UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22774

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

Fund Address:    100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 10/31/2020

Date of reporting period: 04/30/2020

Item 1 – Report to Stockholders

April 30, 2020

2020 Semi-Annual Report

(Unaudited)

BlackRock Multi-Sector Income Trust (BIT)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Trust’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call Computershare at (800) 699-1236 to request that you continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC or its affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information

Section 19(a) Notices

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

	Total Fiscal Year to Date Cummulative Distributions by Character										Percentage of Fiscal Year to Date Cumulative Distributions by Character
Ticker	Net Investment Income		Net Realized Capital Gains Short Term		Net Realized Capital Gains Long Term		Return of Capital (a)		Total Per Common Share		Net Investment Income			Net Realized Capital Gains Short Term			Net Realized Capital Gains Long Term			Return of Capital			Total Per Common Share
BIT	$	0.530090	$	—	$	—	$	0.212110	$	0.742200		71	%		0	%		0	%		29	%		100	%

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

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

Section 19(b) Disclosure

On September 5, 2019, the Trust, acting pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order and with the approval of the Trust’s Board of Trustees (the “Board”), have adopted a managed distribution plan, consistent with its investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plans, starting in October 2019, BIT will distribute a fixed amount of $0.1237 per share on a monthly basis.

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

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

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

2 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

The Markets in Review

Dear Shareholder,

The last 12 months have been a time of sudden change in global financial markets, as a long period of growth and positive returns was interrupted in early 2020 by the emergence and spread of the coronavirus. For much of the reporting period, U.S. equities and bonds both delivered impressive returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as the threat from the coronavirus became more apparent throughout February and March 2020, leading countries around the world took economically disruptive countermeasures, causing equity prices to fall sharply. While markets have since recovered some of these losses as countries around the world begin reopening, there is still significant uncertainty surrounding the long-term impact of the pandemic on the global economy.

Returns for most securities were robust for the first three quarters of the reporting period, as investors began to realize that the U.S. economy was maintaining the modest yet steady growth that had characterized this economic cycle. However, once stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off and unemployment claims spiked. With large portions of the global economy on hold, all types of international equities ended the reporting period with negative performance, while in the U.S. only large-capitalization stocks delivered a slightly positive return.

The performance of different types of fixed-income securities diverged substantially due to a reduced investor appetite for risk. Treasuries benefited from the risk-off environment, and posted healthy returns, as the 10-year yield (which is inversely related to bond prices) fell to an all-time low. Investment-grade corporate bonds also delivered a positive return, while high-yield corporates were down due to credit concerns.

The U.S. Federal Reserve (the “Fed”) reduced interest rates three times in 2019, to support slowing economic growth. After the coronavirus outbreak, the Fed instituted two emergency rate cuts, pushing short-term interest rates close to zero. To stabilize credit markets, the Fed also announced a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruption is certain to hurt worldwide economic growth, the global expansion is likely to continue once the impact of the outbreak subsides. Nonetheless, there are promising signs that a strong coordinated monetary and fiscal response is underway, both in the United States and abroad. With measures being taken to contain the virus and provide support to impacted businesses and individuals, we anticipate a sharp increase in economic activity as life returns to normal.

Overall, we favor a neutral stance toward risk, given the uncertainty surrounding the economic impact of coronavirus countermeasures. Among equities, we see an advantage in U.S. stocks compared to other developed markets, given the diversity of the U.S. economy and the impressive scope of monetary and fiscal stimulus. In bonds, the swift action taken by the world’s central banks means there are attractive opportunities in credit, and we expect credit spreads to narrow as markets stabilize. Both U.S. Treasuries and sustainable investments can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of April 30, 2020
	6-month	12-month
U.S. large cap equities (S&P 500® Index)	(3.16)%	0.86%
U.S. small cap equities (Russell 2000® Index)	(15.47)	(16.39)
International equities (MSCI Europe, Australasia, Far East Index)	(14.21)	(11.34)
Emerging market equities (MSCI Emerging Markets Index)	(10.50)	(12.00)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.85	2.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	10.73	19.78
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	4.86	10.84
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(1.26)	2.21
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	(6.60)	(4.08)
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

3 THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents

	Page
Section 19(a) Notices		2
Section 19(b) Disclosure		2
The Markets in Review		3
Semi-Annual Report:
Trust Summary		5
The Benefits and Risks of Leveraging		8
Derivative Financial Instruments		8
Financial Statements:
Schedule of Investments		9
Statement of Assets and Liabilities		41
Consolidated Statement of Operations		42
Consolidated Statements of Changes in Net Assets		43
Consolidated Statement of Cash Flows		44
Financial Highlights		46
Notes to Financial Statements		47
Disclosure of Sub-Advisory Agreement		58
Trustee and Officer Information		59
Additional Information		60
Glossary of Terms Used in this Report		61

4

Trust Summary  as of April 30, 2020 BlackRock Multi-Sector Income Trust

Investment Objective

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

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

Trust Information

Symbol on New York State Exchange (“NYSE”)	BIT
Initial Offering Date	February 27, 2013
Current Distribution Rate on Closing Market Price as of April 30, 2020 ($13.43)(a)	11.05%
Current Monthly Distribution per Common Share(b)	$0.1237
Current Annualized Distribution per Common Share(b)	$1.4844
Leverage as of April 30, 2020(c)	39%

^(a)  Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate consists of income, net realized gains and/or a return of capital. Past performance does not guarantee future results.

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

^(c)  Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to borrowings) minus the sum of accrued liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 7.

Market Price and Net Asset Value Per Share Summary

	04/30/20		10/31/19			Change			High		Low
Market Price	$	13.43	$	17.15			(21.69	)%	$	17.29	$	8.44
Net Asset Value		14.97		17.28	(a)		(13.37	)		17.98		11.71

^(a)  For financial reporting purposes, the market value of a certain investment was adjusted as of the report date. Accordingly, the net asset value (“NAV”) per share presented herein is different than the information previously published as of October 31, 2019.

Market Price and Net Asset Value History For the Past Five Years

TRUST SUMMARY 5

Trust Summary  as of April 30, 2020 (continued) BlackRock Multi-Sector Income Trust

Performance and Portfolio Management Commentary

Returns for the period ended April 30, 2020 were as follows:

				Average Annual Total Returns
	6-Month Total Returns			1 Year			3 Years			5 Years
Trust at NAV(a)(b)		(8.96	)%		(11.88	)		0.37	%		3.84	%
Trust at Market Price(a)(b)		(17.71	)		(13.66	)		(1.09	)		3.95
Lipper General Bond Funds at NAV(c)		(11.35	)		(9.45	)		0.50			3.08
Lipper General Bond Funds at Market Price(c)		(13.28	)		(7.71	)		1.49			4.57

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

^(b)  The Trust’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.

^(c)  Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper. Historical performance shown is calculated based on the composition of the Lipper General Bond Fund category at the time of preparation of this report to shareholders.

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

Past performance is not indicative of future results.

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

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

What factors influenced performance?

The primary detractor from absolute performance over the six-month period was the Trust’s below investment grade exposure, specifically to U.S. floating rate loan interests and high yield corporate bonds. Positioning in U.S. Treasuries also detracted, as did exposure to securitized assets including non-agency adjustable rate mortgage-backed securities (“MBS”) and collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”). Finally, the Trust’s allocation to emerging market bonds weighed on performance.

The primary contributors to the Trust’s absolute performance over the period were allocations to 30-year and 15-year pass-through MBS and agency CMOs, as well as a payment from an affiliate in connection with a defaulted term loan investment in Aviron Capital LLC.

During the period, the Trust held derivatives, including U.S. futures and interest rate swaps, primarily as a means to manage risk. The use of derivatives had a negative impact on Trust performance over the period.

Describe recent portfolio activity.

Over the period, the Trust increased its spread sector exposure across corporate bonds, including U.S. investment grade corporate bonds, capital securities and emerging market debt, as well as to both 30-year and 15-year pass-through MBS. The Trust decreased exposure to CMBS, ABS, U.S. Treasuries and municipal bonds. The Trust’s duration (a gauge of sensitivity to interest rate changes) was significantly trimmed over the period from 3.18 years to 0.59 years.

Describe portfolio positioning at period end.

At period end, the Trust maintained diversified exposure within non-government spread sectors, including high yield corporate bonds, non-agency adjustable rate MBS and CMOs, investment grade corporate bonds, emerging market debt and pass-through MBS. The Trust also held marginal exposure to agency CMOs and non-U.S. dollar securities.

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

6 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Trust Summary  as of April 30, 2020 (continued) BlackRock Multi-Sector Income Trust

Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION

	04/30/20			10/31/19
Corporate Bonds		48	%		49	%
Asset-Backed Securities		12			13
Preferred Securities		11			11
U.S. Government Sponsored Agency Securities		9			9
Non-Agency Mortgage-Backed Securities		9			9
Floating Rate Loan Interests		5			3
Foreign Agency Obligations		3			3
U.S. Treasury Obligation		2			2
Short-Term Securities		1			1
Other(a)		—			—

^(a)  Includes a less than 1% holding in Common Stocks.

CREDIT QUALITY ALLOCATION ^(b)(c)

	04/30/20			10/31/19
AAA/Aaa(d)		2	%		12	%
AA/Aa		1			1
A		13			6
BBB/Baa		19			19
BB/Ba		24			23
B		18			18
CCC/Caa		7			7
CC/Ca		10			10
C		1			—
N/R		5			4

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

^(c)  Excludes Common Stocks, Warrants, Short-Term Securities, Options Purchased, Options Written and TBA sale commitments.

^(d)  The investment adviser evaluates the credit quality of not-rated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuer. Using this approach, the investment adviser has deemed U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations as AAA/Aaa.

TRUST SUMMARY 7

The Benefits and Risks of Leveraging

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

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

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

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

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

The Trust may utilize leverage through a credit facility or reverse repurchase agreements as described in the Notes to Financial Statements.

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

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

Derivative Financial Instruments

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

8 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security			Shares		Value
Common Stocks — 0.5%
Aerospace & Defense — 0.3%
Raytheon Technologies Corp.				25,650	$	1,662,376
Building Products — 0.1%
Carrier Global Corp.(a)				25,650		454,262
Diversified Financial Services — 0.0%
Arrow Global Group PLC				3,344		4,246
Energy Equipment & Services — 0.0%
McDermott International, Inc.(a)				8,757		385
Machinery — 0.1%
Otis Worldwide Corp.(a)				12,825		652,921
Total Common Stocks — 0.5% (Cost — $2,978,582)						2,774,190
	Par (000)
Asset-Backed Securities — 18.6%
522 Funding Clo I Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 7.34%), 8.89%, 01/15/33(b)(c)		USD		250		188,240
Ajax Mortgage Loan Trust, Series 2017-D(b)(d):
Class A, 3.75%, 12/25/57				2,746		2,444,127
Class B, 0.00%, 12/25/57(e)				926		488,532
American Homes 4 Rent Trust, Series 2014-SFR2, Class E, 6.23%, 10/17/36(b)				2,000		1,971,108
AMMC CLO 19 Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.00%), 8.22%, 10/15/28(b)(c)				1,000		691,525
Anchorage Capital CLO Ltd.(b)(c):
Series 2014-3RA, Class C, (3 mo. LIBOR US + 1.85%), 2.74%, 01/28/31				1,000		886,651
Series 2014-5RA, Class E, (3 mo. LIBOR US + 5.40%), 6.62%, 01/15/30				860		557,217
Series 2015-6A, Class DR, (3 mo. LIBOR US + 3.55%), 4.77%, 07/15/30				1,000		817,575
Series 2015-7A, Class D1R2, (3 mo. LIBOR US + 3.50%), 4.50%, 01/28/31				250		203,900
Series 2016-8A, Class DR, (3 mo. LIBOR US + 3.00%), 3.89%, 07/28/28				1,000		811,258
Ares XLI CLO Ltd., Series 2016-41A, Class D, (3 mo. LIBOR US + 4.20%), 5.42%, 01/15/29(b)(c)				900		772,122
Battalion CLO XI Ltd., Series 2017-11A, Class E, (3 mo. LIBOR US + 5.98%), 7.00%, 10/24/29(b)(c)				325		213,146
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1 mo. LIBOR US + 0.14%), 0.63%, 11/25/36(c)				2,347		2,178,600
Benefit Street Partners CLO VI Ltd., Series 2015-VIA(b)(c):
Class BR, (3 mo. LIBOR US + 2.40%), 3.54%, 10/18/29				1,000		913,186
Class CR, (3 mo. LIBOR US + 3.45%), 4.59%, 10/18/29				1,000		810,483
Benefit Street Partners CLO X Ltd., Series 2016-10A, Class CR, (3 mo. LIBOR US + 3.50%), 4.72%, 01/15/29(b)(c)				420		345,755
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class E, (3 mo. LIBOR US + 6.90%), 8.12%, 10/15/32(b)(c)				500		376,344
Brookside Mill CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 2.65%), 3.78%, 01/17/28(b)(c)				250		198,230
C-BASS Trust, Series 2006-CB7, Class A4, (1 mo. LIBOR US + 0.16%), 0.65%, 10/25/36(c)				6,336		4,729,509

Security	Par (000)			Value
Asset-Backed Securities (continued)
Carrington Mortgage Loan Trust, Series 2006-FRE2(c):
Class A2, (1 mo. LIBOR US + 0.12%), 0.61%, 10/25/36		USD	4,011	$	3,075,038
Class A5, (1 mo. LIBOR US + 0.08%), 0.57%, 03/25/35			8,262		6,305,267
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 7.58%, 07/20/32(b)(c)			500		314,463
Clear Creek CLO, Series 2015-1A, Class DR, 4.09%, 10/20/30(b)(e)			250		192,465
Elmwood CLO III Ltd., Series 2019-3A, Class E, (3 mo. LIBOR US + 7.00%), 8.22%, 10/15/32(b)(c)			950		637,250
Fremont Home Loan Trust(c):
Series 2006-A, Class 2A3, (1 mo. LIBOR US + 0.16%), 0.65%, 05/25/36			21,776		13,969,095
Series 2006-D, Class 2A3, (1 mo. LIBOR US + 0.15%), 0.64%, 11/25/36			19,936		8,208,409
Galaxy CLO Ltd., Series 2015-21A, (3 mo. LIBOR US + 5.25%), 6.39%, 04/20/31(b)(c)			500		309,415
Galaxy CLO XXIX Ltd., Series 2018-29A, Class D, (3 mo. LIBOR US + 2.40%), 2.79%, 11/15/26(b)(c)			530		429,207
Highbridge Loan Management Ltd., Series 4A-2014, Class BR, (3 mo. LIBOR US + 1.85%), 2.74%, 01/28/30(b)(c)			1,750		1,547,311
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1 mo. LIBOR US + 0.17%), 0.66%, 04/25/37(c)			10,139		7,049,446
HPS Loan Management Ltd.(b)(c):
Series 8A-2016, Class ER, (3 mo. LIBOR US + 5.50%), 6.64%, 07/20/30			1,000		599,441
Series 10A-16, Class C, (3 mo. LIBOR US + 3.65%), 4.79%, 01/20/28			2,500		2,046,051
Invitation Homes Trust, Series 2018-SFR2, Class E, (1 mo. LIBOR US + 2.00%), 2.81%, 06/17/37(b)(c)			3,000		2,721,197
Kayne CLO Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 9.28%, 01/20/33(b)(c)			500		339,471
Long Beach Mortgage Loan Trust(c):
Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.16%), 0.65%, 11/25/36			11,155		4,575,257
Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.16%), 0.65%, 08/25/36			6,312		2,971,158
Madison Park Funding X Ltd., Series 2012-10A(b)(c):
Class DR2, (3 mo. LIBOR US + 3.25%), 4.39%, 01/20/29			750		619,932
Class ER2, (3 mo. LIBOR US + 6.40%), 7.54%, 01/20/29			1,500		919,150
Madison Park Funding XVI Ltd., Series 2015-16A, Class C, (3 mo. LIBOR US + 3.70%), 4.84%, 04/20/26(b)(c)			1,000		846,426
Mastr Asset-Backed Securities Trust, Series 2006-HE2, Class A3, (1 mo. LIBOR US + 0.15%), 0.64%, 06/25/36(c)			9,324		4,718,129
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ER, (3 mo. LIBOR US + 5.00%), 6.22%, 01/15/28(b)(c)			710		465,757
Oaktree CLO Ltd., Series 2015-1A, Class DR, (3 mo. LIBOR US + 5.20%), 6.34%, 10/20/27(b)(c)			1,000		670,394
Octagon Investment Partners LLC, Series 2017-1A, Class E, (3 mo. LIBOR US + 6.30%), 7.44%, 07/20/30(b)(c)			500		345,695
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, (3 mo. LIBOR US + 2.75%), 3.85%, 01/22/30(b)(c)			500		369,674

SCHEDULE OF INVESTMENTS 9

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)				Value
Asset-Backed Securities (continued)
OHA Credit Partners VII Ltd., Series 2012-7A, Class DR, (3 mo. LIBOR US + 4.20%), 5.89%, 11/20/27(b)(c)		USD	590		$	501,002
OHA Credit Partners XIII Ltd., Series 2016-13A, Class E, (3 mo. LIBOR US + 7.15%), 8.26%, 01/21/30(b)(c)			405			287,107
OZLM XIV Ltd., Series 2015-14A, Class CR, (3 mo. LIBOR US + 3.00%), 4.22%, 01/15/29(b)(c)			1,000			795,584
OZLM XXI Ltd., Series 2017-21A, Class D, (3 mo. LIBOR US + 5.54%), 6.68%, 01/20/31(b)(c)			250			156,329
Palmer Square Loan Funding Ltd., Series 2018-5A, Class D, (3 mo. LIBOR US + 4.25%), 5.39%, 01/20/27(b)(c)			500			335,906
Park Avenue Institutional Advisers CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 6.22%), 6.64%, 11/14/29(b)(c)			1,750			1,163,081
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37			4,035			2,096,934
Rockford Tower CLO Ltd., Series 2017-2A, Class DR, (3 mo. LIBOR US + 2.85%), 4.07%, 10/15/29(b)(c)			500			397,741
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1 mo. LIBOR US + 0.40%), 0.89%, 09/25/47(c)			5,000			4,257,648
Scholar Funding Trust, Series 2013-A, Class R, 0.00%(d)			—	(g)		1,425,800
TICP CLO VII Ltd., Series 2017-7A, Class ER, (3 mo. LIBOR US + 7.05%), 8.56%, 04/15/33(b)(c)			250			166,731
Treman Park CLO Ltd., Series 2015-1A, Class DRR, (3 mo. LIBOR US + 2.65%), 3.79%, 10/20/28(b)(c)			1,500			1,207,199
TRESTLES CLO II Ltd., Series 2017-1A, Class C, (3 mo. LIBOR US + 3.65%), 4.64%, 07/25/29(b)(c)			250			206,074
WaMu Asset-Backed Certificates Trust, Series 2007-HE3, Class 2A3, (1 mo. LIBOR US + 0.24%), 0.73%, 05/25/37(c)			8,139			6,831,644
Wellfleet CLO Ltd., Series 2017-3A, Class B, (3 mo. LIBOR US + 1.95%), 3.08%, 01/17/31(b)(c)			500			441,731
Westcott Park CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.25%), 4.39%, 07/20/28(b)(c)			550			456,886
York CLO Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.65%), 6.75%, 01/22/31(b)(c)			250			150,753
Total Asset-Backed Securities — 18.6% (Cost — $114,037,364)						104,720,756
Corporate Bonds — 79.3%
Aerospace & Defense — 2.8%
Amsted Industries, Inc., 5.63%, 07/01/27(b)			185			185,204
Arconic, Inc.:
5.13%, 10/01/24			79			75,970
5.40%, 04/15/21			9			9,183
5.87%, 02/23/22(h)			1,065			1,086,153
Bombardier, Inc.(b):
8.75%, 12/01/21(h)			1,177			979,264
5.75%, 03/15/22			120			90,000
6.00%, 10/15/22			10			7,500
6.13%, 01/15/23			408			291,720
7.50%, 12/01/24			181			120,293
7.50%, 03/15/25(h)			44			28,380
7.88%, 04/15/27(h)			1,237			800,957
CenturyLink, Inc., 4.00%, 02/15/27(b)(h)			605			586,850
Global Aircraft Leasing Co. Ltd., (6.5% Cash or 7.25% PIK), 6.50%, 09/15/24(b)(i)			256			154,880

