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: 10/31/2018

Date of reporting period: 07/31/2018

Item 1 – Schedule of Investments

Schedule of Investments (unaudited)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Shares		Value
Common Stocks — 0.5%

Aerospace & Defense — 0.5%
United Technologies Corp.			25,650	$	3,481,731


		Par (000)
Asset-Backed Securities — 27.4%
ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class A2D, (1 mo. LIBOR US + 0.30%), 2.36%, 02/25/36^(a)	USD		4,962		4,930,405
Ajax Mortgage Loan Trust, Series 2017-D^(b)(c):
Class A, 3.75%, 12/25/57			3,564		3,546,466
Class B, 0.00%, 12/25/57^(d)			954		589,392
ALM Loan Funding, 5.05%, 07/15/26^(c)(d)			1,010		999,988
ALM VI Ltd., Series 2012-6A, Class BR3, 4.10%, 07/15/26^(c)(d)			1,200		1,195,744
ALM XII Ltd., Series 2015-12A, Class C1R2, 4.99%, 04/16/27^(c)(d)			545		543,712
American Homes 4 Rent Trust, Series 2014-SFR2, Class E, 6.23%, 10/17/36^(c)			2,000		2,187,769
AMMC CLO 19 Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.00%), 9.34%, 10/15/28^(a)(c)			1,000		1,014,137
Anchorage Capital CLO Ltd.^(c):
Series 2014-3RA, Class C, 4.19%, 01/28/31^(d)			1,000		992,642
Series 2014-5RA, Class E, 7.74%, 01/15/30^(d)			1,140		1,143,899
Series 2015-6A, Class DR, (3 mo. LIBOR US + 3.55%), 5.89%, 07/15/30^(a)			1,000		1,005,356
Series 2016-8A, Class DR, 5.34%, 07/28/28^(d)(b)			1,000		1,000,000
Ares CLO Ltd.^(a)(c):
Series 2015-1A, Class D, (3 mo. LIBOR US + 6.23%), 8.55%, 12/05/25			1,000		1,014,564
Series 2016-41A, Class D, (3 mo. LIBOR US + 4.20%), 6.54%, 01/15/29			900		914,666
Ares XL CLO Ltd., Series 2016-40A, Class D, (3 mo. LIBOR US + 6.60%), 8.94%, 10/15/27^(a)(c)			500		505,088
Atrium X, Series 10A^(a)(c):
Class DR, (3 mo. LIBOR US + 3.00%), 5.34%, 07/16/25			1,000		999,833
Class E, (3 mo. LIBOR US + 4.50%), 6.84%, 07/16/25			2,000		2,001,180


Security		Par (000)		Value
Asset-Backed Securities (continued)
Battalion CLO XI Ltd., Series 2017-11A, Class E, 8.32%, 10/24/29^(c)(d)	USD		1,175	$	1,181,601
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1 mo. LIBOR US + 0.14%), 2.20%, 11/25/36^(a)			3,187		3,091,807
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class CR, (3 mo. LIBOR US + 3.70%), 6.04%, 07/15/29^(a)(c)			1,750		1,761,510
Benefit Street Partners CLO VI Ltd., Series 2015-VIA^(c)(d):
Class BR, 4.73%, 10/18/29			1,000		1,003,064
Class CR, 5.78%, 10/18/29			1,000		1,003,494
Benefit Street Partners CLO XII Ltd., Series 2017-12A, Class D, 8.75%, 10/15/30^(c)(d)			500		506,112
C-BASS Trust, Series 2006-CB7, Class A4, (1 mo. LIBOR US + 0.16%), 2.22%, 10/25/36^(a)			7,343		5,633,834
Carrington Mortgage Loan Trust, Series 2006-FRE2^(a):
Class A2, (1 mo. LIBOR US + 0.12%), 2.18%, 10/25/36			4,941		3,739,143
Class A5, (1 mo. LIBOR US + 0.08%), 2.14%, 10/25/36			10,179		7,668,287
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44^(c)			3,544		3,522,823
Elevation CLO Ltd.^(a)(c):
Series 2013-1A, Class CR, (3 mo. LIBOR + 4.68%), 7.02%, 11/15/28			800		805,232
Series 2016-5A, Class E, (3 mo. LIBOR US + 6.95%), 9.29%, 07/15/28			1,000		1,002,501
Fremont Home Loan Trust^(a):
Series 2006-A, Class 2A3, (1 mo. LIBOR US + 0.16%), 2.22%, 05/25/36			23,884		15,704,237
Series 2006-D, Class 2A3, (1 mo. LIBOR US + 0.15%), 2.21%, 11/25/36			21,500		10,377,516
Galaxy CLO Ltd., Series 2015-21A, 7.60%, 04/20/31^(c)(d)			500		482,526
Galaxy XXIX CLO Ltd., Series 2018-29A, Class D, 4.73%, 11/15/26^(c)(d)			530		530,166
GSAMP Trust^(a):
Series 2006-FM2, Class A2C, (1 mo. LIBOR US + 0.15%), 2.21%, 09/25/36			10,804		5,347,307
Series 2007-FM2, Class A2B, (1 mo. LIBOR US + 0.09%), 2.15%, 01/25/37			7,158		4,845,033


			1

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Asset-Backed Securities (continued)
Highbridge Loan Management Ltd.^(c)(d):
Series 4A-2014, Class BR, 4.19%, 01/28/30	USD		1,750	$	1,729,802
Series 8A-2016, Class ER, 7.84%, 07/20/30^(b)			1,000		998,000
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1 mo. LIBOR US + 0.17%), 2.23%, 04/25/37^(a)			11,451		8,750,451
HPS Loan Management Ltd., Series 10A-16^(a)(c):
Class C, (3 mo. LIBOR US + 3.65%), 6.00%, 01/20/28			2,500		2,510,249
Class D, (3 mo. LIBOR US + 6.50%), 8.85%, 01/20/28			1,000		1,010,892
Invitation Homes Trust, Series 2018-SFR2, Class E, 4.07%, 06/17/37^(c)(d)			3,000		3,008,858
Jay Park CLO Ltd., Series 2016-1A, Class D, (3 mo. LIBOR US + 7.00%), 9.35%, 10/20/27^(a)(c)			1,000		1,012,033
Lendmark Funding Trust, Series 2017-2A, Class A, 2.80%, 05/20/26^(c)			2,700		2,670,965
Long Beach Mortgage Loan Trust^(a):
Series 2006-1, Class 1A, (1 mo. LIBOR US + 0.22%), 2.28%, 02/25/36			4,324		4,190,706
Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.16%), 2.22%, 11/25/36			12,298		5,554,371
Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.16%), 2.22%, 08/25/36			6,771		3,588,005
Madison Park Funding X Ltd., Series 2012-10A, Class ER, (3 mo. LIBOR US + 7.62%), 9.97%, 01/20/29^(a)(c)			1,500		1,526,759
Madison Park Funding XI Ltd., Series 2013-11A, Class ER, 8.80%, 07/23/29^(c)(d)			750		752,719
Madison Park Funding XVI Ltd., Series 2015-16A, Class C, (3 mo. LIBOR US + 3.70%), 6.05%, 04/20/26^(a)(c)			1,000		1,002,372
Mastr Asset-Backed Securities Trust^(a):
Series 2006-HE2, Class A3, (1 mo. LIBOR US + 0.15%), 2.21%, 06/25/36			10,365		5,922,268
Series 2006-WMC2, Class A5, (1 mo. LIBOR US + 0.25%), 2.31%, 04/25/36			7,712		3,115,728


Security		Par (000)		Value
Asset-Backed Securities (continued)
Morgan Stanley IXIS Real Estate Capital Trust, Series 2006-2, Class A3, (1 mo. LIBOR US + 0.15%), 2.21%, 11/25/36^(a)	USD		13,239	$	6,677,417
Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class DR, (3 mo. LIBOR US + 7.75%), 10.11%, 11/14/27^(a)(c)			1,000		1,017,278
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ER, 7.34%, 01/15/28^(c)(d)			1,250		1,250,955
Oaktree CLO Ltd., Series 2015-1A, Class DR, 7.55%, 10/20/27^(c)(d)			1,000		997,163
Octagon Investment Partners LLC, Series 2017-1A, Class E, (3 mo. LIBOR US + 6.30%), 8.65%, 07/20/30^(a)(c)			500		509,580
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class C, (3 mo. LIBOR US + 3.65%), 6.01%, 11/14/26^(a)(c)			1,000		1,002,378
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, 5.10%, 01/22/30^(c)(d)			500		493,873
OHA Credit Partners XIII Ltd., Series 2016-13A, Class E, (3 mo. LIBOR US + 7.15%), 9.50%, 01/21/30^(a)(c)			405		411,290
OneMain Financial Issuance Trust, Series 2015-2A, Class C, 4.32%, 07/18/25^(c)			5,000		5,023,328
OZLM Funding II Ltd., Series 2012-2A^(a)(c):
Class CR, (3 mo. LIBOR US + 4.00%), 6.34%, 10/30/27			1,250		1,250,117
Class DR, (3 mo. LIBOR US + 7.30%), 9.64%, 10/30/27			1,250		1,253,163
OZLM XIV Ltd., Series 2015-14A, Class CR, 5.34%, 01/15/29^(b)(c)(d)			1,000		1,000,100
OZLM XIX Ltd., Series 2017-19A, Class D, 8.95%, 11/22/30^(c)(d)			500		511,591
OZLM XV Ltd., Series 2016-15A, Class D, (3 mo. LIBOR US + 7.15%), 9.50%, 01/20/29^(a)(c)			1,000		1,015,508
OZLM XXI, Series 2017-21A, Class D, 7.89%, 01/20/31^(c)(d)			500		494,937
Park Avenue Institutional Advisers CLO Ltd., Series 2017-1A, Class D, 7.84%, 11/14/29^(c)(d)			1,750		1,766,553
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37			4,300		2,578,035


2

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)			Value
Asset-Backed Securities (continued)
Rockford Tower CLO Ltd., Series 2017-2A, Class D, (3 mo. LIBOR US + 3.45%), 5.79%, 10/15/29^(a)(c)	USD		500		$	502,257
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1 mo. LIBOR US + 0.40%), 2.46%, 09/25/47^(a)			5,000			4,699,777
Scholar Funding Trust, Series 2013-A, Class R, 0.00%^(b)			—	(e)		1,717,065
Sound Point CLO X Ltd., Series 2015-3A, Class ER, 7.60%, 01/20/28^(b)(c)(d)			1,000			995,000
Sound Point CLO XII Ltd., Series 2016-2A, Class D, (3 mo. LIBOR US + 4.25%), 6.60%, 10/20/28^(a)(c)			285			286,520
Sound Point CLO XIV Ltd., Series 2016-3A, Class E, (3 mo. LIBOR US + 6.65%), 9.00%, 01/23/29^(a)(c)			1,000			1,012,846
Symphony CLO XV Ltd., Series 2014-15A, Class DR, (3 mo. LIBOR US + 3.35%), 5.69%, 10/17/26^(a)(c)			3,500			3,501,430
Thayer Park CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 6.10%), 8.45%, 04/20/29^(a)(c)			500			507,002
TICP CLO VII Ltd., Series 2017-7A, Class E, (3 mo. LIBOR US + 6.51%), 8.85%, 07/15/29^(a)(c)			500			510,593
Treman Park CLO Ltd., Series 2015-1A, Class D, (3 mo. LIBOR US + 3.86%), 6.21%, 04/20/27^(a)(c)			1,500			1,504,369
Venture XXVI CLO Ltd., Series 2017-26A, Class E, (3 mo. LIBOR US + 6.80%), 9.15%, 01/20/29^(a)(c)			500			509,591
Vibrant CLO III Ltd., Series 2015-3A^(a)(c):
Class A2R, (3 mo. LIBOR US + 2.05%), 4.40%, 04/20/26			1,000			999,702
Class BR, (3 mo. LIBOR US + 2.95%), 5.30%, 04/20/26			1,500			1,497,720
Voya CLO Ltd., Series 2016-3A, Class D, (3 mo. LIBOR US + 6.85%), 9.18%, 10/18/27^(a)(c)			385			389,279
WaMu Asset-Backed Certificates Trust, Series 2007-HE3, Class 2A3, (1 mo. LIBOR US + 0.24%), 2.30%, 05/25/47^(a)			9,440			7,913,556
Wellfleet CLO Ltd., Series 2017-3A, Class B, 4.29%, 01/17/31^(c)(d)			500			494,033
Westvue Mortgage Loan Trust, Series 2015-1A, Class A, 7.50%, 09/25/20^(c)			54			53,880
York CLO Ltd., Series 2015-1A, Class ER, 8.00%, 01/22/31^(c)(d)			750			723,125


Security		Par (000)		Value
Asset-Backed Securities (continued)
York CLO-3 Ltd., Series 2016-1A, Class ER, (3 mo. LIBOR US + 6.40%), 8.75%, 10/20/29^(a)(c)	USD		1,000	$	1,012,322

Total Asset-Backed Securities — 27.4% (Cost — $186,654,309)					196,218,545


Corporate Bonds — 67.7%
Aerospace — 0.2%
Axtel SAB de C.V., 6.38%, 11/14/24^(c)(f)			525		515,156

					515,156
Aerospace & Defense — 1.7%
Arconic, Inc.:
5.87%, 02/23/22^(f)			1,065		1,099,612
5.13%, 10/01/24^(f)			554		552,615
5.90%, 02/01/27			225		225,000
BBA US Holdings, Inc., 5.38%, 05/01/26^(c)			322		324,412
Bombardier, Inc.^(c):
7.75%, 03/15/20			204		215,220
8.75%, 12/01/21^(f)			914		1,008,827
6.00%, 10/15/22^(f)			25		25,188
6.13%, 01/15/23^(f)			1,391		1,413,604
7.50%, 12/01/24			1,059		1,126,511
7.50%, 03/15/25^(f)			648		680,400
7.45%, 05/01/34			209		213,703
EnPro Industries, Inc., 5.88%, 09/15/22			132		134,310
Harris Corp., 3.83%, 04/27/25^(f)			750		735,839
KLX, Inc., 5.88%, 12/01/22^(c)(f)			935		968,894
Koppers, Inc., 6.00%, 02/15/25^(c)(f)			267		267,534
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25^(c)(f)			236		243,670
Lockheed Martin Corp., 4.09%, 09/15/52^(f)			451		432,851
Pioneer Holdings LLC/Pioneer Finance Corp., 9.00%, 11/01/22^(c)(f)			192		198,240
TransDigm UK Holdings PLC, 6.88%, 05/15/26^(c)			431		442,852
TransDigm, Inc.:
6.00%, 07/15/22^(f)			643		654,381
6.50%, 07/15/24			143		146,396
6.50%, 05/15/25			114		115,283
6.38%, 06/15/26^(f)			189		189,945


			3

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Aerospace & Defense (continued)
United Technologies Corp., 3.75%, 11/01/46^(f)	USD		700	$	628,454

					12,043,741
Air Freight & Logistics — 0.2%
FedEx Corp.^(f):
3.90%, 02/01/35			500		470,866
4.75%, 11/15/45			500		510,216
XPO Logistics, Inc., 6.50%, 06/15/22^(c)(f)			670		688,425

					1,669,507
Airlines — 2.7%
Air Canada Pass-Through Trust, Series 2013-1, Class B, 5.38%, 11/15/22^(c)(f)			2,224		2,269,063
American Airlines Pass-Through Trust:
Series 2013-2, Class A, 4.95%, 07/15/24^(f)			1,666		1,712,745
Series 2017-1, Class B, 4.95%, 08/15/26			1,620		1,642,737
Avianca Holdings SA/Avianca Leasing LLC/Grupo Taca Holdings Ltd., 8.38%, 05/10/20			865		876,902
Continental Airlines Pass-Through Trust, Class B^(f):
Series 2007-1, 6.90%, 10/19/23			209		215,675
Series 2012-1, 6.25%, 10/11/21			284		291,070
Delta Air Lines Pass-Through Trust, Class B^(f):
Series 2007-1, 8.02%, 02/10/24			1,439		1,582,586
Series 2012-1, 6.88%, 05/07/19^(c)			2,098		2,140,182
Latam Finance Ltd., 6.88%, 04/11/24^(c)			737		731,473
United Airlines Pass-Through Trust^(f):
Series 2014-2, Class B, 4.63%, 03/03/24			2,103		2,111,209
Series 2015-1, Class A, 3.70%, 06/01/24			3,570		3,517,521
US Airways Pass-Through Trust, Series 2011-1, Class B, 9.75%, 04/22/20^(f)			1,887		1,906,121

					18,997,284
Auto Components — 0.6%
Adient Global Holdings Ltd., 3.50%, 08/15/24	EUR		111		123,477
Allison Transmission, Inc., 5.00%, 10/01/24^(c)	USD		38		37,335
Aptiv PLC^(f):
4.25%, 01/15/26			400		396,070
4.40%, 10/01/46			280		253,414
Federal-Mogul LLC / Federal-Mogul Financing Corp., 5.00%, 07/15/24	EUR		177		216,264
Fiat Chrysler Finance Europe, 4.75%, 07/15/22	EUR		131		171,317
GKN Holdings PLC, 3.38%, 05/12/32	GBP		100		133,546
Goodyear Dunlop Tires Europe BV, 3.75%, 12/15/23	EUR		100		120,151


Security		Par (000)		Value
Auto Components (continued)
Goodyear Tire & Rubber Co., 5.00%, 05/31/26	USD		77	$	71,802
HP Pelzer Holding GmbH, 4.13%, 04/01/24	EUR		100		117,544
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
6.00%, 08/01/20	USD		115		116,918
6.25%, 02/01/22^(f)			341		347,605
6.75%, 02/01/24^(f)			392		398,860
6.38%, 12/15/25^(f)			284		285,420
IHO Verwaltungs GmbH^(g):
(2.75% Cash or 3.50% PIK), 2.75%, 09/15/21	EUR		100		118,584
(3.25% Cash or 4.00% PIK), 3.25%, 09/15/23			100		119,157
(3.75% Cash or 4.50% PIK), 3.75%, 09/15/26			100		119,266
(4.13% Cash or 4.88% PIK), 4.13%, 09/15/21^(c)(f)	USD		214		211,325
(4.50% Cash or 5.25% PIK), 4.50%, 09/15/23^(c)(f)			229		219,840
Tesla, Inc., 5.30%, 08/15/25^(c)(f)			588		520,380
Volvo Car AB, 2.00%, 01/24/25	EUR		100		115,721

					4,213,996
Automobiles — 0.3%
General Motors Co., 6.25%, 10/02/43^(f)	USD		2,194		2,290,241

Banks — 1.3%
Allied Irish Banks PLC(5 year EUR Swap + 3.95%), 4.13%, 11/26/25⁽ⁱ⁾	EUR		100		123,667
Banco BPM SpA, 1.75%, 04/24/23			100		110,209
Banco Popolare, 2.75%, 07/27/20			100		118,532
Bank of Ireland(5 year EUR Swap + 3.55%), 4.25%, 06/11/24⁽ⁱ⁾			100		120,051
Bankia SA⁽ⁱ⁾:
(5 year EUR Swap + 3.17%), 4.00%, 05/22/24			200		239,021
(5 year EUR Swap + 3.35%), 3.38%, 03/15/27			100		120,789
Barclays PLC:
4.38%, 09/11/24^(f)	USD		720		699,624
5.20%, 05/12/26			200		197,585
CaixaBank SA(5 year EUR Swap + 3.35%), 3.50%, 02/15/27⁽ⁱ⁾	EUR		100		123,389
CIT Group, Inc.:
5.00%, 08/01/23^(f)	USD		847		860,764
5.25%, 03/07/25			209		213,702
6.13%, 03/09/28			116		121,800
HSBC Holdings PLC, 4.38%, 11/23/26^(f)			370		366,877
Inversiones Atlantida SA, 8.25%, 07/28/22^(c)(f)			441		449,379
Sberbank of Russia Via SB Capital SA, 5.25%, 05/23/23^(c)			5,000		5,021,800


4

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Banks (continued)
Standard Chartered PLC, 4.87%, 03/15/33^(c)(d)(f)	USD		500	$	487,053

					9,374,242
Beverage: Soft Drinks — 0.1%
Energizer Gamma Acquisition BV, 4.63%, 07/15/26	EUR		100		119,397
Energizer Gamma Acquisition, Inc., 6.38%, 07/15/26^(c)	USD		210		215,775

					335,172
Beverages — 0.5%
Anheuser-Busch InBev Finance, Inc., 4.90%, 02/01/46^(f)			2,160		2,254,150
BWAY Holding Co., 4.75%, 04/15/24	EUR		100		117,245
Central American Bottling Corp., 5.75%, 01/31/27^(c)(f)	USD		637		637,000
Horizon Parent Holdings Sarl, (8.25% Cash or 9.00% PIK), 8.25%, 02/15/22^(g)	EUR		100		121,823
OI European Group BV, 4.00%, 03/15/23^(c)	USD		319		301,455

					3,431,673
Biotechnology — 0.3%
Amgen, Inc., 4.40%, 05/01/45^(f)			1,100		1,082,046
Gilead Sciences, Inc., 4.75%, 03/01/46^(f)			700		738,232
Illumina, Inc., 0.50%, 06/15/21^(j)			359		509,140
Senvion Holding GmbH, 3.88%, 10/25/22	EUR		100		103,487

					2,432,905
Building Materials — 0.1%
American Woodmark Corp., 4.88%, 03/15/26^(c)	USD		115		109,538
Jeld-Wen, Inc., 4.63%, 12/15/25^(c)			110		104,500
Titan Global Finance PLC, 3.50%, 06/17/21	EUR		100		121,914

					335,952
Building Products — 0.3%
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23^(c)	USD		136		139,740
Beacon Escrow Corp., 4.88%, 11/01/25^(c)(f)			254		236,614
Building Materials Corp. of America, 6.00%, 10/15/25^(c)(f)			247		250,087
Jeld-Wen, Inc., 4.88%, 12/15/27^(c)			78		72,638
Mason Finance Sub, Inc., 6.88%, 08/15/23^(c)			220		220,000
Masonite International Corp., 5.63%, 03/15/23^(c)(f)			469		478,380


