Edgar Filing: BlackRock Multi-Sector Income Trust

BlackRock Multi-Sector Income Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-22774

Name of Fund: BlackRock Multi-Sector Income Trust (BIT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Multi-Sector

Income Trust, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 10/31/2017

Date of reporting period: 01/31/2017

Item 1 – Schedule of Investments

Consolidated Schedule of Investments January 31, 2017 (Unaudited)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Common Stocks		Shares		Value
Aerospace & Defense — 0.4%
United Technologies Corp.			25,650	$	2,813,035
Real Estate Investment Trusts (REITs) — 0.0%
Ovation Acquisition I LLC, (Acquired 12/28/15, cost $8,635) (a)			561		561
Total Common Stocks — 0.4%					2,813,596



Asset-Backed Securities		Par (000)
Asset-Backed Securities — 31.0%
ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class A2D, 1.07%, 2/25/36 (b)	USD		6,159		5,779,789
Adirondack Park CLO Ltd., Series 2013-1A, Class E, 5.67%, 4/15/24 (b)(c)			2,000		1,924,010
ALM VI Ltd., Series 2012-6A (b)(c)(d):
Class B2R, 3.68%, 7/15/26			1,300		1,302,981
Class CR, 4.63%, 7/15/26			1,000		998,935
ALM XIV Ltd., Series 2014-14A, Class C, 4.49%, 7/28/26 (b)(c)(d)			3,610		3,562,059
American Homes 4 Rent, Series 2014-SFR2, Class E, 6.23%, 10/17/36 (c)			2,000		2,122,993
AMMC CDO (b)(c):
Series 2015-16A, Class C, 4.12%, 4/14/27			1,250		1,250,758
Series 2016-1A, Class E, 7.88%, 10/15/28			1,000		956,000
AMMC CLO 18, Ltd., Series 2016-18A, Class E2, 8.19%, 5/26/28 (b)(c)			1,000		1,001,561
AMMC CLO IX, Ltd., Series 2011-9A, Class ER, 8.67%, 1/15/22 (b)(c)			1,000		1,000,336
AMMC CLO XII Ltd., Series 2013-12A, Class D1, 4.63%, 5/10/25 (b)(c)(d)			1,000		987,803
Anchorage Capital CLO 3 Ltd., Series 2014-3A, Class BR, 3.51%, 4/28/26 (b)(c)			1,000		1,001,673
Anchorage Capital CLO 6 Ltd., Series 2015-6A (b)(c):
Class C, 3.87%, 4/15/27			700		705,141
Class D, 4.42%, 4/15/27			1,000		964,031
Anchorage Capital CLO Ltd., Series 2012-1A, Class DR, 8.27%, 1/13/27 (b)(c)			1,000		1,006,809


Asset-Backed Securities		Par (000)		Value
Asset-Backed Securities (continued)
Apidos CDO, Series 2012-9AR, Class CR, 3.78%, 7/15/23 (b)(c)(d)	USD		1,250	$	1,251,293
Apidos CLO XII, Series 2013-12A, Class D, 4.07%, 4/15/25 (b)(c)(d)			1,000		975,347
Ares CLO Ltd., Class D (b)(c):
Series 2015-1A, 7.17%, 12/05/25			1,000		993,438
Series 2016-41A, 5.09%, 1/15/29			900		879,672
Arrowpoint CLO Ltd., Series 2013-1A, Class CR, 5.51%, 11/15/28 (b)(c)			800		786,000
Atrium X, Series 10A (b)(c):
Class D, 4.52%, 7/16/25 (d)			1,000		995,720
Class E, 5.52%, 7/16/25			2,000		1,919,097
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, 0.91%, 11/25/36 (b)			4,948		4,260,096
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class C, 4.52%, 7/15/24 (b)(c)(d)			1,750		1,746,005
Benefit Street Partners CLO VI Ltd., Series 2015-VIA (b)(c):
Class B, 4.07%, 4/18/27 (d)			1,000		1,000,004
Class C, 4.72%, 4/18/27			1,000		985,271
Betony CLO Ltd., Series 2015-1A, Class D, 4.62%, 4/15/27 (b)(c)			1,000		959,016
C-BASS Trust, Series 2006-CB7, Class A4, 0.93%, 10/25/36 (b)			8,426		5,679,972
Carlyle Global Market Strategies CLO Ltd. (b)(c):
Series 2013-2A, Class D, 4.77%, 4/18/25 (d)			1,250		1,254,673
Series 2014-1A, Class CR, 3.77%, 4/17/25			1,500		1,504,323
Carrington Mortgage Loan Trust, Series 2006-FRE2 (b):
Class A2, 0.89%, 10/25/36			5,834		3,558,424
Class A5, 0.85%, 10/25/36			12,019		7,294,114
CIFC Funding Ltd. (b)(c):
Series 2012-1AR, Class B1R, 4.46%, 8/14/24 (d)			2,000		1,998,003
Series 2014-3A, Class D, 4.44%, 7/22/26			480		478,328
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44 (c)			3,628		3,621,120
Flatiron CLO Ltd., Series 2012-1A, Class CR, 5.35%, 10/25/21 (b)(c)			1,375		1,374,206



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	1


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Asset-Backed Securities		Par (000)		Value
Asset-Backed Securities (continued)
Fremont Home Loan Trust, Class 2A3 (b):
Series 2006-A, 0.93%, 5/25/36	USD		25,554	$	14,889,139
Series 2006-D, 0.92%, 11/25/36			23,080		10,007,007
GoldenTree Loan Opportunities VII Ltd., Series 2013-7A, Class D, 4.34%, 4/25/25 (b)(c)			1,250		1,233,739
GSAMP Trust (b):
Series 2006-FM2, Class A2C, 0.92%, 9/25/36			11,642		5,289,095
Series 2007-FM2, Class A2B, 0.86%, 1/25/37			8,000		4,827,478
Highbridge Loan Management Ltd. (b)(c):
Series 3A-2014, Class D, 6.02%, 1/18/25			1,000		965,460
Series 4A-2014, Class B, 4.04%, 7/28/25			2,000		2,002,244
Series 8A-2016, Class E, 8.93%, 4/20/27			1,000		997,337
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, 0.94%, 4/25/37 (b)			13,248		8,960,287
HPS Loan Management Ltd., Series 10A-16 (b)(c):
Class C, 4.58%, 1/20/28			2,500		2,399,750
Class D, 7.43%, 1/20/28			1,000		957,012
LCM XVI LP, Series 16A, Class E, 5.62%, 7/15/26 (b)(c)			1,000		931,577
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M2, 7.17%, 4/15/40 (b)			5,938		4,444,270
Long Beach Mortgage Loan Trust, Series 2006-1, Class 1A, 0.99%, 2/25/36 (b)			5,943		5,192,992
Madison Park Funding IX Ltd., Series 2012-9AR, Class C1R, 3.76%, 8/15/22 (b)(c)(d)			1,000		1,000,788
Madison Park Funding X Ltd., Series 2012-10A, Class ER, 8.65%, 1/20/29 (b)(c)			1,000		979,800
Madison Park Funding XV Ltd., Series 2014-15A, Class B1, 4.29%, 1/27/26 (b)(c)			1,600		1,604,394
Madison Park Funding XVI Ltd., Series 2015-16A, Class C, 4.73%, 4/20/26 (b)(c)(d)			1,000		982,397


Asset-Backed Securities		Par (000)			Value
Asset-Backed Securities (continued)
Master Asset-Backed Securities Trust (b):
Series 2006-HE2, Class A3, 0.92%, 6/25/36	USD		11,285		$	5,803,544
Series 2006-WMC2, Class A5, 1.02%, 4/25/36			8,424			3,687,039
Morgan Stanley IXIS Real Estate Capital Trust, Series 2006-2, Class A3, 0.92%, 11/25/36 (b)			14,437			6,734,562
Neuberger Berman CLO XVIII, Ltd., Series 2014-18A, Class DR, 8.63%, 11/14/27 (b)(c)			1,000			1,001,354
Octagon Investment Partners XIV Ltd., Series 2012-1A, Class C, 5.02%, 1/15/24 (b)(c)(d)			1,000			999,181
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class C, 4.55%, 11/14/26 (b)(c)			1,000			996,932
OneMain Financial Issuance Trust, Series 2015-2A, Class C, 4.32%, 7/18/25 (c)			5,000			5,005,162
OZLM Funding II Ltd., Series 2012-2A (b)(c):
Class CR, 4.89%, 10/30/27			1,250			1,239,250
Class DR, 8.19%, 10/30/27			1,250			1,203,250
OZLM Funding IV Ltd., Series 2013-4A, Class C, 4.24%, 7/22/25 (b)(c)(d)			1,250			1,227,906
OZLM XV, Ltd., Series 2016-15A, Class D, 8.07%, 1/20/29 (b)(c)			1,000			948,400
Pretium Mortgage Credit Partners LLC, Series 2016-NPL3, Class A1, 4.38%, 5/27/31 (c)(e)			6,173			6,222,829
Race Point CLO Ltd., Series 2011-5AR, Class ER, 6.34%, 12/15/22 (b)(c)			1,500			1,502,067
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 9/25/37 (e)			4,505			2,685,789
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, 1.17%, 9/25/47 (b)			5,000			3,911,186
Scholar Funding Trust, Series 2013-A, Class R, 0.00%			—	(f)		2,577,442
SMB Private Education Loan Trust, Series 2015-C, Class C, 4.50%, 9/17/46 (c)			4,100			4,112,293
Sound Point CLO X Ltd., Series 2015-3A, Class E, 7.78%, 1/20/28 (b)(c)			1,000			1,026,743
Sound Point CLO XIV Ltd, Series 2016-3A, Class E, 7.53%, 1/23/29 (b)(c)			1,000			965,500



2	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Asset-Backed Securities		Par (000)		Value
Asset-Backed Securities (continued)
Symphony CLO XV Ltd., Series 2014-15A, Class D, 4.77%, 10/17/26 (b)(c)	USD		3,500	$	3,480,147
TICP CLO I Ltd., Series 2015-1A, Class C, 4.03%, 7/20/27 (b)(c)			1,000		996,028
Treman Park CLO LLC, Series 2015-1A, Class D, 4.89%, 4/20/27 (b)(c)			1,500		1,505,169
Tyron Park CLO Ltd., Series 2013-1A (b)(c):
Class C, 4.52%, 7/15/25 (d)			1,250		1,225,388
Class D, 5.42%, 7/15/25			1,000		941,029
US Residential Opportunity Fund III Trust, Series 2016-2III, Class A, 3.47%, 8/27/36 (c)(e)			4,593		4,568,636
Venture XX CLO Ltd., Series 2015-20A (b)(c):
Class C, 4.17%, 4/15/27 (d)			1,000		1,001,241
Class D, 4.87%, 4/15/27			520		516,028
Venture XXI CLO Ltd., Series 2015-21A, Class D, 4.62%, 7/15/27 (b)(c)			480		463,571
Vibrant Clo III, Ltd., Series 2015-3A (b)(c):
Class A2R, 3.08%, 4/20/26			1,000		997,771
Class BR, 3.98%, 4/20/26			1,500		1,500,000
VOLT XLVI LLC, Series 2016-NPL6, Class A1, 3.84%, 6/25/46 (c)(e)			4,145		4,157,835
Voya CLO Ltd. (b)(c):
Series 2012-2AR, Class CR, 3.97%, 10/15/22 (d)			1,350		1,351,372
Series 2016-3A, Class C, 4.67%, 10/18/27			435		430,154
Series 2016-3A, Class D, 7.67%, 10/18/27			385		376,107
WaMu Asset-Backed Certificates Trust, Series 2007-HE3, Class 2A3, 1.01%, 5/25/47 (b)			10,710		7,253,067
Westvue Mortgage Loan Trust, Series 2015-1A, Class A, 4.50%, 9/25/20 (c)(e)			2,098		2,120,535
York CLO-3 Ltd., Series 2016-1A, Class E, 6.71%, 7/20/25 (b)(c)			1,000		952,602
Total Asset-Backed Securities — 31.0%					221,430,876



Corporate Bonds
Advertising Agencies — 0.0%
Kinross Gold Corp., 6.88%, 9/01/41			80		80,300


Corporate Bonds		Par (000)		Value
Aerospace & Defense — 1.1%
Accudyne Industries Borrower/Accudyne Industries LLC, 7.75%, 12/15/20 (c)(d)	USD		840	$	714,000
Bombardier, Inc. (c):
8.75%, 12/01/21			886		957,987
6.00%, 10/15/22			271		264,903
6.13%, 1/15/23			184		179,860
7.50%, 3/15/25 (d)			620		621,550
Harris Corp., 3.83%, 4/27/25 (d)			750		764,367
KLX, Inc., 5.88%, 12/01/22 (c)(d)			640		670,400
Lockheed Martin Corp., 4.70%, 5/15/46 (d)			400		427,353
TransDigm, Inc.:
5.50%, 10/15/20			262		263,965
6.00%, 7/15/22 (d)			1,998		2,012,985
6.50%, 7/15/24 (d)			421		421,526
6.50%, 5/15/25			185		185,925
6.38%, 6/15/26 (c)(d)			55		54,175
United Technologies Corp., 3.75%, 11/01/46 (d)			700		657,506

					8,196,502
Air Freight & Logistics — 0.3%
FedEx Corp. (d):
3.90%, 2/01/35			500		478,438
4.75%, 11/15/45			500		515,578
XPO Logistics, Inc.:
5.75%, 6/15/21	EUR		100		113,348
6.50%, 6/15/22 (c)(d)	USD		760		792,300
6.13%, 9/01/23 (c)(d)			281		290,133

					2,189,797
Airlines — 3.4%
Air Canada Pass-Through Trust, Series 2013-1, Class B, 5.38%, 11/15/22 (c)(d)			2,616		2,668,709
American Airlines Pass-Through Trust:
4.95%, 8/15/26			1,735		1,763,194
Series 2013-1, Class C, 6.13%, 7/15/18 (c)(d)			1,080		1,125,900
Series 2013-2, Class A, 4.95%, 7/15/24 (d)			1,903		2,027,822
Avianca Holdings SA / Avianca Leasing LLC / Grupo Taca Holdings, Ltd., 8.38%, 5/10/20			426		421,740
Continental Airlines Pass-Through Trust (d):
Series 2003-ERJ1, 7.88%, 1/02/20			274		284,694
Series 2007-1, Class B, 6.90%, 10/19/23			383		401,691



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	3


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Airlines (continued)
Continental Airlines Pass-Through Trust (d) (continued):
Series 2012-1, Class B, 6.25%, 10/11/21	USD		371	$	388,651
Series 2012-3, Class C, 6.13%, 4/29/18			408		424,932
Delta Air Lines Pass-Through Trust, Class B (d):
Series 2007-1, 8.02%, 2/10/24			1,860		2,101,872
Series 2012-1, 6.88%, 5/07/19 (c)			3,156		3,364,633
United Airlines Pass-Through Trust (d):
Series 2014-2, Class B, 4.63%, 3/03/24			2,487		2,523,924
Series 2015-1, Class A, 3.70%, 6/01/24			3,570		3,587,850
US Airways Pass-Through Trust, Class B (d):
Series 2011-1, 9.75%, 4/22/20			1,997		2,232,043
Series 2013-1, 5.38%, 5/15/23			787		812,771

					24,130,426
Auto Components — 0.5%
Allison Transmission, Inc., 5.00%, 10/01/24 (c)			411		414,083
CNH Industrial Finance Europe SA, 2.88%, 5/17/23	EUR		175		193,399
Delphi Automotive PLC (d):
4.25%, 1/15/26	USD		400		411,052
4.40%, 10/01/46			280		255,662
Faurecia, 3.63%, 6/15/23	EUR		111		124,873
Fiat Chrysler Finance Europe:
4.75%, 3/22/21			133		156,354
4.75%, 7/15/22			100		118,065
FTE Verwaltungs GmbH, 9.00%, 7/15/20			100		113,509
Goodyear Tire & Rubber Co., 5.00%, 5/31/26	USD		77		77,578
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.88%, 3/15/19 (d)			481		486,411
6.25%, 2/01/22 (c)			141		142,058
6.75%, 2/01/24 (c)			134		133,531
IHO Verwaltungs GmbH (g):
(2.75% Cash or 3.50% PIK), 2.75%, 9/15/21	EUR		100		110,919
(3.25% Cash or 4.00% PIK), 3.25%, 9/15/23			100		110,703


Corporate Bonds		Par (000)		Value
Auto Components (continued)
IHO Verwaltungs GmbH (g) (continued):
(4.13% Cash or 4.88% PIK), 4.13%, 9/15/21 (c)	USD		214	$	215,380
(4.5% PIK), 3.75%, 9/15/26	EUR		100		108,198
(4.50% Cash or 5.25% PIK), 4.50%, 9/15/23 (c)	USD		229		226,710

					3,398,485
Automobiles — 0.3%
General Motors Co., 6.25%, 10/02/43 (d)			2,194		2,433,172
Banks — 1.2%
Allied Irish Banks PLC, 4.13%, 11/26/25 (b)	EUR		100		111,054
Banco Popolare, 2.75%, 7/27/20			100		109,641
Bank of Ireland, 4.25%, 6/11/24 (b)			100		111,458
Bankia SA, 4.00%, 5/22/24 (b)			300		329,955
CIT Group, Inc.:
5.25%, 3/15/18 (d)	USD		588		607,698
5.50%, 2/15/19 (c)			280		294,582
5.00%, 8/01/23 (d)			1,015		1,058,137
Commerzbank AG:
7.75%, 3/16/21	EUR		100		129,331
4.00%, 3/23/26			47		51,142
HSBC Holdings PLC, 4.38%, 11/23/26 (d)	USD		370		371,971
Intesa Sanpaolo SpA, 2.86%, 4/23/25	EUR		115		120,525
Rizal Commercial Banking Corp., 4.25%, 1/22/20	USD		100		103,565
Sberbank of Russia Via SB Capital SA, 5.25%, 5/23/23 (c)			5,000		5,062,500

					8,461,559
Beverages — 0.5%
Anheuser-Busch InBev Finance, Inc., 4.90%, 2/01/46 (d)			2,160		2,311,427
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 6.00%, 2/15/25 (c)			360		362,250
Central American Bottling Corp., 5.75%, 1/31/27 (c)			588		592,233

					3,265,910
Biotechnology — 0.3%
Amgen, Inc., 4.40%, 5/01/45 (d)			1,100		1,044,823
Gilead Sciences, Inc., 4.75%, 3/01/46 (d)			700		725,716



4	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Biotechnology (continued)
Senvion Holding GmbH, 6.63%, 11/15/20	EUR		145	$	162,914

					1,933,453
Building Materials — 0.2%
Dry Mix Solutions Investissements SAS, 3.93%, 6/15/21 (b)			100		108,220
Tecnoglass, Inc., 8.20%, 1/31/22 (c)	USD		1,511		1,499,668
Titan Global Finance PLC, 3.50%, 6/17/21	EUR		100		112,721

					1,720,609
Building Products — 0.5%
American Builders & Contractors Supply Co., Inc. (c)(d):
5.63%, 4/15/21	USD		375		385,781
5.75%, 12/15/23			155		161,200
Builders FirstSource, Inc., 5.63%, 9/01/24 (c)			94		96,585
Building Materials Corp. of America (c):
5.38%, 11/15/24			110		113,438
6.00%, 10/15/25 (d)			247		260,585
Louisiana-Pacific Corp., 4.88%, 9/15/24			106		105,735
Masonite International Corp., 5.63%, 3/15/23 (c)(d)			360		372,600
Ply Gem Industries, Inc., 6.50%, 2/01/22 (d)			729		759,982
Standard Industries, Inc. (c)(d):
5.13%, 2/15/21			47		49,115
5.50%, 2/15/23			227		235,513
USG Corp. (d):
8.25%, 1/15/18			652		689,490
5.50%, 3/01/25 (c)			435		455,662

					3,685,686
Capital Markets — 0.0%
AE-Rotor Holding BV, 4.97%, 3/28/18			140		139,963
E*Trade Financial Corp., 4.63%, 9/15/23 (d)			194		199,093

					339,056
Chemicals — 1.0%
Alpha 3 BV / Alpha US Bidco, Inc., 6.25%, 2/01/25 (c)			900		900,000
Axalta Coating Systems Dutch Holding B BV, 3.75%, 1/15/25	EUR		100		110,649
Axalta Coating Systems LLC, 4.88%, 8/15/24 (c)	USD		265		268,313


Corporate Bonds		Par (000)		Value
Chemicals (continued)
Blue Cube Spinco, Inc., 10.00%, 10/15/25	USD		45	$	54,450
CF Industries, Inc.:
7.13%, 5/01/20			150		165,375
5.15%, 3/15/34			110		100,925
4.95%, 6/01/43 (d)			325		278,687
Chemours Co.:
6.63%, 5/15/23 (d)			235		233,825
7.00%, 5/15/25			66		65,769
Huntsman International LLC, 4.88%, 11/15/20			180		185,850
Ineos Finance PLC, 4.00%, 5/01/23	EUR		115		129,108
Inovyn Finance PLC, 6.25%, 5/15/21			100		114,643
Momentive Performance Materials, Inc., 3.88%, 10/24/21 (d)	USD		1,300		1,264,250
Montichem Holdco 3 SA, 5.25%, 6/15/21	EUR		109		121,784
NOVA Chemicals Corp., 5.25%, 8/01/23 (c)	USD		145		150,075
Platform Specialty Products Corp. (c)(d):
10.38%, 5/01/21			65		72,150
6.50%, 2/01/22			1,427		1,455,540
PQ Corp., 6.75%, 11/15/22 (c)(d)			355		384,287
PSPC Escrow Corp., 6.00%, 2/01/23	EUR		153		170,161
Tronox Finance LLC, 6.38%, 8/15/20	USD		94		90,358
Versum Materials, Inc., 5.50%, 9/30/24 (c)			140		145,600
WR Grace & Co-Conn (c):
5.13%, 10/01/21			165		173,044
5.63%, 10/01/24 (d)			300		316,125

