Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

Schedule of Investments (unaudited)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities
Allegro CLO V Ltd., Series 2017-1A, Class AR, (3-mo. CME Term SOFR + 1.21%), 6.52%, 10/16/30^(a)(b)	USD		471	$	467,234
ALM Ltd., Series 2020-1A, Class D, (3-mo. CME Term SOFR + 6.26%), 11.57%, 10/15/29^(a)(b)			287		265,176
American Homes 4 Rent Trust, Series 2014-SFR2, Class E, 6.23%, 10/17/36^(b)			2,000		1,976,646
Anchorage Capital CLO Ltd.^(a)(b)
Series 2014-5RA, Class E, (3-mo. CME Term SOFR + 5.66%), 10.97%, 01/15/30			860		804,772
Series 2015-7A, Class D1R2, (3-mo. CME Term SOFR + 3.76%), 9.13%, 01/28/31			250		236,081
Apidos CLO XXVI, Series 2017-26A, Class A1AR, (3-mo. CME Term SOFR + 1.16%), 6.47%, 07/18/29^(a)(b)			418		416,493
Apidos CLO XXVII, Series 2017-27A, Class A1R, (3-mo. CME Term SOFR + 1.19%), 6.50%, 07/17/30^(a)(b)			233		231,919
Ares XL CLO Ltd., Series 2016-40A, Class A1RR, (3-mo. CME Term SOFR + 1.13%), 6.44%, 01/15/29^(a)(b)			720		713,538
ARES XLVII CLO Ltd., Series 2018-47A, Class A1, (3-mo. CME Term SOFR + 1.18%), 6.49%, 04/15/30^(a)(b)			242		241,270
Argent Securities Trust, Series 2006-W5, Class A1A, (1-mo. Term SOFR + 0.41%), 5.71%, 06/25/36^(a)			4,104		2,630,489
Atrium XIII, Series 13A, Class A2, (3-mo. CME Term SOFR + 1.51%), 6.86%, 11/21/30^(a)(b)			250		243,840
Atrium XV, Series 15A, Class D, (3-mo. CME Term SOFR + 3.26%), 8.61%, 01/23/31^(a)(b)			550		527,738
Bain Capital Credit CLO Ltd., Series 2020-2A, Class DR, (3-mo. CME Term SOFR + 3.56%), 8.88%, 07/19/34^(a)(b)			250		238,579
Ballyrock CLO Ltd., Series 2022-21A, Class D, (3-mo. CME Term SOFR + 8.76%), 14.09%, 10/20/35^(a)(b)			500		506,384
Barings CLO Ltd., Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.41%), 8.72%, 07/15/34			250		243,191
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1-mo. Term SOFR + 0.39%), 5.69%, 11/25/36^(a)			967		933,581
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class A1R2, (3-mo. CME Term SOFR + 1.13%), 6.44%, 07/15/29^(a)(b)			106		105,084
Benefit Street Partners CLO XX Ltd., Series 2020-20A, Class CR, (3-mo. CME Term SOFR + 2.31%), 7.62%, 07/15/34^(a)(b)			250		242,426
BlueMountain CLO Ltd., Series 2013-2A, Class A1R, (3-mo. CME Term SOFR + 1.44%), 6.79%, 10/22/30^(a)(b)			401		399,215
BlueMountain Fuji U.S. CLO II Ltd., Series 2017-2A, Class A1AR, (3-mo. CME Term SOFR + 1.26%), 6.59%, 10/20/30^(a)(b)			3,296		3,288,401
Carlyle Global Market Strategies CLO Ltd., Series 2015-1A, Class AR3, (3-mo. CME Term SOFR + 1.24%), 6.57%, 07/20/31^(a)(b)			1,610		1,601,931
Carlyle U.S. CLO Ltd.^(a)(b)
Series 2018-4A, Class A2, (3-mo. CME Term SOFR + 2.06%), 7.39%, 01/20/31			250		248,739
Series 2020-2A, Class CR, (3-mo. LIBOR US + 3.20%), 8.81%, 01/25/35			250		245,182
Carrington Mortgage Loan Trust^(a)
Series 2006-FRE2, Class A2, (1-mo. Term SOFR + 0.23%), 5.53%, 10/25/36			2,854		2,226,405


Security		Par (000)		Value

Asset-Backed Securities (continued)
Carrington Mortgage Loan Trust^(a)(continued)
Series 2006-FRE2, Class A5, (1-mo. Term SOFR + 0.19%), 5.49%, 03/25/35	USD		5,879	$	4,586,159
CarVal CLO III Ltd., Series 2019-2A, Class E, (3-mo. CME Term SOFR + 6.70%), 12.03%, 07/20/32^(a)(b)			500		473,519
CBAM Ltd., Series 2017-1A, Class A1, (3-mo. CME Term SOFR + 1.51%), 6.84%, 07/20/30^(a)(b)			1,089		1,087,344
C-BASS Trust, Series 2006-CB7, Class A4, (1-mo. Term SOFR + 0.43%), 5.73%, 10/25/36^(a)			4,121		2,713,423
Cedar Funding XV CLO Ltd., Series 2022-15A, Class B, (3-mo. CME Term SOFR + 1.80%), 7.13%, 04/20/35^(a)(b)			400		385,145
CIFC Funding IV Ltd., Series 2017-4A, Class A1R, (3-mo. CME Term SOFR + 1.21%), 6.56%, 10/24/30^(a)(b)			468		464,681
CIFC Funding Ltd.^(a)(b)
Series 2013-4A, Class A1RR, (3-mo. CME Term SOFR + 1.32%), 6.68%, 04/27/31			250		248,911
Series 2014-5A, Class A1R2, (3-mo. CME Term SOFR + 1.46%), 6.77%, 10/17/31			550		548,625
Series 2016-1A, Class 1A, (3-mo. CME Term SOFR + 1.96%), 7.30%, 10/21/31			750		738,682
Series 2020-1A, Class DR, (3-mo. CME Term SOFR + 3.36%), 8.67%, 07/15/36			500		487,318
CIFC Funding VII Ltd.^(a)(b)
Series 2022-7A, Class D, (3-mo. CME Term SOFR + 5.35%), 10.70%, 10/22/35			250		250,197
Series 2022-7A, Class E, (3-mo. CME Term SOFR + 8.94%), 14.29%, 10/22/35			500		501,825
Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 7.28%, 10/25/36^(c)			334		195,181
Clear Creek CLO, Series 2015-1A, Class DR, (3-mo. CME Term SOFR + 3.21%), 8.54%, 10/20/30^(a)(b)			250		243,544
Countrywide Asset-Backed Certificates Trust, Series 2006-26, Class 1A, (1-mo. Term SOFR + 0.25%), 5.55%, 06/25/37^(a)			513		471,338
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1-mo. Term SOFR + 0.25%), 5.48%, 01/15/37^(a)			418		375,111
Deer Creek CLO Ltd., Series 2017-1A, Class A, (3-mo. CME Term SOFR + 1.44%), 6.77%, 10/20/30^(a)(b)			363		361,237
Dryden 106 CLO Ltd., Series 2022-106A, Class E, (3-mo. CME Term SOFR + 8.87%), 14.18%, 10/15/35^(a)(b)			500		506,943
Dryden 37 Senior Loan Fund, Series 2015-37A, Class AR, (3-mo. CME Term SOFR + 1.36%), 6.67%, 01/15/31^(a)(b)			242		240,996
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, (3-mo. CME Term SOFR + 1.16%), 6.47%, 04/15/29^(a)(b)			390		388,050
Elmwood CLO 22 Ltd., Series 2023-1A, Class E, (3-mo. CME Term SOFR + 7.65%), 12.43%, 04/17/36^(a)(b)			500		502,830
Elmwood CLO IV Ltd., Series 2020-1A, Class B, (3-mo. CME Term SOFR + 1.96%), 7.27%, 04/15/33^(a)(b)			250		248,756
FirstKey Homes Trust, Series 2022-SFR1, Class E1, 5.00%, 05/17/39^(b)			3,800		3,540,533
Flatiron CLO Ltd., Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.21%), 6.52%, 04/17/31^(a)(b)			1,397		1,388,836
Fremont Home Loan Trust^(a)
Series 2006-A, Class 2A3, (1-mo. Term SOFR + 0.43%), 5.73%, 05/25/36			4,107		2,399,367


1

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities (continued)
Fremont Home Loan Trust^(a)(continued)
Series 2006-D, Class 2A3, (1-mo. Term SOFR + 0.26%), 5.56%, 11/25/36	USD		6,238	$	2,174,171
Galaxy 31 CLO Ltd., Series 2023-31A, Class E, (3-mo. CME Term SOFR + 8.43%), 13.21%, 04/15/36^(a)(b)			300		301,371
Galaxy XXI CLO Ltd., Series 2015-21A, Class ER, (3-mo. CME Term SOFR + 5.51%), 10.84%, 04/20/31^(a)(b)			500		443,502
Galaxy XXVI CLO Ltd., Series 2018-26A, Class A, (3-mo. LIBOR US + 1.20%), 6.58%, 11/22/31^(a)(b)			750		746,802
Galaxy XXVIII CLO Ltd., Series 2018-28A, Class A1, (3-mo. CME Term SOFR + 1.36%), 6.67%, 07/15/31^(a)(b)			500		497,810
Generate CLO Ltd.^(a)(b)
Series 2A, Class DR, (3-mo. CME Term SOFR + 2.86%), 8.21%, 01/22/31			600		574,603
Series 2A, Class ER, (3-mo. CME Term SOFR + 5.91%), 11.26%, 01/22/31			250		225,483
Gilbert Park CLO Ltd., Series 2017-1A, Class A, (3-mo. CME Term SOFR + 1.45%), 6.76%, 10/15/30^(a)(b)			480		479,047
GoldenTree Loan Management U.S. CLO Ltd.^(a)(b)
Series 2017-2A, Class AR, (3-mo. CME Term SOFR + 1.17%), 6.50%, 11/20/30			906		899,305
Series 2018-3A, Class D, (3-mo. CME Term SOFR + 3.11%), 8.44%, 04/20/30			250		241,094
Series 2019-5A, Class BR, (3-mo. CME Term SOFR + 1.81%), 7.14%, 10/20/32			250		249,000
Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class AR, (3-mo. CME Term SOFR + 1.38%), 6.71%, 07/20/31^(a)(b)			500		498,458
GoldenTree Loan Opportunities X Ltd., Series 2015-10A, Class DR, (3-mo. CME Term SOFR + 3.31%), 8.64%, 07/20/31^(a)(b)			250		245,197
Gulf Stream Meridian Ltd., Series 2020-IA, Class E, (3-mo. CME Term SOFR + 6.71%), 12.02%, 04/15/33^(a)(b)			500		449,362
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1-mo. Term SOFR + 0.28%), 5.58%, 04/25/37^(a)			3,364		2,280,097
HPS Loan Management Ltd., Series 8A-2016, Class ER, (3-mo. CME Term SOFR + 5.76%), 11.09%, 07/20/30^(a)(b)			1,000		861,585
Jay Park CLO Ltd., Series 2016-1A, Class CR, (3-mo. CME Term SOFR + 2.91%), 8.24%, 10/20/27^(a)(b)			250		248,310
LCM XXIV Ltd., Series 24A, Class AR, (3-mo. CME Term SOFR + 1.24%), 6.57%, 03/20/30^(a)(b)			194		192,675
Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A3, (1-mo. Term SOFR + 0.43%), 5.73%, 08/25/36^(a)			5,019		1,987,766
Madison Park Funding LXIII Ltd., Series 2063, Class E, (3-mo. CME Term SOFR + 8.57%), 13.30%, 04/21/35			350		353,032
Madison Park Funding XLI Ltd., Series 12A, Class AR, (3-mo. CME Term SOFR + 1.09%), 6.44%, 04/22/27^(a)(b)			270		269,153
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class E, (3-mo. CME Term SOFR + 6.51%), 11.83%, 04/19/33			500		470,672


Security		Par (000)		Value

Asset-Backed Securities (continued)
Madison Park Funding XVII Ltd., Series 2015-17A, Class DR, (3-mo. CME Term SOFR + 3.86%), 9.20%, 07/21/30^(a)(b)	USD		500	$	488,048
Madison Park Funding XVIII Ltd., Series 2015-18A, Class DR, (3-mo. CME Term SOFR + 3.21%), 8.55%, 10/21/30^(a)(b)			250		237,197
Madison Park Funding XXIX Ltd.^(a)(b)
Series 2018-29A, Class D, (3-mo. CME Term SOFR + 3.26%), 8.57%, 10/18/30			565		544,314
Series 2018-29A, Class E, (3-mo. CME Term SOFR + 5.96%), 11.27%, 10/18/30			500		475,788
Madison Park Funding XXV Ltd., Series 2017-25A, Class A1R, (3-mo. CME Term SOFR + 1.23%), 6.58%, 04/25/29^(a)(b)			970		965,763
Madison Park Funding XXVI Ltd., Series 2007-4A, Class DR, (3-mo. LIBOR US + 3.00%), 8.63%, 07/29/30^(a)(b)			250		241,343
Madison Park Funding XXX Ltd., Series 2018-30A, Class A, (3-mo. CME Term SOFR + 1.01%), 6.32%, 04/15/29^(a)(b)			236		233,613
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR, (3-mo. CME Term SOFR + 1.91%), 7.22%, 07/15/33^(a)(b)			800		793,553
Mastr Asset-Backed Securities Trust, Series 2006-HE2, Class A3, (1-mo. Term SOFR + 0.41%), 5.71%, 06/25/36^(a)			7,080		2,614,329
Neuberger Berman CLO XV, Series 2013-15A, Class A1R2, (3-mo. CME Term SOFR + 1.18%), 6.49%, 10/15/29^(a)(b)			486		483,493
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ERR, (3-mo. CME Term SOFR + 6.76%), 12.07%, 07/15/34^(a)(b)			710		662,636
Neuberger Berman Loan Advisers CLO Ltd.^(a)(b)
Series 2017-25A, Class AR, (3-mo. CME Term SOFR + 1.19%), 6.50%, 10/18/29			1,366		1,358,724
Series 2017-26A, Class AR, (3-mo. CME Term SOFR + 1.18%), 6.49%, 10/18/30			244		242,180
Series 2020-37A, Class CR, (3-mo. CME Term SOFR + 2.06%), 7.39%, 07/20/31			400		389,708
Series 2021- 46A, Class B, (3-mo. CME Term SOFR + 1.91%), 7.24%, 01/20/36			250		247,150
Neuberger Berman Loan Advisers NBLA CLO Ltd.^(a)(b)
Series 2022-52A, Class D, (3-mo. CME Term SOFR + 5.75%), 11.10%, 10/24/35			550		551,346
Series 2022-52A, Class E, (3-mo. CME Term SOFR + 8.81%), 14.16%, 10/24/35			250		250,404
OCP CLO Ltd.^(a)(b)
Series 2015-9A, Class A1R2, (3-mo. CME Term SOFR + 1.25%), 6.56%, 01/15/33			550		541,602
Series 2017-13A, Class A1AR, (3-mo. CME Term SOFR + 1.22%), 6.53%, 07/15/30			581		575,600
Series 2017-14A, Class A2, (3-mo. LIBOR US + 1.50%), 6.88%, 11/20/30			400		393,004
Series 2019-17A, Class A1R, (3-mo. CME Term SOFR + 1.30%), 6.63%, 07/20/32			500		493,994
Octagon Investment Partners Ltd.^(a)(b)
Series 2017-1A, Class A1R, (3-mo. CME Term SOFR + 1.21%), 6.52%, 07/15/29			224		222,730
Series 2017-1A, Class E, (3-mo. CME Term SOFR + 6.56%), 11.89%, 07/20/30			500		441,953


S C H E D U L E O F I N V E S T M E N T S		2

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities (continued)
Octagon Investment Partners XIV Ltd., Series 2012-1A, Class AARR, (3-mo. CME Term SOFR + 1.21%), 6.52%, 07/15/29^(a)(b)	USD		401	$	399,020
Octagon Investment Partners XV Ltd., Series 2013-1A, Class A1RR, (3-mo. CME Term SOFR + 1.23%), 6.55%, 07/19/30^(a)(b)			2,549		2,537,628
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 7.01%, 01/25/31^(a)(b)			250		244,501
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class AAR3, (3-mo. LIBOR US + 1.00%), 6.32%, 02/14/31^(a)(b)			500		495,687
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, (3-mo. CME Term SOFR + 3.01%), 8.36%, 01/22/30^(a)(b)			500		470,906
OHA Credit Partners XI Ltd., Series 2015-11A, Class DR, (3-mo. CME Term SOFR + 3.21%), 8.54%, 01/20/32^(a)(b)			250		244,586
OZLM VII Ltd., Series 2014-7RA, Class A1R, (3-mo. CME Term SOFR + 1.27%), 6.58%, 07/17/29^(a)(b)			354		351,187
OZLM VIII Ltd., Series 2014-8A, Class A1R3, (3-mo. CME Term SOFR + 1.24%), 6.55%, 10/17/29^(a)(b)			604		601,199
OZLM XXI Ltd., Series 2017-21A, Class D, (3-mo. CME Term SOFR + 5.80%), 11.13%, 01/20/31^(a)(b)			250		212,997
Palmer Square CLO Ltd., Series 2014-1A, Class A1R2, (3-mo. CME Term SOFR + 1.39%), 6.70%, 01/17/31^(a)(b)			597		595,218
Palmer Square Loan Funding Ltd.^(a)(b)
Series 2020-1A, Class A1, (3-mo. LIBOR US + 0.80%), 6.18%, 02/20/28			56		56,140
Series 2021-1A, Class A1, (3-mo. CME Term SOFR + 1.16%), 6.49%, 04/20/29			220		219,707
Series 2021-3A, Class A1, (3-mo. CME Term SOFR + 1.06%), 6.39%, 07/20/29			925		920,845
Series 2022-1A, Class A1, (3-mo. CME Term SOFR + 1.05%), 6.36%, 04/15/30			204		202,634
Rad CLO Ltd.^(a)(b)
Series 2018-1A, Class AR, (3-mo. CME Term SOFR + 1.24%), 6.55%, 07/15/31			700		694,783
Series 2019-6A, Class E, (3-mo. CME Term SOFR + 7.79%), 13.12%, 01/20/33			500		485,318
Series 2022-17A, Class E, (3-mo. CME Term SOFR + 8.30%), 13.63%, 10/20/35			250		249,709
Regatta IX Funding Ltd., Series 2022-1A, Class D, (3-mo. CME Term SOFR + 4.16%), 9.47%, 04/17/30^(a)(b)			250		249,571
Regatta VIII Funding Ltd., Series 2017-1A, Class A, (3-mo. CME Term SOFR + 1.51%), 6.82%, 10/17/30^(a)(b)			394		393,261
Regatta XI Funding Ltd., Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.33%), 6.64%, 07/17/31^(a)(b)			248		247,515
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3-mo. CME Term SOFR + 1.71%), 7.02%, 01/15/34^(a)(b)			850		832,369
Regatta XXV Funding Ltd., Series 2025, Class E, (3-mo. CME Term SOFR + 8.41%), 13.65%, 07/15/36			500		499,930
Regional Management Issuance Trust, Series 2021-3, Class A, 3.88%, 10/17/33^(d)			1,110		961,593


Security		Par (000)			Value

Asset-Backed Securities (continued)
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37^(c)	USD		3,537		$	1,496,445
Rockford Tower CLO Ltd., Series 2017-2A, Class DR, (3-mo. CME Term SOFR + 3.11%), 8.42%, 10/15/29^(a)(b)			500			476,447
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1-mo. Term SOFR + 0.51%), 5.81%, 09/25/47^(a)			3,590			3,261,575
Scholar Funding Trust, Series 2013-A, Class R, 0.00%, 01/30/45^(d)			—	^(e)		672,107
Signal Peak CLO Ltd., Series 2017-4A, Class XR, (3-mo. CME Term SOFR + 1.21%), 6.56%, 10/26/34^(a)(b)			1,200			1,199,810
Southwick Park CLO LLC, Series 2019-4A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 6.65%, 07/20/32^(a)(b)			250			248,262
Stratus Static CLO Ltd., Series 2022-3A, Class D, (3-mo. CME Term SOFR + 5.29%), 10.62%, 10/20/31^(a)(b)			500			501,105
Symphony CLO XV Ltd., Series 2014-15A, Class AR3, (3-mo. CME Term SOFR + 1.34%), 6.65%, 01/17/32^(a)(b)			500			493,528
Symphony CLO XXXII Ltd., Series 2022-32A, Class B, (3-mo. CME Term SOFR + 1.85%), 7.20%, 04/23/35^(a)(b)			600			587,415
TCI-Flatiron CLO Ltd., Series 2016-1A, Class AR3, (3-mo. CME Term SOFR + 1.10%), 6.41%, 01/17/32^(a)(b)			1,285			1,271,866
TCI-Symphony CLO Ltd., Series 2017-1A, Class AR, (3-mo. CME Term SOFR + 1.19%), 6.50%, 07/15/30^(a)(b)			2,312			2,298,505
TICP CLO IX Ltd., Series 2017-9A, Class D, (3-mo. CME Term SOFR + 3.16%), 8.49%, 01/20/31^(a)(b)			250			245,488
TICP CLO VIII Ltd., Series 2017-8A, Class A2R, (3-mo. CME Term SOFR + 1.96%), 7.29%, 10/20/34^(a)(b)			250			245,025
Trestles CLO IV Ltd., Series 2021-4A, Class B1, (3-mo. CME Term SOFR + 1.96%), 7.30%, 07/21/34^(a)(b)			1,000			990,864
Trestles CLO Ltd., Series 2017-1A, Class CR, (3-mo. CME Term SOFR + 3.16%), 8.51%, 04/25/32^(a)(b)			250			237,451
Trimaran CAVU Ltd.
Series 2021-1A, Class E, (3-mo. CME Term SOFR + 6.76%), 12.11%, 04/23/32^(a)(b)			375			342,181
Series 2022-1, Class E, (3-mo. CME Term SOFR + 9.08%), 14.43%, 10/22/35			500			504,149
Series 2022-2A, Class D, (3-mo. CME Term SOFR + 6.12%), 11.45%, 01/20/36^(a)(b)			1,100			1,101,060
Series 2022-2A, Class E, (3-mo. CME Term SOFR + 8.81%), 14.14%, 01/20/36^(a)(b)			500			501,002
Series 2023-1, Class E, (3-mo. CME Term SOFR + 8.94%), 1.00%, 07/20/36^(f)			500			490,000
Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32^(g)	GBP		31			39,335
Voya CLO Ltd.
Series 2021-1A, (3-mo. CME Term SOFR + 3.41%), 8.72%, 07/15/34^(a)(b)	USD		250			234,275
Series 2022-4, Class E, (3-mo. CME Term SOFR + 7.50%), 12.83%, 10/20/33			350			349,140
Voya Ltd., Series 2012-4A, Class A1R3, (3-mo. CME Term SOFR + 1.26%), 6.57%, 10/15/30^(a)(b)			441			437,256


