/ Unrealized Appreciation (Depreciation) |
|
|
|
|
|
|
| Long Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2-Year U.S. Treasury Note |
|
|
1,274 |
|
|
|
06/30/23 |
|
|
$ |
262,852 |
|
|
$ |
846,489 |
|
| 5-Year U.S. Treasury Note |
|
|
1,067 |
|
|
|
06/30/23 |
|
|
|
117,320 |
|
|
|
163,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,010,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 10-Year Japanese Government Treasury Bonds |
|
|
27 |
|
|
|
06/13/23 |
|
|
|
29,448 |
|
|
|
(686,442 |
) |
| 10-Year U.S. Treasury Note |
|
|
741 |
|
|
|
06/21/23 |
|
|
|
85,551 |
|
|
|
(2,146,997 |
) |
| 10-Year U.S. Ultra Long Treasury Note |
|
|
321 |
|
|
|
06/21/23 |
|
|
|
39,072 |
|
|
|
(1,314,419 |
) |
|
|
|
| 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) |
Futures Contracts (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Description |
|
Number of Contracts |
|
|
Expiration Date |
|
|
Notional Amount (000) |
|
|
Value/ Unrealized Appreciation (Depreciation) |
|
| |
|
|
|
|
|
|
| Short Contracts (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Long Bond |
|
|
360 |
|
|
|
06/21/23 |
|
|
$ |
47,475 |
|
|
$ |
(2,175,647 |
) |
| Ultra U.S. Treasury Bond |
|
|
174 |
|
|
|
06/21/23 |
|
|
|
24,637 |
|
|
|
(867,638 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,191,143 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(6,181,050 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Foreign Currency Exchange Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Currency Purchased |
|
|
Currency Sold |
|
|
Counterparty |
|
|
|
Settlement Date |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| |
|
|
|
|
|
|
|
|
|
| EUR |
|
|
224,343 |
|
|
USD |
|
|
239,236 |
|
|
Natwest Markets PLC |
|
|
|
|
06/14/23 |
|
|
$ |
8,562 |
|
| EUR |
|
|
586,000 |
|
|
USD |
|
|
634,514 |
|
|
JPMorgan Chase Bank N.A. |
|
|
|
|
06/21/23 |
|
|
|
13,006 |
|
| USD |
|
|
11,053 |
|
|
EUR |
|
|
10,000 |
|
|
Bank of America N.A. |
|
|
|
|
06/21/23 |
|
|
|
3 |
|
| USD |
|
|
29,891 |
|
|
EUR |
|
|
27,000 |
|
|
BNP Paribas SA |
|
|
|
|
06/21/23 |
|
|
|
56 |
|
|
|
|
|
|
|
|
|
| USD |
|
|
284,033 |
|
|
JPY |
|
|
37,260,000 |
|
|
Deutsche Bank AG |
|
|
|
|
06/21/23 |
|
|
|
8,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EUR |
|
|
10,000 |
|
|
USD |
|
|
11,022 |
|
|
Bank of America N.A. |
|
|
|
|
05/03/23 |
|
|
|
(3 |
) |
| USD |
|
|
243,288 |
|
|
EUR |
|
|
224,343 |
|
|
Morgan Stanley & Co. International PLC |
|
|
|
|
06/14/23 |
|
|
|
(4,509 |
) |
| USD |
|
|
1,113,617 |
|
|
EUR |
|
|
1,046,745 |
|
|
Morgan Stanley & Co. International PLC |
|
|
|
|
06/14/23 |
|
|
|
(42,565 |
) |
| USD |
|
|
13,080 |
|
|
EUR |
|
|
12,000 |
|
|
Bank of America N.A. |
|
|
|
|
06/21/23 |
|
|
|
(180 |
) |
| USD |
|
|
214,773 |
|
|
EUR |
|
|
196,000 |
|
|
BNP Paribas SA |
|
|
|
|
06/21/23 |
|
|
|
(1,804 |
) |
| USD |
|
|
3,289 |
|
|
EUR |
|
|
3,000 |
|
|
Deutsche Bank AG |
|
|
|
|
06/21/23 |
|
|
|
(26 |
) |
| USD |
|
|
82,248 |
|
|
EUR |
|
|
75,000 |
|
|
Deutsche Bank AG |
|
|
|
|
06/21/23 |
|
|
|
(625 |
) |
| USD |
|
|
89,029 |
|
|
EUR |
|
|
81,000 |
|
|
Deutsche Bank AG |
|
|
|
|
06/21/23 |
|
|
|
(474 |
) |
| USD |
|
|
89,854 |
|
|
EUR |
|
|
82,000 |
|
|
Deutsche Bank AG |
|
|
|
|
06/21/23 |
|
|
|
(755 |
) |
| USD |
|
|
236,891 |
|
|
EUR |
|
|
216,000 |
|
|
Deutsche Bank AG |
|
|
|
|
06/21/23 |
|
|
|
(1,785 |
) |
| USD |
|
|
158,992 |
|
|
EUR |
|
|
146,000 |
|
|
State Street Bank and Trust Co. |
|
|
|
|
06/21/23 |
|
|
|
(2,335 |
) |
| USD |
|
|
393,997 |
|
|
EUR |
|
|
364,704 |
|
|
Toronto-Dominion Bank |
|
|
|
|
06/21/23 |
|
|
|
(8,995 |
) |
| USD |
|
|
114,834 |
|
|
EUR |
|
|
106,296 |
|
|
UBS AG |
|
|
|
|
06/21/23 |
|
|
|
(2,622 |
) |
| USD |
|
|
3,890,692 |
|
|
EUR |
|
|
3,607,000 |
|
|
UBS AG |
|
|
|
|
06/21/23 |
|
|
|
(94,981 |
) |
| USD |
|
|
3,896,711 |
|
|
EUR |
|
|
3,607,000 |
|
|
UBS AG |
|
|
|
|
06/21/23 |
|
|
|
(88,963 |
) |
| USD |
|
|
1,490,424 |
|
|
GBP |
|
|
1,241,000 |
|
|
Deutsche Bank AG |
|
|
|
|
06/21/23 |
|
|
|
(70,808 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(321,430 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(291,324 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.40.V1 |
|
|
5.00 |
% |
|
|
Quarterly |
|
|
|
06/20/28 |
|
|
|
USD 4,140 |
|
|
$ |
(82,793 |
) |
|
$ |
4,147 |
|
|
$ |
(86,940 |
) |
| CDX.NA.IG.40.V1 |
|
|
1.00 |
|
|
|
Quarterly |
|
|
|
06/20/28 |
|
|
|
USD 26,080 |
|
|
|
(323,654 |
) |
|
|
(126,603 |
) |
|
|
(197,051 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(406,447 |
) |
|
$ |
(122,456 |
) |
|
$ |