					6,950,968
Commercial Services & Supplies — 1.4%
ADT Corp.:
3.50%, 7/15/22			541		511,245
4.13%, 6/15/23			86		82,023
4.88%, 7/15/32 (c)			266		214,130
Advanced Disposal Services, Inc., 5.63%, 11/15/24 (c)			267		271,673
Aviation Capital Group Corp., 6.75%, 4/06/21 (c)(d)			5,000		5,743,750
Bilbao Luxembourg SA, (10.50% Cash or 11.25% PIK), 10.50%, 12/01/18 (g)	EUR		100		110,573
Brand Energy & Infrastructure Services, Inc., 8.50%, 12/01/21 (c)(d)	USD		782		811,325



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	5


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Commercial Services & Supplies (continued)
Iron Mountain, Inc., 6.00%, 10/01/20 (c)(d)	USD		435	$	455,663
Mobile Mini, Inc., 5.88%, 7/01/24 (d)			515		536,887
Park Aerospace Holdings Ltd., 5.25%, 8/15/22 (c)(h)			285		292,125
Ritchie Bros Auctioneers, Inc., 5.38%, 1/15/25 (c)			221		225,696
Silk Bidco AS, 7.50%, 2/01/22	EUR		108		124,481
United Rentals North America, Inc.:
7.63%, 4/15/22	USD		52		54,470
5.75%, 11/15/24 (d)			450		475,312
5.88%, 9/15/26			90		93,488

					10,002,841
Communications Equipment — 0.4%
Alcatel-Lucent USA, Inc., 6.45%, 3/15/29 (d)			1,335		1,392,271
CommScope Technologies Finance LLC, 6.00%, 6/15/25 (c)(d)			20		21,313
CommScope, Inc., 5.00%, 6/15/21 (c)			170		174,462
Nokia OYJ, 6.63%, 5/15/39 (d)			245		256,618
Zayo Group LLC/Zayo Capital, Inc.:
6.38%, 5/15/25 (d)			1,037		1,097,281
5.75%, 1/15/27 (c)			252		257,998

					3,199,943
Construction & Engineering — 0.3%
Aeropuerto Internacional de Tocumen SA, 5.63%, 5/18/36 (c)			808		850,420
BlueLine Rental Finance Corp., 7.00%, 2/01/19 (c)(d)			620		612,250
Engility Corp., 8.88%, 9/01/24 (c)			298		318,860

					1,781,530
Construction Materials — 0.5%
American Tire Distributors, Inc., 10.25%, 3/01/22 (c)(d)			295		286,887
Beacon Roofing Supply, Inc., 6.38%, 10/01/23 (d)			353		378,592
HD Supply, Inc. (c)(d):
5.25%, 12/15/21			1,265		1,332,994
5.75%, 4/15/24			884		930,410
LKQ Italia Bondco SpA, 3.88%, 4/01/24	EUR		202		230,161
PulteGroup, Inc.:
5.50%, 3/01/26	USD		213		217,793
6.00%, 2/15/35			48		46,320
Rexel SA, 3.50%, 6/15/23	EUR		223		250,346

					3,673,503


Corporate Bonds		Par (000)		Value
Consumer Discretionary — 0.0%
The Nielsen Co. Luxembourg SARL, 5.00%, 2/01/25 (c)	USD		208	$	206,700
Silversea Cruise Finance Ltd., 7.25%, 2/01/25 (c)			113		116,131

					322,831
Consumer Finance — 0.8%
Ally Financial, Inc., 8.00%, 11/01/31 (d)			3,475		4,126,562
Navient Corp.:
5.00%, 10/26/20 (d)			370		367,225
6.63%, 7/26/21			173		176,027
5.50%, 1/25/23			162		152,888
7.25%, 9/25/23			306		308,295
6.13%, 3/25/24			132		124,905
5.88%, 10/25/24			138		127,305
5.63%, 8/01/33			105		83,213
OneMain Financial Holdings LLC (c):
6.75%, 12/15/19			186		192,975
7.25%, 12/15/21			130		132,763

					5,792,158
Containers & Packaging — 1.4%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
6.75%, 1/31/21 (c)(d)			630		651,262
4.25%, 1/15/22	EUR		200		222,355
6.75%, 5/15/24			156		183,348
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc. (c):
6.25%, 1/31/19	USD		403		410,456
4.63%, 5/15/23			252		254,363
7.25%, 5/15/24 (d)			1,809		1,937,891
Bahia Sul Holdings GmbH, 5.75%, 7/14/26 (c)			354		354,460
Ball Corp., 5.00%, 3/15/22 (d)			440		462,000
Crown European Holdings SA:
4.00%, 7/15/22	EUR		103		122,224
3.38%, 5/15/25			154		168,944
Flex Acquisition Co., Inc., 6.88%, 1/15/25 (c)	USD		174		176,893
JH-Holding Finance SA, 8.25%, 12/01/22 (g)	EUR		102		118,361
Reynolds Group Issuer, Inc.:
5.75%, 10/15/20 (d)	USD		590		607,452
8.25%, 2/15/21			413		425,215
4.52%, 7/15/21 (b)(c)(d)			866		890,897
5.13%, 7/15/23 (c)			194		198,404
7.00%, 7/15/24 (c)(d)			839		893,954
Sappi Papier Holding GmbH, 4.00%, 4/01/23	EUR		200		227,774



6	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Containers & Packaging (continued)
Sealed Air Corp.:
4.88%, 12/01/22 (c)(d)	USD		100	$	103,125
4.50%, 9/15/23	EUR		100		119,690
6.88%, 7/15/33 (c)	USD		44		46,200
Signode Industrial Group Lux SA/Signode Industrial Group US, Inc., 6.38%, 5/01/22 (c)(d)			598		606,970
Suzano Trading Ltd., 5.88%, 1/23/21 (c)			583		616,523
Verallia Packaging SASU, 5.13%, 8/01/22	EUR		100		114,562

					9,913,323
Diversified Consumer Services — 0.4%
APX Group, Inc.:
6.38%, 12/01/19	USD		265		273,612
8.75%, 12/01/20			360		373,500
7.88%, 12/01/22			144		156,240
7.88%, 12/01/22 (c)(h)			230		249,550
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 5/15/23 (c)(d)			1,515		1,641,881
Service Corp. International, 5.38%, 5/15/24 (d)			215		225,213
Tereos Finance Groupe I SA, 4.13%, 6/16/23	EUR		100		111,998

					3,031,994
Diversified Financial Services — 1.1%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 3.95%, 2/01/22 (d)	USD		1,750		1,782,830
Aircastle Ltd., 6.25%, 12/01/19 (d)			784		850,640
Deutsche Bank AG, 4.25%, 10/14/21 (c)(d)			1,150		1,156,664
FBM Finance, Inc., 8.25%, 8/15/21 (c)			130		138,775
Ford Motor Credit Co. LLC, 4.39%, 1/08/26 (d)			1,250		1,258,531
Garfunkelux Holdco 3 SA, 8.50%, 11/01/22	GBP		100		129,197
General Motors Financial Co., Inc., 4.25%, 5/15/23 (d)	USD		326		334,052
Hexion 2 US Finance Corp., 10.38%, 2/01/22 (c)(h)			190		193,800
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 4/01/20 (c)(d)			845		853,450
Mercury Bondco PLC, (8.25% Cash, 9.00% PIK), 8.25%, 5/30/21 (g)	EUR		358		408,554
UniCredit SpA:
6.95%, 10/31/22			270		333,383


Corporate Bonds		Par (000)		Value
Diversified Financial Services (continued)
UniCredit SpA (continued):
5.75%, 10/28/25 (b)	EUR		207	$	236,710

					7,676,586
Diversified Telecommunication Services — 2.6%
AT&T, Inc., 4.75%, 5/15/46 (d)	USD		2,545		2,324,646
CenturyLink, Inc.:
6.45%, 6/15/21 (d)			771		819,187
Series U, 7.65%, 3/15/42			174		158,231
Series Y, 7.50%, 4/01/24			190		201,162
Cincinnati Bell, Inc., 7.00%, 7/15/24 (c)(d)			798		842,887
Consolidated Communications, Inc., 6.50%, 10/01/22			113		113,282
Frontier Communications Corp.:
7.13%, 3/15/19			380		404,700
8.50%, 4/15/20			130		138,528
7.13%, 1/15/23 (d)			65		58,175
7.63%, 4/15/24 (d)			650		573,625
6.88%, 1/15/25 (d)			1,205		1,010,694
11.00%, 9/15/25			435		439,894
Level 3 Financing, Inc.:
5.38%, 8/15/22			140		144,550
5.63%, 2/01/23 (d)			105		107,363
5.13%, 5/01/23 (d)			360		362,700
5.38%, 1/15/24 (d)			294		297,307
5.38%, 5/01/25 (d)			420		428,665
5.25%, 3/15/26 (c)			186		185,302
OTE PLC, 3.50%, 7/09/20	EUR		200		217,256
SBA Communications Corp., 4.88%, 9/01/24 (c)(d)	USD		309		301,615
Telecom Italia Capital SA:
6.38%, 11/15/33			91		91,824
6.00%, 9/30/34 (d)			834		821,490
Telecom Italia Finance SA, 7.75%, 1/24/33	EUR		81		111,803
Telecom Italia SpA:
3.25%, 1/16/23			273		306,875
3.63%, 1/19/24			146		165,642
Verizon Communications, Inc., 6.55%, 9/15/43 (d)	USD		6,500		8,016,983
Windstream Corp., 7.75%, 10/01/21			31		31,627
Windstream Services LLC, 7.50%, 6/01/22			94		90,945

					18,766,958
Electric Utilities — 0.7%
AES Corp., 4.88%, 5/15/23 (d)			350		348,250
Baltimore Gas & Electric Co., 3.50%, 8/15/46 (d)			500		454,554
Duke Energy Corp., 4.80%, 12/15/45 (d)			1,500		1,591,650



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	7


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Electric Utilities (continued)
Pampa Energia SA, 7.50%, 1/24/27 (c)	USD		758	$	750,389
Southern Co., 4.40%, 7/01/46 (d)			1,000		989,543
Virginia Electric & Power Co., Series A, 6.00%, 5/15/37 (d)			750		927,568

					5,061,954
Electrical Equipment — 0.1%
Areva SA, 4.88%, 9/23/24	EUR		100		111,128
Belden, Inc., 5.50%, 4/15/23			111		127,457
Trionista TopCo GmbH, 6.88%, 4/30/21			213		241,430

					480,015
Electronic Equipment, Instruments & Components — 0.2%
CDW LLC/CDW Finance Corp.:
6.00%, 8/15/22 (d)	USD		770		812,350
5.00%, 9/01/23 (d)			550		561,000
5.50%, 12/01/24			28		29,155
SESI LLC, 7.13%, 12/15/21			60		61,575

					1,464,080
Energy Equipment & Services — 0.8%
Ensco PLC:
4.50%, 10/01/24			207		185,265
5.20%, 3/15/25			45		40,725
Gates Global LLC/Gates Global Co., 6.00%, 7/15/22 (c)(d)			659		649,939
Genesis Energy LP/Genesis Energy Finance Corp., 6.75%, 8/01/22			150		158,625
Halliburton Co., 3.80%, 11/15/25 (d)			750		762,839
Noble Holding International Ltd., 4.63%, 3/01/21			12		11,460
Pattern Energy Group, Inc., 5.88%, 2/01/24 (c)			163		166,260
Pioneer Energy Services Corp., 6.13%, 3/15/22			325		296,563
Precision Drilling Corp., 6.50%, 12/15/21			120		123,300
Transocean, Inc.:
6.00%, 3/15/18			330		337,012
7.38%, 4/15/18			35		35,963
5.55%, 10/15/22 (d)			722		657,020
9.00%, 7/15/23 (c)(d)			1,206		1,283,636
Trinidad Drilling, Ltd., 6.63%, 2/15/25 (c)(h)			282		288,345
Weatherford International Ltd.:
7.75%, 6/15/21			307		316,977
9.88%, 2/15/24 (c)			273		294,840


Corporate Bonds		Par (000)		Value
Energy Equipment & Services (continued)
Weatherford International, Ltd., 8.25%, 6/15/23	USD		35	$	35,700

					5,644,469
Environmental, Maintenance, & Security Service — 0.1%
Befesa Zinc SAU Via Zinc Capital SA, 8.88%, 5/15/18	EUR		100		110,379
Tervita Escrow Corp., 7.63%, 12/01/21 (c)	USD		472		489,700

					600,079
Food & Staples Retailing — 0.9%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC (c):
6.63%, 6/15/24			254		264,719
5.75%, 3/15/25 (d)			347		344,831
B&M European Value Retail SA, 4.13%, 2/01/22 (h)	GBP		100		128,120
Casino Guichard Perrachon SA:
5.98%, 5/26/21	EUR		200		254,715
4.56%, 1/25/23			200		241,714
CVS Health Corp., 5.13%, 7/20/45 (d)	USD		750		824,873
Dollar Tree, Inc., 5.75%, 3/01/23 (d)			2,510		2,658,090
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.88%, 1/15/24			75		79,298
Rite Aid Corp.:
6.75%, 6/15/21 (d)			329		342,160
6.13%, 4/01/23 (c)(d)			181		188,466
7.70%, 2/15/27			359		430,800
Tesco PLC, 6.00%, 12/14/29	GBP		50		68,837
Walgreens Boots Alliance, Inc., 4.80%, 11/18/44 (d)	USD		750		763,671

					6,590,294
Food Products — 0.8%
Acosta, Inc., 7.75%, 10/01/22 (c)(d)			370		324,675
Aramark Services, Inc.:
5.13%, 1/15/24 (c)			27		28,057
5.13%, 1/15/24 (d)			483		501,914
4.75%, 6/01/26 (c)(d)			252		250,992
Arcor SAIC, 6.00%, 7/06/23 (c)			470		491,150
Darling Global Finance BV, 4.75%, 5/30/22	EUR		107		122,726
FAGE International SA/FAGE USA Dairy Industry, Inc., 5.63%, 8/15/26 (c)	USD		200		202,624



8	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Food Products (continued)
JBS USA LLC/JBS USA Finance, Inc. (c):
7.25%, 6/01/21	USD		40	$	41,320
5.88%, 7/15/24			169		174,493
5.75%, 6/15/25			558		572,787
Marfrig Holdings Europe BV, 8.00%, 6/08/23 (c)(d)			486		512,122
Minerva Luxembourg SA, 6.50%, 9/20/26 (c)			286		284,213
Post Holdings, Inc. (c):
6.75%, 12/01/21			120		127,200
7.75%, 3/15/24 (d)			721		798,060
8.00%, 7/15/25			419		471,375
5.00%, 8/15/26 (d)			238		230,115
Smithfield Foods, Inc., 5.88%, 8/01/21 (c)(d)			307		320,480
TreeHouse Foods, Inc., 6.00%, 2/15/24 (c)(d)			159		166,751
WhiteWave Foods Co., 5.38%, 10/01/22 (d)			211		229,463

					5,850,517
Health Care Equipment & Supplies — 0.5%
Crimson Merger Sub, Inc., 6.63%, 5/15/22 (c)(d)			641		580,105
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.13%, 6/15/21 (c)(d)			1,127		974,855
IDH Finance PLC, 6.25%, 8/15/22	GBP		100		117,183
Mallinckrodt International Finance SA/Mallinckrodt CB LLC (c):
5.63%, 10/15/23 (d)	USD		342		303,097
5.50%, 4/15/25			380		327,275
Medtronic, Inc., 4.50%, 3/15/42 (d)			1,000		1,044,078
Teleflex, Inc.:
3.88%, 8/01/17 (i)			110		299,406
4.88%, 6/01/26			63		62,685

					3,708,684
Health Care Providers & Services — 2.8%
Acadia Healthcare Co., Inc.:
5.63%, 2/15/23 (d)			524		531,860
6.50%, 3/01/24			69		71,674
Aetna, Inc., 4.38%, 6/15/46			600		601,447
Alere, Inc., 6.38%, 7/01/23 (c)			265		268,147
Amsurg Corp., 5.63%, 7/15/22 (d)			810		834,300
Centene Corp.:
5.63%, 2/15/21 (d)			403		423,069
4.75%, 5/15/22 (d)			487		494,305
6.13%, 2/15/24			40		42,500


Corporate Bonds		Par (000)		Value
Health Care Providers & Services (continued)
CHS/Community Health Systems, Inc.:
8.00%, 11/15/19	USD		87	$	77,430
6.88%, 2/01/22 (d)			471		342,653
DaVita HealthCare Partners, Inc.:
5.13%, 7/15/24 (d)			657		648,787
5.00%, 5/01/25			7		6,832
Envision Healthcare Corp., 5.13%, 7/01/22 (c)(d)			205		208,588
HCA, Inc.:
6.50%, 2/15/20 (d)			1,103		1,205,027
7.50%, 2/15/22 (d)			800		910,000
5.88%, 3/15/22 (d)			124		134,695
4.75%, 5/01/23			56		58,030
5.88%, 5/01/23			90		95,850
5.00%, 3/15/24 (d)			645		671,606
5.38%, 2/01/25 (d)			562		573,240
5.25%, 4/15/25 (d)			1,220		1,284,050
5.88%, 2/15/26 (d)			508		528,320
5.25%, 6/15/26 (d)			520		542,100
4.50%, 2/15/27 (d)			511		503,974
HealthSouth Corp.:
5.75%, 11/01/24 (d)			501		509,141
5.75%, 9/15/25 (d)			126		126,315
2.00%, 12/01/43 (i)			375		425,859
Hologic, Inc.:
5.25%, 7/15/22 (c)(d)			417		434,722
Series 2012, 2.00%, 3/01/42 (e)(i)			153		209,036
MEDNAX, Inc., 5.25%, 12/01/23 (c)(d)			239		246,768
MPH Acquisition Holdings LLC, 7.13%, 6/01/24 (c)			847		898,879
New Amethyst Corp., 6.25%, 12/01/24 (c)			131		137,878
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/01/23 (c)			350		361,375
Surgery Center Holdings, Inc., 8.88%, 4/15/21 (c)			82		88,765
Tenet Healthcare Corp.:
6.00%, 10/01/20 (d)			1,150		1,213,250
7.50%, 1/01/22 (c)			165		176,963
8.13%, 4/01/22 (d)			1,294		1,306,940
6.75%, 6/15/23 (d)			974		920,430
Thermo Fisher Scientific, Inc., 2.95%, 9/19/26 (d)			1,000		945,214
UnitedHealth Group, Inc., 4.38%, 3/15/42 (d)			750		768,399

					19,828,418



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	9


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Hotels, Restaurants & Leisure — 3.9%
Boyd Gaming Corp., 6.88%, 5/15/23	USD		290	$	311,402
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Property, 8.00%, 10/01/20 (d)			1,840		1,920,500
CPUK Finance Ltd., 7.00%, 2/28/42	GBP		168		223,507
Enterprise Inns PLC, 6.00%, 10/06/23			3,320		4,344,096
ESH Hospitality, Inc., 5.25%, 5/01/25 (c)(d)	USD		334		335,252
International Game Technology PLC, 4.75%, 2/15/23	EUR		107		126,335
Jacobs Entertainment, Inc., 7.88%, 2/01/24 (c)(h)	USD		79		81,271
KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC (c):
5.00%, 6/01/24			45		45,844
5.25%, 6/01/26			159		160,854
McDonald’s Corp., 3.70%, 1/30/26 (d)			750		760,679
MGM Resorts International:
8.63%, 2/01/19			84		93,240
6.75%, 10/01/20 (d)			118		130,685
6.63%, 12/15/21 (d)			1,550		1,728,250
7.75%, 3/15/22			10		11,647
4.63%, 9/01/26 (d)			146		141,438
MGP Escrow Issuer LLC/MGP Escrow Co-Issuer, Inc., 5.63%, 5/01/24 (c)(d)			1,397		1,458,119
New Red Finance, Inc., 6.00%, 4/01/22 (c)(d)			1,130		1,177,370
PortAventura Entertainment Barcelona BV, 7.25%, 12/01/20	EUR		208		233,181
RHP Hotel Properties LP/RHP Finance Corp., 5.00%, 4/15/21 (d)	USD		460		469,200
Sabre GLBL, Inc., 5.25%, 11/15/23 (c)(d)			317		320,963
Scientific Games International, Inc.:
7.00%, 1/01/22 (c)(d)			185		197,719
10.00%, 12/01/22			905		927,281
Six Flags Entertainment Corp. (c):
5.25%, 1/15/21 (d)			310		318,525
4.88%, 7/31/24			97		96,273
Station Casinos LLC, 7.50%, 3/01/21 (d)			1,085		1,128,400
Thomas Cook Group PLC, 6.25%, 6/15/22	EUR		100		111,577
Unique Pub Finance Co. PLC:
Series A3, 6.54%, 3/30/21	GBP		1,874		2,539,585
Series M, 7.40%, 3/28/24			6,400		8,533,816


Corporate Bonds		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Vue International Bidco PLC, 7.88%, 7/15/20	GBP		117	$	152,926
Yum! Brands, Inc., 3.88%, 11/01/23	USD		110		107,250