3

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities (continued)
WaMu Asset-Backed Certificates Trust, Series 2007- HE3, Class 2A3, (1-mo. Term SOFR + 0.35%), 5.65%, 05/25/37^(a)	USD		5,687	$	4,775,406
Whetstone Park CLO Ltd., Series 2021-1A, Classs 1A, (3-mo. CME Term SOFR + 1.86%), 7.19%, 01/20/35^(a)(b)			275		268,806
York CLO Ltd., Series 2014-1A, Class DRR, (3-mo. CME Term SOFR + 3.27%), 8.62%, 10/22/29^(a)(b)			250		249,232


Total Asset-Backed Securities — 19.3% (Cost: $110,840,360)					106,203,871


		Shares

Common Stocks

Aerospace & Defense — 0.4%
RTX Corp.			25,650		2,255,404


Building Products — 0.3%
Carrier Global Corp			25,650		1,527,458


Machinery — 0.2%
Otis Worldwide Corp			12,825		1,166,562


Total Common Stocks — 0.9% (Cost: $2,968,841)					4,949,424


		Par (000)

Corporate Bonds

Aerospace & Defense — 4.0%
Amsted Industries, Inc., 5.63%, 07/01/27^(b)	USD		185		179,450
Bombardier, Inc.^(b)7.50%, 03/15/25			22		22,077
7.13%, 06/15/26^(h)			1,318		1,307,595
7.88%, 04/15/27^(h)			781		778,513
6.00%, 02/15/28^(h)			683		642,149
7.50%, 02/01/29^(h)			970		961,005
7.45%, 05/01/34			286		328,042
Embraer Netherlands Finance BV^(b)6.95%, 01/17/28			269		272,131
7.00%, 07/28/30			734		741,780
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26^(b)			664		610,370
HEICO Corp., 5.35%, 08/01/33^(h)			265		263,881
Howmet Aerospace, Inc., 5.13%, 10/01/24			2		1,980
L3Harris Technologies, Inc.^(h)5.40%, 07/31/33			390		392,695
5.60%, 07/31/53			140		142,790
Lockheed Martin Corp., 4.09%, 09/15/52^(h)			451		389,932
Northrop Grumman Corp., 3.85%, 04/15/45^(h)			680		552,617
Rolls-Royce PLC, 5.75%, 10/15/27^(b)(h)			1,545		1,522,544
RTX Corp., 3.75%, 11/01/46^(h)			700		548,007
Spirit AeroSystems, Inc.^(b)7.50%, 04/15/25			40		39,982
9.38%, 11/30/29			787		842,443
TransDigm, Inc. 6.25%, 03/15/26^(b)(h)			6,944		6,906,613
6.38%, 06/15/26			58		57,407


Security		Par (000)		Value

Aerospace & Defense (continued)
TransDigm, Inc. (continued) 7.50%, 03/15/27	USD		134	$	133,946
6.75%, 08/15/28^(b)			3,142		3,151,376
Triumph Group, Inc., 9.00%, 03/15/28^(b)			1,159		1,190,449

					21,979,774

Automobile Components — 1.4%
Aptiv PLC, 4.40%, 10/01/46^(h)			280		217,651
Clarios Global LP, 6.75%, 05/15/25^(b)			140		140,322
Clarios Global LP/Clarios U.S. Finance Co. 4.38%, 05/15/26^(g)	EUR		423		451,136
6.25%, 05/15/26^(b)(h)	USD		1,265		1,264,061
8.50%, 05/15/27^(b)(h)			3,519		3,562,942
6.75%, 05/15/28^(h)			1,034		1,038,615
Dana Financing Luxembourg SARL, 8.50%, 07/15/31^(g)	EUR		100		115,448
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28^(b)	USD		231		212,445
Forvia, 3.75%, 06/15/28^(g)	EUR		100		102,528
Goodyear Tire & Rubber Co. 5.00%, 07/15/29^(h)	USD		132		121,718
5.63%, 04/30/33			137		122,690
IHO Verwaltungs GmbH, (4.63% PIK), 3.88%, 05/15/27^(g)(i)	EUR		100		99,961
ZF Finance GmbH, 2.00%, 05/06/27^(g)			100		98,409

					7,547,926

Automobiles — 1.9%
Arko Corp., 5.13%, 11/15/29^(b)(h)	USD		232		192,860
Asbury Automotive Group, Inc., 5.00%, 02/15/32^(b)			168		146,413
Ford Motor Co. 3.25%, 02/12/32^(h)			598		472,799
6.10%, 08/19/32			232		224,454
Ford Motor Credit Co. LLC 2.75%, 06/14/24	GBP		105		129,588
5.13%, 06/16/25	USD		397		386,539
3.38%, 11/13/25			200		186,996
4.39%, 01/08/26			1,250		1,187,877
6.86%, 06/05/26	GBP		108		136,218
2.70%, 08/10/26	USD		376		337,052
4.95%, 05/28/27^(h)			519		492,507
6.80%, 05/12/28			754		760,929
5.11%, 05/03/29^(h)			214		199,827
7.35%, 03/06/30			600		621,130
7.20%, 06/10/30			1,069		1,096,153
3.63%, 06/17/31			417		344,699
General Motors Co., 6.25%, 10/02/43^(h)			2,194		2,155,744
LCM Investments Holdings II LLC, 8.25%, 08/01/31^(b)			328		333,199
MajorDrive Holdings IV LLC, 6.38%, 06/01/29^(b)			228		186,517
RCI Banque SA, (5-year EUR Swap + 2.85%), 2.63%, 02/18/30^(a)(g)	EUR		100		102,825
Renault SA, 2.38%, 05/25/26^(g)			100		103,739
TML Holdings Pte. Ltd., 4.35%, 06/09/26^(g)(h)	USD		200		186,010
Wabash National Corp., 4.50%, 10/15/28^(b)			281		236,742

					10,220,817

Banks — 1.2%
Banco Bilbao Vizcaya Argentaria SA, (5-year USD Swap + 3.87%), 6.13%^(a)(h)(j)			2,000		1,727,712
Banco BPM SpA
(3-mo. EURIBOR + 2.80%), 6.00%, 06/14/28	EUR		150		166,172
(5-year EUR Swap + 3.17%), 2.88%, 06/29/31^(a)(g)			100		97,111
Banco de Sabadell SA, (1-year EUR Swap + 2.40%), 5.25%, 02/07/29^(a)(g)			100		109,968
Banco do Brasil SA, 6.25%, 04/18/30	USD		218		217,101


S C H E D U L E O F I N V E S T M E N T S		4

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Banks (continued)
Banco Santander SA, 6.92%, 08/08/33^(f)	USD		400	$	400,000
Bangkok Bank PCL, (5-year CMT + 4.73%), 5.00%			205		194,647
Bank Leumi Le-Israel BM, (5-year CMT + 3.47%), 7.13%, 07/18/33^(a)(b)(g)			200		196,556
Chong Hing Bank Ltd., (5-year CMT + 3.86%), 5.70%^(a)(g)(j)			250		243,992
Citigroup, Inc., (1-day SOFR + 2.66%), 6.17%, 05/25/34^(h)			560		568,859
Commerzbank AG, (5-year EUR Swap + 6.36%), 6.13%^(a)(g)(j)	EUR		200		203,407
Credit Suisse AG/New York, 5.00%, 07/09/27^(h)	USD		900		869,880
Intesa Sanpaolo SpA, 5.71%, 01/15/26^(b)			200		193,084
Standard Chartered PLC, (5-year USD ICE Swap + 1.97%), 4.87%, 03/15/33^(a)(b)(h)			500		457,900
Wells Fargo & Co.^(a)(h)
(1-day SOFR + 1.74%), 5.57%, 07/25/29			205		206,086
(1-day SOFR + 1.99%), 5.56%, 07/25/34			540		542,130

					6,394,605

Beverages — 2.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46^(h)			2,160		2,047,135
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27^(b)(h)(i)			1,065		864,948
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC^(b)6.00%, 06/15/27			736		726,265
3.25%, 09/01/28			200		172,754
4.00%, 09/01/29^(h)			2,668		2,182,171
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 5.25%, 04/30/25^(b)			200		195,933
2.13%, 08/15/26^(g)	EUR		243		241,536
4.13%, 08/15/26^(b)	USD		400		374,705
5.25%, 08/15/27^(b)			255		218,855
Ball Corp., 6.00%, 06/15/29^(h)			249		249,000
Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25^(b)(h)			211		196,224
Mauser Packaging Solutions Holding Co.^(b)7.88%, 08/15/26^(h)			4,174		4,162,736
9.25%, 04/15/27			120		111,486
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/27^(b)			51		50,711
Trivium Packaging Finance BV^(b)5.50%, 08/15/26			1,189		1,129,656
8.50%, 08/15/27^(h)			1,369		1,316,928

					14,241,043

Biotechnology — 0.2%
Amgen, Inc., 2.80%, 08/15/41^(h)			250		176,824
Cidron Aida Finco SARL, 5.00%, 04/01/28^(g)	EUR		100		99,802
Gilead Sciences, Inc., 4.75%, 03/01/46^(h)	USD		700		656,005

					932,631

Broadline Retail — 0.0%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26^(b)			155		144,866


Building Materials — 1.2%
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28^(b)			269		262,352
Emerald Debt Merger Sub LLC 6.38%, 12/15/30^(g)	EUR		100		109,950
6.63%, 12/15/30^(b)	USD		3,366		3,344,962


Security		Par (000)		Value

Building Materials (continued)
Jeld-Wen, Inc.^(b)6.25%, 05/15/25	USD		189	$	191,396
4.63%, 12/15/25			112		109,355
Masonite International Corp., 5.38%, 02/01/28^(b)			161		153,352
New Enterprise Stone & Lime Co., Inc.^(b)5.25%, 07/15/28			103		95,790
9.75%, 07/15/28			48		47,240
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28^(b)			731		696,797
Standard Industries, Inc. 2.25%, 11/21/26^(g)	EUR		131		128,377
5.00%, 02/15/27^(b)	USD		94		90,025
4.75%, 01/15/28^(b)			115		107,143
4.38%, 07/15/30^(b)			1,100		954,894
3.38%, 01/15/31^(b)			55		44,416
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29^(b)			40		37,736

					6,373,785

Building Products — 1.2%
Advanced Drainage Systems, Inc.^(b)5.00%, 09/30/27			373		356,234
6.38%, 06/15/30			522		516,729
Beacon Roofing Supply, Inc.^(b)4.13%, 05/15/29			159		140,453
6.50%, 08/01/30			334		334,835
Foundation Building Materials, Inc., 6.00%, 03/01/29^(b)			104		90,076
GYP Holdings III Corp., 4.63%, 05/01/29^(b)			472		421,590
HT Troplast GmbH, 9.38%, 07/15/28	EUR		100		109,783
Lowe’s Cos., Inc., 4.65%, 04/15/42^(h)	USD		400		355,504
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26^(b)			111		105,638
SRS Distribution, Inc.^(b)4.63%, 07/01/28			936		847,412
6.13%, 07/01/29^(h)			652		572,096
6.00%, 12/01/29^(h)			1,080		936,900
White Cap Buyer LLC, 6.88%, 10/15/28^(b)(h)			1,577		1,420,738
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26^(b)(i)			324		312,176

					6,520,164

Capital Markets — 1.4%
Ares Capital Corp., 7.00%, 01/15/27^(f)			185		185,622
Blackstone Private Credit Fund 7.05%, 09/29/25			103		103,464
3.25%, 03/15/27			97		84,451
Blue Owl Capital Corp. 3.75%, 07/22/25^(h)			238		222,196
3.40%, 07/15/26			83		74,902
Blue Owl Credit Income Corp. 3.13%, 09/23/26			56		48,873
7.75%, 09/16/27^(b)(h)			395		394,075
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29^(b)			273		248,541
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32^(h)			698		569,847
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.25%, 05/15/26^(h)			582		545,590
5.25%, 05/15/27^(h)			1,021		900,012
4.38%, 02/01/29			414		335,792
Intercorp Peru Ltd., 3.88%, 08/15/29^(b)			270		230,261
NFP Corp.^(b)(h)4.88%, 08/15/28			968		871,097


5

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Capital Markets (continued)
NFP Corp.^(b)(h)(continued)
6.88%, 08/15/28	USD		2,284	$	2,021,598
7.50%, 10/01/30			136		132,287
Northern Trust Corp., 6.13%, 11/02/32^(h)			300		312,663
Raymond James Financial, Inc., 4.95%, 07/15/46^(h)			400		358,907
UBS Group AG, (1-year EURIBOR ICE Swap + 4.95%), 7.75%, 03/01/29^(a)(g)	EUR		100		122,526

					7,762,704

Chemicals — 2.0%
Avient Corp., 7.13%, 08/01/30^(b)	USD		141		142,136
Axalta Coating Systems LLC, 3.38%, 02/15/29^(b)			245		209,679
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27^(b)(h)			600		572,217
Braskem Idesa SAPI, 6.99%, 02/20/32^(b)			305		193,681
Braskem Netherlands Finance BV, 7.25%, 02/13/33^(b)			290		284,534
Chemours Co.^(b)
5.75%, 11/15/28			59		54,133
4.63%, 11/15/29			227		191,604
Element Solutions, Inc., 3.88%, 09/01/28^(b)(h)			2,001		1,768,415
HB Fuller Co., 4.25%, 10/15/28			141		125,607
Herens Holdco SARL, 4.75%, 05/15/28^(b)			671		510,544
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28^(b)(h)			423		386,618
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26^(g)	EUR		100		97,501
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26^(b)(i)	USD		332		232,400
Kronos International, Inc., 3.75%, 09/15/25^(g)	EUR		100		100,475
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29^(b)	USD		170		141,945
MEGlobal BV, 2.63%, 04/28/28^(g)			200		174,810
Minerals Technologies, Inc., 5.00%, 07/01/28^(b)			218		201,479
Olympus Water U.S. Holding Corp.
9.63%, 11/15/28^(g)	EUR		100		106,071
9.75%, 11/15/28^(b)	USD		698		675,315
Sasol Financing USA LLC
8.75%, 05/03/29^(b)			348		347,130
5.50%, 03/18/31			320		264,003
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26^(b)(h)			305		280,343
Sherwin-Williams Co., 4.50%, 06/01/47^(h)			310		270,945
SK Invictus Intermediate II SARL, 5.00%, 10/30/29^(b)			586		464,540
WESCO Distribution, Inc.^(b)
7.13%, 06/15/25			830		839,524
7.25%, 06/15/28^(h)			573		584,334
WR Grace Holdings LLC^(b)
4.88%, 06/15/27			177		166,845
5.63%, 08/15/29^(h)			1,429		1,205,919
7.38%, 03/01/31			419		417,272

					11,010,019

Commercial Services & Supplies — 1.8%
ADT Security Corp.^(b)
4.13%, 08/01/29			35		30,363
4.88%, 07/15/32			72		61,830
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26^(b)			222		209,235
APX Group, Inc., 5.75%, 07/15/29^(b)			342		296,896
Ashtead Capital, Inc., 5.95%, 10/15/33^(b)(h)			480		478,727
Cablevision Lightpath LLC, 3.88%, 09/15/27^(b)			418		346,880


Security		Par (000)		Value

Commercial Services & Supplies (continued)
Fortress Transportation and Infrastructure Investors LLC^(b)
6.50%, 10/01/25	USD		698	$	691,376
9.75%, 08/01/27			297		309,226
5.50%, 05/01/28^(h)			854		789,599
Garda World Security Corp., 9.50%, 11/01/27^(b)			88		86,139
Herc Holdings, Inc., 5.50%, 07/15/27^(b)(h)			781		750,499
Hertz Corp.^(b)
4.63%, 12/01/26			161		145,455
5.00%, 12/01/29^(h)			130		107,392
Inter Media and Communication SpA, 6.75%, 02/09/27^(g)	EUR		100		106,367
LABL, Inc., 9.50%, 11/01/28^(b)	USD		567		581,175
Metis Merger Sub LLC, 6.50%, 05/15/29^(b)			158		134,282
NESCO Holdings II, Inc., 5.50%, 04/15/29^(b)			305		277,398
Prime Security Services Borrower LLC/Prime Finance, Inc.^(b)
5.25%, 04/15/24			142		140,579
5.75%, 04/15/26^(h)			788		772,566
6.25%, 01/15/28^(h)			232		218,412
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29^(b)(h)			690		534,750
United Rentals North America, Inc.
5.50%, 05/15/27			173		170,098
6.00%, 12/15/29^(b)(h)			2,299		2,296,306
Verisure Holding AB^(g)
3.25%, 02/15/27	EUR		100		99,379
9.25%, 10/15/27			100		117,767

					9,752,696

Communications Equipment^(b)— 0.4%
CommScope Technologies LLC, 6.00%, 06/15/25^(h)	USD		525		476,086
CommScope, Inc.
6.00%, 03/01/26^(h)			486		445,912
8.25%, 03/01/27^(h)			222		168,059
4.75%, 09/01/29			486		374,408
Viasat, Inc.
5.63%, 09/15/25			904		847,500
5.63%, 04/15/27			87		78,376

					2,390,341

Construction & Engineering — 0.3%
Brand Industrial Services, Inc., 10.38%, 08/01/30^(f)			1,547		1,577,971


Construction Materials^(b)— 0.1%
BCPE Empire Holdings, Inc., 7.63%, 05/01/27^(h)			425		404,188
Resideo Funding, Inc., 4.00%, 09/01/29			77		65,091
Ritchie Bros Holdings, Inc., 6.75%, 03/15/28			102		103,275

					572,554

Consumer Discretionary — 2.6%
APi Group DE, Inc.^(b)
4.13%, 07/15/29			168		145,628
4.75%, 10/15/29			128		113,989
Carnival Corp.
10.13%, 02/01/26^(g)	EUR		100		115,571
10.50%, 02/01/26^(b)(h)	USD		762		803,236
7.63%, 03/01/26^(b)(h)			197		194,343
5.75%, 03/01/27^(b)			1,305		1,207,139
9.88%, 08/01/27^(b)			335		350,239
4.00%, 08/01/28^(b)			600		533,465
6.00%, 05/01/29^(b)(h)			672		604,053
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28^(b)(h)			3,048		3,325,822


S C H E D U L E O F I N V E S T M E N T S		6

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Consumer Discretionary (continued)
CoreLogic, Inc., 4.50%, 05/01/28^(b)(h)	USD		1,198	$	985,355
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26^(b)			114		106,938
Life Time, Inc.^(b)
5.75%, 01/15/26			435		426,422
8.00%, 04/15/26			336		335,969
Lindblad Expeditions LLC, 6.75%, 02/15/27^(b)			389		373,294
NCL Corp. Ltd.^(b)
5.88%, 03/15/26^(h)			429		405,945
8.38%, 02/01/28^(h)			173		180,357
7.75%, 02/15/29			54		51,703
NCL Finance Ltd., 6.13%, 03/15/28^(b)(h)			333		303,030
Neptune Bidco U.S., Inc., 9.29%, 04/15/29^(b)			108		99,344
Royal Caribbean Cruises Ltd.^(b)
11.50%, 06/01/25			78		82,635
4.25%, 07/01/26			92		85,512
5.50%, 08/31/26			176		168,791
5.38%, 07/15/27			173		164,493
11.63%, 08/15/27			229		250,050
5.50%, 04/01/28			152		143,260
8.25%, 01/15/29			251		261,667
9.25%, 01/15/29^(h)			491		522,733
7.25%, 01/15/30			399		403,315
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25^(g)	EUR		100		105,693
Viking Cruises Ltd.^(b) 5.88%, 09/15/27^(h)	USD		308		288,008
7.00%, 02/15/29			66		62,205
9.13%, 07/15/31			854		878,083
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29^(b)			206		191,627

					14,269,914

Consumer Finance — 1.9%
American Express Co., (1-day SOFR + 1.93%), 5.63%, 07/28/34^(h)			275		274,610
Block, Inc.^(h)
2.75%, 06/01/26			845		769,254
3.50%, 06/01/31			2,184		1,829,265
Capital One Financial Corp.^(a)(h)
(1-day SOFR + 2.64%), 6.31%, 06/08/29			180		180,680
(1-day SOFR + 2.86%), 6.38%, 06/08/34			130		131,240
Discover Financial Services, 6.70%, 11/29/32^(h)			115		117,987
Global Payments, Inc.^(h)
3.20%, 08/15/29			736		648,526
5.40%, 08/15/32			317		311,075
Iron Mountain U.K. PLC, 3.88%, 11/15/25^(g)	GBP		100		119,989
Navient Corp.
7.25%, 09/25/23	USD		91		90,953
6.13%, 03/25/24			105		104,612
5.88%, 10/25/24			76		74,980
5.50%, 03/15/29			268		231,699
9.38%, 07/25/30			195		195,975
OneMain Finance Corp.
6.88%, 03/15/25			362		360,798
7.13%, 03/15/26^(h)			422		418,037
3.50%, 01/15/27			389		336,358
6.63%, 01/15/28			285		270,211
9.00%, 01/15/29			37		37,596
5.38%, 11/15/29^(h)			131		113,492
4.00%, 09/15/30			202		158,695