(283,991 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Centrally Cleared Interest Rate Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Paid by the Trust |
|
Received by the Trust |
|
Effective |
|
|
Termination |
|
|
Notional |
|
|
|
|
|
Upfront
Premium
Paid |
|
|
Unrealized
Appreciation |
|
| Rate |
|
Frequency |
|
Rate |
|
|
|
Frequency |
|
Date |
|
|
Date |
|
|
Amount (000) |
|
|
Value |
|
|
(Received) |
|
|
(Depreciation) |
|
| |
|
| 1-Day SOFR, 4.81% |
|
Annual |
|
3.31% |
|
|
|
Annual |
|
|
N/A |
|
|
|
12/01/42 |
|
|
USD |
|
|
1,800 |
|
|
$ |
32,861 |
|
|
$ |
43 |
|
|
$ |
32,818 |
|
| 1-Day SOFR, 4.81% |
|
Annual |
|
3.53% |
|
|
|
Annual |
|
|
N/A |
|
|
|
11/10/52 |
|
|
USD |
|
|
3,000 |
|
|
|
305,016 |
|
|
|
92 |
|
|
|
304,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
337,877 |
|
|
$ |
135 |
|
|
$ |
337,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 38 |
|
2 0 2 3 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) |
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 |
|
|
$ |
5,071,562 |
|
|
$ |
1,654,766 |
|
|
$ |
3,416,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTC Credit Default Swaps — Sell Protection
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Reference Obligation/Index |
|
|
Financing
Rate Received by the Trust |
|
|
|
Payment
Frequency |
|
|
Counterparty |
|
|
Termination
Date |
|
|
|
Credit
Rating |
(a) |
|
|
Notional
Amount (000) |
(b) |
|
|
Value |
|
|
|
Upfront
Premium Paid (Received) |
|
|
|
Unrealized
Appreciation (Depreciation) |
|
|
|
|
|
|
|
|
|
|
|
Casino, Guichard-Perrachon S.A. |
|
|
5.00 |
% |
|
|
Quarterly |
|
|
JPMorgan Chase Bank N.A. |
|
|
06/20/23 |
|
|
|
CCC+ |
|
|
EUR |
20 |
|
|
$ |
(3,205 |
) |
|
$ |
(239 |
) |
|
$ |
(2,966 |
) |
|
|
|
|
Novafives S.A.S. |
|
|
5.00 |
|
|
|
Quarterly |
|
|
Citibank N.A. |
|
|
06/20/23 |
|
|
|
B- |
|
|
EUR |
20 |
|
|
|
65 |
|
|
|
(207 |
) |
|
|
272 |
|
|
|
|
|
Casino, Guichard-Perrachon S.A. |
|
|
5.00 |
|
|
|
Quarterly |
|
|
JPMorgan Chase Bank N.A. |
|
|
12/20/23 |
|
|
|
CCC+ |
|
|
EUR |
16 |
|
|
|
(9,613 |
) |
|
|
(2,158 |
) |
|
|
(7,455 |
) |
|
|
|
|
Thyssenkrupp AG |
|
|
1.00 |
|
|
|
Quarterly |
|
|
Bank of America N.A. |
|
|
12/20/23 |
|
|
|
BB |
|
|
EUR |
20 |
|
|
|
26 |
|
|
|
(276 |
) |
|
|
302 |
|
|
|
|
|
Virgin Media Finance PLC |
|
|
5.00 |
|
|
|
Quarterly |
|
|
JPMorgan Chase Bank N.A. |
|
|
12/20/25 |
|
|
|
B |
|
|
EUR |
20 |
|
|
|
1,342 |
|
|
|
1,520 |
|
|
|
(178 |
) |
|
|
|
|
Jaguar Land Rover Automotive PLC |
|
|
5.00 |
|
|
|
Quarterly |
|
|
Bank of America N.A. |
|
|
12/20/26 |
|
|
|
BB- |
|
|
EUR |
20 |
|
|
|
(1,241 |
) |
|
|
(646 |
) |
|
|
(595 |
) |
|
|
|
|
Jaguar Land Rover Automotive PLC |
|
|
5.00 |
|
|
|
Quarterly |
|
|
Barclays Bank PLC |
|
|
12/20/26 |
|
|
|
BB- |
|
|
EUR |
10 |
|
|
|
(630 |
) |
|
|
331 |
|
|
|
(961 |
) |
|
|
|
|
Jaguar Land Rover Automotive PLC |
|
|
5.00 |
|
|
|
Quarterly |
|
|
Credit Suisse International |
|
|
12/20/26 |
|
|
|
BB- |
|
|
EUR |
10 |
|
|
|
(612 |
) |
|
|
340 |
|
|
|
(952 |
) |
|
|
|
|
K&S AG |
|
|
5.00 |
|
|
|
Quarterly |
|
|
JPMorgan Chase Bank N.A. |
|
|
12/20/26 |
|
|
|
BB+ |
|
|
EUR |
30 |
|
|
|
3,369 |
|
|
|
1,997 |
|
|
|
1,372 |
|
|
|
|
|
CMA CGM SA |
|
|
5.00 |
|
|
|
Quarterly |
|
|
Credit Suisse International |
|
|
06/20/27 |
|
|
|
NR |
|
|
EUR |
38 |
|
|
|
3,473 |
|
|
|
1,447 |
|
|
|
2,026 |
|
|
|
|
|
Ladbrokes Coral Group Ltd. |
|
|
1.00 |
|
|
|
Quarterly |
|
|
JPMorgan Chase Bank N.A. |
|
|
06/20/27 |
|
|
|
BB |
|
|
EUR |
10 |
|
|
|
(416 |
) |
|
|
(935 |
) |
|
|
519 |
|
|
|
|
|
Ladbrokes Coral Group Ltd. |
|
|
1.00 |
|
|
|
Quarterly |
|
|
JPMorgan Chase Bank N.A. |
|
|
06/20/27 |
|
|
|
BB |
|
|
EUR |
60 |
|
|
|
(2,500 |
) |
|
|
(8,952 |
) |
|
|
6,452 |
|
|
|
|
|
Adler Real Estate AG |
|
|
5.00 |
|
|
|
Quarterly |
|
|
Bank of America N.A. |
|
|
12/20/27 |
|
|
|
CCC+ |
|
|
EUR |
9 |
|
|
|
(2,394 |
) |
|
|
(1,983 |
) |
|
|
(411 |
) |
|
|
|
|
Adler Real Estate AG |
|
|
5.00 |
|
|
|
Quarterly |
|
|
Barclays Bank PLC |
|
|
12/20/27 |
|
|
|
CCC+ |
|
|
EUR |
5 |
|
|
|
(1,439 |
) |
|
|
(1,173 |
) |
|
|
(266 |
) |
|
|
|
|
Adler Real Estate AG |
|
|
5.00 |
|
|
|
Quarterly |
|
|
Barclays Bank PLC |
|
|
12/20/27 |
|
|
|
CCC+ |
|
|
EUR |
15 |
|
|
|
(4,044 |
) |
|
|
(3,297 |
) |
|
|
(747 |
) |
|
|
|
|
Adler Real Estate AG |
|
|
5.00 |
|
|
|
Quarterly |
|
|
Citibank N.A. |
|
|
12/20/27 |
|
|
|
CCC+ |
|
|
EUR |
5 |
|
|
|
(1,174 |
) |
|
|
(983 |
) |
|
|
(191 |
) |
|
|
|
|
Adler Real Estate AG |
|
|
5.00 |
|
|
|
Quarterly |
|
|
JPMorgan Chase Bank N.A. |
|
|
12/20/27 |
|
|
|
CCC+ |
|
|
EUR |
9 |
|
|
|
(2,456 |
) |
|
|
(2,042 |
) |
|
|
(414 |
) |
|
|
|
|
Adler Real Estate AG |
|
|
5.00 |
|
|
|
Quarterly |
|
|
Morgan Stanley & Co.