					28,187,185
Household Durables — 0.8%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 7/01/22 (c)(d)			750		761,250
CalAtlantic Group, Inc.:
8.38%, 1/15/21			144		167,760
5.38%, 10/01/22			6		6,218
5.25%, 6/01/26			10		9,925
Century Communities, Inc., 6.88%, 5/15/22 (d)			830		856,975
Lennar Corp.:
4.50%, 11/15/19 (d)			320		332,000
4.75%, 4/01/21			42		43,575
4.13%, 1/15/22			139		140,175
4.75%, 11/15/22			210		215,382
4.88%, 12/15/23 (d)			146		148,555
4.75%, 5/30/25 (d)			410		413,075
Mattamy Group Corp., 6.88%, 12/15/23 (c)			123		126,690
Newell Brands, Inc., 4.20%, 4/01/26 (d)			1,000		1,035,858
PulteGroup, Inc., 6.38%, 5/15/33 (d)			469		470,172
Riverbed Technology, Inc., 8.88%, 3/01/23 (c)			180		191,250
Standard Pacific Corp., 5.88%, 11/15/24			35		36,400
Tempur Sealy International, Inc., 5.50%, 6/15/26			45		44,325
TRI Pointe Group, Inc.:
4.38%, 6/15/19 (d)			225		228,937
4.88%, 7/01/21			210		215,250
5.88%, 6/15/24 (d)			140		144,900
William Lyon Homes ,Inc., 5.88%, 1/31/25 (c)			141		140,119

					5,728,791
Household Products — 0.3%
ACCO Brands Corp., 5.25%, 12/15/24 (c)			202		203,283
Prestige Brands, Inc., 6.38%, 3/01/24 (c)			176		183,480
Spectrum Brands, Inc. (d):
6.63%, 11/15/22			710		752,600
6.13%, 12/15/24			681		720,157

					1,859,520



10	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Independent Power and Renewable Electricity Producers — 0.5%
Calpine Corp. (d):
6.00%, 1/15/22 (c)	USD		64	$	66,960
5.38%, 1/15/23			240		236,400
5.88%, 1/15/24 (c)			240		251,400
Dynegy, Inc.:
6.75%, 11/01/19 (d)			925		949,281
7.38%, 11/01/22			30		29,625
7.63%, 11/01/24			140		133,350
8.00%, 1/15/25 (c)			26		24,960
NRG Energy, Inc.:
7.88%, 5/15/21			82		85,075
6.63%, 3/15/23			45		46,350
7.25%, 5/15/26 (c)			233		243,776
6.63%, 1/15/27 (c)(d)			641		636,193
NRG Yield Operating LLC, 5.38%, 8/15/24 (d)			130		132,600
QEP Resources, Inc., 5.38%, 10/01/22 (d)			694		700,940
TerraForm Power Operating LLC, 6.38%, 2/01/23 (c)(e)			90		92,475

					3,629,385
Industrial Conglomerates — 0.2%
Cortes NP Acquisition Corp., 9.25%, 10/15/24 (c)			357		377,303
General Electric Co., 4.13%, 10/09/42 (d)			750		764,319

					1,141,622
Insurance — 1.7%
Allstate Corp., 5.75%, 8/15/53 (b)(d)			2,000		2,107,500
American International Group, Inc., 4.80%, 7/10/45 (d)			500		509,155
Aon PLC, 3.88%, 12/15/25 (d)			1,280		1,308,885
Assicurazioni Generali SpA (b):
7.75%, 12/12/42	EUR		100		127,032
5.50%, 10/27/47			100		111,683
Groupama SA, 6.00%, 1/23/27			100		110,732
HUB International Ltd. (c):
9.25%, 2/15/21	USD		195		201,581
7.88%, 10/01/21 (d)			738		773,055
Prudential Financial, Inc., 5.63%, 6/15/43 (b)(d)			6,000		6,322,500
Wayne Merger Sub LLC, 8.25%, 8/01/23 (c)(d)			705		744,656

					12,316,779
Internet Software & Services — 0.2%
Equinix, Inc. (d):
4.88%, 4/01/20			144		147,960
5.88%, 1/15/26			389		413,312


Corporate Bonds		Par (000)		Value
Internet Software & Services (continued)
Netflix, Inc.:
5.50%, 2/15/22	USD		15	$	16,069
5.75%, 3/01/24 (d)			368		396,060
5.88%, 2/15/25			26		28,210
4.38%, 11/15/26 (c)			382		374,838

					1,376,449
IT Services — 0.9%
Ceridian HCM Holding, Inc., 11.00%, 3/15/21 (c)(d)			287		298,480
Fidelity National Information Services, Inc., 3.00%, 8/15/26 (d)			1,000		941,041
First Data Corp. (c)(d):
7.00%, 12/01/23			1,673		1,774,216
5.75%, 1/15/24			2,908		2,998,875
Western Digital Corp., 10.50%, 4/01/24 (c)			287		337,943

					6,350,555
Machinery — 0.2%
Gardner Denver, Inc., 6.88%, 8/15/21 (c)			155		154,612
Navistar International Corp., 8.25%, 11/01/21			55		55,550
SPX FLOW, Inc. (c):
5.63%, 8/15/24			330		336,600
5.88%, 8/15/26			175		179,375
Terex Corp., 5.63%, 2/01/25 (c)			354		361,540
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 6.38%, 5/01/22	EUR		142		163,805

					1,251,482
Media — 7.4%
Adria Bidco BV, 7.88%, 11/15/20			100		113,029
Altice Financing SA:
5.25%, 2/15/23			108		123,599
7.50%, 5/15/26 (c)(d)	USD		1,291		1,362,005
Altice Luxembourg SA, 6.25%, 2/15/25	EUR		100		113,294
Altice US Finance I Corp. (c):
5.38%, 7/15/23 (d)	USD		980		1,020,425
5.50%, 5/15/26			288		295,200
AMC Networks, Inc.:
4.75%, 12/15/22 (d)			344		350,880
5.00%, 4/01/24			161		164,220
Bharti Airtel International Netherlands BV, 5.13%, 3/11/23			1,500		1,572,261
Cablevision SA, 6.50%, 6/15/21 (c)			389		400,670



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	11


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Media (continued)
Cablevision Systems Corp.:
8.63%, 9/15/17	USD		126	$	130,647
7.75%, 4/15/18 (d)			517		544,142
8.00%, 4/15/20			286		316,087
CBS Radio, Inc., 7.25%, 11/01/24 (c)			264		275,054
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.25%, 9/30/22 (d)			560		579,723
5.13%, 2/15/23 (d)			709		735,587
5.13%, 5/01/23 (c)(d)			719		745,962
5.75%, 2/15/26 (c)(d)			233		246,907
5.50%, 5/01/26 (c)(d)			470		492,325
5.13%, 5/01/27 (c)(h)			372		378,975
5.88%, 5/01/27 (c)(d)			808		857,240
Cellnex Telecom SA, 2.38%, 1/16/24	EUR		100		106,712
Cequel Communications Holdings I LLC/Cequel Capital Corp. (c):
6.38%, 9/15/20	USD		145		148,988
5.13%, 12/15/21			62		62,853
5.13%, 12/15/21 (d)			715		723,937
7.75%, 7/15/25 (d)			1,630		1,803,187
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45 (d)			3,000		3,410,244
Clear Channel International BV, 8.75%, 12/15/20 (c)(d)			508		541,020
Clear Channel Worldwide Holdings, Inc.:
6.50%, 11/15/22 (d)			3,013		3,145,572
6.50%, 11/15/22			185		186,665
Series B, 7.63%, 3/15/20 (d)			884		886,210
Columbus Cable Barbados Ltd., 7.38%, 3/30/21 (c)(d)			1,195		1,269,687
Comcast Corp., 4.60%, 8/15/45 (d)			1,750		1,795,157
CSC Holdings LLC (d):
10.13%, 1/15/23 (c)			1,388		1,609,219
5.25%, 6/01/24			921		925,605
6.63%, 10/15/25 (c)			350		381,937
10.88%, 10/15/25 (c)			933		1,110,270
Discovery Communications LLC, 4.95%, 5/15/42 (d)			400		363,771
DISH DBS Corp. (d):
6.75%, 6/01/21			430		461,983
5.88%, 7/15/22			287		298,336
5.88%, 11/15/24			158		159,778
7.75%, 7/01/26			1,220		1,365,644
DISH Network Corp., 3.38%, 8/15/26 (c)(i)			293		342,261


Corporate Bonds		Par (000)		Value
Media (continued)
eircom Finance DAC, 4.50%, 5/31/22	EUR		100	$	112,549
GTT Escrow Corp., 7.88%, 12/31/24 (c)	USD		87		91,133
Hughes Satellite Systems Corp. (c)(d):
5.25%, 8/01/26			484		484,000
6.63%, 8/01/26			201		207,533
iHeartCommunications, Inc.:
9.00%, 12/15/19			474		396,679
10.63%, 3/15/23			1,256		989,100
Intelsat Jackson Holdings SA:
7.25%, 4/01/19			585		502,734
7.25%, 10/15/20			125		98,125
5.50%, 8/01/23 (d)			867		606,900
Interpublic Group of Cos., Inc., 4.20%, 4/15/24 (d)			1,000		1,027,302
LG Finance Co. Corp., 5.88%, 11/01/24 (c)			101		102,768
LGE HoldCo VI BV, 7.13%, 5/15/24	EUR		177		217,583
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, 5/15/24 (c)	USD		101		93,551
MDC Partners, Inc., 6.50%, 5/01/24 (c)(d)			438		381,060
Midcontinent Communications / Midcontinent Finance Corp. (c):
6.25%, 8/01/21 (d)			250		260,312
6.88%, 8/15/23			138		148,178
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (c)(d)			629		634,504
National CineMedia LLC, 5.75%, 8/15/26			98		99,715
Nexstar Escrow Corp., 5.63%, 8/01/24 (c)			267		266,666
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 4/15/22 (c)(d)			355		362,544
Numericable Group SA, 5.38%, 5/15/22	EUR		116		130,607
Outfront Media Capital LLC/Outfront Media Capital Corp. (d):
5.25%, 2/15/22	USD		102		105,570
5.63%, 2/15/24			202		210,837
RCN Telecom Services LLC/RCN Capital Corp., 8.50%, 8/15/20 (c)(d)			350		372,312
SFR Group SA (c)(d):
6.00%, 5/15/22			1,492		1,534,895
7.38%, 5/01/26			2,171		2,227,989



12	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Media (continued)
Sirius XM Radio, Inc., 4.25%, 5/15/20 (c)(d)	USD		704	$	714,560
Telesat Canada/Telesat LLC, 8.88%, 11/15/24 (c)			199		213,427
Time Warner, Inc.:
4.65%, 6/01/44			111		106,533
4.85%, 7/15/45 (d)			389		380,650
Tribune Media Co., 5.88%, 7/15/22 (d)			1,013		1,023,130
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:
4.00%, 1/15/25	EUR		117		131,034
5.00%, 1/15/25 (c)	USD		200		203,000
3.50%, 1/15/27	EUR		188		200,835
6.25%, 1/15/29			100		121,109
Univision Communications, Inc. (c)(d):
5.13%, 5/15/23	USD		1,174		1,165,923
5.13%, 2/15/25			800		763,504
UPCB Finance IV Ltd., 4.00%, 1/15/27	EUR		114		123,304
Virgin Media Finance PLC, 5.75%, 1/15/25 (c)(d)	USD		850		862,750
Virgin Media Receivables Financing Notes I DAC, 5.50%, 9/15/24	GBP		100		127,077
Virgin Media Secured Finance PLC:
5.50%, 8/15/26 (c)	USD		200		203,000
4.88%, 1/15/27	GBP		130		161,905
6.25%, 3/28/29			175		233,029
WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 9/01/20 (c)(d)	USD		980		1,019,200
Wind Acquisition Finance SA:
7.00%, 4/23/21	EUR		122		137,152
7.38%, 4/23/21 (c)(d)	USD		1,130		1,175,087

					52,648,623
Metals & Mining — 3.3%
Alcoa Nederland Holding BV, 7.00%, 9/30/26 (c)			200		219,000
Alcoa, Inc.:
5.87%, 2/23/22 (d)			900		966,510
5.13%, 10/01/24			405		420,127
5.90%, 2/01/27			120		127,824
Anglo American Capital PLC:
4.45%, 9/27/20 (c)			100		103,500
4.13%, 4/15/21 (c)			200		203,000
3.50%, 3/28/22	EUR		100		116,856
4.13%, 9/27/22 (c)(d)	USD		400		403,560
3.25%, 4/03/23	EUR		100		115,061
4.88%, 5/14/25 (c)	USD		200		202,500
ArcelorMittal:
7.25%, 2/25/22			24		27,060


Corporate Bonds		Par (000)		Value
Metals & Mining (continued)
ArcelorMittal (continued):
8.00%, 10/15/39	USD		108	$	120,150
7.75%, 3/01/41			352		382,800
BHP Billiton Finance USA, Ltd., 4.13%, 2/24/42 (d)			250		248,283
Cliffs Natural Resources, Inc., 8.25%, 3/31/20 (c)			230		248,975
Constellium NV (c)(d):
8.00%, 1/15/23			1,500		1,582,500
5.75%, 5/15/24			500		481,250
First Quantum Minerals Ltd., 7.00%, 2/15/21 (c)(d)			680		697,000
Freeport-McMoRan, Inc.:
2.30%, 11/14/17			322		321,597
2.38%, 3/15/18			2,868		2,859,396
3.10%, 3/15/20			1,330		1,320,025
4.00%, 11/14/21			276		269,100
3.55%, 3/01/22			696		650,760
3.88%, 3/15/23			1,668		1,538,730
5.40%, 11/14/34			140		122,282
5.45%, 3/15/43			1,386		1,191,960
Grinding Media, Inc. / MC Grinding Media Canada, Inc., 7.38%, 12/15/23 (c)			215		227,094
Joseph T Ryerson & Son, Inc., 11.00%, 5/15/22 (c)			192		213,965
Kaiser Aluminum Corp., 5.88%, 5/15/24			124		129,890
Kinross Gold Corp., 5.95%, 3/15/24			50		52,462
Novelis Corp. (c)(d):
6.25%, 8/15/24			1,024		1,077,760
5.88%, 9/30/26			1,191		1,208,865
Rio Tinto Finance USA Ltd., 4.75%, 3/22/42 (d)			400		433,247
Steel Dynamics, Inc.:
5.13%, 10/01/21 (d)			970		1,003,950
5.25%, 4/15/23 (d)			525		546,656
5.00%, 12/15/26 (c)			15		15,262
Teck Resources Ltd.:
3.00%, 3/01/19 (d)			240		241,200
3.75%, 2/01/23 (d)			648		629,370
8.50%, 6/01/24 (c)			418		486,447
6.13%, 10/01/35			102		104,295
6.00%, 8/15/40 (d)			686		687,715
6.25%, 7/15/41			88		90,420
5.20%, 3/01/42 (d)			673		625,890
5.40%, 2/01/43			181		170,140
United States Steel Corp., 8.38%, 7/01/21 (c)(d)			357		396,270



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	13


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Metals & Mining (continued)
Wise Metals Group LLC/Wise Alloys Finance Corp., 8.75%, 12/15/18 (c)(d)	USD		442	$	457,046

					23,737,750
Multi-Utilities — 0.1%
NGL Energy Partners LP/NGL Energy Finance Corp.:
5.13%, 7/15/19			150		150,000
6.88%, 10/15/21			240		247,200
7.50%, 11/01/23 (c)			225		236,813

					634,013
Multiline Retail — 0.1%
Neiman Marcus Group Ltd., 8.00%, 10/15/21 (c)(d)			329		203,158
Target Corp., 4.00%, 7/01/42 (d)			300		292,260

					495,418
Oil, Gas & Consumable Fuels — 9.9%
Alta Mesa Holdings LP / Alta Mesa Finance Services Corp., 7.88%, 12/15/24 (c)			139		149,425
Anadarko Petroleum Corp., 4.50%, 7/15/44 (d)			500		482,556
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 9/15/24 (c)			65		66,463
Antero Resources Corp.:
5.13%, 12/01/22			92		92,690
5.63%, 6/01/23			88		89,760
Apache Corp., 4.75%, 4/15/43 (d)			800		818,426
California Resources Corp., 8.00%, 12/15/22 (c)(d)			575		511,750
Callon Petroleum Co., 6.13%, 10/01/24 (c)			248		262,570
Carrizo Oil & Gas, Inc., 6.25%, 4/15/23 (d)			690		708,112
Cenovus Energy, Inc.:
5.70%, 10/15/19			51		55,093
5.20%, 9/15/43			25		24,587
Cheniere Corpus Christi Holdings LLC (c):
7.00%, 6/30/24 (d)			698		779,142
5.88%, 3/31/25			819		866,092
Chesapeake Energy Corp.:
4.27%, 4/15/19 (b)			642		640,395
6.63%, 8/15/20			239		240,195
6.88%, 11/15/20			224		224,000
4.88%, 4/15/22 (d)			520		483,600
8.00%, 12/15/22 (c)			60		64,050
8.00%, 1/15/25 (c)			377		386,189
5.50%, 9/15/26 (c)(i)			200		213,125


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
ConocoPhillips Co., 4.95%, 3/15/26 (d)	USD		700	$	768,928
CONSOL Energy, Inc.:
5.88%, 4/15/22 (d)			3,210		3,105,675
8.00%, 4/01/23			76		77,900
Continental Resources, Inc.:
5.00%, 9/15/22			9		9,180
4.50%, 4/15/23 (d)			228		225,150
3.80%, 6/01/24 (d)			549		512,629
4.90%, 6/01/44 (d)			310		272,800
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
6.00%, 12/15/20			35		36,050
6.25%, 4/01/23			35		36,138
CrownRock LP/CrownRock Finance, Inc. (c):
7.13%, 4/15/21 (d)			961		1,001,842
7.75%, 2/15/23			160		173,400
DCP Midstream LLC (c):
4.75%, 9/30/21			160		163,200
6.45%, 11/03/36			213		217,260
6.75%, 9/15/37			278		289,120
Denbury Resources, Inc.:
9.00%, 5/15/21 (c)(d)			625		682,812
5.50%, 5/01/22 (d)			508		435,610
4.63%, 7/15/23			48		38,340
Diamondback Energy, Inc., 5.38%, 5/31/25 (c)			242		249,865
Energy Transfer Equity LP (d):
5.88%, 1/15/24			940		1,003,450
5.50%, 6/01/27			415		429,525
Energy Transfer Partners LP:
6.13%, 12/15/45 (d)			500		545,171
5.30%, 4/15/47			350		344,521
Ensco Jersey Finance, Ltd., 3.00%, 1/31/24 (c)(i)			601		656,592
Ensco PLC, 8.00%, 1/31/24 (c)			92		95,457
Enterprise Products Operating LLC, 3.75%, 2/15/25 (d)			1,250		1,267,041
EP Energy LLC/Everest Acquisition Finance, Inc.:
9.38%, 5/01/20			370		370,000
8.00%, 11/29/24 (c)			304		328,320
Extraction Oil & Gas Holdings LLC/Extraction Finance Corp., 7.88%, 7/15/21 (c)(d)			380		406,600
Genesis Energy LP/Genesis Energy Finance Corp.:
6.00%, 5/15/23			59		60,623
5.63%, 6/15/24			449		452,368
GNL Quintero SA:
4.63%, 7/31/29 (c)(d)			286		286,972



14	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
GNL Quintero SA (continued):
4.63%, 7/31/29	USD		279	$	279,949
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 9/30/21 (c)			381		403,860
Gulfport Energy Corp.:
6.63%, 5/01/23			84		87,780
6.00%, 10/15/24 (c)(d)			368		374,900
6.38%, 5/15/25 (c)(d)			240		246,000
Halcon Resources Corp., 8.63%, 2/01/20 (c)			295		308,275
Hess Corp., 4.30%, 4/01/27 (d)			750		751,246
Hilcorp Energy I LP/Hilcorp Finance Co., 5.75%, 10/01/25 (c)			197		198,724
Kinder Morgan Energy Partners LP, 4.25%, 9/01/24 (d)			2,500		2,555,205
Matador Resources Co.:
6.88%, 4/15/23			460		485,300
6.88%, 4/15/23 (c)(d)			531		560,205
MEG Energy Corp. (c):
6.50%, 3/15/21 (d)			2,036		2,090,361
7.00%, 3/31/24			65		61,100
6.50%, 1/15/25			1,012		1,022,120
MPLX LP, 4.88%, 6/01/25 (d)			790		828,261
Murphy Oil Corp.:
6.88%, 8/15/24 (d)			288		308,880
6.13%, 12/01/42			80		76,000
Nabors Industries, Inc. (c):
5.50%, 1/15/23 (d)			196		204,820
0.75%, 1/15/24 (i)			472		476,130
Newfield Exploration Co., 5.63%, 7/01/24			15		15,788
NGPL PipeCo LLC (c):
7.12%, 12/15/17 (d)			1,167		1,202,010
7.77%, 12/15/37			705		779,025
Noble Energy, Inc., 5.63%, 5/01/21 (d)			1,700		1,764,112
Noble Holding International, Ltd., 7.75%, 1/15/24			772		767,175
Oasis Petroleum, Inc.:
6.50%, 11/01/21			450		460,125
6.88%, 3/15/22 (d)			490		502,250
6.88%, 1/15/23			115		117,731
2.63%, 9/15/23 (i)			120		159,900
ONEOK, Inc.:
4.25%, 2/01/22			80		81,600
7.50%, 9/01/23 (d)			377		438,263
Paramount Resources Ltd., 6.88%, 6/30/23 (c)(d)			1,235		1,321,450
Parsley Energy LLC/Parsley Finance Corp. (c):
6.25%, 6/01/24			201		216,075
5.38%, 1/15/25			136		139,400