Security		Par (000)		Value

Consumer Finance (continued)
Sabre Global, Inc.^(b)(h)
9.25%, 04/15/25	USD		229	$	214,698
7.38%, 09/01/25			452		407,930
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26^(b)(h)			819		773,832
Shift4 Payments, Inc., 0.00%, 12/15/25^(k)(l)			219		237,834
Verscend Escrow Corp., 9.75%, 08/15/26^(b)(h)			2,007		2,012,712

					10,423,038

Consumer Staples Distribution & Retail — 0.9%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(b)
3.25%, 03/15/26			79		73,426
7.50%, 03/15/26			127		129,270
4.63%, 01/15/27			1,035		980,816
5.88%, 02/15/28^(h)			377		367,104
6.50%, 02/15/28			199		198,218
3.50%, 03/15/29			114		99,243
4.88%, 02/15/30^(h)			281		257,817
Bellis Acquisition Co. PLC, 3.25%, 02/16/26^(g)	GBP		100		110,049
BRF GmbH, 4.35%, 09/29/26^(g)	USD		200		184,122
Darling Ingredients, Inc., 6.00%, 06/15/30^(b)(h)			557		548,628
Lamb Weston Holdings, Inc.^(b)(h)
4.13%, 01/31/30			368		324,777
4.38%, 01/31/32			428		375,858
Performance Food Group, Inc., 4.25%, 08/01/29^(b)(h)			376		334,007
Post Holdings, Inc.^(b)
5.75%, 03/01/27			42		41,158
4.63%, 04/15/30^(h)			397		349,847
4.50%, 09/15/31			17		14,474
Premier Foods Finance PLC, 3.50%, 10/15/26^(g)	GBP		100		115,127
U.S. Foods, Inc.^(b)
4.75%, 02/15/29^(h)	USD		427		392,736
4.63%, 06/01/30			51		45,872
United Natural Foods, Inc., 6.75%, 10/15/28^(b)			44		36,654

					4,979,203

Containers & Packaging — 0.6%
Clydesdale Acquisition Holdings, Inc.^(b)
6.63%, 04/15/29^(h)			1,346		1,287,687
8.75%, 04/15/30			523		474,107
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			74		69,972
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26^(h)			258		249,407
Graphic Packaging International LLC, 2.63%, 02/01/29^(g)	EUR		195		186,654
Kleopatra Finco SARL, 4.25%, 03/01/26^(g)			100		92,892
LABL, Inc., 5.88%, 11/01/28^(b)(h)	USD		280		255,402
OI European Group BV, 6.25%, 05/15/28	EUR		150		169,970
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/31	USD		304		308,931
Sealed Air Corp., 5.13%, 12/01/24^(b)			54		53,221
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28^(b)			208		207,066

					3,355,309

Diversified Consumer Services — 2.2%
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(b)(h)
6.63%, 07/15/26			2,652		2,532,436
9.75%, 07/15/27			909		833,634


7

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Consumer Services (continued)
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(b)(h)(continued)
6.00%, 06/01/29	USD		1,655	$	1,262,475
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL^(b)
4.63%, 06/01/28^(h)			1,346		1,141,556
4.63%, 06/01/28			900		765,000
Clarivate Science Holdings Corp.^(b)(h)
3.88%, 07/01/28			1,442		1,285,359
4.88%, 07/01/29			946		840,333
Garda World Security Corp.^(b)
4.63%, 02/15/27			351		324,208
7.75%, 02/15/28			685		681,397
Graham Holdings Co., 5.75%, 06/01/26^(b)			135		132,548
Rekeep SpA, 7.25%, 02/01/26^(g)	EUR		100		104,107
Service Corp. International^(h)5.13%, 06/01/29	USD		107		101,650
4.00%, 05/15/31			454		387,035
Sotheby’s, 7.38%, 10/15/27^(b)			1,730		1,532,543

					11,924,281

Diversified REITs — 0.7%
American Tower Corp., 2.30%, 09/15/31^(h)			1,000		794,909
Iron Mountain, Inc., 5.63%, 07/15/32^(b)			89		80,180
MPT Operating Partnership LP/MPT Finance Corp.
2.55%, 12/05/23	GBP		136		169,978
2.50%, 03/24/26			182		189,115
4.63%, 08/01/29^(h)	USD		359		285,158
3.50%, 03/15/31^(h)			1,545		1,115,021
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27			35		32,911
7.25%, 07/15/28			426		432,402
4.50%, 02/15/29^(b)			97		86,451
Service Properties Trust, 7.50%, 09/15/25			189		186,798
Trust Fibra Uno, 5.25%, 01/30/26^(b)			235		228,244
VICI Properties LP, 4.95%, 02/15/30			254		240,322
VICI Properties LP/VICI Note Co., Inc., 3.88%, 02/15/29^(b)			64		56,738

					3,898,227

Diversified Telecommunication Services — 2.2%
AT&T, Inc.^(h)
4.65%, 06/01/44			111		93,526
4.75%, 05/15/46			2,545		2,168,187
British Telecommunications PLC, (5-year UK Government Bond + 3.82%), 8.38%, 12/20/83	GBP		100		128,417
Level 3 Financing, Inc.^(b)
3.40%, 03/01/27	USD		1,339		1,180,992
4.63%, 09/15/27			502		381,347
10.50%, 05/15/30^(h)			1,567		1,623,201
Lumen Technologies, Inc., 4.00%, 02/15/27^(b)(h)			1,447		951,605
SoftBank Group Corp.^(g)
4.50%, 04/20/25	EUR		100		108,301
3.88%, 07/06/32			100		88,551
Telecom Italia Capital SA
6.38%, 11/15/33	USD		169		143,029
6.00%, 09/30/34			559		452,172
7.20%, 07/18/36			103		88,481
7.72%, 06/04/38			38		33,775
Telecom Italia SpA
5.30%, 05/30/24^(b)			202		198,036


Security		Par (000)		Value

Diversified Telecommunication Services (continued)
Telecom Italia SpA (continued)
2.75%, 04/15/25^(g)	EUR		100	$	104,178
7.88%, 07/31/28^(g)			100		111,737
1.63%, 01/18/29^(g)			100		83,569
Verizon Communications, Inc.^(h)
4.50%, 08/10/33	USD		500		467,204
3.70%, 03/22/61			1,250		885,746
Zayo Group Holdings, Inc.^(b)(h)
4.00%, 03/01/27			2,948		2,108,280
6.13%, 03/01/28			906		558,582

					11,958,916

Education — 0.0%
Grand Canyon University, 5.13%, 10/01/28			249		229,620


Electric Utilities — 1.2%
AES Panama Generation Holdings SRL, 4.38%, 05/31/30^(g)			221		191,168
Centrais Eletricas Brasileiras SA, 3.63%, 02/04/25^(b)			200		190,580
Comision Federal de Electricidad, 4.88%, 01/15/24^(h)			323		319,654
Duke Energy Corp., 4.80%, 12/15/45^(h)			1,500		1,339,328
Electricite de France SA, (5-year CMT + 5.41%), 9.13%^(a)(b)(j)			245		257,556
Enel Finance International NV, 3.63%, 05/25/27^(b)(h)			1,250		1,175,907
FirstEnergy Transmission LLC, 5.45%, 07/15/44^(b)(h)			497		462,655
Mong Duong Finance Holdings BV, 5.13%, 05/07/29^(g)			250		225,281
NextEra Energy Operating Partners LP^(b)
4.25%, 07/15/24			205		201,156
4.25%, 09/15/24			11		10,560
Pacific Gas and Electric Co.^(h)
6.10%, 01/15/29			320		318,157
6.40%, 06/15/33			465		467,312
6.75%, 01/15/53			225		225,296
Palomino Funding Trust I, 7.23%, 05/17/28^(b)(h)			250		252,522
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28^(b)			429		389,800
Virginia Electric and Power Co., Series A, 6.00%, 05/15/37^(h)			750		784,850

					6,811,782

Electrical Equipment^(b)— 0.3%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26			572		564,876
Regal Rexnord Corp.^(h)
6.05%, 04/15/28			769		764,306
6.30%, 02/15/30			265		264,565
6.40%, 04/15/33			275		274,270

					1,868,017

Electronic Equipment, Instruments & Components — 0.7%
CDW LLC/CDW Finance Corp., 3.25%, 02/15/29			175		152,633
Coherent Corp., 5.00%, 12/15/29^(b)(h)			770		693,000
Corning, Inc., 4.38%, 11/15/57^(h)			1,915		1,565,227
Imola Merger Corp., 4.75%, 05/15/29^(b)			683		599,695
Vertiv Group Corp., 4.13%, 11/15/28^(b)			776		696,593

					3,707,148

Energy Equipment & Services — 0.8%
Archrock Partners LP/Archrock Partners Finance Corp.^(b)
6.88%, 04/01/27			381		371,471
6.25%, 04/01/28^(h)			1,088		1,025,440
Noble Finance II LLC, 8.00%, 04/15/30			402		413,557


S C H E D U L E O F I N V E S T M E N T S		8

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Energy Equipment & Services (continued)
Seadrill Finance Ltd., 8.38%, 08/01/30	USD		200	$	204,140
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			516		511,358
6.88%, 09/01/27			717		690,693
Valaris Ltd., 8.38%, 04/30/30			668		683,498
Vallourec SA, 8.50%, 06/30/26^(g)	EUR		44		48,620
Weatherford International Ltd.^(b)
6.50%, 09/15/28	USD		219		219,040
8.63%, 04/30/30			408		418,150

					4,585,967

Environmental, Maintenance & Security Service — 0.8%
Clean Harbors, Inc.^(b)
4.88%, 07/15/27			297		284,882
5.13%, 07/15/29			149		141,903
6.38%, 02/01/31			142		142,679
Covanta Holding Corp.
4.88%, 12/01/29^(b)			181		159,844
5.00%, 09/01/30			91		78,715
GFL Environmental, Inc.^(b)
4.25%, 06/01/25			22		21,336
3.75%, 08/01/25^(h)			402		384,280
5.13%, 12/15/26			496		482,368
4.00%, 08/01/28			567		507,432
3.50%, 09/01/28			208		185,101
4.75%, 06/15/29			483		440,575
4.38%, 08/15/29			403		359,341
Tervita Corp., 11.00%, 12/01/25^(b)			147		154,350
Waste Pro USA, Inc., 5.50%, 02/15/26^(b)			1,206		1,142,685

					4,485,491

Financial Services — 2.0%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28^(b)			514		407,823
Aircastle Ltd., 6.50%, 07/18/28^(b)(h)			177		177,264
ASG Finance Designated Activity Co., 7.88%, 12/03/24^(b)			262		254,140
Barclays PLC, 5.20%, 05/12/26^(h)			200		194,771
Castlelake Aviation Finance DAC, 5.00%, 04/15/27^(b)			44		40,590
Deutsche Bank AG, (1-day SOFR + 3.18%), 6.72%, 01/18/29^(a)(h)			815		829,887
GGAM Finance Ltd.^(b)
7.75%, 05/15/26			58		58,455
8.00%, 06/15/28			58		58,795
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24^(b)(i)			285		267,768
Goldman Sachs Group, Inc., Series R, (5-year CMT + 3.22%), 4.95%^(a)(j)			900		848,799
Home Point Capital, Inc., 5.00%, 02/01/26^(b)			1,276		1,190,802
HSBC Holdings PLC
4.38%, 11/23/26^(h)			370		352,197
(5-year CMT + 3.25%), 4.70%^(a)(j)			465		369,372
(5-year CMT + 3.65%), 4.60%^(a)(j)			200		159,589
ION Trading Technologies SARL, 5.75%, 05/15/28^(b)			246		214,020
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28^(b)(h)			415		354,631
JPMorgan Chase & Co., (3-mo. CME Term SOFR + 1.21%), 3.51%, 01/23/29^(a)(h)			2,250		2,088,539


Security		Par (000)		Value

Financial Services (continued)
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(b)
5.25%, 10/01/25	USD		54	$	51,762
4.25%, 02/01/27			220		197,906
4.75%, 06/15/29			85		71,665
Lloyds Banking Group PLC, (5-year CMT + 4.82%), 6.75%^(a)(j)			515		479,122
MGIC Investment Corp., 5.25%, 08/15/28^(h)			216		205,658
Morgan Stanley^(a)(h)
(1-day SOFR + 1.88%), 5.42%, 07/21/34			225		224,823
(5-year CMT + 2.43%), 5.95%, 01/19/38			125		124,348
Nationstar Mortgage Holdings, Inc.^(b)
6.00%, 01/15/27^(h)			237		226,482
5.13%, 12/15/30			136		114,608
5.75%, 11/15/31			146		123,896
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.^(b)
2.88%, 10/15/26^(h)			1,062		945,180
3.88%, 03/01/31			62		50,995
4.00%, 10/15/33			133		105,488
Spectrum Brands, Inc.^(b)
5.00%, 10/01/29			106		95,400
5.50%, 07/15/30			198		180,830

					11,065,605

Food Products — 0.8%
Aramark International Finance SARL, 3.13%, 04/01/25^(g)	EUR		200		212,887
Aramark Services, Inc.^(b)
5.00%, 04/01/25^(h)	USD		320		315,226
6.38%, 05/01/25			105		105,002
5.00%, 02/01/28^(h)			1,184		1,112,964
Chobani LLC/Chobani Finance Corp., Inc.^(b)
7.50%, 04/15/25^(h)			1,512		1,508,339
4.63%, 11/15/28			1,233		1,122,014
Darling Global Finance BV, 3.63%, 05/15/26^(g)	EUR		156		167,680

					4,544,112

Gas Utilities^(b)— 0.1%
Howard Midstream Energy Partners LLC, 8.88%, 07/15/28	USD		343		350,752
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31			117		99,853

					450,605

Ground Transportation — 0.5%
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42^(h)			500		447,578
Danaos Corp., 8.50%, 03/01/28^(b)			100		101,046
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34^(b)(h)			1,807		1,770,328
Union Pacific Corp., 3.20%, 05/20/41^(h)			275		215,643

					2,534,595

Health Care Equipment & Supplies — 0.4%
Avantor Funding, Inc.
2.63%, 11/01/25^(g)	EUR		300		315,595
4.63%, 07/15/28^(b)(h)	USD		1,021		947,318
3.88%, 11/01/29^(b)			31		27,129
Becton Dickinson & Co., 4.69%, 12/15/44^(h)			600		548,539
Embecta Corp., 6.75%, 02/15/30^(b)			95		83,527
Garden Spinco Corp., 8.63%, 07/20/30^(b)			254		274,124

					2,196,232


9

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Providers & Services — 2.4%
AdaptHealth LLC^(b)6.13%, 08/01/28	USD		97	$	86,898
5.13%, 03/01/30			34		28,132
AHP Health Partners, Inc., 5.75%, 07/15/29^(b)			415		361,340
Cano Health LLC, 6.25%, 10/01/28^(b)			100		62,000
CHS/Community Health Systems, Inc.^(b)5.63%, 03/15/27			132		117,453
6.00%, 01/15/29			678		579,690
5.25%, 05/15/30^(h)			1,031		823,806
4.75%, 02/15/31^(h)			600		454,548
Encompass Health Corp. 4.75%, 02/01/30^(h)			380		345,395
4.63%, 04/01/31			303		269,250
HealthEquity, Inc., 4.50%, 10/01/29^(b)			944		845,603
IQVIA, Inc., 6.50%, 05/15/30^(b)			274		276,669
Legacy LifePoint Health LLC^(b)6.75%, 04/15/25^(h)			171		173,628
4.38%, 02/15/27			255		219,938
LifePoint Health, Inc., 9.88%, 08/15/30^(f)			279		279,000
Medline Borrower LP^(b)(h)3.88%, 04/01/29			746		653,251
5.25%, 10/01/29			1,707		1,514,414
ModivCare, Inc., 5.88%, 11/15/25^(b)(h)			299		277,323
Molina Healthcare, Inc.^(b)4.38%, 06/15/28			59		54,099
3.88%, 11/15/30			321		274,592
3.88%, 05/15/32^(h)			213		177,690
Northwell Healthcare, Inc., 4.26%, 11/01/47^(h)			686		555,908
Surgery Center Holdings, Inc.^(b)(h)6.75%, 07/01/25			392		390,530
10.00%, 04/15/27			457		467,673
Teleflex, Inc., 4.63%, 11/15/27			100		94,375
Tenet Healthcare Corp. 4.88%, 01/01/26			920		890,422
6.25%, 02/01/27			231		226,764
5.13%, 11/01/27^(h)			490		465,300
6.13%, 10/01/28^(h)			235		223,859
6.13%, 06/15/30			320		310,960
6.75%, 05/15/31^(b)(h)			1,045		1,038,016
UnitedHealth Group, Inc., 4.38%, 03/15/42^(h)			750		677,346

					13,215,872

Health Care Technology^(b)— 0.6%
AthenaHealth Group, Inc., 6.50%, 02/15/30^(h)			2,330		1,974,234
Catalent Pharma Solutions, Inc.^(h)5.00%, 07/15/27			341		319,437
3.50%, 04/01/30			420		351,750
Charles River Laboratories International, Inc., 4.00%, 03/15/31			55		47,947
Fortrea Holdings, Inc., 7.50%, 07/01/30			254		259,586
IQVIA, Inc., 5.00%, 10/15/26			548		532,063

					3,485,017

Hotels, Restaurants & Leisure — 3.5%
Accor SA, (5-year EUR Swap + 4.56%), 4.38%^(a)(g)(j)	EUR		100		108,730
Boyd Gaming Corp., 4.75%, 06/15/31^(b)(h)	USD		439		392,807
Boyne USA, Inc., 4.75%, 05/15/29^(b)			440		401,750
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.^(b)3.88%, 01/15/28			69		63,192


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.^(b)(continued)	USD		157	$	145,066
4.38%, 01/15/28^(h)
4.00%, 10/15/30			627		538,814
Caesars Entertainment, Inc.^(b)(h)6.25%, 07/01/25			1,474		1,465,974
8.13%, 07/01/27			2,072		2,125,194
4.63%, 10/15/29			233		205,115
7.00%, 02/15/30			2,001		2,021,053
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25^(b)			20		20,202
CDI Escrow Issuer, Inc., 5.75%, 04/01/30^(b)			857		795,939
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25^(b)			559		553,289
Champion Path Holdings Ltd., 4.50%, 01/27/26^(g)			250		223,928
Churchill Downs, Inc. 5.50%, 04/01/27^(b)(h)			684		661,642
4.75%, 01/15/28^(b)			618		571,266
6.75%, 05/01/31			540		527,796
Cirsa Finance International SARL, (3-mo. EURIBOR + 4.50%), 8.19%, 07/31/28	EUR		100		109,457
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30^(b)	USD		82		70,356
Hilton Domestic Operating Co., Inc. 5.75%, 05/01/28^(b)			111		109,314
3.75%, 05/01/29^(b)			186		165,720
4.88%, 01/15/30			402		376,875
4.00%, 05/01/31^(b)			302		263,422
3.63%, 02/15/32^(b)			20		16,783
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28			319		329,409
Lottomatica SpA, (3-mo. EURIBOR + 4.13%), 7.59%, 06/01/28^(a)(g)	EUR		100		110,488
Melco Resorts Finance Ltd. 4.88%, 06/06/25^(b)	USD		200		190,920
5.25%, 04/26/26^(g)			250		234,483
5.75%, 07/21/28^(b)			200		178,750
5.38%, 12/04/29^(b)			800		677,960
Merlin Entertainments Ltd., 5.75%, 06/15/26^(b)(h)			600		583,723
MGM China Holdings Ltd. 5.88%, 05/15/26^(g)			250		241,531
5.88%, 05/15/26^(b)			200		193,225
4.75%, 02/01/27^(b)			200		183,125
Motion Bondco DAC, 6.63%, 11/15/27^(b)			200		184,835
Ontario Gaming GTA LP, 8.00%, 08/01/30^(f)			210		212,100
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.^(b)5.63%, 09/01/29			148		112,110
5.88%, 09/01/31			148		109,254
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/30^(b)			92		81,518
Scientific Games International, Inc.^(b)(h)7.00%, 05/15/28			190		189,316
7.25%, 11/15/29			213		212,468
Six Flags Entertainment Corp., 7.25%, 05/15/31^(b)(h)			629		600,876
Station Casinos LLC, 4.63%, 12/01/31^(b)			354		299,130
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27^(b)(h)			268		254,714


S C H E D U L E O F I N V E S T M E N T S		10

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Wynn Macau Ltd.
5.50%, 01/15/26^(g)	USD		200	$	187,180
5.63%, 08/26/28^(b)(h)			743		661,270
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.^(b)
5.13%, 10/01/29^(h)			1,011		914,832
7.13%, 02/15/31			408		407,715

					19,284,616

Household Durables — 0.4%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
4.63%, 04/01/30^(b)			185		158,175
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC^(b)
5.00%, 06/15/29			266		220,780
4.88%, 02/15/30			476		386,629
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26^(b)			170		167,450
Meritage Homes Corp., 5.13%, 06/06/27			57		55,164
NCR Corp.^(b)
5.75%, 09/01/27			259		260,620
5.00%, 10/01/28			143		129,356
5.13%, 04/15/29			197		176,167
6.13%, 09/01/29			93		94,524
SWF Escrow Issuer Corp., 6.50%, 10/01/29^(b)(h)			422		260,596
Taylor Morrison Communities, Inc.^(b)
5.88%, 06/15/27			299		294,326
5.13%, 08/01/30			75		70,013
Tempur Sealy International, Inc., 3.88%, 10/15/31^(b)			130		105,218