Security	Par (000)			Value
Aerospace & Defense (continued)
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25(b)(h)		USD	448	$	436,979
Lockheed Martin Corp., 4.09%, 09/15/52(h)			451		581,049
Moog, Inc., 4.25%, 12/15/27(b)			172		161,250
Signature Aviation US Holdings, Inc.(b):
5.38%, 05/01/26			322		297,045
4.00%, 03/01/28			303		257,550
SoftBank Group Corp., 4.00%, 04/20/23		EUR	240		259,059
TransDigm UK Holdings PLC, 6.88%, 05/15/26		USD	231		197,505
TransDigm, Inc.(b):
8.00%, 12/15/25			825		858,000
6.25%, 03/15/26(h)			6,999		6,850,271
United Technologies Corp., 3.75%, 11/01/46(h)			700		825,243
Wolverine Escrow LLC(b):
8.50%, 11/15/24			314		220,585
9.00%, 11/15/26			276		191,351
					15,552,241
Air Freight & Logistics — 0.2%
FedEx Corp.(h):
3.90%, 02/01/35			500		520,230
4.75%, 11/15/45			500		542,232
XPO Logistics, Inc., 6.75%, 08/15/24(b)			22		22,651
					1,085,113
Airlines — 1.9%
Air Canada Pass-Through Trust, Series 2013-1, Class B, 5.38%, 11/15/22(b)			1,833		1,774,919
American Airlines Group, Inc., 5.00%, 06/01/22(b)			1,300		732,810
American Airlines Pass-Through Trust:
Series 2013-2, Class A, 4.95%, 07/15/24			1,180		1,044,930
Series 2017-1, Class B, 4.95%, 08/15/26(h)			1,287		913,712
Avianca Holdings SA, 9.00%, 05/10/23(b)			465		79,050
Continental Airlines Pass-Through Trust, Series 2007-1, Class B, 6.90%, 10/19/23			76		70,954
Delta Air Lines Pass-Through Trust, Series 2007-1, Class B, 8.02%, 02/10/24			979		928,799
Latam Finance Ltd., 6.88%, 04/11/24(b)			737		294,109
United Airlines Pass-Through Trust(h):
Series 2014-2, Class B, 4.63%, 03/03/24			1,597		1,406,404
Series 2015-1, Class A, 3.70%, 06/01/24			3,570		3,170,572
					10,416,259
Auto Components — 1.3%
Allison Transmission, Inc.(b):
5.00%, 10/01/24			38		36,480
5.88%, 06/01/29			381		369,391
Aptiv PLC(h):
4.25%, 01/15/26			400		416,560
4.40%, 10/01/46			280		218,722
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(b)			337		235,479
FCE Bank PLC, 1.62%, 05/11/23		EUR	100		97,840
Goodyear Tire & Rubber Co., 5.00%, 05/31/26		USD	77		66,990
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
6.25%, 02/01/22(h)			341		344,410
6.75%, 02/01/24(h)			240		240,600
4.75%, 09/15/24			143		134,494
6.38%, 12/15/25(h)			231		227,535
6.25%, 05/15/26			498		489,345
5.25%, 05/15/27			604		573,806
IHO Verwaltungs GmbH, (3.88% Cash or 4.63% PIK), 3.88%, 05/15/27(i)		EUR	100		97,311
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.:
4.38%, 05/15/26			101		102,103
6.25%, 05/15/26(b)(h)		USD	1,544		1,554,036
8.50%, 05/15/27(b)(h)			2,102		1,781,445

10 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Auto Components (continued)
Tesla, Inc., 5.30%, 08/15/25(b)		USD	398	$	388,050
					7,374,597
Automobiles — 0.3%
General Motors Co., 6.25%, 10/02/43(h)			2,194		1,920,475
Banks — 0.8%
Al Ahli Bank of Kuwait KSCP, (5 year USD Swap + 4.17%), 7.25%(j)(k)			200		183,500
Banca Monte dei Paschi di Siena SpA, 2.63%, 04/28/25		EUR	100		93,107
Bank Tabungan Negara Persero Tbk PT, 4.20%, 01/23/25		USD	200		175,000
Barclays PLC:
4.38%, 09/11/24(h)			720		742,948
5.20%, 05/12/26			200		215,114
BBVA Bancomer SA, 6.75%, 09/30/22(b)			682		707,575
Chong Hing Bank Ltd, (5 year CMT + 3.86%), 5.70%(j)(k)			250		227,266
CIT Group, Inc., 5.00%, 08/01/23(h)			847		829,018
Emirates NBD Bank PJSC, (6 year USD Swap + 3.66%), 6.13%(j)(k)			250		236,094
HSBC Holdings PLC, 4.38%, 11/23/26(h)			370		401,408
Standard Chartered PLC, (5 year USD ICE Swap + 1.97%), 4.87%, 03/15/33(b)(h)(j)			500		521,324
					4,332,354
Beverages — 0.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46(h)			2,160		2,492,188
Central American Bottling Corp., 5.75%, 01/31/27(b)			637		623,464
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26			45		49,275
					3,164,927
Biotechnology — 0.4%
Amgen, Inc., 4.40%, 05/01/45(h)			1,100		1,348,091
Gilead Sciences, Inc., 4.75%, 03/01/46(h)			700		945,732
					2,293,823
Building Materials — 0.0%
Cemex SAB de CV, 3.13%, 03/19/26		EUR	100		89,791
Building Products — 0.4%
Advanced Drainage Systems, Inc., 5.00%, 09/30/27(b)		USD	310		304,575
American Builders & Contractors Supply Co., Inc., 5.88%, 05/15/26(b)			317		313,830
Beacon Roofing Supply, Inc.(b):
4.88%, 11/01/25			62		54,792
4.50%, 11/15/26			104		99,320
Masonite International Corp.(b):
5.75%, 09/15/26			106		102,820
5.38%, 02/01/28			186		177,165
Standard Industries, Inc.(b):
5.50%, 02/15/23			32		32,000
5.38%, 11/15/24(h)			522		523,305
6.00%, 10/15/25(h)			659		678,770
5.00%, 02/15/27			48		48,120
4.75%, 01/15/28			68		66,518
					2,401,215
Capital Markets — 0.5%
CFLD Cayman Investment Ltd., 6.90%, 01/13/23			200		181,250
Goldman Sachs Group, Inc., Series R, (5 year CMT + 3.22%), 4.95%(j)(k)			900		832,500
Intercorp Peru Ltd., 3.88%, 08/15/29(b)			200		179,375
Intertrust Group BV, 3.38%, 11/15/25		EUR	100		109,070
LABL Escrow Issuer LLC, 6.75%, 07/15/26(b)		USD	414		427,786

Security	Par (000)			Value
Capital Markets (continued)
Operadora de Servicios Mega SA de CV, 8.25%, 02/11/25(b)		USD	210	$	133,182
Owl Rock Capital Corp., 5.25%, 04/15/24(h)			106		100,630
Raymond James Financial, Inc., 4.95%, 07/15/46(h)			400		472,978
Stevens Holding Co., Inc., 6.13%, 10/01/26(b)			197		197,433
					2,634,204
Chemicals — 2.0%
Ashland Services BV, 2.00%, 01/30/28		EUR	100		102,325
Atotech Alpha 2 BV, (8.75% Cash or 9.50% PIK), 8.75%, 06/01/23(b)(i)		USD	706		663,640
Atotech Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25(b)(h)			2,170		2,061,066
Axalta Coating Systems LLC, 4.88%, 08/15/24(b)			265		268,975
Blue Cube Spinco LLC:
9.75%, 10/15/23(h)			915		953,887
10.00%, 10/15/25			430		455,671
Chemours Co., 6.63%, 05/15/23			369		345,015
Cydsa SAB de CV, 6.25%, 10/04/27(b)(h)			914		793,754
Element Solutions, Inc., 5.88%, 12/01/25(b)(h)			1,636		1,620,867
ENN Clean Energy International Investment Ltd., 7.50%, 02/27/21			200		196,250
GCP Applied Technologies, Inc., 5.50%, 04/15/26(b)			199		191,537
Monitchem HoldCo 3 SA, 5.25%, 03/15/25		EUR	100		104,431
NOVA Chemicals Corp., 4.88%, 06/01/24(b)		USD	80		71,800
Orbia Advance Corp SAB de CV, 5.50%, 01/15/48(b)			526		487,372
PQ Corp.(b)(h):
6.75%, 11/15/22			437		440,824
5.75%, 12/15/25			644		631,378
Sherwin-Williams Co., 4.50%, 06/01/47(h)			310		374,763
Syngenta Finance NV, 3.38%, 04/16/26		EUR	100		112,540
Valvoline, Inc., 4.25%, 02/15/30(b)		USD	342		332,595
Vedanta Resources Finance II PLC, 9.25%, 04/23/26			282		111,038
WR Grace & Co-Conn(b)(h):
5.13%, 10/01/21			277		278,385
5.63%, 10/01/24			300		300,750
Yingde Gases Investment Ltd., 6.25%, 01/19/23			200		196,000
					11,094,863
Commercial Services & Supplies — 2.3%
ADT Security Corp.:
6.25%, 10/15/21			234		240,646
3.50%, 07/15/22			71		69,225
4.13%, 06/15/23			16		15,920
4.88%, 07/15/32(b)			685		609,650
Advanced Disposal Services, Inc., 5.63%, 11/15/24(b)			176		182,160
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/27(b)(h)			636		642,360
Autostrade per l’Italia SpA, 5.88%, 06/09/24		EUR	200		234,707
Aviation Capital Group LLC, 6.75%, 04/06/21(b)(h)		USD	5,000		4,709,056
Booz Allen Hamilton, Inc., 5.13%, 05/01/25(b)			455		450,450
Clean Harbors, Inc.(b)(h):
4.88%, 07/15/27			297		306,653
5.13%, 07/15/29			205		208,588
Core & Main LP, 6.13%, 08/15/25(b)			1,055		1,012,800
Garda World Security Corp., 9.50%, 11/01/27(b)(h)			176		176,000
GFL Environmental, Inc.(b):
7.00%, 06/01/26(h)			675		702,742
5.13%, 12/15/26			562		584,480
8.50%, 05/01/27			278		303,351
KAR Auction Services, Inc., 5.13%, 06/01/25(b)(h)			323		275,099
Mobile Mini, Inc., 5.88%, 07/01/24(h)			585		591,025
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(b)(h)			157		158,570

SCHEDULE OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Commercial Services & Supplies (continued)
Summer BC Holdco B Sarl, 5.75%, 10/31/26		EUR	100	$	96,906
United Rentals North America, Inc.:
4.63%, 10/15/25(h)		USD	324		318,330
5.88%, 09/15/26			60		61,650
5.50%, 05/15/27			345		348,450
3.88%, 11/15/27(h)			292		285,430
Vericast Corp., 8.38%, 08/15/22(b)			206		147,475
					12,731,723
Communications Equipment — 0.4%
CommScope, Inc.(b):
5.50%, 03/01/24(h)			1,042		1,042,000
6.00%, 03/01/26			205		205,512
Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., 9.88%, 05/01/24(b)			90		73,800
Nokia OYJ(h):
3.38%, 06/12/22			126		126,945
4.38%, 06/12/27			177		179,655
ViaSat, Inc., 5.63%, 04/15/27(b)			677		666,845
					2,294,757
Construction & Engineering — 0.3%
Brand Industrial Services, Inc., 8.50%, 07/15/25(b)(h)			624		461,760
Delhi International Airport Ltd., 6.45%, 06/04/29			200		174,250
frontdoor, Inc., 6.75%, 08/15/26(b)			323		335,113
PulteGroup, Inc., 7.88%, 06/15/32			28		32,200
SPIE SA, 2.63%, 06/18/26		EUR	100		105,534
SRS Distribution, Inc., 8.25%, 07/01/26(b)(h)		USD	618		567,509
					1,676,366
Construction Materials — 0.8%
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/28(b)			444		421,276
Core & Main Holdings LP, (8.625% Cash or 9.38% PIK), 8.63%, 09/15/24(b)(i)			551		523,450
HD Supply, Inc., 5.38%, 10/15/26(b)(h)			2,397		2,444,700
Navistar International Corp., 6.63%, 11/01/25(b)(h)			382		327,642
New Enterprise Stone & Lime Co., Inc.(b):
10.13%, 04/01/22			162		160,785
6.25%, 03/15/26			88		82,720
Williams Scotsman International, Inc.(b):
7.88%, 12/15/22			116		117,595
6.88%, 08/15/23			464		462,840
					4,541,008
Consumer Discretionary — 0.0%
Carnival Corp., 11.50%, 04/01/23(b)			65		67,915
Nielsen Co. Luxembourg Sarl, 5.00%, 02/01/25(b)(h)			196		189,140
					257,055
Consumer Finance — 1.7%
Ally Financial, Inc., 8.00%, 11/01/31(h)			1,832		2,239,620
Husky III Holding Ltd., (13.00% Cash or 13.00% PIK), 13.00%, 02/15/25(b)(i)			356		323,960
Iron Mountain UK PLC, 3.88%, 11/15/25		GBP	100		117,841
Muthoot Finance Ltd.:
6.13%, 10/31/22(b)		USD	481		435,155
4.40%, 09/02/23			200		171,000
Navient Corp.:
5.00%, 10/26/20(h)			370		362,800
7.25%, 09/25/23(h)			153		146,497
6.13%, 03/25/24			105		96,600
5.88%, 10/25/24			76		69,160
6.75%, 06/15/26			40		36,100
5.00%, 03/15/27			335		282,070

Security	Par (000)			Value
Consumer Finance (continued)
Refinitiv US Holdings, Inc.:
4.50%, 05/15/26		EUR	118	$	134,483
4.50%, 05/15/26(b)			480		547,048
6.25%, 05/15/26(b)		USD	157		167,338
8.25%, 11/15/26(b)(h)			1,102		1,195,670
Springleaf Finance Corp.:
6.13%, 05/15/22			85		83,938
6.88%, 03/15/25			334		315,864
7.13%, 03/15/26			483		455,227
6.63%, 01/15/28			262		231,215
5.38%, 11/15/29			85		70,566
Verscend Escrow Corp., 9.75%, 08/15/26(b)(h)			1,936		2,018,280
					9,500,432
Containers & Packaging — 1.5%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(b)(h)(i)			999		927,272
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
4.13%, 08/15/26(b)(h)			310		302,250
4.75%, 07/15/27(b)		GBP	100		121,611
4.75%, 07/15/27			100		121,611
Ball Corp., 5.25%, 07/01/25		USD	44		48,620
Berry Global, Inc.:
1.00%, 01/15/25		EUR	100		103,251
4.88%, 07/15/26(b)(h)		USD	467		477,011
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			513		514,052
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26(h)			543		557,932
Graphic Packaging International LLC, 3.50%, 03/15/28(b)			152		144,020
Intertape Polymer Group, Inc., 7.00%, 10/15/26(b)			237		240,273
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(b)(h)			1,030		949,866
OI European Group BV, 2.88%, 02/15/25		EUR	100		103,065
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu(b):
5.13%, 07/15/23		USD	172		172,860
7.00%, 07/15/24			421		422,558
Sealed Air Corp.(b):
5.13%, 12/01/24			54		56,430
6.88%, 07/15/33			44		48,620
Silgan Holdings, Inc.:
4.13%, 02/01/28(b)			278		273,135
2.25%, 06/01/28		EUR	100		106,023
Trivium Packaging Finance BV:
3.75%, 08/15/26			100		107,311
5.50%, 08/15/26(b)(h)		USD	1,189		1,218,725
8.50%, 08/15/27(b)(h)			1,508		1,575,860
					8,592,356
County/City/Special District/School District — 0.0%
Levi Strauss & Co., 5.00%, 05/01/25(b)			25		25,229
PVH Corp., 3.63%, 07/15/24		EUR	100		109,380
					134,609
Diversified Consumer Services — 0.6%
APX Group, Inc.:
7.88%, 12/01/22		USD	139		132,802
8.50%, 11/01/24(b)			166		152,720

12 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Diversified Consumer Services (continued)
Ascend Learning LLC, 6.88%, 08/01/25(b)(h)		USD	1,197	$	1,185,030
Garda World Security Corp., 4.63%, 02/15/27(b)			345		332,062
Graham Holdings Co., 5.75%, 06/01/26(b)			204		206,040
Laureate Education, Inc., 8.25%, 05/01/25(b)			138		140,967
Pinnacle Bidco PLC, 6.38%, 02/15/25		GBP	100		101,340
Prime Security Services Borrower LLC/Prime Finance, Inc.(b):
5.25%, 04/15/24		USD	178		174,385
5.75%, 04/15/26(h)			416		409,885
Service Corp. International, 5.13%, 06/01/29			281		292,240
ServiceMaster Co. LLC, 5.13%, 11/15/24(b)(h)			326		332,585
					3,460,056
Diversified Financial Services — 2.8%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/26(b)(h)			2,206		2,267,989
Alpha Holding SA de CV, 9.00%, 02/10/25(b)			405		276,919
Altice France Holding SA:
8.00%, 05/15/27		EUR	100		111,181
10.50%, 05/15/27(b)		USD	1,841		1,988,667
6.00%, 02/15/28(b)			497		452,171
Arrow Global Finance PLC, 5.13%, 09/15/24		GBP	100		107,793
ASG Finance Designated Activity Co., 7.88%, 12/03/24(b)		USD	262		138,860
Banco Santander SA, (5 year EUR Swap + 4.53%), 4.38%(j)(k)		EUR	200		190,130
CFLD Cayman Investment Ltd.:
8.63%, 02/28/21		USD	200		200,250
8.60%, 04/08/24			200		179,812
Citigroup, Inc., Series V, (Secured Overnight Financing Rate + 3.23%), 4.70%(j)(k)			785		682,950
F-Brasile SpA/F-Brasile US LLC, Series XR, 7.38%, 08/15/26(b)			464		316,680
Ford Motor Credit Co. LLC, 4.39%, 01/08/26(h)			1,250		1,089,062
Garfunkelux Holdco 3 SA, 7.50%, 08/01/22		EUR	100		88,764
General Motors Financial Co., Inc., 4.25%, 05/15/23(h)		USD	326		319,556
Gilex Holding Sarl, 8.50%, 05/02/23(b)			256		211,842
Greenko Dutch BV, 5.25%, 07/24/24			200		176,250
Greenko Mauritius Ltd., 6.25%, 02/21/23			200		184,000
Intesa Sanpaolo SpA, 5.02%, 06/26/24(b)			2,888		2,887,177
Intrum AB, 3.00%, 09/15/27		EUR	100		80,618
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24(i)			101		104,093
Lloyds Banking Group PLC, (5 year CMT + 4.82%), 6.75%(j)(k)		USD	515		496,975
Manappuram Finance Ltd., 5.90%, 01/13/23			200		156,500
Mong Doung Finacial Holdings BV, 5.13%, 05/07/29			250		235,625
Murphy Oil USA, Inc., 4.75%, 09/15/29			194		199,762
Scenery Journey Ltd.:
11.00%, 11/06/20			200		199,812
11.50%, 10/24/22			219		194,636
13.00%, 11/06/22			200		183,500
Spectrum Brands, Inc., 5.00%, 10/01/29(b)			132		126,060
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25(b)(h)			924		896,280
Usiminas International Sarl, 5.88%, 07/18/26(b)			200		176,312
Verisure Midholding AB, 5.75%, 12/01/23		EUR	100		104,967
VZ Vendor Financing BV, 2.50%, 01/31/24			100		107,393
Wanda Group Overseas Ltd., 7.50%, 07/24/22		USD	200		171,250
WMG Acquisition Corp.:
4.13%, 11/01/24		EUR	90		99,609
5.50%, 04/15/26(b)		USD	197		201,679
					15,605,124