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
PDC Energy, Inc., 6.13%, 9/15/24 (c)	USD		220	$	229,900
Pertamina Persero PT, 5.63%, 5/20/43 (c)(d)			2,000		1,895,344
Petrobras Argentina SA, 7.38%, 7/21/23 (c)(d)			895		908,425
Petrobras Global Finance BV:
4.88%, 3/17/20			171		174,249
8.38%, 5/23/21 (d)			1,718		1,915,570
8.75%, 5/23/26			193		217,395
7.38%, 1/17/27			404		419,433
Petrobras International Finance Co.:
5.75%, 1/20/20			171		178,097
5.38%, 1/27/21 (d)			1,872		1,884,262
Petroleos Mexicanos:
5.38%, 3/13/22 (c)			47		47,914
4.63%, 9/21/23			309		301,275
6.50%, 3/13/27 (c)			601		618,098
Precision Drilling Corp., 7.75%, 12/15/23 (c)			90		97,200
QEP Resources, Inc.:
6.88%, 3/01/21			176		186,120
5.25%, 5/01/23			40		39,800
Raizen Fuels Finance SA, 5.30%, 1/20/27 (c)			543		541,914
Range Resources Corp. (c):
5.88%, 7/01/22 (d)			579		606,502
5.00%, 8/15/22 (d)			91		91,546
5.00%, 3/15/23			280		277,900
Resolute Energy Corp., 8.50%, 5/01/20			282		287,640
Rockies Express Pipeline LLC (c)(d):
5.63%, 4/15/20			875		927,500
6.88%, 4/15/40			596		612,390
Rowan Cos., Inc.:
4.88%, 6/01/22			85		80,856
7.38%, 6/15/25			543		567,435
RSP Permian, Inc.:
6.63%, 10/01/22			290		306,313
5.25%, 1/15/25 (c)			178		182,005
Sabine Pass Liquefaction LLC:
5.63%, 2/01/21			100		108,000
5.63%, 4/15/23 (d)			1,775		1,925,875
5.75%, 5/15/24			10		10,888
5.63%, 3/01/25 (d)			176		191,180
5.88%, 6/30/26 (c)(d)			120		133,050
Sanchez Energy Corp. (d):
7.75%, 6/15/21			536		546,720
6.13%, 1/15/23			943		905,280
SESI LLC, 6.38%, 5/01/19			110		110,413
Seven Generations Energy Ltd. (c):
8.25%, 5/15/20 (d)			196		208,005



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	15


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Seven Generations Energy Ltd. (c) (continued):
6.75%, 5/01/23	USD		59	$	63,130
Shell International Finance BV, 4.38%, 5/11/45 (d)			450		457,516
SM Energy Co.:
6.50%, 11/15/21			100		103,125
6.13%, 11/15/22 (d)			27		27,878
5.00%, 1/15/24			5		4,763
5.63%, 6/01/25 (d)			495		482,625
6.75%, 9/15/26			165		171,600
Southwestern Energy Co.:
5.80%, 1/23/20 (d)			1,169		1,206,992
4.10%, 3/15/22			191		177,153
6.70%, 1/23/25			65		65,325
Suncor Energy, Inc., 6.50%, 6/15/38 (d)			800		1,024,782
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (c):
5.50%, 9/15/24 (d)			490		497,350
5.13%, 2/01/25			155		160,425
5.38%, 2/01/27			130		134,713
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
6.38%, 8/01/22			95		98,230
5.25%, 5/01/23			16		16,400
6.75%, 3/15/24			82		89,585
Tesoro Corp. (c)(d):
4.75%, 12/15/23			527		541,492
5.13%, 12/15/26			736		767,280
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 6.13%, 10/15/21			44		46,035
Weatherford International LLC, 6.80%, 6/15/37			30		25,725
Weatherford International Ltd.:
4.50%, 4/15/22			107		95,230
6.50%, 8/01/36			85		72,038
7.00%, 3/15/38			94		81,310
5.95%, 4/15/42			83		64,922
Whiting Petroleum Corp.:
5.00%, 3/15/19 (d)			851		865,892
6.25%, 4/01/23			10		10,100
WildHorse Resource Development Corp., 6.88%, 2/01/25 (c)(h)			281		279,946
Williams Cos., Inc.:
3.70%, 1/15/23			63		61,898
5.75%, 6/24/44 (d)			1,137		1,151,212
Williams Partners LP, 4.50%, 11/15/23 (d)			1,750		1,840,347


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
WPX Energy, Inc.:
7.50%, 8/01/20	USD		80	$	86,800
6.00%, 1/15/22			247		256,880
8.25%, 8/01/23			215		244,563
5.25%, 9/15/24 (d)			435		428,340
YPF SA:
8.50%, 3/23/21			83		89,951
8.50%, 3/23/21 (c)			193		209,164
8.50%, 7/28/25			97		102,074

					70,822,064
Paper & Forest Products — 0.1%
Mercer International, Inc., 6.50%, 2/01/24 (c)			94		94,940
Pfleiderer GmbH, 7.88%, 8/01/19	EUR		168		188,592
Unifrax I LLC/Unifrax Holding Co., 7.50%, 2/15/19 (c)(d)	USD		390		390,000

					673,532
Pharmaceuticals — 2.0%
AbbVie, Inc. (d):
3.20%, 5/14/26			775		734,459
4.45%, 5/14/46			1,000		936,818
Actavis Funding SCS (d):
3.80%, 3/15/25			1,000		998,190
4.75%, 3/15/45			500		493,078
DPx Holdings BV, 7.50%, 2/01/22 (c)			135		143,100
Endo Finance LLC/Endo Finco, Inc. (c)(d):
5.38%, 1/15/23			620		519,250
6.00%, 7/15/23			459		391,298
Forest Laboratories LLC, 5.00%, 12/15/21 (c)(d)			718		776,720
Grifols Worldwide Operations Ltd., 5.25%, 4/01/22 (d)			314		325,850
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24 (c)			444		465,090
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 8/01/23 (c)(d)			1,166		1,235,960
Mylan NV, 3.95%, 6/15/26 (c)(d)			1,000		946,588
NBTY, Inc., 7.63%, 5/15/21 (c)(d)			733		767,818
Shire Acquisitions Investments Ireland DAC, 3.20%, 9/23/26 (d)			300		281,685
Synlab Bondco PLC, 6.25%, 7/01/22	EUR		145		170,294
Synlab Unsecured Bondco PLC, 8.25%, 7/01/23			100		119,267



16	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Pharmaceuticals (continued)
Tennessee Merger Sub, Inc., 6.38%, 2/01/25 (c)(h)	USD		831	$	816,457
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 (d)			500		453,277
Valeant Pharmaceuticals International, Inc. (c):
6.75%, 8/15/18 (d)			1,517		1,496,141
5.38%, 3/15/20			55		47,300
6.75%, 8/15/21			1,276		1,078,220
5.63%, 12/01/21 (d)			839		662,810
5.88%, 5/15/23			67		51,004
6.13%, 4/15/25			216		161,730

					14,072,404
Producer Durables: Miscellaneous — 0.0%
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl, 10.00%, 11/30/24 (c)			210		226,800
Real Estate Investment Trusts (REITs) — 0.2%
American Tower Corp., 3.38%, 10/15/26			250		237,182
ATF Netherlands BV, 2.13%, 3/13/23	EUR		100		106,804
Hilton Domestic Operating Co., Inc., 4.25%, 9/01/24 (c)	USD		204		200,175
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.50%, 9/01/26 (c)			533		510,347
Starwood Property Trust, Inc., 5.00%, 12/15/21 (c)			278		282,517

					1,337,025
Real Estate Management & Development — 1.1%
Lai Sun International Finance 2012 Ltd., 5.70%, 1/18/18			2,000		2,029,428
Northwest Florida Timber Finance LLC, 4.75%, 3/04/29 (c)(d)			4,360		4,063,869
Realogy Group LLC/Realogy Co-Issuer Corp. (c)(d):
4.50%, 4/15/19			205		211,662
5.25%, 12/01/21			495		509,850
4.88%, 6/01/23			1,125		1,096,875

					7,911,684
Road & Rail — 1.2%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. (c):
5.13%, 6/01/22 (d)			850		826,625
6.38%, 4/01/24			30		29,475
5.25%, 3/15/25 (d)			725		663,375


Corporate Bonds		Par (000)		Value
Road & Rail (continued)
Avis Budget Finance PLC, 4.13%, 11/15/24	EUR		100	$	105,035
Burlington Northern Santa Fe LLC, 4.38%, 9/01/42 (d)	USD		500		518,641
Herc Rentals, Inc. (c):
7.50%, 6/01/22			106		114,480
7.75%, 6/01/24			10		10,825
Hertz Corp.:
4.25%, 4/01/18 (d)			400		400,000
5.88%, 10/15/20			175		165,375
7.38%, 1/15/21 (d)			85		82,238
5.50%, 10/15/24 (c)			305		256,200
Lima Metro Line 2 Finance Ltd., 5.88%, 7/05/34 (c)(d)			4,000		4,245,000
Penske Automotive Group, Inc., 5.38%, 12/01/24 (d)			613		616,065
Union Pacific Corp., 4.05%, 11/15/45 (d)			500		499,053

					8,532,387
Semiconductors & Semiconductor Equipment — 1.1%
Advanced Micro Devices, Inc., 7.50%, 8/15/22			89		97,789
Analog Devices, Inc., 3.50%, 12/05/26 (d)			320		314,982
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 1/15/27 (c)			2,600		2,580,172
Microchip Technology, Inc., 2.13%, 12/15/37 (i)			75		211,453
Micron Technology, Inc.:
5.25%, 8/01/23 (c)(d)			343		343,857
5.50%, 2/01/25			40		40,200
5.63%, 1/15/26 (c)			82		82,123
Series G, 3.00%, 11/15/43 (i)			860		879,887
Microsemi Corp., 9.13%, 4/15/23 (c)			41		47,560
NXP BV/NXP Funding LLC (c):
4.13%, 6/15/20 (d)			760		786,600
4.13%, 6/01/21			203		209,577
4.63%, 6/15/22 (d)			410		431,525
3.88%, 9/01/22			200		203,250
4.63%, 6/01/23			224		236,880
QUALCOMM, Inc., 4.65%, 5/20/35 (d)			400		411,499
Sensata Technologies BV, 5.00%, 10/01/25 (c)			15		14,993
Sensata Technologies UK Financing Co. PLC, 6.25%, 2/15/26 (c)(d)			540		579,150
Xilinx, Inc., 2.63%, 6/15/17 (i)			65		131,341

					7,602,838



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	17


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Software — 1.5%
ACI Worldwide, Inc., 6.38%, 8/15/20 (c)(d)	USD		580	$	597,516
BMC Software Finance, Inc., 8.13%, 7/15/21 (c)(d)			882		851,130
Inception Merger Sub, Inc./Rackspace Hosting, Inc., 8.63%, 11/15/24 (c)(d)			609		631,837
Infinity Acquisition LLC/Infinity Acquisition Finance Corp., 7.25%, 8/01/22 (c)			51		44,753
Infor US, Inc., 6.50%, 5/15/22 (d)			1,857		1,905,746
Informatica LLC, 7.13%, 7/15/23 (c)(d)			516		496,650
JDA Escrow LLC/JDA Bond Finance, Inc., 7.38%, 10/15/24 (c)			209		219,450
Microsoft Corp., 3.70%, 8/08/46 (d)			1,750		1,600,979
Nuance Communications, Inc. (c):
5.38%, 8/15/20 (d)			47		48,175
6.00%, 7/01/24			220		224,950
5.63%, 12/15/26			121		120,849
Oracle Corp., 4.00%, 7/15/46 (d)			1,500		1,407,663
PTC, Inc., 6.00%, 5/15/24			119		126,731
Solera LLC/Solera Finance, Inc., 10.50%, 3/01/24 (c)(d)			1,020		1,160,250
SS&C Technologies Holdings, Inc., 5.88%, 7/15/23 (d)			584		607,360
TIBCO Software, Inc., 11.38%, 12/01/21 (c)			742		816,200
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 2/01/23	EUR		100		101,516

					10,961,755
Specialty Retail — 0.4%
Asbury Automotive Group, Inc., 6.00%, 12/15/24 (d)	USD		740		756,650
JC Penney Corp., Inc.:
6.38%, 10/15/36			119		96,093
7.40%, 4/01/37			261		223,807
L Brands, Inc., 6.88%, 11/01/35 (d)			384		374,400
Lowe’s Cos., Inc., 4.65%, 4/15/42 (d)			400		424,718
Penske Automotive Group, Inc., 5.50%, 5/15/26			212		210,940
Sally Holdings LLC/Sally Capital, Inc., 5.75%, 6/01/22 (d)			427		441,731
THOM Europe SAS, 7.38%, 7/15/19	EUR		100		112,835

					2,641,174
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc., 4.65%, 2/23/46 (d)	USD		1,500		1,578,723


Corporate Bonds		Par (000)		Value
Technology Hardware, Storage & Peripherals (continued)
Diamond 1 Finance Corp./Diamond 2 Finance Corp. (c):
4.42%, 6/15/21	USD		145	$	150,908
7.13%, 6/15/24 (d)			774		847,436
6.02%, 6/15/26			170		183,546
8.35%, 7/15/46			150		187,289
Western Digital Corp., 7.38%, 4/01/23 (c)(d)			495		544,500

					3,492,402
Textiles, Apparel & Luxury Goods — 0.0%
BiSoho SAS, 5.88%, 5/01/23	EUR		100		116,180
Hanesbrands, Inc., 4.63%, 5/15/24 (c)	USD		59		58,410
Springs Industries, Inc., 6.25%, 6/01/21			59		61,065

					235,655
Thrifts & Mortgage Finance — 0.1%
Jerrold Finco PLC, 6.25%, 9/15/21	GBP		100		129,700
MGIC Investment Corp., 5.75%, 8/15/23	USD		181		189,145
Radian Group, Inc., 5.25%, 6/15/20 (d)			390		407,550

					726,395
Tobacco — 0.3%
Altria Group, Inc., 4.50%, 5/02/43 (d)			750		756,887
Philip Morris International, Inc., 4.38%, 11/15/41 (d)			900		892,792
Reynolds American, Inc., 5.85%, 8/15/45 (d)			715		830,760

					2,480,439
Trading Companies & Distributors — 0.4%
Doric Nimrod Air Alpha Ltd. Pass-Through Trust (c):
Series 2012-1, Class B, 6.50%, 5/30/21			359		369,473
Series 2013-1, Class A, 5.25%, 5/30/25 (d)			2,182		2,274,871

					2,644,344
Transportation Infrastructure — 0.2%
CEVA Group PLC, 7.00%, 3/01/21 (c)(d)			510		441,150
CMA CGM SA, 7.75%, 1/15/21	EUR		100		101,203
Empresa de Transporte de Pasajeros Metro SA, 5.00%, 1/25/47 (c)	USD		264		263,670



18	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Transportation Infrastructure (continued)
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40%, 11/15/26 (c)(d)	USD		390	$	373,690
Transurban Finance Co., 4.13%, 2/02/26 (c)(d)			520		529,731

					1,709,444
Utilities — 0.2%
AES Panama SRL, 6.00%, 6/25/22 (c)			291		300,167
ContourGlobal Power Holdings SA, 5.13%, 6/15/21	EUR		100		113,833
Emera US Finance LP, 4.75%, 6/15/46	USD		200		203,250
Generacion Mediterranea SA/Generacion Frias SA/Central Termica Roca SA, 9.63%, 7/27/23 (c)			967		1,015,350

					1,632,600
Wireless Telecommunication Services — 3.1%
Communications Sales & Leasing, Inc./CSL Capital LLC:
6.00%, 4/15/23 (c)			77		80,850
8.25%, 10/15/23 (d)			1,069		1,159,865
7.13%, 12/15/24 (c)(d)			429		436,507
Digicel Group Ltd. (c):
8.25%, 9/30/20			295		261,444
7.13%, 4/01/22			294		235,071
Digicel Ltd., 6.00%, 4/15/21 (c)(d)			5,000		4,661,500
GEO Group, Inc.:
5.13%, 4/01/23 (d)			553		543,322
5.88%, 10/15/24			57		57,499
6.00%, 4/15/26			71		71,533
Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 2/15/25 (c)(h)			319		318,202
Softbank Corp., 4.50%, 4/15/20 (c)(d)			1,500		1,537,500
Sprint Capital Corp.:
6.90%, 5/01/19			155		165,463
6.88%, 11/15/28 (d)			2,084		2,146,520
Sprint Communications, Inc.:
9.00%, 11/15/18 (c)(d)			2,486		2,722,170
7.00%, 3/01/20 (c)			270		293,287
7.00%, 8/15/20 (d)			240		256,800
Sprint Corp.:
7.25%, 9/15/21			115		123,223
7.88%, 9/15/23 (d)			1,526		1,667,155
7.13%, 6/15/24 (d)			1,444		1,508,980
7.63%, 2/15/25			70		75,031
T-Mobile USA, Inc.:
6.63%, 4/28/21 (d)			250		260,625


Corporate Bonds		Par (000)		Value
Wireless Telecommunication Services (continued)
T-Mobile USA, Inc. (continued):
6.73%, 4/28/22 (d)	USD		945	$	982,800
6.00%, 3/01/23			40		42,300
6.84%, 4/28/23 (d)			610		651,175
6.50%, 1/15/24 (d)			440		474,144
6.50%, 1/15/26			260		285,675
Trust F/1401, 6.95%, 1/30/44			752		686,200
Wind Acquisition Finance SA, 4.00%, 7/15/20	EUR		100		109,849

					21,814,690
Total Corporate Bonds - 67.0%					479,051,304



Floating Rate Loan Interests (b)
Air Freight & Logistics — 0.0%
CEVA Group PLC, Synthetic LOC, 11.38%, 3/19/21	USD		29		25,394
CEVA Intercompany BV, Dutch Term Loan, 3.78%, 3/19/21			30		26,142
CEVA Logistics Canada ULC, Canadian Term Loan, 4.75%, 3/19/21			5		3,949
CEVA Logistics US Holdings, Inc., Term Loan, 4.75%, 3/19/21			43		37,229

					92,714
Auto Components — 0.1%
Gates Global, Inc., Term Loan B, 4.25%, 7/06/21			455		453,713
Building Products — 0.0%
Wilsonart LLC, 2016 Term Loan, 5.02%, 12/19/23			242		243,754
Chemicals — 0.0%
Atotech B.V., 2017 Term Loan B1, 6.50%, 1/31/24			142		142,710
Chemours Co., Term Loan B, 6.50%, 5/12/22			26		25,727
MacDermid, Inc., Term Loan B5, 4.00%, 6/07/20			108		109,040

					277,477
Commercial Services & Supplies — 0.1%
Advanced Disposal Services. Inc., Term Loan B3, 3.50%, 11/10/23	USD		285	$	287,976



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	19


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Floating Rate Loan Interests		Par (000)		Value
Commercial Services & Supplies (continued)
Brand Energy & Infrastructure Services, Inc., Term Loan B, 4.76%, 11/26/20	USD		207	$	206,862

					494,838
Containers & Packaging — 0.1%
Flex Acquisition Company, Inc., 1st Lien Term Loan, 7.40%, 12/29/23			552		556,488
Diversified Financial Services — 0.7 %
Aviron Capital LLC, Term Loan, 5.25%, 10/31/17			11,081		4,266,266
Lone Star LSPT Future Funding, Mezzanine Term Loan, 4.00%, 9/09/20			368		368,346

					4,634,612
Diversified Telecommunication Services — 0.2%
Consolidated Communications, Inc., Term Loan B2, 3.78%, 10/05/23			368		370,694
Virgin Media Investment Holdings Ltd., Term Loan I, 5.00%, 1/31/25			656		659,693
Zayo Group LLC:
2017 Delayed Draw Term Loan B3, 5.27%, 1/12/24			226		227,790
2017 Term Loan B2, 5.27%, 1/19/24			468		471,706

					1,729,883
Electric Utilities — 0.1%
TEX Operations Co. LLC:
Exit Term Loan B, 1.88%, 8/04/23			454		455,538
Exit Term Loan C, 5.00%, 8/04/23			95		95,058
Vistra Operations Company LLC, 2016 Term Loan B2, 5.00%, 12/14/23			354		357,540

					908,136
Energy Equipment & Services — 0.1%
Weatherford International Ltd., Term Loan, 4.53%, 7/13/20			337		323,063
Food & Staples Retailing — 0.1%
BJ’s Wholesale Club, Inc.:
2017 1st Lien Term Loan, 5.00%, 2/03/24			231		230,351


Floating Rate Loan Interests		Par (000)		Value
Food & Staples Retailing (continued)
BJ’s Wholesale Club, Inc. (continued):
2017 2nd Lien Term Loan, 4.79%, 2/03/25	USD		158	$	159,580

					389,931
Health Care Equipment & Supplies — 0.2%
Alere, Inc., 2015 Term Loan B, 4.09%, 6/18/22			326		325,831
DJO Finance LLC, 2015 Term Loan, 5.25%, 6/08/20			413		402,112
Immucor, Inc., Refinancing Term Loan B2, 4.25%, 8/17/18			459		447,637
Mallinckrodt International Finance SA, Term Loan B, 4.25%, 3/19/21			110		110,000

					1,285,580
Health Care Providers & Services — 0.2%
Community Health Systems, Inc.:
Term Loan G, 6.54%, 12/31/19			96		91,052
Term Loan H, 6.54%, 1/27/21			51		48,198
inVentiv Health, Inc., 2016 Term Loan B, 6.95%, 11/09/23			385		388,207
MPH Acquisition Holdings LLC, 2016 Term Loan B, 9.25%, 6/07/23			169		171,546
Team Health, Inc., 1st Lien Term Loan, 4.70%, 2/06/24			408		407,237
Vizient, Inc., 2016 Term Loan B, 5.50%, 2/13/23			113		114,599