					2,379,018

Household Products — 0.0%
Central Garden & Pet Co.
5.13%, 02/01/28			20		18,880
4.13%, 10/15/30^(h)			244		207,440

					226,320

Independent Power and Renewable Electricity Producers — 0.6%
Calpine Corp.^(b)
5.25%, 06/01/26			195		189,312
5.13%, 03/15/28^(h)			1,281		1,161,659
5.00%, 02/01/31			58		48,821
Clearway Energy Operating LLC, 4.75%, 03/15/28^(b)			116		107,608
India Cleantech Energy, 4.70%, 08/10/26^(b)			229		199,497
NRG Energy, Inc.
6.63%, 01/15/27			958		951,281
3.88%, 02/15/32^(b)			15		11,607
7.00%, 03/15/33^(b)(h)			270		269,376
SCC Power PLC^(b)(i)
(4.00% Cash or 4.00% PIK), 4.00%, 05/17/32			366		34,878
(8.00% Cash & 4.00% PIK), 8.00%, 12/31/28			677		223,301
Talen Energy Supply LLC, 8.63%, 06/01/30			174		180,591
TransAlta Corp., 7.75%, 11/15/29			142		147,325

					3,525,256

Industrial Conglomerates — 0.0%
Emerald Debt Merger Sub LLC, 6.38%, 12/15/30	EUR		205		225,398


Insurance — 2.3%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29^(b)	USD		173		148,331
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer^(b)
4.25%, 10/15/27^(h)			2,129		1,942,713


Security		Par (000)		Value

Insurance (continued)
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer^(b)(continued) 6.75%, 10/15/27^(h)	USD		2,135	$	2,022,280
6.75%, 04/15/28			739		735,254
5.88%, 11/01/29^(h)			1,879		1,662,641
AmWINS Group, Inc., 4.88%, 06/30/29^(b)			366		335,782
Berkshire Hathaway Finance Corp., 4.40%, 05/15/42^(h)			250		236,405
GTCR AP Finance, Inc., 8.00%, 05/15/27^(b)			323		319,903
HUB International Ltd.^(b)7.00%, 05/01/26			1,392		1,389,165
7.25%, 06/15/30			1,909		1,945,290
Jones Deslauriers Insurance Management, Inc.^(b)8.50%, 03/15/30			662		675,253
10.50%, 12/15/30			335		331,651
Liberty Mutual Group, Inc., (5-year EUR Swap + 3.70%), 3.63%, 05/23/59^(a)(g)	EUR		100		104,760
Ryan Specialty LLC, 4.38%, 02/01/30^(b)	USD		239		211,453
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47^(b)(h)			700		575,189

					12,636,070

Interactive Media & Services — 0.2%
Cablevision Lightpath LLC, 5.63%, 09/15/28^(b)			401		305,029
iliad SA^(g)5.38%, 06/14/27	EUR		100		109,928
5.63%, 02/15/30			100		108,850
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 04/30/27^(b)	USD		337		293,310

					817,117

Internet Software & Services — 1.1%
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27^(b)			359		342,845
Match Group Holdings II LLC^(b)5.63%, 02/15/29			209		198,588
4.13%, 08/01/30			262		226,093
3.63%, 10/01/31^(h)			564		464,285
Uber Technologies, Inc. 0.00%, 12/15/25^(h)(k)(l)			1,537		1,476,114
8.00%, 11/01/26^(b)			983		1,002,841
7.50%, 09/15/27^(b)(h)			1,157		1,180,952
6.25%, 01/15/28^(b)			366		363,167
4.50%, 08/15/29^(b)(h)			875		808,734

					6,063,619

IT Services — 1.1%
Ahead DB Holdings LLC, 6.63%, 05/01/28^(b)			190		163,919
CA Magnum Holdings, 5.38%, 10/31/26^(b)			488		447,740
Camelot Finance SA, 4.50%, 11/01/26^(b)			602		567,782
Dun & Bradstreet Corp., 5.00%, 12/15/29^(b)			787		692,726
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28^(g)	EUR		100		109,950
Gartner, Inc., 4.50%, 07/01/28^(b)	USD		15		14,023
KBR, Inc., 4.75%, 09/30/28^(b)			273		249,795
La Financiere Atalian SASU, 5.13%, 05/15/25^(g)	EUR		100		77,515
McAfee Corp., 7.38%, 02/15/30^(b)(h)	USD		1,368		1,182,057
Presidio Holdings, Inc., 4.88%, 02/01/27^(b)			59		55,779
Science Applications International Corp., 4.88%, 04/01/28^(b)(h)			377		354,378


11

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

IT Services (continued)
Twilio, Inc. 3.63%, 03/15/29	USD		206	$	176,789
3.88%, 03/15/31^(h)			630		533,679
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29^(b)			1,452		1,247,172

					5,873,304

Leisure Products^(h)— 0.1%
Mattel, Inc. 6.20%, 10/01/40			291		272,608
5.45%, 11/01/41			326		281,072

					553,680

Machinery — 1.3%
Chart Industries, Inc.^(b)7.50%, 01/01/30^(h)			813		833,203
9.50%, 01/01/31			120		128,700
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28			367		372,791
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25^(b)(i)			587		545,910
Madison IAQ LLC, 5.88%, 06/30/29^(b)(h)			447		374,937
OT Merger Corp., 7.88%, 10/15/29^(b)			147		94,983
Renk AG/Frankfurt am Main, 5.75%, 07/15/25^(g)	EUR		100		109,364
Terex Corp., 5.00%, 05/15/29^(b)(h)	USD		421		391,728
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26^(b)(h)			1,241		1,152,680
TK Elevator Holdco GmbH 6.63%, 07/15/28^(g)	EUR		167		159,908
7.63%, 07/15/28^(b)(h)	USD		552		514,740
TK Elevator Midco GmbH, 4.38%, 07/15/27^(g)	EUR		372		372,152
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27^(b)(h)	USD		2,166		2,025,542

					7,076,638

Media — 7.1%
Altice Financing SA, 5.75%, 08/15/29^(b)(h)			1,578		1,183,373
AMC Networks, Inc. 4.75%, 08/01/25			283		250,652
4.25%, 02/15/29			157		87,198
Cable One, Inc. 0.00%, 03/15/26^(k)(l)			114		93,708
1.13%, 03/15/28^(k)			940		716,750
4.00%, 11/15/30^(b)			191		150,890
CCO Holdings LLC/CCO Holdings Capital Corp.^(b)5.13%, 05/01/27^(h)			711		667,059
5.00%, 02/01/28			527		487,017
6.38%, 09/01/29^(h)			955		913,153
4.75%, 03/01/30^(h)			315		273,032
4.25%, 02/01/31			1,017		836,067
7.38%, 03/01/31^(h)			2,505		2,490,727
4.75%, 02/01/32			330		272,451
4.25%, 01/15/34			507		389,691
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45.			3,000		2,799,490
Clear Channel International BV, 6.63%, 08/01/25^(b)			507		504,886
Clear Channel Outdoor Holdings, Inc.^(b)5.13%, 08/15/27^(h)			2,058		1,889,761
7.75%, 04/15/28^(h)			319		266,757
7.50%, 06/01/29			941		749,045
CMG Media Corp., 8.88%, 12/15/27^(b)			409		319,249
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26^(b)			2,129		2,041,112


Security		Par (000)		Value

Media (continued)
CSC Holdings LLC^(b)(h)5.50%, 04/15/27	USD		427	$	366,099
11.25%, 05/15/28			1,187		1,173,646
6.50%, 02/01/29			368		312,474
4.13%, 12/01/30			535		386,818
4.50%, 11/15/31			604		433,305
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27^(b)(h)			551		497,401
Discovery Communications LLC, 4.95%, 05/15/42^(h)			400		323,937
DISH DBS Corp. 7.75%, 07/01/26^(h)			1,070		691,755
5.25%, 12/01/26^(b)(h)			1,191		975,435
5.75%, 12/01/28^(b)			159		122,353
DISH Network Corp., 11.75%, 11/15/27^(b)			234		235,539
Frontier Communications Holdings LLC^(b)5.88%, 10/15/27			341		312,331
5.00%, 05/01/28			1,139		965,198
8.75%, 05/15/30^(h)			1,409		1,359,381
GCI LLC, 4.75%, 10/15/28^(b)			136		118,215
Iliad Holding SASU 6.50%, 10/15/26^(b)(h)			1,722		1,650,299
5.63%, 10/15/28^(g)	EUR		100		104,238
7.00%, 10/15/28^(b)	USD		638		598,981
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27^(b)			180		168,352
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23^(b)(i)			337		114,576
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29^(b)			303		207,307
Live Nation Entertainment, Inc.^(b)5.63%, 03/15/26			22		21,450
6.50%, 05/15/27			1,896		1,905,664
4.75%, 10/15/27^(h)			618		573,967
3.75%, 01/15/28			253		226,627
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27^(b)			209		197,134
Network i2i Ltd., (5-year CMT + 4.27%), 5.65%^(a)(g)(h)(j)			250		243,188
Outfront Media Capital LLC/Outfront Media Capital Corp.^(b)5.00%, 08/15/27^(h)			1,045		965,972
4.25%, 01/15/29^(h)			328		278,406
4.63%, 03/15/30			72		60,235
Radiate Holdco LLC/Radiate Finance, Inc.^(b)(h)4.50%, 09/15/26			616		500,583
6.50%, 09/15/28			1,401		839,826
Sable International Finance Ltd., 5.75%, 09/07/27^(b)			200		184,875
Sinclair Television Group, Inc., 4.13%, 12/01/30^(b)(h)			608		396,410
Sirius XM Radio, Inc., 5.00%, 08/01/27^(b)(h)			888		825,032
Stagwell Global LLC, 5.63%, 08/15/29^(b)			129		109,762
Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25^(g)(i)	EUR		118		117,882
TEGNA, Inc., 4.75%, 03/15/26^(b)	USD		59		56,622
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28^(b)			400		365,680
Univision Communications, Inc.^(b)5.13%, 02/15/25			85		83,308
6.63%, 06/01/27			72		70,054
8.00%, 08/15/28^(f)			447		450,353
7.38%, 06/30/30^(h)			225		218,996
UPC Broadband Finco BV, 4.88%, 07/15/31^(b)			574		482,070
VZ Secured Financing BV, 3.50%, 01/15/32^(g)	EUR		100		87,834


S C H E D U L E O F I N V E S T M E N T S		12

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
Ziggo Bond Co. BV^(b)6.00%, 01/15/27^(h)	USD		638	$	593,531
5.13%, 02/28/30			295		233,050
Ziggo BV, 4.88%, 01/15/30^(b)			217		183,745

					38,771,964

Metals & Mining — 2.8%
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/24^(g)			250		248,548
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30^(h)			400		342,900
Arconic Corp.^(b)6.00%, 05/15/25			361		365,843
6.13%, 02/15/28^(h)			488		500,899
Arsenal AIC Parent LLC, 8.00%, 10/01/30^(f)			238		242,760
ATI, Inc. 5.88%, 12/01/27			216		209,946
4.88%, 10/01/29			129		117,393
5.13%, 10/01/31			350		314,108
BHP Billiton Finance USA Ltd., 4.13%, 02/24/42^(h)			250		225,725
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29^(b)(h)			1,785		1,779,109
Carpenter Technology Corp. 6.38%, 07/15/28			106		104,380
7.63%, 03/15/30^(h)			422		430,415
Constellium SE 4.25%, 02/15/26^(g)	EUR		100		107,866
5.88%, 02/15/26^(b)	USD		1,193		1,175,596
5.63%, 06/15/28^(b)			250		238,150
3.75%, 04/15/29^(b)			2,013		1,750,122
First Quantum Minerals Ltd., 8.63%, 06/01/31^(b)			432		442,260
JSW Steel Ltd., 5.95%, 04/18/24^(g)			200		198,352
Kaiser Aluminum Corp.^(b)4.63%, 03/01/28^(h)			243		218,112
4.50%, 06/01/31			839		685,882
Metinvest BV^(g)8.50%, 04/23/26			302		200,830
7.65%, 10/01/27			200		122,756
New Gold, Inc., 7.50%, 07/15/27^(b)			900		859,950
Novelis Corp.^(b)(h)3.25%, 11/15/26			1,096		995,911
4.75%, 01/30/30			1,059		951,786
3.88%, 08/15/31			1,372		1,142,469
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29^(g)	EUR		300		289,438
Rio Tinto Finance USA PLC, 4.75%, 03/22/42^(h)	USD		400		380,235
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29^(b)			155		138,144
Stillwater Mining Co., 4.00%, 11/16/26^(g)(h)			426		383,144
Vedanta Resources Finance II PLC 13.88%, 01/21/24^(g)			200		178,192
8.95%, 03/11/25^(b)			320		210,448

					15,551,669

Multi-Utilities — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28^(b)			354		360,868


Offshore Drilling & Other Services^(b)— 0.4%
Entegris Escrow Corp., 4.75%, 04/15/29^(h)			2,191		2,043,982
Entegris, Inc., 4.38%, 04/15/28			152		138,269

					2,182,251


Security		Par (000)		Value

Oil, Gas & Consumable Fuels — 12.1%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26^(b)	USD		870	$	863,389
Antero Midstream Partners LP/Antero Midstream Finance Corp.^(b)5.75%, 03/01/27			382		369,508
5.75%, 01/15/28			75		72,119
5.38%, 06/15/29			263		246,553
Antero Resources Corp., 7.63%, 02/01/29^(b)			158		161,826
Apache Corp. 5.10%, 09/01/40^(h)			302		256,625
4.75%, 04/15/43^(h)			800		626,360
5.35%, 07/01/49			83		68,791
Arcosa, Inc., 4.38%, 04/15/29^(b)			477		429,324
Ascent Resources Utica Holdings LLC/ARU Finance Corp.^(b)9.00%, 11/01/27			1,055		1,315,430
8.25%, 12/31/28			1,141		1,133,137
Baytex Energy Corp., 8.50%, 04/30/30			181		183,413
Buckeye Partners LP 4.13%, 03/01/25^(b)			345		332,063
5.85%, 11/15/43			182		140,762
5.60%, 10/15/44			117		86,580
Callon Petroleum Co. 8.25%, 07/15/25			56		56,000
6.38%, 07/01/26			208		203,804
8.00%, 08/01/28^(b)(h)			1,335		1,353,593
7.50%, 06/15/30^(b)(h)			688		667,922
Cellnex Finance Co. SA^(g)1.25%, 01/15/29	EUR		100		92,674
2.00%, 09/15/32			100		87,961
Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31^(g)(k)			100		85,058
Cheniere Energy Partners LP 4.50%, 10/01/29	USD		959		891,572
3.25%, 01/31/32			478		397,762
Chesapeake Energy Corp.^(b)5.88%, 02/01/29			53		50,687
6.75%, 04/15/29^(h)			555		552,527
Civitas Resources, Inc.^(b)8.38%, 07/01/28			1,060		1,090,274
8.75%, 07/01/31			831		860,085
CNX Midstream Partners LP, 4.75%, 04/15/30^(b)			124		107,478
CNX Resources Corp., 7.38%, 01/15/31^(b)			127		125,926
Comstock Resources, Inc.^(b)6.75%, 03/01/29^(h)			438		408,553
5.88%, 01/15/30			866		766,570
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31^(b)(h)			2,219		2,018,223
Crescent Energy Finance LLC^(b)7.25%, 05/01/26			902		888,939
9.25%, 02/15/28			452		459,774
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.^(b)5.63%, 05/01/27			67		63,650
6.00%, 02/01/29^(h)			433		408,103
8.00%, 04/01/29			57		57,952
7.38%, 02/01/31			126		125,680


13

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
CrownRock LP/CrownRock Finance, Inc.^(b) 5.63%, 10/15/25^(h)	USD		1,141	$	1,123,885
5.00%, 05/01/29			81		76,168
DCP Midstream Operating LP^(b)6.45%, 11/03/36			182		186,912
6.75%, 09/15/37^(h)			323		344,213
Diamondback Energy, Inc., 6.25%, 03/15/33^(h)			785		820,014
DT Midstream, Inc.^(b)(h) 4.13%, 06/15/29			415		367,949
4.38%, 06/15/31			527		457,510
Earthstone Energy Holdings LLC^(h)8.00%, 04/15/27^(b)			352		348,342
9.88%, 07/15/31			402		414,915
Ecopetrol SA 4.13%, 01/16/25^(h)			396		381,051
8.88%, 01/13/33			339		346,331
5.88%, 05/28/45			215		153,725
eG Global Finance PLC^(b)(h)6.75%, 02/07/25			240		236,495
8.50%, 10/30/25			299		296,073
Empresa Nacional del Petroleo ENAP, 6.15%, 05/10/33			200		200,974
Enbridge, Inc.^(a)(h)
(3-mo. CME Term SOFR + 3.90%), 6.25%, 03/01/78			1,865		1,726,063
Series 20-A, (5-year CMT + 5.31%), 5.75%, 07/15/80			690		630,733
Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28^(b)			567		552,088
Energean Israel Finance Ltd., 8.50%, 09/30/33^(h)			312		313,092
Energy Transfer LP 6.13%, 12/15/45^(h)			500		478,259
5.30%, 04/15/47^(h)			350		306,495
Series H, (5-year CMT + 5.69%), 6.50%^(a)(j)			581		526,274
EnLink Midstream LLC 5.63%, 01/15/28^(b)			450		439,923
5.38%, 06/01/29^(h)			341		324,563
6.50%, 09/01/30^(b)(h)			300		301,959
EnLink Midstream Partners LP 4.15%, 06/01/25			28		26,953
4.85%, 07/15/26			160		155,488
5.60%, 04/01/44			274		225,477
5.45%, 06/01/47			78		64,520
Enterprise Products Operating LLC, (3-mo. CME Term SOFR + 2.83%), 5.38%, 02/15/78^(a)			420		352,507
EQM Midstream Partners LP 6.00%, 07/01/25^(b)			44		43,685
4.13%, 12/01/26			131		123,016
4.50%, 01/15/29^(b)			34		31,071
7.50%, 06/01/30^(b)			108		111,371
4.75%, 01/15/31^(b)(h)			804		717,813
Genesis Energy LP/Genesis Energy Finance Corp. 6.50%, 10/01/25			135		133,736
7.75%, 02/01/28^(h)			204		198,398
8.88%, 04/15/30			201		200,484
Gulfport Energy Corp., 8.00%, 05/17/26^(b)			47		47,461
Harvest Midstream I LP, 7.50%, 09/01/28^(b)			78		76,657
Hess Corp., 4.30%, 04/01/27^(h)			750		723,852
Hilcorp Energy I LP/Hilcorp Finance Co.^(b) 6.25%, 11/01/28			188		179,966
5.75%, 02/01/29			281		259,925
6.00%, 04/15/30			28		25,881
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26^(g)(h)			200		192,700


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
HTA Group Ltd., 7.00%, 12/18/25^(b)	USD		431	$	410,941
IHS Holding Ltd. 5.63%, 11/29/26^(g)			262		228,241
6.25%, 11/29/28^(b)			200		164,600
Impulsora Pipeline LLC, 6.05%, 12/31/42^(d)			1,504		1,287,244
ITT Holdings LLC, 6.50%, 08/01/29^(b)(h)			437		373,743
Kinetik Holdings LP, 5.88%, 06/15/30^(b)(h)			531		510,424
Leviathan Bond Ltd., 6.75%, 06/30/30^(b)(g)			250		234,158
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26^(b)			41		40,180
Matador Resources Co.^(h) 5.88%, 09/15/26			401		390,225
6.88%, 04/15/28			321		319,012
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31^(b)			309		199,048
Medco Bell Pte. Ltd., 6.38%, 01/30/27^(g)			250		234,890
MPLX LP, 4.25%, 12/01/27^(h)			235		224,705
Murphy Oil Corp. 5.88%, 12/01/27			25		24,728
5.88%, 12/01/42			35		29,902
Murphy Oil USA, Inc., 4.75%, 09/15/29			171		156,846
Nabors Industries Ltd.^(b)7.25%, 01/15/26			273		262,833
7.50%, 01/15/28			315		288,930
Nabors Industries, Inc.^(h)5.75%, 02/01/25			1,258		1,232,840
7.38%, 05/15/27^(b)			308		301,218
New Fortress Energy, Inc.^(b) 6.75%, 09/15/25			1,332		1,268,480
6.50%, 09/30/26^(h)			1,708		1,567,188
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26^(b)			614		608,390
NGPL PipeCo LLC, 7.77%, 12/15/37^(b)(h)			270		285,364
Northern Oil and Gas, Inc.^(h) 8.13%, 03/01/28^(b)			1,491		1,479,817
8.75%, 06/15/31			420		423,170
NuStar Logistics LP 6.00%, 06/01/26			234		230,294
6.38%, 10/01/30			30		28,934
Occidental Petroleum Corp. 6.45%, 09/15/36^(h)			278		291,858
6.20%, 03/15/40^(h)			382		385,117
4.63%, 06/15/45			36		27,909
OQ SAOC, 5.13%, 05/06/28^(b)			300		286,569
PDC Energy, Inc. 6.13%, 09/15/24			89		88,778
5.75%, 05/15/26^(h)			292		293,664
Permian Resources Operating LLC^(b)5.38%, 01/15/26			82		78,720
7.75%, 02/15/26			710		716,988
6.88%, 04/01/27			196		194,040
5.88%, 07/01/29^(h)			503		479,384
Petroleos Mexicanos 3.75%, 02/21/24^(g)	EUR		137		147,962
4.25%, 01/15/25	USD		152		143,889
6.50%, 03/13/27			359		317,877
8.75%, 06/02/29^(h)			357		325,265
5.95%, 01/28/31			435		321,900
6.70%, 02/16/32			220		169,378
Precision Drilling Corp., 6.88%, 01/15/29^(b)			16		15,088
Puma International Financing SA, 5.13%, 10/06/24^(b)(h)			483		477,803