Security	Par (000)			Value
Diversified Telecommunication Services — 2.5%
AT&T, Inc.(h):
4.65%, 06/01/44		USD	111	$	125,205
4.85%, 07/15/45			389		446,595
4.75%, 05/15/46			2,545		2,943,539
Axtel SAB de CV, 6.38%, 11/14/24(b)(h)			525		486,281
CenturyLink, Inc.:
5.13%, 12/15/26(b)(h)			1,101		1,043,198
Series P, 7.60%, 09/15/39			441		450,296
Series U, 7.65%, 03/15/42			544		544,000
Series W, 6.75%, 12/01/23(h)			620		647,652
Series Y, 7.50%, 04/01/24(h)			715		775,775
Cincinnati Bell, Inc., 7.00%, 07/15/24(b)(h)			100		101,219
Frontier Communications Corp., 8.00%, 04/01/27(b)			1,439		1,467,348
GCI LLC, 6.63%, 06/15/24(b)			182		188,370
Level 3 Financing, Inc.:
5.38%, 08/15/22			91		91,191
5.63%, 02/01/23			146		146,222
5.13%, 05/01/23(h)			360		358,200
5.38%, 05/01/25			146		147,037
5.25%, 03/15/26(h)			864		883,440
4.63%, 09/15/27(b)			169		167,445
Oi SA, (8.00% Cash + 4.00% PIK), 12.00%, 07/27/25(i)			527		387,180
SoftBank Group Corp., 4.50%, 04/20/25		EUR	100		105,969
Telecom Argentina SA, 8.00%, 07/18/26(b)		USD	262		209,846
Telecom Italia Capital SA:
6.38%, 11/15/33			82		88,363
6.00%, 09/30/34			547		566,637
7.20%, 07/18/36			117		131,309
7.72%, 06/04/38			211		244,760
Telecom Italia SpA:
4.00%, 04/11/24		EUR	100		114,120
5.30%, 05/30/24(b)(h)		USD	800		831,032
2.75%, 04/15/25		EUR	100		109,037
Telesat Canada/Telesat LLC, 4.88%, 06/01/27(b)		USD	404		397,940
					14,199,206
Electric Utilities — 1.2%
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energ, 6.25%, 12/10/24			200		192,250
Duke Energy Corp., 4.80%, 12/15/45(h)			1,500		1,934,611
Emera US Finance LP, 4.75%, 06/15/46(h)			200		213,306
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(b)			309		290,170
Enel Finance International NV, 3.63%, 05/25/27(b)(h)			1,250		1,308,011
Energuate Trust, 5.88%, 05/03/27(b)(h)			375		346,650
Inkia Energy Ltd., 5.88%, 11/09/27(b)(h)			455		428,269
NextEra Energy Operating Partners LP(b):
4.25%, 07/15/24			626		637,143
4.25%, 09/15/24			119		120,785
4.50%, 09/15/27			48		49,260
ReNew Power Synthetic, 6.67%, 03/12/24			200		171,625
Talen Energy Supply LLC, 10.50%, 01/15/26(b)			60		49,504
Virginia Electric & Power Co., Series A, 6.00%, 05/15/37(h)			750		1,031,956
					6,773,540
Electronic Equipment, Instruments & Components — 0.5%
CDW LLC/CDW Finance Corp.:
5.50%, 12/01/24(h)			724		771,060
5.00%, 09/01/25			127		130,175
Corning, Inc., 4.38%, 11/15/57(h)			1,915		2,083,055
Itron, Inc., 5.00%, 01/15/26(b)			29		29,145
					3,013,435

SCHEDULE OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Energy Equipment & Services — 0.3%
Apergy Corp., 6.38%, 05/01/26		USD	283	$	232,060
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27(b)			213		159,750
Gates Global LLC/Gates Global Co., 6.25%, 01/15/26(b)			428		389,527
Odebrecht Oil & Gas Finance Ltd., 0.00%(b)(k)(l)		BRL	155		155
Pattern Energy Group, Inc., 5.88%, 02/01/24(b)		USD	263		265,630
Transocean, Inc., 8.38%, 12/15/21			47		16,403
USA Compression Partners LP/USA Compression Finance Corp.:
6.88%, 04/01/26(h)			329		264,845
6.88%, 09/01/27			567		453,600
					1,781,970
Environmental, Maintenance, & Security Service — 0.1%
Tervita Corp., 7.63%, 12/01/21(b)(h)			383		252,780
Waste Pro USA, Inc., 5.50%, 02/15/26(b)			568		562,320
					815,100
Equity Real Estate Investment Trusts (REITs) — 2.1%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26(b)			205		164,000
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(b)(h)			265		256,056
Fortune Star BVI Ltd.:
6.88%, 01/31/21			200		198,250
5.95%, 01/29/23			200		190,750
6.75%, 07/02/23			250		242,656
GLP Capital LP/GLP Financing II, Inc.(h):
5.25%, 06/01/25			124		120,602
5.38%, 04/15/26			208		207,220
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/25			34		33,320
Iron Mountain, Inc.(b):
4.88%, 09/15/27			471		461,580
4.88%, 09/15/29			13		12,448
iStar, Inc., 5.25%, 09/15/22(h)			72		65,160
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/27(b)(h)			408		283,560
LMIRT Capital Pte Ltd., 7.25%, 06/19/24			232		191,400
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/26			48		45,480
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.:
5.63%, 05/01/24(h)			1,713		1,739,055
4.50%, 09/01/26(h)			665		643,387
5.75%, 02/01/27			32		32,400
MPT Operating Partnership LP/MPT Finance Corp.:
5.50%, 05/01/24			88		87,560
5.00%, 10/15/27(h)			1,095		1,116,900
4.63%, 08/01/29(h)			539		535,971
Ryman Hospitality Properties, Inc., 4.75%, 10/15/27(b)			676		589,810
SBA Communications Corp., 4.88%, 09/01/24(h)			1,636		1,684,262
Starwood Property Trust, Inc., 5.00%, 12/15/21(h)			278		259,930
Trust F/1401, 6.95%, 01/30/44			1,738		1,651,100
VICI Properties LP/VICI Note Co., Inc., 4.63%, 12/01/29(b)			640		595,200
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26(b)			148		135,420
					11,543,477
Food & Staples Retailing — 0.7%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC:
6.63%, 06/15/24(h)			206		212,953

Security	Par (000)			Value
Food & Staples Retailing (continued)
5.75%, 03/15/25		USD	94	$	96,585
7.50%, 03/15/26(b)(h)			127		138,906
4.63%, 01/15/27(b)(h)			928		937,280
5.88%, 02/15/28(b)			377		393,852
4.88%, 02/15/30(b)			319		323,386
B&M European Value Retail SA, 4.13%, 02/01/22		GBP	100		119,919
BRF GmbH, 4.35%, 09/29/26		USD	200		172,934
Health & Happiness H&H International Holdings Ltd., 5.63%, 10/24/24			200		195,500
Kraft Heinz Foods Co., 4.63%, 10/01/39(b)(h)			138		135,966
Post Holdings, Inc., 4.63%, 04/15/30(b)			645		632,094
Walgreens Boots Alliance, Inc., 4.80%, 11/18/44(h)			750		800,041
					4,159,416
Food Products — 1.8%
Aramark Services, Inc.:
5.00%, 04/01/25(b)			347		338,325
4.75%, 06/01/26			252		240,660
5.00%, 02/01/28(b)(h)			701		681,722
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25(b)(h)			532		528,978
Darling Ingredients, Inc., 5.25%, 04/15/27(b)			124		125,085
Graphic Packaging International LLC, 4.75%, 07/15/27(b)			104		107,640
JBS USA LUX SA/JBS USA Finance, Inc.(b):
5.88%, 07/15/24			594		600,683
5.75%, 06/15/25(h)			1,153		1,151,559
6.75%, 02/15/28			464		492,711
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(b):
6.50%, 04/15/29			862		911,574
5.50%, 01/15/30			683		691,537
Kraft Heinz Foods Co.:
5.00%, 07/15/35			165		177,135
6.88%, 01/26/39			306		366,515
6.50%, 02/09/40			205		239,359
5.00%, 06/04/42			163		165,582
5.20%, 07/15/45			356		365,491
4.38%, 06/01/46			520		495,295
4.88%, 10/01/49(b)			1,375		1,369,907
MHP Lux SA, 6.25%, 09/19/29(b)			600		503,438
Post Holdings, Inc.(b):
5.75%, 03/01/27(h)			294		300,983
5.63%, 01/15/28			86		87,505
5.50%, 12/15/29			152		152,760
Simmons Foods, Inc., 7.75%, 01/15/24(b)			279		290,160
					10,384,604
Health Care Equipment & Supplies — 1.1%
Avantor, Inc.(b)(h):
6.00%, 10/01/24			2,081		2,194,414
9.00%, 10/01/25			1,292		1,401,174
Hologic, Inc.(b):
4.38%, 10/15/25			225		226,035
4.63%, 02/01/28			179		181,685
Immucor, Inc., 11.13%, 02/15/22(b)			112		100,800
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA(b):
6.63%, 05/15/22(h)			489		444,990
7.25%, 02/01/28			1,529		1,391,956
Teleflex, Inc.:
4.88%, 06/01/26			284		288,260
4.63%, 11/15/27			72		73,800
					6,303,114

14 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Health Care Providers & Services — 4.1%
Acadia Healthcare Co., Inc., 5.13%, 07/01/22		USD	158	$	151,680
AHP Health Partners, Inc., 9.75%, 07/15/26(b)			252		249,480
Centene Corp.(b)(h):
5.25%, 04/01/25			543		566,078
5.38%, 06/01/26			401		424,579
5.38%, 08/15/26			387		412,194
4.25%, 12/15/27			802		839,092
4.63%, 12/15/29			2,173		2,379,435
3.38%, 02/15/30			593		597,447
CHS/Community Health Systems, Inc.(b):
8.63%, 01/15/24(h)			807		786,825
6.63%, 02/15/25			332		304,610
8.00%, 03/15/26(h)			1,220		1,169,468
Encompass Health Corp., 5.75%, 11/01/24			45		45,225
HCA, Inc.:
5.38%, 02/01/25(h)			1,326		1,425,636
5.88%, 02/15/26			54		60,361
5.38%, 09/01/26(h)			403		436,248
5.63%, 09/01/28(h)			726		804,466
5.88%, 02/01/29			262		300,200
3.50%, 09/01/30(h)			1,896		1,812,298
LifePoint Health, Inc., 4.38%, 02/15/27(b)			124		116,560
MEDNAX, Inc.(b):
5.25%, 12/01/23(h)			198		187,110
6.25%, 01/15/27			158		143,060
Molina Healthcare, Inc.:
5.38%, 11/15/22			207		213,986
4.88%, 06/15/25(b)			204		205,020
MPH Acquisition Holdings LLC, 7.13%, 06/01/24(b)(h)			879		783,382
Northwell Healthcare, Inc., 4.26%, 11/01/47(h)			686		718,390
Polaris Intermediate Corp., (8.50% Cash or 9.25% PIK), 8.50%, 12/01/22(b)(h)(i)			514		430,431
Surgery Center Holdings, Inc.(b):
6.75%, 07/01/25(h)			782		668,180
10.00%, 04/15/27			352		325,600
Tenet Healthcare Corp.:
8.13%, 04/01/22(h)			1,295		1,305,101
4.63%, 07/15/24(h)			428		422,427
4.63%, 09/01/24(b)			433		424,340
4.88%, 01/01/26(b)(h)			1,703		1,675,241
6.25%, 02/01/27(b)(h)			215		211,689
5.13%, 11/01/27(b)(h)			1,129		1,114,887
UnitedHealth Group, Inc., 4.38%, 03/15/42(h)			750		924,230
Vizient, Inc., 6.25%, 05/15/27(b)			483		507,488
					23,142,444
Health Care Technology — 0.4%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(b)			810		791,953
IQVIA, Inc.:
3.25%, 03/15/25		EUR	194		213,756
3.25%, 03/15/25(b)			100		110,183
5.00%, 10/15/26(b)		USD	548		564,440
5.00%, 05/15/27(b)			717		736,495
					2,416,827
Hotels, Restaurants & Leisure — 4.4%
1011778 BC ULC/New Red Finance, Inc.(b):
4.25%, 05/15/24(h)			28		27,991
5.00%, 10/15/25(h)			1,853		1,862,265
3.88%, 01/15/28			541		524,721
4.38%, 01/15/28			371		358,738
Boyd Gaming Corp., 6.00%, 08/15/26			133		120,365

Security	Par (000)			Value
Hotels, Restaurants & Leisure (continued)
Boyne USA, Inc., 7.25%, 05/01/25(b)		USD	230	$	230,000
Churchill Downs, Inc.(b):
5.50%, 04/01/27(h)			965		928,504
4.75%, 01/15/28			321		298,851
Cirsa Finance International Sarl, 4.75%, 05/22/25		EUR	100		85,476
Eldorado Resorts, Inc.:
6.00%, 04/01/25		USD	106		101,760
6.00%, 09/15/26			138		138,649
Golden Nugget, Inc., 6.75%, 10/15/24(b)(h)			1,359		1,060,020
Hilton Domestic Operating Co., Inc(h):
4.25%, 09/01/24			382		370,540
5.13%, 05/01/26			852		841,180
4.88%, 01/15/30			1,189		1,135,495
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27			246		238,522
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC(b):
5.00%, 06/01/24			45		46,373
5.25%, 06/01/26(h)			406		415,135
Las Vegas Sands Corp.:
3.50%, 08/18/26			60		57,095
3.90%, 08/08/29			56		51,516
Lions Gate Capital Holdings LLC(b):
6.38%, 02/01/24			30		27,911
5.88%, 11/01/24			203		187,267
McDonald’s Corp., 3.70%, 01/30/26(h)			750		837,996
Melco Resorts Finance Ltd., 5.25%, 04/26/26			250		243,750
MGM China Holdings Ltd., 5.88%, 05/15/26			250		242,812
MGM Resorts International:
7.75%, 03/15/22(h)			438		445,529
6.00%, 03/15/23			494		480,415
5.75%, 06/15/25			35		33,600
Scientific Games International, Inc.:
5.00%, 10/15/25(b)(h)			461		402,591
3.38%, 02/15/26		EUR	300		269,250
8.25%, 03/15/26(b)(h)		USD	802		605,510
7.00%, 05/15/28(b)			284		204,480
7.25%, 11/15/29(b)			213		151,763
Studio City Finance Ltd., 7.25%, 02/11/24			250		237,500
Unique Pub Finance Co. PLC:
Series M, 7.40%, 03/28/24		GBP	6,400		8,884,357
Series N, 6.46%, 03/30/32			100		135,228
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(b)		USD	268		233,160
Wynn Macau Ltd., 5.50%, 10/01/27			200		193,937
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(b)			518		485,625
Yum! Brands, Inc.:
3.88%, 11/01/23			110		111,617
7.75%, 04/01/25(b)(h)			553		605,466
4.75%, 01/15/30(b)(h)			503		513,060
5.35%, 11/01/43			85		80,750
					24,506,770
Household Durables — 1.0%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp.(b):
6.25%, 09/15/27			255		233,325
4.88%, 02/15/30			447		367,076
Controladora Mabe SA de CV, 5.60%, 10/23/28(b)			624		584,189
Global Prime Capital Pte Ltd., 5.50%, 10/18/23			200		171,687
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26(b)			398		370,140

SCHEDULE OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Household Durables (continued)
Lennar Corp.:
6.25%, 12/15/21(h)		USD	450	$	463,500
4.88%, 12/15/23			146		149,650
4.75%, 05/30/25(h)			410		421,263
5.25%, 06/01/26			32		33,280
4.75%, 11/29/27(h)			425		435,625
Mattamy Group Corp., 4.63%, 03/01/30(b)			306		270,932
MDC Holdings, Inc., 6.00%, 01/15/43			144		138,960
Meritage Homes Corp., 5.13%, 06/06/27			57		54,435
PulteGroup, Inc.:
5.00%, 01/15/27			31		32,231
6.38%, 05/15/33(h)			469		497,210
6.00%, 02/15/35			48		50,760
Shui On Development Holding Ltd., 5.75%, 11/12/23			200		188,000
Taylor Morrison Communities, Inc., 5.88%, 06/15/27(b)			312		287,040
Tempur Sealy International, Inc., 5.50%, 06/15/26(h)			191		182,031
Theta Capital Pte Ltd., 8.13%, 01/22/25			200		153,250
TRI Pointe Group, Inc., 4.88%, 07/01/21			66		64,680
Yanlord Land HK Co. Ltd.:
6.75%, 04/23/23			200		195,125
6.80%, 02/27/24			200		191,500
					5,535,889
Household Products — 0.0%
ACCO Brands Corp., 5.25%, 12/15/24(b)			102		101,235
Energizer Holdings, Inc., 7.75%, 01/15/27(b)(h)			130		137,995
					239,230
Independent Power and Renewable Electricity Producers — 1.5%
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24			200		184,000
Calpine Corp.:
5.50%, 02/01/24			77		76,326
5.75%, 01/15/25(h)			591		588,021
5.25%, 06/01/26(b)(h)			654		665,236
4.50%, 02/15/28(b)			709		687,446
5.13%, 03/15/28(b)(h)			1,657		1,615,575
Clearway Energy Operating LLC:
5.75%, 10/15/25			242		249,236
4.75%, 03/15/28(b)			378		384,615
Genneia SA, 8.75%, 01/20/22(b)(h)			1,061		562,662
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26			200		175,500
NRG Energy, Inc.(h):
6.63%, 01/15/27			1,184		1,263,920
5.75%, 01/15/28			56		60,200
5.25%, 06/15/29(b)			872		933,040
QEP Resources, Inc., 5.38%, 10/01/22			228		78,660
TerraForm Power Operating LLC(b):
4.25%, 01/31/23			214		219,243
5.00%, 01/31/28			136		141,440
4.75%, 01/15/30			355		363,875
					8,248,995
Industrial Conglomerates — 0.1%
BWX Technologies, Inc., 5.38%, 07/15/26(b)			470		479,988
Insurance — 1.3%
Acrisure LLC/Acrisure Finance, Inc., 8.13%, 02/15/24(b)			120		123,600
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(b)(h)			1,159		1,156,218
AmWINS Group, Inc., 7.75%, 07/01/26(b)			262		269,860