International PLC |
|
|
12/20/27 |
|
|
|
CCC+ |
|
|
EUR |
7 |
|
|
|
(1,781 |
) |
|
|
(1,460 |
) |
|
|
(321 |
) |
|
|
|
|
Loxam SAS |
|
|
5.00 |
|
|
|
Quarterly |
|
|
Bank of America N.A. |
|
|
12/20/27 |
|
|
|
B |
|
|
EUR |
30 |
|
|
|
(2,493 |
) |
|
|
(2,174 |
) |
|
|
(319 |
) |
|
|
|
|
United Group B.V. |
|
|
5.00 |
|
|
|
Quarterly |
|
|
Bank of America N.A. |
|
|
12/20/27 |
|
|
|
B |
|
|
EUR |
23 |
|
|
|
(3,586 |
) |
|
|
(3,289 |
) |
|
|
(297 |
) |
|
|
|
|
United Group B.V. |
|
|
5.00 |
|
|
|
Quarterly |
|
|
JPMorgan Chase Bank N.A. |
|
|
12/20/27 |
|
|
|
B |
|
|
EUR |
27 |
|
|
|
(4,345 |
) |
|
|
(4,270 |
) |
|
|
(75 |
) |
|
|
|
|
Ladbrokes Coral Group Ltd. |
|
|
1.00 |
|
|
|
Quarterly |
|
|
JPMorgan Chase Bank N.A. |
|
|
06/20/28 |
|
|
|
BB |
|
|
EUR |
7 |
|
|
|
(469 |
) |
|
|
(497 |
) |
|
|
28 |
|
|
|
|
|
CMBX.NA.7 |
|
|
3.00 |
|
|
|
Monthly |
|
|
Barclays Bank PLC |
|
|
01/17/47 |
|
|
|
C- |
|
|
USD |
10,000 |
|
|
|
(2,028,624 |
) |
|
|
(463,924 |
) |
|
|
(1,564,700 |
) |
|
|
|
|
CMBX.NA.7 |
|
|
3.00 |
|
|
|
Monthly |
|
|
Barclays Bank PLC |
|
|
01/17/47 |
|
|
|
C- |
|
|
USD |
5,000 |
|
|
|
(1,014,313 |
) |
|
|
(231,694 |
) |
|
|
(782,619 |
) |
|
|
|
|
CMBX.NA.7 |
|
|
3.00 |
|
|
|
Monthly |
|
|
Barclays Bank PLC |
|
|
01/17/47 |
|
|
|
C- |
|
|
USD |
10,000 |
|
|
|
(2,028,625 |
) |
|
|
(229,437 |
) |
|
|
(1,799,188 |
) |
|
|
|
|
CMBX.NA.9 |
|
|
3.00 |
|
|
|
Monthly |
|
|
Morgan Stanley & Co.
International PLC |
|
|
09/17/58 |
|
|
|
N/R |
|
|
USD |
407 |
|
|
|
(92,033 |
) |
|
|
(41,597 |
) |
|
|
(50,436 |
) |
|
|
|
|
CMBX.NA.15 |
|
|
3.00 |
|
|
|
Monthly |
|
|
Morgan Stanley & Co.
International PLC |
|
|
11/15/64 |
|
|
|
N/R |
|
|
USD |
2,972 |
|
|
|
(791,851 |
) |
|
|
(555,417 |
) |
|
|
(236,434 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(5,989,569 |
) |
|
$ |
(1,551,015 |
) |
|
$ |
(4,438,554 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
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) |
|
$ |
4,282 |
|
|
$ |
(126,603 |
) |
|
$ |
337,742 |
|
|
$ |
(283,991 |
) |
| OTC Swaps |
|
|
1,660,401 |
|
|
|
(1,556,650 |
) |
|
|
3,427,767 |
|
|
|
(4,449,525 |
) |
|
(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. |
|
|
|
|
| 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) |
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) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,010,093 |
|
|
$ |
— |
|
|
$ |
1,010,093 |
|
| Forward foreign currency exchange contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized appreciation on forward foreign currency exchange contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
30,106 |
|
|
|
— |
|
|
|
— |
|
|
|
30,106 |
|
| Swaps — centrally cleared |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized appreciation on centrally cleared swaps(a) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
337,742 |
|
|
|
— |
|
|
|
337,742 |
|
| Swaps — OTC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized appreciation on OTC swaps; Swap premiums paid |
|
|
— |
|
|
|
5,088,168 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,088,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
5,088,168 |
|
|
$ |
— |
|
|
$ |
30,106 |
|
|
$ |
1,347,835 |
|
|
$ |
— |
|
|
$ |
6,466,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities — Derivative Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Futures contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized depreciation on futures contracts(a) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,191,143 |
|
|
$ |
— |
|
|
$ |
7,191,143 |
|
| Forward foreign currency exchange contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized depreciation on forward foreign currency exchange contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
321,430 |
|
|
|
— |
|
|
|
— |
|
|
|
321,430 |
|
| Swaps — centrally cleared |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized depreciation on centrally cleared swaps(a) |
|
|
— |
|
|
|
283,991 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
283,991 |
|
| Swaps — OTC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized depreciation on OTC swaps; Swap premiums received |
|
|
— |
|
|
|
6,006,175 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,006,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
6,290,166 |
|
|
$ |
— |
|
|
$ |
321,430 |
|
|
$ |
7,191,143 |
|
|
$ |
— |
|
|
$ |
13,802,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, 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 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,782,294 |
|
|
$ |
— |
|
|
$ |
10,782,294 |
|
| Forward foreign currency exchange contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(553,928 |
) |
|
|
— |
|
|
|
— |
|
|
|
(553,928 |
) |
| Options purchased(a) |
|
|
— |
|
|
|
(1,073 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,073 |
) |
| Options written |
|
|
— |
|
|
|
(2,903 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,903 |
) |
| Swaps |
|
|
— |
|
|
|
(961,519 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,490,837 |
|
|
|
— |
|
|
|
529,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
(965,495 |
) |
|
$ |
— |
|
|
$ |
(553,928 |
) |
|
$ |
12,273,131 |
|
|
$ |
— |
|
|
$ |
10,753,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Futures contracts |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(25,995,932 |
) |
|
$ |
— |
|
|
$ |
(25,995,932 |
) |
| Forward foreign currency exchange contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(396,450 |
) |
|
|
— |
|
|
|
— |
|
|
|
(396,450 |
) |
| Options purchased(b) |
|
|
— |
|
|
|
1,033 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,033 |
|
| Options written |
|
|
—37 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
37 |
|
| Swaps |
|
|
— |
|
|
|
264,603 |
|
|
|
— |
|
|
|
— |
|
|
|
(1,250,806 |
) |
|
|
— |
|
|
|
(986,203 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
265,673 |
|
|
$ |
— |
|
|
$ |
(396,450 |
) |
|
$ |
(27,246,738 |
) |
|
$ |
— |
|
|
$ |
(27,377,515 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 — long |
|
$ |
324,857,398 |
|
| Average notional value of contracts — short |
|
$ |
249,463,072 |
|
|
|
|
| 40 |
|
2 0 2 3 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments (continued)
|
|
|
|
|
|
|
| Forward foreign currency exchange contracts: |
|
|
|
|
| Average amounts purchased — in USD |
|
$ |
11,091,232 |
|
| Average amounts sold — in USD |
|
$ |
442,386 |
|
| Options: |
|
|
|
|
| Average notional value of swaption contracts purchased |
|
$ |
— |