S C H E D U L E O F I N V E S T M E N T S		14

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Rockcliff Energy II LLC, 5.50%, 10/15/29^(b)	USD		121	$	110,805
Rockies Express Pipeline LLC, 4.95%, 07/15/29^(b)			66		60,616
Shell International Finance BV, 4.38%, 05/11/45^(h)			450		404,226
SM Energy Co. 5.63%, 06/01/25			203		198,935
6.75%, 09/15/26^(h)			221		217,133
6.63%, 01/15/27			27		26,555
6.50%, 07/15/28			271		264,896
Southwestern Energy Co.
5.38%, 02/01/29^(h)			260		245,512
4.75%, 02/01/32			6		5,331
Suncor Energy, Inc., 6.50%, 06/15/38^(h)			800		834,287
Sunoco LP/Sunoco Finance Corp. 6.00%, 04/15/27			75		74,380
5.88%, 03/15/28			147		142,974
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(b)
7.50%, 10/01/25			16		16,028
6.00%, 03/01/27			53		50,225
5.50%, 01/15/28			98		90,160
6.00%, 12/31/30			36		31,956
6.00%, 09/01/31			168		146,153
Tap Rock Resources LLC, 7.00%, 10/01/26^(b)			977		1,009,048
Transocean Titan Financing Ltd.,
8.38%, 02/01/28^(b)(h)			228		235,410
Transocean, Inc.^(b)
7.50%, 01/15/26			537		527,602
11.50%, 01/30/27^(h)			239		250,620
8.00%, 02/01/27			195		187,949
8.75%, 02/15/30^(h)			1,276		1,324,781
Venture Global Calcasieu Pass LLC^(b)
3.88%, 08/15/29^(h)			1,062		919,593
4.13%, 08/15/31			721		611,576
3.88%, 11/01/33^(h)			1,117		906,475
Venture Global LNG, Inc.^(b)
8.13%, 06/01/28			1,712		1,740,044
8.38%, 06/01/31			2,624		2,662,617
Vermilion Energy, Inc., 6.88%, 05/01/30^(b)			204		189,159
Vivo Energy Investments BV, 5.13%, 09/24/27^(b)(h)			349		318,232
Western Midstream Operating LP 6.15%, 04/01/33			95		96,352
5.45%, 04/01/44^(h)			757		660,944
5.30%, 03/01/48			43		36,861
5.50%, 08/15/48^(h)			103		88,315
5.25%, 02/01/50^(h)			751		636,908

					66,242,806

Passenger Airlines — 1.3%
ABRA Global Finance, (6.00% Cash & 5.50% PIK), 11.50%, 03/02/28^(b)(i)			217		183,224
Air Canada, 3.88%, 08/15/26^(b)(h)			495		459,340
Allegiant Travel Co., 7.25%, 08/15/27^(b)			147		145,022
American Airlines, Inc.^(b)11.75%, 07/15/25^(h)			1,305		1,438,298
7.25%, 02/15/28			92		91,337
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(b)5.50%, 04/20/26			307		302,461
5.75%, 04/20/29			1,196		1,157,810
Avianca Midco 2 PLC, 9.00%, 12/01/28^(b)			304		264,418
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26^(b)(h)			260		245,421


Security		Par (000)		Value

Passenger Airlines (continued)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27^(b)(h)	USD		804	$	804,141
United Airlines Pass-Through Trust
Series 2020-1, Class A, 5.88%, 04/15/29^(h)			483		481,040
Series 2020-1, Class B, 4.88%, 07/15/27			39		37,440
United Airlines, Inc.^(b)(h)4.38%, 04/15/26			660		624,913
4.63%, 04/15/29			877		793,392
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 7.88%, 05/01/27^(b)			165		152,991

					7,181,248

Personal Care Products — 0.1%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 6.63%, 07/15/30^(b)			337		339,949


Pharmaceuticals — 1.3%
AbbVie, Inc.^(h)4.75%, 03/15/45			500		456,255
4.45%, 05/14/46			1,000		882,235
Bayer AG, (5-year EUR Swap + 3.75%), 4.50%, 03/25/82^(a)(g)	EUR		100		104,217
Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27^(g)			100		100,812
CVS Health Corp., 5.05%, 03/25/48^(h)	USD		1,110		1,012,446
Gruenenthal GmbH, 4.13%, 05/15/28^(g)	EUR		100		104,016
Jazz Securities DAC, 4.38%, 01/15/29^(b)	USD		200		177,823
Option Care Health, Inc., 4.38%, 10/31/29^(b)(h)			314		277,226
Organon & Co./Organon Foreign Debt Co-Issuer BV^(b)(h)4.13%, 04/30/28			1,153		1,033,251
5.13%, 04/30/31			536		454,361
Rossini SARL, 6.75%, 10/30/25^(g)	EUR		166		183,789
Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 09/15/29			100		111,838
Teva Pharmaceutical Finance Netherlands III BV 7.13%, 01/31/25	USD		200		200,732
3.15%, 10/01/26^(h)			740		665,341
4.75%, 05/09/27			200		185,308
6.75%, 03/01/28			200		197,250
7.88%, 09/15/29			200		207,304
8.13%, 09/15/31^(h)			200		211,094
Utah Acquisition Sub, Inc., 3.95%, 06/15/26^(h)			650		616,828

					7,182,126

Real Estate — 0.0%
VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28^(b)			128		118,048


Real Estate Management & Development — 0.5%
Agps Bondco PLC, 5.50%, 11/13/26^(g)(m)(n)	EUR		200		71,467
CIFI Holdings Group Co. Ltd., 6.00%, 07/16/25^(g)(m)(n)	USD		200		16,000
Country Garden Holdings Co. Ltd., 6.50%, 04/08/24^(g)(h)			200		51,526
Easy Tactic Ltd., (6.50% Cash or 7.50% PIK), 7.50%, 07/11/27⁽ⁱ⁾			226		15,286
Fantasia Holdings Group Co. Ltd.^(m)(n)11.75%, 04/17/22^(g)			430		22,575
12.25%, 10/18/22			200		10,500
11.88%, 06/01/23			200		10,500
9.25%, 07/28/23			400		21,000
Fastighets AB Balder, (5-year EUR Swap + 3.19%), 2.87%, 06/02/81^(a)(g)	EUR		100		72,567
Greystar Real Estate Partners LLC, 5.75%, 12/01/25^(b)	USD		120		117,991


15

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Real Estate Management & Development (continued)
Heimstaden Bostad AB, (5-year EUR Swap + 3.15%), 2.63%^(a)(g)(j)	EUR		100	$	49,668
Howard Hughes Corp., 5.38%, 08/01/28^(b)	USD		106		97,255
MAF Sukuk Ltd.^(g)4.64%, 05/14/29^(h)			325		316,316
3.93%, 02/28/30			262		244,456
Modern Land China Co. Ltd., (2.00% Cash or 9.00% PIK), 9.00%, 12/30/26^(g)(i)(m)(n)			238		8,325
Realogy Group LLC/Realogy Co.-Issuer Corp.^(b)5.75%, 01/15/29			285		210,888
5.25%, 04/15/30			173		124,650
Ronshine China Holdings Ltd., 7.35%, 12/15/23^(g)(m)(n)			23		920
SBB Treasury OYJ, 1.13%, 11/26/29^(g)	EUR		100		60,840
Shui On Development Holding Ltd., 5.75%, 11/12/23^(g)	USD		200		180,310
Sinic Holdings Group Co. Ltd., 10.50%, 06/18/22^(m)(n)			200		2,000
Theta Capital Pte. Ltd., 8.13%, 01/22/25^(g)			200		166,224
VICI Properties LP, 5.13%, 05/15/32^(h)			805		757,512

					2,628,776

Retail REITs — 0.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27^(b)			204		176,460


Semiconductors & Semiconductor Equipment — 0.6%
Broadcom, Inc., 4.15%, 04/15/32^(b)(h)			1,000		904,183
QUALCOMM, Inc., 4.65%, 05/20/35^(h)			400		398,797
Sensata Technologies BV^(b)5.00%, 10/01/25			368		358,739
5.88%, 09/01/30			309		297,777
Sensata Technologies, Inc., 4.38%, 02/15/30^(b)			1,020		906,985
Synaptics, Inc., 4.00%, 06/15/29^(b)(h)			216		185,770

					3,052,251

Software — 2.6%
ACI Worldwide, Inc., 5.75%, 08/15/26^(b)			510		502,911
Alteryx, Inc., 8.75%, 03/15/28^(b)(h)			320		311,107
Black Knight InfoServ LLC, 3.63%, 09/01/28^(b)			501		458,415
Boxer Parent Co., Inc. 6.50%, 10/02/25^(g)	EUR		100		109,091
7.13%, 10/02/25^(b)	USD		761		765,327
9.13%, 03/01/26^(b)			629		628,918
Capstone Borrower, Inc., 8.00%, 06/15/30			394		390,064
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29^(b)			662		654,707
Cloud Software Group, Inc. 6.50%, 03/31/29^(b)(h)			4,262		3,835,961
9.00%, 09/30/29			1,904		1,705,306
Consensus Cloud Solutions, Inc.^(b)6.00%, 10/15/26			91		84,146
6.50%, 10/15/28			83		71,795
Crowdstrike Holdings, Inc., 3.00%, 02/15/29			53		45,757
Elastic NV, 4.13%, 07/15/29^(b)(h)			481		417,311
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28^(b)			200		173,169
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32^(b)(h)			253		218,944
MicroStrategy, Inc., 6.13%, 06/15/28^(b)(h)			577		516,478
Open Text Corp., 6.90%, 12/01/27^(b)			1,133		1,157,781


Security		Par (000)		Value

Software (continued)
Oracle Corp., 3.60%, 04/01/50^(h)	USD		250	$	177,644
Playtika Holding Corp., 4.25%, 03/15/29^(b)			101		89,136
SS&C Technologies, Inc., 5.50%, 09/30/27^(b)(h)			1,438		1,389,224
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25^(b)(h)			372		305,018

					14,008,210

Specialized REITs — 0.3%
Iron Mountain, Inc., 7.00%, 02/15/29			810		812,786
Public Storage
5.10%, 08/01/33			110		110,092
5.35%, 08/01/53			85		84,942
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28^(b)			631		627,227

					1,635,047

Specialty Retail^(b)— 0.3%
PetSmart, Inc./PetSmart Finance Corp.
4.75%, 02/15/28			436		399,801
7.75%, 02/15/29			895		873,037
Staples, Inc., 7.50%, 04/15/26			279		230,494

					1,503,332

Technology Hardware, Storage & Peripherals^(b)— 0.2%
Seagate HDD Cayman
8.25%, 12/15/29			466		488,428
8.50%, 07/15/31			590		615,972

					1,104,400

Textiles, Apparel & Luxury Goods^(b)— 0.1%
Hanesbrands, Inc.
4.88%, 05/15/26			177		165,948
9.00%, 02/15/31^(h)			425		434,551
Levi Strauss & Co., 3.50%, 03/01/31			21		17,201

					617,700

Tobacco^(h)— 0.4%
Altria Group, Inc., 4.50%, 05/02/43			750		597,903
Philip Morris International, Inc., 4.38%, 11/15/41			900		764,987
Reynolds American, Inc., 5.85%, 08/15/45			715		640,262

					2,003,152

Transportation Infrastructure — 0.5%
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61^(b)			320		258,854
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29^(b)			274		269,021
Azzurra Aeroporti SpA, 2.13%, 05/30/24^(g)	EUR		100		106,876
DP World Salaam, (5-year CMT + 5.75%), 6.00%^(a)(g)(j)	USD		456		453,059
FedEx Corp.^(h)
3.90%, 02/01/35			500		440,875
4.75%, 11/15/45			500		443,144
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27^(g)			200		177,966
Heathrow Finance PLC, 4.13%, 09/01/29^(c)(g)	GBP		100		103,759
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26^(b)(h)	USD		520		501,240
XPO Escrow Sub LLC, 7.50%, 11/15/27^(b)			109		112,678

					2,867,472


S C H E D U L E O F I N V E S T M E N T S		16

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Utilities — 0.0%
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33^(g)	USD		162	$	159,531


Wireless Telecommunication Services — 1.1%
Altice France SA, 2.13%, 02/15/25^(g)	EUR		100		96,309
Altice France SA/France 5.88%, 02/01/27^(g)			100		84,551
8.13%, 02/01/27^(b)(h)	USD		570		466,249
5.50%, 01/15/28^(b)			357		261,960
5.13%, 07/15/29^(b)(h)			1,206		844,580
5.50%, 10/15/29^(b)			400		284,003
Kenbourne Invest SA^(b)6.88%, 11/26/24			205		178,006
4.70%, 01/22/28			200		141,158
Liberty Costa Rica Senior Secured Finance, 10.88%, 01/15/31^(b)			345		347,277
Millicom International Cellular SA, 5.13%, 01/15/28^(g)			283		251,797
SBA Communications Corp., 3.13%, 02/01/29^(h)			1,409		1,187,925
VF Ukraine PAT via VFU Funding PLC, 6.20%, 02/11/25^(g)			208		153,920
VICI Properties LP/VICI Note Co., Inc.^(b)5.63%, 05/01/24			69		68,637
3.50%, 02/15/25			79		75,857
4.63%, 12/01/29			696		635,991
4.13%, 08/15/30			488		432,729
Vmed O2 U.K. Financing I PLC 4.00%, 01/31/29^(g)	GBP		100		104,258
4.50%, 07/15/31^(g)			100		101,387
4.75%, 07/15/31^(b)(h)	USD		562		474,395
Vodafone Group PLC, (5-year EUR Swap + 3.49%), 6.50%, 08/30/84^(a)(g)	EUR		100		111,544

					6,302,533


Total Corporate Bonds — 83.8% (Cost: $487,751,302)					460,061,676


Floating Rate Loan Interests^(a)

Aerospace & Defense — 0.3%
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.59%, 10/31/28	USD		79		78,969
Peraton Corp.
2nd Lien Term Loan B1, (3-mo. CME Term SOFR at 0.75% Floor + 7.75%), 12.98%, 02/01/29			747		727,131
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.17%, 02/01/28			964		954,857

					1,760,957

Beverages — 0.0%
Naked Juice LLC
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.34%, 01/24/30			38		30,359
Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 01/24/29			32		30,131

					60,490


Security		Par (000)		Value

Broadline Retail — 0.0%
PUG LLC, USD Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.93%, 02/12/27	USD		120	$	110,309


Capital Markets — 0.1%
Advisor Group, Inc., 2021 Term Loan, (1-mo. LIBOR US + 4.50%), 9.93%, 07/31/26			152		152,487
Ascensus Holdings, Inc., 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.50%), 12.03%, 08/02/29			232		213,991

					366,478

Chemicals — 0.4%
Arc Falcon I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.17%, 09/30/28			236		229,887
Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 7.75%), 13.17%, 11/24/28			118		106,020
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			13		12,458
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.62%, 10/04/29			665		647,306
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR + 3.93%), 9.27%, 07/03/28			179		153,167
Momentive Performance Materials Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.82%, 03/29/28			276		273,083
Nouryon USA LLC, 2023 USD Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.32%, 04/03/28			309		307,650
W.R. Grace Holdings LLC, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.75%), 9.31%, 09/22/28			253		252,194

					1,981,765

Commercial Services & Supplies — 0.1%
Amentum Government Services Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.43%, 01/29/27^(d)			79		76,409
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.88%, 12/15/28			262		209,218
TruGreen LP, 2020 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 8.50%), 14.13%, 11/02/28			201		116,916

					402,543

Construction & Engineering — 0.8%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (1-mo. LIBOR US at 1.00% Floor + 4.25%), 9.64%, 06/21/24			2,562		2,557,180
Brand Industrial Services, Inc., 2023 Term Loan B, 08/01/30^(o)			1,520		1,471,861
Propulsion BC Newco LLC, Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.99%, 09/14/29			158		157,627

					4,186,668


17

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)			Value

Consumer Finance — 0.0%
Credito Real SAB de CV Sofom ENR, Term Loan B, (Defaulted), 0.00%, 02/17/24^(m)(n)	USD		56		$	6,720


Containers & Packaging — 0.1%
Mauser Packaging Solutions Holding Co., Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.14%, 08/14/26			176			175,242
Trident TPI Holdings, Inc., 2023 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.74%, 09/15/28			329			327,563


						502,805

Diversified Consumer Services — 0.1%
Ascend Learning LLC 2021
2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.75%), 11.17%, 12/10/29			157			133,613
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.92%, 12/11/28			204			191,778
Sotheby’s, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 10.07%, 01/15/27			—	^(e)		1
WCG Purchaser Corp., 2019 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 9.43%, 01/08/27			—	^(e)		1


						325,393

Diversified Telecommunication Services — 0.2%
Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.18%, 05/01/28			221			209,645
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.68%, 09/25/26			74			62,042
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.43%, 03/09/27			756			574,250


						845,937

Energy Equipment & Services — 0.0%
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.43%, 06/28/24			17			12,474


Entertainment — 0.0%
Delta 2 Lux SARL, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.32%, 01/15/30			60			60,000


Financial Services — 0.1%
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.99%, 04/09/27			63			61,178
2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 6.75%), 12.29%, 04/07/28			274			254,820
White Cap Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.07%, 10/19/27			425			423,033


						739,031

Food Products — 0.0%
Chobani LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.93%, 10/25/27			61			60,776


Security		Par (000)		Value

Health Care Equipment & Supplies — 0.1%
Bausch and Lomb, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 05/10/27	USD		332	$	324,101
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.67%, 11/03/28			327		321,369


					645,470

Health Care Providers & Services — 0.1%
LifePoint Health, Inc., 2018 Term Loan B, (3-mo. LIBOR US + 3.75%), 9.12%, 11/16/25			263		259,520
Quorum Health Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 8.25%), 13.63%, 04/29/25			281		186,307
Surgery Center Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.12%, 08/31/26			130		130,275


					576,102

Health Care Technology — 0.7%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.81%, 02/15/29			2,306		2,234,733
Polaris Newco LLC, USD Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.00%), 9.54%, 06/02/28			363		342,489
Verscend Holding Corp., 2021 Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.43%, 08/27/25			1,233		1,230,572


					3,807,794

Hotels, Restaurants & Leisure — 0.1%
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.32%, 01/27/29			421		416,185
Ontario Gaming GTA LP, Term Loan B, 08/01/30^(o)			156		156,000
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3-mo. CME Term SOFR + 2.25%), 7.75%, 07/21/26			39		38,814


					610,999

Household Durables — 0.1%
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.67%, 02/26/29			274		260,176
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.43%, 10/06/28			531		440,329


					700,505

Insurance — 0.1%
Alliant Holdings Intermediate LLC, 2023 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.72%, 11/05/27			122		121,830
HUB International Ltd.			116		116,588
2022 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.07%, 11/10/29
2023 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.58%, 06/20/30			104		104,401


S C H E D U L E O F I N V E S T M E N T S		18

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Insurance (continued)
Jones DesLauriers Insurance Management Inc., CAD Term Loan B, 03/16/30^(d)(o)			168	$	167,580
Ryan Specialty Group LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.42%, 09/01/27	USD		232		230,992


					741,391

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%), 9.39%, 02/16/28			125		123,572
Camelot Finance SA, Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.43%, 10/30/26			168		167,901
Grab Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 9.93%, 01/29/26			34		34,141


					325,614

IT Services — 0.1%
Epicor Software Corp., 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.75%), 13.17%, 07/31/28			117		117,183
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.34%, 10/01/27			554		543,874


					661,057

Leisure Products — 0.0%
Peloton Interactive, Inc., Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 6.50%), 12.26%, 05/25/27			131		130,762


Machinery — 0.5%
Madison IAQ LLC, Term Loan, (6-mo. LIBOR US at 0.50% Floor + 3.25%), 8.30%, 06/21/28			321		313,750
Roper Industrial Products Investment Co., USD Term Loan, (3-mo. CME Term SOFR + 4.50%), 9.74%, 11/22/29			373		372,703
SPX Flow, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.92%, 04/05/29			468		462,668
Titan Acquisition Ltd., 2018 Term Loan B, (3-mo. LIBOR US + 3.00%), 8.73%, 03/28/25			1,845		1,802,990


					2,952,111

Media — 0.7%
AVSC Holding Corp., 2018 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.25%), 12.53%, 09/01/25			311		283,111
Clear Channel Outdoor Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR + 3.50%), 9.13%, 08/21/26			1,707		1,650,600
DirecTV Financing LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.43%, 08/02/27			1,047		1,039,334


Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.44%, 02/01/29	642	640,928


		3,613,973

Metals & Mining — 0.0%
Arsenal AIC Parent LLC, Term Loan, 07/26/30^(o)	262	261,728


Security		Par (000)		Value

Oil, Gas & Consumable Fuels — 0.1%
Freeport LNG Investments LLLP, Term Loan B, (3-mo. CME Term SOFR + 3.50%), 6.78%, 12/21/28	USD		369	$	364,821
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.89%, 09/19/29			143		142,182


					507,003

Passenger Airlines — 0.3%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.34%, 04/20/28			710		735,234
Air Canada, 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.50%), 8.84%, 08/11/28			256		255,534
Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. LIBOR US at 1.00% Floor + 5.25%), 10.76%, 06/21/27			183		190,387
SkyMiles IP Ltd., 2020 Skymiles Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 9.08%, 10/20/27			236		245,188
United Airlines, Inc., 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.75%), 9.29%, 04/21/28			432		432,296


					1,858,639

Pharmaceuticals — 0.0%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.93%, 05/04/25			89		84,144