					1,220,839
Hotels, Restaurants & Leisure — 3.2%
Amaya Holdings BV, 1st Lien Term Loan, 4.25%, 8/01/21			313		314,155
Caesars Entertainment Resort Properties LLC, Term Loan B, 3.52%, 10/11/20			3,314		3,342,780
Four Seasons Holdings Inc., 1st Lien Term Loan, 4.25%, 11/30/23			47		47,573
Hilton Ft. Lauderdale, Mezzanine Term Loan 5, 3.78%, 8/04/19			6,500		6,305,000
Hilton Los Cabos, B-Note, 4.25%, 9/18/18			5,375		5,294,375
Hilton Orlando, Mezzanine A3, 3.75%, 7/09/19			7,250		7,250,000

					22,553,883



20	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Floating Rate Loan Interests		Par (000)		Value
Industrial Conglomerates — 0.1%
Cortes NP Acquisition Corp., Term Loan B, 8.50%, 11/30/23	USD		838	$	841,687
Insurance — 0.1%
Alliant Holdings I, Inc., 2015 Term Loan B, 4.50%, 8/12/22			136		136,562
AssuredPartners, Inc., 2016 Term Loan B, 5.00%, 10/21/22			193		195,276
Sedgwick Claims Management Services, Inc., 1st Lien Term Loan, 5.00%, 3/01/21			471		472,478

					804,316
IT Services — 0.0%
TKC Holdings, Inc., 2017 Term Loan, 1.00%, 2/01/23			272		272,680
Machinery — 0.1%
Signode Industrial Group US, Inc., Term Loan B, 5.00%, 5/01/21			164		165,301
Silver II US Holdings LLC, Term Loan, 4.25%, 12/13/19			482		456,273

					621,574
Media — 0.3%
iHeartCommunications, Inc., Term Loan D, 4.00%, 1/30/19			1,169		968,285
Intelsat Jackson Holdings SA, Term Loan B2, 8.95%, 6/30/19			1,245		1,224,330
Ziggo Secured Finance Partnership, Term Loan E, 5.50%, 4/23/25			263		263,521

					2,456,136
Metals & Mining — 0.0%
FMG Resources August 2006 Property Ltd., Term Loan B, 4.25%, 6/30/19			198		199,041
Multiline Retail — 0.0%
Neiman Marcus Group, Inc., 2020 Term Loan, 466.85% - 5.25%, 10/25/20			330		272,378
Oil, Gas & Consumable Fuels — 0.5%
California Resources Corp.:
Second Out Term Loan, 5.50%, 12/31/21			850		955,732
Term Loan A, 7.00%, 10/01/19			613		596,480
Chesapeake Energy Corp., Term Loan, 6.54%, 8/23/21			1,674		1,830,703
Energy Transfer Equity, L.P., 2017 Term Loan B, 1.00%, 2/02/24			305		304,720


Floating Rate Loan Interests		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
MEG Energy Corp., 2017 Term Loan B, 4.25%, 12/31/23	USD		165	$	165,595

					3,853,230
Pharmaceuticals — 0.2%
DPx Holdings BV, 2014 Incremental Term Loan, 6.04%, 3/11/21			280		281,794
Jaguar Holding Co. II, 2015 Term Loan B, 5.00%, 8/18/22			478		480,488
NBTY, Inc., Term Loan B, 9.51%, 5/05/23			176		177,161
Valeant Pharmaceuticals International, Inc.:
Series A3 Tranche A, 3.75%, 10/20/18			75		74,476
Series C2 Term Loan B, 4.00%, 12/11/19			40		40,102
Series D2 Term Loan B, 4.00%, 2/13/19			25		24,863
Series E Term Loan B, 4.00%, 8/05/20			300		300,866

					1,379,750
Professional Services — 0.1%
Advantage Sales & Marketing, Inc., 2014 1st Lien Term Loan, 4.25%, 7/23/21			298		295,947
Information Resources, Inc., 1st Lien Term Loan, 6.70%, 1/18/24			86		86,753

					382,700
Semiconductors & Semiconductor Equipment — 0.0%
Microsemi Corp., 2015 Term Loan B, 5.00%, 1/15/23			46		45,884
Software — 0.4%
BMC Software Finance, Inc., Term Loan, 4.76%, 9/10/20			801		799,165
Kronos Incorporated:
1st Lien Term Loan, 3.75%, 11/01/23			639		645,793
2nd Lien Term Loan, 4.75%, 11/01/24			624		643,452
Optiv Security, Inc., 1st Lien Term Loan, 4.50%, 2/01/24			244		245,322
RP Crown Parent, LLC, 2016 Term Loan B, 3.77%, 10/12/23			198		199,386
Tibco Software Inc., 2017 Term Loan B, 4.50%, 12/04/20			602		606,169

					3,139,287



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	21


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Floating Rate Loan Interests		Par (000)		Value
Specialty Retail — 0.0%
Leslie’s Poolmart, Inc., 2016 Term Loan, 4.00%, 8/16/23	USD		42	$	42,530
Textiles, Apparel & Luxury Goods — 0.0%
Ascend Performance Materials LLC, Term Loan B, 5.25%, 8/12/22			312		313,891
Wireless Telecommunication Services — 0.1%
Radiate Holdco LLC, 1st Lien Term Loan, 4.75%, 2/01/24			312		314,290
Total Floating Rate Loan Interests — 7.0%					50,104,285



Foreign Agency Obligations
Argentina Bonar Bonds:
21.78%, 3/28/17 (b)	ARS		13,744		863,826
9.00%, 11/29/18	USD		144		159,578
Argentine Bonos del Tesoro:
22.75%, 3/05/18	ARS		9,149		594,171
21.20%, 9/19/18			18,297		1,195,865
18.20%, 10/03/21			176		11,738
16.00%, 10/17/23			1,975		129,463
15.50%, 10/17/26			70		4,807
Argentine Republic Government International Bond:
6.25%, 4/22/19 (c)(d)	USD		6,334		6,691,871
6.88%, 4/22/21			150		159,525
5.83%, 12/31/33 (b)	ARS		54		24,783
7.82%, 12/31/33	EUR		701		764,761
7.63%, 4/22/46 (c)(d)	USD		2,767		2,735,180
Brazil Notas do Tesouro Nacional Series B, 6.00%, 5/15/21	BRL		1,400		1,339,004
Brazilian Government International Bond, 5.00%, 1/27/45 (d)	USD		595		508,725
Cyprus Government International Bond, 4.63%, 2/03/20 (c)	EUR		2,950		3,449,923
Development Bank of Mongolia LLC, 5.75%, 3/21/17	USD		800		785,200
Dominican Republic International Bond, 5.95%, 1/25/27 (c)			937		937,000
Egypt Government International Bond, 6.13%, 1/31/22 (c)			1,218		1,228,950
Iceland Government International Bond, 5.88%, 5/11/22			3,415		3,848,562
Mexican Udibonos, 3.50%, 12/14/17	MXN		1,655		80,941
Portugal Government International Bond, 5.13%, 10/15/24 (c)	USD		5,430		5,247,378
Republic of Argentina:
3.88%, 1/15/22	EUR		172		180,107
5.63%, 1/26/22 (c)	USD		5,314		5,324,628
7.50%, 4/22/26 (c)(d)			3,437		3,588,228
6.88%, 1/26/27 (c)			871		862,290


Foreign Agency Obligations		Par (000)		Value
Republic of Poland Government Bond:
1.75%, 7/25/21	PLN		9,038	$	2,145,586
2.25%, 4/25/22			7,850		1,874,340
Russian Federal Bond - OFZ:
7.50%, 8/18/21	RUB		57,993		947,189
8.15%, 2/03/27			63,092		1,059,313
7.05%, 1/19/28			63,442		974,489
Slovenia Government International Bond, 5.85%, 5/10/23 (c)	USD		766		869,871
Sri Lanka Government International Bond, 5.88%, 7/25/22			3,000		3,005,496
Turkey Government Bond, 10.60%, 2/11/26	TRY		5,034		1,326,826
Turkey Government International Bond, 4.88%, 4/16/43	USD		2,314		1,886,812
YPF SA, 8.88%, 12/19/18 (c)			1,495		1,641,211
Total Foreign Agency Obligations — 7.9%					56,447,637



Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 21.7%
American Home Mortgage Assets Trust, Series 2006-5, Class A1, 1.52%, 11/25/46 (b)			6,153		3,175,840
CHL Mortgage Pass-Through Trust:
Series 2006-3, Class 1A1, 1.01%, 3/25/36 (b)			12,607		10,129,381
Series 2007-J2, Class 2A1, 1.42%, 7/25/37 (b)			5,175		2,584,929
Series 2007-J2, Class 2A8, 6.00%, 7/25/37			2,858		2,180,622
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 3.11%, 11/25/36 (b)			7,228		5,540,952
Countrywide Alternative Loan Trust:
Series 2005-61, Class 2A1, 1.05%, 12/25/35 (b)			3,586		3,168,359
Series 2005-9CB, Class 1A3, 1.22%, 5/25/35 (b)			4,298		3,484,891
Series 2006-40T1, Class 2A5, 1.17%, 12/25/36 (b)			2,818		820,016
Series 2006-7CB, Class 2A1, 6.50%, 5/25/36			3,289		2,276,834
Series 2006-J7, Class 2A1, 2.10%, 11/20/36 (b)			7,275		4,350,405
Series 2006-J8, Class A5, 6.00%, 2/25/37			2,291		1,578,635
Series 2006-OA14, Class 3A1, 1.45%, 11/25/46 (b)			11,374		9,535,373



22	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Non-Agency Mortgage-Backed Securities		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Countrywide Alternative Loan Trust (continued):
Series 2006-OA16, Class A2, 0.96%, 10/25/46 (b)	USD		7,499	$	6,410,496
Series 2006-OA18, Class A1, 0.89%, 12/25/46 (b)			4,595		4,066,002
Series 2006-OA22, Class A1, 0.93%, 2/25/47 (b)			4,240		3,582,141
Series 2006-OA6, Class 1A1A, 0.98%, 7/25/46 (b)			8,353		6,150,007
Series 2006-OA8, Class 1A1, 0.96%, 7/25/46 (b)			3,338		2,766,371
Series 2007-12T1, Class A22, 5.75%, 6/25/37 (d)			6,101		4,504,599
Series 2007-12T1, Class A5, 6.00%, 6/25/37			2,961		2,234,476
Series 2007-22, Class 2A16, 6.50%, 9/25/37			10,751		7,641,034
Series 2007-23CB, Class A1, 6.00%, 9/25/37			8,685		7,097,255
Series 2007-4CB, Class 1A3, 1.12%, 4/25/37 (b)			5,395		4,105,925
Series 2007-OA2, Class 1A1, 1.44%, 3/25/47 (b)			5,680		3,921,899
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, 0.97%, 4/25/46 (b)			10,168		8,799,382
Fannie Mae (b):
Series 2016-C06, 5.02%, 4/25/29			545		578,579
Series 2016-C07, Class 2M2, 5.12%, 4/25/29			3,455		3,647,624
Fannie Mae Connecticut Avenue Securities, Class 1M2 (b):
Series 2014-C02, 3.37%, 5/25/24			7,872		7,900,111
Series 2014-C03, 3.77%, 7/25/24			5,950		6,071,763
Freddie Mac Mortgage-Backed Securities, Series 4480, Class ZX, 4.00%, 11/15/44 (d)			4,794		4,954,116
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 1.16%, 5/26/37 (c)(e)			15,477		10,446,956
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 5/25/36 (b)			9,009		3,930,229
Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, 1.37%, 8/25/36 (b)			7,465		2,435,480


Non-Agency Mortgage-Backed Securities		Par (000)		Value
Collateralized Mortgage Obligations (continued)
WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 1A, 1.37%, 5/25/47 (b)	USD		5,471	$	4,865,599

					154,936,281
Commercial Mortgage-Backed Securities — 5.9%
Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2013-DSMZ, Class M, 6.46%, 9/15/18 (b)(c)			7,500		7,148,250
CD Commercial Mortgage Trust, Series 2007-CD5, Class C, 6.12%, 11/15/44 (b)			3,372		3,345,916
CDGJ Commercial Mortgage Trust, Series 2014-BXCH, Class EPA, 5.02%, 12/15/27 (b)(c)			4,599		4,627,378
CG-CCRE Commercial Mortgage Trust, Series 2014-FL1, Class E, 5.35%, 6/15/31 (b)(c)			1,931		1,927,887
Commercial Mortgage Pass-Through Certificates (b)(c):
Series 2014-FL5, Class HFL1, 4.02%, 7/15/31			6,057		5,856,379
Series 2014-LC15, Class D, 4.94%, 4/10/47 (d)			1,330		1,107,941
Series 2014-PAT, Class E, 3.92%, 8/13/27			1,000		997,516
Series 2014-PAT, Class F, 3.21%, 8/13/27			3,000		2,902,544
Series 2014-PAT, Class G, 2.36%, 8/13/27			2,000		1,802,770
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C3, Class B, 4.88%, 7/15/37			1,062		1,060,494
GAHR Commercial Mortgage Trust: Series 2015-NRF, Class GFX, 3.38%, 12/15/34 (b)(c)			2,500		2,398,350
Great Wolf Trust (b)(c):
Series 2015-WFMZ, Class M, 7.76%, 5/15/32			3,300		3,261,384
Series 2015-WOLF, Class F, 5.77%, 5/15/34			1,080		1,061,061
Madison Avenue Trust, Series 2013-650M, Class E, 4.03%, 10/12/32 (b)(c)			5,000		4,951,704

					42,449,574
Total Non-Agency Mortgage-Backed Securities — 27.6%					197,385,855



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	23


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)



Preferred Securities
Capital Trusts		Par (000)		Value
Banks — 4.2%
Banco Bilbao Vizcaya Argentaria SA, 8.88% (b)(j)	USD		200	$	233,172
Banco Nacional de Comercio Exterior SNC, 3.80% (b)(c)			583		555,307
Banco Santander SA, 6.25% (b)(j)			200		205,379
Bank of Ireland, 7.38% (b)(j)			200		221,945
BNP Paribas SA, 7.20% (b)(c)(d)(j)			4,000		4,335,000
Capital One Financial Corp., Series E, 5.55% (b)(d)(j)			3,500		3,569,580
Citigroup, Inc. (b)(d)(j):
5.90%			2,250		2,327,625
5.95%			3,700		3,763,825
Series R, 6.13%			1,170		1,229,085
Cooperatieve Rabobank UA, 6.63% (b)(j)			200		231,343
DNB Bank ASA, Series ...., 6.50% (b)(j)			200		205,754
Fifth Third Bancorp, Series J, 4.90% (b)(d)(j)			3,000		2,898,750
Intesa Sanpaolo SpA, 7.00% (b)(j)			234		247,235
Wells Fargo & Co. (b)(d)(j):
Series S, 5.90%			8,800		9,048,160
Series U, 5.88%			770		818,606

					29,890,766
Capital Markets — 1.2%
Goldman Sachs Group, Inc., Series L, 5.70% (b)(d)(j)			967		998,089
Morgan Stanley, Series H, 5.45% (b)(d)(j)			5,007		5,082,105
State Street Corp., Series F, 5.25% (b)(d)(j)			1,875		1,938,281
UBS Group AG, 5.75% (b)(j)			200		230,743

					8,249,218
Chemicals — 0.0%
Lanxess AG, 4.50% (b)			50		56,283
Solvay Finance SA, 5.12% (b)(j)			100		116,664

					172,947
Diversified Financial Services — 5.6%
Bank of America Corp.(b)(d)(j):
Series AA, 6.10%			2,865		2,986,763
Series U, 5.20%			1,750		1,717,188
Series V, 5.13%			705		705,881
Series X, 6.25%			6,175		6,446,700
Bank of New York Mellon Corp., Series D, 4.50% (b)(d)(j)			6,067		5,551,972
Barclays PLC, 7.88% (b)(j)			200		205,500
HBOS Capital Funding LP, 6.85% (j)			100		101,425


Capital Trusts		Par (000)		Value
Diversified Financial Services — (continued)
JPMorgan Chase & Co.:
Series Q, 5.15% (b)(d)(j)	USD		5,500	$	5,383,125
Series V, 5.00% (b)(d)(j)			3,830		3,834,787
Macquarie Bank Ltd., 10.25% (b)			10,000		10,237,380
Royal Bank of Scotland Group PLC, 8.63% (b)(j)			200		206,500
Societe Generale SA (b)(c)(j):
6.00% (d)			3,000		2,782,500
7.38%			200		200,370

					40,360,091
Diversified Telecommunication Services — 0.1%
Telefonica Europe BV (b)(j):
3.75%			100		106,061
4.20%			300		333,565

					439,626
Electric Utilities — 1.0%
Electricite de France SA, 5.25% (b)(c)(d)(j)			7,500		7,153,125
Enel SpA (b):
6.50%			102		118,505
7.75%			100		138,150
Gas Natural Fenosa Finance BV, 4.13% (b)(j)			100		109,569

					7,519,349
Industrial Conglomerates — 0.9%
General Electric Co., Series D, 5.00% (b)(d)(j)			5,921		6,157,840
Insurance — 0.2%
Voya Financial, Inc., 5.65% (b)(d)			1,090		1,095,450
Oil, Gas & Consumable Fuels — 0.0%
DCP Midstream LLC, 5.85% (b)(c)			50		44,875
TOTAL SA, 3.88% (b)(j)			100		113,622

					158,497
Total Capital Trust — 13.2%					94,043,784



24	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Preferred Stocks	Shares		Value
Banks — 0.3%
Citigroup, Inc., Series K, 6.88% (b)(j)		75,000	$	2,085,750
Capital Markets — 1.9%
Goldman Sachs Group, Inc., Series J, 5.50% (b)(j)		395,017		10,116,385
Morgan Stanley, 6.88% (b)(j)		100,000		2,754,000
SCE Trust III, 5.75% (b)(j)		23,730		620,777

				13,491,162
Diversified Financial Services — 0.3%
Morgan Stanley, Series K, 5.85% (b)(j)		89,329		2,243,945
Real Estate Investment Trusts (REITs) — 1.9%
Firstar Realty LLC, 8.88% (c)(j)		10,000		12,250,000
SunTrust Real Estate Investment Corp., 9.00% (c)(j)		15		1,688,513

				13,938,513
Total Preferred Stocks — 4.4%				31,759,370
Total Preferred Securities — 17.6%				125,803,154


Warrants — 0.0%	Shares		Value
Diversified Financial Services — 0.0%
Aviron Capital LLC (Expires 10/27/17) (k)		10		—
Total Long-Term Investments (Cost — $1,133,637,907) — 158.5%			$	1,133,036,707



Short-Term Securities
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.40% (l)(m)		3,838,673		3,838,673
Total Short-Term Securities (Cost — $3,838,673) — 0.5%				3,838,673
Options Purchased (Cost — $230,032) — 0.0%				303,248
Total Investments Before Options Written (Cost — $1,137,706,612*) — 159.0%				1,137,178,628
Options Written (Premiums Received — $127,085) — (0.0)%				(91,049	)
Total Investments, Net of Options Written (Cost — $1,137,579,527) — 159.0%				1,137,087,579
Liabilities in Excess of Other Assets — (59.0)%				(422,108,332	)

Net Assets — 100.0%			$	714,979,247

As of January 31, 2017, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	1,123,032,253

Gross unrealized appreciation	$	34,664,467
Gross unrealized depreciation		(20,518,092	)

Net unrealized appreciation	$	14,146,375


Notes to Schedule of Investments

(a)

Restricted security as to resale, excluding 144A securities. As of period end, the Trust held restricted securities with a current value of $561 and an original cost of $8,635, which was less than 0.05% of its net assets.

(b)

Variable rate security. Rate as of period end.

(c)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(d)

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

(e)

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(f)

Amount is less than $500.

(g)

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.

(h)

When-issued security.

(i)

Convertible security.

(j)

Perpetual security with no stated maturity date.

(k)

All or a portion of security is held by a wholly owned subsidiary.



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	25

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(l)

During the period ended January 31, 2017, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at October 31, 2016		Net Activity			Shares Held at January 31, 2017		Value at January 31, 2017		Income		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		6,322,410		(2,483,737	)		3,838,673	$	3,838,673	$	2,688	$	35		—

(m)

Current yield as of period end.