Security	Par (000)			Value
Insurance (continued)
Aon PLC, 3.88%, 12/15/25(h)		USD	1,280	$	1,389,166
Asahi Mutual Life Insurance Co, (5 year USD Swap + 4.59%), 6.50%(j)(k)			310		317,264
GTCR AP Finance, Inc., 8.00%, 05/15/27(b)			374		349,690
HUB International Ltd., 7.00%, 05/01/26(b)			1,404		1,384,976
Nationstar Mortgage Holdings, Inc.(b):
8.13%, 07/15/23(h)			581		557,760
9.13%, 07/15/26			29		27,731
Nationwide Building Society, (5 year USD ICE Swap + 1.85%), 4.13%, 10/18/32(b)(h)(j)			690		700,387
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47(b)(h)			700		816,309
					7,092,961
Interactive Media & Services — 0.8%
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27(b)			359		368,873
Match Group, Inc.(b):
5.63%, 02/15/29			209		218,928
4.13%, 08/01/30			302		292,940
Netflix, Inc.:
4.88%, 04/15/28			89		94,645
5.88%, 11/15/28(h)			904		1,022,288
5.38%, 11/15/29(b)(h)			700		768,810
3.63%, 06/15/30		EUR	100		110,435
4.88%, 06/15/30(b)		USD	610		647,149
Rackspace Hosting, Inc., 8.63%, 11/15/24(b)(h)			181		178,307
Twitter, Inc., 3.88%, 12/15/27(b)			158		157,605
Uber Technologies, Inc.(b)(h):
7.50%, 11/01/23			301		301,716
8.00%, 11/01/26			144		147,602
7.50%, 09/15/27			194		197,899
					4,507,197
IT Services — 0.8%
21Vianet Group, Inc., 7.88%, 10/15/21			200		182,512
Banff Merger Sub, Inc., 9.75%, 09/01/26(b)(h)			1,921		1,724,097
Camelot Finance SA, 4.50%, 11/01/26(b)(h)			850		856,375
Fair Isaac Corp., 4.00%, 06/15/28(b)			207		205,240
Gartner, Inc., 5.13%, 04/01/25(b)(h)			207		213,469
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 08/15/27(b)			493		470,766
Science Applications International Corp., 4.88%, 04/01/28(b)			332		325,131
WEX, Inc., 4.75%, 02/01/23(b)			108		104,220
Xerox Corp., 4.80%, 03/01/35			240		204,600
					4,286,410
Leisure Products — 0.2%
Mattel, Inc.:
6.75%, 12/31/25(b)(h)			792		803,880
5.88%, 12/15/27(b)			358		348,405
6.20%, 10/01/40			31		26,389
5.45%, 11/01/41			142		112,180
					1,290,854
Machinery — 0.6%
Colfax Corp.(b):
6.00%, 02/15/24			508		515,620
6.38%, 02/15/26			236		243,363
Mueller Water Products, Inc., 5.50%, 06/15/26(b)			345		353,039
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25(b)(h)			607		591,825
SPX FLOW, Inc.(b):
5.63%, 08/15/24(h)			228		229,710
5.88%, 08/15/26			48		48,480

16 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Machinery (continued)
Terex Corp., 5.63%, 02/01/25(b)(h)		USD	264	$	239,474
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26(b)(h)			763		711,498
Wabash National Corp., 5.50%, 10/01/25(b)(h)			286		234,520
					3,167,529
Media — 8.3%
Altice Financing SA:
7.50%, 05/15/26(b)(h)			1,249		1,302,082
3.00%, 01/15/28		EUR	100		100,270
5.00%, 01/15/28(b)			462		450,450
Altice France SA:
7.38%, 05/01/26(b)(h)		USD	2,017		2,107,765
5.88%, 02/01/27		EUR	100		113,530
8.13%, 02/01/27(b)		USD	780		840,450
AMC Networks, Inc.:
5.00%, 04/01/24			40		38,780
4.75%, 08/01/25			331		302,319
Block Communications, Inc., 4.88%, 03/01/28(b)			168		167,160
CCO Holdings LLC/CCO Holdings Capital Corp.(b):
4.00%, 03/01/23			421		423,989
5.13%, 05/01/27(h)			1,454		1,509,761
5.88%, 05/01/27			54		56,238
5.00%, 02/01/28(h)			116		119,096
5.38%, 06/01/29(h)			1,321		1,393,668
4.75%, 03/01/30			189		192,251
4.50%, 08/15/30(h)			1,777		1,799,746
4.50%, 05/01/32(h)			1,664		1,653,080
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45(h)			3,000		3,921,729
Clear Channel Worldwide Holdings, Inc.(b)(h):
9.25%, 02/15/24			759		631,867
5.13%, 08/15/27			2,143		2,013,563
Comcast Corp., 4.60%, 08/15/45(h)			1,750		2,232,781
Connect Finco Sarl/Connect US Finco LLC, 6.75%, 10/01/26(b)(h)			2,148		2,035,230
CSC Holdings LLC:
5.38%, 07/15/23(b)(h)			980		991,025
5.25%, 06/01/24			633		658,257
7.75%, 07/15/25(b)(h)			284		296,178
6.63%, 10/15/25(b)			288		301,205
10.88%, 10/15/25(b)(h)			1,603		1,732,763
5.50%, 05/15/26(b)			200		207,480
5.38%, 02/01/28(b)			200		205,500
6.50%, 02/01/29(b)			368		402,003
5.75%, 01/15/30(b)(h)			1,057		1,098,950
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26(b)			785		596,600
Discovery Communications LLC, 4.95%, 05/15/42(h)			400		436,021
DISH DBS Corp.:
6.75%, 06/01/21(h)			397		395,412
5.88%, 07/15/22(h)			1,207		1,210,138
5.00%, 03/15/23(h)			303		287,850
7.75%, 07/01/26			326		321,110
DISH Network Corp.(m):
2.38%, 03/15/24			328		275,773
3.38%, 08/15/26			498		403,679
Entercom Media Corp., 6.50%, 05/01/27(b)			338		249,275
Front Range BidCo, Inc.(b)(h):
4.00%, 03/01/27			823		798,170
6.13%, 03/01/28			1,130		1,065,048
Hughes Satellite Systems Corp., 5.25%, 08/01/26(h)			217		228,935

Security	Par (000)			Value
Media (continued)
iHeartCommunications, Inc.:
6.38%, 05/01/26		USD	192	$	181,264
5.25%, 08/15/27(b)			213		193,297
4.75%, 01/15/28(b)			96		84,000
Lamar Media Corp.:
5.75%, 02/01/26			146		148,497
4.00%, 02/15/30(b)			163		149,145
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(b)			400		415,840
Live Nation Entertainment, Inc.(b):
4.88%, 11/01/24			62		54,986
4.75%, 10/15/27			235		198,575
Meredith Corp., 6.88%, 02/01/26			68		58,276
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27(b)			209		211,257
Network i2i Ltd, (5 year CMT + 4.27%), 5.65%(j)(k)			250		224,375
Qualitytech LP/QTS Finance Corp., 4.75%, 11/15/25(b)			203		204,269
Radiate Holdco LLC/Radiate Finance, Inc.(b):
6.88%, 02/15/23			136		133,280
6.63%, 02/15/25			200		198,000
Sable International Finance Ltd., 5.75%, 09/07/27(b)			200		199,000
SES SA, (5 year EUR Swap + 5.40%), 5.63%(j)(k)		EUR	100		106,384
Sirius XM Radio, Inc.(b):
4.63%, 07/15/24		USD	181		184,548
5.00%, 08/01/27(h)			308		315,604
5.50%, 07/01/29(h)			563		593,740
TEGNA, Inc., 5.50%, 09/15/24(b)			79		79,395
Tele Columbus AG, 3.88%, 05/02/25		EUR	100		91,681
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28(b)		USD	600		612,000
Terrier Media Buyer, Inc., 8.88%, 12/15/27(b)(h)			598		493,350
Tower Bersama Infrastructure Tbk PT, 4.25%, 01/21/25			200		185,500
United Group BV:
4.88%, 07/01/24		EUR	100		107,384
3.63%, 02/15/28			100		101,826
Univision Communications, Inc.(b):
5.13%, 05/15/23(h)		USD	593		563,350
5.13%, 02/15/25			110		96,525
ViacomCBS, Inc., 5.85%, 09/01/43(h)			645		733,851
Videotron Ltd., 5.13%, 04/15/27(b)(h)			519		542,355
Virgin Media Finance PLC, 5.75%, 01/15/25(b)(h)			1,050		1,060,815
Virgin Media Secured Finance PLC:
4.88%, 01/15/27		GBP	130		162,507
6.25%, 03/28/29			158		207,184
5.50%, 05/15/29(b)		USD	400		415,280
Ziggo Bond Co. BV(b):
6.00%, 01/15/27(h)			638		641,190
5.13%, 02/28/30			295		290,575
Ziggo BV(b):
5.50%, 01/15/27(h)			463		470,964
4.88%, 01/15/30			217		214,461
					46,491,707
Metals & Mining — 2.3%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24			450		401,344
Allegheny Technologies, Inc., 5.88%, 12/01/27			46		37,950
Arconic Corp., 6.13%, 02/15/28(b)			289		270,937
BHP Billiton Finance USA Ltd., 4.13%, 02/24/42(h)			250		308,162
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25(b)			303		284,062
Constellium SE(b):
5.75%, 05/15/24			256		247,040

SCHEDULE OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Metals & Mining (continued)
6.63%, 03/01/25(h)		USD	300	$	288,000
5.88%, 02/15/26(h)			1,693		1,561,792
Freeport-McMoRan, Inc.:
3.55%, 03/01/22			99		99,762
3.88%, 03/15/23			1,246		1,246,997
4.25%, 03/01/30			507		472,068
5.40%, 11/14/34			184		172,500
5.45%, 03/15/43			2,640		2,394,216
Gold Fields Orogen Holdings BVI Ltd., 5.13%, 05/15/24(b)			254		260,667
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(b)(h)			362		357,258
Joseph T Ryerson & Son, Inc., 11.00%, 05/15/22(b)			155		148,800
JSW Steel Ltd., 5.95%, 04/18/24			200		166,687
Kaiser Aluminum Corp., 4.63%, 03/01/28(b)			214		199,234
Nexa Resources SA, 5.38%, 05/04/27(b)(h)			857		771,836
Novelis Corp.(b):
5.88%, 09/30/26			577		561,017
4.75%, 01/30/30(h)			1,077		945,714
Rio Tinto Finance USA PLC, 4.75%, 03/22/42(h)			400		509,771
thyssenkrupp AG:
1.88%, 03/06/23		EUR	43		44,070
2.88%, 02/22/24			100		103,832
Vale Overseas Ltd., 6.25%, 08/10/26(h)		USD	680		741,880
Vedanta Resources Finance II PLC, 8.00%, 04/23/23			313		114,245
					12,709,841
Multi-Utilities — 0.0%
Superior Plus LP/Superior General Partner, Inc., 7.00%, 07/15/26(b)			86		84,994
Multiline Retail — 0.1%
Dufry One BV, 2.00%, 02/15/27		EUR	100		83,840
Future Retail Ltd., 5.60%, 01/22/25		USD	200		50,000
Target Corp., 4.00%, 07/01/42(h)			300		373,654
					507,494
Offshore Drilling & Other Services — 0.0%
Entegris, Inc., 4.63%, 02/10/26(b)			225		225,563
Oil, Gas & Consumable Fuels — 7.2%
Apache Corp.:
3.25%, 04/15/22			13		11,785
4.75%, 04/15/43(h)			800		547,698
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/22(b)(h)			670		549,400
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(l)			364		224,406
Buckeye Partners LP:
4.13%, 03/01/25(b)			345		319,125
4.50%, 03/01/28(b)			476		428,400
5.85%, 11/15/43			162		118,260
5.60%, 10/15/44			207		146,970
Callon Petroleum Co.:
6.25%, 04/15/23(h)			583		120,973
6.13%, 10/01/24			254		48,895
8.25%, 07/15/25			229		41,220
Series WI, 6.38%, 07/01/26			263		42,080
Centennial Resource Production LLC, 6.88%, 04/01/27(b)			342		102,600
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27			138		137,743

Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Cheniere Energy Partners LP:
5.63%, 10/01/26		USD	300	$	286,680
4.50%, 10/01/29(b)			633		583,942
Series WI, 5.25%, 10/01/25			57		54,412
Citgo Holding, Inc., 9.25%, 08/01/24(b)			407		366,300
CNX Resources Corp.:
5.88%, 04/15/22(h)			1,045		1,028,019
7.25%, 03/14/27(b)			87		77,865
Comstock Resources, Inc.:
7.50%, 05/15/25(b)			341		283,030
9.75%, 08/15/26			153		132,347
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
6.25%, 04/01/23			18		13,140
5.63%, 05/01/27(b)(h)			511		332,150
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(b)(h)			1,335		1,081,497
CVR Energy, Inc.(b):
5.25%, 02/15/25			282		231,240
5.75%, 02/15/28			94		79,478
DCP Midstream Operating LP(h):
5.38%, 07/15/25			262		211,565
5.13%, 05/15/29			186		138,514
6.45%, 11/03/36(b)			254		147,955
6.75%, 09/15/37(b)			418		250,800
Diamondback Energy, Inc., 3.50%, 12/01/29			389		334,238
eG Global Finance PLC:
6.75%, 02/07/25(b)			252		229,320
6.25%, 10/30/25		EUR	142		140,050
8.50%, 10/30/25(b)		USD	299		291,525
Enbridge, Inc, (3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78(j)			1,865		1,707,407
Endeavor Energy Resources LP/EER Finance, Inc.(b):
5.50%, 01/30/26(h)			670		592,883
5.75%, 01/30/28			599		534,907
Energy Transfer Operating LP(h):
6.13%, 12/15/45			500		480,447
5.30%, 04/15/47			350		305,042
EnLink Midstream LLC, 5.38%, 06/01/29			98		60,760
EnLink Midstream Partners LP:
4.40%, 04/01/24			281		177,030
4.15%, 06/01/25			20		12,400
4.85%, 07/15/26			116		70,760
5.60%, 04/01/44			211		84,400
5.05%, 04/01/45			34		13,770
EnQuest PLC,(7.00% PIK), 7.00%, 10/15/23(b)(i)			7		2,465
Enterprise Products Operating LLC, (3 mo. LIBOR US + 2.57%), 5.38%, 02/15/78(j)			420		364,354
EQM Midstream Partners LP, 4.13%, 12/01/26			131		112,333
EQT Corp.:
3.90%, 10/01/27			86		72,240
7.00%, 02/01/30			50		47,250
Extraction Oil & Gas, Inc.(b):
7.38%, 05/15/24			340		53,434
5.63%, 02/01/26(h)			706		116,490
Genesis Energy LP/Genesis Energy Finance Corp.:
6.00%, 05/15/23			184		162,435
5.63%, 06/15/24			204		172,380
6.50%, 10/01/25(h)			53		44,520
7.75%, 02/01/28			144		122,400
Geopark Ltd., 6.50%, 09/21/24(b)			228		162,245

18 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27		USD	200	$	159,000
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21(b)(h)			636		400,680
Hess Corp., 4.30%, 04/01/27(h)			750		679,915
Hess Midstream Operations LP, 5.63%, 02/15/26(b)			249		231,570
Hilong Holding Ltd., 8.25%, 09/26/22			200		130,750
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26			200		172,500
Impulsora Pipeline LLC, 6.05%, 01/01/43(d)			1,645		1,616,270
Indigo Natural Resources LLC, 6.88%, 02/15/26(b)			545		506,850
Kinder Morgan Energy Partners LP, 4.25%, 09/01/24(h)			2,500		2,658,652
Matador Resources Co., 5.88%, 09/15/26			420		210,000
Medco Bell Pte Ltd., 6.38%, 01/30/27			250		148,750
MEG Energy Corp.(b):
7.00%, 03/31/24			58		41,180
6.50%, 01/15/25(h)			753		617,460
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.50%, 01/15/28			402		377,880
MPLX LP(b):
6.38%, 05/01/24			132		134,716
4.25%, 12/01/27			235		225,956
Murphy Oil Corp.:
5.75%, 08/15/25			27		18,630
5.88%, 12/01/42			35		20,300
Nabors Industries Ltd.(b):
7.25%, 01/15/26			214		81,320
7.50%, 01/15/28			195		78,000
Neptune Energy Bondco PLC, 6.63%, 05/15/25(b)			200		133,000
NGPL PipeCo LLC, 7.77%, 12/15/37(b)(h)			270		297,345
NuStar Logistics LP, 6.00%, 06/01/26			234		210,600
Occidental Petroleum Corp., 4.50%, 07/15/44			500		302,500
Odebrecht Offshore Drilling Finance Ltd.(b):
6.72%, 12/01/22(h)		BRL	226		170,605
(7.72% PIK), 7.72%, 12/01/26(i)			32		2,511
Parsley Energy LLC/Parsley Finance Corp.(b):
5.38%, 01/15/25(h)		USD	284		254,890
5.25%, 08/15/25			70		61,775
5.63%, 10/15/27			340		290,700
4.13%, 02/15/28			368		301,760
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/25(h)			163		122,250
PDC Energy, Inc.:
1.13%, 09/15/21(m)			1,091		896,067
6.13%, 09/15/24			177		138,945
6.25%, 12/01/25			144		89,280
5.75%, 05/15/26			161		122,795
Pertamina Persero PT, 4.30%, 05/20/23			442		449,459
Petrobras Global Finance BV:
8.38%, 05/23/21(h)			126		130,764
6.13%, 01/17/22(h)			310		316,975
5.30%, 01/27/25			200		193,232
8.75%, 05/23/26(h)			637		708,344
6.00%, 01/27/28(h)			693		662,543
7.25%, 03/17/44			480		477,090
Petroleos Mexicanos:
6.88%, 08/04/26			964		798,674
5.35%, 02/12/28			199		148,504
QEP Resources, Inc.:
6.88%, 03/01/21			410		196,800
5.25%, 05/01/23			198		66,330
5.63%, 03/01/26			202		64,640

Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Range Resources Corp.:
5.88%, 07/01/22		USD	57	$	48,450
5.00%, 08/15/22(h)			312		287,040
5.00%, 03/15/23(h)			240		211,200
Sabine Pass Liquefaction LLC, 5.75%, 05/15/24			10		10,449
Saudi Arabian Oil Co.:
3.50%, 04/16/29(b)			225		226,406
3.50%, 04/16/29			449		451,806
Shell International Finance BV, 4.38%, 05/11/45(h)			450		529,965
SM Energy Co.:
6.13%, 11/15/22			176		70,400
5.00%, 01/15/24			409		128,999
5.63%, 06/01/25(h)			147		41,160
6.75%, 09/15/26			143		38,968
6.63%, 01/15/27			41		11,480
Southwestern Energy Co.:
4.10%, 03/15/22			272		240,720
6.20%, 01/23/25			104		92,040
7.50%, 04/01/26			70		62,825
Suncor Energy, Inc., 6.50%, 06/15/38(h)			800		866,131
Sunoco LP/Sunoco Finance Corp.:
6.00%, 04/15/27			75		73,125
Series WI, 4.88%, 01/15/23			253		245,410
Series WI, 5.50%, 02/15/26			38		36,670
Series WI, 5.88%, 03/15/28			147		139,650
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.50%, 09/15/24(b)(h)			572		434,720
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.13%, 02/01/25			156		140,400
5.88%, 04/15/26(h)			312		279,708
5.38%, 02/01/27			2		1,700
6.50%, 07/15/27			258		232,200
5.00%, 01/15/28(h)			404		337,340
6.88%, 01/15/29(h)			901		826,307
5.50%, 03/01/30(b)			443		377,658
Transocean, Inc., 8.00%, 02/01/27(b)			396		157,283
Viper Energy Partners LP, 5.38%, 11/01/27(b)			145		129,775
Williams Partners LP, 4.50%, 11/15/23(h)			1,750		1,811,669
WPX Energy, Inc.:
8.25%, 08/01/23			123		118,080
5.25%, 09/15/24(h)			143		128,388
5.75%, 06/01/26			109		98,787
5.25%, 10/15/27			53		46,110
4.50%, 01/15/30(h)			582		474,330
YPF SA, 8.50%, 07/28/25			906		432,049
					40,564,129
Paper & Forest Products — 0.0%
Norbord, Inc., 6.25%, 04/15/23(b)			182		179,270
Pharmaceuticals — 2.8%
AbbVie, Inc., 4.45%, 05/14/46(h)			1,000		1,165,364
Allergan Funding SCS, 4.75%, 03/15/45(h)			500		580,269
Allergan Sales LLC, 5.00%, 12/15/21(b)(h)			718		752,131
Bausch Health Americas, Inc.(b):
9.25%, 04/01/26			61		67,405
8.50%, 01/31/27(h)			1,032		1,137,677
Bausch Health Cos., Inc.:
5.50%, 03/01/23(b)(h)			658		651,420
4.50%, 05/15/23		EUR	552		591,250
5.88%, 05/15/23(b)		USD	30		29,775
7.00%, 03/15/24(b)			176		180,990
6.13%, 04/15/25(b)			197		199,463

SCHEDULE OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Pharmaceuticals (continued)
5.50%, 11/01/25(b)(h)		USD	214	$	222,453
9.00%, 12/15/25(b)			608		663,024
5.75%, 08/15/27(b)			423		446,096
7.00%, 01/15/28(b)			193		200,237
5.00%, 01/30/28(b)			223		214,010
7.25%, 05/30/29(b)(h)			664		708,608
5.25%, 01/30/30(b)			288		285,123
Catalent Pharma Solutions, Inc.:
4.88%, 01/15/26(b)			384		393,600
5.00%, 07/15/27(b)			477		486,540
2.38%, 03/01/28		EUR	124		126,236
Charles River Laboratories International, Inc.(b):
5.50%, 04/01/26		USD	514		535,794
4.25%, 05/01/28			171		172,496
CVS Health Corp., 5.05%, 03/25/48(h)			1,110		1,406,615
Elanco Animal Health, Inc., 5.65%, 08/28/28			342		378,765
Endo DAC/Endo Finance LLC/Endo Finco, Inc., 6.00%, 07/15/23(b)			439		329,074
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23(b)(h)			1,670		1,690,875
Mylan NV, 3.95%, 06/15/26(h)			650		689,560
Nidda BondCo GmbH, 7.25%, 09/30/25		EUR	100		106,795
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24			100		105,951
Par Pharmaceutical, Inc., 7.50%, 04/01/27(b)(h)		USD	1,012		1,028,445
Rossini Sarl, 6.75%, 10/30/25		EUR	166		191,472
					15,737,513
Producer Durables: Miscellaneous — 0.2%
Open Text Corp., 3.88%, 02/15/28(b)		USD	539		528,220
Open Text Holdings, Inc., 4.13%, 02/15/30(b)			539		524,285
					1,052,505
Professional Services — 0.4%
ASGN, Inc., 4.63%, 05/15/28(b)			243		224,095
Dun & Bradstreet Corp.(b):
6.88%, 08/15/26(h)			1,010		1,063,025
10.25%, 02/15/27			647		708,465
					1,995,585
Real Estate Management & Development — 2.5%
ADLER Real Estate AG:
1.88%, 04/27/23		EUR	100		103,474
3.00%, 04/27/26			100		103,694
Agile Group Holdings Ltd.:
(5 year CMT + 11.29%), 7.88%(j)(k)		USD	200		182,500
6.70%, 03/07/22			250		249,862
Central China Real Estate Ltd.:
6.88%, 08/08/22			200		191,500
7.25%, 04/24/23			200		189,250
China Aoyuan Group Ltd.:
7.50%, 05/10/21			200		200,744
7.95%, 02/19/23			450		456,750
China Evergrande Group:
8.25%, 03/23/22			200		177,250
9.50%, 04/11/22			200		179,250
11.50%, 01/22/23			450		404,437
12.00%, 01/22/24			250		219,375
China SCE Group Holdings Ltd.:
7.25%, 04/19/23			200		190,000
7.38%, 04/09/24			200		187,688
CIFI Holdings Group Co. Ltd.:
7.63%, 03/02/21			200		201,750
7.63%, 02/28/23			200		205,500
6.55%, 03/28/24			200		198,000
6.45%, 11/07/24			200		195,250

Security	Par (000)			Value
Real Estate Management & Development (continued)
Country Garden Holdings Co. Ltd.:
8.00%, 01/27/24		USD	200	$	211,722
6.50%, 04/08/24			200		202,375
6.15%, 09/17/25			200		199,579
5.13%, 01/14/27			200		188,750
Easy Tactic Ltd.:
8.75%, 01/10/21			200		198,250
9.13%, 07/28/22			200		187,895
8.13%, 02/27/23			200		180,250
Fantasia Holdings Group Co. Ltd.:
8.38%, 03/08/21			200		195,313
11.75%, 04/17/22			200		198,267
12.25%, 10/18/22			200		197,000
Greenland Global Investment Ltd.:
7.25%, 03/12/22			200		197,000
5.60%, 11/13/22			200		187,000
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(b)			120		110,400
Heimstaden Bostad AB(5 year EUR Swap + 3.67%), 3.25%(j)(k)		EUR	100		99,128
Hopson Development Holdings Ltd., 7.50%, 06/27/22		USD	200		187,842
Howard Hughes Corp., 5.38%, 03/15/25(b)(h)			218		211,316
Kaisa Group Holdings Ltd.:
11.25%, 04/09/22			200		197,437
11.95%, 10/22/22			200		195,000
11.50%, 01/30/23			200		191,500
10.88%, 07/23/23			200		186,375
11.95%, 11/12/23			200		190,513
KWG Group Holdings Ltd.:
7.88%, 08/09/21			200		201,437
7.88%, 09/01/23			200		197,500
7.40%, 03/05/24			200		193,500
Logan Property Holdings Co. Ltd.:
7.50%, 08/25/22			200		204,000
6.50%, 07/16/23			200		199,687
6.90%, 06/09/24			200		200,500
5.75%, 01/14/25			200		192,000
New Metro Global Ltd.:
6.50%, 04/23/21			200		198,312
6.80%, 08/05/23			200		193,250
Newmark Group, Inc., 6.13%, 11/15/23			128		117,866
Powerlong Real Estate Holdings Ltd., 7.13%, 11/08/22			200		193,750
Redsun Properties Group Ltd., 9.95%, 04/11/22			200		184,500
RKPF Overseas A Ltd., Class A, 6.70%, 09/30/24			513		491,358
Ronshine China Holdings Ltd.:
11.25%, 08/22/21			200		207,000
10.50%, 03/01/22			200		206,562
8.95%, 01/22/23			200		199,937
Shimao Property Holdings Ltd.:
6.13%, 02/21/24			200		206,750
5.60%, 07/15/26			200		200,625
Sunac China Holdings Ltd.:
7.25%, 06/14/22			200		197,417
7.95%, 10/11/23			200		196,438
7.50%, 02/01/24			200		193,498
Times China Holdings Ltd., 6.75%, 07/16/23			313		307,131
Yango Justice International Ltd., 10.00%, 02/12/23			200		198,187
Yuzhou Properties Co. Ltd.:
8.63%, 01/23/22			200		200,000
8.50%, 02/04/23			200		193,000
8.50%, 02/26/24			200		185,250
8.38%, 10/30/24			200		180,813

20 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Real Estate Management & Development (continued)
Zhenro Properties Group Ltd.:
9.15%, 03/08/22		USD	200	$	200,061
8.70%, 08/03/22			200		196,000
					13,785,515
Road & Rail — 0.8%
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42(h)			500		609,445
Herc Holdings, Inc., 5.50%, 07/15/27(b)			455		426,517
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(b)(h)			2,153		2,411,645
Union Pacific Corp., 4.05%, 11/15/45(h)			500		575,611
United Rentals North America, Inc.:
5.25%, 01/15/30			170		170,425
4.00%, 07/15/30			200		189,000
					4,382,643
Semiconductors & Semiconductor Equipment — 0.9%
Advanced Micro Devices, Inc., 7.50%, 08/15/22			89		97,233
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27(h)			2,600		2,710,444
Microchip Technology, Inc., 1.63%, 02/15/25(m)			102		186,105
ON Semiconductor Corp., 1.00%, 12/01/20(m)			327		343,692
Qorvo, Inc.:
5.50%, 07/15/26			278		291,900
4.38%, 10/15/29(b)			98		97,633
QUALCOMM, Inc., 4.65%, 05/20/35(h)			400		509,958
Sensata Tech, Inc., 4.38%, 02/15/30(b)			236		228,920
Sensata Technologies BV, 5.00%, 10/01/25(b)			368		366,013
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/26(b)			222		228,660
					5,060,558
Software — 2.3%
ACI Worldwide, Inc., 5.75%, 08/15/26(b)(h)			833		828,835
CA, Inc., 3.60%, 08/15/22(h)			660		669,661
Castle US Holding Corp., 9.50%, 02/15/28(b)			390		366,600
CDK Global, Inc.:
4.88%, 06/01/27(h)			822		819,945
5.25%, 05/15/29(b)			164		167,280
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho, 10.00%, 11/30/24(b)(h)			1,244		1,309,310
Infor US, Inc., 6.50%, 05/15/22(h)			2,690		2,692,421
MSCI, Inc.(b):
4.00%, 11/15/29			99		103,513
3.63%, 09/01/30			116		117,450
Nuance Communications, Inc., 5.63%, 12/15/26			153		160,375
PTC, Inc.:
6.00%, 05/15/24(h)			269		277,151
3.63%, 02/15/25(b)			214		210,683
4.00%, 02/15/28(b)			242		237,160
RP Crown Parent LLC, 7.38%, 10/15/24(b)(h)			900		884,250
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24(b)(h)			1,872		1,862,640
Sophia LP/Sophia Finance, Inc., 9.00%, 09/30/23(b)			54		54,405
SS&C Technologies, Inc., 5.50%, 09/30/27(b)(h)			1,697		1,739,425
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 02/01/23(b)			200		194,310
					12,695,414
Specialty Retail — 0.5%
Asbury Automotive Group, Inc.(b):
4.50%, 03/01/28			115		96,566
4.75%, 03/01/30			111		93,001
IAA, Inc., 5.50%, 06/15/27(b)			443		442,025

Security	Par (000)			Value
Specialty Retail (continued)
L Brands, Inc.:
6.88%, 11/01/35(h)		USD	478	$	351,999
6.75%, 07/01/36			79		56,880
Lowe’s Cos., Inc., 4.65%, 04/15/42(h)			400		477,426
Penske Automotive Group, Inc., 5.50%, 05/15/26			32		29,280
PetSmart, Inc.(b)(h):
7.13%, 03/15/23			314		300,655
5.88%, 06/01/25			291		293,183
Staples, Inc., 7.50%, 04/15/26(b)(h)			749		591,710
					2,732,725
Technology Hardware, Storage & Peripherals — 0.4%
Dell International LLC/EMC Corp., 7.13%, 06/15/24(b)(h)			1,104		1,143,965
NCR Corp.(b):
5.75%, 09/01/27			259		259,647
6.13%, 09/01/29			106		105,205
Presidio Holdings, Inc., 4.88%, 02/01/27(b)			333		328,005
Western Digital Corp., 4.75%, 02/15/26(h)			543		554,365
					2,391,187
Textiles, Apparel & Luxury Goods — 0.0%
William Carter Co., 5.63%, 03/15/27(b)			202		204,780
Thrifts & Mortgage Finance — 0.1%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 03/15/22(b)(h)			27		22,275
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27(b)			367		313,088
					335,363
Tobacco — 0.5%
Altria Group, Inc., 4.50%, 05/02/43(h)			750		761,311
Philip Morris International, Inc., 4.38%, 11/15/41(h)			900		1,032,845
Reynolds American, Inc., 5.85%, 08/15/45			715		826,395
					2,620,551
Transportation Infrastructure — 0.1%
Ferrovial Netherlands BV, (5 year EUR Swap + 2.13%), 2.12%(j)(k)		EUR	100		97,892
Heathrow Finance PLC, 4.13%, 09/01/29		GBP	100		116,158
Transurban Finance Co. Property Ltd., 4.13%, 02/02/26(b)(h)		USD	520		560,358
					774,408
Utilities — 0.3%
Centrais Eletricas Brasileiras SA, 3.63%, 02/04/25(b)			424		385,117
ContourGlobal Power Holdings SA:
3.38%, 08/01/23		EUR	100		107,142
4.13%, 08/01/25			100		107,467
Generacion Mediterranea SA/Generacion Frias SA/Central Termica Roca SA, 9.63%, 07/27/23(b)		USD	1,061		424,400
Stoneway Capital Corp.:
10.00%, 03/01/27(a)(b)(f)			940		137,417
10.00%, 03/01/27			333		49,947
Vistra Operations Co. LLC(b):
5.50%, 09/01/26			80		82,360
5.63%, 02/15/27			428		450,470
5.00%, 07/31/27			195		198,880
					1,943,200
Wireless Telecommunication Services — 2.5%
Altice France SA, 5.50%, 01/15/28(b)(h)			757		762,375
Comunicaciones Celulares SA Via Comcel Trust, 6.88%, 02/06/24(b)			1,000		1,000,000

SCHEDULE OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Wireless Telecommunication Services (continued)
Iron Mountain, Inc., 3.00%, 01/15/25		EUR	100	$	104,078
Matterhorn Telecom SA, 4.00%, 11/15/27			100		108,502
SBA Communications Corp.(h):
4.00%, 10/01/22		USD	475		477,517
3.88%, 02/15/27(b)			939		958,954
Sprint Capital Corp.:
6.88%, 11/15/28(h)			1,160		1,397,046
8.75%, 03/15/32			281		394,805
Sprint Corp.:
7.88%, 09/15/23(h)			604		678,805
7.13%, 06/15/24(h)			558		626,366
7.63%, 02/15/25			242		277,695
7.63%, 03/01/26(h)			816		964,594
T-Mobile USA, Inc.:
4.00%, 04/15/22(h)			234		239,265
6.38%, 03/01/25(h)			220		225,775
6.50%, 01/15/26			286		302,088
4.50%, 02/01/26(h)			570		587,271
4.75%, 02/01/28(h)			800		840,016
Telesat Canada/Telesat LLC, 6.50%, 10/15/27(b)			40		37,628
VEON Holdings BV, 4.00%, 04/09/25(b)			200		204,800
VICI Properties LP/VICI Note Co., Inc.(b):
3.50%, 02/15/25			503		472,820
4.25%, 12/01/26(h)			1,546		1,444,876
3.75%, 02/15/27(h)			534		496,620
4.13%, 08/15/30(h)			1,420		1,292,200
					13,894,096
Total Corporate Bonds — 79.3% (Cost — $465,108,442)					445,411,345
Floating Rate Loan Interests(c) — 6.0%
Auto Components — 0.1%
Dealer Tire, LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.65%, 12/12/25(d)			95		82,917
Panther BF Aggregator 2 LP, USD Term Loan B, (1 mo. LIBOR + 3.50%), 3.90%, 04/30/26			336		303,631
					386,548
Banks — 0.0%
Capri Finance LLC, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 3.76%, 11/01/24			212		193,549
Building Products — 0.0%
CPG International, Inc., 2017 Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 5.93%, 05/05/24			141		127,259
Capital Markets — 0.1%
Deerfield Dakota Holding, LLC, 2020 USD Term Loan B, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 04/09/27			106		100,352
Jefferies Finance LLC, 2019 Term Loan, (1 mo. LIBOR + 3.25%), 3.69%, 06/03/26			291		257,289
					357,641
Chemicals — 0.3%
Alpha 3 BV, 2017 Term Loan B1, 01/31/24(n)			875		814,294
Ascend Performance Materials Operations LLC, 2019 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.70%, 08/27/26(d)			498		452,725
Charter NEX US, Inc., Incremental Term Loan, (1 mo. LIBOR + 3.50%), 3.90%, 05/16/24			220		210,122
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.66%, 05/15/24			265		235,116
					1,712,257