Security		Par (000)		Value
Building Products (continued)
Standard Industries, Inc.^(c):
5.50%, 02/15/23	USD		72	$	73,534
5.38%, 11/15/24			136		134,681
USG Corp.^(c)(f):
5.50%, 03/01/25			299		305,727
4.88%, 06/01/27			366		372,405

					2,283,806
Cable Television Services — 0.0%
CB Escrow Corp., 8.00%, 10/15/25^(c)(f)			173		157,863

Capital Markets — 0.5%
Blackstone CQP Holdco LP^(c):
6.50%, 03/20/21^(f)			2,427		2,433,067
6.00%, 08/18/21			395		393,025
Lions Gate Capital Holdings LLC, 5.88%, 11/01/24^(c)			101		103,273
NFP Corp., 6.88%, 07/15/25^(c)			102		99,195
Raymond James Financial, Inc., 4.95%, 07/15/46^(f)			400		407,069

					3,435,629
Chemicals — 1.9%
Alpha 2 BV, (8.75% Cash or 9.50% PIK), 8.75%, 06/01/23^(c)(g)			306		306,765
Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25^(c)(f)			1,100		1,075,250
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25	EUR		100		120,820
Axalta Coating Systems LLC, 4.88%, 08/15/24^(c)(f)	USD		265		262,350
Blue Cube Spinco, Inc.^(f):
9.75%, 10/15/23			502		568,515
10.00%, 10/15/25			344		398,610
CF Industries, Inc.:
7.13%, 05/01/20			71		75,150
5.15%, 03/15/34			110		101,750
4.95%, 06/01/43			217		183,365
Chemours Co.:
6.63%, 05/15/23			172		180,170
7.00%, 05/15/25			66		70,620
4.00%, 05/15/26	EUR		183		215,878
5.38%, 05/15/27^(f)	USD		309		300,502
Cydsa SAB de C.V., 6.25%, 10/04/27^(c)(f)			914		879,725


			5

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Chemicals (continued)
Hexion, Inc., 10.38%, 02/01/22^(c)(f)	USD		220	$	216,425
Huntsman International LLC:
4.88%, 11/15/20^(f)			365		370,475
5.13%, 11/15/22			165		169,950
INEOS Finance PLC, 4.00%, 05/01/23	EUR		115		137,270
Mexichem SAB de CV, 5.50%, 01/15/48^(c)(f)	USD		526		493,072
Momentive Performance Materials, Inc., 3.88%, 10/24/21^(f)			1,305		1,375,144
NOVA Chemicals Corp., 4.88%, 06/01/24^(c)(f)			319		308,138
Olin Corp., 5.00%, 02/01/30			135		127,575
Platform Specialty Products Corp.^(c)(f):
6.50%, 02/01/22			2,322		2,380,050
5.88%, 12/01/25			1,400		1,406,580
PQ Corp.^(c)(f):
6.75%, 11/15/22			437		458,850
5.75%, 12/15/25			629		622,710
PSPC Escrow Corp., 6.00%, 02/01/23	EUR		153		187,670
Sherwin-Williams Co., 4.50%, 06/01/47^(f)	USD		310		304,773
WR Grace & Co-Conn^(c)(f):
5.13%, 10/01/21			277		281,848
5.63%, 10/01/24			300		315,000

					13,895,000
Commercial Services & Supplies — 1.5%
ADT Corp.^(f):
6.25%, 10/15/21			234		245,407
3.50%, 07/15/22			367		348,650
4.13%, 06/15/23			206		194,670
4.88%, 07/15/32^(c)			491		386,662
Advanced Disposal Services, Inc., 5.63%, 11/15/24^(c)(f)			191		188,613
Aviation Capital Group Corp., 6.75%, 04/06/21^(c)(f)			5,000		5,393,804
Booz Allen Hamilton, Inc., 5.13%, 05/01/25^(c)(f)			241		234,975
CD&R Waterworks Merger Sub LLC, 6.13%, 08/15/25^(c)(f)			485		465,600
Fortress Transportation & Infrastructure Investors LLC, 6.75%, 03/15/22^(c)			85		88,400
Harland Clarke Holdings Corp., 8.38%, 08/15/22^(c)(f)			488		466,626
KAR Auction Services, Inc., 5.13%, 06/01/25^(c)(f)			359		348,230
Mobile Mini, Inc., 5.88%, 07/01/24^(f)			585		593,775
Paprec Holding SA, 4.00%, 03/31/25	EUR		100		117,300
Park Aerospace Holdings Ltd.^(c):
3.63%, 03/15/21	USD		269		260,930
5.25%, 08/15/22^(f)			438		438,000


Security		Par (000)		Value
Commercial Services & Supplies (continued)
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25^(c)(f)	USD		188	$	184,710
United Rentals North America, Inc., 5.75%, 11/15/24^(f)			342		349,695
Wrangler Buyer Corp., 6.00%, 10/01/25^(c)			308		289,520

					10,595,567
Communications Equipment — 0.4%
CommScope Technologies LLC^(c):
6.00%, 06/15/25			5		5,150
5.00%, 03/15/27			107		102,854
CommScope, Inc.^(c)(f):
5.00%, 06/15/21			170		170,637
5.50%, 06/15/24			530		535,300
Nokia OYJ^(f):
3.38%, 06/12/22			126		121,590
4.38%, 06/12/27			177		167,690
6.63%, 05/15/39			245		259,700
Zayo Group LLC/Zayo Capital, Inc.^(f):
6.38%, 05/15/25			206		213,210
5.75%, 01/15/27^(c)			1,486		1,471,140

					3,047,271
Construction & Engineering — 0.7%
Aeropuertos Argentina 2000 SA, 6.88%, 02/01/27^(c)(f)			1,061		1,031,610
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29 ^(c)(f)			1,061		1,108,745
BlueLine Rental Finance Corp., 9.25%, 03/15/24^(c)(f)			1,331		1,405,869
Brand Energy & Infrastructure Services, Inc., 8.50%, 07/15/25 ^(c)(f)			459		468,180
Engility Corp., 8.88%, 09/01/24^(f)			298		319,605
Pisces Midco, Inc., 8.00%, 04/15/26^(c)			218		224,540
SPIE SA, 3.13%, 03/22/24	EUR		100		117,213
SRS Distribution, Inc., 8.25%, 07/01/26^(c)	USD		220		212,300
Tutor Perini Corp., 6.88%, 05/01/25^(c)(f)			260		258,050
Weekley Homes LLC/Weekley Finance Corp., 6.63%, 08/15/25^(c)			73		69,350

					5,215,462
Construction Materials — 0.5%
American Builders & Contractors Supply Co., Inc., 5.88%, 05/15/26^(c)			281		279,946
HD Supply, Inc., 5.75%, 04/15/24^(c)(f)(k)			2,226		2,337,300
LKQ Italia Bondco SpA, 3.88%, 04/01/24	EUR		102		125,440
Navistar International Corp., 6.63%, 11/01/25^(c)(f)	USD		319		333,052


6

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Construction Materials (continued)
New Enterprise Stone & Lime Co., Inc., 10.13%, 04/01/22^(c)	USD		190	$	201,875
PulteGroup, Inc., 6.00%, 02/15/35			48		45,600
Rexel SA, 3.50%, 06/15/23	EUR		223		270,818
Williams Scotsman International, Inc., 7.88%, 12/15/22^(c)	USD		129		134,482

					3,728,513
Consumer Discretionary — 0.3%
AA Bond Co. Ltd., 4.88%, 07/31/43	GBP		125		165,584
Blitz F18-674 GmbH, 6.00%, 07/30/26	EUR		100		117,666
Elis SA, 1.88%, 02/15/23			100		117,520
Nielsen Co. Luxembourg SARL, 5.00%, 02/01/25^(c)(f)	USD		111		101,287
Silversea Cruise Finance Ltd., 7.25%, 02/01/25^(c)			66		71,445
Staples, Inc., 8.50%, 09/15/25^(c)(f)			311		292,340
Viking Cruises Ltd.^(c)(f):
6.25%, 05/15/25			334		335,252
5.88%, 09/15/27			829		811,591

					2,012,685
Consumer Finance — 0.8%
Ally Financial, Inc., 8.00%, 11/01/31^(f)			1,617		1,948,485
Credivalores-Crediservicios SAS, 9.75%, 07/27/22^(c)			457		466,140
Navient Corp.:
5.00%, 10/26/20^(f)			370		370,000
6.63%, 07/26/21^(f)			141		145,582
6.50%, 06/15/22^(f)			460		469,775
5.50%, 01/25/23			162		158,355
7.25%, 09/25/23^(f)			306		320,535
5.88%, 10/25/24			71		68,693
6.75%, 06/25/25^(f)			123		122,078
6.75%, 06/15/26			252		248,220
5.63%, 08/01/33			105		89,775
Nexi Capital SpA, 3.63%, 05/01/23^(d)	EUR		100		116,350
Springleaf Finance Corp.:
6.13%, 05/15/22	USD		85		86,913
5.63%, 03/15/23			9		9,023
6.88%, 03/15/25^(f)			368		373,520
7.13%, 03/15/26			364		369,915

					5,363,359
Containers & Packaging — 1.3%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
4.63%, 05/15/23^(c)			1,136		1,121,800
6.75%, 05/15/24	EUR		156		197,072
7.25%, 05/15/24^(c)(f)	USD		1,809		1,885,882
4.75%, 07/15/27^(c)	GBP		100		127,084
4.75%, 07/15/27			100		127,084


Security		Par (000)		Value
Containers & Packaging (continued)
Ball Corp.:
5.00%, 03/15/22^(f)	USD		440	$	452,100
4.00%, 11/15/23			50		48,625
Berry Global, Inc., 4.50%, 02/15/26^(c)			118		110,920
BWAY Holding Co.^(c)(f):
5.50%, 04/15/24			842		822,002
7.25%, 04/15/25			288		280,620
Crown Americas LLC/Crown Americas Capital Corp.:
4.75%, 02/01/26^(c)			328		308,320
4.25%, 09/30/26			265		239,743
Horizon Holdings I SASU, 7.25%, 08/01/23	EUR		100		121,174
Mercer International, Inc.:
6.50%, 02/01/24	USD		134		137,015
5.50%, 01/15/26^(c)			139		135,525
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu:
5.75%, 10/15/20^(f)			906		907,747
(3 mo. LIBOR US + 3.50%), 5.84%, 07/15/21^(a)(c)(f)			514		520,168
5.13%, 07/15/23^(c)			254		252,578
7.00%, 07/15/24^(c)(f)			651		659,137
Sappi Papier Holding GmbH, 4.00%, 04/01/23	EUR		200		242,897
Sealed Air Corp.:
4.88%, 12/01/22^(c)(f)	USD		268		270,345
4.50%, 09/15/23	EUR		100		131,985
6.88%, 07/15/33^(c)	USD		44		47,630
Silgan Holdings, Inc., 3.25%, 03/15/25	EUR		100		119,566
Smurfit Kappa Acquisitions ULC, 2.88%, 01/15/26			117		138,787
Verallia Packaging SASU, 5.13%, 08/01/22			100		119,932

					9,525,738
Diversified Consumer Services — 0.5%
APX Group, Inc.^(f):
8.75%, 12/01/20	USD		312		308,880
7.88%, 12/01/22			185		186,387
Ascend Learning LLC, 6.88%, 08/01/25^(c)(f)			324		328,050
Carriage Services, Inc., 6.63%, 06/01/26^(c)			180		184,275
Graham Holdings Co., 5.75%, 06/01/26^(c)			204		205,530
Laureate Education, Inc., 8.25%, 05/01/25^(c)			138		147,660
Matthews International Corp., 5.25%, 12/01/25^(c)			72		68,940


			7

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Diversified Consumer Services (continued)
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23^(c)(f)	USD		1,411	$	1,511,534
ServiceMaster Co. LLC, 5.13%, 11/15/24^(c)(f)			288		277,920

					3,219,176
Diversified Financial Services — 1.3%
Banca IFIS SpA, 4.50%, 10/17/27^(d)	EUR		100		111,960
Cabot Financial Luxembourg SA, 7.50%, 10/01/23	GBP		100		128,001
Credit Suisse Group AG, 7.50%^(c)(d)(l)	USD		200		205,750
Docuformas SAPI de C.V., 9.25%, 10/11/22^(c)(f)			508		463,550
FBM Finance, Inc., 8.25%, 08/15/21^(c)			155		161,200
Ford Motor Credit Co. LLC, 4.39%, 01/08/26^(f)			1,250		1,215,959
Garfunkelux Holdco 3 SA, 4.50%, 09/01/23^(d)	EUR		100		103,190
General Motors Financial Co., Inc., 4.25%, 05/15/23^(f)	USD		326		326,949
Gilex Holding Sarl, 8.50%, 05/02/23^(c)			406		425,289
HSBC Holdings PLC, 6.25%^(d)(f)(l)			510		513,825
Intesa Sanpaolo SpA, 5.02%, 06/26/24^(c)(f)			2,888		2,665,977
Intrum Justitia AB(3 mo. Euribor + 2.63%), 2.63%, 07/15/22^(a)	EUR		100		112,786
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 04/01/20^(c)	USD		845		859,788
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24^(g)	EUR		101		116,923
MSCI, Inc., 5.25%, 11/15/24^(c)	USD		127		130,175
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25^(c)(f)			669		646,722
Travelport Corporate Finance PLC, 6.00%, 03/15/26^(c)			204		207,570
UniCredit SpA:
6.95%, 10/31/22	EUR		100		136,225
(5 year EUR Swap + 4.10%), 5.75%, 10/28/25⁽ⁱ⁾			100		124,385
Vantiv LLC/Vanity Issuer Corp.^(c):
3.88%, 11/15/25	GBP		100		125,946
4.38%, 11/15/25	USD		211		199,659
Verisure Midholding AB, 5.75%, 12/01/23	EUR		100		115,450
WMG Acquisition Corp., 5.50%, 04/15/26^(c)	USD		143		141,570

					9,238,849
Diversified Telecommunication Services — 2.7%
AT&T, Inc., 4.75%, 05/15/46^(f)			2,545		2,333,512


Security		Par (000)		Value
Diversified Telecommunication Services (continued)
CenturyLink, Inc.:
5.63%, 04/01/25^(f)	USD		138	$	131,790
Series P, 7.60%, 09/15/39			61		50,630
Series S, 6.45%, 06/15/21^(f)			737		760,031
Series T, 5.80%, 03/15/22			99		98,876
Series U, 7.65%, 03/15/42^(f)			388		324,950
Series W, 6.75%, 12/01/23^(f)			386		395,650
Series Y, 7.50%, 04/01/24^(f)			471		492,200
Cincinnati Bell, Inc., 7.00%, 07/15/24^(c)(f)			480		427,200
Embarq Corp., 8.00%, 06/01/36			192		180,480
Frontier Communications Corp.:
7.13%, 03/15/19^(f)			380		381,900
10.50%, 09/15/22			203		184,223
11.00%, 09/15/25^(f)			1,373		1,113,421
Level 3 Financing, Inc.:
5.38%, 08/15/22			108		108,270
5.63%, 02/01/23			280		282,100
5.13%, 05/01/23^(f)			360		356,400
5.38%, 01/15/24^(f)			414		409,860
5.38%, 05/01/25^(f)			482		469,950
5.25%, 03/15/26^(f)			950		914,375
Oi SA, (10.00% Cash or 4.00% PIK), 10.00%, 07/27/25^(g)(h)			307		346,143
OTE PLC, 3.50%, 07/09/20	EUR		100		121,589
SoftBank Group Corp.(5 year USD ICE Swap + 4.85%), 6.88%^(i)(l)	USD		345		311,632
SoftBank Group Corp., 4.00%, 04/20/23	EUR		100		122,038
Telecom Italia Capital SA:
6.38%, 11/15/33			128		129,280
6.00%, 09/30/34^(f)			912		896,040
7.72%, 06/04/38			62		68,355
Telecom Italia Finance SA, 7.75%, 01/24/33	EUR		81		130,836
Telecom Italia SpA:
1.13%, 03/26/22^(j)			100		111,483
3.25%, 01/16/23			100		123,760
3.63%, 01/19/24			146		183,007
2.88%, 01/28/26			100		117,078
Verizon Communications, Inc., 6.55%, 09/15/43^(f)	USD		6,500		7,918,042

					19,995,101
Electric Utilities — 1.3%
AES Corp.:
4.50%, 03/15/23			227		226,149
4.88%, 05/15/23^(f)			204		204,765
5.50%, 04/15/25			97		98,697
6.00%, 05/15/26^(f)			352		367,840
5.13%, 09/01/27^(f)			400		404,000
Baltimore Gas & Electric Co., 3.50%, 08/15/46^(f)			500		448,427
Celeo Redes Operacion Chile SA, 5.20%, 06/22/47^(c)(f)			1,177		1,177,000


8

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Electric Utilities (continued)
Centrais Eletricas Brasileiras SA, 5.75%, 10/27/21^(c)	USD		600	$	603,960
DPL, Inc., 7.25%, 10/15/21			34		36,805
Duke Energy Corp., 4.80%, 12/15/45^(f)			1,500		1,561,548
Enel Finance International NV, 3.63%, 05/25/27^(c)(f)			1,250		1,160,886
Energuate Trust, 5.88%, 05/03/27^(c)(f)			575		546,250
NextEra Energy Operating Partners LP, 4.25%, 09/15/24^(c)			209		201,685
Southern Co., 4.40%, 07/01/46^(f)			1,000		999,250
Talen Energy Supply LLC, 6.50%, 06/01/25			209		153,615
Virginia Electric & Power Co., Series A, 6.00%, 05/15/37^(f)			750		898,350

					9,089,227
Electrical Equipment — 0.0%
Areva SA, 4.88%, 09/23/24	EUR		100		124,419

Electronic Equipment, Instruments & Components — 0.4%
CDW LLC/CDW Finance Corp.:
5.00%, 09/01/23^(f)	USD		325		328,250
5.50%, 12/01/24^(f)			306		317,383
5.00%, 09/01/25			127		125,690
Corning, Inc., 4.38%, 11/15/57^(f)			1,915		1,684,975
Itron, Inc., 5.00%, 01/15/26^(c)			29		27,623

					2,483,921
Energy Equipment & Services — 1.1%
Calfrac Holdings LP, 8.50%, 06/15/26^(c)			195		188,419
CSI Compressco LP/CSI Compressco Finance, Inc., 7.50%, 04/01/25^(c)(f)			391		389,045
Ensco PLC:
4.50%, 10/01/24			34		28,773
5.20%, 03/15/25			45		38,194
7.75%, 02/01/26^(f)			654		631,110
Gates Global LLC/Gates Global Co., 6.00%, 07/15/22^(c)(f)			428		430,675
Halliburton Co., 3.80%, 11/15/25^(f)			750		744,889
McDermott Technology Americas, Inc./McDermott Technology U.S., Inc., 10.63%, 05/01/24^(c)			290		301,237
Odebrecht Oil & Gas Finance Ltd., 0.00%^(c)(l)(m)	BRL		155		2,241
Pattern Energy Group, Inc., 5.88%, 02/01/24^(c)	USD		263		264,972
Pioneer Energy Services Corp., 6.13%, 03/15/22^(f)			233		215,525
Precision Drilling Corp.:
6.50%, 12/15/21			65		66,656
7.75%, 12/15/23			90		95,175
5.25%, 11/15/24			193		184,315
7.13%, 01/15/26^(c)			60		61,575


Security		Par (000)		Value
Energy Equipment & Services (continued)
Transocean, Inc.:
8.38%, 12/15/21	USD		200	$	214,000
5.80%, 10/15/22^(f)			466		459,592
9.00%, 07/15/23^(c)(f)			956		1,031,285
7.50%, 01/15/26^(c)(f)			344		351,740
Trinidad Drilling Ltd., 6.63%, 02/15/25^(c)(f)			314		303,795
USA Compression Partners LP/USA Compression Finance Corp., 6.88 %, 04/01/26^(c)(f)			329		338,459
Weatherford International Ltd.:
7.75%, 06/15/21^(f)			770		794,062
8.25%, 06/15/23			153		151,853
6.50%, 08/01/36^(f)			144		113,040
7.00%, 03/15/38^(f)			197		159,078
5.95%, 04/15/42			256		190,080

					7,749,785
Environmental, Maintenance, & Security Service — 0.1%
Hulk Finance Corp., 7.00%, 06/01/26^(c)			308		289,520
Tervita Escrow Corp., 7.63%, 12/01/21^(c)(f)			477		492,669
Waste Pro USA, Inc., 5.50%, 02/15/26^(c)			260		248,300

					1,030,489
Equity Real Estate Investment Trusts (REITs) — 1.0%
American Tower Corp., 3.38%, 10/15/26^(f)			250		231,964
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25^(c)(f)			171		173,565
GEO Group, Inc.:
5.13%, 04/01/23^(f)			337		328,056
5.88%, 10/15/24^(f)			273		266,175
6.00%, 04/15/26			24		23,400
Hilton Domestic Operating Co., Inc.^(f):
4.25%, 09/01/24			304		292,980
5.13%, 05/01/26^(c)			351		351,000
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/25			34		33,150
iStar, Inc.:
4.63%, 09/15/20			40		39,650
6.00%, 04/01/22^(f)			96		96,240
5.25%, 09/15/22^(f)			81		78,975
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.^(f):
5.63%, 05/01/24			1,628		1,664,630
4.50%, 09/01/26			795		749,288
4.50%, 01/15/28			382		348,575