•

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


Reverse Repurchase Agreements
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.00	%		5/02/16		Open	$	464,800	$	468,325	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		5/04/16		Open		120,085		120,989	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.05	%		5/04/16		Open		784,550		790,751	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		5/05/16		Open		638,000		642,750	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		5/05/16		Open		451,000		454,357	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		5/06/16		Open		813,400		819,131	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.75	%		5/09/16		Open		425,685		428,044	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		5/09/16		Open		379,500		382,164	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		5/09/16		Open		211,185		212,667	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		5/10/16		Open		270,400		272,298	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		5/10/16		Open		135,548		136,495	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		5/10/16		Open		562,238		566,169	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		5/10/16		Open		620,400		624,967	Corporate Bonds	Open/Demand



26	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.00	%		5/16/16		Open	$	1,747,655	$	1,760,277	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		5/17/16		Open		595,875		600,357	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.90	%		5/24/16		Open		215,000		216,349	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		5/25/16		Open		346,768		349,195	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		5/25/16		Open		371,900		374,483	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		5/26/16		Open		236,931		238,595	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		6/01/16		Open		354,750		357,025	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.90	%		6/07/16		Open		63,550		63,930	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.90	%		6/07/16		Open		478,800		481,637	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		6/29/16		Open		170,150		171,171	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.00	%		7/07/16		Open		234,000		235,352	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		7/08/16		Open		181,770		182,749	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		7/13/16		Open		128,296		128,977	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		7/19/16		Open		342,336		344,115	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		8/02/16		Open		324,675		326,226	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		8/02/16		Open		2,140,789		2,151,672	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		8/19/16		Open		494,998		497,114	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		8/19/16		Open		971,800		976,173	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		8/19/16		Open		507,000		509,282	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		8/19/16		Open		312,405		313,811	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		8/19/16		Open		759,720		763,139	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.10	%		8/19/16		Open		1,020,305		1,025,356	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		9/13/16		Open		154,400		154,966	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		9/19/16		Open		476,138		477,924	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		9/29/16		Open		511,406		513,093	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		10/04/16		Open		105,210		105,540	Corporate Bonds	Open/Demand



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	27

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
Deutsche Bank Securities, Inc.		1.10	%		10/07/16		Open	$	853,230	$	856,280	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.75	%		10/11/16		Open		43,593		43,693	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.05	%		10/13/16		Open		61,843		62,036	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		10/13/16		Open		172,480		172,993	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.10	%		10/14/16		Open		619,650		621,657	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/19/16		Open		515,000		515,961	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/19/16		Open		1,473,750		1,476,501	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/19/16		Open		511,250		512,204	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/19/16		Open		955,000		956,783	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/19/16		Open		623,750		624,914	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/19/16		Open		609,000		610,137	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/19/16		Open		1,462,500		1,465,230	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/19/16		Open		1,503,750		1,506,557	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/19/16		Open		1,072,500		1,074,502	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/19/16		Open		1,087,500		1,089,530	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/19/16		Open		1,080,000		1,082,016	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/19/16		Open		992,500		994,353	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/19/16		Open		513,750		514,709	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/19/16		Open		950,000		951,740	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.05	%		10/19/16		Open		436,838		438,175	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.05	%		10/19/16		Open		415,188		416,459	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.05	%		10/19/16		Open		270,570		271,399	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.05	%		10/19/16		Open		383,625		384,800	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.05	%		10/19/16		Open		605,625		607,480	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.05	%		10/19/16		Open		1,461,250		1,465,725	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.05	%		10/19/16		Open		387,500		388,687	Corporate Bonds	Open/Demand



28	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		0.64	%		10/20/16		Open	$	304,500	$	305,058	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		947,250		948,985	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		465,750		466,603	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		375,000		375,687	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		817,500		818,997	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		756,000		757,384	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		990,000		991,813	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		252,500		252,962	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		967,500		969,272	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		793,125		794,577	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		415,000		415,760	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		1,010,000		1,011,849	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		543,750		544,746	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		450,000		450,824	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		783,750		785,185	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		376,500		377,189	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		1,275,000		1,277,335	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		745,938		747,303	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		716,250		717,562	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		759,375		760,766	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		950,625		952,366	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		982,500		984,299	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		1,234,375		1,236,635	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		1,022,500		1,024,372	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		536,250		537,232	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		751,875		753,252	Corporate Bonds	Open/Demand



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	29

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		0.64	%		10/20/16		Open	$	503,750	$	504,672	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		860,625		862,201	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		473,625		474,492	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		791,250		792,699	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		420,000		420,769	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		537,500		538,484	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		930,000		931,703	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		755,625		757,009	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		263,900		264,383	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/20/16		Open		1,030,000		1,031,886	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		10/20/16		Open		160,950		161,375	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.05	%		10/20/16		Open		249,120		249,868	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.05	%		10/21/16		Open		162,000		162,473	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		10/21/16		Open		874,650		877,055	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.64	%		10/25/16		Open		446,000		446,769	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		10/25/16		Open		480,700		481,930	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		10/25/16		Open		399,840		400,863	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		10/25/16		Open		364,000		364,932	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		10/25/16		Open		344,715		345,597	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		10/25/16		Open		423,300		424,384	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		10/25/16		Open		435,000		436,172	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		10/25/16		Open		394,050		395,112	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		10/25/16		Open		409,640		410,744	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		10/25/16		Open		360,500		361,471	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		10/25/16		Open		350,470		351,414	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		10/26/16		Open		1,569,048		1,573,232	Corporate Bonds	Open/Demand



30	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.00	%		10/27/16		Open	$	114,400	$	114,696	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		10/27/16		Open		1,201,420		1,204,524	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		10/28/16		Open		132,525		132,864	Corporate Bonds	Open/Demand
HSBC Securities (USA), Inc.		0.95	%		11/03/16		Open		546,000		547,239	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		11/04/16		Open		358,620		359,424	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		11/07/16		Open		770,800		772,509	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		11/09/16		Open		675,000		676,709	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.15	%		11/10/16		Open		488,000		489,294	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.15	%		11/10/16		Open		482,000		483,278	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.15	%		11/10/16		Open		474,000		475,257	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.15	%		11/10/16		Open		538,000		539,426	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.15	%		11/10/16		Open		547,000		548,450	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.15	%		11/10/16		Open		587,000		588,556	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.15	%		11/10/16		Open		615,000		616,631	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.15	%		11/10/16		Open		479,000		480,270	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.15	%		11/10/16		Open		476,000		477,262	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.90	%		11/10/16		Open		528,885		529,916	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		11/10/16		Open		411,750		412,598	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		11/10/16		Open		871,080		872,967	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		11/10/16		Open		86,625		86,813	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.75	%		11/14/16		Open		212,245		212,585	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		11/14/16		Open		336,000		336,683	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		11/16/16		Open		849,920		852,018	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		11/16/16		Open		892,355		894,557	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.15	%		11/17/16		Open		932,000		934,263	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.15	%		11/17/16		Open		1,062,000		1,064,578	Corporate Bonds	Open/Demand



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	31

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.00	%		11/18/16		Open	$	183,888	$	184,250	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		0.50	%		11/21/16		Open		1,452,500		1,451,068		Open/Demand
RBC Capital Markets, LLC		0.64	%		11/22/16		Open		271,700		272,028	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		11/23/16		Open		757,000		758,699	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		11/23/16		Open		960,000		962,155	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		11/29/16		Open		180,600		180,895	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		11/30/16		Open		448,000		448,905	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		11/30/16		Open		725,000		726,465	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.75	%		12/07/16		Open		2,774,638		2,778,861	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		12/07/16		Open		744,625		746,007	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.00	%		12/07/16		Open		284,610		285,037	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.95	%		12/12/16		Open		312,960		313,373	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/14/16		Open		765,922		767,372	Corporate Bonds	Open/Demand
Barclays Capital, Inc.		0.90	%		12/15/16		Open		1,350,000		1,351,586	Corporate Bonds	Open/Demand
Barclays Capital, Inc.		1.00	%		12/15/16		Open		3,483,300		3,487,848	Corporate Bonds	Open/Demand
Barclays Capital, Inc.		1.20	%		12/15/16		Open		4,606,250		4,613,466	Corporate Bonds	Open/Demand
Barclays Capital, Inc.		1.25	%		12/15/16		Open		5,902,500		5,912,133	Corporate Bonds	Open/Demand
Barclays Capital, Inc.		1.50	%		12/15/16		Open		240,938		241,409	Corporate Bonds	Open/Demand
Barclays Capital, Inc.		1.50	%		12/15/16		Open		649,440		650,712	Corporate Bonds	Open/Demand
Barclays Capital, Inc.		1.50	%		12/15/16		Open		766,838		768,339	Corporate Bonds	Open/Demand
Barclays Capital, Inc.		1.50	%		12/15/16		Open		2,019,375		2,023,330	Capital Trusts	Open/Demand
Barclays Capital, Inc.		1.50	%		12/15/16		Open		960,563		962,444	Capital Trusts	Open/Demand
Barclays Capital, Inc.		1.50	%		12/15/16		Open		935,900		937,733	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.50	%		12/15/16		Open		2,788,266		2,793,727	Foreign Agency Obligations	Open/Demand
Credit Suisse Securities (USA) LLC		1.50	%		12/15/16		Open		2,092,544		2,096,642	Foreign Agency Obligations	Open/Demand
Credit Suisse Securities (USA) LLC		1.50	%		12/15/16		Open		385,263		386,017	Foreign Agency Obligations	Open/Demand
Credit Suisse Securities (USA) LLC		1.50	%		12/15/16		Open		400,950		401,735	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/15/16		Open		71,000		71,126	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/15/16		Open		515,000		515,913	Corporate Bonds	Open/Demand
HSBC Securities (USA), Inc.		1.00	%		12/15/16		Open		2,753,000		2,756,594	Capital Trusts	Open/Demand
HSBC Securities (USA), Inc.		1.00	%		12/15/16		Open		3,406,000		3,410,447	Corporate Bonds	Open/Demand



32	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
HSBC Securities (USA), Inc.		1.30	%		12/15/16		Open	$	1,203,000	$	1,205,042	Corporate Bonds	Open/Demand
UBS Securities LLC		1.00	%		12/16/16		Open		5,018,750		5,024,884	Capital Trusts	Open/Demand
UBS Securities LLC		1.00	%		12/16/16		Open		4,000,000		4,004,889	Corporate Bonds	Open/Demand
UBS Securities LLC		1.00	%		12/16/16		Open		6,928,125		6,936,593	Capital Trusts	Open/Demand
UBS Securities LLC		1.00	%		12/16/16		Open		8,250,000		8,260,083	Capital Trusts	Open/Demand
UBS Securities LLC		1.00	%		12/16/16		Open		5,287,500		5,293,963	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		124,000		124,189	Capital Trusts	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		9,612,500		9,627,186	Capital Trusts	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		4,771,613		4,778,902	Capital Trusts	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		1,035,450		1,037,032	Capital Trusts	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		1,549,125		1,551,492	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		637,050		638,023	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		734,700		735,822	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		537,225		538,046	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		853,875		855,180	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		435,256		435,921	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		286,750		287,188	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		1,051,986		1,053,593	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		695,400		696,462	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		19,910		19,940	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		471,170		471,890	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		4,050,000		4,056,188	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		4,090,000		4,096,249	Capital Trusts	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		2,493,750		2,497,560	Capital Trusts	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		4,048,875		4,055,061	Capital Trusts	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		3,062,500		3,067,179	Capital Trusts	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		3,438,950		3,444,204	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		3,209,750		3,214,654	Capital Trusts	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		2,553,750		2,557,652	Capital Trusts	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		706,160		707,239	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		92,055		92,196	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		752,188		753,337	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		217,273		217,604	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		326,630		327,129	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		1,163,661		1,165,439	Capital Trusts	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		808,860		810,096	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		432,150		432,810	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		544,635		545,467	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		418,500		419,139	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		1,866,150		1,869,001	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		2,141,703		2,144,975	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		836,455		837,733	Capital Trusts	Open/Demand
UBS Securities LLC		1.25	%		12/16/16		Open		1,568,875		1,571,272	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.		1.11	%		12/19/16		Open		7,730,000		7,740,249	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.		1.46	%		12/19/16		Open		378,000		378,659	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.		1.46	%		12/19/16		Open		214,000		214,373	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.		1.46	%		12/19/16		Open		1,566,000		1,568,731	Corporate Bonds	Open/Demand



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	33

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
BNP Paribas Securities Corp.		1.46	%		12/19/16		Open	$	663,000	$	664,156	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.		1.46	%		12/19/16		Open		1,158,000		1,160,019	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.		1.46	%		12/19/16		Open		727,000		728,268	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.00	%		12/19/16		Open		802,424		803,360	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.55	%		12/19/16		Open		532,988		533,951	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.55	%		12/19/16		Open		723,531		724,840	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		12/19/16		Open		496,600		497,217	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		212,875		213,223	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		316,725		317,255	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		488,000		488,816	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		276,920		277,383	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		817,225		818,592	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		208,250		208,598	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		187,790		188,104	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		1,293,750		1,295,913	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		319,800		320,335	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		426,720		427,434	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		82,250		82,388	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		47,450		47,529	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		445,050		445,794	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		126,325		126,536	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		432,450		433,173	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		125,400		125,610	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		242,875		243,281	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		258,000		258,431	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		58,500		58,598	Corporate Bonds	Open/Demand



34	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.40	%		12/19/16		Open	$	195,383	$	195,709	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		306,175		306,687	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/19/16		Open		345,425		346,003	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.05	%		12/20/16		Open		2,430,000		2,432,977	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.05	%		12/20/16		Open		1,892,250		1,894,568	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.05	%		12/20/16		Open		1,742,000		1,744,134	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.05	%		12/20/16		Open		1,944,000		1,946,381	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		345,000		345,584	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		757,000		758,281	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		750,000		751,269	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		73,000		73,123	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		128,000		128,217	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		298,000		298,504	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		572,000		572,968	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		1,405,000		1,407,377	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		1,089,000		1,090,842	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		2,425,000		2,429,102	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		1,969,000		1,972,331	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		696,281		697,458	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		296,000		296,501	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		2,167,000		2,170,666	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		2,038,000		2,041,448	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		2,574,776		2,579,131	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		1,160,196		1,162,158	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		5,529,000		5,538,353	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		2,038,000		2,041,448	Corporate Bonds	Open/Demand



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	35

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open	$	348,000	$	348,589	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		1,564,000		1,566,646	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		2,297,000		2,300,886	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		2,018,000		2,021,414	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		97,000		97,164	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		795,000		796,345	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		206,000		206,348	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		548,000		548,927	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		1,496,000		1,498,531	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		2,534,625		2,538,913	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		1,820,000		1,823,079	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		1,433,250		1,435,675	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		293,000		293,496	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		431,393		432,123	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		585,000		585,990	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		1,036,395		1,038,148	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		531,090		531,988	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		484,000		484,799	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		549,000		549,929	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		554,835		555,774	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		1,439,000		1,441,434	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		386,019		386,672	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		351,844		352,439	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		2,479,699		2,483,894	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		618,750		619,797	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		228,165		228,551	Corporate Bonds	Open/Demand



36	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open	$	626,106	$	627,165	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		122,000		122,206	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		368,000		368,623	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		667,590		668,719	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		767,340		768,638	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		365,000		365,617	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		134,622		134,850	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		348,000		348,589	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		545,625		546,548	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		403,000		403,682	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		311,000		311,526	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		12/20/16		Open		366,000		366,619	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/20/16		Open		417,150		417,831	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/20/16		Open		443,625		444,350	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/20/16		Open		482,885		483,674	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/20/16		Open		439,450		440,168	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/20/16		Open		927,200		928,714	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/20/16		Open		432,820		433,527	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/20/16		Open		1,519,560		1,522,042	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/20/16		Open		442,900		443,623	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/20/16		Open		335,325		335,873	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/20/16		Open		408,250		408,917	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/20/16		Open		454,005		454,747	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/20/16		Open		645,150		646,204	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.25	%		12/21/16		Open		550,545		550,702	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		12/21/16		Open		518,475		519,089	Corporate Bonds	Open/Demand



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	37

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.04	%		12/21/16		Open	$	1,216,000	$	1,217,440	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		12/21/16		Open		2,187,000		2,189,590	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		12/21/16		Open		1,405,920		1,407,585	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.15	%		12/21/16		Open		481,000		481,630	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		607,050		608,018	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		741,400		742,582	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		327,000		327,521	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		460,350		461,084	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		342,100		342,645	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		930,315		931,798	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		694,875		695,983	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		930,388		931,871	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		528,598		529,440	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		662,025		663,081	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		526,050		526,889	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		386,100		386,716	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		593,175		594,121	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		736,000		737,174	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		638,400		639,418	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		232,313		232,683	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		106,600		106,770	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		351,750		352,311	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		378,750		379,354	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		12/21/16		Open		312,375		312,873	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		12/22/16		Open		452,585		453,151	Corporate Bonds	Open/Demand
Morgan Stanley & Co. LLC		1.77	%		1/03/17		2/02/17		4,111,563		4,117,435	Asset-Backed Securities	Up to 30 Days



38	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
BNP Paribas Securities Corp.		1.77	%		1/03/17		2/03/17	$	1,073,000	$	1,074,424	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.77	%		1/03/17		2/03/17		827,000		828,098	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.77	%		1/03/17		2/03/17		824,000		825,094	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.77	%		1/03/17		2/03/17		1,116,000		1,117,481	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.77	%		1/03/17		2/03/17		827,000		828,098	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.92	%		1/03/17		2/03/17		797,000		798,148	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.92	%		1/03/17		2/03/17		809,000		810,165	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.92	%		1/03/17		2/03/17		1,352,000		1,353,947	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.92	%		1/03/17		2/03/17		781,000		782,125	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.92	%		1/03/17		2/03/17		983,000		984,416	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.92	%		1/03/17		2/03/17		1,612,000		1,614,321	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.92	%		1/03/17		2/03/17		998,000		999,437	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.92	%		1/03/17		2/03/17		794,000		795,143	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.92	%		1/03/17		2/03/17		807,000		808,162	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.92	%		1/03/17		2/03/17		1,010,000		1,011,454	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.92	%		1/03/17		2/03/17		798,000		799,149	Asset-Backed Securities	Up to 30 Days
Barclays Capital, Inc.		2.27	%		1/03/17		2/06/17		7,629,697		7,642,705	Corporate Bonds	Open/Demand
JPMorgan Securities LLC		2.12	%		1/05/17		2/03/17		2,677,000		2,681,090	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.50	%		1/06/17		Open		5,470,993		5,476,236	Foreign Agency Obligations	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		1/06/17		Open		1,242,000		1,243,151	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		1/06/17		Open		730,000		730,676	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		1/06/17		Open		718,000		718,665	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		1/06/17		Open		463,750		464,058	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		1/06/17		Open		382,193		382,446	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		1/06/17		Open		440,000		440,292	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		1/06/17		Open		267,000		267,177	Corporate Bonds	Open/Demand



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	39

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.04	%		1/06/17		Open	$	357,825	$	358,063	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		1/06/17		Open		353,350		353,585	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		1/06/17		Open		729,375		729,860	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		1/06/17		Open		290,625		290,818	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		1/06/17		Open		300,800		301,000	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		1/06/17		Open		442,500		442,794	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		1/06/17		Open		287,250		287,441	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		1/06/17		Open		482,500		482,821	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		1/06/17		Open		508,750		509,088	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		1/06/17		Open		503,750		504,085	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		1/06/17		Open		240,625		240,785	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		1/06/17		Open		644,000		644,428	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		1/06/17		Open		411,000		411,273	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		1/06/17		Open		1,017,500		1,018,176	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		1/06/17		Open		253,125		253,293	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/06/17		Open		250,965		251,189	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		1/09/17		Open		44,000		44,041	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/09/17		Open		764,660		765,284	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		1/10/17		Open		170,000		170,137	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.00	%		1/11/17		Open		517,000		516,713		Open/Demand
UBS Securities LLC		1.25	%		1/11/17		Open		677,740		678,187	Corporate Bonds	Open/Demand
Citigroup Global Markets		0.25	%		1/12/17		Open		1,213,600		1,213,431	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/12/17		Open		164,640		164,736	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/13/17		Open		811,440		811,882	Corporate Bonds	Open/Demand
JPMorgan Securities LLC		1.00	%		1/17/17		2/01/17		4,735,000		4,736,841	Non-Agency Mortgage-Backed Securities	Up to 30 Days



40	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.40	%		1/17/17		Open	$	673,200	$	673,593	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/17/17		Open		670,320		670,711	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/17/17		Open		1,733,888		1,734,899	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/17/17		Open		502,848		503,141	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/18/17		Open		537,600		537,893	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/18/17		Open		1,449,000		1,449,789	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/18/17		Open		693,504		693,882	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/18/17		Open		687,608		687,982	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/18/17		Open		1,288,064		1,288,765	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/18/17		Open		819,400		819,846	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/18/17		Open		653,808		654,164	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/18/17		Open		1,575,040		1,575,898	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/18/17		Open		736,800		737,144	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		1/19/17		Open		410,000		410,149	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		1/20/17		Open		174,000		174,056	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/20/17		Open		403,760		403,948	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/20/17		Open		2,396,192		2,397,310	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/20/17		Open		955,296		955,742	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/20/17		Open		888,216		888,631	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/20/17		Open		441,840		442,046	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/20/17		Open		358,904		359,071	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/20/17		Open		361,088		361,257	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/20/17		Open		475,992		476,214	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/20/17		Open		434,248		434,451	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/20/17		Open		412,824		412,952	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/20/17		Open		1,432,088		1,432,534	Corporate Bonds	Open/Demand



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	41

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
UBS Securities LLC		1.25	%		1/20/17		Open	$	3,779,063	$	3,780,112	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		1/20/17		Open		324,809		324,998	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/23/17		Open		569,080		569,235	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/23/17		Open		238,850		238,924	Corporate Bonds	Open/Demand
UBS Securities LLC		1.05	%		1/23/17		Open		325,800		325,867	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		1/24/17		Open		538,328		538,458	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		1/24/17		Open		296,843		296,904	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		1/24/17		Open		277,038		277,095	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/25/17		Open		211,200		211,241	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		1/26/17		Open		43,522		43,525	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		1/26/17		Open		885,366		885,437	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		1/26/17		Open		685,438		685,493	Corporate Bonds	Open/Demand
HSBC Securities (USA), Inc.		1.25	%		1/26/17		Open		270,000		270,019	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		1/26/17		Open		1,263,244		1,263,331	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		1/27/17		Open		495,000		495,020	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/27/17		Open		17,200		17,201	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/27/17		Open		328,700		328,713	Corporate Bonds	Open/Demand
UBS Securities LLC		1.25	%		1/27/17		Open		363,715		363,728	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		1/30/17		Open		974,630		974,630	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.04	%		1/30/17		Open		189,654		189,654	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/30/17		Open		286,440		286,440	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/30/17		Open		167,232		167,232	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/30/17		Open		323,840		323,840	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/30/17		Open		927,350		927,422	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/30/17		Open		201,300		201,316	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/30/17		Open		202,230		202,246	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/30/17		Open		336,550		336,576	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/30/17		Open		404,513		404,544	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.40	%		1/30/17		Open		221,650		221,667	Corporate Bonds	Open/Demand



42	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (concluded)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral		Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.40	%		1/30/17		Open	$	399,500	$	399,531		Corporate Bonds		Open/Demand
RBC Capital Markets, LLC		1.40	%		1/30/17		Open		198,600		198,615		Corporate Bonds		Open/Demand
RBC Capital Markets, LLC		1.40	%		1/30/17		Open		107,085		107,093		Corporate Bonds		Open/Demand
RBC Capital Markets, LLC		1.40	%		1/30/17		Open		2,391,450		2,391,636		Corporate Bonds		Open/Demand
RBC Capital Markets, LLC		1.40	%		1/30/17		Open		305,440		305,464		Corporate Bonds		Open/Demand
RBC Capital Markets, LLC		1.40	%		1/30/17		Open		118,990		118,999		Corporate Bonds		Open/Demand
RBC Capital Markets, LLC		1.40	%		1/30/17		Open		184,110		184,124		Corporate Bonds		Open/Demand
RBC Capital Markets, LLC		1.40	%		1/30/17		Open		270,825		270,846		Corporate Bonds		Open/Demand
RBC Capital Markets, LLC		1.40	%		1/30/17		Open		331,403		331,428		Corporate Bonds		Open/Demand
Barclays Capital, Inc.		2.25	%		1/31/17		Open		390,000		390,000		Corporate Bonds		Open/Demand
Deutsche Bank Securities, Inc.		1.40	%		1/31/17		Open		1,595,000		1,595,000		Corporate Bonds		Open/Demand
Deutsche Bank Securities, Inc.		1.45	%		1/31/17		Open		1,595,000		1,595,000		Corporate Bonds		Open/Demand
RBC Capital Markets, LLC		1.40	%		1/31/17		Open		191,774		191,774		Corporate Bonds		Open/Demand
Total								$	432,604,278	$	433,313,573

¹Certain agreements have no stated maturity and can be terminated by either party at any time.