Security	Par (000)			Value
Commercial Services & Supplies — 0.4%
Advanced Disposal Services, Inc., Term Loan B3, (3 mo. LIBOR + 2.25%), 3.00%, 11/10/23		USD	58	$	57,662
Asurion LLC:
2017 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%), 6.90%, 08/04/25(d)			514		496,010
2017 Term Loan B4, 08/04/22(n)			95		91,340
Diamond (BC) BV, Term Loan, (3 mo. LIBOR + 3.00%), 3.76%, 09/06/24			433		371,333
GFL Environmental, Inc., 2018 USD Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 05/30/25			182		178,418
Invictus U.S., LLC, 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%), 8.53%, 03/30/26			60		43,732
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.88%, 09/19/26(d)			67		60,499
Verscend Holding Corp., 2018 Term Loan B, (1 mo. LIBOR + 4.50%), 4.90%, 08/27/25			1,158		1,088,031
					2,387,025
Construction & Engineering — 0.3%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.70%, 06/21/24			1,842		1,552,474
SRS Distribution, Inc., 2018 1st Lien Term Loan, (6 mo. LIBOR + 3.25%), 4.32%, 05/23/25			349		310,125
					1,862,599
Containers & Packaging — 0.1%
BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 4.56%, 04/03/24			448		383,075
Diversified Consumer Services — 0.1%
Amentum Government Services Holdings LLC, Term Loan B, (1 mo. LIBOR + 4.00%), 4.40%, 02/01/27			81		77,152
Ascend Learning LLC, 2017 Term Loan B, 07/12/24(n)			65		60,410
BidFair MergerRight, Inc., Term Loan B, (1 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 01/15/27(d)			410		363,231
					500,793
Diversified Financial Services — 0.0%
Advisor Group, Inc., 2019 Term Loan, (1 mo. LIBOR US), 5.40%, 07/31/26			122		98,073
Credito Real Sab DE CV, Term Loan B, (3 mo. LIBOR + 3.75%), 5.43%, 02/17/23(d)			80		64,000
VS Buyer LLC, Term Loan B, (3 mo. LIBOR + 3.25%), 4.86%, 02/28/27			94		88,360
					250,433
Diversified Telecommunication Services — 0.5%
CenturyLink, Inc., 2020 Term Loan B, (1 mo. LIBOR + 2.25%), 2.65%, 03/15/27			661		624,120
Frontier Communications Corp., 2017 Term Loan B1, (3 mo. LIBOR + 3.75%), 5.21%, 06/15/24			772		748,577
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 3.40%, 03/09/27			1,692		1,585,759
					2,958,456
Energy Equipment & Services — 0.1%
Pioneer Energy Services Corp., Term Loan, (PRIME + 6.75%), 10.00%, 11/08/22(d)			865		813,107
Entertainment — 0.0%
Aviron Capital LLC, 2017 Term Loan, 15.00%, 07/17/20(a)(d)(f)(o)			72,705		—
Aviron Pictures LLC, 2020 Term Loan, 15.00%, 07/17/20(a)(d)(o)			1,191		—
					—

22 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Food Products — 0.1%
Chobani LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.50%), 4.50%, 10/10/23		USD	285	$	270,200
Health Care Equipment & Supplies — 0.4%
Immucor, Inc., Extended Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.45%, 06/15/21			1,577		1,385,953
Ortho-Clinical Diagnostics SA:
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 4.27%, 06/30/25			173		153,209
EUR Term Loan B, (EURIBOR + 3.50%), 3.50%, 06/30/25		EUR	1,000		959,964
					2,499,126
Health Care Providers & Services — 0.4%
AHP Health Partners, Inc., 2018 Term Loan, (3 mo. LIBOR + 4.50%), 5.50%, 06/30/25		USD	408		377,048
Da Vinci Purchaser Corp., 2019 Term Loan, (1 mo. LIBOR + 4.00%), 5.24%, 01/08/27			233		219,603
Envision Healthcare Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR +3.75%), 4.15%, 10/10/25			1,159		791,697
Gentiva Health Services, Inc., 2020 Term Loan, (1 mo. LIBOR +3.25%), 3.69%, 07/02/25(d)			207		194,983
Quorum Health Corporation, Term Loan B, (1 mo. LIBOR + 6.75%, 1.00% Floor), 7.75%, 04/29/22			235		202,781
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 4.15%, 11/17/25			168		155,283
					1,941,395
Health Care Services — 0.0%
Emerald TopCo., Inc., Term Loan, (1 mo. LIBOR +3.50%), 4.26%, 07/24/26			206		192,557
Health Care Technology — 0.1%
Athenahealth, Inc., 2019 Term Loan B, (3 mo. LIBOR + 4.50%), 5.28%, 02/11/26(d)			287		264,107
Hotels, Restaurants & Leisure — 0.0%
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 4.95%, 07/10/25(d)			81		80,854
Independent Power and Renewable Electricity Producers — 0.0%
Calpine Corp., 2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 2.40%, 08/12/26			45		43,326
Industrial Conglomerates — 0.2%
PSAV Holdings LLC, 2018 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 9.01%, 09/01/25			623		373,622
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.74%, 11/28/21			197		163,527
Vertiv Group Corp., Term Loan B, (1 mo. LIBOR + 3.00%), 3.99%, 03/02/27(d)			433		405,937
					943,086
Insurance — 0.3%
Alliant Holdings I, Inc., 2018 Term Loan B, (3 mo. LIBOR + 2.75%), 3.15%, 05/09/25			253		235,750
Hub International Ltd., 2019 Incremental Term Loan B, (1 mo. LIBOR + 4.00%), 5.69%, 04/25/25			246		235,601
Sedgwick Claims Management Services, Inc:
2019 Term Loan B, (1 mo. LIBOR + 4.00%), 4.40%, 09/03/26			279		259,805
Term Loan B, (1 mo. LIBOR + 3.25%), 3.65%, 12/31/25			755		691,524
					1,422,680

Security	Par (000)			Value
Interactive Media & Services — 0.0%
Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.76%, 11/03/23		USD	99	$	92,264
TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/06/24			170		152,464
					244,728
IT Services — 0.1%
Camelot U.S. Acquisition 1 Co., Term Loan B, (1 mo. LIBOR + 3.25%), 3.65%, 10/31/26			205		196,238
Flexential Intermediate Corp.:
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50%), 4.95%, 08/01/24			174		124,274
2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 8.71%, 08/01/25			75		26,625
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 3.90%, 02/12/27			217		175,533
					522,670
Life Sciences Tools & Services — 0.1%
Sotera Health Holdings LLC, 2019 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 12/11/26			628		601,935
Machinery — 0.3%
Ingersoll-Rand Global Holding Co. Ltd., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 2.15%, 03/01/27			106		100,382
MHI Holdings LLC, Term Loan B, (1 mo. LIBOR + 5.00%), 5.40%, 09/21/26			255		229,824
Titan Acquisition Ltd., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 4.45%, 03/28/25			1,446		1,266,037
					1,596,243
Media — 0.7%
Altice France SA, 2018 Term Loan B13, (1 mo. LIBOR + 4.00%), 4.81%, 08/14/26			209		193,545
Clear Channel Outdoor Holdings, Inc., Term Loan B, (1 mo. LIBOR +3.50%), 4.26%, 08/21/26			886		767,481
Connect Finco Sarl, Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 0.38%, 12/11/26			418		381,425
Intelsat Jackson Holdings SA, :
2017 Term Loan B3, (PRIME + 2.75%), 6.00%, 11/27/23			107		104,898
2017 Term Loan B4, (PRIME + 3.50%), 6.75%, 01/02/24			330		325,259
2017 Term Loan B5, 6.63%, 01/02/24			1,841		1,829,553
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23			91		52,482
Terrier Media Buyer, Inc., Term Loan B, (3 mo. LIBOR + 4.25%), 5.70%, 12/17/26			198		183,650
					3,838,293
Oil & Gas Equipment & Services — 0.1%
McDermott Technology Americas, Inc., :
2020 DIP New Money Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.65%, 10/21/20			175		165,024
2020 SP DIP Roll Up Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.65%, 10/21/20			336		316,715
					481,739
Oil, Gas & Consumable Fuels — 0.1%
CITGO Holding, Inc., 2019 Term Loan B, (1 mo. LIBOR + 7.00%, 1.00% Floor), 8.00%, 08/01/23			242		199,473

SCHEDULE OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
CONSOL Energy, Inc., 1st Lien Term Loan B, (3 mo. LIBOR + 4.50%, 1.00% Floor), 4.91%, 09/27/24		USD	167	$	100,345
					299,818
Pharmaceuticals — 0.2%
Endo Luxembourg Finance Co. I Sarl, 2017 Term Loan B, (1 mo. LIBOR + 4.25%), 5.00%, 04/29/24			597		541,083
Jaguar Holding Co. II, 2018 Term Loan, 08/18/22(n)			305		298,594
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.72%, 06/02/25			207		200,001
					1,039,678
Professional Services — 0.1%
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 4.00%), 4.49%, 02/06/26			412		384,190
Software — 0.7%
Castle US Holding Corp., USD Term Loan B, (1 mo. LIBOR + 3.75%), 5.20%, 01/29/27			264		220,110
Cypress Intermediate Holdings III, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 04/29/24			130		122,863
Digicel International Finance Ltd., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 4.87%, 05/28/24			249		201,692
Financial & Risk US Holdings, Inc., 2018 USD Term Loan, (1 mo. LIBOR + 3.25%), 3.65%, 10/01/25			246		240,183
Infor (US), Inc., Term Loan B6, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 02/01/22			157		153,822
Informatica LLC,:
2020 USD 2nd Lien Term Loan, 7.13%, 02/25/25			538		508,410
2020 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.65%, 02/25/27			253		237,187
Kronos, Inc., :
2017 Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.76%, 11/01/23			79		75,992
2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 1.00% Floor), 10.01%, 11/01/24			624		595,442
Mitchell International, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.65%, 11/29/24			171		148,597
Renaissance Holding Corp., 2018 Add On Term Loan, (3 mo. LIBOR + 3.25%), 4.01%, 05/30/25			18		16,469
RP Crown Parent LLC, 2016 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 10/12/23(d)			50		47,809
Solera LLC, Term Loan B, (3 mo. LIBOR + 2.75%), 4.36%, 03/03/23			126		118,895
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 2.15%, 04/16/25			92		88,131
SS&C Technologies, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 2.15%, 04/16/25			144		137,804
Tempo Acquisition LLC, Term Loan, (1 mo. LIBOR + 2.75%), 3.15%, 05/01/24			46		43,050
Tibco Software Inc.:
2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.66%, 03/03/28			232		215,180
2020 Term Loan B, (1 mo. LIBOR + 3.75%), 4.16%, 06/30/26			535		499,921
Ultimate Software Group, Inc., Term Loan B, (1 mo. LIBOR + 3.75%), 4.15%, 05/04/26(c)			310		294,997
					3,966,554

Security	Par (000)			Value
Specialty Retail — 0.1%
PetSmart, Inc., Term Loan B2, 03/11/22(c)(n)		USD	806	$	780,599
Wireless Telecommunication Services — 0.0%
Xplornet Communications, Inc., Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.45%, 09/09/21(c)			213		207,421
Total Floating Rate Loan Interests — 6.0% (Cost — $109,312,971)					33,553,941
Foreign Agency Obligations — 4.5%
Bahrain — 0.1%
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25			430		436,450
Colombia — 0.4%
Colombia Government International Bond:
8.13%, 05/21/24			826		953,772
4.50%, 01/28/26(h)			337		345,636
3.88%, 04/25/27(h)			944		931,315
					2,230,723
Dominican Republic — 0.2%
Dominican Republic International Bond:
5.50%, 01/27/25			445		415,519
5.95%, 01/25/27			428		385,200
					800,719
Egypt — 0.3%
Egypt Government International Bond:
5.88%, 06/11/25			803		757,831
7.60%, 03/01/29			949		900,364
6.38%, 04/11/31(b)		EUR	130		119,400
					1,777,595
Iceland — 0.7%
Iceland Government International Bond, 5.88%, 05/11/22(h)		USD	3,415		3,715,609
Indonesia — 0.3%
Indonesia Government International Bond:
4.75%, 01/08/26			670		725,275
4.10%, 04/24/28			774		813,425
5.35%, 02/11/49(h)			295		347,455
					1,886,155
Mexico — 0.1%
Mexico Government International Bond:
4.15%, 03/28/27			330		331,134
3.75%, 01/11/28(h)			200		194,188
					525,322
Mongolia — 0.0%
Mongolia Government International Bond, 8.75%, 03/09/24			250		235,313
Pakistan — 0.1%
Pakistan Government International Bond, 6.88%, 12/05/27			200		172,750
Third Pakistan International Sukuk Co. Ltd., 5.63%, 12/05/22			200		183,000
					355,750
Panama — 0.1%
Panama Government International Bond, 3.16%, 01/23/30			767		780,902

24 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Paraguay — 0.0%
Paraguay Government International Bond, 5.40%, 03/30/50(b)		USD	200	$	196,375
Peru — 0.1%
Peruvian Government International Bond, 2.78%, 01/23/31			391		402,730
Portugal — 0.8%
Portugal Government International Bond, 5.13%, 10/15/24(b)(h)			3,680		4,180,833
Qatar — 0.5%
Qatar Government International Bond:
4.50%, 04/23/28			970		1,110,650
4.00%, 03/14/29(b)(h)			1,335		1,485,187
					2,595,837
Russia — 0.3%
Russian Foreign Bond - Eurobond:
4.75%, 05/27/26			800		886,400
4.25%, 06/23/27			800		868,000
					1,754,400
Saudi Arabia — 0.2%
Saudi Government International Bond:
4.38%, 04/16/29(b)			200		222,812
4.50%, 04/17/30			764		855,680
					1,078,492
South Africa — 0.0%
Republic of South Africa Government International Bond, 5.88%, 05/30/22			210		215,972
Sri Lanka — 0.1%
Sri Lanka Government International Bond:
6.85%, 03/14/24			200		117,376
6.35%, 06/28/24			200		117,987
7.85%, 03/14/29			400		224,964
7.55%, 03/28/30			200		112,750
					573,077
Turkey — 0.1%
Turkey Government International Bond, 6.25%, 09/26/22			467		467,876
Ukraine — 0.1%
Ukraine Government International Bond:
7.75%, 09/01/22			136		129,200
7.75%, 09/01/23			221		209,397
8.99%, 02/01/24			224		219,072
7.75%, 09/01/25			226		211,084
					768,753
Total Foreign Agency Obligations — 4.5% (Cost — $24,558,133)					24,978,883
Non-Agency Mortgage-Backed Securities — 13.7%
Collateralized Mortgage Obligations — 13.7%
American Home Mortgage Assets Trust, Series 2006-5, Class A1, (12 mo. MTA + 0.92%), 2.79%, 11/25/46(c)			5,046		2,056,336
CHL Mortgage Pass-Through Trust:
Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.24%), 0.73%, 03/25/36(c)			7,968		6,887,549
Series 2007-J2, Class 2A1, (1 mo. LIBOR US + 0.65%), 1.14%, 07/25/37(c)			3,385		996,010
Series 2007-J2, Class 2A8, 6.00%, 07/25/37			1,869		1,110,953

Security	Par (000)			Value
Collateralized Mortgage Obligations (continued)
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 4.02%, 11/25/36(e)		USD	2,737	$	2,329,423
Countrywide Alternative Loan Trust:
Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.45%), 0.94%, 05/25/35(c)			2,426		2,032,691
Series 2006-40T1, Class 2A5, (1 mo. LIBOR US + 0.40%), 0.89%, 12/25/36(c)			2,316		229,740
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36			1,979		1,251,576
Series 2006-J7, Class 2A1, (11th District Cost of Funds + 1.50%), 2.49%, 11/20/46(c)			4,802		3,445,032
Series 2006-J8, Class A5, 6.00%, 02/25/37			1,625		1,007,118
Series 2006-OA14, Class 3A1, (12 mo. MTA + 0.85%), 2.72%, 11/25/46(c)			7,034		5,525,658
Series 2006-OA16, Class A2, (1 mo. LIBOR US + 0.19%), 0.68%, 10/25/46(c)			4,620		3,893,157
Series 2006-OA18, Class A1, (1 mo. LIBOR US + 0.12%), 0.61%, 12/25/46(c)			2,868		2,441,933
Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.21%), 0.70%, 07/25/46(c)			5,236		3,843,342
Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.19%), 0.68%, 07/25/46(c)			1,983		1,530,232
Series 2007-12T1, Class A22, 5.75%, 06/25/37			4,350		2,944,736
Series 2007-12T1, Class A5, 6.00%, 06/25/37			2,111		1,464,027
Series 2007-22, Class 2A16, 6.50%, 09/25/37			8,391		4,963,319
Series 2007-23CB, Class A1, 6.00%, 09/25/37			5,362		3,877,578
Series 2007-4CB, Class 1A3, (1 mo. LIBOR US + 0.35%), 0.84%, 04/25/37(c)			2,924		2,170,971
Series 2007-OA2, Class 1A1, (12 mo. MTA + 0.84%), 2.71%, 03/25/47(c)			3,427		2,567,555
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.20%), 0.69%, 04/25/46(c)			6,816		5,687,697
CSMC, Series 2011-4R, Class 1A2, (1 mo. LIBOR US + 1.50%), 3.08%, 09/27/37(b)(c)			2,000		1,689,899
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 2.15%, 05/26/37(b)(d)			7,797		7,212,676
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36(e)			7,479		2,495,803
Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, (1 mo. LIBOR US + 0.60%), 1.09%, 08/25/36(c)			6,518		724,185
WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 1A, (12 mo. MTA + 0.77%), 2.64%, 05/25/47(c)			3,151		2,680,834
Total Non-Agency Mortgage-Backed Securities — 13.7% (Cost — $88,548,906)					77,060,030
Preferred Securities — 18.7%
Capital Trusts — 14.0%
Banks — 4.2%
AIB Group PLC, 5.25%(j)(k)		EUR	200		190,255
Banco Bilbao Vizcaya Argentaria SA(j)(k):
6.13%(h)		USD	2,000		1,755,000
8.88%		EUR	200		222,054
Banco de Sabadell SA, 6.50%(j)(k)			200		157,802
Bank of East Asia Ltd., 5.88%(j)(k)		USD	250		235,000
Bankia SA, 6.38%(j)(k)		EUR	200		183,062
BNP Paribas SA, 7.20%(b)(h)(j)(k)		USD	4,000		4,247,080
Burgan Bank SAK, 5.75%(j)(k)			250		215,859

SCHEDULE OF INVESTMENTS 25

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Banks (continued)
Capital One Financial Corp., Series E, 5.55%(h)(j)(k)		USD	3,500	$	2,922,500
CIT Group, Inc., Series A, 5.80%(h)(j)(k)			282		221,283
Fifth Third Bancorp, Series J, 4.58%(h)(j)(k)			3,000		2,505,000
ING Groep NV, 6.75%(j)(k)			200		196,000
Nanyang Commercial Bank Ltd., 5.00%(j)(k)			200		189,034
TMB Bank PCL, 4.90%(j)(k)			250		202,500
Wells Fargo & Co.,(h)(j)(k):
Series S, 5.90%			8,800		8,932,000
Series U, 5.88%			1,150		1,227,625
					23,602,054
Building Materials — 0.0%
Holcim Finance Luxembourg SA, 3.00%(j)(k)		EUR	100		107,089
Capital Markets — 0.9%
China Cinda Asset Management Co. Ltd., 4.45%(j)(k)		USD	200		199,312
Morgan Stanley, Series H, 4.83%(h)(j)(k)			5,007		4,506,300
UBS Group AG, 5.75%(j)(k)		EUR	200		226,293
					4,931,905
Diversified Financial Services — 6.1%
Bank of America Corp.,(j)(k):
Series AA, 6.10%(h)		USD	3,890		4,117,954
Series DD, 6.30%			205		221,400
Series U, 5.20%(h)			1,750		1,700,160
Series X, 6.25%(h)			6,175		6,435,585
Series Z, 6.50%			170		181,050
Bank of New York Mellon Corp., Series D, 4.50%(h)(j)(k)			4,567		4,279,279
BNP Paribas SA, 4.50%(b)(j)(k)			265		221,275
Credit Agricole SA, 6.50%(j)(k)		EUR	100		109,544
Credit Suisse Group AG(b)(j)(k):
5.10%		USD	200		179,000
6.38%			585		576,225
7.50%			200		201,722
HBOS Capital Funding LP, 6.85%(k)			200		199,526
HSBC Holdings PLC(h)(j)(k):
6.00%			695		679,362
6.50%			655		649,839
JPMorgan Chase & Co.,(j)(k):
Series 1, 4.23%			181		165,615
Series FF, 5.00%			1,595		1,483,350
Series HH, 4.60%			721		646,737
Series Q, 5.15%(h)			5,500		5,417,500
Series R, 6.00%			228		230,280
Series S, 6.75%			180		193,244
Series V, 4.75%(h)			3,830		3,341,675
Royal Bank of Scotland Group PLC, 8.63%(h)(j)(k)			200		204,000
Societe Generale SA, 6.75%(b)(h)(j)(k)			3,000		2,814,390
Woori Bank, 4.25%(j)(k)			250		235,000
					34,483,712
Diversified Telecommunication Services — 0.1%
Koninklijke KPN NV, 2.00%(j)(k)		EUR	100		104,449
Telefonica Europe BV(j)(k):
3.75%			100		109,187
4.38%			100		111,229
5.88%			100		116,785
					441,650
Electric Utilities — 1.8%
Electricite de France SA, 5.25%(b)(h)(j)(k)		USD	7,500		7,368,750
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79(j)			2,500		2,563,181
RWE AG, 2.75%, 04/21/75(j)		EUR	20		21,642
					9,953,573