(a) |
| Average notional value of swaption contracts written |
|
$ |
— |
(a) |
| Credit default swaps: |
|
|
|
|
| Average notional value — buy protection |
|
$ |
58,815,000 |
|
| Average notional value — sell protection |
|
$ |
28,870,181 |
|
| Interest rate swaps: |
|
|
|
|
| Average notional value — pays fixed rate |
|
$ |
26,845,000 |
|
| Average notional value — receives fixed rate |
|
$ |
26,980,000 |
|
|
(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 |
|
$ |
868,285 |
|
|
$ |
1,847,379 |
|
| Forward foreign currency exchange contracts |
|
|
30,106 |
|
|
|
321,430 |
|
| Swaps — centrally cleared |
|
|
— |
|
|
|
26,471 |
|
| Swaps — OTC(a) |
|
|
5,088,168 |
|
|
|
6,006,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total derivative assets and liabilities in the Statement of Assets and Liabilities |
|
|
5,986,559 |
|
|
|
8,201,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
|
|
(868,285 |
) |
|
|
(1,873,850 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Total derivative assets and liabilities subject to an MNA |
|
$ |
5,118,274 |
|
|
$ |
6,327,605 |
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
$ |
305 |
|
|
$ |
(305 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Barclays Bank PLC |
|
|
331 |
|
|
|
(331 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| BNP Paribas SA |
|
|
56 |
|
|
|
(56 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Citibank N.A. |
|
|
272 |
|
|
|
(272 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Credit Suisse International |
|
|
3,813 |
|
|
|
(952 |
) |
|
|
— |
|
|
|
— |
|
|
|
2,861 |
|
| Deutsche Bank AG |
|
|
5,080,041 |
|
|
|
(74,473 |
) |
|
|
— |
|
|
|
(5,005,568 |
) |
|
|
— |
|
| JPMorgan Chase Bank N.A. |
|
|
24,894 |
|
|
|
(24,894 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Natwest Markets PLC |
|
|
8,562 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,118,274 |
|
|
$ |
(101,283 |
) |
|
$ |
— |
|
|
$ |
(5,005,568 |
) |
|
$ |
11,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Counterparty |
|
|
Derivative
Liabilities Subject to an MNA by Counterparty |
|
|
|
Derivatives
Available for Offset |
(a) |
|
|
Non-Cash
Collateral Pledged |
|
|
|
Cash
Collateral Pledged |
(b) |
|
|
Net Amount
of Derivative Liabilities |
(c)(e) |
|
|
|
|
|
|
| Bank of America N.A. |
|
$ |
10,173 |
|
|
$ |
(305 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,868 |
|
| Barclays Bank PLC |
|
|
5,078,006 |
|
|
|
(331 |
) |
|
|
— |
|
|
|
(5,040,000 |
) |
|
|
37,675 |
|
| BNP Paribas SA |
|
|
1,804 |
|
|
|
(56 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,748 |
|
| Citibank N.A. |
|
|
1,381 |
|
|
|
(272 |
) |
|
|
— |
|
|
|
(1,109 |
) |
|
|
— |
|
| Credit Suisse International |
|
|
952 |
|
|
|
(952 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Deutsche Bank AG |
|
|
74,473 |
|
|
|
(74,473 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
| 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Counterparty |
|
|
Derivative
Liabilities Subject to an MNA by Counterparty |
|
|
|
Derivatives
Available for Offset |
(a) |
|
|
Non-Cash
Collateral Pledged |
|
|
|
Cash
Collateral Pledged |
(b) |
|
|
Net Amount
of Derivative Liabilities |
(c)(e) |
|
|
|
|
|
|
| JPMorgan Chase Bank N.A. |
|
$ |
30,181 |
|
|
$ |
(24,894 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,287 |
|
| Morgan Stanley & Co. International PLC |
|
|
932,739 |
|
|
|
— |
|
|
|
— |
|
|
|
(710,000 |
) |
|
|
222,739 |
|
| State Street Bank and Trust Co. |
|
|
2,335 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,335 |
|
| Toronto-Dominion Bank |
|
|
8,995 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,995 |
|
| UBS AG |
|
|
186,566 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
186,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,327,605 |
|
|
$ |
(101,283 |
) |
|
$ |
— |
|
|
$ |
(5,751,109 |
) |
|
$ |
475,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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/pledged, if any, 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) |
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 |
|
$ |
— |
|
|
$ |
97,828,298 |
|
|
$ |
1,666,176 |
|
|
$ |
99,494,474 |
|
| Common Stocks |
|
|
4,729,091 |
|
|
|
— |
|
|
|
— |
|
|
|
4,729,091 |
|
| Corporate Bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aerospace & Defense |
|
|
— |
|
|
|
21,887,563 |
|
|
|
— |
|
|
|
21,887,563 |
|
| Automobile Components |
|
|
— |
|
|
|
7,551,687 |
|
|
|
— |
|
|
|
7,551,687 |
|
| Automobiles |
|
|
— |
|
|
|
10,025,170 |
|
|
|
— |
|
|
|
10,025,170 |
|
| Banks |
|
|
— |
|
|
|
4,159,712 |
|
|
|
— |
|
|
|
4,159,712 |
|
| Beverages |
|
|
— |
|
|
|
10,053,481 |
|
|
|
— |
|
|
|
10,053,481 |
|
| Biotechnology |
|
|
— |
|
|
|
949,102 |
|
|
|
— |
|
|
|
949,102 |
|
| Broadline Retail |
|
|
— |
|
|
|
191,429 |
|
|
|
— |
|
|
|
191,429 |
|
| Building Materials |
|
|
— |
|
|
|
2,906,278 |
|
|
|
— |
|
|
|
2,906,278 |
|
| Building Products |
|
|
— |
|
|
|
5,786,023 |
|
|
|
— |
|
|
|
5,786,023 |
|
| Capital Markets |
|
|
— |
|
|
|
8,268,008 |
|
|
|
— |
|
|
|
8,268,008 |
|
| Chemicals |
|
|
— |
|
|
|
10,149,650 |
|
|
|
— |
|
|
|
10,149,650 |
|
| Commercial Services & Supplies |
|
|
— |
|
|
|
8,432,242 |
|
|
|
— |
|
|
|
8,432,242 |
|
| Communications Equipment |
|
|
— |
|
|
|
2,615,679 |
|
|
|
— |
|
|
|
2,615,679 |
|
| Construction Materials |
|
|
— |
|
|
|
560,724 |
|
|
|
— |
|
|
|
560,724 |
|
| Consumer Discretionary |
|
|
— |
|
|
|
11,321,129 |
|
|
|
— |
|
|
|
11,321,129 |
|
| Consumer Finance |
|
|
— |
|
|
|
9,889,572 |
|
|
|
— |
|
|
|
9,889,572 |
|
| Consumer Staples Distribution & Retail |
|
|
— |
|
|
|
5,191,234 |
|
|
|
— |
|
|
|
5,191,234 |
|
| Containers & Packaging |
|
|
— |
|
|
|
7,159,312 |
|
|
|
— |
|
|
|
7,159,312 |
|
| Diversified Consumer Services |
|
|
— |
|
|
|
12,096,388 |
|
|
|
— |
|
|
|
12,096,388 |
|
| Diversified REITs |
|
|
— |
|
|
|
3,434,573 |
|
|
|
— |
|
|
|
3,434,573 |
|
| Diversified Telecommunication Services |
|
|
— |
|
|
|
12,591,522 |
|
|
|
— |
|
|
|
12,591,522 |
|
| Education |
|
|
— |
|
|
|
224,655 |
|
|
|
— |
|
|
|
224,655 |
|
| Electric Utilities |
|
|
— |
|
|
|
4,408,118 |
|
|
|
— |
|
|
|
4,408,118 |
|
| Electrical Equipment |
|
|
— |
|
|
|
2,009,632 |
|
|
|
— |
|
|
|
2,009,632 |
|
| Electronic Equipment, Instruments & Components |
|
|
— |
|
|
|
3,216,914 |
|
|
|
— |
|
|
|
3,216,914 |
|
| Energy Equipment & Services |
|
|
— |
|
|
|
4,513,460 |
|
|
|
— |
|
|
|
4,513,460 |
|
| Environmental, Maintenance & Security Service |
|
|
— |
|
|
|
4,455,919 |
|