Professional Services — 0.1%
CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.93%, 06/02/28			165		151,841
Galaxy U.S. Opco, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.07%, 04/29/29			170		159,746
OMNIA Partners LLC^(o)
Delayed Draw Term Loan, 07/19/30			18		17,997
Term Loan B, 07/19/30			185		184,999
VS Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.67%, 02/28/27			91		90,111


					604,694

Software — 1.5%
Boxer Parent Co., Inc.
2021 USD 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.50%), 10.81%, 02/27/26			529		518,859
2021 USD Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.18%, 10/02/25			211		210,822
Central Parent, Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.49%, 07/06/29			128		128,350
Cloud Software Group, Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 03/30/29			1,004		960,169


Cloudera, Inc.
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.42%, 10/08/29	442	411,956
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.17%, 10/08/28	338	330,494
Delta TopCo, Inc., 2020 Term Loan B, (6-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.07%, 12/01/27	310	302,084
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR + 3.75%), 9.14%, 03/11/28 .	64	62,108


19

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)			Value

Software (continued)
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.63%, 07/27/28	USD		793		$	597,321
2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 8.25%), 13.88%, 07/27/29			530			328,600
McAfee Corp., 2022 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.96%, 03/01/29			870			840,375
MH Sub I LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.25%), 11.57%, 02/23/29			66			57,152
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.57%, 05/03/28			825			794,318
Planview Parent, Inc., 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.25%), 12.59%, 12/18/28			195			171,600
Proofpoint, Inc., 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.25%), 11.68%, 08/31/29			472			467,055
Sabre Global, Inc.
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.93%, 12/17/27			71			58,825
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.93%, 12/17/27			111			92,042
Sophia LP, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 9.04%, 10/07/27			771			765,680
SS&C Technologies, Inc.
2018 Term Loan B3, (1-mo. CME Term SOFR + 1.75%), 7.18%, 04/16/25			78			78,260
2018 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 7.18%, 04/16/25			67			66,850
UKG, Inc., 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.62%, 05/03/27			556			548,355
Ultimate Software Group, Inc., Term Loan B, (3-mo. CME Term SOFR + 3.75%), 9.22%, 05/04/26			207			206,686

						7,997,961

Specialty Retail — 0.0%
Staples, Inc., 7 Year Term Loan, (3-mo. LIBOR US + 5.00%), 10.30%, 04/16/26			—	^(e)		2


Textiles, Apparel & Luxury Goods — 0.0%
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.07%, 03/08/30			138			137,483


Trading Companies & Distributors — 0.1%
SRS Distribution, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.92%, 06/02/28 .			286			281,458


Transportation Infrastructure — 0.1%
Brown Group Holding LLC, 2022 Incremental Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 07/02/29			304			303,480
KKR Apple Bidco LLC, 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.32%, 09/22/28			219			218,979

						522,459


Security		Par (000)		Value

Wireless Telecommunication Services — 0.1%
Digicel International Finance Ltd., 2017 Term Loan B, (6-mo. LIBOR US + 3.25%), 8.98%, 05/28/24	USD		698	$	630,034


Total Floating Rate Loan Interests — 7.1% (Cost: $40,086,563)					39,073,729


Foreign Agency Obligations

Bahrain — 0.0%
Bahrain Government International Bond, 5.45%, 09/16/32^(g)			200		183,034


Chile — 0.1%
Chile Government International Bond^(h)4.34%, 03/07/42			200		176,722
4.00%, 01/31/52			200		163,250

					339,972

Colombia — 0.4%
Colombia Government International Bond 4.50%, 01/28/26^(h)			542		521,003
3.88%, 03/22/26	EUR		100		105,430
3.88%, 04/25/27	USD		200		183,748
3.13%, 04/15/31^(h)			677		528,398
8.00%, 04/20/33			544		571,048

					1,909,627

Dominican Republic — 0.3%
Dominican Republic International Bond 6.88%, 01/29/26^(g)			207		208,853
5.95%, 01/25/27^(g)			523		516,347
4.50%, 01/30/30^(b)			452		400,088
7.05%, 02/03/31^(b)			150		151,468
4.88%, 09/23/32^(b)			339		293,442

					1,570,198

Egypt — 0.0%
Egypt Government International Bond, 7.50%, 02/16/61^(b)			200		108,972


Guatemala — 0.2%
Guatemala Government Bond 5.25%, 08/10/29^(b)			200		190,712
5.38%, 04/24/32^(b)			200		189,988
6.60%, 06/13/36			200		204,700
4.65%, 10/07/41^(b)			401		322,761

					908,161

Hungary — 0.1%
Hungary Government International Bond 5.38%, 03/25/24			64		63,756
5.25%, 06/16/29^(b)(h)			250		244,848

					308,604

Indonesia — 0.0%
Perusahaan Penerbit SBSN Indonesia III, 4.40%, 06/06/27^(b)(h)			200		196,652


Ivory Coast — 0.1%
Ivory Coast Government International Bond, 6.38%, 03/03/28^(g)(h)			731		712,930


Mexico — 0.2%
Mexico Government International Bond ^(h)3.75%, 01/11/28			805		762,810


S C H E D U L E O F I N V E S T M E N T S		20

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Mexico (continued)
Mexico Government International Bond^(h)(continued)
4.88%, 05/19/33	USD		200	$	191,394
6.35%, 02/09/35			200		209,770

					1,163,974

Morocco — 0.0%
Morocco Government International Bond, 5.95%, 03/08/28^(b)			200		201,154


Nigeria — 0.1%
Nigeria Government International Bond, 8.38%, 03/24/29^(b)			400		374,924


Oman — 0.1%
Oman Government International Bond^(g)6.50%, 03/08/47			309		296,516
6.75%, 01/17/48^(h)			309		305,141

					601,657

Panama — 0.2%
Panama Government International Bond^(h)3.16%, 01/23/30			396		346,567
6.40%, 02/14/35			337		351,596
6.85%, 03/28/54			200		209,318

					907,481

Paraguay — 0.0%
Paraguay Government International Bond, 5.60%, 03/13/48^(g)			210		184,911


Peru — 0.2%
Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25^(g)			379		370,810
Peruvian Government International Bond^(h)2.78%, 01/23/31			233		197,805
1.86%, 12/01/32			712		540,408

					1,109,023

Poland — 0.1%
Republic of Poland Government International Bond^(h)4.88%, 10/04/33			138		136,137
5.50%, 04/04/53			211		213,656

					349,793

Romania — 0.3%
Romanian Government International Bond 5.25%, 11/25/27^(b)(h)			336		328,205
2.88%, 03/11/29^(g)	EUR		365		353,324
2.50%, 02/08/30^(g)			381		351,314
2.12%, 07/16/31^(g)			428		362,733

					1,395,576

Saudi Arabia — 0.1%
Saudi Government International Bond^(h)4.50%, 04/17/30^(g)	USD		362		354,822
5.00%, 01/18/53^(b)			371		341,242

					696,064

Senegal — 0.0%
Senegal Government International Bond, 6.25%, 05/23/33^(g)(h)			231		198,565


South Africa — 0.2%
Republic of South Africa Government International Bond 4.85%, 09/30/29			210		189,512


Security		Par (000)		Value

South Africa (continued)
Republic of South Africa Government International Bond (continued) 5.88%, 04/20/32^(h)	USD		390	$	357,182
5.00%, 10/12/46			501		349,908

					896,602

Sri Lanka — 0.0%
Sri Lanka Government International Bond, 6.85%, 03/14/24^(g)(m)(n)			400		177,872


Ukraine — 0.0%
Ukraine Government International Bond^(m)(n)8.99%, 02/01/26^(g)			224		72,016
7.75%, 09/01/27^(g)			226		70,625
7.25%, 03/15/35^(b)			371		111,014

					253,655


Total Foreign Agency Obligations — 2.7% (Cost: $15,910,823)					14,749,401


Municipal Bonds

Illinois — 0.2%
State of Illinois, GO, 5.10%, 06/01/33			800		781,806


Total Municipal Bonds — 0.2% (Cost: $790,464)					781,806


Non-Agency Mortgage-Backed Securities

Asset-Backed Securities — 0.2%
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1-mo. Term SOFR + 0.38%), 5.68%, 07/25/37^(a)(b)			1,318		1,166,426


Collateralized Mortgage Obligations — 14.7%
Ajax Mortgage Loan Trust, Series 2017-D, Class B, 0.00%, 12/25/57^(a)(b)			20		9,368
Alternative Loan Trust
Series 2006-J8, Class A5, 6.00%, 02/25/37			1,762		790,309
Series 2007-19, Class 1A1, 6.00%, 08/25/37			545		288,673
Bravo Residential Funding Trust 4.85%, 09/25/62			417		400,495
6.44%, 05/25/63			1,398		1,394,385
Series 2021-NQM1, Class A1, 0.94%, 02/25/49^(a)(b)			655		572,107
Chase Home Lending Mortgage Trust, Series 2019- ATR1, Class A12, 6.50%, 04/25/49^(a)(b)			403		402,324
CHL Mortgage Pass-Through Trust
Series 2007-J2, Class 2A1, (1-mo. Term SOFR + 0.76%), 6.00%, 07/25/37^(a)			2,640		710,150
Series 2007-J2, Class 2A8, 6.00%, 07/25/37			1,458		542,827
CIM Trust 6.03%, 04/25/58			1,322		1,301,871
6.64%, 12/25/67			1,295		1,291,083
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 3.92%, 11/25/36^(a)			711		674,758
COLT Funding LLC, 6.60%, 07/25/68			1,450		1,458,917
COLT Mortgage Loan Trust^(b)
Series 2020-2, Class M1, 5.25%, 03/25/65^(a)			2,550		2,437,740
Series 2020-3, Class M1, 3.36%, 04/27/65^(a)			2,850		2,520,849
Series 2022-1, Class A1, 4.55%, 04/25/67^(a)			1,377		1,333,065
Series 2022-7, Class A1, 5.16%, 04/25/67^(c)			2,403		2,345,033
Series 2022-9, Class A1, 6.79%, 12/25/67^(c)			329		329,375


21

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Collateralized Mortgage Obligations (continued)
Countrywide Alternative Loan Trust
Series 2005-9CB, Class 1A3, (1-mo. Term SOFR + 0.56%), 5.50%, 05/25/35^(a)	USD		1,232	$	1,054,561
Series 2006-40T1, Class 2A5, (1-mo. Term SOFR + 0.51%), 5.81%, 12/25/36^(a)			2,263		464,027
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36			1,402		690,308
Series 2006-J7, Class 2A1, (1-mo. LIBOR US + 1.50%), 6.71%, 11/20/46^(a)			2,745		2,050,476
Series 2006-OA14, Class 3A1, (12-mo. MTA + 0.85%), 5.06%, 11/25/46^(a)			4,237		3,601,942
Series 2006-OA16, Class A2, (1-mo. Term SOFR + 0.49%), 5.79%, 10/25/46^(a)			2,752		2,517,850
Series 2006-OA18, Class A1, (1-mo. Term SOFR + 0.35%), 5.53%, 12/25/46^(a)			1,597		1,391,333
Series 2006-OA6, Class 1A1A, (1-mo. Term SOFR + 0.53%), 5.83%, 07/25/46^(a)			3,143		2,596,896
Series 2006-OA8, Class 1A1, (1-mo. Term SOFR + 0.49%), 5.79%, 07/25/46^(a)			1,083		936,905
Series 2007-12T1, Class A22, 5.75%, 06/25/37			3,243		1,478,941
Series 2007-12T1, Class A5, 6.00%, 06/25/37			1,574		746,531
Series 2007-22, Class 2A16, 6.50%, 09/25/37			7,031		2,807,147
Series 2007-23CB, Class A1, 6.00%, 09/25/37			4,011		2,147,851
Series 2007-4CB, Class 1A3, (1-mo. Term SOFR + 0.46%), 5.75%, 04/25/37^(a)			1,569		1,192,485
Series 2007-OA2, Class 1A1, (12-mo. MTA + 0.84%), 5.05%, 03/25/47^(a)			1,911		1,619,107
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1-mo. Term SOFR + 0.51%), 5.81%, 04/25/46^(a)			3,717		3,483,016
Credit Suisse Mortgage Capital Certificates Trust, Series 2022-NQM5, Class A1, 5.17%, 05/25/67^(a)(b)			2,805		2,729,965
Csmc Trust^(a)(b)
Series 2011-4R, Class 1A2, (1-mo. Term SOFR + 1.61%), 6.67%, 09/27/37			1,186		965,400
Series 2021-NQM2, Class M1, 2.28%, 02/25/66			1,500		898,346
Ellington Financial Mortgage Trust^(a)(b)
Series 2020-1, Class M1, 5.24%, 05/25/65			500		463,949
Series 2021-2, Class A1, 0.93%, 06/25/66			205		162,702
GCAT Trust, Series 2022-NQM3, Class A1, 4.35%, 04/25/67^(a)(b)			976		925,291
GS Mortgage-Backed Securities Trust, Series 2021- PJ7, Class A2, 2.50%, 01/25/52^(a)(b)			2,087		1,674,867
Homeward Opportunities Fund Trust, Series 2022-1, Class A1, 5.08%, 07/25/67^(b)(c)			1,055		1,021,517
JP Morgan Mortgage Trust^(a)(b)
Series 2022-DSC1, Class A1, 4.75%, 01/25/63			529		493,680
Series 2023-DSC1, Class A1, 4.63%, 07/25/63			338		314,977
MFA Trust, Series 2021-NQM1, Class M1, 2.31%, 04/25/65^(a)(b)			2,000		1,425,801
Mill City Mortgage Trust, 6.24%, 12/26/67			1,802		1,786,619
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 3.14%, 05/26/37^(b)(c)			3,932		3,865,712
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36^(a)			6,651		1,439,804
OBX Trust^(b)
Series 2022-NQM9, Class A1A, 6.45%, 09/25/62^(c)			567		567,480
Series 2023-NQM1, Class A1, 6.12%, 11/25/62^(a)			485		481,693


Security		Par (000)		Value

Collateralized Mortgage Obligations (continued)
Onslow Bay Financial LLC 6.57%, 06/25/63	USD		1,605	$	1,610,628
6.52%, 07/25/63			1,653		1,652,609
PRKCM Trust, 6.48%, 06/25/58			1,633		1,621,791
Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, (1-mo. Term SOFR + 0.71%), 6.01%, 08/25/36^(a)			6,276		1,154,161
SG Residential Mortgage Trust, Series 2022-2, Class A1, 5.35%, 08/25/62^(b)(c)			692		674,617
Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A1A, 4.10%, 07/25/57^(b)(c)			684		650,272
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65^(a)(b)			1,750		1,276,947
Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65^(a)(b)			1,057		842,325
Verus Securitization Trust 6.48%, 06/15/26			1,418		1,418,648
Series 2022-3, Class A1, 4.13%, 02/25/67^(b)(c)			482		442,055
Series 2022-7, Class A1, 5.15%, 07/25/67^(b)(c)			1,847		1,782,483
Series 2022-INV2, Class A1, 6.79%, 10/25/67^(b)(c)			506		507,173
Series 2023-1, Class A1, 5.85%, 12/25/67^(b)(c)			320		316,236


					80,750,453

Commercial Mortgage-Backed Securities — 2.4%
BX Commercial Mortgage Trust^(a)(b)
Series 2019-XL, Class A, (1-mo. Term SOFR + 1.03%), 6.26%, 10/15/36			916		912,624
Series 2021-CIP, Class A, (1-mo. Term SOFR + 1.04%), 6.26%, 12/15/38			600		587,974
Series 2021-SOAR, Class A, (1-mo. Term SOFR + 0.78%), 6.01%, 06/15/38			1,532		1,502,118
Series 2022-LP2, Class A, (1-mo. Term SOFR + 1.01%), 6.23%, 02/15/39			1,353		1,311,818
BX Trust (1-mo. Term SOFR + 2.69%), 8.00%, 05/15/38			140		139,912
Series 2021-LBA, Class AJV, (1-mo. Term SOFR + 0.91%), 6.14%, 02/15/36^(a)(b)			1,650		1,614,863
Series 2021-SDMF, Class A, (1-mo. Term SOFR + 0.70%), 5.93%, 09/15/34^(a)(b)			199		193,881
Series 2022-GPA, Class A, (1-mo. Term SOFR + 2.17%), 7.39%, 10/15/39^(a)(b)			650		650,000
Cold Storage Trust, Series 2020-ICE5, Class A, (1-mo. Term SOFR + 1.01%), 6.24%, 11/15/37^(a)(b)			101		100,105
CSMC 2021-BHAR, Series 2021-BHAR, Class C, (1-mo. Term SOFR + 2.11%), 7.34%, 11/15/38^(a)(b)			270		264,177
CSMC Trust, Series 2020-NET, Class A, 2.26%, 08/15/37^(b)			485		435,737
Extended Stay America Trust, Series 2021-ESH, Class D, (1-mo. Term SOFR + 2.36%), 7.59%, 07/15/38^(a)(b)			317		309,920
GS Mortgage Securities Corp. Trust, Series 2022-SHIP, Class A, (1-mo. Term SOFR + 0.73%), 5.95%, 08/15/36^(a)(b)			600		597,165
Independence Plaza Trust, Series 2018-INDP, Class A, 3.76%, 07/10/35^(b)			1,000		936,160
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-ACB, Class A, (30-day Avg SOFR + 1.40%), 6.47%, 03/15/39^(a)(b)			1,600		1,583,959


S C H E D U L E O F I N V E S T M E N T S		22

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Commercial Mortgage-Backed Securities (continued)
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-1A, Class B, (1-mo. Term SOFR + 1.11%), 6.41%, 04/25/31^(a)(b)	USD		138	$	137,146
Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class A, (1-mo. Term SOFR + 2.19%), 7.41%, 05/15/37^(a)(b)			500		486,767
Wells Fargo Commercial Mortgage Trust, Series 2016- LC25, Class A4, 3.64%, 12/15/59			1,600		1,498,619

					13,262,945


Total Non-Agency Mortgage-Backed Securities — 17.3% (Cost: $111,992,948)					95,179,824


Preferred Securities

Capital Trusts — 4.1%^(a)

Automobiles — 0.1%
General Motors Financial Co., Inc., Series C, 5.70%^(h)(j)			395		356,582


Banks^(j)— 1.2%
AIB Group PLC, 5.25%^(g)	EUR		200		208,905
Banco Mercantil del Norte SA^(b)
5.88%	USD		205		175,788
6.75%			292		284,941
Bank of East Asia Ltd., 5.88%^(g)			250		230,625
Citigroup, Inc., Series P, 5.95%			135		131,020
Industrial & Commercial Bank of China Ltd., 3.20%^(g)			210		195,747
Kasikornbank PCL, 5.28%^(g)(h)			246		234,315
Nordea Bank Abp, 3.75%^(b)			560		429,207
PNC Financial Services Group, Inc.^(h)
Series V, 6.20%			377		362,863
Series W, 6.25%, 12/31/99			380		347,480
Rizal Commercial Banking Corp., 6.50%^(g)			200		174,948
Wells Fargo & Co.
7.63%			800		822,512
Series S, 5.90%^(h)			3,000		2,969,100

					6,567,451

Capital Markets — 0.4%
Bank of New York Mellon Corp., Series I, 3.75%^(h)(j)			2,845		2,353,953


Diversified Telecommunication Services — 0.1%
Telefonica Europe BV, 6.14%^(g)(j)	EUR		200		216,052


Electric Utilities — 0.5%
Edison International, Series B, 5.00%^(j)	USD		220		190,074
EDP - Energias de Portugal SA, 5.94%, 04/23/83^(g)	EUR		100		109,631
Electricite de France SA, 3.00%^(g)(j)			200		189,114
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79^(h)	USD		2,500		2,325,566

					2,814,385

Financial Services^(j)— 1.6%
Bank of America Corp., Series X, 6.25%^(h)			2,925		2,897,797
Barclays PLC
4.38%^(h)			585		425,436
8.00%			275		255,750
BNP Paribas SA, 6.88%^(g)	EUR		200		215,525
Credit Agricole SA, 4.75%^(b)	USD		260		212,264


Security		Par (000)		Value

Financial Services (continued)
HSBC Holdings PLC, 6.00%^(h)	USD		695	$	635,619
Lloyds Banking Group PLC, 8.00%			345		322,920
NatWest Group PLC, 6.00%			1,185		1,108,982
Societe Generale SA, 6.75%^(b)(h)			3,000		2,573,179
Woori Bank, 4.25%^(g)			250		240,000

					8,887,472

Independent Power and Renewable Electricity Producers^(b)(j)— 0.2%
NRG Energy, Inc., 10.25%			595		576,611
Vistra Corp., 7.00%			307		273,230

					849,841

Media — 0.0%
SES SA, 2.88%^(g)(j)	EUR		100		94,282


Oil, Gas & Consumable Fuels^(g)(j)— 0.0%
Abertis Infraestructuras Finance BV, 3.25%			100		100,330
Repsol International Finance BV, 4.25%			100		100,305


					200,635

Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 2.63%, 08/27/80^(g)			100		100,143


					22,440,796


		Shares

Preferred Stocks — 1.5%^(a)(j)(n)

Capital Markets — 1.5%
Goldman Sachs Group, Inc., Series J			175,000		4,446,750
Morgan Stanley
Series F			100,000		2,560,000
Series K			60,125		1,440,595


					8,447,345


Total Preferred Securities — 5.6% (Cost: $32,998,566)					30,888,141


		Par (000)

U.S. Government Sponsored Agency Securities

Collateralized Mortgage Obligations — 0.9%
Freddie Mac REMICS, Series 4480, Class ZX, 4.00%, 11/15/44	USD		4,728		4,428,415
Ginnie Mae, Series 2017-136, Class GB, 3.00%, 03/20/47			604		547,638

					4,976,053

Mortgage-Backed Securities — 20.9%
Fannie Mae Mortgage-Backed Securities^(h)
4.50%, 07/01/55			6,706		6,569,354
4.00%, 02/01/56 - 04/01/56			7,184		6,850,170
Uniform Mortgage-Backed Securities
4.50%, 11/01/23 - 08/14/53^(h)(p)			20,269		19,548,278
1.50%, 05/01/31 - 06/01/31^(h)			7,991		7,183,610
4.00%, 03/01/34 - 09/01/52^(h)			41,012		38,405,549


23

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)			Value

Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities (continued)
3.50%, 08/14/53^(p)	USD		10,000		$	9,059,961
5.00%, 08/14/53^(p)			11,000			10,745,195
5.50%, 08/14/53^(p)			16,485			16,370,378


						114,732,495


Total U.S. Government Sponsored Agency Securities — 21.8% (Cost: $124,321,350)						119,708,548


		Shares

Warrants

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


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


Total Long-Term Investments — 158.7% (Cost: $927,661,217)						871,596,420


Short-Term Securities

Money Market Funds — 0.6%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.16%^(q)(r)			3,471,080			3,471,080


		Par (000)

U.S. Treasury Obligations — 0.1%
U.S. Treasury Bills, 5.42%, 11/14/23^(h)(s)	USD		231			227,450


Total Short-Term Securities — 0.7% (Cost: $3,698,541)						3,698,530


Total Investments Before TBA Sale Commitments — 159.4% (Cost: $931,359,758)						875,294,950

TBA Sale Commitments^(p)

Mortgage-Backed Securities — (2.5)%
Uniform Mortgage-Backed Securities
4.00%, 08/14/53			(8,500	)		(7,934,551	)
5.50%, 08/14/53			(5,465	)		(5,427,001	)


Total TBA Sale Commitments — (2.5)% (Proceeds: $(13,502,568))						(13,361,552	)


Total Investments, Net of TBA Sale Commitments — 156.9% (Cost: $917,857,190)						861,933,398
Liabilities in Excess of Other Assets — (56.9)%						(312,749,604	)


Net Assets — 100.0%					$	549,183,794

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

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

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

^(f)	When-issued security.