Derivative Financial Instruments Outstanding as of Period End


Futures Contracts
Contracts Long (Short)			Issue	Expiration		Notional Value		Unrealized Appreciation (Depreciation)
	(41	)	2-Year U.S. Treasury Note		March 2017	$	8,888,672	$	(13,719	)
	(1	)	5-Year U.S. Treasury Note		March 2017	$	117,867		(88	)
	(41	)	10-Year U.S. Treasury Note		March 2017	$	5,103,219		(12,025	)
	(40	)	Euro BOBL		March 2017	$	5,740,348		14,529
	(17	)	Euro Bund Futures		March 2017	$	2,975,328		7,327
	(77	)	Long U.S. Treasury Bond		March 2017	$	11,614,969		71,912
	(95	)	Ultra U.S. Treasury Bond		March 2017	$	15,265,312		131,008
	26		90 Day Euro Future		December 2017	$	6,402,500		8,090
	(56	)	90 Day Euro Future		September 2018	$	13,740,300		1,674
	(26)		90 Day Euro Future		December 2018	$	6,371,625		(11,085	)
	Total							$	197,623



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	43

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	2,289,750	USD	710,000	Goldman Sachs International		2/01/17	$	16,651
BRL	2,042,590	USD	652,251	Goldman Sachs International		2/01/17		(4,036	)
BRL	1,042,530	USD	310,000	Goldman Sachs International		2/01/17		20,846
BRL	1,047,800	USD	310,000	Morgan Stanley & Co. International PLC		2/01/17		22,519
BRL	1,124,143	USD	358,968	Royal Bank of Scotland PLC		2/01/17		(2,221	)
BRL	1,407,560	USD	449,470	Royal Bank of Scotland PLC		2/01/17		(2,781	)
BRL	1,393,304	USD	440,000	Royal Bank of Scotland PLC		2/01/17		2,164
BRL	1,149,668	USD	367,118	UBS AG		2/01/17		(2,272	)
USD	620,000	BRL	2,042,590	Goldman Sachs International		2/01/17		(28,215	)
USD	332,907	BRL	1,042,530	Goldman Sachs International		2/01/17		2,060
USD	731,176	BRL	2,289,750	Goldman Sachs International		2/01/17		4,525
USD	334,589	BRL	1,047,800	Morgan Stanley & Co. International PLC		2/01/17		2,071
USD	440,000	BRL	1,407,560	Royal Bank of Scotland PLC		2/01/17		(6,688	)
USD	355,000	BRL	1,124,143	Royal Bank of Scotland PLC		2/01/17		(1,746	)
USD	444,918	BRL	1,393,304	Royal Bank of Scotland PLC		2/01/17		2,753
USD	355,000	BRL	1,149,668	UBS AG		2/01/17		(9,846	)
USD	232,733	TRY	877,465	Goldman Sachs International		2/01/17		178
USD	355,941	TRY	1,341,992	Goldman Sachs International		2/01/17		273
USD	446,638	TRY	1,683,944	Goldman Sachs International		2/01/17		341
USD	331,240	TRY	1,250,598	Goldman Sachs International		2/01/17		(206	)
BRL	2,289,436	USD	732,151	Goldman Sachs International		2/02/17		(5,600	)
BRL	2,255,616	USD	712,000	Royal Bank of Scotland PLC		2/02/17		3,819
USD	712,000	BRL	2,289,436	Goldman Sachs International		2/02/17		(14,551	)
USD	721,335	BRL	2,255,616	Royal Bank of Scotland PLC		2/02/17		5,517
EUR	2,830,000	USD	3,019,822	Citibank N.A.		2/03/17		35,263
EUR	13,488,000	USD	14,392,708	Citibank N.A.		2/03/17		168,067
GBP	21,362,000	USD	26,722,559	Citibank N.A.		2/03/17		151,219
GBP	1,373,000	USD	1,717,539	Citibank N.A.		2/03/17		9,719
GBP	10,400,000	USD	12,785,458	Northern Trust Co.		2/03/17		297,927
MXN	12,802,911	USD	680,000	Citibank N.A.		2/03/17		(66,140	)
MXN	15,859,891	USD	765,686	Citibank N.A.		2/03/17		(5,254	)
MXN	115,415,612	USD	5,574,314	JPMorgan Chase Bank N.A.		2/03/17		(40,494	)
USD	928,876	EUR	880,778	Bank of America N.A.		2/03/17		(21,955	)
USD	2,962,175	EUR	2,830,000	Citibank N.A.		2/03/17		(92,910	)
USD	14,117,957	EUR	13,488,000	Citibank N.A.		2/03/17		(442,817	)
USD	981,617	EUR	930,774	Northern Trust Co.		2/03/17		(23,187	)
USD	26,188,530	GBP	21,362,000	Citibank N.A.		2/03/17		(685,248	)
USD	1,683,216	GBP	1,373,000	Citibank N.A.		2/03/17		(44,043	)
USD	714,633	GBP	585,000	Royal Bank of Scotland PLC		2/03/17		(21,307	)
USD	1,690,000	MXN	34,624,816	Citibank N.A.		2/03/17		29,847
USD	376,911	MXN	7,731,714	Goldman Sachs International		2/03/17		6,199
USD	1,020,000	MXN	18,744,989	HSBC Bank PLC		2/03/17		121,236
USD	4,310,000	MXN	82,976,896	JPMorgan Chase Bank N.A.		2/03/17		331,515
EUR	208,290	USD	218,750	Citibank N.A.		2/06/17		6,128
TRY	2,278,228	USD	610,000	BNP Paribas S.A.		2/06/17		(7,045	)
USD	646,004	CNH	4,549,496	HSBC Bank PLC		2/06/17		(20,378	)
USD	232,137	EUR	208,290	Morgan Stanley & Co. International PLC		2/06/17		7,258
USD	528,667	TRY	1,926,858	BNP Paribas S.A.		2/06/17		18,705
USD	81,333	TRY	296,440	JPMorgan Chase Bank N.A.		2/06/17		2,878



44	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	4,074,083	USD	1,173,546	Goldman Sachs International		2/07/17	$	117,533
MXN	7,044,188	USD	340,000	Deutsche Bank AG		2/07/17		(2,441	)
MXN	12,999,405	USD	610,000	Goldman Sachs International		2/07/17		12,934
MXN	7,055,680	USD	340,000	UBS AG		2/07/17		(1,891	)
USD	383,373	BRL	1,279,891	Goldman Sachs International		2/07/17		(22,225	)
USD	2,191,982	BRL	7,212,717	State Street Bank and Trust Co.		2/07/17		(93,732	)
USD	610,000	MXN	12,988,425	Goldman Sachs International		2/07/17		(12,408	)
USD	680,000	MXN	13,997,120	Goldman Sachs International		2/07/17		9,255
GBP	408,000	USD	503,046	Bank of America N.A.		2/09/17		10,271
MXN	2,629,345	USD	121,500	BNP Paribas S.A.		2/09/17		4,464
MXN	5,856,570	USD	270,000	Citibank N.A.		2/09/17		10,570
MXN	3,220,692	USD	148,500	Deutsche Bank AG		2/09/17		5,793
USD	502,179	GBP	408,000	Citibank N.A.		2/09/17		(11,138	)
USD	540,000	KRW	640,170,000	Nomura International PLC		2/09/17		(15,896	)
USD	201,872	MXN	4,371,450	Deutsche Bank AG		2/09/17		(7,551	)
USD	628	MXN	13,570	Goldman Sachs International		2/09/17		(22	)
USD	337,500	MXN	7,294,418	JPMorgan Chase Bank N.A.		2/09/17		(11,952	)
ZAR	186,603	USD	13,654	BNP Paribas S.A.		2/09/17		178
ZAR	4,847,840	USD	355,000	Citibank N.A.		2/09/17		4,343
ZAR	4,666,680	USD	341,346	Deutsche Bank AG		2/09/17		4,568
JPY	47,458,853	USD	410,000	HSBC Bank PLC		2/10/17		10,402
MXN	10,177,680	USD	480,000	Goldman Sachs International		2/13/17		7,300
RUB	140,940,485	USD	2,338,000	JPMorgan Chase Bank N.A.		2/13/17		2,327
TWD	26,796,000	USD	840,000	Standard Chartered Bank		2/13/17		20,738
USD	654,509	EUR	620,000	Morgan Stanley & Co. International PLC		2/13/17		(15,038	)
USD	480,000	MXN	10,451,760	Goldman Sachs International		2/13/17		(20,423	)
USD	2,338,000	RUB	141,823,080	Deutsche Bank AG		2/13/17		(16,982	)
USD	440,000	TWD	13,860,000	Nomura International PLC		2/13/17		(5,209	)
USD	400,000	TWD	12,598,000	Nomura International PLC		2/13/17		(4,671	)
EUR	111,546	USD	121,995	BNP Paribas S.A.		2/14/17		(1,531	)
EUR	296,662	USD	319,330	Citibank N.A.		2/14/17		1,051
EUR	19,642	USD	21,190	Goldman Sachs International		2/14/17		22
EUR	54,413	USD	57,730	Goldman Sachs International		2/14/17		1,034
EUR	201,163	USD	216,632	UBS AG		2/14/17		615
EUR	101,057	USD	108,827	UBS AG		2/14/17		309
EUR	2,155	USD	2,298	UBS AG		2/14/17		29
MXN	6,342,183	USD	300,000	Citibank N.A.		2/14/17		3,615
MXN	618,599	USD	29,250	Citibank N.A.		2/14/17		364
MXN	2,557,807	USD	120,750	HSBC Bank PLC		2/14/17		1,698
USD	31,611	ARS	501,028	BNP Paribas S.A.		2/14/17		284
USD	218,821	EUR	208,290	Citibank N.A.		2/14/17		(6,123	)
USD	1,373,810	EUR	1,238,439	Citibank N.A.		2/14/17		36,352
USD	439,094	EUR	417,951	HSBC Bank PLC		2/14/17		(12,273	)
USD	298,714	EUR	269,171	Morgan Stanley & Co. International PLC		2/14/17		8,022
USD	31,611	ARS	521,575	BNP Paribas S.A.		2/15/17		(984	)
ARS	275,570	USD	16,611	BNP Paribas S.A.		2/17/17		593
CAD	1,883,053	GBP	1,150,000	Bank of America N.A.		2/17/17		263
CAD	1,173,674	GBP	725,000	Deutsche Bank AG		2/17/17		(10,186	)
GBP	1,875,000	CAD	3,070,328	Citibank N.A.		2/17/17		(531	)
GBP	187,569	USD	231,274	Goldman Sachs International		2/17/17		4,746
INR	28,571,424	USD	418,200	Deutsche Bank AG		2/17/17		4,417



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	45


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
JPY	31,151,285	USD	268,000	HSBC Bank PLC		2/17/17	$	8,000
TWD	19,659,654	USD	630,000	JPMorgan Chase Bank N.A.		2/17/17		1,602
USD	31,611	ARS	535,800	Citibank N.A.		2/17/17		(1,839	)
USD	224,969	GBP	184,843	Citibank N.A.		2/17/17		(7,622	)
USD	3,396	GBP	2,726	Deutsche Bank AG		2/17/17		(34	)
USD	418,200	INR	28,598,607	Nomura International PLC		2/17/17		(4,819	)
USD	429,000	KRW	516,614,670	Nomura International PLC		2/17/17		(19,628	)
USD	630,000	TWD	20,204,100	Standard Chartered Bank		2/17/17		(19,093	)
USD	275,515	ZAR	3,765,749	Citibank N.A.		2/17/17		(3,222	)
USD	343,938	ZAR	4,676,559	Deutsche Bank AG		2/17/17		(2,216	)
USD	91,485	ZAR	1,250,449	Goldman Sachs International		2/17/17		(1,072	)
USD	8,805	ZAR	119,591	Goldman Sachs International		2/17/17		(47	)
USD	13,758	ZAR	186,855	JPMorgan Chase Bank N.A.		2/17/17		(73	)
USD	366,500	ZAR	5,012,318	Royal Bank of Scotland PLC		2/17/17		(4,507	)
ZAR	9,563,952	USD	690,000	BNP Paribas S.A.		2/17/17		17,914
ZAR	4,806,445	USD	355,000	BNP Paribas S.A.		2/17/17		768
ZAR	744,419	USD	55,000	Goldman Sachs International		2/17/17		101
ARS	181,170	USD	11,000	BNP Paribas S.A.		2/21/17		287
ARS	247,050	USD	15,000	JPMorgan Chase Bank N.A.		2/21/17		391
TRY	15,102,000	USD	3,956,718	Citibank N.A.		2/21/17		23,691
TRY	15,102,000	USD	3,948,751	Royal Bank of Scotland PLC		2/21/17		31,658
USD	5,319,816	TRY	20,255,998	Goldman Sachs International		2/21/17		(19,024	)
EUR	1,229,000	RUB	78,877,220	BNP Paribas S.A.		2/22/17		19,106
RUB	79,454,850	EUR	1,229,000	Societe Generale		2/22/17		(9,523	)
CAD	586,769	USD	450,000	Deutsche Bank AG		2/24/17		1,026
TRY	15,102,000	USD	3,984,697	Citibank N.A.		2/24/17		(7,561	)
USD	450,000	CAD	596,852	HSBC Bank PLC		2/24/17		(8,775	)
USD	3,872,804	TRY	15,102,000	Royal Bank of Scotland PLC		2/24/17		(104,331	)
TRY	1,254,491	USD	330,000	Goldman Sachs International		2/27/17		101
USD	215,000	CLP	140,556,250	BNP Paribas S.A.		2/27/17		(1,336	)
USD	437,000	CLP	285,723,710	Citibank N.A.		2/27/17		(2,769	)
BRL	1,132,752	USD	355,000	Royal Bank of Scotland PLC		3/02/17		1,924
USD	440,000	BRL	1,403,974	Royal Bank of Scotland PLC		3/02/17		(2,385	)
USD	712,000	BRL	2,271,885	Royal Bank of Scotland PLC		3/02/17		(3,859	)
GBP	10,400,000	USD	12,706,210	Citibank N.A.		3/03/17		383,726
USD	986,560	EUR	930,774	Citibank N.A.		3/03/17		(19,300	)
USD	933,567	EUR	880,778	Citibank N.A.		3/03/17		(18,263	)
USD	14,407,747	EUR	13,488,000	Citibank N.A.		3/03/17		(168,334	)
USD	3,022,978	EUR	2,830,000	Citibank N.A.		3/03/17		(35,319	)
USD	714,724	GBP	585,000	Citibank N.A.		3/03/17		(21,585	)
USD	1,718,371	GBP	1,373,000	Citibank N.A.		3/03/17		(9,752	)
USD	26,735,504	GBP	21,362,000	Citibank N.A.		3/03/17		(151,728	)
USD	117,340	GBP	93,000	Deutsche Bank AG		3/03/17		286
USD	646,004	CNH	4,451,398	HSBC Bank PLC		3/06/17		(3,164	)
TRY	1,075,476	USD	285,833	BNP Paribas S.A.		3/10/17		(3,683	)
TRY	767,856	USD	204,167	Goldman Sachs International		3/10/17		(2,720	)
USD	490,000	TRY	1,853,278	BNP Paribas S.A.		3/10/17		3,793
USD	235,491	MXN	5,063,997	JPMorgan Chase Bank N.A.		3/23/17		(5,641	)
ARS	325,260	USD	19,500	BNP Paribas S.A.		3/29/17		442
USD	19,500	ARS	333,060	BNP Paribas S.A.		3/29/17		(920	)
MXN	6,591,155	USD	300,000	Goldman Sachs International		4/06/17		13,213
MXN	6,445,174	USD	300,000	Goldman Sachs International		4/06/17		6,276
USD	300,000	MXN	6,388,500	Goldman Sachs International		4/06/17		(3,583	)



46	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)

Forward Foreign Currency Exchange Contracts (concluded)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	2,816,406	PLN	11,674,283	BNP Paribas S.A.		4/11/17	$	(95,774	)
USD	1,107,609	PLN	4,632,093	HSBC Bank PLC		4/11/17		(47,878	)
USD	3,900	ARS	66,885	Citibank N.A.		4/12/17		(174	)
USD	22,100	ARS	379,899	Citibank N.A.		4/12/17		(1,041	)
USD	979,532	RUB	59,242,124	Credit Suisse International		4/18/17		9,921
USD	347,071	RUB	21,122,724	Credit Suisse International		4/18/17		1,357
USD	476,978	RUB	29,160,033	Credit Suisse International		4/18/17		(282	)
USD	476,393	RUB	29,160,033	Credit Suisse International		4/18/17		(867	)
USD	442,784	RUB	26,774,049	HSBC Bank PLC		4/18/17		4,575
USD	356,050	RUB	21,457,363	Morgan Stanley & Co. International PLC		4/18/17		4,859
TRY	15,102,000	USD	3,745,350	Royal Bank of Scotland PLC		6/19/17		110,945
TRY	15,102,000	USD	3,752,423	Royal Bank of Scotland PLC		6/19/17		103,872
USD	3,834,649	TRY	15,102,000	Citibank N.A.		6/19/17		(21,645	)
USD	3,828,913	TRY	15,102,000	Royal Bank of Scotland PLC		6/19/17		(27,382	)
USD	3,852,944	TRY	15,102,000	Citibank N.A.		6/28/17		5,895
USD	362,400	ARS	6,468,840	BNP Paribas S.A.		7/28/17		(11,453	)
Total							$	(386,873	)

OTC Options Purchased

Description

Put/
Call

Counterparty

Expiration
Date

Strike
Price

Notional
Amount
(000)

Value

USD Currency

Call

Morgan Stanley & Co. International PLC

02/17/17

BRL

3.50

USD

890

USD Currency

Call

Citibank N.A.

02/22/17

CAD

1.36

USD

1,386

762

USD Currency

Call

Morgan Stanley & Co. International PLC

03/02/17

BRL

3.40

USD

670

1,355

USD Currency

Call

JPMorgan Chase Bank N.A.

03/03/17

TRY

3.65

USD

890

41,316

USD Currency

Call

HSBC Bank PLC

03/10/17

CNH

6.92

USD

820

4,146

USD Currency

Call

HSBC Bank PLC

03/15/17

KRW

1,185.00

USD

820

4,993

USD Currency

Call

HSBC Bank PLC

03/15/17

KRW

1,230.00

USD

616

939

USD Currency

Call

JPMorgan Chase Bank N.A.

03/23/17

TWD

32.15

USD

1,513

5,350

USD Currency

Call

Goldman Sachs International

04/04/17

MXN

21.45

USD

1,040

20,870

USD Currency

Put

Morgan Stanley & Co. International PLC

02/14/17

BRL

3.34

USD

1,050

60,569

USD Currency

Put

JPMorgan Chase Bank N.A.

02/17/17

BRL

3.37

USD

890

58,412

USD Currency

Put

Goldman Sachs International

02/21/17

BRL

3.35

USD

870

52,643

USD Currency

Put

Deutsche Bank AG

03/02/17

BRL

3.20

USD

670

14,409

USD Currency

Put

Goldman Sachs International

03/16/17

BRL

3.15

USD

740

10,793

USD Currency

Put

JPMorgan Chase Bank N.A.