|
|
— |
|
|
|
4,455,919 |
|
| Financial Services |
|
|
— |
|
|
|
11,327,880 |
|
|
|
— |
|
|
|
11,327,880 |
|
| Food Products |
|
|
— |
|
|
|
4,540,452 |
|
|
|
— |
|
|
|
4,540,452 |
|
| Gas Utilities |
|
|
— |
|
|
|
102,451 |
|
|
|
— |
|
|
|
102,451 |
|
| Ground Transportation |
|
|
— |
|
|
|
2,551,901 |
|
|
|
— |
|
|
|
2,551,901 |
|
| Health Care Equipment & Supplies |
|
|
— |
|
|
|
2,218,177 |
|
|
|
— |
|
|
|
2,218,177 |
|
|
|
|
| 42 |
|
2 0 2 3 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) |
Fair Value Hierarchy as of Period End (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
|
|
|
|
| Corporate Bonds (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Health Care Providers & Services |
|
$ |
— |
|
|
$ |
11,664,712 |
|
|
$ |
— |
|
|
$ |
11,664,712 |
|
| Health Care Technology |
|
|
— |
|
|
|
3,117,663 |
|
|
|
— |
|
|
|
3,117,663 |
|
| Hotels, Restaurants & Leisure |
|
|
— |
|
|
|
18,972,808 |
|
|
|
— |
|
|
|
18,972,808 |
|
| Household Durables |
|
|
— |
|
|
|
2,443,194 |
|
|
|
— |
|
|
|
2,443,194 |
|
| Household Products |
|
|
— |
|
|
|
228,071 |
|
|
|
— |
|
|
|
228,071 |
|
| Independent Power and Renewable Electricity Producers |
|
|
— |
|
|
|
3,692,199 |
|
|
|
— |
|
|
|
3,692,199 |
|
| Industrial Conglomerates |
|
|
— |
|
|
|
232,944 |
|
|
|
— |
|
|
|
232,944 |
|
| Insurance |
|
|
— |
|
|
|
10,784,748 |
|
|
|
— |
|
|
|
10,784,748 |
|
| Interactive Media & Services |
|
|
— |
|
|
|
798,884 |
|
|
|
— |
|
|
|
798,884 |
|
| Internet Software & Services |
|
|
— |
|
|
|
5,938,054 |
|
|
|
— |
|
|
|
5,938,054 |
|
| IT Services |
|
|
— |
|
|
|
5,834,237 |
|
|
|
— |
|
|
|
5,834,237 |
|
| Leisure Products |
|
|
— |
|
|
|
564,059 |
|
|
|
— |
|
|
|
564,059 |
|
| Machinery |
|
|
— |
|
|
|
6,288,532 |
|
|
|
— |
|
|
|
6,288,532 |
|
| Marine Transportation |
|
|
— |
|
|
|
218,873 |
|
|
|
— |
|
|
|
218,873 |
|
| Media |
|
|
— |
|
|
|
41,568,939 |
|
|
|
— |
|
|
|
41,568,939 |
|
| Metals & Mining |
|
|
— |
|
|
|
14,899,185 |
|
|
|
— |
|
|
|
14,899,185 |
|
| Multi-Utilities |
|
|
— |
|
|
|
201,000 |
|
|
|
— |
|
|
|
201,000 |
|
| Offshore Drilling & Other Services |
|
|
— |
|
|
|
2,179,863 |
|
|
|
— |
|
|
|
2,179,863 |
|
| Oil, Gas & Consumable Fuels |
|
|
87,960 |
|
|
|
68,155,851 |
|
|
|
1,375,335 |
|
|
|
69,619,146 |
|
| Passenger Airlines |
|
|
— |
|
|
|
7,477,960 |
|
|
|
— |
|
|
|
7,477,960 |
|
| Pharmaceuticals |
|
|
— |
|
|
|
7,233,145 |
|
|
|
— |
|
|
|
7,233,145 |
|
| Real Estate |
|
|
— |
|
|
|
120,096 |
|
|
|
— |
|
|
|
120,096 |
|
| Real Estate Management & Development |
|
|
— |
|
|
|
2,885,413 |
|
|
|
— |
|
|
|
2,885,413 |
|
| Semiconductors & Semiconductor Equipment |
|
|
— |
|
|
|
3,773,497 |
|
|
|
— |
|
|
|
3,773,497 |
|
| Software |
|
|
— |
|
|
|
13,834,563 |
|
|
|
— |
|
|
|
13,834,563 |
|
| Specialized REITs |
|
|
— |
|
|
|
603,802 |
|
|
|
— |
|
|
|
603,802 |
|
| Specialty Retail |
|
|
— |
|
|
|
1,926,256 |
|
|
|
— |
|
|
|
1,926,256 |
|
| Technology Hardware, Storage & Peripherals |
|
|
— |
|
|
|
745,308 |
|
|
|
— |
|
|
|
745,308 |
|
| Textiles, Apparel & Luxury Goods |
|
|
— |
|
|
|
497,656 |
|
|
|
— |
|
|
|
497,656 |
|
| Tobacco |
|
|
— |
|
|
|
2,036,227 |
|
|
|
— |
|
|
|
2,036,227 |
|
| Transportation Infrastructure |
|
|
— |
|
|
|
3,103,995 |
|
|
|
— |
|
|
|
3,103,995 |
|
| Utilities |
|
|
— |
|
|
|
1,804,994 |
|
|
|
— |
|
|
|
1,804,994 |
|
| Wireless Telecommunication Services |
|
|
— |
|
|
|
6,191,443 |
|
|
|
— |
|
|
|
6,191,443 |
|
| Floating Rate Loan Interests |
|
|
— |
|
|
|
39,106,107 |
|
|
|
801,831 |
|
|
|
39,907,938 |
|
| Foreign Government and Agency Obligations |
|
|
— |
|
|
|
15,408,250 |
|
|
|
— |
|
|
|
15,408,250 |
|
| Municipal Bonds |
|
|
— |
|
|
|
1,007,925 |
|
|
|
— |
|
|
|
1,007,925 |
|
| Non-Agency Mortgage-Backed Securities |
|
|
— |
|
|
|
89,956,473 |
|
|
|
— |
|
|
|
89,956,473 |
|
| Preferred Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Trusts |
|
|
— |
|
|
|
21,083,429 |
|
|
|
— |
|
|
|
21,083,429 |
|
| Preferred Stocks |
|
|
8,434,226 |
|
|
|
— |
|
|
|
— |
|
|
|
8,434,226 |
|
| U.S. Government Sponsored Agency Securities |
|
|
— |
|
|
|
132,123,798 |
|
|
|
— |
|
|
|
132,123,798 |
|
| Warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Short-Term Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds |
|
|
8,479,460 |
|
|
|
— |
|
|
|
— |
|
|
|
8,479,460 |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TBA Sale Commitments |
|
|
— |
|
|
|
(8,124,805 |
) |
|
|
— |
|
|
|
(8,124,805 |
) |
| Unfunded Floating Rate Loan Interests(a) |
|
|
— |
|
|
|
(11,659 |
) |
|
|
— |
|
|
|
(11,659 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
21,730,737 |
|
|
$ |
833,186,024 |
|
|
$ |
3,843,342 |
|
|
$ |
858,760,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial Instruments(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit Contracts |
|
$ |
— |
|
|
$ |
3,427,767 |
|
|
$ |
— |
|
|
$ |
3,427,767 |
|
| Foreign Currency Exchange Contracts |
|
|
— |
|
|
|
30,106 |
|
|
|
— |
|
|
|
30,106 |
|
| Interest Rate Contracts |
|
|
1,010,093 |
|
|
|
337,742 |
|
|
|
— |
|
|
|
1,347,835 |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit Contracts |
|
|
— |
|
|
|
(4,733,516 |
) |
|
|
— |
|
|
|
(4,733,516 |
) |
|
|
|
| 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, 2023 |
|
BlackRock Multi-Sector Income Trust (BIT) |
Fair Value Hierarchy as of Period End (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
|
|
|
|
| Liabilities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign Currency Exchange Contracts |
|
$ |
— |
|
|
$ |
(321,430 |
) |
|
$ |
— |
|
|
$ |
(321,430 |
) |
| Interest Rate Contracts |
|
|
(7,191,143 |
) |
|
|
— |
|
|
|
— |
|
|
|
(7,191,143 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(6,181,050 |
) |
|
$ |
(1,259,331 |
) |
|
$ |
— |
|
|
$ |
(7,440,381 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $278,202,502 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
|
|
|
| 44 |
|
2 0 2 3 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, 2023
|
|
|
|
|
|
|
BIT |
|
| |
|
|
|
| ASSETS |
|
|
|
|
| Investments, at value — unaffiliated(a) |
|
$ |
858,417,107 |
|
| Investments, at value — affiliated(b) |
|
|
8,479,460 |
|
| Cash |
|
|
57,508 |
|
| Cash pledged: |
|
|
|
|
| Collateral — reverse repurchase agreements |
|
|
1,608,393 |
|
| Collateral — OTC derivatives |
|
|
5,760,000 |
|
| Futures contracts |
|
|
4,667,400 |
|
| Centrally cleared swaps |
|
|
1,108,000 |
|
| Foreign currency, at value(c) |
|
|
740,606 |
|
| Receivables: |
|
|
|
|
| Investments sold |
|
|
1,574,658 |
|