			9

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
MPT Operating Partnership LP / MPT Finance Corp.:
6.38%, 03/01/24	USD		38	$	39,900
5.50%, 05/01/24			60		60,450
5.00%, 10/15/27			170		164,475
NH Hotel Group SA, 3.75%, 10/01/23	EUR		129		157,940
Starwood Property Trust, Inc., 5.00%, 12/15/21^(f)	USD		278		281,475
Trust F/1401, 6.95%, 01/30/44			1,738		1,796,657
VICI Properties 1 LLC/VICI FC, Inc., 8.00%, 10/15/23^(f)			168		185,518
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26^(c)			148		147,815

					7,511,878
Food & Staples Retailing — 0.3%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC:
6.63%, 06/15/24^(f)			206		197,245
5.75%, 03/15/25			134		120,600
Albertsons Cos., Inc., 6.09%, 01/15/24^(c)(d)			281		284,512
B&M European Value Retail SA, 4.13%, 02/01/22	GBP		100		133,035
Casino Guichard Perrachon SA, 4.56%, 01/25/23	EUR		100		119,563
Rite Aid Corp., 6.13%, 04/01/23^(c)(f)	USD		230		231,150
Walgreens Boots Alliance, Inc., 4.80%, 11/18/44^(f)			750		719,561

					1,805,666
Food Products — 0.8%
Acosta, Inc., 7.75%, 10/01/22^(c)			250		123,125
Aramark Services, Inc.:
5.13%, 01/15/24			111		111,971
5.00%, 04/01/25^(c)			14		14,000
4.75%, 06/01/26^(f)			252		245,070
5.00%, 02/01/28^(c)(f)			440		424,468
Arcor SAIC, 6.00%, 07/06/23^(c)(f)			539		540,113
B&G Foods, Inc., 5.25%, 04/01/25			61		58,560
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25^(c)(f)			317		290,451
JBS USA LUX SA/JBS USA Finance, Inc.^(c):
5.88%, 07/15/24			503		482,251
5.75%, 06/15/25^(f)			1,007		942,814
6.75%, 02/15/28^(f)			380		359,100
MARB BondCo PLC:
7.00%, 03/15/24			229		223,848
6.88%, 01/19/25^(c)			637		614,712
Minerva Luxembourg SA, 6.50%, 09/20/26^(c)			637		593,206


Security		Par (000)		Value
Food Products (continued)
Post Holdings, Inc.^(c):
5.50%, 03/01/25^(f)	USD		273	$	268,905
5.75%, 03/01/27^(f)			294		285,915
5.63%, 01/15/28			86		81,915
Simmons Foods, Inc., 7.75%, 01/15/24^(c)			124		127,720

					5,788,144
Health Care Equipment & Supplies — 0.9%
Avantor, Inc.^(c)(f):
6.00%, 10/01/24			1,694		1,698,235
9.00%, 10/01/25			566		574,490
Crimson Merger Sub, Inc., 6.63%, 05/15/22^(c)(f)			1,764		1,741,950
DJO Finance LLC/DJO Finance Corp., 8.13%, 06/15/21^(c)(f)			884		908,310
Immucor, Inc., 11.13%, 02/15/22^(c)			112		112,560
Mallinckrodt International Finance SA/Mallinckrodt CB LLC^(c):
5.75%, 08/01/22			230		209,300
5.63%, 10/15/23^(f)			164		141,245
5.50%, 04/15/25^(f)			253		207,460
Medtronic, Inc., 4.50%, 03/15/42^(f)			1,000		1,042,765
Teleflex, Inc., 4.88%, 06/01/26			63		62,212

					6,698,527
Health Care Providers & Services — 3.1%
Acadia Healthcare Co., Inc.:
5.63%, 02/15/23^(f)			210		211,575
6.50%, 03/01/24			69		70,208
AHP Health Partners, Inc., 9.75%, 07/15/26^(c)			164		166,255
Amsurg Corp., 5.63%, 07/15/22^(f)			431		440,697
Centene Corp.:
5.63%, 02/15/21^(f)			373		381,159
4.75%, 05/15/22^(f)			402		406,522
6.13%, 02/15/24			40		42,100
5.38%, 06/01/26^(c)(f)			1,629		1,667,689
CHS/Community Health Systems, Inc., 8.63%, 01/15/24^(c)			397		410,419
DaVita, Inc., 5.13%, 07/15/24^(f)			276		268,582
Eagle Holding Co. II LLC, (7.63% Cash or 8.38% PIK), 7.63%, 05/15/22^(c)(f)(g)			310		313,004
Envision Healthcare Corp.^(c):
5.13%, 07/01/22			93		93,872
6.25%, 12/01/24^(f)			264		281,160
HCA, Inc.:
5.88%, 03/15/22^(f)			1,055		1,108,752
4.75%, 05/01/23^(f)			948		960,324
5.00%, 03/15/24^(f)			1,158		1,175,370
5.25%, 04/15/25^(f)			1,553		1,586,972


10

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Health Care Providers & Services (continued)
HCA, Inc. (continued):
5.88%, 02/15/26^(f)	USD		401	$	414,534
5.25%, 06/15/26^(f)			440		446,600
4.50%, 02/15/27			126		122,535
5.50%, 06/15/47^(f)			1,134		1,075,599
HealthSouth Corp., 5.75%, 11/01/24			76		77,100
MEDNAX, Inc., 5.25%, 12/01/23^(c)(f)			143		141,928
Molina Healthcare, Inc., 4.88%, 06/15/25^(c)			126		123,008
MPH Acquisition Holdings LLC, 7.13%, 06/01/24^(c)(f)			590		610,650
Northwell Healthcare, Inc., 4.26%, 11/01/47^(f)			686		650,080
NVA Holdings, Inc., 6.88%, 04/01/26^(c)			315		313,425
Polaris Intermediate Corp., (8.50% Cash), 8.50%, 12/01/22^(c)(f)(g)			1,046		1,081,302
Regional Care Hospital Partners Holdings, Inc., 8.25%, 05/01/23^(c)(f)			163		172,780
Sterigenics-Nordion Holdings LLC, 6.50%, 05/15/23^(c)			218		221,270
Surgery Center Holdings, Inc.^(c):
8.88%, 04/15/21			162		166,455
6.75%, 07/01/25^(f)			324		305,775
Team Health Holdings, Inc., 6.38%, 02/01/25^(c)(f)			496		432,760
Tenet Healthcare Corp.:
6.00%, 10/01/20^(f)			806		837,232
7.50%, 01/01/22^(c)			206		215,785
8.13%, 04/01/22^(f)			1,538		1,637,970
6.75%, 06/15/23^(f)			531		539,071
4.63%, 07/15/24^(f)			419		405,906
Thermo Fisher Scientific, Inc., 2.95%, 09/19/26^(f)			1,000		926,689
UnitedHealth Group, Inc., 4.38%, 03/15/42^(f)			750		768,820
Vizient, Inc., 10.38%, 03/01/24^(c)(f)			382		419,245
WellCare Health Plans, Inc., 5.25%, 04/01/25			101		101,631

					21,792,810
Health Care Technology — 0.1%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25^(c)			278		268,965
Quintiles IMS, Inc.:
3.25%, 03/15/25^(c)	EUR		100		117,209
3.25%, 03/15/25			194		227,387

					613,561
Hotels, Restaurants & Leisure — 4.1%
Boyd Gaming Corp., 6.00%, 08/15/26^(c)	USD		231		232,155
Boyne USA, Inc., 7.25%, 05/01/25^(c)			94		98,230


Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Burger King France SAS:
(3 mo. Euribor + 5.25%), 5.25%, 05/01/23^(a)	EUR		100	$	117,812
6.00%, 05/01/24			100		124,404
Churchill Downs, Inc., 4.75%, 01/15/28^(c)	USD		82		76,875
Codere Finance 2 Luxembourg SA, 6.75%, 11/01/21	EUR		100		112,652
CPUK Finance Ltd., 4.25%, 02/28/47	GBP		100		130,821
CRC Escrow Issuer LLC/CRC Finco, Inc., 5.25%, 10/15/25^(c)(f)	USD		413		397,512
Eldorado Resorts, Inc., 6.00%, 04/01/25			106		107,060
Enterprise Inns PLC, 6.00%, 10/06/23	GBP		3,320		4,707,629
ESH Hospitality, Inc., 5.25%, 05/01/25^(c)(f)	USD		242		234,764
GLP Capital LP/GLP Financing II, Inc.:
5.38%, 11/01/23			148		152,810
5.25%, 06/01/25			54		54,993
5.38%, 04/15/26			70		71,127
Golden Nugget, Inc., 6.75%, 10/15/24^(c)(f)			468		466,830
International Game Technology PLC, 4.75%, 02/15/23	EUR		107		135,601
IRB Holding Corp., 6.75%, 02/15/26^(c)	USD		81		76,950
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC^(c):
5.00%, 06/01/24			45		44,550
5.25%, 06/01/26^(f)			406		398,769
4.75%, 06/01/27			9		8,501
Ladbrokes Group Finance PLC, 5.13%, 09/08/23	GBP		200		273,693
LHMC Finco Sarl, 7.88%, 12/20/23^(c)	USD		205		205,461
McDonald’s Corp., 3.70%, 01/30/26^(f)			750		748,186
Melco Resorts Finance Ltd., 4.88%, 06/06/25^(c)(f)			245		231,679
MGM Resorts International:
5.25%, 03/31/20			75		76,688
6.75%, 10/01/20			32		33,680
6.63%, 12/15/21^(f)			1,390		1,481,281
7.75%, 03/15/22^(f)			180		197,100
4.63%, 09/01/26			38		35,720
New Red Finance, Inc.^(c)(f):
4.25%, 05/15/24			291		276,814
5.00%, 10/15/25			2,160		2,070,900
RHP Hotel Properties LP/RHP Finance Corp., 5.00%, 04/15/21^(f)			460		463,450
Sabre GLBL, Inc., 5.25%, 11/15/23^(c)(f)			269		269,673
Scientific Games International, Inc.:
10.00%, 12/01/22^(f)			947		1,010,922
5.00%, 10/15/25^(c)(f)			520		500,505
3.38%, 02/15/26	EUR		200		224,515
Six Flags Entertainment Corp., 4.88%, 07/31/24^(c)(f)	USD		1,061		1,035,801


			11

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Stars Group Holdings BV/Stars Group US Co-Borrower LLC, 7.00%, 07/15/26^(c)	USD		216	$	222,480
Station Casinos LLC, 5.00%, 10/01/25^(c)(f)			361		343,853
Stonegate Pub Co. Financing PLC, 4.88%, 03/15/22	GBP		100		129,674
Unique Pub Finance Co. PLC:
Series A3, 6.54%, 03/30/21			1,270		1,752,093
Series M, 7.40%, 03/28/24			6,400		9,250,740
Vue International Bidco PLC, 7.88%, 07/15/20			117		153,760
Wyndham Destinations, Inc., 4.15%, 04/01/24	USD		16		15,740
Wyndham Worldwide Corp., 3.90%, 03/01/23			202		188,365
Wynn Macau Ltd., 5.50%, 10/01/27^(c)(f)			600		574,620
Yum! Brands, Inc., 3.88%, 11/01/23			110		104,775

					29,622,213
Household Durables — 1.1%
Algeco Scotsman Global Finance PLC, 8.00%, 02/15/23 ^(c)(f)			761		778,122
Algeco Scotsman Global Finance PLC, 6.50%, 02/15/23	EUR		100		121,173
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 07/01/22^(c)(f)			750		752,812
Century Communities, Inc., 6.88%, 05/15/22^(f)			830		843,947
K Hovnanian Enterprises, Inc., 10.00%, 07/15/22^(c)			242		250,470
Lennar Corp.:
4.50%, 11/15/19^(f)			320		323,200
8.38%, 01/15/21			144		157,680
4.75%, 04/01/21			42		42,420
6.25%, 12/15/21^(f)			450		470,025
4.13%, 01/15/22			139		137,784
5.38%, 10/01/22			6		6,090
4.75%, 11/15/22			53		53,000
4.88%, 12/15/23			146		145,635
4.75%, 05/30/25^(f)			410		397,700
5.25%, 06/01/26			32		31,200
4.75%, 11/29/27^(f)			425		399,500
LGI Homes, Inc., 6.88%, 07/15/26^(c)			181		181,000
Mattamy Group Corp.^(c):
6.88%, 12/15/23			169		172,769
6.50%, 10/01/25			208		202,800
MDC Holdings, Inc., 6.00%, 01/15/43			173		145,752
Meritage Homes Corp., 5.13%, 06/06/27			91		83,493
Newell Brands, Inc., 4.20%, 04/01/26^(f)			1,000		964,555
PulteGroup, Inc., 6.38%, 05/15/33^(f)			469		464,310


Security		Par (000)		Value
Household Durables (continued)
Tempur Sealy International, Inc., 5.50%, 06/15/26^(f)			191		182,166
TRI Pointe Group, Inc.:
4.88%, 07/01/21	USD		124	$	124,310
5.25%, 06/01/27^(f)			46		42,205
TRI Pointe Group, Inc./TRI Pointe Homes, Inc.^(f):
4.38%, 06/15/19			225		225,216
5.88%, 06/15/24			226		224,305
William Lyon Homes, Inc.:
6.00%, 09/01/23^(c)			66		64,680
5.88%, 01/31/25			116		109,639

					8,097,958
Household Products — 0.1%
ACCO Brands Corp., 5.25%, 12/15/24^(c)			102		100,215
Diamond (BC) BV, 5.63%, 08/15/25	EUR		115		123,755
Prestige Brands, Inc., 6.38%, 03/01/24^(c)	USD		68		67,915
Spectrum Brands, Inc., 6.63%, 11/15/22^(f)			710		731,300

					1,023,185
Independent Power and Renewable Electricity Producers — 0.9%
Calpine Corp.:
5.38%, 01/15/23			282		268,958
5.88%, 01/15/24^(c)(f)			629		632,145
5.75%, 01/15/25			110		101,200
5.25%, 06/01/26^(c)(f)			921		870,345
Dynegy, Inc.:
7.38%, 11/01/22			43		44,881
5.88%, 06/01/23			43		44,236
8.00%, 01/15/25^(c)(f)			476		517,055
8.13%, 01/30/26^(c)			202		222,008
Genneia SA, 8.75%, 01/20/22^(c)(f)			1,061		1,020,098
NRG Energy, Inc.^(f):
6.63%, 01/15/27			1,102		1,135,060
5.75%, 01/15/28^(c)			237		235,175
NRG Yield Operating LLC, 5.38%, 08/15/24^(f)			254		252,730
QEP Resources, Inc., 5.38%, 10/01/22^(f)			516		523,740
TerraForm Power Operating LLC^(c):
4.25%, 01/31/23			214		205,975
6.63%, 06/15/25^(k)			35		37,275
5.00%, 01/31/28			214		201,428

					6,312,309
Industrial Conglomerates — 0.3%
Apergy Corp., 6.38%, 05/01/26^(c)			119		121,231


12

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Industrial Conglomerates (continued)
BWX Technologies, Inc., 5.38%, 07/15/26^(c)	USD		181	$	183,715
Colfax Corp., 3.25%, 05/15/25	EUR		100		118,715
General Electric Co., 4.13%, 10/09/42^(f)	USD		750		694,452
Vertiv Group Corp., 9.25%, 10/15/24^(c)(f)			621		612,461

					1,730,574
Insurance — 1.0%
American International Group, Inc., 4.80%, 07/10/45^(f)			500		502,985
AmWINS Group, Inc., 7.75%, 07/01/26^(c)			226		236,170
Aon PLC, 3.88%, 12/15/25^(f)			1,280		1,266,334
Ardonagh Midco 3 PLC:
8.38%, 07/15/23	GBP		100		132,633
8.63%, 07/15/23^(c)(f)	USD		516		528,900
Assicurazioni Generali SpA^(a):
(3 mo. Euribor + 7.11%), 7.75%, 12/12/42	EUR		100		140,581
(3 mo. Euribor + 5.35%), 5.50%, 10/27/47			100		127,018
AssuredPartners, Inc., 7.00%, 08/15/25^(c)	USD		18		17,370
Groupama SA, 6.00%, 01/23/27	EUR		100		142,953
HUB International Ltd., 7.00%, 05/01/26^(c)	USD		656		658,460
Nationwide Building Society, 4.13%, 10/18/32^(c)(d)(f)			690		641,939
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47^(c)(f)			700		683,596
USIS Merger Sub, Inc., 6.88%, 05/01/25^(c)			72		71,100
Wand Merger Corp.^(c):
8.13%, 07/15/23			322		334,912
9.13%, 07/15/26			220		231,022
Wayne Merger Sub LLC, 8.25%, 08/01/23^(c)(f)			1,174		1,218,025

					6,933,998
Internet Software & Services — 0.3%
Equinix, Inc.:
2.88%, 03/15/24	EUR		100		116,911
2.88%, 10/01/25			100		113,993
5.88%, 01/15/26^(f)	USD		566		585,102
Netflix, Inc.:
5.50%, 02/15/22			15		15,469
4.38%, 11/15/26^(f)			119		111,563
5.88%, 11/15/28^(c)(f)			596		597,490
Rackspace Hosting, Inc., 8.63%, 11/15/24^(c)(f)			202		204,020
Symantec Corp., 5.00%, 04/15/25^(c)(f)			187		184,381


Security		Par (000)		Value
Internet Software & Services (continued)
United Group BV(3 mo. Euribor + 4.38%), 4.38%, 07/01/23^(a)	EUR		100	$	117,069
ZPG PLC, 3.75%, 07/15/23	GBP		100		137,358

					2,183,356
IT Services — 0.9%
Fidelity National Information Services, Inc., 3.00%, 08/15/26^(f)	USD		1,000		926,418
First Data Corp.^(c):
7.00%, 12/01/23^(f)			1,335		1,396,744
5.00%, 01/15/24			160		161,700
5.75%, 01/15/24^(f)			2,998		3,066,055
Gartner, Inc., 5.13%, 04/01/25^(c)(f)			207		208,841
WEX, Inc., 4.75%, 02/01/23^(c)			372		373,860

					6,133,618
Leisure Products — 0.1%
Mattel, Inc.:
6.75%, 12/31/25^(c)			385		372,969
6.20%, 10/01/40			80		66,800
5.45%, 11/01/41			47		37,365

					477,134
Machinery — 0.3%
Mueller Water Products, Inc., 5.50%, 06/15/26^(c)			201		202,759
Platin 1426 GmbH, 5.38%, 06/15/23	EUR		118		131,457
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25^(c)(f)	USD		255		244,800
SPX FLOW, Inc.^(c):
5.63%, 08/15/24^(f)			330		327,525
5.88%, 08/15/26			153		153,000
Terex Corp., 5.63%, 02/01/25^(c)(f)			419		415,857
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26^(c)(f)			671		600,344
Wabash National Corp., 5.50%, 10/01/25 (c)(f)			286		270,985

					2,346,727
Media — 6.2%
Altice Financing SA^(c)(f):
6.63%, 02/15/23			400		404,500
7.50%, 05/15/26			613		596,817
Altice France SA:
6.00%, 05/15/22^(c)(f)			1,492		1,537,804
7.38%, 05/01/26^(c)(f)			621		614,014
5.88%, 02/01/27	EUR		153		182,489
8.13%, 02/01/27^(c)	USD		1,400		1,429,890
Altice Luxembourg SA, 7.75%, 05/15/22^(c)(f)			1,199		1,193,005
Altice US Finance I Corp.^(c):
5.38%, 07/15/23^(f)			1,380		1,392,075


			13

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Media (continued)
Altice US Finance I Corp.^(c) (continued):
5.50%, 05/15/26	USD		200	$	196,522
AMC Networks, Inc.^(f):
5.00%, 04/01/24			344		339,270
4.75%, 08/01/25			266		255,360
Cablevision SA, 6.50%, 06/15/21^(c)(f)			637		634,267
Cablevision Systems Corp., 8.00%, 04/15/20^(f)			286		300,028
CBS Radio, Inc., 7.25%, 11/01/24^(c)			18		16,911
CCO Holdings LLC/CCO Holdings Capital Corp.^(f):
5.13%, 02/15/23			709		705,455
4.00%, 03/01/23^(c)			421		402,055
5.13%, 05/01/23^(c)			145		144,638
5.13%, 05/01/27^(c)			2,425		2,315,123
5.00%, 02/01/28^(c)			380		356,963
Cequel Communications Holdings I LLC/Cequel Capital Corp.^(c)(f):
5.13%, 12/15/21			760		759,043
7.75%, 07/15/25			1,230		1,293,037
7.50%, 04/01/28			569		586,525
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45^(f)			3,000		3,273,167
Clear Channel International BV, 8.75%, 12/15/20^(c)(f)			906		930,915
Clear Channel Worldwide Holdings, Inc.^(f):
6.50%, 11/15/22			2,938		3,002,846
Series B, 7.63%, 03/15/20			837		838,841
Comcast Corp., 4.60%, 08/15/45^(f)			1,750		1,728,643
CSC Holdings LLC^(f):
10.13%, 01/15/23^(c)			1,388		1,526,800
5.25%, 06/01/24			707		680,487
10.88%, 10/15/25^(c)			1,603		1,859,480
Discovery Communications LLC, 4.95%, 05/15/42^(f)			400		377,862
DISH DBS Corp.^(f):
6.75%, 06/01/21			239		240,267
5.88%, 07/15/22			807		754,545
5.00%, 03/15/23			303		262,095
5.88%, 11/15/24			268		222,440
7.75%, 07/01/26			642		560,948
DISH Network Corp., 3.38%, 08/15/26^(j)			258		234,381
DKT Finance ApS, 7.00%, 06/17/23	EUR		181		222,544
eircom Finance DAC, 4.50%, 05/31/22			100		119,426
GTT Communications, Inc., 7.88%, 12/31/24^(c)	USD		266		263,340
Hughes Satellite Systems Corp.:
7.63%, 06/15/21			113		121,193
5.25%, 08/01/26^(f)			564		538,620