Security	Par (000)				Value
Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%, 10/15/26		EUR		100	$	104,526
Industrial Conglomerates — 0.2%
General Electric Co., Series D, 5.00%(h)(j)(k)		USD		1,383		1,133,196
Insurance — 0.6%
Achmea BV, 4.63%(j)(k)		EUR		200		209,228
Allstate Corp., Series B, 5.75%, 08/15/53(j)		USD		2,000		2,033,396
Heungkuk Life Insurance Co. Ltd., 4.48%(j)(k)				200		180,000
Voya Financial, Inc., 5.65%, 05/15/53(h)(j)				1,090		1,068,200
						3,490,824
Oil, Gas & Consumable Fuels — 0.0%
Naturgy Finance BV, 4.13%(j)(k)		EUR		100		111,229
Real Estate Management & Development — 0.0%
Citycon OYJ, 4.50%(j)(k)				100		80,435
Utilities — 0.0%
Electricite de France SA, 3.00%(j)(k)				200		205,209
Wireless Telecommunication Services — 0.1%
Vodafone Group PLC, 3.10%, 01/03/79(e)				200		215,980
Total Capital Trusts — 14.0%						78,861,382
			Shares
Preferred Stocks — 4.7%
Capital Markets — 2.5%
Goldman Sachs Group, Inc., Series J, 5.50%(h)(j)(k)				395,017		9,974,179
Morgan Stanley,(j)(k):
Series F, 6.88%				100		2,701,000
Series K, 5.85%				60		1,586,098
						14,261,277
Equity Real Estate Investment Trusts (REITs) — 2.2%
Firstar Realty LLC, 8.88%(b)(k)				10,000		10,900,000
Truist Bank, 9.00%(b)(d)(k)				15		1,496,250
						12,396,250
Total Preferred Stocks — 4.7%						26,657,527
Total Preferred Securities — 18.7% (Cost — $110,790,216)						105,518,909
			Par (000)
U.S. Government Sponsored Agency Securities — 16.3%
Collateralized Mortgage Obligations — 1.1%
Freddie Mac Mortgage-Backed Securities, Series 4480, Class ZX, 4.00%, 11/15/44		USD		5,458		6,281,047
Mortgage-Backed Securities — 15.2%
Fannie Mae Mortgage-Backed Securities(h):
4.00%, 05/1/20				33,642		37,075,439
4.50%, 05/1/20 - 05/1/50(p)				44,052		48,106,549
						85,181,988
Total U.S. Government Sponsored Agency Securities — 16.3% (Cost — $88,485,501)						91,463,035

26 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Shares		Value
Warrants — 0.0%
Entertainment — 0.0%
Aviron Capital LLC, (Expires 12/16/31)(a)(d)(f)			10	$	—
Total Warrants — 0.0% (Cost — $—)					—
Total Long-Term Investments — 157.6% (Cost — $1,003,820,115)					885,481,089
Short-Term Securities — 5.9%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.12%(q)(r)			33,046,287		33,046,287
Total Short-Term Securities — 5.9% (Cost — $33,046,287)					33,046,287
Total Investments Before TBA Sale Commitments — 163.5% (Cost — $1,036,866,402)					918,527,376
		Par (000)
TBA Sale Commitments(p) — (0.5%)
Mortgage-Backed Securities — (0.5%)
Fannie Mae Mortgage-Backed Securities, 4.50%, 05/01/50	USD		2,400		(2,587,500	)
Total TBA Sale Commitments — (0.5)% (Proceeds — $2,584,922)					(2,587,500	)
Total Investments, Net of TBA Sale Commitments — 163.0% (Cost — $1,034,281,480)					915,939,876
Liabilities in Excess of Other Assets — (63.0)%					(354,002,320	)
Net Assets — 100.0%				$	561,937,556

^(a)  Non-income producing security.

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

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

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

^(e)  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.

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

^(g)  Amount is less than 500.

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

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

^(j)  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.

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

^(l)  Zero-coupon bond.

^(m)  Convertible security.

⁽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)  Fixed rate.

^(p)  Represents or includes a TBA transaction.

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

^(r)  Investments in issuers considered to be an affiliate/affiliates of the Trust during the six months ended April 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 10/31/19		Shares Purchased			Shares Sold		Shares Held at 04/30/20		Value at 04/30/20		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		7,913,547		25,132,740	(b)		—		33,046,287	$	33,046,287	$	43,286	$	12	$	—

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

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.

SCHEDULE OF INVESTMENTS 27

Schedule of Investments  (unaudited) (continued) April 30, 2020 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)

BNP Paribas S.A.

0.95

%

07/11/19

Open

$

492,500

$

501,058

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.95

07/11/19

Open

705,938

718,204

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.95

07/11/19

Open

501,250

509,893

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.95

07/11/19

Open

351,323

357,380

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

0.95

07/11/19

Open

5,369,375

5,462,675

Capital Trusts

Open/Demand

BNP Paribas S.A.

0.95

07/11/19

Open

498,739

507,350

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

07/11/19

Open

706,875

720,112

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.95

07/15/19

Open

987,998

1,004,534

Capital Trusts

Open/Demand

BNP Paribas S.A.

1.15

07/15/19

Open

1,603,875

1,633,473

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

07/15/19

Open

6,224,895

6,338,325

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

07/15/19

Open

675,000

687,528

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

07/15/19

Open

1,075,436

1,095,260

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

07/15/19

Open

1,231,811

1,254,647

Capital Trusts

Open/Demand

BNP Paribas S.A.

1.15

07/15/19

Open

1,449,315

1,476,214

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

07/15/19

Open

188,233

191,722

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

07/15/19

Open

1,503,480

1,531,194

Capital Trusts

Open/Demand

BNP Paribas S.A.

1.15

07/15/19

Open

286,259

291,572

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

07/15/19

Open

271,950

276,911

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

07/15/19

Open

243,100

247,535

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

07/15/19

Open

928,150

945,180

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

07/16/19

Open

447,578

455,334

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

07/16/19

Open

399,474

406,438

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

07/16/19

Open

186,000

189,243

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

07/16/19

Open

759,000

772,232

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.95

07/18/19

Open

941,640

957,567

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

1.15

08/08/19

Open

262,999

267,235

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.50

08/27/19

Open

1,487,500

1,508,676

Capital Trusts

Open/Demand

Barclays Bank PLC

1.50

08/27/19

Open

187,163

189,827

Capital Trusts

Open/Demand

Barclays Bank PLC

1.75

08/27/19

Open

500,755

508,746

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.75

08/27/19

Open

692,860

703,917

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.75

08/27/19

Open

872,000

885,916

Capital Trusts

Open/Demand

Barclays Bank PLC

1.75

08/27/19

Open

4,203,750

4,270,835

Capital Trusts

Open/Demand

Barclays Bank PLC

1.75

08/27/19

Open

705,128

716,380

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.75

08/27/19

Open

2,325,000

2,362,103

Capital Trusts

Open/Demand

Barclays Bank PLC

1.75

08/27/19

Open

517,450

525,708

Capital Trusts

Open/Demand

Barclays Bank PLC

1.75

08/27/19

Open

3,045,000

3,093,593

Capital Trusts

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

225,500

228,659

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

421,093

426,992

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

1,007,500

1,021,616

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

533,125

540,594

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

2,019,063

2,047,351

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

2,460,250

2,494,719

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

787,706

798,742

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

406,000

411,688

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

2,424,370

2,458,337

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

822,500

834,024

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

2,462,400

2,496,900

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

115,301

116,917

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

494,375

501,301

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

1,207,250

1,224,164

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

279,063

282,972

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

437,500

443,630

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

2,704,063

2,741,948

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

1,221,875

1,238,994

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

770,625

781,422

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

1,749,375

1,773,885

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

268,100

271,856

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

379,713

385,032

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

639,438

648,396

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

519,778

527,060

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

413,000

418,786

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

631,950

640,804

Corporate Bonds

Open/Demand

28 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 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

1.04

%

08/27/19

Open

$

1,315,200

$

1,333,627

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

575,625

583,690

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

782,813

793,780

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

652,913

662,060

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

850,313

862,226

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

335,188

339,884

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

526,500

533,877

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

529,375

536,792

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

335,250

339,947

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

530,438

537,869

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

741,125

751,509

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

461,000

467,459

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

448,500

454,784

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

961,875

975,351

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

976,875

990,562

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

1,060,000

1,074,851

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

778,750

789,661

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

08/27/19

Open

486,000

492,809

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.15

08/28/19

Open

1,476,764

1,498,460

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/28/19

Open

161,395

163,932

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/28/19

Open

181,583

184,436

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/28/19

Open

385,313

391,368

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/28/19

Open

430,669

437,437

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/28/19

Open

709,750

720,905

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/28/19

Open

394,450

400,649

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/28/19

Open

102,848

104,464

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/28/19

Open

282,178

286,612

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/28/19

Open

229,163

232,764

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/28/19

Open

140,006

142,207

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/28/19

Open

22,984

23,345

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/28/19

Open

244,294

248,133

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/28/19

Open

211,494

214,818

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/28/19

Open

116,009

117,832

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/28/19

Open

148,238

150,567

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/28/19

Open

231,783

235,425

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/28/19

Open

229,323

232,927

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/28/19

Open

235,450

239,150

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.50

08/28/19

Open

451,051

458,143

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.50

08/28/19

Open

391,219

397,370

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.50

08/28/19

Open

1,506,088

1,529,767

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.45

08/29/19

Open

464,348

468,923

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

08/29/19

Open

378,975

384,128

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.00

08/29/19

Open

953,438

966,402

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

08/29/19

Open

280,125

284,411

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

08/29/19

Open

232,298

235,851

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.25

08/29/19

Open

277,183

281,423

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

08/29/19

Open

262,629

266,647

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

08/29/19

Open

2,211,233

2,245,061

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

08/29/19

Open

246,030

249,794

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

08/29/19

Open

994,175

1,009,384

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/29/19

Open

393,656

399,813

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/29/19

Open

316,933

321,889

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/29/19

Open

119,048

120,909

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/29/19

Open

132,458

134,529

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/29/19

Open

184,450

187,335

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/29/19

Open

308,025

312,842

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/29/19

Open

264,750

268,890

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/29/19

Open

183,393

186,261

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/29/19

Open

269,280

273,491

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/29/19

Open

167,500

170,120

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/29/19

Open

177,244

180,016

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/29/19

Open

235,951

239,641

Corporate Bonds

Open/Demand

SCHEDULE OF INVESTMENTS 29

Schedule of Investments  (unaudited) (continued) April 30, 2020 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

1.30

%

08/29/19

Open

$

413,931

$

420,405

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/29/19

Open

195,098

198,149

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

08/29/19

Open

354,650

360,196

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.50

08/29/19

Open

1,372,963

1,394,442

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.50

08/29/19

Open

867,191

879,230

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

09/04/19

Open

1,417,460

1,437,505

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

09/04/19

Open

441,840

448,088

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

09/10/19

Open

210,210

213,233

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

09/20/19

Open

500,805

507,678

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.30

09/30/19

Open

1,337,875

1,355,572

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

10/01/19

Open

208,810

211,627

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

10/01/19

Open

703,316

712,803

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

10/01/19

Open

674,000

683,092

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.50

10/01/19

Open

1,119,195

1,134,298

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

10/02/19

Open

4,372,903

4,414,202

Capital Trusts

Open/Demand

J.P. Morgan Securities LLC

0.75

10/11/19

Open

237,150

239,314

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

1.10

10/11/19

Open

298,688

301,923

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

1.10

10/11/19

Open

545,400

551,024

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

11/05/19

Open

237,495

239,976

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

11/05/19

Open

280,800

283,734

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

11/05/19

Open

135,596

137,013

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

11/05/19

Open

722,520

730,068

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

11/05/19

Open

23,275

23,518

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

11/05/19

Open

140,384

141,850

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

11/15/19

Open

320,295

323,068

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

11/15/19

Open

449,391

453,828

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

11/15/19

Open

110,670

111,763

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

11/15/19

Open

243,270

245,672

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

11/15/19

Open

184,080

185,897

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

11/15/19

Open

99,268

100,247

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

11/15/19

Open

234,330

236,643

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

11/15/19

Open

345,050

348,456

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

11/22/19

Open

49,560

50,018

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

11/27/19

Open

743,105

749,617

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

11/27/19

Open

1,155,325

1,165,450

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

0.75

12/05/19

Open

644,490

648,540

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

12/05/19

Open

98,745

99,587

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

12/05/19

Open

1,769,918

1,785,016

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

12/06/19

Open

204,300

206,004

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.50

12/06/19

Open

570,240

574,998

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

12/13/19

Open

80,738

81,360

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

12/18/19

Open

314,736

316,984

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

12/19/19

Open

383,456

386,172

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.40

12/19/19

Open

1,571,423

1,584,003

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

12/19/19

Open

154,845

156,037

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

12/19/19

Open

230,233

232,005

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

12/19/19

Open

178,094

179,465

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

12/20/19

Open

240,531

242,322

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/07/20

Open

2,484,888

2,499,666

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/07/20

Open

837,471

842,452

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/07/20

Open

1,936,675

1,948,193

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/07/20

Open

2,041,208

2,053,347

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/07/20

Open

476,508

479,341

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/07/20

Open

616,395

620,061

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/07/20

Open

996,413

1,002,338

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/07/20

Open

738,203

742,593

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/07/20

Open

927,325

932,840

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/07/20

Open

1,637,978

1,647,719

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/07/20

Open

1,217,565

1,224,806

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/07/20

Open

833,263

838,218

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/07/20

Open

486,765

489,660

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/07/20

Open

1,045,031

1,051,246

Corporate Bonds

Open/Demand

30 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 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.

1.15

%

01/07/20

Open

$

1,350,863

$

1,358,896

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.12

01/08/20

Open

926,344

931,710

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.25

01/14/20

Open

339,998

340,555

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

01/14/20

Open

257,731

259,249

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

01/14/20

Open

690,515

694,581

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

01/14/20

Open

359,178

361,293

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

01/14/20

Open

769,995

774,481

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/14/20

Open

283,920

285,507

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

01/14/20

Open

315,628

317,534

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

01/14/20

Open

448,286

450,993

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

01/14/20

Open

366,273

368,484

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

01/14/20

Open

164,885

165,881

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

01/14/20

Open

503,051

506,089

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

01/14/20

Open

335,961

337,990

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

01/14/20

Open

386,400

388,733

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

01/14/20

Open

398,580

400,987

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

01/14/20

Open

810,210

815,051

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

01/14/20

Open

687,818

691,927

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.50

01/14/20

Open

447,930

450,637

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

01/16/20

Open

373,965

376,097

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.35

01/16/20

Open

1,573,146

1,582,574

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

01/16/20

Open

270,540

272,122

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

01/16/20

Open

1,472,148

1,480,755

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

01/16/20

Open

395,199

397,510

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

01/16/20

Open

250,594

252,059

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

01/16/20

Open

1,551,888

1,560,962

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

01/21/20

Open

83,750

84,213

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/22/20

Open

407,680

409,739

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/22/20

Open

1,395,840

1,402,891

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

01/23/20

Open

781,935

786,157

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

01/24/20

Open

1,213,669

1,219,830

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/24/20

Open

722,453

725,929

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/24/20

Open

712,526

715,955

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/28/20

Open

419,843

421,813

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

01/31/20

Open

702,488

704,458

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.95

01/31/20

Open

4,029,600

4,045,120

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

1.09

01/31/20

Open

467,060

469,017

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.09

01/31/20

Open

295,689

296,928

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.09

01/31/20

Open

288,296

289,504

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/31/20

Open

503,595

505,731

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

01/31/20

Open

203,150

204,031

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.12

02/06/20

Open

1,026,413

1,030,606

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.95

02/11/20

Open

249,288

250,140

Capital Trusts

Open/Demand

BNP Paribas S.A.

0.95

02/11/20

Open

1,054,875

1,058,481

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

1.05

02/11/20

Open

867,150

870,304

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/11/20

Open

527,813

529,732

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/11/20

Open

412,191

413,691

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/11/20

Open

809,561

812,506

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.09

02/11/20

Open

154,600

155,176

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.10

02/11/20

Open

251,600

252,543

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

02/11/20

Open

715,760

718,425

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

02/11/20

Open

418,950

420,510

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

02/11/20

Open

333,300

334,474

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

02/11/20

Open

391,020

392,476

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

02/11/20

Open

524,915

526,870

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

02/11/20

Open

263,525

264,506

Capital Trusts

Open/Demand

BNP Paribas S.A.

1.15

02/11/20

Open

114,000

114,424

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

02/11/20

Open

150,323

150,882

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

02/11/20

Open

184,275

184,986

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.30

02/11/20

Open

552,960

555,090

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.50

02/11/20

Open

3,153,750

3,165,510

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.50

02/11/20

Open

1,326,281

1,331,227

Corporate Bonds

Open/Demand

SCHEDULE OF INVESTMENTS 31

Schedule of Investments  (unaudited) (continued) April 30, 2020 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

1.50

%

02/11/20

Open

$

540,960

$

543,054

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.50

02/11/20

Open

155,313

155,914

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.50

02/11/20

Open

164,430

165,067

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.50

02/11/20

Open

187,780

188,507

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.50

02/11/20

Open

113,520

113,960

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.50

02/11/20

Open

147,740

148,312

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.50

02/11/20

Open

145,138

145,668

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.50

02/11/20

Open

78,401

78,705

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

02/12/20

Open

728,723

731,648

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/13/20

Open

1,097,953

1,101,821

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/13/20

Open

826,753

829,666

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/13/20

Open

791,563

794,352

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/13/20

Open

1,043,198

1,046,873

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.08

02/13/20

Open

1,621,924

1,627,743

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.09

02/13/20

Open

908,138

911,468

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.09

02/13/20

Open

872,978

876,179

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.09

02/13/20

Open

839,231

842,309

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.09

02/13/20

Open

938,463

941,904

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.09

02/13/20

Open

1,917,738

1,924,659

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

02/14/20

Open

394,708

396,309

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

02/18/20

Open

631,579

633,981

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

02/26/20

Open

180,295

180,877

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.88

02/27/20

Open

1,231,938

1,234,994

Capital Trusts

Open/Demand

BNP Paribas S.A.