| Reverse repurchase agreements |
|
|
2,444,718 |
|
| TBA sale commitments |
|
|
8,125,137 |
|
| Dividends — unaffiliated |
|
|
26,555 |
|
| Dividends — affiliated |
|
|
33,601 |
|
| Interest — unaffiliated |
|
|
9,266,799 |
|
| Variation margin on futures contracts |
|
|
868,285 |
|
| Swap premiums paid |
|
|
1,660,401 |
|
| Unrealized appreciation on: |
|
|
|
|
| Forward foreign currency exchange contracts |
|
|
30,106 |
|
| OTC swaps |
|
|
3,427,767 |
|
| Deferred offering costs |
|
|
177,734 |
|
| Other assets |
|
|
246,763 |
|
|
|
|
|
|
|
|
| Total assets |
|
|
908,720,998 |
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
| Cash received: |
|
|
|
|
| Collateral — reverse repurchase agreements |
|
|
431,093 |
|
| Collateral — OTC derivatives |
|
|
5,050,000 |
|
| TBA sale commitments, at value(d) |
|
|
8,124,805 |
|
| Reverse repurchase agreements, at value |
|
|
278,202,502 |
|
| Payables: |
|
|
|
|
| Investments purchased |
|
|
49,629,373 |
|
| Reverse repurchase agreements |
|
|
1,799,752 |
|
| Accounting services fees |
|
|
30,977 |
|
| Custodian fees |
|
|
26,549 |
|
| Interest expense |
|
|
9,409 |
|
| Investment advisory fees |
|
|
1,091,745 |
|
| Offering costs |
|
|
66,394 |
|
| Trustees’ and Officer’s fees |
|
|
144,785 |
|
| Other accrued expenses |
|
|
75,017 |
|
| Principal payups |
|
|
160,968 |
|
| Professional fees |
|
|
157,812 |
|
| Transfer agent fees |
|
|
55,999 |
|
| Variation margin on futures contracts |
|
|
1,847,379 |
|
| Variation margin on centrally cleared swaps |
|
|
26,471 |
|
| Swap premiums received |
|
|
1,556,650 |
|
| Unrealized depreciation on: |
|
|
|
|
| Forward foreign currency exchange contracts |
|
|
321,430 |
|
| OTC swaps |
|
|
4,449,525 |
|
| Unfunded floating rate loan interests |
|
|
11,659 |
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
353,270,294 |
|
|
|
|
|
|
|
|
| NET ASSETS |
|
$ |
555,450,704 |
|
|
|
|
|
|
|
|
|
| F I N A N C I A L S T A T E M E N T S |
|
45 |
Statement of Assets and Liabilities (unaudited) (continued)
April 30, 2023
|
|
|
|
|
|
|
BIT |
|
| |
|
|
|
| NET ASSETS CONSIST OF |
|
|
|
|
| Paid-in capital(e)(f)(g) |
|
$ |
656,505,815 |
|
| Accumulated loss |
|
|
(101,055,111 |
) |
|
|
|
|
|
|
|
| NET ASSETS |
|
$ |
555,450,704 |
|
|
|
|
|
|
|
|
| Net asset value |
|
$ |
14.72 |
|
|
|
|
|
|
|
|
| (a) Investments, at cost — unaffiliated |
|
$ |
918,786,204 |
|
| (b) Investments, at cost — affiliated |
|
$ |
8,479,460 |
|
| (c) Foreign currency, at cost |
|
$ |
762,632 |
|
| (d) Proceeds from TBA sale commitments |
|
$ |
8,125,137 |
|
| (e) Shares outstanding |
|
|
37,725,451 |
|
| (f) Shares authorized |
|
|
Unlimited |
|
| (g) Par value |
|
$ |
0.001 |
|
See notes to financial statements.
|
|
|
| 46 |
|
2 0 2 3 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, 2023
|
|
|
|
|
|
|
BIT |
|
| |
|
|
|
| INVESTMENT INCOME |
|
|
|
|
| Dividends — unaffiliated |
|
$ |
227,978 |
|
| Dividends — affiliated |
|
|
209,946 |
|
| Interest — unaffiliated |
|
|
26,203,882 |
|
| Other income — unaffiliated |
|
|
5,976 |
|
| Foreign taxes withheld |
|
|
(375 |
) |
|
|
|
|
|
|
|
| Total investment income |
|
|
26,647,407 |
|
|
|
|
|
|
|
|
| EXPENSES |
|
|
|
|
| Investment advisory |
|
|
3,365,734 |
|
| Professional |
|
|
65,783 |
|
| Accounting services |
|
|
56,417 |
|
| Transfer agent |
|
|
40,970 |
|
| Trustees and Officer |
|
|
25,782 |
|
| Custodian |
|
|
23,922 |
|
| Printing and postage |
|
|
9,242 |
|
| Registration |
|
|
6,425 |
|
| Miscellaneous |
|
|
36,073 |
|
|
|
|
|
|
|
|
| Total expenses excluding interest expense |
|
|
3,630,348 |
|
| Interest expense |
|
|
6,487,839 |
|
|
|
|
|
|
|
|
| Total expenses |
|
|
10,118,187 |
|
| Less: |
|
|
|
|
| Fees waived and/or reimbursed by the Manager |
|
|
(3,755 |
) |
|
|
|
|
|
|
|
| Total expenses after fees waived and/or reimbursed |
|
|
10,114,432 |
|
|
|
|
|
|
|
|
| Net investment income |
|
|
16,532,975 |
|
|
|
|
|
|
|
|
| REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
| Net realized gain (loss) from: |
|
|
|
|
| Investments — unaffiliated |
|
|
(20,644,336 |
) |
| Forward foreign currency exchange contracts |
|
|
(553,928 |
) |
| Foreign currency transactions |
|
|
137,914 |
|
| Futures contracts |
|
|
10,782,294 |
|
| Options written |
|
|
(2,903 |
) |
| Swaps |
|
|
529,318 |
|
|
|
|
|
|
|
|
|
|
|
(9,751,641 |
) |
|
|
|
|
|
| Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
| Investments — unaffiliated |
|
|
50,846,180 |
|
| Forward foreign currency exchange contracts |
|
|
(396,450 |
) |
| Foreign currency translations |
|
|
739 |
|
| Futures contracts |
|
|
(25,995,932 |
) |
| Options written |
|
|
37 |
|
| Swaps |
|
|
(986,203 |
) |
| Unfunded floating rate loan interests |
|
|
13,121 |
|
|
|
|
|
|
|
|
|
|
|
23,481,492 |
|
|
|
|
|
|
|
|
| Net realized and unrealized gain |
|
|
13,729,851 |
|
|
|
|
|
|
|
|
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
30,262,826 |
|
|
|
|
|
|
See notes to financial statements.
|
|
|
| F I N A N C I A L S T A T E M E N T S |
|
47 |
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
BIT |
|
|
|
Six Months Ended 04/30/23 (unaudited) |
|
|
Year Ended 10/31/22 |
|
| |
|
|
|
|
| INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| OPERATIONS |
|
|
|
|
|
|
|
|
| Net investment income |
|
$ |
16,532,975 |
|
|
$ |
38,948,323 |
|
| Net realized gain (loss) |
|
|
(9,751,641 |
) |
|
|
5,527,115 |
|
| Net change in unrealized appreciation (depreciation) |
|
|
23,481,492 |
|
|
|
(113,608,350 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in net assets resulting from operations |
|
|
30,262,826 |
|
|
|
(69,132,912 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS TO SHAREHOLDERS(a) |
|
|
|
|
|
|
|
|
| From net investment income |
|
|
(27,982,395 |
)(b) |
|
|
(40,442,459 |
) |
| Return of capital |
|
|
— |
|
|
|
(15,441,926 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Decrease in net assets resulting from distributions to shareholders |
|
|
(27,982,395 |
) |
|
|
(55,884,385 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
| Reinvestment of distributions |
|
|
618,028 |
|
|
|
1,178,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET ASSETS |
|
|
|
|
|
|
|
|
| Total increase (decrease) in net assets |
|
|
2,898,459 |
|
|
|
(123,839,140 |
) |
| Beginning of period |
|
|
552,552,245 |
|
|
|
676,391,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| End of period |
|
$ |
555,450,704 |
|
|
$ |
552,552,245 |
|
|
|
|
|
|
|
|
|
|
| (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.