Security		Par (000)		Value
Media (continued)
Inmarsat Finance PLC, 4.88%, 05/15/22^(c)	USD		100	$	99,000
Intelsat Jackson Holdings SA^(f):
7.25%, 10/15/20			292		292,818
5.50%, 08/01/23			954		877,680
9.75%, 07/15/25^(c)			875		935,156
Intelsat SA, 4.50%, 06/15/25^(c)(j)			58		80,113
Interpublic Group of Cos., Inc., 4.20%, 04/15/24^(f)			1,000		996,128
LGE HoldCo VI BV, 7.13%, 05/15/24	EUR		177		221,463
Live Nation Entertainment, Inc., 4.88%, 11/01/24^(c)	USD		34		33,533
MDC Partners, Inc., 6.50%, 05/01/24^(c)(f)			404		356,530
Meredith Corp., 6.88%, 02/01/26^(c)			184		185,380
Midcontinent Communications/Midcontinent Finance Corp., 6.88%, 08/15/23^(c)(f)			282		296,805
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/22^(c)			57		55,397
Numericable Group SA, 5.38%, 05/15/22	EUR		116		139,510
Qualitytech LP/QTS Finance Corp., 4.75%, 11/15/25^(c)	USD		172		162,970
Radiate Holdco LLC/Radiate Finance, Inc., 6.88%, 02/15/23^(c)			71		68,693
Sirius XM Radio, Inc., 5.00%, 08/01/27^(c)(f)			270		256,500
TEGNA, Inc., 5.50%, 09/15/24^(c)			79		79,395
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28^(c)			400		365,000
Telenet Finance VI Luxembourg SCA, 4.88%, 07/15/27	EUR		90		111,686
Telesat Canada/Telesat LLC, 8.88%, 11/15/24^(c)(f)	USD		286		306,735
Time Warner, Inc.^(f):
4.65%, 06/01/44			111		100,380
4.85%, 07/15/45			389		364,974
Tribune Media Co., 5.88%, 07/15/22			361		362,805
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:
3.50%, 01/15/27	EUR		100		122,826
6.25%, 01/15/29			90		118,407
Univision Communications, Inc.^(c):
5.13%, 05/15/23^(f)	USD		556		530,980
5.13%, 02/15/25			70		64,925
UPCB Finance IV Ltd., 4.00%, 01/15/27	EUR		114		136,380
Viacom, Inc., 5.85%, 09/01/43	USD		645		678,423
Videotron Ltd., 5.13%, 04/15/27^(c)(f)			387		380,228
Virgin Media Finance PLC, 5.75%, 01/15/25^(c)(f)			850		796,344


14

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Media (continued)
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24	GBP		200	$	260,528
Virgin Media Receivables Financing Notes II DAC, 5.75%, 04/15/23			100		133,388
Virgin Media Secured Finance PLC:
4.88%, 01/15/27			130		165,939
6.25%, 03/28/29			175		240,033
Ziggo Secured Finance BV, 5.50%, 01/15/27^(c)(f)	USD		328		312,420

					44,104,103
Metals & Mining — 2.6%
Alcoa Nederland Holding BV^(c):
7.00%, 09/30/26			200		216,000
6.13%, 05/15/28			200		206,000
BHP Billiton Finance USA Ltd., 4.13%, 02/24/42^(f)			250		250,274
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25^(c)			209		217,360
Cleveland-Cliffs, Inc., 4.88%, 01/15/24^(c)			220		215,050
Constellium NV^(c):
5.75%, 05/15/24			250		246,875
5.88%, 02/15/26^(f)			743		731,855
Freeport-McMoRan, Inc.:
3.10%, 03/15/20			1,769		1,746,888
4.00%, 11/14/21			276		273,585
3.55%, 03/01/22			931		901,906
3.88%, 03/15/23			1,126		1,083,775
5.40%, 11/14/34			250		229,375
5.45%, 03/15/43			1,458		1,294,704
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23^(c)(f)			571		593,840
Joseph T Ryerson & Son, Inc., 11.00%, 05/15/22^(c)			192		211,680
Kaiser Aluminum Corp., 5.88%, 05/15/24			124		126,790
Novelis Corp.^(c)(f):
6.25%, 08/15/24			1,150		1,152,875
5.88%, 09/30/26			839		804,391
Nyrstar Netherlands Holdings BV, 6.88%, 03/15/24	EUR		100		93,548
Rio Tinto Finance USA PLC, 4.75%, 03/22/42^(f)	USD		400		427,175
Steel Dynamics, Inc.:
5.13%, 10/01/21^(f)			970		980,913
5.25%, 04/15/23^(f)			525		530,250
4.13%, 09/15/25^(f)			231		220,894
5.00%, 12/15/26			15		14,944
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50%, 06/15/25^(c)(f)			332		342,790


Security		Par (000)		Value
Metals & Mining (continued)
Teck Resources Ltd.:
4.50%, 01/15/21	USD		82	$	83,230
3.75%, 02/01/23^(f)			828		817,650
8.50%, 06/01/24^(c)(f)			1,212		1,334,715
5.20%, 03/01/42^(f)			615		562,725
5.40%, 02/01/43^(f)			174		163,125
United States Steel Corp.^(f):
6.88%, 08/15/25			309		315,943
6.25%, 03/15/26			383		383,000
Vale Overseas Ltd., 6.25%, 08/10/26^(f)			680		748,000
VM Holdings SA, 5.38%, 05/04/27^(c)(f)			857		845,225

					18,367,350
Multi-Utilities — 0.1%
NGL Energy Partners LP/NGL Energy Finance Corp.^(f):
5.13%, 07/15/19			150		150,563
6.88%, 10/15/21			358		363,370
Superior Plus LP / Superior General Partner, Inc., 7.00%, 07/15/26^(c)			371		374,710

					888,643
Multiline Retail — 0.1%
Neiman Marcus Group Ltd., 8.00%, 10/15/21^(c)(f)			257		161,910
Target Corp., 4.00%, 07/01/42^(f)			300		290,918

					452,828
Offshore Drilling & Other Services — 0.0%
Entegris, Inc., 4.63%, 02/10/26^(c)			225		213,188

Oil, Gas & Consumable Fuels — 8.7%
Aker BP ASA, 5.88%, 03/31/25^(c)			268		274,700
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 7.88%, 12/15/24			139		144,560
Anadarko Petroleum Corp., 4.50%, 07/15/44^(f)			500		476,338
Andeavor Logistics LP, Series A, 6.88%^(d)(f)(l)			388		388,727
Andeavor Logistics LP/Tesoro Logistics Finance Corp., 4.25%, 12/01/27			235		230,928
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 09/15/24			65		65,244
Antero Resources Corp.:
5.13%, 12/01/22			92		92,230
5.63%, 06/01/23			123		125,460
5.00%, 03/01/25			120		120,150
Apache Corp., 4.75%, 04/15/43^(f)			800		767,444
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/22^(c)			247		272,935


			15

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Berry Petroleum Co. LLC, 7.00%, 02/15/26^(c)	USD		211	$	219,967
Bruin E&P Partners LLC, 8.88%, 08/01/23^(c)			372		375,716
California Resources Corp., 8.00%, 12/15/22^(c)			325		290,875
Callon Petroleum Co.:
6.13%, 10/01/24^(f)			242		245,630
6.38%, 07/01/26^(c)			196		197,715
Calumet Specialty Products Partners LP/Calumet Finance Corp.:
6.50%, 04/15/21			30		29,700
7.63%, 01/15/22			152		150,860
Carrizo Oil & Gas, Inc.:
6.25%, 04/15/23^(f)			286		291,005
8.25%, 07/15/25			208		224,640
Chaparral Energy, Inc., 8.75%, 07/15/23^(c)			327		328,226
Cheniere Corpus Christi Holdings LLC^(f):
7.00%, 06/30/24			478		524,605
5.88%, 03/31/25			528		555,720
5.13%, 06/30/27			830		832,490
Cheniere Energy Partners LP, Series WI, 5.25%, 10/01/25^(f)			377		375,115
Chesapeake Energy Corp.:
8.00%, 01/15/25			212		217,300
8.00%, 06/15/27^(f)			849		868,102
Citgo Holding, Inc., 10.75%, 02/15/20^(c)			170		180,889
CNX Resources Corp., 5.88%, 04/15/22^(f)			2,199		2,203,420
Comstock Escrow Corp., 9.75%, 08/15/26^(c)(h)			602		583,007
ConocoPhillips Co., 4.95%, 03/15/26^(f)			700		753,859
CONSOL Energy, Inc.:
8.00%, 04/01/23			30		31,650
11.00%, 11/15/25^(c)(f)			444		490,620
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25^(c)(f)			548		556,220
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 04/01/23			35		35,700
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(c)(f)			1,020		984,300
DCP Midstream LLC^(c):
4.75%, 09/30/21			160		162,038
6.45%, 11/03/36^(f)			213		224,182
6.75%, 09/15/37^(f)			278		298,850
DEA Finance SA, 7.50%, 10/15/22	EUR		100		125,811
Denbury Resources, Inc., 9.25%, 03/31/22^(c)(f)	USD		543		575,580


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Diamond Offshore Drilling, Inc., 7.88%, 08/15/25	USD		218	$	226,992
Diamondback Energy, Inc.:
4.75%, 11/01/24			182		176,540
5.38%, 05/31/25^(f)			72		72,000
5.38%, 05/31/25^(c)			58		57,855
Eclipse Resources Corp., 8.88%, 07/15/23			80		76,600
Enbridge, Inc., 6.25%, 03/01/78^(d)			1,865		1,821,176
Endeavor Energy Resources LP/EER Finance, Inc.^(c):
5.50%, 01/30/26			265		259,037
5.75%, 01/30/28			201		196,478
Energy Transfer Equity LP^(f):
4.25%, 03/15/23			461		448,322
5.88%, 01/15/24			276		287,040
5.50%, 06/01/27			160		164,000
Energy Transfer LP^(f):
6.13%, 12/15/45			500		519,370
5.30%, 04/15/47			350		332,689
EnLink Midstream Partners LP:
4.15%, 06/01/25			47		43,989
4.85%, 07/15/26			46		44,215
Ensco Jersey Finance Ltd., 3.00%, 01/31/24^(j)			598		567,546
Enterprise Products Operating LLC^(f):
3.75%, 02/15/25			1,250		1,247,546
5.38%, 02/15/78^(d)			420		394,542
EP Energy LLC/Everest Acquisition Finance, Inc.:
9.38%, 05/01/20			10		9,850
9.38%, 05/01/24^(c)(f)			431		354,497
7.75%, 05/15/26^(c)			610		622,200
Extraction Oil & Gas, Inc.^(c):
7.38%, 05/15/24			319		334,950
5.63%, 02/01/26^(f)			676		655,720
Frontera Energy Corp., 9.70%, 06/25/23^(c)			697		726,622
Genesis Energy LP/Genesis Energy Finance Corp.^(f):
6.50%, 10/01/25			111		107,393
6.25%, 05/15/26			188		176,720
Geopark Ltd., 6.50%, 09/21/24^(c)			228		224,676
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21^(c)(f)			649		665,225
Gulfport Energy Corp.:
6.63%, 05/01/23			228		230,850
6.00%, 10/15/24			32		30,880
6.38%, 05/15/25			82		79,540
6.38%, 01/15/26			132		127,710


16

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Halcon Resources Corp., 6.75%, 02/15/25^(f)	USD		615	$	570,412
Hess Corp., 4.30%, 04/01/27^(f)			750		734,394
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.63%, 02/15/26^(c)(f)			405		407,025
Impulsora Pipeline LLC, 6.05%, 12/31/42^(b)			1,700		1,700,000
Jagged Peak Energy LLC, 5.88%, 05/01/26^(c)			144		141,480
Kinder Morgan Energy Partners LP, 4.25%, 09/01/24^(f)			2,500		2,519,990
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26^(c)			181		182,077
Matador Resources Co., 6.88%, 04/15/23^(f)			303		318,529
MEG Energy Corp.^(c):
7.00%, 03/31/24			41		37,054
6.50%, 01/15/25^(f)			609		599,104
Murphy Oil Corp.:
6.88%, 08/15/24^(f)			288		302,400
5.75%, 08/15/25			24		24,060
5.88%, 12/01/42			56		50,618
Nabors Industries, Inc.:
0.75%, 01/15/24^(j)			472		368,403
5.75%, 02/01/25^(c)(f)			185		175,288
Neptune Energy Bondco PLC, 6.63%, 05/15/25^(c)			200		195,000
New Enterprise Stone & Lime Co., Inc., 6.25%, 03/15/26^(c)			88		89,183
Newfield Exploration Co.:
5.63%, 07/01/24			38		39,900
5.38%, 01/01/26			428		437,630
NGPL PipeCo LLC^(c):
4.38%, 08/15/22			224		224,560
4.88%, 08/15/27			237		236,704
7.77%, 12/15/37^(f)			378		464,940
Noble Holding International Ltd.^(f):
7.75%, 01/15/24			442		428,740
7.95%, 04/01/25			61		57,645
7.88%, 02/01/26^(c)			964		990,510
Oasis Petroleum, Inc., 6.88%, 01/15/23			26		26,585
Odebrecht Offshore Drilling Finance^(c):
6.72%, 12/01/22^(f)	BRL		308		292,233
7.72%, 12/01/26^(g)			29		8,319
Paramount Resources Ltd., 6.88%, 06/30/23^(c)(f)	USD		499		516,465
Parsley Energy LLC/Parsley Finance Corp.^(c):
6.25%, 06/01/24			79		82,160
5.38%, 01/15/25^(f)			361		359,195
5.25%, 08/15/25			91		89,863


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Parsley Energy LLC/Parsley Finance Corp.^(c) (continued):
5.63%, 10/15/27	USD		225	$	223,312
PBF Holding Co. LLC/ PBF Finance Corp., 7.25%, 06/15/25^(f)			252		263,655
PDC Energy, Inc.:
1.13%, 09/15/21^(j)			958		1,003,075
6.13%, 09/15/24			42		42,158
5.75%, 05/15/26			133		131,504
Petrobras Global Finance BV^(f):
8.38%, 05/23/21			126		138,537
6.13%, 01/17/22			310		321,377
5.30%, 01/27/25^(c)			403		385,208
8.75%, 05/23/26			637		720,128
6.00%, 01/27/28^(c)			1,093		1,034,197
Petroleos Mexicanos:
5.38%, 03/13/22			47		48,269
6.50%, 03/13/27^(f)			424		430,360
5.35%, 02/12/28^(c)			199		185,926
QEP Resources, Inc.:
6.88%, 03/01/21			21		22,313
5.63%, 03/01/26			457		439,862
Range Resources Corp.:
5.88%, 07/01/22^(f)			263		264,315
5.00%, 08/15/22^(f)			91		89,180
5.00%, 03/15/23			91		87,246
4.88%, 05/15/25^(f)			301		278,801
Resolute Energy Corp., 8.50%, 05/01/20^(f)			492		492,922
Rockies Express Pipeline LLC^(c)(f):
5.63%, 04/15/20			875		900,287
6.88%, 04/15/40			504		584,640
Rowan Cos., Inc.:
4.88%, 06/01/22			85		79,581
4.75%, 01/15/24			75		64,875
7.38%, 06/15/25^(f)			387		372,971
Sabine Pass Liquefaction LLC, 5.75%, 05/15/24			10		10,785
Sanchez Energy Corp.:
7.75%, 06/15/21^(f)			1,138		984,370
6.13%, 01/15/23^(f)			215		147,544
7.25%, 02/15/23^(c)			139		136,783
SESI LLC,
7.13%, 12/15/21			100		102,000
7.75%, 09/15/24			247		254,410
Seven Generations Energy Ltd., 5.38%, 09/30/25^(c)(f)			741		711,360
Shell International Finance BV, 4.38%, 05/11/45^(f)			450		471,203
SM Energy Co.:
6.50%, 01/01/23			82		83,230
5.00%, 01/15/24			227		218,488
5.63%, 06/01/25^(f)			456		444,030
6.75%, 09/15/26^(f)			195		198,413


			17

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Southwestern Energy Co.:
6.20%, 01/23/25	USD		154	$	151,883
7.50%, 04/01/26^(f)			333		343,406
7.75%, 10/01/27^(f)			289		302,186
Suncor Energy, Inc., 6.50%, 06/15/38^(f)			800		999,630
Sunoco LP/Sunoco Finance Corp.^(c):
4.88%, 01/15/23			496		487,429
5.88%, 03/15/28			147		138,180
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(c)(f):
5.50%, 09/15/24			783		802,575
5.50%, 01/15/28			680		681,700
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.25%, 05/01/23			16		16,120
5.13%, 02/01/25			155		154,225
5.88%, 04/15/26^(c)(f)			402		410,040
5.00%, 01/15/28^(c)(f)			424		400,150
Transocean Guardian Ltd., 5.88%, 01/15/24^(c)			319		322,190
Transocean Pontus Ltd., 6.13%, 08/01/25^(c)			376		383,054
Whiting Petroleum Corp., 6.63%, 01/15/26^(f)			345		357,291
WildHorse Resource Development Corp.:
6.88%, 02/01/25			22		22,220
6.88%, 02/01/25^(c)			166		167,660
Williams Cos., Inc.:
8.75%, 03/15/32			167		219,188
5.75%, 06/24/44			377		401,505
Williams Partners LP, 4.50%, 11/15/23^(f)			1,750		1,788,282
WPX Energy, Inc.:
6.00%, 01/15/22			41		42,538
8.25%, 08/01/23			77		87,110
5.25%, 09/15/24^(f)			498		494,887
5.75%, 06/01/26			200		200,500
YPF SA, 8.50%, 07/28/25			1,061		1,061,000

					62,648,008
Paper & Forest Products — 0.0%
Norbord, Inc., 6.25%, 04/15/23^(c)			200		208,770

Pharmaceuticals — 2.1%
AbbVie, Inc.^(f):
3.20%, 05/14/26			775		727,525
4.45%, 05/14/46			1,000		953,842
Actavis Funding SCS^(f):
3.80%, 03/15/25			1,000		981,152
4.75%, 03/15/45			500		494,460


Security		Par (000)		Value
Pharmaceuticals (continued)
Charles River Laboratories International, Inc., 5.50%, 04/01/26^(c)	USD		150	$	151,875
CVS Health Corp., 5.05%, 03/25/48^(f)			1,110		1,150,290
Endo Finance LLC/Endo Finco, Inc., 5.38%, 01/15/23^(c)(f)			620		523,125
Forest Laboratories LLC, 5.00%, 12/15/21^(c)(f)			718		745,649
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24^(c)(f)			190		199,500
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23^(c)(f)			1,166		1,174,384
Mylan NV, 3.95%, 06/15/26^(f)			650		625,743
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26^(f)			300		277,230
Synlab Bondco PLC, 6.25%, 07/01/22	EUR		145		174,778
Synlab Unsecured Bondco PLC, 8.25%, 07/01/23			100		124,005
Teva Pharmaceutical Finance Netherlands III BV, 1.70%, 07/19/19^(f)	USD		536		525,798
Valeant Pharmaceuticals International, Inc.:
7.50%, 07/15/21^(c)			26		26,520
5.63%, 12/01/21^(c)(f)			554		548,460
6.50%, 03/15/22^(c)(f)			408		425,422
5.50%, 03/01/23^(c)(f)			2,119		2,007,752
4.50%, 05/15/23	EUR		452		510,565
5.88%, 05/15/23^(c)(f)	USD		500		480,250
7.00%, 03/15/24^(c)(f)			566		600,101
6.13%, 04/15/25^(c)(f)			314		294,375
5.50%, 11/01/25^(c)(f)			677		678,219
9.25%, 04/01/26^(c)			112		119,140
8.50%, 01/31/27^(c)			566		581,282

					15,101,442
Real Estate Management & Development — 0.8%
ADLER Real Estate AG:
1.88%, 04/27/23	EUR		100		114,892
2.13%, 02/06/24			100		114,881
3.00%, 04/27/26			100		114,851
Greystar Real Estate Partners LLC, 5.75%, 12/01/25^(c)	USD		208		201,760
Howard Hughes Corp., 5.38%, 03/15/25^(c)(f)			256		250,560
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29^(c)(f)			4,360		4,158,350


18

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Real Estate Management & Development (continued)
Realogy Group LLC/Realogy Co-Issuer Corp.^(c)(f):
4.50%, 04/15/19	USD		205	$	205,512
5.25%, 12/01/21			252		252,630
4.88%, 06/01/23			58		53,998
RESIDOMO Sro, 3.38%, 10/15/24	EUR		100		117,831

					5,585,265
Road & Rail — 1.1%
Ashtead Capital, Inc., 5.25%, 08/01/26^(c)	USD		278		280,433
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.13%, 06/01/22^(c)(f)			462		456,225
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42^(f)			500		514,789
EC Finance PLC, 2.38%, 11/15/22	EUR		200		233,580
Flexi-Van Leasing, Inc., 10.00%, 02/15/23^(c)	USD		203		189,805
Herc Rentals, Inc.^(c):
7.50%, 06/01/22			59		62,245
7.75%, 06/01/24^(f)			199		213,244
Hertz Corp., 7.63%, 06/01/22^(c)(f)			478		465,452
Hertz Holdings Netherlands BV, 5.50%, 03/30/23	EUR		100		115,824
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34^(c)(f)	USD		4,000		4,175,100
Loxam SAS, 3.50%, 05/03/23	EUR		100		120,311
Union Pacific Corp., 4.05%, 11/15/45^(f)	USD		500		481,588
United Rentals North America, Inc.:
4.63%, 10/15/25^(f)			453		437,145
5.88%, 09/15/26			72		73,080

					7,818,821
Semiconductors & Semiconductor Equipment — 0.9%
Advanced Micro Devices, Inc., 7.50%, 08/15/22			89		99,012
Analog Devices, Inc., 3.50%, 12/05/26^(f)			320		305,227
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27^(f)			2,600		2,438,352
Microchip Technology, Inc., 1.63%, 02/15/25^(j)			570		1,025,407
Micron Technology, Inc., 5.50%, 02/01/25			11		11,371
NXP BV/NXP Funding LLC^(c)(f):
4.13%, 06/01/21			203		203,514
4.63%, 06/15/22			410		415,125
4.63%, 06/01/23			224		226,520
ON Semiconductor Corp., 1.00%, 12/01/20^(j)			594		775,607
Qorvo, Inc., 5.50%, 07/15/26^(c)			500		509,375
QUALCOMM, Inc., 4.65%, 05/20/35^(f)			400		402,659