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

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

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

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

^(k)	Convertible security.

^(l)	Zero-coupon bond.

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

⁽ⁿ⁾	Non-income producing security.

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

^(p)	Represents or includes a TBA transaction.

^(q)	Affiliate of the Trust.

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

^(s)	Rates are discount rates or a range of discount rates as of period end.

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


S C H E D U L E O F I N V E S T M E N T S		24

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended July 31, 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 07/31/23		Shares Held at 07/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	11,782,913	$	—	$	(8,311,833	)^(a)	$	—	$	—	$	3,471,080		3,471,080	$	336,320	$	—

^(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.

5.50

%^(b)

12/28/22

Open

304,500

313,337

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

5.50

^(b)

12/28/22

Open

455,000

468,204

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

04/17/23

Open

457,119

463,873

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

04/17/23

Open

359,500

364,802

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.62

^(b)

04/17/23

Open

227,500

230,855

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(1.75

)^(b)

04/19/23

Open

316,975

315,388

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

5.50

^(b)

04/19/23

Open

485,817

492,875

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

04/19/23

Open

847,500

859,691

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

04/19/23

Open

344,955

349,875

Capital Trusts

Open/Demand

BNP Paribas SA

5.49

^(b)

04/19/23

Open

309,660

314,150

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment

Bank

5.50

^(b)

04/19/23

Open

343,900

348,896

Foreign Agency Obligations

Open/Demand

Credit Agricole Corporate and Investment

Bank

5.50

^(b)

04/19/23

Open

807,812

819,548

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment

Bank

5.52

^(b)

04/19/23

Open

494,840

502,057

Foreign Agency Obligations

Open/Demand

Credit Agricole Corporate and Investment

Bank

5.52

^(b)

04/19/23

Open

186,109

188,823

Foreign Agency Obligations

Open/Demand

Nomura Securities International, Inc.

5.35

^(b)

04/19/23

Open

269,775

273,578

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.45

^(b)

04/19/23

Open

896,250

909,142

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

04/19/23

Open

381,381

386,900

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

04/19/23

Open

330,000

334,775

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

04/19/23

Open

244,381

247,918

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

04/19/23

Open

175,459

177,998

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

04/19/23

Open

1,458,750

1,479,859

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

04/19/23

Open

737,905

748,583

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

04/19/23

Open

343,750

348,724

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

04/19/23

Open

880,924

893,671

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

04/19/23

Open

626,652

635,721

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

04/19/23

Open

166,250

168,665

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

04/19/23

Open

212,438

215,524

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.50

^(b)

04/19/23

Open

369,325

374,690

Corporate Bonds

Open/Demand

BNP Paribas SA

5.54

^(b)

04/20/23

Open

2,643,469

2,681,805

Capital Trusts

Open/Demand

BNP Paribas SA

5.45

^(b)

05/01/23

Open

212,450

215,155

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

05/01/23

Open

454,102

459,920

Corporate Bonds

Open/Demand

BNP Paribas SA

5.37

^(b)

05/05/23

Open

187,875

190,146

Corporate Bonds

Open/Demand

BNP Paribas SA

5.30

^(b)

05/10/23

Open

490,762

496,408

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

05/10/23

Open

436,395

441,594

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.62

^(b)

05/25/23

Open

779,220

787,008

Corporate Bonds

Open/Demand

BNP Paribas SA

4.50

^(b)

05/30/23

Open

269,200

271,170

Corporate Bonds

Open/Demand

BNP Paribas SA

5.15

^(b)

05/30/23

Open

207,835

209,589

Corporate Bonds

Open/Demand

BNP Paribas SA

5.25

^(b)

05/30/23

Open

965,360

973,673

Corporate Bonds

Open/Demand

BNP Paribas SA

5.35

^(b)

05/30/23

Open

224,824

226,798

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

05/30/23

Open

462,775

466,919

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

05/30/23

Open

335,026

338,027

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

05/30/23

Open

733,500

740,069

Corporate Bonds

Open/Demand

BNP Paribas SA

5.50

^(b)

05/30/23

Open

1,049,977

1,059,471

Corporate Bonds

Open/Demand


25

Schedule of Investments (unaudited) (continued)

July 31, 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)

BNP Paribas SA

5.65

%^(b)

05/30/23

Open

214,170

216,108

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

05/30/23

Open

196,725

198,497

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

05/30/23

Open

404,375

408,017

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

05/30/23

Open

428,250

432,107

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

05/30/23

Open

317,400

320,259

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

05/30/23

Open

264,500

266,882

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.62

^(b)

05/30/23

Open

222,500

224,504

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

05/30/23

Open

1,989,212

2,007,198

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

05/30/23

Open

605,069

610,540

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

05/30/23

Open

539,000

543,943

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

05/30/23

Open

431,250

435,205

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

05/30/23

Open

521,250

526,030

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.50

^(b)

05/30/23

Open

540,225

545,110

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.50

^(b)

05/30/23

Open

1,448,219

1,461,313

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.63

^(b)

05/30/23

Open

702,674

709,289

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.63

^(b)

05/30/23

Open

317,000

319,985

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

06/01/23

Open

605,600

610,889

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

06/02/23

Open

256,800

258,914

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

06/02/23

Open

315,286

317,882

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

06/07/23

Open

781,250

787,344

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

06/07/23

Open

960,000

967,488

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

06/07/23

Open

191,509

193,003

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

06/07/23

Open

2,061,930

2,078,013

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

06/07/23

Open

262,975

265,038

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

06/13/23

Open

1,240,435

1,249,383

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.62

^(b)

06/13/23

Open

1,708,354

1,720,840

Corporate Bonds

Open/Demand

BNP Paribas SA

5.44

^(b)

06/15/23

Open

263,895

265,645

Corporate Bonds

Open/Demand

BNP Paribas SA

5.44

^(b)

06/15/23

Open

310,376

312,435

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

06/15/23

Open

828,719

834,225

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

06/15/23

Open

1,049,880

1,056,856

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

06/15/23

Open

534,375

537,994

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

06/15/23

Open

316,631

318,776

Capital Trusts

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

06/15/23

Open

840,125

845,815

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

06/15/23

Open

1,443,619

1,453,395

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

06/15/23

Open

1,628,191

1,639,218

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

06/15/23

Open

1,195,706

1,203,804

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

06/15/23

Open

905,669

911,802

Corporate Bonds

Open/Demand

Barclays Capital, Inc

1.00

^(b)

06/21/23

Open

322,910

323,269

Corporate Bonds

Open/Demand

BNP Paribas SA

5.39

^(b)

06/21/23

Open

1,081,276

1,087,452

Corporate Bonds

Open/Demand

BNP Paribas SA

5.39

^(b)

06/21/23

Open

359,400

361,453

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

06/21/23

Open

366,850

368,986

Corporate Bonds

Open/Demand

BNP Paribas SA

5.55

^(b)

06/21/23

Open

1,314,135

1,321,874

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment

Bank

5.52

^(b)

06/21/23

Open

328,185

330,107

Foreign Agency Obligations

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

06/21/23

Open

193,681

194,807

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

06/21/23

Open

405,625

407,982

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

06/21/23

Open

913,270

918,577

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

06/21/23

Open

373,500

375,670

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

06/21/23

Open

249,739

251,190

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.60

^(b)

06/21/23

Open

1,444,575

1,453,162

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

616,400

619,996

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

345,500

347,515

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

381,375

383,600

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

549,500

552,705

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

785,000

789,579

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

363,500

365,620

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

330,225

332,151

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

479,050

481,844

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

744,375

748,717

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

724,500

728,726

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

378,000

380,205

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

256,525

258,021

Corporate Bonds

Open/Demand


S C H E D U L E O F I N V E S T M E N T S		26

Schedule of Investments (unaudited) (continued)

July 31, 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)

RBC Capital Markets, LLC

5.50

%^(b)

06/21/23

Open

213,850

215,097

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

648,750

652,534

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

630,875

634,555

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

433,125

435,652

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

534,625

537,744

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

336,500

338,463

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

1,267,500

1,274,894

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

584,187

587,595

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

06/21/23

Open

421,875

424,336

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

06/21/23

Open

212,713

213,951

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

06/21/23

Open

299,565

301,309

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

06/21/23

Open

226,875

228,196

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

06/21/23

Open

452,500

455,135

Corporate Bonds

Open/Demand

BNP Paribas SA

5.41

^(b)

06/22/23

Open

453,230

455,764

Corporate Bonds

Open/Demand

BNP Paribas SA

5.41

^(b)

06/22/23

Open

493,950

496,711

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

06/23/23

Open

5,598,600

5,630,139

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

06/23/23

Open

3,052,657

3,070,185

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

06/23/23

Open

239,375

240,734

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

06/23/23

Open

438,262

440,750

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

06/23/23

Open

331,075

332,954

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

06/23/23

Open

262,238

263,726

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

06/23/23

Open

264,344

265,844

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

06/23/23

Open

301,200

302,910

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

06/23/23

Open

848,250

853,065

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

06/23/23

Open

380,531

382,691

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

06/23/23

Open

290,938

292,589

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

06/23/23

Open

250,425

251,890

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

06/23/23

Open

267,923

269,490

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

06/23/23

Open

190,350

191,464

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

06/23/23

Open

557,000

560,258

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

06/26/23

Open

684,000

687,478

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

06/27/23

Open

255,150

256,410

Corporate Bonds

Open/Demand

BNP Paribas SA

5.60

^(b)

06/29/23

Open

831,792

835,748

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

06/30/23

Open

235,928

236,921

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

07/03/23

Open

1,173,672

1,178,683

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.62

^(b)

07/03/23

Open

237,448

238,379

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

07/03/23

Open

530,400

532,643

Corporate Bonds

Open/Demand

BNP Paribas SA

5.42

^(b)

07/06/23

Open

855,000

858,070

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

07/06/23

Open

1,990,000

1,997,241

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

07/07/23

Open

3,295,000

3,305,511

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

5.40

^(b)

07/11/23

Open

253,875

254,638

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

5.45

^(b)

07/11/23

Open

472,895

474,261

Foreign Agency Obligations

Open/Demand

J.P. Morgan Securities LLC

5.55

^(b)

07/11/23

Open

264,420

265,199

Corporate Bonds

Open/Demand

Cantor Fitzgerald & Co.

5.33

07/12/23

08/14/23

2,049,167

2,054,932

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.33

07/12/23

08/14/23

1,945,852

1,951,326

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.33

07/12/23

08/14/23

2,724,383

2,732,047

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.33

07/12/23

08/14/23

1,473,566

1,477,711

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.33

07/12/23

08/14/23

339,614

340,570

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.33

07/12/23

08/14/23

223,543

224,172

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.33

07/12/23

08/14/23

4,057,314

4,068,727

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.33

07/12/23

08/14/23

1,145,305

1,148,527

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.33

07/12/23

08/14/23

30,750,924

30,835,742

U.S. Government Sponsored
Agency Securities

Up to 30 Days


27

Schedule of Investments (unaudited) (continued)

July 31, 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)

Cantor Fitzgerald & Co.

5.33

07/12/23

08/14/23

656,254

658,100

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.33

07/12/23

08/14/23

401,156

402,284

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.33

07/12/23

08/14/23

1,539,793

1,544,125

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.33

07/12/23

08/14/23

6,394,480

6,412,468

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.33

07/12/23

08/14/23

1,449,296

1,453,373

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.33

07/12/23

08/14/23

4,722,046

4,735,329

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.33

07/12/23

08/14/23

2,931,971

2,940,219

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.33

07/12/23

08/14/23

1,815,070

1,820,176

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Nomura Securities International, Inc.

5.48

^(b)

07/12/23

Open

1,578,360

1,582,717

Corporate Bonds

Open/Demand

Barclays Bank PLC

5.50

^(b)

07/17/23

Open

2,108,856

2,113,162

Capital Trusts

Open/Demand

Barclays Bank PLC

5.50

^(b)

07/17/23

Open

683,437

684,833

Corporate Bonds

Open/Demand

Barclays Bank PLC

5.50

^(b)

07/17/23

Open

1,580,587

1,583,815

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

07/19/23

Open

450,187

450,972

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

4.50

^(b)

07/20/23

Open

64,500

64,584

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

5.30

^(b)

07/20/23

Open

162,855

163,106

Foreign Agency Obligations

Open/Demand

J.P. Morgan Securities LLC

5.40

^(b)

07/20/23

Open

247,973

248,363

Foreign Agency Obligations

Open/Demand

J.P. Morgan Securities LLC

5.45

^(b)

07/20/23

Open

325,215

325,732

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

5.50

^(b)

07/20/23

Open

596,679

597,636

Foreign Agency Obligations

Open/Demand

J.P. Morgan Securities LLC

5.50

^(b)

07/20/23

Open

265,662

266,088

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

5.50

^(b)

07/20/23

Open

315,240

315,746

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

5.50

^(b)

07/20/23

Open

202,813

203,138

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

5.50

^(b)

07/20/23

Open

471,361

472,117

Foreign Agency Obligations

Open/Demand

J.P. Morgan Securities LLC

5.50

^(b)

07/20/23

Open

193,772

194,083

Capital Trusts

Open/Demand

J.P. Morgan Securities LLC

5.50

^(b)

07/20/23

Open

155,750

156,000

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

5.50

^(b)

07/20/23

Open

153,750

153,997

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

5.55

^(b)

07/20/23

Open

195,858

196,175

Foreign Agency Obligations

Open/Demand

J.P. Morgan Securities LLC

5.55

^(b)

07/20/23

Open

156,509

156,762

Foreign Agency Obligations

Open/Demand

J.P. Morgan Securities LLC

5.63

^(b)

07/20/23

Open

271,375

271,821

Corporate Bonds

Open/Demand

BNP Paribas SA

5.15

^(b)

07/25/23

Open

341,700

341,979

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

07/25/23

Open

550,500

550,977

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

07/25/23

Open

319,605

319,882

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.50

^(b)

07/26/23

Open

770,259

770,821

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

2.25

07/27/23

08/16/23

630,000

630,158

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

07/27/23

08/16/23

140,130

140,214

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

07/27/23

08/16/23

635,556

635,938

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

07/27/23

08/16/23

361,030

361,247

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

07/27/23

08/16/23

172,138

172,241

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

07/27/23

08/16/23

578,750

579,097

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

07/27/23

08/16/23

321,250

321,443

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

07/27/23

08/16/23

319,225

319,417

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

07/27/23

08/16/23

414,675

414,924

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

07/27/23

08/16/23

167,188

167,288

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

07/27/23

08/16/23

429,266

429,524

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

07/27/23

08/16/23

420,282

420,537

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

07/27/23

08/16/23

220,990

221,124

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

07/27/23

08/16/23

692,540

692,959

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

07/27/23

08/16/23

201,500

201,622

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

07/27/23

08/16/23

237,615

237,760

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

07/27/23

08/16/23

384,230

384,465

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

07/27/23

08/16/23

333,125

333,329

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

07/27/23

08/16/23

551,250

551,587

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

07/27/23

08/16/23

1,381,380

1,382,224

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

07/27/23

08/16/23

358,750

358,969

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

07/27/23

08/16/23

375,625

375,855

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		28

Schedule of Investments (unaudited) (continued)

July 31, 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)

J.P. Morgan Securities LLC

5.50

07/27/23

08/16/23

393,414

393,654

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

07/27/23

08/16/23

270,788

270,953

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

07/27/23

08/16/23

328,500

328,701

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

07/27/23

08/16/23

166,759

166,861

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

07/27/23

08/16/23

331,270

331,472

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

07/27/23

08/16/23

301,569

301,753

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

07/27/23

08/16/23

631,507

631,893

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.60

07/27/23

08/16/23

971,547

972,152

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.65

07/27/23

08/16/23

189,375

189,494

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.65

07/27/23

08/16/23

885,764

886,320

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.65

07/27/23

08/16/23

293,963

294,147

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.70

07/27/23

08/16/23

428,397

428,669

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.75

07/27/23

08/16/23

219,375

219,515

Capital Trusts

Up to 30 Days

J.P. Morgan Securities LLC

5.80

07/27/23

08/16/23

165,166

165,273

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.80

07/27/23

08/16/23

439,500

439,783

Corporate Bonds

Up to 30 Days

Barclays Bank PLC

5.45

07/27/23

08/17/23

437,500

437,765

Corporate Bonds

Up to 30 Days

Barclays Bank PLC

5.45

07/27/23

08/17/23

196,075

196,194

Capital Trusts

Up to 30 Days

Barclays Bank PLC

5.45

07/27/23

08/17/23

411,250

411,499

Corporate Bonds

Up to 30 Days

Barclays Bank PLC

5.45

07/27/23

08/17/23

1,960,200

1,961,387

Corporate Bonds

Up to 30 Days

Barclays Bank PLC

5.60

07/27/23

08/17/23

1,255,000

1,255,781

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

(3.75

)

07/27/23

08/17/23

124,110

123,851

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

4.75

07/27/23

08/17/23

423,660

423,884

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

4.75

07/27/23

08/17/23

73,255

73,294

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.45

07/27/23

08/17/23

255,375

255,530

Capital Trusts

Up to 30 Days

Barclays Capital, Inc.

5.45

07/27/23

08/17/23

400,481

400,724

Capital Trusts

Up to 30 Days

Barclays Capital, Inc.

5.55

07/27/23

08/17/23

2,223,750

2,225,121

Capital Trusts

Up to 30 Days

Barclays Capital, Inc.

5.55

07/27/23

08/17/23

1,152,999

1,153,710

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.60

07/27/23

08/17/23

1,206,122

1,206,873

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.60

07/27/23

08/17/23

1,035,306

1,035,950

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

0.25

07/27/23

08/18/23

393,750

393,761

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

2.50

07/27/23

08/18/23

438,277

438,399

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

3.25

07/27/23

08/18/23

521,875

522,063

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

3.50

07/27/23

08/18/23

475,312

475,497

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

3.75

07/27/23

08/18/23

336,281

336,421

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

4.15

07/27/23

08/18/23

193,630

193,719

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

4.50

07/27/23

08/18/23

200,173

200,273

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

4.70

07/27/23

08/18/23

343,750

343,930

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

07/27/23

08/18/23

635,002

635,366

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

07/27/23

08/18/23

959,900

960,449

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

07/27/23

08/18/23

439,552

439,806

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

07/27/23

08/18/23

547,000

547,319

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

07/27/23

08/18/23

269,850

270,007

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

07/27/23

08/18/23

91,575

91,628

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

07/27/23

08/18/23

2,699,375

2,700,950

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.30

07/27/23

08/18/23

128,250

128,326

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.32

07/27/23

08/18/23

272,380

272,541

Foreign Agency Obligations

Up to 30 Days

BofA Securities, Inc.

5.33

07/27/23

08/18/23

503,382

503,681

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

07/27/23

08/18/23

144,163

144,248

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

07/27/23

08/18/23

605,130

605,490

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

07/27/23

08/18/23

440,588

440,850

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

07/27/23

08/18/23

1,600,620

1,601,571

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

07/27/23

08/18/23

1,230,155

1,230,886

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

110,293

110,359

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

795,794

796,271

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

730,710

731,148

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

441,926

442,191

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

654,027

654,420

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

596,489

596,847

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

277,013

277,179

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

290,505

290,679

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

834,000

834,500

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

353,750

353,962

Corporate Bonds

Up to 30 Days


29

Schedule of Investments (unaudited) (continued)

July 31, 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.