|
|
|
| 48 |
|
2 0 2 3 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, 2023
|
|
|
|
|
|
|
BIT |
|
| |
|
|
|
| CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
|
|
|
|
| Net increase in net assets resulting from operations |
|
$ |
30,262,826 |
|
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |
|
|
|
|
| Proceeds from sales of long-term investments and principal paydowns/payups |
|
|
615,365,350 |
|
| Purchases of long-term investments |
|
|
(586,988,267 |
) |
| Net proceeds from sales of short-term securities |
|
|
3,303,453 |
|
| Amortization of premium and accretion of discount on investments and other fees |
|
|
(1,921,712 |
) |
| Net realized loss on investments and options written |
|
|
20,647,239 |
|
| Net unrealized appreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests |
|
|
(50,684,451 |
) |
| (Increase) Decrease in Assets |
|
|
|
|
| Receivables |
|
|
|
|
| Dividends — affiliated |
|
|
(6,411 |
) |
| Dividends — unaffiliated |
|
|
113,080 |
|
| Interest — unaffiliated |
|
|
36,049 |
|
| Swaps |
|
|
582,693 |
|
| Variation margin on futures contracts |
|
|
324,940 |
|
| Variation margin on centrally cleared swaps |
|
|
63,854 |
|
| Swap premiums paid |
|
|
29,348 |
|
| Prepaid expenses |
|
|
2,429 |
|
| Other assets |
|
|
303,237 |
|
| Increase (Decrease) in Liabilities |
|
|
|
|
| Due to broker |
|
|
(144,387 |
) |
| Cash received |
|
|
|
|
| Collateral — reverse repurchase agreements |
|
|
97,901 |
|
| Collateral — OTC derivatives |
|
|
200,000 |
|
| Payables |
|
|
|
|
| Swaps |
|
|
(611,551 |
) |
| Accounting services fees |
|
|
(34,524 |
) |
| Custodian fees |
|
|
(28,329 |
) |
| Interest expense |
|
|
387,993 |
|
| Investment advisory fees |
|
|
551,402 |
|
| Trustees’ and Officer’s fees |
|
|
2,726 |
|
| Other accrued expenses |
|
|
21,737 |
|
| Professional fees |
|
|
(72,760 |
) |
| Transfer agent fees |
|
|
28,434 |
|
| Variation margin on futures contracts |
|
|
1,847,379 |
|
| Variation margin on centrally cleared swaps |
|
|
26,471 |
|
| Swap premiums received |
|
|
(506,988 |
) |
|
|
|
|
|
|
|
| Net cash provided by operating activities |
|
|
33,199,161 |
|
|
|
|
|
|
|
|
| CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
|
|
|
|
| Cash dividends paid to shareholders |
|
|
(27,429,184 |
) |
| Payments for offering costs |
|
|
(358 |
) |
| Decrease in bank overdraft |
|
|
(1,080 |
) |
| Net borrowing of reverse repurchase agreements |
|
|
(13,399,773 |
) |
|
|
|
|
|
|
|
| Net cash used for financing activities |
|
|
(40,830,395 |
) |
|
|
|
|
|
|
|
| CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |
|
|
|
|
| Cash impact from foreign exchange fluctuations |
|
|
(12,020 |
) |
|
|
|
|
|
|
|
| CASH AND FOREIGN CURRENCY |
|
|
|
|
| Net decrease in restricted and unrestricted cash and foreign currency |
|
|
(7,643,254 |
) |
| Restricted and unrestricted cash and foreign currency at beginning of period |
|
|
21,585,161 |
|
|
|
|
|
|
|
|
| Restricted and unrestricted cash and foreign currency at end of period |
|
$ |
13,941,907 |
|
|
|
|
|
|
|
|
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
|
|
| Cash paid during the period for interest expense |
|
$ |
6,099,846 |
|
|
|
|
|
|
|
|
| NON-CASH FINANCING ACTIVITIES |
|
|
|
|
| Reinvestment of distributions |
|
$ |
618,028 |
|
|
|
|
|
|
|
|
|
| F I N A N C I A L S T A T E M E N T S |
|
49 |
Statement of Cash Flows (unaudited) (continued)
Six Months Ended April 30, 2023
|
|
|
|
|
|
|
BIT |
|
| |
|
|
|
| RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES |
|
|
|
|
| Cash |
|
$ |
57,508 |
|
| Cash pledged |
|
|
|
|
| Collateral — reverse repurchase agreements |
|
|
1,608,393 |
|
| Collateral — OTC derivatives |
|
|
5,760,000 |
|
| Futures contracts |
|
|
4,667,400 |
|
| Centrally cleared swaps |
|
|
1,108,000 |
|
| Foreign currency at value |
|
|
740,606 |
|
|
|
|
|
|
|
|
|
|
$ |
13,941,907 |
|
|
|
|
|
|
See notes to financial statements.
|
|
|
| 50 |
|
2 0 2 3 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
04/30/23 (unaudited) |
|
|
|
Year Ended
10/31/22 |
|
|
|
Year Ended
10/31/21 |
|
|
|
Year Ended
10/31/20 |
(a) |
|
|
Year Ended
10/31/19 |
(a) |
|
|
Year Ended
10/31/18 |
(a) |
|
|
|
|
|
|
|
|
| Net asset value, beginning of period |
|
|
|
|
|
$ |
14.66 |
|
|
$ |
17.98 |
|
|
$ |
17.66 |
|
|
$ |
17.28 |
|
|
$ |
18.79 |
|
|
$ |
20.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income(b) |
|
|
|
|
|
|
0.44 |
|
|
|
1.03 |
|
|
|
1.13 |
|
|
|
1.08 |
|
|
|
1.18 |
|
|
|
1.38 |
|
| Net realized and unrealized gain (loss) |
|
|
|
|
|
|
0.36 |
|
|
|
(2.87 |
) |
|
|
0.67 |
|
|
|
0.78 |
|
|
|
(1.28 |
) |
|
|
(1.13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) from investment operations |
|
|
|
|
|
|
0.80 |
|
|
|
(1.84 |
) |
|
|
1.80 |
|
|
|
1.86 |
|
|
|
(0.10 |
) |
|
|
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From net investment income |
|
|
|
|
|
|
(0.74 |
)(d) |
|
|
(1.07 |
) |
|
|
(1.11 |
) |
|
|
(0.99 |
) |
|
|
(1.14 |
) |
|
|
(1.49 |
) |
| Return of capital |
|
|
|
|
|
|
— |
|
|
|
(0.41 |
) |
|
|
(0.37 |
) |
|
|
(0.49 |
) |
|
|
(0.27 |
) |
|
|
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total distributions |
|
|
|
|
|
|
(0.74 |
) |
|
|
(1.48 |
) |
|
|
(1.48 |
) |
|
|
(1.48 |
) |
|
|
(1.41 |
) |
|
|
(1.53 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net asset value, end of period |
|
|
|
|
|
$ |
14.72 |
|
|
$ |
14.66 |
|
|
$ |
17.98 |
|
|
$ |
17.66 |
|
|
$ |
17.28 |
(e) |
|
$ |
18.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Market price, end of period |
|
|
|
|
|
$ |
14.73 |
|
|
$ |
14.43 |
|
|
$ |
18.90 |
|
|
$ |
15.65 |
|
|
$ |
17.15 |
|
|
$ |
16.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return(f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Based on net asset value |
|
|
|
|
|
|
5.58 |
%(g) |
|
|
(10.47 |
)%(h) |
|
|
10.55 |
% |
|
|
12.68 |
%(i) |
|
|
0.00 |
%(e)(j) |
|
|
2.18 |
%(h) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Based on market price |
|
|
|
|
|
|
7.33 |
%(g) |
|
|
(16.16 |
)% |
|
|
31.13 |
% |
|
|
0.61 |
% |
|
|
14.76 |
% |
|
|
(4.40 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios to Average Net Assets(k) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total expenses |
|
|
|
|
|
|
3.65 |
%(l) |
|
|
1.99 |
% |
|
|
1.70 |
% |
|
|
2.36 |
% |
|
|
2.89 |
% |
|
|
2.90 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total expenses after fees waived and/or reimbursed |
|
|
|
|
|
|
3.65 |
%(l) |
|
|
1.99 |
% |
|
|
1.70 |
% |
|
|
2.19 |
%(m) |
|
|
2.89 |
% |
|
|
2.89 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total expenses after fees waived and/or reimbursed and excluding interest expense |
|
|
|
|
|
|
1.31 |
%(l) |
|
|
1.34 |
% |
|
|
1.42 |
% |
|
|
1.39 |
% |
|
|
1.35 |
% |
|
|
1.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
|
|
|
|
5.97 |
%(l) |
|
|
6.39 |
% |
|
|
6.14 |
% |
|
|
6.51 |
% |
|
|
6.43 |
% |
|
|
7.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
|
|
|
|
$ |
555,451 |
|
|
$ |
552,552 |
|
|
$ |
676,391 |
|
|
$ |
662,853 |
|
|
$ |
648,617 |
|
|
$ |
710,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Borrowings outstanding, end of period (000) |
|
|
|
|
|
$ |
278,203 |
|
|
$ |
288,231 |
|
|
$ |
386,820 |
|
|
$ |
353,128 |
|
|
$ |
373,345 |
|
|
$ |
376,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portfolio turnover rate(n) |
|
|
|
|
|
|
68 |
% |
|
|
112 |
% |
|
|
75 |
% |
|
|
101 |
% |
|
|
32 |
% |
|
|
38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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. |
| (h) |
Includes payment from an affiliate, which had no impact on the Trust’s total return. |
| (i) |
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%. |
| (j) |
Amount is greater than (0.005)%. |
| (k) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (m) |
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%. |
| (n) |
Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
04/30/23 (unaudited |
) |
|
|
Year Ended
10/31/22 |
|
|
|
Year Ended
10/31/21 |
|
|
|
Year Ended
10/31/20 |
(a) |
|
|
Year Ended
10/31/19 |
(a) |
|
|
Year Ended
10/31/18 |
(a) |
|
|
|
|
|
|
|
| Portfolio turnover rate (excluding MDRs) |
|
|
43 |
% |
|
|
77 |
% |
|
|
58 |
% |
|
|
72 |
% |
|
|
32 |
% |
|
|
38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
|
|
|
| F I N A N C I A L H I G H L I G H T S |
|
51 |
Notes to Financial Statements (unaudited)
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 funds referred to as the BlackRock Fixed-Income Complex.
| 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, 2023, 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.
Collateralization: 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.
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.
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.
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2 0 2 3 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 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. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Trustees and Officer expense on the Statement of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.
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 Board has approved the designation of the Trust’s Manager as the valuation designee for the Trust. The Trust determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. 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 the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Trust’s assets and liabilities:
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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. |
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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. |
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Investments in open‑end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
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Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
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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. |
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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. |
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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 Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.
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| 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 |
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53 |
Notes to Financial Statements (unaudited) (continued)
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 Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs.
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Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services |
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| Market approach |
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(i) |
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recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; |
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(ii) |
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recapitalizations and other transactions across the capital structure; and |
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(iii) |
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market multiples of comparable issuers. |
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| Income approach |
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(i) |
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future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; |
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(ii) |
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quoted prices for similar investments or assets in active markets; and |
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(iii) |
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other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. |
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| Cost approach |
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(i) |
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audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; |
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(ii) |
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changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; |
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(iii) |
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relevant news and other public sources; and |