Security		Par (000)		Value
Semiconductors & Semiconductor Equipment (continued)
Sensata Technologies BV, 5.00%, 10/01/25^(c)	USD		84	$	84,000
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/26^(c)			222		232,822

					6,728,991
Software — 1.9%
ACI Worldwide, Inc., 6.38%, 08/15/20^(c)(f)			580		580,000
BMC Software Finance, Inc., 8.13%, 07/15/21^(c)(f)			263		269,246
CA, Inc., 3.60%, 08/15/22^(f)			660		651,110
CDK Global, Inc.:
5.88%, 06/15/26			120		123,000
4.88%, 06/01/27^(f)			460		450,225
Citrix Systems, Inc., 0.50%, 04/15/19^(j)			166		252,493
Genesys Telecommunications Laboratories Inc/Greeneden Lux 3 Sarl/Greeneden US Holdings LLC, 10.00%, 11/30/24^(c)(f)			725		804,750
Infinity Acquisition LLC/Infinity Acquisition Finance Corp., 7.25%, 08/01/22^(c)			51		51,925
Infor US, Inc., 6.50%, 05/15/22^(f)			2,142		2,168,775
Informatica LLC, 7.13%, 07/15/23^(c)(f)			1,047		1,065,323
Microsoft Corp., 3.70%, 08/08/46^(f)			1,750		1,699,589
Nuance Communications, Inc.:
5.38%, 08/15/20^(c)(f)			47		46,824
6.00%, 07/01/24^(f)			238		242,165
5.63%, 12/15/26			153		152,235
Oracle Corp., 4.00%, 07/15/46^(f)			1,500		1,454,109
PTC, Inc., 6.00%, 05/15/24^(f)			269		281,024
RP Crown Parent LLC, 7.38%, 10/15/24^(c)(f)			544		556,240
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24^(c)(f)			1,792		1,981,517
TIBCO Software, Inc., 11.38%, 12/01/21^(c)(f)			929		1,003,320

					13,833,870
Specialty Retail — 0.4%
Asbury Automotive Group, Inc., 6.00%, 12/15/24^(f)			395		393,025
Catalent Pharma Solutions, Inc., 4.88%, 01/15/26^(c)(f)			384		376,320
Group 1 Automotive, Inc., 5.25%, 12/15/23^(c)			53		51,675
Hexion US Finance Corp., 6.63%, 04/15/20			226		213,005
JC Penney Corp., Inc., 8.13%, 10/01/19^(f)			11		11,371
L Brands, Inc.:
6.88%, 11/01/35^(f)			478		410,483
6.75%, 07/01/36			79		66,755
Lowe’s Cos., Inc., 4.65%, 04/15/42^(f)			400		422,422
Masaria Investments SAU, 5.00%, 09/15/24	EUR		100		110,591


			19

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Specialty Retail (continued)
Party City Holdings, Inc., 6.63%, 08/01/26^(c)	USD		276		276,690
Penske Automotive Group, Inc., 5.50%, 05/15/26			32		31,120
PVH Corp., 3.13%, 12/15/27	EUR		114		131,968
Shop Direct Funding PLC, 7.75%, 11/15/22	GBP		100		115,503

					2,610,928
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc., 4.65%, 02/23/46^(f)	USD		1,500		1,636,654
Dell International LLC/EMC Corp.^(c):
4.42%, 06/15/21			25		25,375
7.13%, 06/15/24^(f)			774		832,050
6.02%, 06/15/26^(f)			170		179,712
8.35%, 07/15/46^(f)			100		123,101
Western Digital Corp., 4.75%, 02/15/26^(f)			931		915,289

					3,712,181
Textiles, Apparel & Luxury Goods — 0.0%
BiSoho SAS, 5.88%, 05/01/23	EUR		49		59,814

Thrifts & Mortgage Finance — 0.1%
Jerrold Finco PLC, 6.25%, 09/15/21	GBP		100		133,250
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(c)(f):
5.25%, 03/15/22	USD		27		27,003
5.25%, 10/01/25			338		316,030

					476,283
Tobacco — 0.3%
Altria Group, Inc., 4.50%, 05/02/43^(f)			750		723,437
Philip Morris International, Inc., 4.38%, 11/15/41^(f)			900		882,207
Reynolds American, Inc., 5.85%, 08/15/45^(f)			715		803,401

					2,409,045
Trading Companies & Distributors — 0.0%
Doric Nimrod Air Alpha Ltd. Pass-Through Trust, Series 2012-1, Class B, 6.50%, 05/30/21^(c)			151		153,815

Trading Companies & Distributors — 0.0%
JB Poindexter & Co., Inc., 7.13%, 04/15/26^(c)			121		125,235

Transportation Infrastructure — 0.3%
Ceva Logistics Finance BV, 5.25%, 08/01/25	EUR		100		116,305


Security		Par (000)		Value
Transportation Infrastructure (continued)
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40%, 11/15/26^(c)(f)	USD		390	$	364,555
Rumo Luxembourg Sarl, 7.38%, 02/09/24^(c)(f)			1,061		1,100,257
Transurban Finance Co. Property Ltd., 4.13%, 02/02/26^(c)(f)			520		512,305
WFS Global Holding SAS, 9.50%, 07/15/22	EUR		100		122,782

					2,216,204
Utilities — 0.4%
ContourGlobal Power Holdings SA, 3.38%, 08/01/23			100		117,110
Emera US Finance LP, 4.75%, 06/15/46^(f)	USD		200		198,949
Generacion Mediterranea SA/Generacion Frias SA/Central Termica Roca SA, 9.63%, 07/27/23^(c)(f)			1,061		1,045,085
Inkia Energy Ltd., 5.88%, 11/09/27^(c)(f)			455		441,350
Stoneway Capital Corp., 10.00%, 03/01/27^(c)			1,061		1,035,409

					2,837,903
Wireless Telecommunication Services — 2.3%
CoreCivic, Inc., 4.75%, 10/15/27			200		179,190
CyrusOne LP/CyrusOne Finance Corp.:
5.00%, 03/15/24^(f)			604		606,265
5.38%, 03/15/27			78		77,415
Digicel Group Ltd., 7.13%, 04/01/22^(c)			343		218,234
Digicel Ltd., 6.00%, 04/15/21^(c)(f)			5,000		4,625,000
Frontier Communications Corp., 8.50%, 04/01/26^(c)(f)			509		488,640
Iron Mountain, Inc., 3.00%, 01/15/25	EUR		100		116,058
Matterhorn Telecom SA:
(3 mo. Euribor + 3.25%), 3.25%, 02/01/23^(a)			14		15,795
4.00%, 11/15/27			100		111,088
Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 02/15/25^(c)(f)	USD		256		239,360
SBA Communications Corp.^(f):
4.00%, 10/01/22			475		459,714
4.88%, 09/01/24			309		298,958
Sprint Capital Corp.:
6.90%, 05/01/19			155		158,178
6.88%, 11/15/28			656		631,400
8.75%, 03/15/32			449		483,236
Sprint Communications, Inc., 7.00%, 03/01/20^(c)(f)			1,302		1,351,346


20

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Wireless Telecommunication Services (continued)
Sprint Corp.^(f):
7.88%, 09/15/23	USD		704	$	751,520
7.13%, 06/15/24			1,876		1,926,417
7.63%, 02/15/25			623		651,427
7.63%, 03/01/26			886		919,225
T-Mobile USA, Inc.:
4.00%, 04/15/22^(f)			234		231,368
6.38%, 03/01/25			220		229,350
6.50%, 01/15/26			286		299,942
4.50%, 02/01/26^(f)			556		522,640
4.75%, 02/01/28^(f)			406		376,443
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC:
6.00%, 04/15/23^(c)			262		252,830
8.25%, 10/15/23^(f)			205		191,675
Wind Tre SpA, 3.13%, 01/20/25	EUR		200		218,547

					16,631,261

Total Corporate Bonds — 67.5% (Cost — $ 486,011,853)					484,087,335


Floating Rate Loan Interests^(a) — 12.5%

Aerospace & Defense — 0.1%
Accudyne Industries LLC, 2017 Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.33%, 08/18/24	USD		396		397,115
Sequa Mezzanine Holdings LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 9.00%, 1.00% Floor), 11.07%, 04/28/22^(b)			73		73,000
WP CPP Holdings LLC, 2018 Term Loan, (6 mo. LIBOR + 3.75%), 6.28%, 04/30/25			62		61,974

					532,089
Air Freight & Logistics — 0.0%
CEVA Group PLC, Letter of Credit, (3 mo. LIBOR + 5.50%), 6.50%, 03/19/21^(b)			43		42,229
CEVA Intercompany BV, Dutch Term Loan, (1 mo. LIBOR + 5.50%, 1.00% Floor), 7.58%, 03/19/21			18		18,038
CEVA Logistics Canada ULC, Canadian Term Loan, (1 mo. LIBOR + 5.50%, 1.00% Floor), 7.58%, 03/19/21			9		8,590


Security		Par (000)		Value
Air Freight & Logistics (continued)
CEVA Logistics US Holdings, Inc., Term Loan, (1 mo. LIBOR + 5.50%, 1.00% Floor), 7.58%, 03/19/21	USD		75	$	75,069

					143,926
Auto Components — 0.0%
USI, Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 5.33%, 05/16/24			215		214,240

Auto Parts — 0.0%
Mavis Tire Express Services Corp.:
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.34%, 03/20/25			86		85,410
2018 Delayed Draw Term Loan, (1 mo. LIBOR + 3.25%), 1.24%, 03/20/25			14		754

					86,164
Building Products — 0.1%
Ply Gem Industries, Inc., 2018 Term Loan, (3 mo. LIBOR + 3.75%), 6.09%, 04/12/25			663		663,360
Reece Ltd., 2018 Term Loan B, 07/02/25^(b)(n)			73		73,330

					736,690
Chemicals — 0.1%
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.33%, 01/31/24			316		316,258
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.58%, 06/28/24			61		60,847
Invictus U.S. LLC:
1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.08%, 03/28/25			125		125,333
2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 8.83%, 03/25/26			68		67,830

					570,268
Commercial Services & Supplies — 0.2%
Asurion LLC, 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 8.58%, 08/04/25			514		521,175
West Corp., 2017 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 6.08%, 10/10/24			587		586,560


			21

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Commercial Services & Supplies (continued)
West Corporation, 2018 Term Loan B1, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.58%, 10/10/24	USD		86	$	85,499

					1,193,234
Construction & Engineering — 0.3%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 6.60%, 06/21/24			1,785		1,792,841
SRS Distribution, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 5.58%, 05/23/25			443		435,248

					2,228,089
Construction Materials — 0.0%
Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.08%, 03/29/25			67		67,069

Diversified Consumer Services — 0.1%
Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.08%, 07/12/24			72		71,370
CHG PPC Parent LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 4.83%, 03/31/25^(b)			129		128,839
Laureate Education, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.58%, 04/26/24			146		146,301

					346,510
Diversified Financial Services — 7.4%
Aviron Capital LLC, 2017 Term Loan, (3 mo. LIBOR + 5.00%), 7.34%, 07/17/20^(b)			63,318		52,003,084
Lone Star LSPT Future Funding, Mezzanine Term Loan, (1 mo. LIBOR + 4.35%), 6.43%, 09/09/20^(b)			574		573,637

					52,576,721
Diversified Telecommunication Services — 0.2%
CenturyLink, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 4.83%, 01/31/25			904		889,984
TDC A/S, Term Loan, 05/31/25⁽ⁿ⁾			222		223,110

					1,113,094
Energy Equipment & Services — 0.2%
Gavilan Resources LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%, 1.00% Floor), 8.08%, 03/01/24			323		317,347


Security		Par (000)		Value
Energy Equipment & Services (continued)
GrafTech Finance, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.59%, 02/12/25	USD		202	$	201,748
Pioneer Energy Services Corp., Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 9.83%, 11/08/22			704		727,760
Weatherford International Ltd., Term Loan, (1 mo. LIBOR + 1.42%), 3.51%, 07/13/20			246		242,759

					1,489,614
Food & Staples Retailing — 0.1%
Albertsons LLC, 2018 ABL Last Out Term Loan, 05/02/23⁽ⁿ⁾			407		405,832

Food Products — 0.0%
Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.58%, 10/10/23			70		70,025
JBS USA LLC, 2017 Term Loan B, (3 mo. LIBOR + 2.50%), 4.83%, 10/30/22			203		202,728

					272,753
Gas Utilities — 0.0%
AL Midcoast Holdings LLC, 2018 Term Loan B, 07/31/25⁽ⁿ⁾			306		308,295

Health Care Equipment & Supplies — 0.3%
DJO Finance LLC, 2015 Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.46%, 06/08/20			926		924,210
Immucor, Inc., Extended Term Loan B, (2 mo. LIBOR + 5.00%, 1.00% Floor), 7.17%, 06/15/21			852		860,625
Ortho-Clinical Diagnostics SA, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.33%, 06/30/25			222		222,032

					2,006,867
Health Care Providers & Services — 0.2%
AHP Health Partners, Inc., 2018 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.57%, 06/30/25			174		175,087
DentalCorp Perfect Smile ULC, 1.00% Floor):
1st Lien Delayed Draw Term Loan, (1 mo. LIBOR + 3.75%, 0.80%, 06/06/25			28		1,615
1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 5.83%, 06/06/25			114		113,711


22

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)			Value
Health Care Providers & Services (continued)
Gentiva Health Services, Inc.:
2018 1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 6.13%, 07/02/25^(b)	USD		455		$	458,524
2018 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%), 9.38%, 07/02/26			67			68,426
Quorum Health Corporation, Term Loan B, (1 mo. LIBOR + 6.75%, 1.00% Floor), 8.83%, 04/29/22			252			255,254
Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.83%, 02/06/24			445			431,589

						1,504,206
Hotels, Restaurants & Leisure — 0.4%
Bronco Midstream Funding LLC, Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.83%, 08/14/23			126			125,646
GVC Holdings PLC, 2018 Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 4.58%, 03/29/24			—	^(e)		223
Las Vegas Sands LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.83%, 03/27/25			698			696,504
Stars Group Holdings BV, 2018 Incremental Term Loan, (3 mo. LIBOR + 3.50%), 5.83%, 07/10/25			1,736			1,750,704

						2,573,077
Household Products — 0.0%
Energizer Holdings, Inc., 2018 Term Loan B, 06/30/25⁽ⁿ⁾			105			105,263

Industrial Conglomerates — 0.1%
Brookfield WEC Holdings, Inc., 2018 2nd Lien Term Loan, 07/25/26⁽ⁿ⁾			105			106,613
Cortes NP Acquisition Corp., 2017 Term Loan B, (1 mo. LIBOR + 4.00%, 1.00% Floor), 6.10%, 11/30/23			361			358,076
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (1 mo. LIBOR + 5.00%, 1.00% Floor), 7.07%, 11/28/21^(b)			201			200,970

						665,659
Insurance — 0.1%
Alliant Holdings I, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.08%, 05/09/25			61			60,973


Security		Par (000)		Value
Insurance (continued)
Sedgwick Claims Management Services, Inc.:
1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.83%, 03/01/21	USD		788	$	786,700
2nd Lien Term Loan, 02/28/22			161		162,006

					1,009,679
Internet Software & Services — 0.0%
GTT Communications, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 4.83%, 05/31/25			5		4,614
TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.83%, 05/06/24			173		171,248

					175,862
IT Services — 0.1%
Access CIG LLC:
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.83%, 02/27/25			74		74,002
2018 2nd Lien Incremental Term Loan, (1 mo. LIBOR + 7.75%), 9.83%, 02/27/26			3		3,005
2018 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%), 9.83%, 02/27/26			27		26,652
2018 Incremental Term Loan, (1 mo. LIBOR + 3.75%), 5.83%, 02/27/25			11		10,992
Flexential Intermediate Corp., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.83%, 08/01/24			177		175,856


			23

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
IT Services (continued)
Peak 10 Holding Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 9.61%, 08/01/25	USD		75	$	74,384

					364,891
Life Sciences Tools & Services — 0.0%
Albany Molecular Research, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.33%, 08/30/24			101		100,920

Machinery — 0.1%
Titan Acquisition Ltd., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.08%, 03/28/25			993		975,606

Media — 0.7%
Altice France SA, 2018 Term Loan B13, 07/13/26⁽ⁿ⁾			780		762,325
Charter Communications Operating LLC, 2017 Term Loan A2, (1 mo. LIBOR + 1.50%), 3.58%, 03/31/23			1,563		1,560,971
Intelsat Jackson Holdings SA:
2017 Term Loan B3, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.83%, 11/27/23			107		107,385
2017 Term Loan B4, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.58%, 01/02/24			330		345,303
2017 Term Loan B5, (Fixed + 6.62%), 6.63%, 01/02/24			1,841		1,924,478
PSAV Holdings LLC, 1.00% Floor):
2018 1st Lien Term Loan, (2 mo. LIBOR + 3.25%), 5.43%, 03/01/25			151		149,400
2018 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 9.59%, 09/01/25			122		120,628


Security		Par (000)		Value
Media (continued)
Unitymedia Finance LLC, USD Term Loan D, (1 mo. LIBOR + 2.25%), 4.32%, 01/15/26	USD		200	$	199,388

					5,169,878
Multiline Retail — 0.0%
Neiman Marcus Group, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.34%, 10/25/20			324		285,949

Oil & Gas Equipment & Services — 0.3%
McDermott Technology Americas, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 5.00%, 1.00% Floor), 7.08%, 05/10/25			1,734		1,743,190

Oil, Gas & Consumable Fuels — 0.5%
Brazos Delaware II LLC, Term Loan B, (1 mo. LIBOR + 4.00%), 6.09%, 05/21/25			56		55,044
California Resources Corp., 2017 1st Lien Term Loan, (1 mo. LIBOR + 4.75%), 6.83%, 12/31/22			826		839,076
Chesapeake Energy Corp., Term Loan, (1 mo. LIBOR + 7.50%, 1.00% Floor), 9.58%, 08/23/21			1,629		1,701,078
CONSOL Energy, Inc., 1st Lien Term Loan B, (3 mo. LIBOR + 6.00%, 1.00% Floor), 8.32%, 10/26/22			360		367,644
GIP III Stetson I, L.P, 2018 Term Loan B, 07/19/25⁽ⁿ⁾			294		295,102
Lucid Energy Group II LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.08%, 02/17/25^(b)			192		186,501
Medallion Midland Acquisition LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.33%, 10/30/24			131		129,082
Vine Oil & Gas LP, Term Loan B, (1 mo. LIBOR + 6.87%, 1.00% Floor), 8.95%, 12/12/21^(b)			315		315,000

					3,888,527
Pharmaceuticals — 0.2%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 5.63%, 05/04/25			366		368,711
Auris Luxembourg III Sarl, 2018 Term Loan B, 07/20/25⁽ⁿ⁾			298		299,862
Endo Luxembourg Finance Company I Sarl, 2017 Term Loan B, (1 mo. LIBOR + 4.25%), 6.38%, 04/29/24			651		650,923


24

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Pharmaceuticals (continued)
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.09%, 06/01/25	USD		183	$	183,319

					1,502,815
Semiconductors & Semiconductor Equipment — 0.1%
Microchip Technology Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.08%, 05/29/25			363		363,365

Software — 0.5%
Applied Systems, Inc., 1.00% Floor):
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 5.33%, 09/19/24			35		35,565
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%, 9.33%, 09/19/25			34		34,999
BMC Software Finance, Inc., 2018 Term Loan B, 06/26/25⁽ⁿ⁾			550		549,499
Cypress Intermediate Holdings III, Inc., 1.00% Floor):
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 5.08%, 04/27/24			132		131,737
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 8.83%, 04/27/25			40		40,233
Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 5.33%, 05/28/24			265		254,050
Kronos, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 1.00% Floor), 10.61%, 11/01/24			624		642,598
McAfee LLC, 2017 Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.57%, 09/30/24			322		323,580
Mitchell International, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.33%, 11/29/24			73		72,838
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 9.33%, 11/20/25			168		168,071
2017 Delayed Draw Term Loan, (3 mo. LIBOR + 3.25%), 5.33%, 11/29/24			12		12,325
PowerSchool, 2018 Term Loan B, 05/30/25⁽ⁿ⁾			183		182,314
Renaissance Learning, Inc., 2018 Add On Term Loan, (3 mo. LIBOR + 3.25%), 5.58%, 05/30/25			129		128,591


Security		Par (000)		Value
Software (continued)
SS&C Technologies Holdings Europe SARL, 2018 Term Loan B4, (1 mo. LIBOR + 2.50%), 4.58%, 04/16/25	USD		220	$	220,876
SS&C Technologies Inc., 2018 Term Loan B3, (1 mo. LIBOR + 2.50%), 4.58%, 04/16/25			610		611,677
Tempo Acquisition LLC, Term Loan, (1 mo. LIBOR + 3.00%), 5.08%, 05/01/24			155		154,869

					3,563,822
Specialty Retail — 0.0%
Belron Finance US LLC, Term Loan B, (3 mo. LIBOR + 2.50%), 4.86%, 11/07/24^(b)			143		143,638

Textiles, Apparel & Luxury Goods — 0.0%
Ascend Performance Materials Operations LLC, Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 7.58%, 08/12/22			307		307,879

Trading Companies & Distributors — 0.0%
Beacon Roofing Supply, Inc., 2017 Term Loan B, (PRIME + 1.25%), 4.35%, 01/02/25			153		152,395

Transportation — 0.0%
Direct ChassisLink, Inc., 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%), 8.08%, 06/15/23^(b)			55		55,275

Utilities — 0.0%
ExGen Renewables IV LLC, Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.31%, 11/28/24^(b)			91		91,775