5.40

07/27/23

08/18/23

354,060

354,272

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

531,000

531,319

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

362,538

362,755

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

82,388

82,437

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

289,688

289,861

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

437,942

438,205

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

360,000

360,216

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

574,062

574,407

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

184,275

184,386

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

381,568

381,796

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

142,250

142,335

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

437,086

437,349

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

07/27/23

08/18/23

861,360

861,877

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.43

07/27/23

08/18/23

2,093,262

2,094,525

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

07/27/23

08/18/23

604,205

604,571

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

07/27/23

08/18/23

333,125

333,327

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

07/27/23

08/18/23

759,987

760,448

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

07/27/23

08/18/23

750,537

750,992

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

07/27/23

08/18/23

310,300

310,488

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

07/27/23

08/18/23

703,369

703,795

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

07/27/23

08/18/23

255,925

256,080

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

07/27/23

08/18/23

932,422

932,987

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

07/27/23

08/18/23

344,380

344,589

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

07/27/23

08/18/23

385,639

385,872

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

07/27/23

08/18/23

527,500

527,819

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

07/27/23

08/18/23

285,154

285,326

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.49

07/27/23

08/18/23

2,240,625

2,241,992

Capital Trusts

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

829,759

830,266

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

656,719

657,120

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

364,375

364,598

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

345,844

346,055

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

587,632

587,992

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

121,555

121,629

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

3,224,415

3,226,385

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

842,500

843,015

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

2,531,250

2,532,797

Capital Trusts

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

548,550

548,885

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

986,512

987,115

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

314,265

314,457

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

1,667,820

1,668,839

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

1,031,965

1,032,596

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

321,250

321,446

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

1,547,410

1,548,356

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

1,260,146

1,260,916

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

1,146,206

1,146,907

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

154,020

154,114

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

697,590

698,016

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

170,048

170,151

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

1,261,365

1,262,136

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

162,146

162,245

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

1,654,160

1,655,171

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

508,365

508,676

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

1,617,715

1,618,704

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

362,160

362,381

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

232,125

232,267

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

256,620

256,777

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

278,618

278,788

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

231,019

231,160

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

179,400

179,510

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

76,505

76,552

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

130,425

130,505

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

249,080

249,232

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		30

Schedule of Investments (unaudited) (continued)

July 31, 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.

5.50

07/27/23

08/18/23

241,258

241,405

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

733,954

734,402

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

191,888

192,005

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

415,562

415,816

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

321,825

322,022

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

07/27/23

08/18/23

1,037,376

1,038,010

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.53

07/27/23

08/18/23

1,982,812

1,984,031

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

07/27/23

08/18/23

246,373

246,524

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

07/27/23

08/18/23

902,120

902,676

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

07/27/23

08/18/23

166,980

167,083

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

07/27/23

08/18/23

164,000

164,101

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

07/27/23

08/18/23

703,185

703,619

Foreign Agency Obligations

Up to 30 Days

BofA Securities, Inc.

5.55

07/27/23

08/18/23

184,110

184,224

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

07/27/23

08/18/23

147,964

148,055

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

07/27/23

08/18/23

492,844

493,148

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

07/27/23

08/18/23

146,160

146,250

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

07/27/23

08/18/23

151,940

152,034

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

07/27/23

08/18/23

101,490

101,553

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

07/27/23

08/18/23

262,864

263,026

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

07/27/23

08/18/23

209,300

209,429

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

07/27/23

08/18/23

344,453

344,665

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

07/27/23

08/18/23

313,853

314,046

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

07/27/23

08/18/23

194,950

195,070

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

07/27/23

08/18/23

140,563

140,649

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

07/27/23

08/18/23

284,635

284,811

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

07/27/23

08/18/23

652,038

652,440

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.59

07/27/23

08/18/23

352,069

352,287

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.59

07/27/23

08/18/23

414,965

415,223

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

07/27/23

08/18/23

646,717

647,120

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

07/27/23

08/18/23

318,255

318,453

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

07/27/23

08/18/23

432,750

433,019

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

07/27/23

08/18/23

1,563,281

1,564,254

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

07/27/23

08/18/23

383,017

383,256

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

07/27/23

08/18/23

507,825

508,141

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

07/27/23

08/18/23

349,530

349,747

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

07/27/23

08/18/23

353,750

353,972

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

07/27/23

08/18/23

445,802

446,082

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

07/27/23

08/18/23

703,575

704,017

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

07/27/23

08/18/23

791,587

792,084

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

07/27/23

08/18/23

665,500

665,918

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

07/27/23

08/18/23

198,669

198,793

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

07/27/23

08/18/23

86,624

86,678

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

07/27/23

08/18/23

333,349

333,558

Corporate Bonds

Up to 30 Days

Nomura Securities International, Inc.

5.38

^(b)

07/27/23

Open

227,304

227,474

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

07/27/23

Open

336,300

336,505

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

5.24

07/28/23

08/17/23

164,855

164,879

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.24

07/28/23

08/17/23

206,136

206,166

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.40

07/28/23

08/17/23

128,431

128,450

Foreign Agency Obligations

Up to 30 Days

BofA Securities, Inc.

5.50

07/28/23

08/18/23

262,256

262,336

Corporate Bonds

Up to 30 Days

BNP Paribas SA

5.30

^(b)

07/28/23

Open

115,500

115,534

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

5.50

^(b)

07/28/23

Open

187,895

187,924

Foreign Agency Obligations

Open/Demand

HSBC Securities (USA), Inc.

5.50

^(b)

07/28/23

Open

342,436

342,488

Foreign Agency Obligations

Open/Demand

HSBC Securities (USA), Inc.

5.50

^(b)

07/28/23

Open

323,910

323,959

Foreign Agency Obligations

Open/Demand

HSBC Securities (USA), Inc.

5.50

^(b)

07/28/23

Open

233,442

233,477

Foreign Agency Obligations

Open/Demand

HSBC Securities (USA), Inc.

5.50

^(b)

07/28/23

Open

217,290

217,323

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

5.50

^(b)

07/28/23

Open

315,056

315,104

Foreign Agency Obligations

Open/Demand

HSBC Securities (USA), Inc.

5.50

^(b)

07/28/23

Open

206,508

206,540

Foreign Agency Obligations

Open/Demand

Nomura Securities International, Inc.

5.35

^(b)

07/28/23

Open

303,254

303,299

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.35

^(b)

07/28/23

Open

202,507

202,537

Foreign Agency Obligations

Open/Demand

Nomura Securities International, Inc.

5.35

^(b)

07/28/23

Open

170,190

170,216

Foreign Agency Obligations

Open/Demand

Nomura Securities International, Inc.

5.35

^(b)

07/28/23

Open

182,880

182,907

Foreign Agency Obligations

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

07/28/23

Open

134,400

134,421

Corporate Bonds

Open/Demand


31

Schedule of Investments (unaudited) (continued)

July 31, 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)

Societe Generale

5.47

%^(b)

07/28/23

Open

453,787

453,856

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

07/28/23

Open

212,063

212,095

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

07/28/23

Open

260,219

260,258

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

07/28/23

Open

371,963

372,019

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

07/28/23

Open

272,363

272,404

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

07/28/23

Open

249,763

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

07/28/23

Open

172,350

172,376

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

07/28/23

Open

112,556

112,573

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

07/28/23

Open

124,963

124,981

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

07/28/23

Open

117,500

117,518

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

07/28/23

Open

310,000

310,047

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

07/28/23

Open

574,687

574,775

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

07/28/23

Open

1,122,650

1,122,821

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

07/28/23

Open

2,078,815

2,079,131

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

07/28/23

Open

762,500

762,616

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

07/28/23

Open

89,355

89,369

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

07/28/23

Open

170,000

170,026

Corporate Bonds

Open/Demand

Societe Generale

5.63

^(b)

07/28/23

Open

239,711

239,749

Corporate Bonds

Open/Demand

Societe Generale

5.63

^(b)

07/28/23

Open

248,575

248,614

Corporate Bonds

Open/Demand

Societe Generale

5.63

^(b)

07/28/23

Open

281,751

281,795

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

07/28/23

Open

514,350

514,428

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

07/28/23

Open

195,263

195,292

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

07/28/23

Open

84,975

84,988

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

07/28/23

Open

213,188

213,220

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

07/28/23

Open

186,780

186,808

Corporate Bonds

Open/Demand

291,072,411

292,084,373

^(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		64		09/29/23	$	12,997	$	(102,670	)
5-Year U.S. Treasury Note		1,687		09/29/23		180,311		(2,585,756	)

								(2,688,426	)

Short Contracts
10-Year Japanese Government Treasury Bonds		7		09/12/23		7,223		53,738
10-Year U.S. Treasury Note		316		09/20/23		35,224		783,955
10-Year U.S. Ultra Long Treasury Note		278		09/20/23		32,543		618,363
U.S. Long Bond		355		09/20/23		44,242		714,670
Ultra U.S. Treasury Bond		149		09/20/23		19,743		340,349

								2,511,075

							$	(177,351	)

Forward Foreign Currency Exchange Contracts

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD

149,360

EUR

134,415

Morgan Stanley & Co. International PLC

09/14/23

1,264

USD

42,818

EUR

38,000

Citibank N.A.

09/20/23

937

USD

110,421

EUR

98,000

Citibank N.A.

09/20/23

2,413


S C H E D U L E O F I N V E S T M E N T S		32

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	136,383	EUR	121,000	Citibank N.A.		09/20/23	$	3,027
USD	176,261	EUR	158,000	Deutsche Bank AG		09/20/23		2,126
USD	112,715	EUR	100,000	State Street Bank and Trust Co.		09/20/23		2,503
USD	189,265	GBP	146,000	Deutsche Bank AG		09/20/23		1,857
USD	212,148	JPY	29,588,000	The Bank of New York Mellon		09/20/23		2,579

								16,706

USD	105,878	EUR	97,038	Citibank N.A.		09/14/23		(1,037	)
USD	1,132,959	EUR	1,046,746	Toronto-Dominion Bank		09/14/23		(20,332	)
JPY	29,588,528	USD	209,887	Toronto-Dominion Bank		09/20/23		(314	)
USD	9,553,773	EUR	8,706,000	BNP Paribas SA		09/20/23		(41,278	)
USD	105,350	EUR	96,000	Deutsche Bank AG		09/20/23		(454	)
USD	178,100	EUR	165,000	Royal Bank of Canada		09/20/23		(3,749	)
USD	10,884	EUR	10,000	State Street Bank and Trust Co.		09/20/23		(138	)
USD	50,928	EUR	47,000	State Street Bank and Trust Co.		09/20/23		(871	)
USD	126,944	GBP	101,000	Bank of America N.A.		09/20/23		(2,702	)
USD	966,847	GBP	754,000	BNP Paribas SA		09/20/23		(1,000	)
USD	122,789	GBP	97,000	State Street Bank and Trust Co.		09/20/23		(1,722	)

								(73,597	)

							$	(56,891	)

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	$	(169,674	)	$	3,962		$	(173,636	)
CDX.NA.IG.40.V1		1.00			Quarterly		06/20/28		USD	23,910		(412,627	)		(156,921	)		(255,706	)

											$	(582,301	)	$	(152,959	)	$	(429,342	)

Centrally Cleared Interest Rate Swaps


Paid by the Trust		Received by the Trust		Effective Date		Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date		Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
1-Day SOFR, 5.06%	Annual	3.31%	Annual		N/A	12/01/42		USD	1,800	$	(86,482	)	$	42	$	(86,524	)
1-Day SOFR, 5.06%	Annual	3.53%	Annual		N/A	11/10/52		USD	3,000		62,494			92		62,402

										$	(23,988	)	$	134	$	(24,122	)

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

23,620

4,735,417

1,642,190

3,093,227

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)
Thyssenkrupp AG		1.00	%	Quarterly	Bank of America N.A.	12/20/23	BB	EUR	20	$	76	$	(159	)	$	235
Virgin Media Finance PLC		5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/25	B	EUR	20		1,384		1,402			(18	)


33

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

OTC Credit Default Swaps — Sell Protection (continued)


Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency	Counterparty	Termination Date	Credit Rating^(a)	Notional Amount (000)^(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Jaguar Land Rover Automotive PLC		5.00	%	Quarterly	Bank of America N.A.	06/20/26	BB-		EUR	20	$	1,274		$	(509	)	$	1,783
Jaguar Land Rover Automotive PLC		5.00		Quarterly	Bank of America N.A.	12/20/26	BB-		EUR	20		959			(603	)		1,562
Jaguar Land Rover Automotive PLC		5.00		Quarterly	Barclays Bank PLC	12/20/26	BB-		EUR	10		486			309			177
Jaguar Land Rover Automotive PLC		5.00		Quarterly	Credit Suisse International	12/20/26	BB-		EUR	10		472			318			154
K&S AG		5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/26	BBB-		EUR	30		4,056			1,865			2,191
CMA CGM SA		5.00		Quarterly	Credit Suisse International	06/20/27	N/R		EUR	38		4,831			1,363			3,468
Ladbrokes Coral Group Ltd.		1.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	N/R		EUR	10		(207	)		(880	)		673
Ladbrokes Coral Group Ltd.		1.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	N/R		EUR	60		(1,242	)		(8,421	)		7,179
Adler Real Estate AG		5.00		Quarterly	Bank of America N.A.	12/20/27	CCC+		EUR	9		(2,382	)		(1,870	)		(512	)
Adler Real Estate AG		5.00		Quarterly	Barclays Bank PLC	12/20/27	CCC+		EUR	5		(1,432	)		(1,105	)		(327	)
Adler Real Estate AG		5.00		Quarterly	Barclays Bank PLC	12/20/27	CCC+		EUR	15		(4,025	)		(3,106	)		(919	)
Adler Real Estate AG		5.00		Quarterly	Citibank N.A.	12/20/27	CCC+		EUR	4		(1,167	)		(925	)		(242	)
Adler Real Estate AG		5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/27	CCC+		EUR	9		(2,444	)		(1,928	)		(516	)
Adler Real Estate AG		5.00		Quarterly	Morgan Stanley & Co. International PLC	12/20/27	CCC+		EUR	7		(1,772	)		(1,378	)		(394	)
United Group B.V.		5.00		Quarterly	Bank of America N.A.	12/20/27	B		EUR	23		(1,998	)		(3,126	)		1,128
United Group B.V.		5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/27	B		EUR	27		(2,422	)		(4,059	)		1,637
Ladbrokes Coral Group Ltd.		1.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/28	N/R		EUR	7		(275	)		(475	)		200
CMBX.NA.7		3.00		Monthly	Barclays Bank PLC	01/17/47	C-		USD	9,448		(1,894,167	)		(460,352	)		(1,433,815	)
CMBX.NA.7		3.00		Monthly	Barclays Bank PLC	01/17/47	C-		USD	4,724		(947,084	)		(229,910	)		(717,174	)
CMBX.NA.7		3.00		Monthly	Barclays Bank PLC	01/17/47	C-		USD	9,448		(1,894,168	)		(227,654	)		(1,666,514	)
CMBX.NA.9		3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	N/R		USD	407		(87,268	)		(41,420	)		(45,848	)
CMBX.NA.15		3.00		Monthly	Morgan Stanley & Co. International PLC	11/15/64	N/R		USD	2,972		(707,831	)		(553,871	)		(153,960	)

											$	(5,536,346	)	$	(1,536,494	)	$	(3,999,852	)

^(a)

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

^(b)

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the 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 privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.


S C H E D U L E O F I N V E S T M E N T S		34

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

Fair Value Hierarchy as of Period End (continued)

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	$	—	$	104,570,171	$	1,633,700	$	106,203,871
Common Stocks		4,949,424		—		—		4,949,424
Corporate Bonds
Aerospace & Defense		—		21,979,774		—		21,979,774
Automobile Components		—		7,547,926		—		7,547,926
Automobiles		—		10,220,817		—		10,220,817
Banks		—		6,394,605		—		6,394,605
Beverages		—		14,241,043		—		14,241,043
Biotechnology		—		932,631		—		932,631
Broadline Retail		—		144,866		—		144,866
Building Materials		—		6,373,785		—		6,373,785
Building Products		—		6,520,164		—		6,520,164
Capital Markets		—		7,762,704		—		7,762,704
Chemicals		—		11,010,019		—		11,010,019
Commercial Services & Supplies		—		9,752,696		—		9,752,696
Communications Equipment		—		2,390,341		—		2,390,341
Construction & Engineering		—		1,577,971		—		1,577,971
Construction Materials		—		572,554		—		572,554
Consumer Discretionary		—		14,269,914		—		14,269,914
Consumer Finance		—		10,423,038		—		10,423,038
Consumer Staples Distribution & Retail		—		4,979,203		—		4,979,203
Containers & Packaging		—		3,355,309		—		3,355,309
Diversified Consumer Services		—		11,924,281		—		11,924,281
Diversified REITs		—		3,898,227		—		3,898,227
Diversified Telecommunication Services		—		11,958,916		—		11,958,916
Education		—		229,620		—		229,620
Electric Utilities		—		6,811,782		—		6,811,782
Electrical Equipment		—		1,868,017		—		1,868,017
Electronic Equipment, Instruments & Components		—		3,707,148		—		3,707,148
Energy Equipment & Services		—		4,585,967		—		4,585,967
Environmental, Maintenance & Security Service		—		4,485,491		—		4,485,491
Financial Services		—		11,065,605		—		11,065,605
Food Products		—		4,544,112		—		4,544,112
Gas Utilities		—		450,605		—		450,605
Ground Transportation		—		2,534,595		—		2,534,595
Health Care Equipment & Supplies		—		2,196,232		—		2,196,232
Health Care Providers & Services		—		13,215,872		—		13,215,872
Health Care Technology		—		3,485,017		—		3,485,017
Hotels, Restaurants & Leisure		—		19,284,616		—		19,284,616
Household Durables		—		2,379,018		—		2,379,018
Household Products		—		226,320		—		226,320
Independent Power and Renewable Electricity Producers		—		3,525,256		—		3,525,256
Industrial Conglomerates		—		225,398		—		225,398
Insurance		—		12,636,070		—		12,636,070
Interactive Media & Services		—		817,117		—		817,117
Internet Software & Services		—		6,063,619		—		6,063,619
IT Services		—		5,873,304		—		5,873,304
Leisure Products		—		553,680		—		553,680
Machinery		—		7,076,638		—		7,076,638
Media		—		38,771,964		—		38,771,964
Metals & Mining		—		15,551,669		—		15,551,669
Multi-Utilities		—		360,868		—		360,868
Offshore Drilling & Other Services		—		2,182,251		—		2,182,251
Oil, Gas & Consumable Fuels		85,058		64,870,504		1,287,244		66,242,806
Passenger Airlines		—		7,181,248		—		7,181,248
Personal Care Products		—		339,949		—		339,949
Pharmaceuticals		—		7,182,126		—		7,182,126
Real Estate		—		118,048		—		118,048


35

Schedule of Investments (unaudited) (continued)

July 31, 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)
Real Estate Management & Development	$	—		$	2,628,776		$	—	$	2,628,776
Retail REITs		—			176,460			—		176,460
Semiconductors & Semiconductor Equipment		—			3,052,251			—		3,052,251
Software		—			14,008,210			—		14,008,210
Specialized REITs		—			1,635,047			—		1,635,047
Specialty Retail		—			1,503,332			—		1,503,332
Technology Hardware, Storage & Peripherals		—			1,104,400			—		1,104,400
Textiles, Apparel & Luxury Goods		—			617,700			—		617,700
Tobacco		—			2,003,152			—		2,003,152
Transportation Infrastructure		—			2,867,472			—		2,867,472
Utilities		—			159,531			—		159,531
Wireless Telecommunication Services		—			6,302,533			—		6,302,533
Floating Rate Loan Interests		—			38,829,740			243,989		39,073,729
Foreign Agency Obligations		—			14,749,401			—		14,749,401
Municipal Bonds		—			781,806			—		781,806
Non-Agency Mortgage-Backed Securities		—			95,179,824			—		95,179,824
Preferred Securities
Capital Trusts		—			22,440,796			—		22,440,796
Preferred Stocks		8,447,345			—			—		8,447,345
U.S. Government Sponsored Agency Securities		—			119,708,548			—		119,708,548
Warrants		—			—			—		—
Short-Term Securities
Money Market Funds		3,471,080			—			—		3,471,080
U.S. Treasury Obligations		—			227,450			—		227,450
Liabilities
Investments
TBA Sale Commitments		—			(13,361,552	)		—		(13,361,552	)

	$	16,952,907		$	841,815,558		$	3,164,933	$	861,933,398

Derivative Financial Instruments^(a)
Assets
Credit Contracts	$	—		$	3,113,614		$	—	$	3,113,614
Foreign Currency Exchange Contracts		—			16,706			—		16,706
Interest Rate Contracts		2,511,075			62,402			—		2,573,477
Liabilities
Credit Contracts		—			(4,449,581	)		—		(4,449,581	)
Foreign Currency Exchange Contracts		—			(73,597	)		—		(73,597	)
Interest Rate Contracts		(2,688,426	)		(86,524	)		—		(2,774,950	)

	$	(177,351	)	$	(1,416,980	)	$	—	$	(1,594,331	)

^(a)

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial reporting purposes. As of period end, reverse repurchase agreements of $292,084,373 are categorized as Level 2 within the fair value hierarchy.


Currency Abbreviation

EUR		Euro

GBP		British Pound

JPY		Japanese Yen

USD		United States Dollar

Portfolio Abbreviation

CDI		CREST Depository Interest

CLO		Collateralized Loan Obligation


Portfolio Abbreviation (continued)

CMT		Constant Maturity Treasury

CR		Custodian Receipt

DAC		Designated Activity Company

EURIBOR		Euro Interbank Offered Rate

GO		General Obligation Bonds

LIBOR		London Interbank Offered Rate

MTA		Month Treasury Average

PCL		Public Company Limited

PIK		Payment-in-Kind


S C H E D U L E O F I N V E S T M E N T S		36

Schedule of Investments (unaudited) (continued)

July 31, 2023

BlackRock Multi-Sector Income Trust (BIT)


Portfolio Abbreviation (continued)

REIT		Real Estate Investment Trust

REMIC		Real Estate Mortgage Investment Conduit

SAB		Special Assessment Bonds

SG		Syncora Guarantee

SOFR		Secured Overnight Financing Rate

TBA		To-Be-Announced


37

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