03/24/17

TRY

3.80

USD

595

10,938



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	47

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

OTC Options Purchased (concluded)

Description

Put/
Call

Counterparty

Expiration
Date

Strike
Price

Notional
Amount
(000)

Value

AUD Currency

Put

JPMorgan Chase Bank N.A.

03/30/17

JPY

85.00

AUD

1,110

15,722

Total

303,248

OTC Options Written

Description

Put/
Call

Counterparty

Expiration
Date

Strike
Price

Notional
Amount
(000)

Value

USD Currency

Call

JPMorgan Chase Bank N.A.

02/17/17

BRL

3.50

USD

890

(30

)

USD Currency

Call

Morgan Stanley & Co. International PLC

02/24/17

BRL

3.15

USD

601

(11,050

)

USD Currency

Call

Deutsche Bank AG

03/02/17

BRL

3.40

USD

670

(1,299

)

USD Currency

Call

JPMorgan Chase Bank N.A.

03/03/17

TRY

3.90

USD

890

(9,855

)

USD Currency

Call

HSBC Bank PLC

03/10/17

CNH

7.03

USD

1,511

(3,353

)

USD Currency

Call

HSBC Bank PLC

03/15/17

KRW

1,230.00

USD

1,260

(1,928

)

USD Currency

Call

JPMorgan Chase Bank N.A.

03/23/17

TWD

33.50

USD

1,513

(711

)

USD Currency

Call

Goldman Sachs International

07/03/17

MXN

22.60

USD

740

(16,211

)

USD Currency

Put

Morgan Stanley & Co. International PLC

02/14/17

BRL

3.18

USD

1,570

(23,456

)

USD Currency

Put

Goldman Sachs International

02/21/17

BRL

3.15

USD

1,310

(15,319

)

USD Currency

Put

Morgan Stanley & Co. International PLC

02/24/17

BRL

3.15

USD

601

(6,520

)

USD Currency

Put

JPMorgan Chase Bank N.A.

03/24/17

TRY

3.55

USD

595

(1,317

)

Total

(91,049

)

Centrally Cleared Credit Default Swaps — Buy Protection


Issuer / Index	Pay Fixed Rate			Expiration Date	Notional Amount (000)		Unrealized Depreciation
Markit CDX North America Investment Grade Index, Series 27, Version 1		1.00	%	12/20/21	USD	8,929	$	(35,017	)

Centrally Cleared Interest Rate Swaps

Fixed
Rate

Floating
Rate

Effective
Date

Expiration
Date

Notional
Amount
(000)

Unrealized
Appreciation
(Depreciation)

7.36%¹

1-Month MXIBTIIE

1/30/17

1/28/19

MXN 111,632

(10,974

)

1.50%¹

1-Month MXIBTIIE

2/02/17

2/02/19

USD 8,000

(1,761

)

2.01%¹

1-Month MXIBTIIE

2/02/17

2/02/22

USD 15,000

(24,449

)

2.13%²

3-Month LIBOR

8/25/15

8/25/25

USD 110

(1,252

)

2.27%¹

3-Month LIBOR

9/11/15

9/11/25

USD 68

1.46%¹

3-Month LIBOR

6/28/16

6/28/26

USD 1,427

106,164

1.46%¹

3-Month LIBOR

6/28/16

6/28/26

USD 357

26,520



48	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)

Centrally Cleared Interest Rate Swaps (concluded)

Fixed Rate

Floating
Rate

Effective
Date

Expiration
Date

Notional
Amount
(000)

Unrealized
Appreciation
(Depreciation)

2.47%¹

3-Month LIBOR

12/29/16

12/29/26

USD 10,000

(113,223

)

8.18%²

1-Month MXIBTIIE

1/12/17

12/31/26

MXN 21,570

23,601

8.18%²

1-Month MXIBTIIE

1/12/17

12/31/26

MXN 18,128

19,866

3.03%²

6-Month WIBOR

1/11/17

1/11/27

PLN 3,223

3,995

3.03%²

6-Month WIBOR

1/11/17

1/11/27

PLN 2,910

3,576

3.03%²

6-Month WIBOR

1/12/17

1/12/27

PLN 1,775

2,284

2.26%¹

3-Month LIBOR

1/13/17

1/13/27

USD 550

4,678

2.27%¹

3-Month LIBOR

1/13/17

1/13/27

USD 230

1,747

2.27%¹

3-Month LIBOR

1/13/17

1/13/27

USD 700

5,221

2.28%¹

3-Month LIBOR

1/13/17

1/13/27

USD 80

531

2.25%¹

3-Month LIBOR

1/19/17

1/19/27

USD 3,400

31,846

2.68%¹

3-Month LIBOR

2/02/17

2/02/47

USD 8,750

(106,628

)

Total

(28,231

)

Trust pays the fixed rate and receives the floating rate.

Trust pays the floating rate and receives the fixed rate.

OTC Credit Default Swaps — Buy Protection


Issuer/Index	Pay Fixed Rate			Counterparty	Expiration Date	Notional Amount (000)			Value			Premiums Paid (Received)			Unrealized Depreciation
United Mexican States		1.00	%	Citibank N.A.	6/20/20		USD	604	$	3,096		$	4,005		$	(909	)
United Mexican States		1.00	%	Bank of America N.A.	9/20/20		USD	604		4,752			5,567			(815	)
Federation of Russia		1.00	%	Bank of America N.A.	12/20/21		USD	245		8,491			14,141			(5,650	)
Federation of Russia		1.00	%	Bank of America N.A.	12/20/21		USD	610		21,142			35,208			(14,066	)
Federation of Russia		1.00	%	Bank of America N.A.	12/20/21		USD	610		21,142			35,208			(14,066	)
Federation of Russia		1.00	%	Bank of America N.A.	12/20/21		USD	245		8,491			14,141			(5,650	)
Federation of Russia		1.00	%	Bank of America N.A.	12/20/21		USD	365		12,650			21,067			(8,417	)
Federation of Russia		1.00	%	Bank of America N.A.	12/20/21		USD	145		5,025			8,369			(3,344	)
Federation of Russia		1.00	%	Bank of America N.A.	12/20/21		USD	245		8,492			14,149			(5,657	)
Federation of Russia		1.00	%	Bank of America N.A.	12/20/21		USD	610		21,142			35,227			(14,085	)
Federation of Russia		1.00	%	Bank of America N.A.	12/20/21		USD	245		8,491			14,045			(5,554	)
Federation of Russia		1.00	%	Bank of America N.A.	12/20/21		USD	610		21,142			34,969			(13,827	)
Federation of Russia		1.00	%	Bank of America N.A.	12/20/21		USD	245		8,491			14,045			(5,554	)
Federation of Russia		1.00	%	Bank of America N.A.	12/20/21		USD	610		21,142			34,969			(13,827	)
Federation of Russia		1.00	%	JPMorgan Chase Bank N.A.	12/20/21		USD	1,333		46,184			74,195			(28,011	)
Republic of Argentina		5.00	%	Citibank N.A.	12/20/21		USD	741		(39,612	)		(23,917	)		(15,695	)



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	49

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

OTC Credit Default Swaps — Buy Protection (concluded)


Issuer/Index	Pay Fixed Rate			Counterparty		Expiration Date		Notional Amount (000)			Value			Premiums Paid (Received)			Unrealized Depreciation
Republic of Argentina		5.00	%		Bank of America N.A.		12/20/21		USD	141	$	(7,514	)	$	(6,336	)	$	(1,178	)
Republic of Philippines		1.00	%		Barclays Bank PLC		12/20/21		USD	916		(1,534	)		3,779			(5,313	)
Republic of Philippines		1.00	%		JPMorgan Chase Bank N.A.		12/20/21		USD	367		(615	)		1,516			(2,131	)
Republic of Philippines		1.00	%		Citibank N.A.		12/20/21		USD	196		(329	)		450			(779	)
Republic of Philippines		1.00	%		Bank of America N.A.		12/20/21		USD	1,241		(2,080	)		10,225			(12,305	)
Republic of Philippines		1.00	%		Citibank N.A.		12/20/21		USD	659		(1,104	)		4,827			(5,931	)
Republic of Philippines		1.00	%		Bank of America N.A.		12/20/21		USD	910		(1,524	)		8,711			(10,235	)
Republic of South Africa		1.00	%		HSBC Bank PLC		12/20/21		USD	175		8,402			12,710			(4,308	)
Republic of South Africa		1.00	%		Barclays Bank PLC		12/20/21		USD	3,555		170,674			254,275			(83,601	)
Republic of South Africa		1.00	%		JPMorgan Chase Bank N.A.		12/20/21		USD	1,500		72,015			107,911			(35,896	)
Republic of South Africa		1.00	%		Bank of America N.A.		12/20/21		USD	590		28,326			42,445			(14,119	)
Republic of South Africa		1.00	%		Goldman Sachs International		12/20/21		USD	364		17,452			26,000			(8,548	)
Republic of South Africa		1.00	%		Citibank N.A.		12/20/21		USD	1,445		69,374			103,954			(34,580	)
Total																	$	(374,051	)

OTC Credit Default Swaps — Sell Protection


Issuer/Index	Receive Fixed Rate			Counterparty	Expiration Date	Credit Rating¹		Notional Amount (000)²			Value			Premiums Received			Unrealized Appreciation (Depreciation)
Dow Jones CDX North America Investment Grade, Series 9		5.00	%	Bank of America N.A.	12/20/17		BBB		USD	10,000	$	475,016		$	(156,073	)	$	631,089
United Mexican States		1.00	%	Bank of America N.A.	6/20/20		BBB+		USD	604		(3,096	)		(4,198	)		1,102
United Mexican States		1.00	%	Citibank N.A.	9/20/20		BBB+		USD	604		(4,751	)		(5,279	)		528
UniCredit SFA		1.00	%	Barclays Bank PLC	12/20/21		BBB-		EUR	20		(728	)		(1,142	)		414
UniCredit SFA		1.00	%	BNP Paribas S.A.	12/20/21		BBB-		EUR	10		(377	)		(465	)		88
Markit CMBX North America, Series 7		3.00	%	Barclays Bank PLC	1/17/47		BBB-		USD	10,000		(521,173	)		(540,567	)		19,394
Markit CMBX North America, Series 7		3.00	%	Barclays Bank PLC	1/17/47		BBB-		USD	5,000		(260,586	)		(269,904	)		9,318



50	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)

OTC Credit Default Swaps — Sell Protection (concluded)


Issuer/Index	Receive Fixed Rate			Counterparty		Expiration Date		Credit Rating¹		Notional Amount (000)²			Value			Premiums Received			Unrealized Appreciation (Depreciation)
Markit CMBX North America, Series 7		3.00	%		Barclays Bank PLC		1/17/47		BBB-		USD	10,000	$	(521,173	)	$	(261,771	)	$	(259,402	)
Markit CMBX North America, Series 8		2.00	%		Morgan Stanley Capital Services LLC		10/17/57		A		USD	5,000		(189,825	)		(578,118	)		388,293
Markit CMBX North America, Series 8		3.00	%		Deutsche Bank AG		10/17/57		BBB-		USD	10,000		(1,227,793	)		(1,418,962	)		191,169
Markit CMBX North America, Series 8		3.00	%		Goldman Sachs International		10/17/57		BBB-		USD	10,000		(1,227,793	)		(1,104,653	)		(123,140	)
Markit CMBX North America, Series 9		2.00	%		Credit Suisse International		9/17/58		A		USD	2,500		(94,318	)		(356,977	)		262,659
Markit CMBX North America, Series 9		2.00	%		Morgan Stanley Capital Services LLC		9/17/58		A		USD	2,500		(94,318	)		(353,530	)		259,212
Markit CMBX North America, Series 9		2.00	%		Morgan Stanley Capital Services LLC		9/17/58		A		USD	5,000		(188,637	)		(700,477	)		511,840
Markit CMBX North America, Series 9		3.00	%		Morgan Stanley Capital Services LLC		9/17/58		BBB-		USD	2,500		(264,104	)		(571,370	)		307,266
Total													$	(4,123,656	)	$	(6,323,486	)	$	2,199,830

¹Using Standard & Poor’s rating of the issuer.
² The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.

OTC Interest Rate Swaps


Fixed Rate	Floating Rate	Counterparty	Effective Date	Expiration Date	Notional Amount (000)		Value			Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
12.85%¹	1-day BZDIOVER	JPMorgan Chase Bank N.A.	9/29/16	7/03/17	BRL	582	$	(270	)		—	$	(270	)
12.85%¹	1-day BZDIOVER	JPMorgan Chase Bank N.A.	10/20/16	7/03/17	BRL	14,565		(9,703	)		—		(9,703	)
12.93%¹	1-day BZDIOVER	Citibank N.A.	9/23/16	7/03/17	BRL	12,391		(7,238	)		—		(7,238	)
13.11%¹	1-day BZDIOVER	Citibank N.A.	9/08/16	7/03/17	BRL	7,438		(6,415	)		—		(6,415	)



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	51


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)

OTC Interest Rate Swaps (concluded)


Fixed Rate	Floating Rate		Counterparty		Effective Date		Expiration Date		Notional Amount (000)			Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
13.13%²		1-day BZDIOVER		Bank of America N.A.		9/08/16		7/03/17		BRL	6,198	$	(5,641	)		—		$	(5,641	)
1.69%¹		3-Month KRWCD		Deutsche Bank AG		11/10/15		11/10/17		KRW	911,735		(1,783	)		—			(1,783	)
1.92%¹		3-Month KRWCD		Deutsche Bank AG		11/10/15		11/10/17		KRW	911,735		3,576			—			3,576
12.10%²		1-day BZDIOVER		Bank of America N.A.		10/20/16		1/02/18		BRL	14,127		(28,706	)		—			(28,706	)
7.04%¹		28-day MXIBTIIE		Goldman Sachs International		11/23/16		11/21/18		MXN	76,124		(10,732	)		—			(10,732	)
7.06%¹		28-day MXIBTIIE		JPMorgan Chase Bank N.A.		11/23/16		11/21/18		MXN	42,610		(5,292	)		—			(5,292	)
7.07%¹		28-day MXIBTIIE		Citibank N.A.		11/23/16		11/21/18		MXN	35,508		(4,112	)		—			(4,112	)
6.98%¹		28-day MXIBTIIE		Citibank N.A.		11/30/16		11/28/18		MXN	60,600		(12,317	)		—			(12,317	)
6.98%¹		28-day MXIBTIIE		JPMorgan Chase Bank N.A.		11/30/16		11/28/18		MXN	34,377		(6,987	)		—			(6,987	)
10.98%¹		1-day BZDIOVER		JPMorgan Chase Bank N.A.		10/20/16		1/02/20		BRL	1,483		4,204			—			4,204
11.00%¹		1-day BZDIOVER		Bank of America N.A.		10/21/16		1/02/20		BRL	2,965		9,067			—			9,067
11.02%¹		1-day BZDIOVER		Citibank N.A.		10/20/16		1/02/20		BRL	1,580		5,081			—			5,081
11.03%¹		1-day BZDIOVER		Citibank N.A.		10/21/16		1/02/20		BRL	2,814		9,408			—			9,408
11.04%¹		1-day BZDIOVER		JPMorgan Chase Bank N.A.		10/20/16		1/02/20		BRL	2,861		9,748			—			9,748
11.10%¹		1-day BZDIOVER		Goldman Sachs International		10/07/16		1/02/20		BRL	1,435		5,284			—			5,284
11.38%¹		1-day BZDIOVER		JPMorgan Chase Bank N.A.		9/29/16		1/02/20		BRL	335		2,078			—			2,078
6.32%¹		1-Month MXIBTIIE		Morgan Stanley Capital Services LLC		7/30/15		7/17/25		MXN	5,813		(25,515	)	$	(22	)		(25,493	)
6.33%¹		1-Month MXIBTIIE		Citibank N.A.		7/30/15		7/17/25		MXN	2,897		(12,652	)		(15	)		(12,637	)
6.32%¹		1-Month MXIBTIIE		Goldman Sachs International		8/19/15		8/06/25		MXN	8,688		(38,335	)		(39	)		(38,296	)
6.31%¹		1-Month MXIBTIIE		Deutsche Bank AG		8/24/15		8/11/25		MXN	6,393		28,538			—			28,538
6.31%²		1-Month MXIBTIIE		Bank of America N.A.		8/24/15		8/11/25		MXN	1,723		7,674			—			7,674
6.31%²		1-Month MXIBTIIE		Bank of America N.A.		8/24/15		8/11/25		MXN	1,723		7,674			—			7,674
6.26%²		1-Month MXIBTIIE		Bank of America N.A.		6/27/16		6/15/26		MXN	38,640		(195,791	)		—			(195,791	)
Total												$	(279,157	)	$	(76	)	$	(279,081	)

¹Trust pays the floating rate and receives the fixed rate.
² Trust pays the fixed rate and receives the floating rate.



52	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)


Portfolio Abbreviation


ABS		Asset-Backed Security
ARS		Argentine Peso
AUD		Australian Dollar
BRL		Brazilian Real
BZDIOVER		1-Day Brazil Interbank Deposit
CAD		Canadian Dollar
CLO		Collateralized Loan Obligation
CLP		Chilean Peso
CR		Custodian Receipt
EUR		Euro
FHLMC		Federal Home Loan Mortgage Corp.
GBP		British Pound
INR		Indian Rupee
ISDA		International Swaps and Derivatives Association, Inc.
JPY		Japanese Yen
KRW		South Korean Won
KRWCD		3-Month Certificate of Deposit Rate
LOC		Letter of Credit
MXIBTIIE		Mexico Interbank TIIE 28 Day
MXN		Mexican Peso
OTC		Over-the-Counter
PIK		Payment-In-Kind
PLN		Polish Zloty
REMIC		Real Estate Mortgage Investment Conduit
RUB		Russian Ruble
TRY		Turkish Lira
TWD		Taiwan Dollar
USD		U.S. Dollar
ZAR		South African Rand



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	53

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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 Fund 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)

•

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative 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 BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 Investments include equity or debt issued by Private Companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		—	$	205,378,842	$	16,052,034	$	221,430,876
Common Stocks	$	2,813,035		—		561		2,813,596
Corporate Bonds		—		479,051,304		—		479,051,304
Floating Rate Loan Interests		—		26,407,953		23,696,332		50,104,285
Foreign Agency Obligations		—		56,447,637		—		56,447,637
Non-Agency Mortgage-Backed Securities		—		173,934,270		23,451,585		197,385,855
Preferred Securities		17,820,857		106,293,784		1,688,513		125,803,154
Short-Term Securities:
Money Market Funds		3,838,673		—		—		3,838,673
Options Purchased:
Foreign currency exchange contracts		—		303,248		—		303,248
Unfunded Floating Rate Loan Interests¹		—		150,483		—		150,483

Total	$	24,472,565	$	1,047,967,521	$	64,889,025	$	1,137,329,111



54	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017

Consolidated Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments²
Assets:
Credit contracts		—		$	2,582,372			—	$	2,582,372
Foreign currency exchange contracts		—			2,309,497			—		2,309,497
Interest rate contracts	$	234,540			322,388			—		556,928
Liabilities:
Credit contracts		—			(791,610	)		—		(791,610	)
Foreign currency exchange contracts		—			(2,787,419	)		—		(2,787,419	)
Interest rate contracts		(36,917	)		(629,700	)		—		(666,617	)

Total	$	197,623		$	1,005,528			—	$	1,203,151

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

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:


	Level 1		Level 2			Level 3		Total
Liabilities:
Reverse repurchase agreements		—	$	(433,313,573	)		—	$	(433,313,573	)

During the period ended January 31, 2017, there were no transfers between Level 1 and Level 2.



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017	55

Consolidated Schedule of Investments (concluded)

BlackRock Multi-Sector Income Trust (BIT)

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


	Asset-Backed Securities			Common Stocks		Corporate Bonds		Floating Rate Loan Interests			Non-Agency Mortgage- Backed Securities			Preferred Securities			Total
Assets:
Opening balance, as of October 31, 2016	$	17,206,974		$	561		—	$	27,486,435		$	24,015,689		$	1,631,265		$	70,340,924
Transfers into Level 3¹		2,442,500			—		—		—			—			—			2,442,500
Transfers out of Level 3²		(7,815,408	)		—		—		(367,669	)		—			—			(8,183,077	)
Accrued discounts/premiums		4,945			—		—		1,127			60,183			—			66,255
Net realized gain (loss)		51,507			—		—		24			130,008			—			181,539
Net change in unrealized appreciation (depreciation)^3,4		(221,364	)		—		—		904			(260,135	)		57,248			(423,347	)
Purchases		6,594,085			—		—		580,440			—			—			7,174,525
Sales		(2,211,205	)		—		—		(4,004,929	)		(494,160	)		—			(6,710,294	)

Total	$	16,052,034		$	561		—	$	23,696,332		$	23,451,585		$	1,688,513		$	64,889,025

Net change in unrealized appreciation (depreciation) on investments still held at January 31, 2017³	$	(208,665	)		—		—	$	(99,096	)	$	(260,135	)	$	57,248	—	$	(510,648	)

As of October 31, 2016, the Trust used observable inputs in determining the value of certain investments. As of January 31, 2017, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

As of October 31, 2016, the Trust used significant unobservable inputs in determining the value of certain investments. As of January 31, 2017, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held January 31, 2017 is generally due to investments no longer held or categorized as Level 3 at period end.

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



56	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2017


Item 2 –		Controls and Procedures


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

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



Item 3 –		Exhibits

		Certifications – Attached hereto

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


BlackRock Multi-Sector Income Trust

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

Date: March 23, 2017

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



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

Date: March 23, 2017



By:		/s/ Neal J. Andrews
		Neal J. Andrews Chief Financial Officer (principal financial officer) of BlackRock Multi-Sector Income Trust

Date: March 23, 2017