Wireless Telecommunication Services — 0.1%
Xplornet Communications, Inc., Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.33%, 09/09/21^(b)			344		345,561

Total Floating Rate Loan Interests — 12.5% (Cost — $100,307,340)					89,380,687

Foreign Agency Obligations — 7.3%
Argentine Republic Government International Bond:
6.88%, 04/22/21			834		835,668
5.63%, 01/26/22^(f)			1,177		1,119,927
7.50%, 04/22/26^(f)			3,437		3,273,742
6.88%, 01/26/27^(f)			2,611		2,376,010
7.63%, 04/22/46^(f)			2,767		2,346,444


			25

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Colombia Government International Bond^(f):
4.38%, 07/12/21	USD		480	$	491,520
4.50%, 01/28/26			715		731,087
Cyprus Government International Bond, 4.63%, 02/03/20^(c)	EUR		2,950		3,673,391
Egypt Government International Bond:
5.75%, 04/29/20	USD		2,360		2,401,904
5.58%, 02/21/23^(c)			400		396,748
Iceland Government International Bond, 5.88%, 05/11/22^(f)			3,415		3,747,912
Indonesia Government International Bond:
3.75%, 04/25/22			1,104		1,100,780
4.75%, 01/08/26			1,125		1,157,100
4.10%, 04/24/28			369		361,694
Indonesia Treasury Bond:
7.88%, 04/15/19	IDR		35,807,000		2,492,227
11.00%, 11/15/20			15,586,000		1,164,769
8.38%, 09/15/26			17,965,000		1,282,983
Lebanon Government International Bond, 6.85%, 03/23/27	USD		238		200,563
Mexican Bonos:
8.00%, 06/11/20	MXN		3,900		209,799
7.50%, 06/03/27			9,900		522,198
Mexico Government International Bond:
4.00%, 10/02/23	USD		1,156		1,160,335
4.15%, 03/28/27			730		718,685
Portugal Government International Bond, 5.13%, 10/15/24^(c)(f)			3,680		3,837,003
Qatar Government International Bond, 4.63%, 06/02/46			519		513,685
Republic of South Africa Government Bond, 6.25%, 03/31/36	ZAR		28,885		1,623,406
Republic of South Africa Government International Bond:
5.50%, 03/09/20	USD		523		538,056
5.88%, 05/30/22^(f)			2,698		2,856,292
4.88%, 04/14/26^(f)			843		826,936
Russian Federal Bond — OFZ:
6.40%, 05/27/20	RUB		71,132		1,125,781
7.05%, 01/19/28			124,934		1,932,831
Russian Foreign Bond — Eurobond:
4.75%, 05/27/26	USD		400		405,500
4.25%, 06/23/27			400		389,862
5.63%, 04/04/42			400		429,001
Saudi Government International Bond^(c):
3.25%, 10/26/26			789		743,948
4.50%, 04/17/30			207		208,726
Turkey Government International Bond:
5.63%, 03/30/21^(f)			1,514		1,491,563
5.13%, 03/25/22^(f)			2,418		2,315,032


Security		Par (000)		Value
Turkey Government International Bond (continued):
6.25%, 09/26/22^(f)	USD		467	$	461,615
7.38%, 02/05/25^(f)			301		306,108
4.88%, 04/16/43			791		571,846

Total Foreign Agency Obligations — 7.3% (Cost — $54,674,932)					52,342,677


Non-Agency Mortgage-Backed Securities — 18.5%

Collateralized Mortgage Obligations — 16.8%
American Home Mortgage Assets Trust, Series 2006-5, Class A1, (12 mo. MTA + 0.92%), 2.48%, 11/25/46^(a)			5,637		3,071,754
CHL Mortgage Pass-Through Trust:
Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.24%), 2.30%, 03/25/36^(a)			9,617		9,136,367
Series 2007-J2, Class 2A1, (1 mo. LIBOR US + 0.65%), 2.71%, 07/25/37^(a)			4,199		2,353,640
Series 2007-J2, Class 2A8, 6.00%, 07/25/37			2,319		1,698,418
CIM Trust, Series 2017-6, Class A1, 3.02%, 06/25/57^(c)(d)			9,441		9,239,047
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 3.83%, 11/25/36^(d)			5,110		4,827,225
Countrywide Alternative Loan Trust:
Series 2005-61, Class 2A1, (1 mo. LIBOR US + 0.28%), 2.34%, 12/25/35^(a)			2,990		2,851,816
Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.45%), 2.51%, 05/25/35^(a)			3,139		2,889,300
Series 2006-40T1, Class 2A5, (1 mo. LIBOR US + 0.40%), 2.46%, 12/25/36^(a)			2,393		720,308
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36			2,592		1,871,318
Series 2006-J7, Class 2A1, (11th District Cost of Funds + 1.50%), 2.39%, 11/20/46^(a)			6,155		4,204,544
Series 2006-J8, Class A5, 6.00%, 02/25/37			1,821		1,283,845
Series 2006-OA14, Class 3A1, (12 mo. MTA + 0.85%), 2.50%, 11/25/46^(a)			8,544		7,188,548
Series 2006-OA16, Class A2, (1 mo. LIBOR US + 0.19%), 2.25%, 10/25/46^(a)			6,068		5,833,070


26

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Countrywide Alternative Loan Trust (continued):
Series 2006-OA18, Class A1, (1 mo. LIBOR US + 0.12%), 2.18%, 12/25/46^(a)	USD		3,650	$	3,476,891
Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.21%), 2.27%, 07/25/46^(a)			7,280		6,236,348
Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.19%), 2.25%, 07/25/46^(a)			2,693		2,513,697
Series 2007-12T1, Class A22, 5.75%, 06/25/37			5,254		4,035,220
Series 2007-12T1, Class A5, 6.00%, 06/25/37			2,550		2,008,059
Series 2007-22, Class 2A16, 6.50%, 09/25/37			9,125		6,405,566
Series 2007-23CB, Class A1, 6.00%, 09/25/37			6,726		5,634,661
Series 2007-4CB, Class 1A3, (1 mo. LIBOR US + 0.35%), 2.41%, 04/25/37^(a)			3,829		3,052,006
Series 2007-OA2, Class 1A1, (12 mo. MTA + 0.84%), 2.49%, 03/25/47^(a)			4,394		3,613,719
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.20%), 2.26%, 04/25/46^(a)			8,018		7,313,970
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 2.88%, 05/26/37^(b)(c)			11,244		9,220,095
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36^(d)			8,194		3,205,104
Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, (1 mo. LIBOR US + 0.60%), 2.66%, 08/25/36^(a)			6,798		2,028,534
WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 1A, (12 mo. MTA + 0.77%), 2.42%, 05/25/47^(a)			4,369		4,126,821

					120,039,891
Commercial Mortgage-Backed Securities — 1.7%
Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2013-DSMZ, Class M, (1 mo. LIBOR + 5.69%), 7.76%, 09/15/18^(a)(c)			7,500		7,499,925


Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Commercial Mortgage Pass-Through Certificates, Series 2014-PAT^(a)(c):
Class E, (1 mo. LIBOR + 3.15%), 5.22%, 08/13/27	USD		1,000	$	1,007,865
Class F, (1 mo. LIBOR + 2.44%), 4.51%, 08/13/27			3,000		2,997,547
Class G, (1 mo. LIBOR + 1.59%), 3.66%, 08/13/27			1,040		1,028,244
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C3, Class B, 4.88%, 07/15/37			51		50,685

					12,584,266

Total Non-Agency Mortgage-Backed Securities — 18.5% (Cost — $130,281,955)					132,624,157

Preferred Securities

Capital Trusts — 12.0%
Auto Components — 0.1%
General Motors Financial Co., Inc., Series A, 5.75%^(d)(f)(l)			412		404,790

Banks — 4.4%
ABN AMRO Bank NV, 5.75%^(i)(l)			200		250,533
Banco Bilbao Vizcaya Argentaria SA:
6.13%^(d)(l)			2,000		1,840,000
8.88%^(i)(l)			200		265,345
Banco Santander SA, 6.25%^(i)(l)			100		118,967
BNP Paribas SA, 7.20%^(c)(f)(i)(l)			4,000		4,195,000
Capital One Financial Corp., Series E, 5.55%^(f)(i)(l)			3,500		3,587,500
CIT Group, Inc., Series A, 5.80%^(f)(i)(l)			282		277,065
Citigroup, Inc:			2,250		2,302,650
5.90%^(i)(l)
Series P, 5.95%^(f)(i)(l)			3,700		3,737,000
Series R, 6.13%^(f)(i)(l)			1,170		1,216,800
Cooperatieve Rabobank UA, 6.63%^(i)(l)			200		265,524
Fifth Third Bancorp, Series J, 4.90%^(f)(i)(l)			3,000		3,015,000
Hongkong & Shanghai Banking Corp. Ltd., Series 3H, 2.56%^(a)(l)			100		76,475
Intesa Sanpaolo SpA, 7.00%^(i)(l)			234		286,046
Wells Fargo & Co., Series S, 5.90%^(f)(i)(l)			8,905		8,998,503


			27

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Banks (continued)
Wells Fargo & Co., Series U, 5.88%^(f)(i)(l)		930	$	972,780

				31,405,188
Capital Markets — 1.1%
Goldman Sachs Group, Inc., Series P, 5.00%^(d)(f)(l)		463		431,747
Morgan Stanley, Series H, 5.45%^(f)(i)(l)		5,007		5,082,105
State Street Corp., Series F, 5.25%^(f)(i)(l)		1,875		1,921,875
UBS Group AG, 5.75%^(i)(l)		200		258,146

				7,693,873
Chemicals — 0.0%
Solvay Finance SA, 5.12%^(i)(l)		100		127,750

Diversified Financial Services — 4.4%
ATF Netherlands BV, 3.75%^(i)(l)		100		119,568
Banco Santander SA, 6.75%^(i)(l)		200		255,019
Bank of America Corp^(f)(i)(l): Series AA, 6.10%		3,360		3,501,960
Series U, 5.20%		1,750		1,721,562
Series V, 5.13%		705		716,040
Series X, 6.25%		6,175		6,429,719
Bank of New York Mellon Corp., Series D, 4.50%^(f)(i)(l)		4,567		4,356,918
Barclays PLC, 7.25%^(i)(l)		200		272,354
Credit Agricole SA, 6.50%^(i)(l)		100		129,051
HBOS Capital Funding LP, 6.85%^(l)		200		201,500
HSBC Holdings PLC:
6.00%^(f)(i)(l)		695		673,455
6.50%^(d)(f)(l)		655		642,555
JPMorgan Chase & Co^(f)(i)(l):
Series Q, 5.15%		5,500		5,407,215
Series V, 5.00%		3,830		3,866,385
Royal Bank of Scotland Group PLC^(i)(l):
7.50%		200		206,500
8.63%		200		215,820
Societe Generale SA, 6.75%^(c)(d)(f)(l)		3,000		2,872,500
UBS Group Funding Switzerland AG, 5.00%^(d)(l)		200		175,000

				31,763,121
Diversified Telecommunication Services — 0.1%
Koninklijke KPN NV, 6.13%^(i)(l)		100		117,753
Telefonica Europe BV, 3.75%^(i)(l)		100		120,880


Security	Par (000)		Value
Diversified Telecommunication Services (continued)
Telefonica Europe BV, 4.20%^(i)(l)		300	$	366,301

				604,934
Electric Utilities — 1.1%
Electricite de France SA, 5.25%^(c)(f)(i)(l)		7,500		7,434,375
Enel SpA, 7.75%, 09/10/75⁽ⁱ⁾		100		144,894
Gas Natural Fenosa Finance BV, 4.13%^(i)(l)		100		123,659
RWE AG, 2.75%, 04/21/75⁽ⁱ⁾		20		23,952

				7,726,880
Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%, 10/15/26		100		122,300

Industrial Conglomerates — 0.4%
General Electric Co., Series D, 5.00%^(f)(i)(l)		3,000		2,952,330

Insurance — 0.4%
Allstate Corp., Series B, 5.75%, 08/15/53^(f)(i)		2,000		2,060,000
Voya Financial, Inc., 5.65%, 05/15/53^(f)(i)		1,090		1,099,222

				3,159,222

Total Capital Trusts — 12.0% (Cost — $85,153,437)				85,960,388


	Shares
Preferred Stocks — 4.4%
Banks — 0.3%
Citigroup, Inc., Series K, 6.88%^(i)(l)		75,000		2,083,500

Capital Markets — 2.1%
Goldman Sachs Group, Inc., Series J,
5.50%^(i)(l)		395,017		10,151,937
Morgan Stanley^(i)(l):
Series F, 6.88%		100,000		2,735,000
Series K, 5.85%		60,125		1,559,041
SCE Trust III, Series H, 5.75%^(i)(l)		23,730		641,897

				15,087,875
Real Estate Investment Trusts (REITs) — 1.9%
Firstar Realty LLC, 8.88%^(c)(l)		10,000		11,650,000


28

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
SunTrust Real Estate Investment Corp., 9.00%^(b)(c)(l)			15	$	1,734,777

					13,384,777
Machinery — 0.1%
Stanley Black & Decker, Inc., 5.38%^(j)(l)			4,170		464,955

Total Preferred Stocks — 4.4% (Cost — $31,860,863)					31,021,107

Total Preferred Securities — 16.4% (Cost — $117,014,300)					116,981,495


		Par (000)
U.S. Government Sponsored Agency Securities — 8.3%

Collateralized Mortgage Obligations — 3.0%
Fannie Mae Connecticut Avenue Securities, Series 2016-C06, Class 1M2, (1 mo. LIBOR US + 4.25%), 6.31%, 04/25/29^(a)	USD		545		622,032
Freddie Mac Mortgage-Backed Securities, Series 4480, Class ZX, 4.00%, 11/15/44^(f)			5,090		5,042,360
Freddie Mac Structured Agency Credit Risk Debt Notes:
Series 2017-DNA3, Class M2, 4.56%, 03/25/30^(d)			12,000		12,467,945
Series 2017-DNA2, Class M2, (1 mo. LIBOR US + 3.45%), 5.51%, 10/25/29^(a)			3,000		3,296,705

					21,429,042
Mortgage-Backed Securities — 5.3%
Fannie Mae Mortgage-Backed Securities^(f):
4.00%, 11/01/47 — 04/01/56			20,889		21,370,062



Security		Par (000)		Value
Mortgage-Backed Securities (continued)
Fannie Mae Mortgage-Backed Securities^(f)(continued):
4.50%, 07/01/55	USD		15,868	$	16,636,784

					38,006,846
Total U.S. Government Sponsored Agency Securities — 8.3% (Cost — $60,431,550)					59,436,888


		Shares

Warrants — 0.0%
Diversified Financial Services — 0.0%
Aviron Capital LLC (Expires 10/20/18)^(o)			10		—

Total Long-Term Investments — 158.6% (Cost — $1,138,345,080)					1,134,552,515

Short-Term Securities — 0.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.83%^(p)(q)			1,666,788		1,666,788

Total Short-Term Securities — 0.2% (Cost — $1,666,788)					1,666,788


Total Investments — 158.8% (Cost — $1,140,011,868)					1,136,219,303
Liabilities in Excess of Other Assets — (58.8)%					(420,578,029	)

Net Assets — 100.0%				$	715,641,274

^(a)	Variable rate security. Rate shown is the rate in effect as of period end.

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

^(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)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(e)	Amount is less than $500.

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

^(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⁾	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

^(j)	Convertible security.

^(k)	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.

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

^(m)	Zero-coupon bond.


			29

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

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

^(o)	All or a portion of the security is held by a wholly-owned subsidiary.

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

^(q)	During the period ended July 31, 2018, 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 10/31/17		Net Activity		Shares Held at 07/31/18		Value at 07/31/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		347,225		1,319,563		1,666,788	$	1,666,788	$	68,272	$	—	$	—

^(a)

Includes net capital gain distributions, if applicable.

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.


Currency Abbreviations

BRL		Brazilian Real
EUR		Euro
GBP		British Pound
MXN		Mexican Peso
RUB		New Russian Ruble
TRY		Turkish Lira
USD		United States Dollar
ZAR		South African Rand


Portfolio Abbreviations

ALL		Albanian Lek
CLO		Collateralized Loan Obligation
LIBOR		London Interbank Offered Rate
MSCI		Morgan Stanley Capital International
PIK		Payment-In-Kind
REMIC		Real Estate Mortgage Investment Conduit


30

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

Deutsche Bank Securities, Inc.

2.70

05/14/18

Open

1,314,000

1,321,358

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.55

05/23/18

Open

552,230

554,763

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.31

05/23/18

Open

7,515,625

7,526,900

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.45

05/23/18

Open

383,520

385,244

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.45

05/23/18

Open

279,524

280,780

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.50

05/23/18

Open

1,879,680

1,888,311

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

2.50

05/23/18

Open

978,235

982,727

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.34

05/23/18

Open

950,000

953,692

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

05/23/18

Open

1,421,000

1,427,998

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.70

05/23/18

Open

925,000

929,556

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

05/23/18

Open

950,000

954,679

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.45

05/23/18

Open

258,000

259,160

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.40

05/24/18

Open

1,234,130

1,239,425

Foreign Agency Obligations

Open/Demand

Barclays Bank PLC

2.50

05/24/18

Open

780,328

783,823

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.30

05/24/18

Open

8,217,000

8,229,804

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.55

05/24/18

Open

3,971,438

3,989,408

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.55

05/24/18

Open

3,182,000

3,196,399

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.55

05/24/18

Open

3,132,500

3,146,675

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.70

05/24/18

Open

4,368,750

4,388,907

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.40

05/24/18

Open

435,923

437,814

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.45

05/24/18

Open

5,218,125

5,241,259

Capital Trusts

Open/Demand

BNP Paribas S.A.

2.45

05/24/18

Open

215,546

216,502

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.69

05/24/18

Open

1,546,020

1,553,575

Capital Trusts

Open/Demand

BNP Paribas S.A.

2.69

05/24/18

Open

1,114,425

1,119,871

Capital Trusts

Open/Demand

Citigroup Global Markets, Inc.

0.50

05/24/18

Open

41,064

41,093

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.25

05/24/18

Open

796,618

799,810

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.30

05/24/18

Open

749,856

752,932

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.75

05/24/18

Open

316,859

318,428

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.75

05/24/18

Open

419,746

421,825

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.75

05/24/18

Open

788,105

792,007

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.75

05/24/18

Open

496,064

498,520

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.75

05/24/18

Open

387,890

389,811

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.75

05/24/18

Open

2,831,229

2,843,183

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

2.75

05/24/18

Open

2,102,920

2,113,332

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

2.75

05/24/18

Open

603,500

606,488

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.75

05/24/18

Open

489,694

492,118

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.75

05/24/18

Open

584,448

587,341

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/24/18

Open

301,000

302,257

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/24/18

Open

623,700

626,305

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/24/18

Open

217,500

218,408

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/24/18

Open

232,140

233,246

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/24/18

Open

59,400

59,625

Corporate Bonds

Open/Demand


			31

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

RBC Capital Markets, LLC

2.60

05/25/18

Open

180,630

181,442

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.55

05/29/18

Open

1,503,275

1,509,608

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.50

05/29/18

Open

468,563

470,515

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.55

05/29/18

Open

386,181

387,808

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.60

05/29/18

Open

413,385

415,180

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

412,000

413,601

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

443,250

444,973

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

511,250

513,237

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

276,750

277,826

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

907,500

911,027

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

723,750

726,563

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

1,022,500

1,026,474

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

549,000

551,134

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

473,750

475,591

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

708,750

711,505

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

240,000

240,933

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

870,000

873,381

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

930,000

933,615

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

461,250

463,043

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

685,875

688,541

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

684,375

687,035

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

457,500

459,278

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

678,750

681,388

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

1,178,125

1,182,704

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

1,391,250

1,396,657

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

352,000

353,368

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

1,178,125

1,182,704

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

1,440,000

1,445,597

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

690,000

692,682

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

719,250

722,045

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

952,500

956,202

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

381,000

382,481

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

912,500

916,047

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

920,000

923,576

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

508,750

510,727

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

821,250

824,442

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

947,500

951,183

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

437,625

439,326

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

1,017,500

1,021,455

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

873,750

877,146

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

706,875

709,622

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

608,750

611,116

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

703,125

705,858

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

1,421,250

1,426,774

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

490,100

492,005

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

365,250

366,670

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

490,000

491,904

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/29/18

Open

240,000

240,863

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/29/18

Open

2,887,500

2,900,277

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/29/18

Open

388,750

390,470

Corporate Bonds

Open/Demand


32

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

RBC Capital Markets, LLC

2.70

05/29/18

Open

490,000

490,294

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.71

05/29/18

Open

276,750

277,042

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.66

05/30/18

Open

271,958

273,160

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

2.66

05/30/18

Open

343,200

344,717

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.66

05/30/18

Open

402,990

404,771

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.66

05/30/18

Open

289,820

291,101

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.66

05/30/18

Open

368,350

369,978

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.66

05/30/18

Open

363,350

364,956

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.66

05/30/18

Open

597,453

600,093

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.66

05/30/18

Open

293,215

294,511

Corporate Bonds

Open/Demand

Citigroup Global Markets, Inc.