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(iv) |
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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:
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Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access; |
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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 |
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Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the 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 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 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
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| 54 |
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2 0 2 3 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)
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.
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.
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.
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| 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 |
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55 |
Notes to Financial Statements (unaudited) (continued)
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:
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Unrealized |
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Commitment |
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Appreciation |
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Borrower |
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Par |
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Amount |
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Value |
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(Depreciation) |
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| BIT |
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AthenaHealth Group, Inc. |
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$ |
243,630 |
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$ |
239,626 |
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$ |
227,967 |
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$ |
(11,659) |
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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, a fund 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 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.
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| 56 |
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2 0 2 3 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)
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, 2023, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Trust were $290,994,484 and 4.50%, 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:
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| |
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Fair Value of |
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Non‑Cash Collateral |
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Reverse Repurchase |
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Pledged Including |
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Cash Collateral |
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| Counterparty |
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Agreements |
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Accrued Interest |
(a) |
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Pledged/Received |
(a) |
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Net Amount |
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| |
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| Barclays Bank PLC |
|
$ |
(11,774,715) |
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$ |
11,529,016 |
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$ |
245,699 |
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$ |
— |
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| Barclays Capital, Inc. |
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(7,655,043) |
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7,655,043 |
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— |
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— |
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| BNP Paribas S.A. |
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(60,103,441) |
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60,103,441 |
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— |
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— |
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| BofA Securities, Inc. |
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(60,451,484) |
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60,451,484 |
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— |
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— |
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| Citigroup Global Markets, Inc. |
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(42,523,115) |
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42,523,115 |
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— |
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— |
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| Credit Agricole Corporate and Investment Bank |
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(2,162,719) |
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2,162,719 |
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— |
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— |
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| HSBC Securities (USA), Inc. |
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(3,815,894) |
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3,815,894 |
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— |
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— |
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| J.P. Morgan Securities LLC |
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(32,207,690) |
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32,207,690 |
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— |
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— |
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| Nomura Securities International, Inc. |
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(17,910,914) |
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17,910,914 |
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— |
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— |
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| RBC Capital Markets LLC |
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(28,435,338) |
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28,435,338 |
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— |
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— |
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| TD Securities (USA) LLC |
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(11,162,149) |
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11,162,149 |
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— |
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— |
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$ |
(278,202,502) |
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$ |
277,956,803 |
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$ |
245,699 |
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$ |
— |
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(a) |
Collateral with a value of $318,989,862 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. |
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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 over‑the‑counter (“OTC”).
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).
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| 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)
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.
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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.
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.
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• |
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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
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| 58 |
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2 0 2 3 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)
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.
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• |
|
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.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks 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.
| 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.
Distribution Fees: BIT has entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of BIT common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of BIT’s common shares and a portion of such commission is re‑allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the period ended April 30, 2023 amounted to $0.
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, 2024. 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, 2023, the amount waived was $3,755.
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| 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)
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, 2024. 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, 2023, there were no fees waived by the Manager pursuant to this arrangement.
For the six months ended April 30, 2023, purchases and sales of investments, including paydowns/payups, excluding short-term securities, were $581,034,564 and $607,886,746, respectively.
For the six months ended April 30, 2023, purchases and sales related to mortgage dollar rolls were $215,732,143 and $215,761,321, respectively.
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 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, 2023, 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, 2022, the Trust had non‑expiring capital loss carryforwards available to offset future realized capital gains of $4,845,913.
As of April 30, 2023, 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:
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:
On June 1, 2023, the Board approved a change in the fiscal year end of the Trust, effective as of December 31, 2023, from October 31 to December 31.
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.
Although a Trust does not seek to implement a specific 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 such ESG characteristics it deems relevant or additive, if any, 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.
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.
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, 2022. 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.
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.
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.
Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.
The Trust will mail only one copy of shareholder documents, including prospectuses, 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.
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.
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.
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.
From time to time, the Trust may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, the Trust 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 the Trust’s net asset value (“NAV”) per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow the Trust 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 May 3, 2022, the Trust filed a final prospectus with the SEC in connection with its Shelf Offering. This report and the prospectus of the Trust are not offers to sell the Trust’s Common Shares or solicitations of an offer to buy the Trust’s Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of the Trust contains important information about the Trust, including its investment objectives, risks, charges and expenses. Investors are urged to read the prospectus of the Trust carefully and in its entirety before investing. Copies of the final prospectus for the Trust can be obtained from BlackRock at blackrock.com.
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.
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.