0.00

05/30/18

Open

22,120

22,168

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

05/30/18

Open

886,000

889,941

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

05/30/18

Open

175,000

175,779

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.70

05/30/18

Open

190,000

190,845

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

05/30/18

Open

354,000

355,575

Capital Trusts

Open/Demand

RBC Capital Markets, LLC

2.34

05/30/18

Open

296,050

297,183

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/30/18

Open

1,405,920

1,411,303

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/30/18

Open

1,216,000

1,220,656

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/30/18

Open

649,250

651,736

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/30/18

Open

193,000

193,739

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

05/30/18

Open

408,000

409,562

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

241,425

242,477

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

340,300

341,783

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

212,750

213,677

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

251,908

253,005

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

313,500

314,866

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

656,625

659,486

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

231,435

232,443

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

205,188

206,081

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

184,575

185,379

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

169,575

170,314

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

213,368

214,297

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

218,563

219,515

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

160,500

161,199

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

431,313

433,192

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

439,420

441,335

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

337,295

338,765

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

128,050

128,608

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

589,300

591,868

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

383,240

384,910

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

430,500

432,376

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

2,122,680

2,131,928

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

250,290

251,380

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

209,528

210,440

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

475,200

477,270

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

443,760

445,693

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

170,130

170,871

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

182,115

182,908

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

227,475

228,466

Corporate Bonds

Open/Demand


			33

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

RBC Capital Markets, LLC

2.60

05/30/18

Open

301,035

302,347

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

289,845

291,108

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

157,080

157,764

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

496,770

498,934

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

268,690

269,861

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

177,125

177,897

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

1,351,560

1,357,449

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

206,365

207,264

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

196,650

197,507

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

288,800

290,058

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

177,475

178,248

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

182,050

182,843

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

165,600

166,322

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

185,850

186,660

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

382,500

384,167

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

222,300

223,269

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

313,225

314,590

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

250,325

251,416

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

178,750

179,529

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

926,400

930,436

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

1,037,000

1,041,518

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/30/18

Open

165,600

165,779

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

05/31/18

Open

278,471

279,627

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

05/31/18

Open

263,860

264,955

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

05/31/18

Open

273,893

275,029

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

05/31/18

Open

263,940

265,035

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/31/18

Open

179,220

180,001

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/31/18

Open

332,910

334,360

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/31/18

Open

244,090

245,153

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/31/18

Open

174,982

175,744

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/31/18

Open

226,632

227,619

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/31/18

Open

215,670

216,610

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/31/18

Open

339,855

341,336

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/31/18

Open

203,850

204,738

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/31/18

Open

556,200

558,623

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/31/18

Open

215,670

216,610

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

05/31/18

Open

403,657

405,416

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(1.50

)

06/01/18

Open

244,860

245,452

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

06/01/18

Open

9,804

9,842

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.67

06/01/18

Open

481,535

483,540

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.67

06/01/18

Open

349,500

350,955

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

06/01/18

Open

434,000

435,713

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

06/01/18

Open

603,000

605,518

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

06/01/18

Open

813,000

816,395

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

294,400

295,459

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

276,000

276,993

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

98,513

98,867

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

251,300

252,204

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

462,500

464,163

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

487,500

489,253

Corporate Bonds

Open/Demand


34

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

RBC Capital Markets, LLC

2.34

06/01/18

Open

247,500

248,390

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

460,000

461,654

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

385,000

386,385

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

426,250

427,783

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

650,625

652,965

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

598,575

600,728

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

260,250

261,186

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

477,500

479,217

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

401,000

402,442

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

1,002,500

1,006,105

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

410,410

411,886

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

579,250

581,333

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

344,175

345,413

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

363,715

365,023

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

343,175

344,409

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

593,125

595,258

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

173,400

174,024

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/01/18

Open

117,750

118,173

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

06/01/18

Open

211,343

212,177

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

259,160

260,219

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

157,700

158,344

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

350,400

351,831

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

141,300

141,877

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

684,990

687,788

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

229,215

230,151

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

303,490

304,730

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

195,300

196,098

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

363,825

365,311

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

115,268

115,738

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

470,138

472,058

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

437,250

439,036

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

232,800

233,751

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

148,570

149,177

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

252,280

253,311

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

211,888

212,753

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

191,200

191,981

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

212,663

213,531

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

220,943

221,845

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

386,370

387,948

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

319,088

320,391

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

257,880

258,933

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

577,683

580,042

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

410,760

412,438

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

266,475

267,563

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

1,518,098

1,524,299

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

261,630

262,699

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

243,815

244,811

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

2,391,830

2,401,600

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

171,028

171,726

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

286,440

287,610

Corporate Bonds

Open/Demand


			35

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

RBC Capital Markets, LLC

2.60

06/01/18

Open

397,085

398,707

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

629,850

632,423

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

188,025

188,793

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

241,165

242,150

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

399,350

400,981

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

508,680

510,758

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

1,273,490

1,278,692

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

216,720

217,605

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

324,815

326,142

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

20,000

20,082

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

534,400

536,583

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

336,000

337,372

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

112,613

113,072

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

352,208

353,646

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

620,923

623,459

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

107,315

107,753

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

173,400

174,108

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

280,313

281,458

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

477,280

479,230

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

135,405

135,958

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

204,155

204,989

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

355,200

356,651

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

655,433

658,110

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

489,700

491,700

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

452,760

454,609

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

120,000

120,490

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

99,855

100,263

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.00

06/01/18

Open

299,980

301,205

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

276,480

277,609

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

250,250

251,272

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

725,275

728,238

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

138,188

138,752

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

345,265

346,675

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

84,550

84,895

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

162,925

163,591

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

220,110

221,009

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

158,620

159,268

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

173,250

173,958

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

223,740

224,654

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

192,000

192,784

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

681,550

684,334

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

808,230

811,531

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

2,002,275

2,010,454

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

484,500

486,479

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

114,000

114,466

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

702,405

705,274

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

128,975

129,502

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

291,550

292,741

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

870,345

873,900

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

289,870

291,054

Corporate Bonds

Open/Demand


36

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

RBC Capital Markets, LLC

2.60

06/01/18

Open

328,095

329,435

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/01/18

Open

230,603

231,544

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.43

06/04/18

Open

1,558,480

1,564,476

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.43

06/04/18

Open

403,338

404,890

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.47

06/04/18

Open

650,508

653,052

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.47

06/04/18

Open

175,100

175,785

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.51

06/04/18

Open

257,760

258,784

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.50

06/04/18

Open

513,476

515,509

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.25

06/06/18

Open

168,150

168,739

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

06/06/18

Open

837,000

840,325

Foreign Agency Obligations

Open/Demand

Deutsche Bank Securities, Inc.

2.70

06/06/18

Open

335,000

336,331

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

06/06/18

Open

73,000

73,290

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

06/06/18

Open

789,000

792,134

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

06/06/18

Open

440,000

441,748

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

06/06/18

Open

289,000

290,148

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

06/06/18

Open

432,000

433,716

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

06/06/18

Open

266,000

267,057

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

06/06/18

Open

1,163,000

1,167,620

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

06/06/18

Open

1,172,000

1,176,655

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

06/06/18

Open

375,000

376,490

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

06/06/18

Open

440,000

440,264

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.71

06/07/18

Open

565,373

567,605

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.75

06/07/18

Open

114,546

115,010

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/07/18

Open

21,870

21,953

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.39

06/08/18

Open

697,125

699,543

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

2.39

06/08/18

Open

470,625

472,257

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.45

06/08/18

Open

470,625

471,105

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.60

06/08/18

Open

114,544

114,954

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.67

06/08/18

Open

427,525

429,187

Capital Trusts

Open/Demand

BNP Paribas S.A.

2.67

06/08/18

Open

720,855

723,658

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.67

06/08/18

Open

465,260

467,069

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.67

06/08/18

Open

479,375

481,239

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.67

06/08/18

Open

1,500,716

1,506,552

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/08/18

Open

1,220,625

1,225,029

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/11/18

Open

63,787

64,013

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

06/12/18

Open

389,513

390,705

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/12/18

Open

227,255

228,044

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

06/13/18

Open

409,488

410,853

Corporate Bonds

Open/Demand

UBS Ltd.

2.35

06/14/18

Open

3,585,750

3,596,751

Corporate Bonds

Open/Demand

UBS Ltd.

2.50

06/14/18

Open

3,505,200

3,516,641

Corporate Bonds

Open/Demand

UBS Ltd.

2.50

06/14/18

Open

299,625

300,603

Corporate Bonds

Open/Demand

UBS Ltd.

2.50

06/14/18

Open

311,320

312,336

Corporate Bonds

Open/Demand

UBS Ltd.

2.50

06/14/18

Open

366,243

367,438

Corporate Bonds

Open/Demand

UBS Ltd.

2.50

06/14/18

Open

285,505

286,437

Corporate Bonds

Open/Demand

UBS Ltd.

2.50

06/14/18

Open

802,300

804,919

Corporate Bonds

Open/Demand

UBS Ltd.

2.50

06/14/18

Open

357,555

358,722

Corporate Bonds

Open/Demand

UBS Ltd.

2.50

06/14/18

Open

422,895

424,275

Corporate Bonds

Open/Demand


			37

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

UBS Ltd.

2.50

06/14/18

Open

292,810

293,766

Corporate Bonds

Open/Demand

UBS Ltd.

2.50

06/14/18

Open

327,131

328,199

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

06/13/18

Open

357,403

357,977

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

461,335

462,841

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

06/14/18

Open

4,950,000

4,964,541

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

06/14/18

Open

3,850,000

3,861,309

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

06/14/18

Open

7,106,250

7,127,125

Capital Trusts

Open/Demand

UBS Securities LLC

2.30

06/14/18

Open

312,750

313,689

Corporate Bonds

Open/Demand

UBS Securities LLC

2.35

06/14/18

Open

389,550

390,745

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

1,358,500

1,362,934

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

623,350

625,385

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

986,730

989,951

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

3,975,000

3,987,974

Capital Trusts

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

4,112,500

4,125,923

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

3,825,900

3,838,387

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

396,940

398,236

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

131,285

131,714

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

406,700

408,027

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

434,998

436,417

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

358,785

359,956

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

512,230

513,902

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

362,404

363,587

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

274,730

275,627

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

1,764,551

1,770,311

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

523,450

525,158

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

411,680

413,024

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

255,015

255,848

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

756,338

758,806

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

511,088

512,756

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

317,633

318,669

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

393,846

395,132

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

671,775

673,968

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

355,320

356,480

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

763,763

766,255

Corporate Bonds

Open/Demand

UBS Securities LLC

2.50

06/14/18

Open

152,213

152,709

Corporate Bonds

Open/Demand

UBS Securities LLC

2.60

06/14/18

Open

431,975

433,441

Foreign Agency Obligations

Open/Demand

UBS Securities LLC

2.60

06/14/18

Open

941,638

944,834

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/18/18

Open

260,000

260,807

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/18/18

Open

311,455

312,422

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/18/18

Open

70,650

70,869

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/18/18

Open

195,975

196,584

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/18/18

Open

179,410

179,967

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/18/18

Open

673,600

675,692

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/18/18

Open

839,930

842,538

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/18/18

Open

332,100

333,131

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/18/18

Open

165,538

166,052

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/18/18

Open

389,948

391,159

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/18/18

Open

544,390

546,081

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/18/18

Open

203,158

203,788

Corporate Bonds

Open/Demand


38

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

RBC Capital Markets, LLC

2.60

06/18/18

Open

241,793

242,543

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/18/18

Open

707,245

709,441

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/18/18

Open

363,118

364,245

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/18/18

Open

373,750

374,911

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/18/18

Open

277,328

278,189

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

315,185

316,141

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

512,635

514,190

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

896,500

899,219

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

120,555

120,921

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

802,000

804,433

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

468,083

469,502

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

310,660

311,602

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

276,385

277,223

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

627,760

629,664

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

907,913

910,667

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

268,125

268,938

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

319,043

320,010

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

255,360

256,135

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

1,065,600

1,068,832

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

1,843,000

1,848,590

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

396,000

397,201

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

328,050

329,045

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

355,283

356,360

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

464,388

465,796

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

174,585

175,115

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

350,260

351,322

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

116,363

116,715

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/19/18

Open

319,043

320,010

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.70

06/20/18

Open

2,630,550

2,638,639

Foreign Agency Obligations

Open/Demand

RBC Capital Markets, LLC

0.25

06/20/18

Open

126,850

126,886

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

06/20/18

Open

2,346,500

2,352,753

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

285,545

286,391

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

468,338

469,724

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

135,000

135,400

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

193,748

194,321

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

203,520

204,123

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

758,250

760,495

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

1,164,625

1,168,074

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

261,800

262,575

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

131,048

131,436

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

159,125

159,596

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

143,375

143,800

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

195,075

195,653

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

1,664,685

1,669,614

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

141,075

141,493

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

855,620

858,154

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

147,263

147,699

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

400,160

401,345

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

139,730

140,144

Corporate Bonds

Open/Demand


			39

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

RBC Capital Markets, LLC

2.60

06/20/18

Open

142,410

142,832

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

149,935

150,379

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

1,572,545

1,577,201

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

207,645

208,260

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

357,380

358,438

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

150,400

150,845

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/20/18

Open

211,900

212,527

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/22/18

Open

1,072,620

1,075,486

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.70

06/25/18

Open

2,167,130

2,172,981

Foreign Agency Obligations

Open/Demand

Deutsche Bank Securities, Inc.

2.70

06/25/18

Open

788,000

790,128

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

06/25/18

Open

1,343,100

1,346,592

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.45

06/27/18

Open

313,228

313,952

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.50

06/27/18

Open

289,336

290,019

Foreign Agency Obligations

Open/Demand

HSBC Securities (USA), Inc.

2.20

06/27/18

Open

3,313,000

3,319,884

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.20

06/27/18

Open

2,777,000

2,782,770

Capital Trusts

Open/Demand

Credit Suisse Securities (USA) LLC

2.75

06/28/18

Open

177,165

177,612

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/03/18

Open

299,497

300,103

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

2.45

07/05/18

08/09/18

4,853,000

4,861,587

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.10

07/11/18

08/13/18

5,247,300

5,253,422

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

2.62

07/11/18

Open

280,638

281,046

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/11/18

Open

367,901

368,459

Corporate Bonds

Open/Demand

Royal Bank of Canada

2.10

07/11/18

08/13/18

11,184,600

11,197,649

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

2.10

07/11/18

08/13/18

16,167,200

16,186,062

U.S. Government Sponsored Agency Securities

Up to 30 Days

RBC Capital Markets, LLC

2.60

07/12/18

Open

171,140

171,387

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.50

07/16/18

Open

411,810

412,239

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.50

07/16/18

Open

128,048

128,181

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.55

07/16/18

Open

1,012,875

1,013,951

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

07/16/18

Open

229,133

229,376

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

07/16/18

Open

225,600

225,840

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.55

07/16/18

Open

268,898

269,183

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

07/16/18

Open

247,903

248,166

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

07/16/18

Open

247,179

247,441

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

07/16/18

Open

242,110

242,367

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

07/16/18

Open

245,520

245,781

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

07/16/18

Open

232,825

233,072

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.45

07/16/18

Open

945,000

945,965

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.45

07/16/18

Open

688,125

688,827

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.60

07/16/18

Open

1,021,355

1,022,461

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.60

07/16/18

Open

450,450

450,938

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.60

07/16/18

Open

676,875

677,608

Corporate Bonds

Open/Demand


40

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

BNP Paribas S.A.

2.60

07/16/18

Open

524,903

525,471

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.63

07/16/18

Open

131,920

132,065

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.63

07/16/18

Open

132,224

132,369

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.63

07/16/18

Open

117,475

117,604

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.63

07/16/18

Open

151,800

151,966

Capital Trusts

Open/Demand

BNP Paribas S.A.

2.63

07/16/18

Open

111,215

111,337

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.70

07/16/18

Open

1,204,028

1,205,382

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

2.70

07/16/18

Open

752,378

753,224

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

(0.50

)

07/16/18

Open

401,569

401,485

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.55

07/16/18

Open

1,785,000

1,786,897

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.55

07/16/18

Open

2,320,000

2,322,465

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.55

07/16/18

Open

1,901,000

1,903,020

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

163,000

163,183

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

137,000

137,154

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

182,000

182,205

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

1,113,000

1,114,252

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

121,000

121,136

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

204,000

204,230

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

267,000

267,300

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

1,496,000

1,497,683

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

126,000

126,142

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

848,000

848,954

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

540,000

540,608

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

604,000

604,680

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

571,000

571,642

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

643,000

643,723

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

588,000

588,662

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

198,000

198,223

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

602,000

602,677

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

230,000

230,259

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

43,000

43,048

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

141,000

141,159

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

1,071,000

1,072,205

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

1,417,000

1,418,594

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/16/18

Open

199,000

199,224

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.45

07/16/18

Open

538,000

538,549

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

07/16/18

Open

2,176,200

2,178,322

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

496,898

497,436

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

130,000

130,141

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

520,830

521,394

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

509,220

509,772

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

487,335

487,863

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

435,070

435,541

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

266,230

266,518

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

153,755

153,922

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

198,600

198,815

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

366,818

367,215

Corporate Bonds

Open/Demand


			41

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

RBC Capital Markets, LLC

2.60

07/16/18

Open

464,313

464,816

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

727,575

728,363

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

250,400

250,671

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

369,495

369,895

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

46,970

47,021

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

93,240

93,341

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

985,725

986,793

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

378,730

379,140

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

187,200

187,403

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

370,450

370,851

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

259,260

259,541

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

436,050

436,522

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

92,000

92,100

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

694,200

694,952

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

172,010

172,196

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/16/18

Open

87,413

87,507

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

07/17/18

Open

294,761

295,054

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

07/17/18

Open

348,735

349,081

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

07/17/18

Open

509,960

510,466

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

07/17/18

Open

598,845

599,439

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

07/17/18

Open

477,249

477,722

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

07/17/18

Open

492,069

492,557

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.55

07/17/18

Open

827,038

827,858

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.55

07/17/18

Open

2,156,250

2,158,388

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.65

07/17/18

Open

293,693

293,995

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.45

07/17/18

Open

260,925

261,174

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.60

07/17/18

Open

48,865

48,914

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.60

07/17/18

Open

669,375

670,052

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.66

07/17/18

Open

285,289

285,584

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.71

07/17/18

Open

348,479

348,846

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.71

07/17/18

Open

501,394

501,922

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.71

07/17/18

Open

316,030

316,363

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.71

07/17/18

Open

319,510

319,847

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.71

07/17/18

Open

309,963

310,289

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.71

07/17/18

Open

348,795

349,163

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.71

07/17/18

Open

337,040

337,395

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.71

07/17/18

Open

384,359

384,764

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.71

07/17/18

Open

441,615

442,080

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/17/18

Open

4,495,000

4,499,720

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/17/18

Open

1,504,000

1,505,579

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/17/18

Open

2,008,000

2,010,108

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/17/18

Open

671,000

671,705

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/17/18

Open

3,148,000

3,151,305

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/17/18

Open

2,676,000

2,678,810

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/17/18

Open

1,829,000

1,830,920

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/17/18

Open

541,000

541,568

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/17/18

Open

2,528,000

2,530,654

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/17/18

Open

297,000

297,312

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/17/18

Open

2,747,000

2,747,091

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/17/18

Open

750,000

750,788

Corporate Bonds

Open/Demand


42

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date ^(a)

Face
Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements ^(a)

Deutsche Bank Securities, Inc.

2.70

07/17/18

Open

2,133,000

2,135,240

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/17/18

Open

2,496,000

2,498,621

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/17/18

Open

34,270

34,305

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/17/18

Open

268,800

269,072

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/17/18

Open

268,000

268,271

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/17/18

Open

256,500

256,759

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/17/18

Open

368,500

368,873

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/17/18

Open

321,850

322,175

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/17/18

Open

412,300

412,717

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/17/18

Open

330,750

331,084

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/17/18

Open

795,400

796,204

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/17/18

Open

299,700

300,003

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/17/18

Open

164,730

164,897

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/17/18

Open

190,390

190,583

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/17/18

Open

257,400

257,660

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/17/18

Open

729,125

729,862

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/18/18

Open

106,765

106,865

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/18/18

Open

213,030

213,230

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/18/18

Open

199,650

199,837

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.41

07/20/18

Open

319,125

319,381

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.45

07/23/18

Open

207,863

207,976

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.45

07/23/18

Open

241,870

242,002

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.45

07/23/18

Open

272,483

272,631

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.45

07/23/18

Open

305,045

305,211

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.45

07/23/18

Open

248,105

248,240

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.45

07/23/18

Open

278,640

278,792

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.45

07/23/18

Open

304,870

305,036

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.45

07/23/18

Open

249,840

249,976

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

0.00

07/23/18

Open

108,000

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

(0.25

)

07/23/18

Open

97,000

96,995

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/23/18

Open

343,000

343,206

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/23/18

Open

325,000

325,195

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/23/18

Open

319,000

319,191

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/23/18

Open

1,274,000

1,274,764

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/23/18

Open

2,016,000

2,017,210

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/23/18

Open

873,000

873,524

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/23/18

Open

328,000

328,197

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/23/18

Open

2,666,000

2,667,600

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/23/18

Open

299,000

299,179

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/23/18

Open

683,000

683,410

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/23/18

Open

369,000

369,221

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/23/18

Open

296,000

296,178

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/23/18

Open

468,000

468,281

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/23/18

Open

165,000

165,099

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/23/18

Open

1,197,000

1,197,718

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/24/18

Open

359,100

359,282

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(1.00

)

07/25/18

Open

48,191

48,183

Corporate Bond

Open/Demand

Barclays Capital, Inc.

(1.25

)

07/25/18

Open

109,883

109,860

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

07/25/18

Open

300,544

300,671

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

07/25/18

Open

162,240

162,309

Corporate Bonds

Open/Demand


			43

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date ^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements ^(a)

BNP Paribas S.A.

2.35

07/25/18

Open

288,986

289,099

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.40

07/25/18

Open

456,000

456,182

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

2.60

07/25/18

Open

102,679

102,682

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.64

07/25/18

Open

166,980

167,053

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.64

07/25/18

Open

705,375

705,685

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.66

07/25/18

Open

250,013

250,123

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.71

07/25/18

Open

329,820

329,969

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/25/18

Open

215,578

215,753

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/25/18

Open

17,600

17,608

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/25/18

Open

503,010

503,228

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/25/18

Open

149,850

149,915

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/25/18

Open

156,045

156,113

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/25/18

Open

307,545

307,678

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/27/18

Open

653,464

653,563

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/27/18

Open

445,375

445,442

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/27/18

Open

228,375

228,409

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

07/30/18

Open

233,761

233,794

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/30/18

Open

436,492

436,525

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.70

07/30/18

Open

204,095

204,110

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/30/18

Open

554,440

554,520

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

07/30/18

Open

185,725

185,738

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.55

07/31/18

Open

241,349

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

0.00

07/31/18

Open

154,389

Corporate Bonds

Open/Demand

439,197,516

440,407,265

^(a)

Certain 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
Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value / Unrealized Appreciation (Depreciation)
Long Contracts:
10-Year U.S. Treasury Note		30		09/19/18	$	3,583	$	(4,031	)
Euro Stoxx 600 Index		1		09/21/18		10		331

								(3,700	)

Short Contracts:
Euro Bund		1		09/06/18		154		(223	)
10-Year U.S. Treasury Note		2		09/19/18		239		263
Long U.S. Treasury Bond		17		09/19/18		2,430		(17,002	)
Long Gilt Future		1		09/26/18		161		(1,064	)
2-Year U.S. Treasury Note		17		09/28/18		3,593		4,954
5-Year U.S. Treasury Note		69		09/28/18		7,806		64,835

								51,763

							$	48,063


44

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	650,000	USD	755,021	Deutsche Bank AG		08/06/18	$	5,276
EUR	917,000	USD	1,065,160	Deutsche Bank AG		08/06/18		7,443
GBP	1,618,000	USD	2,123,699	State Street Bank and Trust Co.		08/06/18		348
GBP	526,000	USD	690,322	The Toronto-Dominion Bank		08/06/18		190
USD	201,299	EUR	171,000	BNP Paribas S.A.		08/06/18		1,283
USD	762,866	EUR	650,000	Deutsche Bank AG		08/06/18		2,569
USD	1,076,228	EUR	917,000	Deutsche Bank AG		08/06/18		3,625
USD	115,125	EUR	98,000	State Street Bank and Trust Co.		08/06/18		496
USD	163,954	GBP	124,000	Bank of America N.A.		08/06/18		1,172
USD	1,994,113	GBP	1,513,000	Barclays Bank PLC		08/06/18		7,905
USD	1,015,684	GBP	772,000	State Street Bank and Trust Co.		08/06/18		2,232
ZAR	10,217,907	USD	732,000	Standard Chartered Bank		08/10/18		43,199
USD	1,641,574	TRY	6,668,894	BNP Paribas S.A.		08/20/18		298,567
USD	992,518	TRY	4,001,337	Citibank N.A.		08/20/18		186,714
USD	1,274,854	TRY	5,136,769	Citibank N.A.		08/20/18		240,392
USD	1,437,243	EUR	1,222,000	BNP Paribas S.A.		09/06/18		4,682
USD	4,424,457	EUR	3,760,774	Citibank N.A.		09/06/18		15,668
USD	16,904,508	EUR	14,368,778	Citibank N.A.		09/06/18		59,862
USD	12,915	EUR	11,000	UBS AG		09/06/18		20
USD	109,193	EUR	93,000	UBS AG		09/06/18		169
USD	231,859	GBP	176,000	BNP Paribas S.A.		09/06/18		522
USD	2,578,686	GBP	1,958,000	Citibank N.A.		09/06/18		5,063
USD	14,436,954	GBP	10,962,000	Citibank N.A.		09/06/18		28,343
USD	122,516	GBP	93,000	Deutsche Bank AG		09/06/18		276
USD	399,166	GBP	303,000	Deutsche Bank AG		09/06/18		899

								916,915

EUR	1,222,000	USD	1,434,017	BNP Paribas S.A.		08/06/18		(4,659	)
EUR	3,760,774	USD	4,414,585	Citibank N.A.		08/06/18		(15,656	)
EUR	14,368,778	USD	16,866,790	Citibank N.A.		08/06/18		(59,817	)
EUR	11,000	USD	12,887	UBS AG		08/06/18		(20	)
EUR	93,000	USD	108,950	UBS AG		08/06/18		(169	)
GBP	176,000	USD	231,563	BNP Paribas S.A.		08/06/18		(517	)
GBP	1,958,000	USD	2,575,436	Citibank N.A.		08/06/18		(5,050	)
GBP	10,962,000	USD	14,418,757	Citibank N.A.		08/06/18		(28,272	)
GBP	93,000	USD	122,362	Deutsche Bank AG		08/06/18		(275	)
GBP	303,000	USD	398,663	Deutsche Bank AG		08/06/18		(897	)
USD	1,419,194	EUR	1,222,000	BNP Paribas S.A.		08/06/18		(10,163	)
USD	4,369,831	EUR	3,760,774	Citibank N.A.		08/06/18		(29,097	)
USD	16,695,802	EUR	14,368,778	Citibank N.A.		08/06/18		(111,171	)
USD	8,167	EUR	7,000	State Street Bank and Trust Co.		08/06/18		(21	)
USD	12,834	EUR	11,000	State Street Bank and Trust Co.		08/06/18		(33	)
USD	230,703	GBP	176,000	BNP Paribas S.A.		08/06/18		(343	)
USD	2,564,823	GBP	1,958,000	Citibank N.A.		08/06/18		(5,563	)
USD	14,359,343	GBP	10,962,000	Citibank N.A.		08/06/18		(31,143	)
USD	121,903	GBP	93,000	Deutsche Bank AG		08/06/18		(183	)
USD	397,169	GBP	303,000	Deutsche Bank AG		08/06/18		(597	)
USD	1,627,331	MXN	31,843,000	Goldman Sachs International		08/06/18		(80,076	)
USD	732,000	ZAR	9,816,228	Standard Chartered Bank		08/10/18		(12,725	)
TRY	28,000	USD	7,401	BNP Paribas S.A.		08/20/18		(1,762	)
TRY	15,779,000	USD	4,058,750	BNP Paribas S.A.		08/20/18		(881,116	)


			45

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	650,000	USD	764,577	Deutsche Bank AG		09/06/18	$	(2,576	)
EUR	917,000	USD	1,078,641	Deutsche Bank AG		09/06/18		(3,634	)
USD	2,126,393	GBP	1,618,000	State Street Bank and Trust Co.		09/06/18		(330	)
USD	691,191	GBP	526,000	The Toronto-Dominion Bank		09/06/18		(191	)

								(1,286,056	)

							$	(369,141	)

Centrally Cleared Credit Default Swaps - Sell Protection


Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency		Termination Date		Credit Rating ^(a)		Notional Amount (000) ^(b)			Value		Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Chesapeake Energy Corp.		5.00	%		Quarterly		12/20/21		CCC+		USD	520	$	31,250	$	(14,811	)	$	46,061
Markit iTraxx XO, Series 29, Version 1		5.00			Quarterly		06/20/23		B+		EUR	135		16,050		16,161			(111	)

													$	47,300	$	1,350		$	45,950

^(a)

Using S&P/Standard & Poor’s rating of the issuer or the underlying securities of the index, as applicable.

^(b)

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

Centrally Cleared Interest Rate Swaps


Paid by the Trust		Received by the Trust
Rate	Frequency	Rate	Frequency	Effective Date		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
1.50%	Semi-annual	3-Month LIBOR, 2.35%	Quarterly		N/A		02/02/19	USD	8,000	$	28,627		$	27	$	28,600
1.62	Semi-annual	3-Month LIBOR, 2.35%	Quarterly		N/A		04/04/19	USD	7,600		21,684			—		21,684
3-Month LIBOR,2.35%	Quarterly	2.39	Semi-annual		N/A		02/12/20	USD	193,500		(89,772	)		2,051		(91,823	)
3-Month LIBOR,2.35%	Quarterly	2.36	Semi-annual		N/A		02/13/20	USD	150,000		(161,518	)		1,590		(163,108	)
2.01	Semi-annual	3-Month LIBOR, 2.35%	Quarterly		N/A		02/02/22	USD	15,000		412,741			150		412,591
2.01	Semi-annual	3-Month LIBOR, 2.35%	Quarterly		N/A		07/12/22	USD	3,000		107,916			—		107,916
1.46	Semi-annual	3-Month LIBOR, 2.35%	Quarterly		N/A		06/28/26	USD	357		39,265			4		39,261
1.46	Semi-annual	3-Month LIBOR, 2.35%	Quarterly		N/A		06/28/26	USD	1,427		157,146			17		157,129
2.47	Semi-annual	3-Month LIBOR, 2.35%	Quarterly		N/A		12/29/26	USD	3,000		120,436			42		120,394
2.25	Semi-annual	3-Month LIBOR, 2.35%	Quarterly		N/A		01/19/27	USD	3,400		195,526			46		195,480
2.42	Semi-annual	3-Month LIBOR, 2.35%	Quarterly		N/A		04/04/27	USD	18,300		721,796			253		721,543
2.01	Semi-annual	3-Month LIBOR, 2.35%	Quarterly		N/A		05/04/27	USD	3,000		167,105			—		167,105
2.28	Semi-annual	3-Month LIBOR, 2.35%	Quarterly		N/A		05/17/27	USD	1,700		97,468			—		97,468
2.18	Semi-annual	3-Month LIBOR, 2.35%	Quarterly		N/A		06/05/27	USD	2,300		150,899			—		150,899
2.90	Semi-annual	3-Month LIBOR, 2.35%	Quarterly		N/A		02/06/28	USD	57,000		96,886			965		95,921
2.70	Semi-annual	3-Month LIBOR, 2.35%	Quarterly		N/A		04/04/47	USD	13,200		804,203			—		804,203
3.01	Semi-annual	3-Month LIBOR, 2.35%	Quarterly		N/A		02/13/48	USD	18,000		(45,268	)		435		(45,703	)
2.98	Semi-annual	3-Month LIBOR, 2.35%	Quarterly		N/A		02/13/48	USD	9,000		27,897			218		27,679
3.01	Semi-annual	3-Month LIBOR, 2.35%	Quarterly		N/A		02/14/48	USD	6,500		(14,448	)		157		(14,605	)
3.03	Semi-annual	3-Month LIBOR, 2.35%	Quarterly		N/A		02/20/48	USD	9,500		(72,591	)		230		(72,821	)
2.92	Semi-annual	3-Month LIBOR, 2.35%	Quarterly		N/A		03/26/28	USD	10,500		11,713			180		11,533

										$	2,777,711		$	6,365	$	2,771,346


46

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

OTC Credit Default Swaps — Buy Protection


Reference Obligation/Index	Financing Rate Paid by the Trust			Payment Frequency		Counterparty	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
United Mexican States		1.00	%		Quarterly	Citibank N.A.		06/20/20	USD	604	$	(5,885	)	$	2,259	$	(8,144	)
United Mexican States		1.00			Quarterly	Bank of America N.A.		09/20/20	USD	604		(5,920	)		3,314		(9,234	)
Frontier Communications Corp.		5.00			Quarterly	Barclays Bank PLC		06/20/23	USD	162		45,392			53,323		(7,931	)
Republic of Columbia		1.00			Quarterly	HSBC Bank PLC		06/20/23	USD	511		362			6,901		(6,539	)
Markit CMBX North America, Series 7		3.00			Monthly	Deutsche Bank AG		01/17/47	USD	25,000		1,624,667			1,876,238		(251,571	)

											$	1,658,616		$	1,942,035	$	(283,419	)

OTC Credit Default Swaps — Sell Protection


Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency		Counterparty	Termination Date		Credit Rating^(a)	Notional Amount (000)^(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
United Mexican States		1.00	%		Quarterly	Bank of America N.A.		06/20/20	BBB+		USD	604	$	5,884		$	(2,368	)	$	8,252
United Mexican States		1.00			Quarterly	Citibank N.A.		09/20/20	BBB+		USD	604		5,921			3,143			2,778
Casino Guichard Perrachon SA		1.00			Quarterly	J.P. Morgan Chase Bank N.A.		12/20/22	BB+		EUR	50		(6,510	)		(1,920	)		(4,590	)
Telecom Italia SpA		1.00			Quarterly	Citibank N.A.		12/20/22	BB+		EUR	30		(1,078	)		(550	)		(528	)
Casino Guichard Perrachon SA		1.00			Quarterly	BNP Paribas S.A.		06/20/23	BB+		EUR	10		(1,511	)		(996	)		(515	)
Casino Guichard Perrachon SA		1.00			Quarterly	BNP Paribas S.A.		06/20/23	BB+		EUR	10		(1,511	)		(996	)		(515	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB+		EUR	10		(1,511	)		(986	)		(525	)
Casino Guichard Perrachon SA		1.00			Quarterly	Bank of America N.A.		06/20/23	BB+		EUR	12		(1,864	)		(1,882	)		18
Casino Guichard Perrachon SA		1.00			Quarterly	Citibank N.A.		06/20/23	BB+		EUR	28		(4,182	)		(3,982	)		(200	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB+		EUR	7		(1,097	)		(948	)		(149	)
Casino Guichard Perrachon SA		1.00			Quarterly	Citibank N.A.		06/20/23	BB+		EUR	12		(1,826	)		(1,686	)		(140	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB+		EUR	12		(1,828	)		(1,688	)		(140	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB+		EUR	5		(731	)		(632	)		(99	)
Casino Guichard Perrachon SA		1.00			Quarterly	Barclays Bank PLC		06/20/23	BB+		EUR	13		(1,955	)		(1,625	)		(330	)
Casino Guichard Perrachon SA		1.00			Quarterly	Barclays Bank PLC		06/20/23	BB+		EUR	47		(7,111	)		(6,089	)		(1,022	)
Intrum Justitia AB		5.00			Quarterly	Credit Suisse International		06/20/23	BBB-		EUR	20		1,075			1,983			(908	)
Intrum Justitia AB		5.00			Quarterly	Credit Suisse International		06/20/23	BBB-		EUR	50		2,687			5,247			(2,560	)
Intrum Justitia AB		5.00			Quarterly	Credit Suisse International		06/20/23	BBB-		EUR	7		368			803			(435	)
Intrum Justitia AB		5.00			Quarterly	Morgan Stanley & Co. International PLC		06/20/23	BBB-		EUR	23		1,244			2,710			(1,466	)
Intrum Justitia AB		5.00			Quarterly	Citibank N.A.		06/20/23	BBB-		EUR	9		501			462			39
Intrum Justitia AB		5.00			Quarterly	Citibank N.A.		06/20/23	BBB-		EUR	21		1,111			1,023			88
Thomas Cook Group PLC		5.00			Quarterly	Citibank N.A.		06/20/23	B		EUR	50		7,130			6,668			462


			47

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

OTC Credit Default Swaps — Sell Protection (continued)


Reference Obligation/Index	Financing Rate Received by the Trust		Payment Frequency		Counterparty	Termination Date		Credit Rating^(a)	Notional Amount (000)^(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Thomas Cook Group PLC		5.00		Quarterly	Morgan Stanley & Co. International PLC		06/20/23	B		EUR	60		8,556			7,985			571
Markit CMBX North America, Series 7		3.00		Monthly	Barclays Bank PLC		01/17/47	BBB-		USD	10,000		(644,868	)		(522,201	)		(122,667	)
Markit CMBX North America, Series 7		3.00		Monthly	Barclays Bank PLC		01/17/47	BBB-		USD	5,000		(322,436	)		(260,736	)		(61,700	)
Markit CMBX North America, Series 7		3.00		Monthly	Barclays Bank PLC		01/17/47	BBB-		USD	10,000		(644,867	)		(252,862	)		(392,005	)
Markit CMBX North America, Series 8		3.00		Monthly	Goldman Sachs International		10/17/57	BBB-		USD	10,000		(962,058	)		(1,081,043	)		118,985
Markit CMBX North America, Series 8		2.00		Monthly	Morgan Stanley & Co. International PLC		10/17/57	BBB-		USD	5,000		(78,774	)		(564,796	)		486,022
Markit CMBX North America, Series 8		3.00		Monthly	Deutsche Bank AG		10/17/57	BBB-		USD	10,000		(967,058	)		(1,386,409	)		419,351
Markit CMBX North America, Series 9		2.00		Monthly	Morgan Stanley & Co. International PLC		09/17/58	BBB-		USD	2,500		(32,817	)		(345,655	)		312,838
Markit CMBX North America, Series 9		2.00		Monthly	Credit Suisse International		09/17/58	BBB-		USD	2,500		(32,817	)		(349,026	)		316,209
Markit CMBX North America, Series 9		2.00		Monthly	Morgan Stanley & Co. International PLC		09/17/58	BBB-		USD	5,000		(65,635	)		(684,874	)		619,239
Markit CMBX North America, Series 9		3.00		Monthly	Morgan Stanley & Co. International PLC		09/17/58	BBB-		USD	2,500		(205,627	)		(558,642	)		353,015
Markit CMBX North America, Series 9		3.00		Monthly	Deutsche Bank AG		09/17/58	BBB-		USD	25,000		(2,056,272	)		(2,490,311	)		434,039
Markit CMBX North America, Series 9		3.00		Monthly	Goldman Sachs International		09/17/58	BBB-		USD	5,000		(411,254	)		(534,402	)		123,148
Markit CMBX North America, Series 9		3.00		Monthly	Credit Suisse International		09/17/58	BBB-		USD	5,000		(411,254	)		(550,003	)		138,749
Markit CMBX North America, Series 9		3.00		Monthly	Morgan Stanley & Co. International PLC		09/17/58	BBB-		USD	5,000		(411,254	)		(549,366	)		138,112

												$	(7,245,229	)	$	(10,126,650	)	$	2,881,421

^(a)

Using S&P/Standard & Poor’s rating of the issuer or the underlying securities of the index, as applicable.

^(b)

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

Paid by the Trust

Received by the Trust

Rate

Frequency

Rate

Frequency

Counterparty

Effective
Date

Termination
Date

Notional
Amount (000)

Value

Upfront
Premium
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

28-day MXIBTIIE

Monthly

6.26%

Monthly

Bank of America N.A.

N/A

06/15/26

MXN

38,640

(217,064

)

—

(217,064

)


			48

Schedule of Investments (unaudited) (continued)

July 31, 2018

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 Trust has the ability to access

•

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

•

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including Trust’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 privately held companies or funds. 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 each Trust’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 Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its Semi-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	$	—	$	186,372,522		$	9,846,023	$	196,218,545
Common Stocks		3,481,731		—			—		3,481,731
Corporate Bonds		111,483		482,275,852			1,700,000		484,087,335
Floating Rate Loan Interests		—		34,312,601			55,068,086		89,380,687
Foreign Agency Obligations		—		52,342,677			—		52,342,677
Non-Agency Mortgage-Backed Securities		—		123,404,062			9,220,095		132,624,157
Preferred Securities		17,636,330		97,610,388			1,734,777		116,981,495
U.S. Government Sponsored Agency Securities		—		59,436,888			—		59,436,888
Short-Term Securities:
Money Market Funds		1,666,788		—			—		1,666,788
Liabilities:
Investments:
Unfunded floating rate loan interests^(a)		—		(23	)		—		(23	)

	$	22,896,332	$	1,035,754,967		$	77,568,981	$	1,136,220,280


49

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments^(b)
Assets:
Credit contracts	$	—		$	3,517,976		$	—	$	3,517,976
Forward foreign currency contracts		—			916,915			—		916,915
Interest rate contracts		70,052			3,159,406			—		3,229,458
Equity contracts		331			—			—		331
Liabilities:
Credit contracts		—			(874,024	)		—		(874,024	)
Forward foreign currency contracts		—			(1,286,056	)		—		(1,286,056	)
Interest rate contracts		(22,320	)		(605,124	)		—		(627,444	)

Total	$	48,063		$	4,829,093		$	—	$	4,877,156

^(a)

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

^(b)

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements payable of $440,407,265 is categorized as Level 2 within the disclosure hierarchy.

During the period ended July 31, 2018, there were no transfers between Level 1 and Level 2.

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			Corporate Bonds		Floating Rate Loan Interests			Non-Agency Mortgage- Backed Securities			Preferred Securities		Total
Assets:
Opening balance, as of October 31, 2017	$	3,678,179		$	—	$	89,614,421		$	16,674,165		$	1,707,834	$	111,674,599
Transfers into Level 3		—			—		733,207			—			—		733,207
Transfers out of Level 3		(1,542,985	)		—		(311,782	)		—			—		(1,854,767	)
Accrued discounts/premiums		19,264			—		7,371			146,610			—		173,245
Net realized gain (loss)		(355	)		—		9,872			832,705			—		842,222
Net change in unrealized appreciation (depreciation)^(a)		(159,594	)		—		(11,201,172	)		(625,211	)		26,943		(11,959,034	)
Purchases		8,982,650			1,700,000		1,851,514			—			—		12,534,164
Sales		(1,131,136	)				(25,635,345	)		(7,808,174	)		—		(34,574,655	)

Closing Balance, as of July 31, 2018	$	9,846,023		$	1,700,000	$	55,068,086		$	9,220,095		$	1,734,777	$	77,568,981

Net change in unrealized appreciation (depreciation) on investments still held at July 31, 2018^(b)	$	(159,594	)	$	—	$	(11,305,938	)	$	(613,666	)	$	26,943	$	(12,052,255	)

^(a)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at July 31, 2018 is generally due to investments no longer held or categorized as Level 3 at period end.


50

Schedule of Investments (unaudited) (continued)

July 31, 2018

BlackRock Multi-Sector Income Trust (BIT)

The following table summarizes the valuation methodologies used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 investments as of period end. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $22,131,120. A significant change in the third party information could result in a significantly lower or higher value of such Level 3 investments.

Value

Valuation
Approaches

Unobservable Inputs

Range of
Unobservable
Inputs
Utilized

Assets:

Floating Rate Loan Interests

52,003,084

Income

Discount Rate

^(a)

Corporate Bond

1,700,000

Market

Recent Transactions

^(b)

—

Preferred Stocks

1,734,777

Market

Illiquidity Discount

^(a)

Total

55,437,861

^(a)	Decrease in unobservable input may result in a significant increase to value, while an increase in unobservable input may result in a significant decrease to value.

^(b)	Increase in unobservable input may result in a significant increase to value, while a decrease in unobservable input may result in a significant decrease to value.


			51


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: September 20, 2018

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: September 20, 2018


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

Date: September 20, 2018