1.05

02/27/20

Open

1,122,119

1,125,242

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/27/20

Open

1,428,118

1,432,092

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/27/20

Open

1,286,875

1,290,457

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/27/20

Open

1,610,000

1,614,481

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

02/27/20

Open

361,080

362,064

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.10

02/27/20

Open

715,496

717,551

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.10

02/27/20

Open

887,861

890,411

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

03/02/20

Open

331,875

332,419

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

1.75

03/02/20

Open

190,153

190,746

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

2.25

03/02/20

Open

670,443

672,795

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

0.25

03/02/20

Open

300,286

300,745

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

0.25

03/02/20

Open

253,869

254,257

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

0.25

03/02/20

Open

408,939

409,564

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

0.50

03/02/20

Open

403,394

404,173

Foreign Agency Obligations

Open/Demand

Goldman Sachs & Co. LLC

0.50

03/02/20

Open

1,148,447

1,150,664

Capital Trusts

Open/Demand

Goldman Sachs & Co. LLC

0.55

03/02/20

Open

677,177

678,539

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

0.60

03/02/20

Open

1,401,793

1,404,725

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

0.60

03/02/20

Open

807,093

808,781

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

0.60

03/02/20

Open

771,542

773,155

Capital Trusts

Open/Demand

HSBC Securities (USA) Inc.

0.65

03/02/20

Open

3,535,000

3,542,016

Corporate Bonds

Open/Demand

HSBC Securities (USA) Inc.

0.65

03/02/20

Open

718,000

719,425

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

03/12/20

Open

523,110

524,193

Corporate Bonds

Open/Demand

BoFA Securities Inc

(1.25

)

03/17/20

Open

122,400

122,209

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

03/20/20

Open

21,131

21,177

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.25

03/23/20

Open

199,939

200,643

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.25

03/23/20

Open

358,931

360,195

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.25

03/23/20

Open

76,680

76,950

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.25

03/23/20

Open

264,420

265,351

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.25

03/23/20

Open

151,898

152,432

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.25

03/23/20

Open

92,620

92,946

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.25

03/23/20

Open

22,250

22,328

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.25

03/23/20

Open

95,060

95,395

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.25

03/23/20

Open

369,243

370,543

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.25

03/23/20

Open

772,850

775,571

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.25

03/23/20

Open

176,713

177,335

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.01

03/23/20

Open

98,515

98,620

Corporate Bonds

Open/Demand

32 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 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)

HSBC Securities (USA) Inc.

0.65

%

03/23/20

Open

$

103,000

$

103,073

Corporate Bonds

Open/Demand

HSBC Securities (USA) Inc.

0.90

03/23/20

Open

450,000

450,439

Corporate Bonds

Open/Demand

HSBC Securities (USA) Inc.

0.90

03/23/20

Open

308,000

308,300

Corporate Bonds

Open/Demand

HSBC Securities (USA) Inc.

0.90

03/23/20

Open

434,000

434,423

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

03/25/20

Open

1,408,750

1,410,215

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

03/25/20

Open

241,063

241,313

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

03/25/20

Open

358,000

358,372

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

03/25/20

Open

2,184,375

2,186,647

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.04

03/25/20

Open

346,875

347,236

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

03/26/20

Open

779,688

780,673

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.60

03/31/20

Open

1,312,759

1,314,509

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.60

03/31/20

Open

682,388

683,297

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

04/01/20

Open

286,065

286,330

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(0.25

)

04/02/20

Open

136,203

136,176

Corporate Bonds

Open/Demand

HSBC Securities (USA) Inc.

0.65

04/02/20

Open

1,276,000

1,276,645

Capital Trusts

Open/Demand

HSBC Securities (USA) Inc.

0.65

04/02/20

Open

1,517,000

1,517,767

Capital Trusts

Open/Demand

UBS Securities LLC

2.00

04/02/20

Open

363,803

364,389

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

04/02/20

Open

1,493,704

1,496,110

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

04/02/20

Open

497,813

498,615

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

04/02/20

Open

291,150

291,619

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

04/02/20

Open

390,443

391,072

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

04/02/20

Open

351,688

352,254

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

04/02/20

Open

3,630,000

3,635,848

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

04/02/20

Open

3,230,000

3,235,204

Capital Trusts

Open/Demand

UBS Securities LLC

2.00

04/02/20

Open

6,271,875

6,281,980

Capital Trusts

Open/Demand

UBS Securities LLC

2.00

04/02/20

Open

4,531,250

4,538,550

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.60

04/03/20

Open

325,023

325,384

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.60

04/03/20

Open

205,190

205,418

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.60

04/03/20

Open

169,871

170,060

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

04/03/20

Open

562,609

563,058

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.75

04/03/20

Open

427,180

427,699

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

04/03/20

Open

51,930

51,977

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.85

04/06/20

Open

589,035

589,761

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.85

04/06/20

Open

944,585

945,750

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.85

04/06/20

Open

563,985

564,681

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.85

04/06/20

Open

603,900

604,645

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.85

04/06/20

Open

645,975

646,772

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.85

04/06/20

Open

655,635

656,444

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.85

04/06/20

Open

620,375

621,140

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.85

04/06/20

Open

416,520

417,034

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.85

04/06/20

Open

830,831

831,856

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.85

04/06/20

Open

791,595

792,571

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.85

04/06/20

Open

404,286

404,785

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.85

04/06/20

Open

492,861

493,469

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

04/06/20

Open

152,919

153,051

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

04/06/20

Open

438,473

439,057

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

04/07/20

Open

699,064

699,533

Corporate Bonds

Open/Demand

Citigroup Global Markets Inc.

0.37

04/13/20

5/13/20

4,540,004

4,540,751

U.S. Government Sponsored Agency Securities

Up to 30 Days

Citigroup Global Markets Inc.

0.37

04/13/20

5/13/20

9,367,447

9,368,987

U.S. Government Sponsored Agency Securities

Up to 30 Days

Citigroup Global Markets Inc.

0.37

04/13/20

5/13/20

13,612,785

13,616,855

U.S. Government Sponsored Agency Securities

Up to 30 Days

Deutsche Bank Securities, Inc.

0.27

04/13/20

5/13/20

8,885,411

8,886,478

U.S. Government Sponsored Agency Securities

Up to 30 Days

SCHEDULE OF INVESTMENTS 33

Schedule of Investments  (unaudited) (continued) April 30, 2020 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.

0.27

%

04/13/20

5/13/20

$

3,639,037

$

3,639,473

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA) Inc.

0.35

04/13/20

5/13/20

3,765,144

3,765,729

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA) Inc.

0.35

04/13/20

5/13/20

2,883,768

2,884,217

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA) Inc.

0.35

04/13/20

5/13/20

1,766,909

1,767,184

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA) Inc.

0.35

04/13/20

5/13/20

7,306,673

7,307,809

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA) Inc.

0.35

04/13/20

5/13/20

1,299,356

1,299,558

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA) Inc.

0.35

04/13/20

5/13/20

8,466,026

8,467,343

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

1.05

04/14/20

Open

207,080

207,177

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

0.75

04/14/20

Open

107,900

107,936

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.00

04/15/20

Open

3,265,545

3,266,953

Foreign Agency Obligations

Open/Demand

Barclays Bank PLC

1.65

04/15/20

Open

612,000

612,421

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.70

04/15/20

Open

111,825

111,904

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.75

04/15/20

Open

1,785,738

1,787,040

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.75

04/15/20

Open

551,816

552,218

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.75

04/15/20

Open

264,663

264,855

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.75

04/15/20

Open

1,223,775

1,224,667

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.75

04/15/20

Open

7,700,000

7,705,615

Capital Trusts

Open/Demand

Barclays Bank PLC

1.75

04/15/20

Open

304,688

304,910

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.75

04/15/20

Open

367,822

368,090

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.80

04/15/20

Open

344,663

344,921

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

04/15/20

Open

782,955

783,298

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.50

04/15/20

Open

628,310

628,703

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.50

04/15/20

Open

975,240

975,850

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

04/17/20

Open

1,010,756

1,011,111

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

04/17/20

Open

763,848

764,116

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.23

04/17/20

Open

257,899

257,996

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

04/22/20

Open

743,325

743,531

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

04/22/20

Open

512,006

512,126

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

04/22/20

Open

35,245

35,255

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

04/24/20

Open

399,779

399,834

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.12

04/24/20

Open

849,110

849,216

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

04/24/20

Open

27,225

27,228

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

04/27/20

Open

265,200

265,223

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

04/27/20

Open

196,680

196,701

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.30

04/27/20

Open

128,544

128,558

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

04/29/20

Open

860,050

860,077

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.60

04/29/20

Open

726,189

726,221

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.00

04/30/20

Open

126,048

126,048

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.00

04/30/20

Open

205,425

205,425

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.00

04/30/20

Open

185,000

185,000

Capital Trusts

Open/Demand

BNP Paribas S.A.

0.00

04/30/20

Open

90,784

90,784

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.08

04/30/20

Open

598,635

598,653

Corporate Bonds

Open/Demand

$

356,966,978

$

359,275,025

^(a)  Certain agreements have no stated maturity and can be terminated by either party at any time.

34 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value / Unrealized Appreciation (Depreciation)
Long Contracts
5-Year U.S. Treasury Note		246		06/30/20	$	30,869	$	56,594
Short Contracts
10-Year U.S. Treasury Note		387		06/19/20		53,817		(603,645	)
10-Year U.S. Ultra Long Treasury Note		167		06/19/20		26,224		(324,779	)
Long U.S. Treasury Bond		29		06/19/20		5,250		(494,098	)
U.S. Treasury Ultra Bond		123		06/19/20		27,648		(2,293,636	)
2-Year U.S. Treasury Note		1,248		06/30/20		275,096		(69,140	)
								(3,785,298	)
							$	(3,728,704	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	11,015,000	USD	11,957,866	JPMorgan Chase Bank N.A.	$	05/05/20	$	112,917
GBP	1,094,000	USD	1,360,170	Bank of America N.A.		05/05/20		17,726
GBP	7,050,000	USD	8,765,265	Bank of America N.A.		05/05/20		114,229
USD	54,852	EUR	50,000	Bank of America N.A.		05/05/20		59
USD	12,051,213	EUR	10,908,000	UBS AG		05/05/20		97,686
CAD	5,985,066	USD	4,300,000	Citibank N.A.		06/17/20		165
CAD	5,988,117	USD	4,300,000	JPMorgan Chase Bank N.A.		06/17/20		2,356
CAD	6,281,889	USD	4,510,000	JPMorgan Chase Bank N.A.		06/17/20		3,426
JPY	509,440,581	NZD	7,650,000	Morgan Stanley & Co. International PLC		06/17/20		58,386
NZD	7,650,000	JPY	492,659,235	Natwest Markets PLC		06/17/20		98,080
USD	4,510,000	CAD	6,248,372	HSBC Bank USA N.A.		06/17/20		20,655
USD	4,300,000	CAD	5,967,028	UBS AG		06/17/20		12,795
USD	144,580	EUR	130,000	UBS AG		06/17/20		1,997
USD	4,530,000	JPY	474,401,124	JPMorgan Chase Bank N.A.		06/17/20		106,790
								647,267
EUR	61,000	USD	66,883	JPMorgan Chase Bank N.A.		05/05/20		(36	)
USD	53,549	EUR	49,000	Deutsche Bank AG		05/05/20		(148	)
USD	74,601	EUR	69,000	State Street Bank and Trust Co.		05/05/20		(1,013	)
USD	1,361,313	GBP	1,095,000	Deutsche Bank AG		05/05/20		(17,843	)
USD	8,895,273	GBP	7,168,000	JPMorgan Chase Bank N.A.		05/05/20		(132,842	)
USD	86,758	EUR	80,000	JPMorgan Chase Bank N.A.		06/03/20		(959	)
USD	95,752	EUR	88,000	JPMorgan Chase Bank N.A.		06/03/20		(736	)
USD	11,964,936	EUR	11,015,000	JPMorgan Chase Bank N.A.		06/03/20		(112,530	)
USD	1,360,355	GBP	1,094,000	Bank of America N.A.		06/03/20		(17,696	)
USD	8,766,456	GBP	7,050,000	Bank of America N.A.		06/03/20		(114,036	)
CAD	5,943,288	USD	4,300,000	Citibank N.A.		06/17/20		(29,852	)
CAD	5,310,406	USD	3,830,000	JPMorgan Chase Bank N.A.		06/17/20		(14,567	)
JPY	475,636,863	USD	4,530,000	Goldman Sachs International		06/17/20		(95,268	)
USD	8,600,000	CAD	11,972,920	Bank of America N.A.		06/17/20		(2,332	)
USD	3,830,000	CAD	5,437,820	Goldman Sachs International		06/17/20		(76,978	)
								(616,836	)
	Net unrealized appreciation						$	30,431

SCHEDULE OF INVESTMENTS 35

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT)

Centrally Cleared Credit Default Swaps — Buy Protection

Reference Obligation/Index	Financing Rate Paid by the Trust			Payment Frequency		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.HY.34.V1		1.00	%		Quarterly		06/20/25		USD	2,900	$	134,147		$	163,322		$	(29,175	)
CDX.NA.IG.34.V1		5.00			Quarterly		06/20/25		USD	16,800		(130,799	)		(91,187	)		(39,612	)
											$	3,348		$	72,135		$	(68,787	)

Centrally Cleared Interest Rate Swaps

Paid by the Trust

Received by the Trust

Effective Date

Termination Date

Notional Amount (000)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Rate

Frequency

Rate

Frequency

3-Month LIBOR, 0.56%

Quarterly

0.31%

Semi-Annual

07/20/20

(a)

07/20/22

USD

36,000

$

25,695

$

497

$

25,198

^(a)  Forward swap.

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	$	(984	)	$	165		$	(1,149	)
United Mexican States		1.00			Quarterly	Bank of America N.A.		09/20/20	USD	604		(1,111	)		611			(1,722	)
Altice Finco SA		5.00			Quarterly	Credit Suisse International		12/20/24	EUR	50		(3,090	)		(6,352	)		3,262
Altice Finco SA		5.00			Quarterly	Credit Suisse International		12/20/24	EUR	30		(1,853	)		(3,149	)		1,296
SES SA		1.00			Quarterly	Credit Suisse International		06/20/25	EUR	26		452			630			(178	)
SES SA		1.00			Quarterly	Credit Suisse International		06/20/25	EUR	24		432			665			(233	)
CMBX.NA.7		3.00			Monthly	Deutsche Bank AG		01/17/47	USD	25,000		6,103,845			1,797,997			4,305,848
											$	6,097,691		$	1,790,567		$	4,307,124

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	$	984		$	(173	)	$	1,157
United Mexican States		1.00			Quarterly	Citibank N.A.		09/20/20	BBB		USD	604		1,111			579			532
CMBX.NA.7		3.00			Monthly	Barclays Bank PLC		01/17/47	C		USD	10,000		(2,441,538	)		(504,668	)		(1,936,870	)
CMBX.NA.7		3.00			Monthly	Barclays Bank PLC		01/17/47	C		USD	5,000		(1,220,769	)		(252,043	)		(968,726	)
CMBX.NA.7		3.00			Monthly	Barclays Bank PLC		01/17/47	C		USD	10,000		(2,441,538	)		(249,793	)		(2,191,745	)
CMBX.NA.9		2.00			Monthly	Morgan Stanley & Co. International PLC		09/17/58	NR		USD	2,500		(250,825	)		(336,142	)		85,317
CMBX.NA.9		2.00			Monthly	Credit Suisse International		09/17/58	NR		USD	2,500		(250,826	)		(339,420	)		88,594
CMBX.NA.9		2.00			Monthly	Morgan Stanley & Co. International PLC		09/17/58	NR		USD	5,000		(501,651	)		(666,024	)		164,373
CMBX.NA.9		3.00			Monthly	Morgan Stanley & Co. International PLC		09/17/58	NR		USD	2,500		(684,695	)		(543,268	)		(141,427	)
CMBX.NA.9		3.00			Monthly	Morgan Stanley & Co. International PLC		09/17/58	NR		USD	5,000		(1,369,390	)		(535,819	)		(833,571	)
													$	(9,159,137	)	$	(3,426,771	)	$	(5,732,366	)

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

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

36 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT)

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

	Swap Premiums Paid		Swap Premiums Received	Unrealized Appreciation	Unrealized Depreciation
Centrally Cleared Swaps(a)	$	163,819	$(91,187)	$25,198	$	(68,787	)
OTC Swaps		1,800,647	(3,436,851)	4,650,379		(6,075,621	)

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

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	—	$	—	$	56,594	$	—	$	56,594
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		647,267		—		—		647,267
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)		—		—		—		—		25,198		—		25,198
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		6,451,026		—		—		—		—		6,451,026
	$	—	$	6,451,026	$	—	$	647,267	$	81,792	$	—	$	7,180,085
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	—	$	—	$	3,785,298	$	—	$	3,785,298
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		616,836		—		—		616,836
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)		—		68,787		—		—		—		—		68,787
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		9,512,472		—		—		—		—		9,512,472
	$	—	$	9,581,259	$	—	$	616,836	$	3,785,298	$	—	$	13,983,393

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

For the six months ended April 30, 2020, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	(9,359,406)	$	—	$	(9,359,406)
Forward foreign currency exchange contracts		—		—		—		309,646		—		—		309,646
Options purchased (a)		—		—		—		—		4,688		—		4,688
Options written		—		—		—		—		(3,010)		—		(3,010)
Swaps		—		(2,477,700)		—		—		74,632		—		(2,403,068)
	$	—	$	(2,477,700)	$	—	$	309,646	$	(9,283,096)	$	—	$	(11,451,150)

^(a)  Options purchased are included in net realized gain (loss) from investments.

SCHEDULE OF INVESTMENTS 37

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT)

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$	—	$	—	$	(4,971,344	)	$	—	$	(4,971,344	)
Forward foreign currency exchange contracts		—		—			—		1,033,905		—			—		1,033,905
Swaps		—		(4,674,000	)		—		—		(431,065	)		—		(5,105,065	)
	$	—	$	(4,674,000	)	$	—	$	1,033,905	$	(5,402,409	)	$	—	$	(9,042,504	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	26,868,594
Average notional value of contracts — short		343,422,794
Forward foreign currency exchange contracts:
Average amounts purchased — in USD		94,919,534
Average amounts sold — in USD		67,108,871
Options:
Average notional value of swaption contracts purchased		34,160,000
Average notional value of swaption contracts written		34,160,000
Credit default swaps:
Average notional value — buy protection		74,698,161
Average notional value — sell protection		56,570,950
Interest rate swaps:
Average notional value — pays fixed rate		—	(a)
Average notional value — receives fixed rate		185,750,000

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

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

Derivative Financial Instruments — Offsetting as Period End

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

	Assets			Liabilities
Derivative Financial Instruments:
Futures contracts	$	135,294		$	87,286
Forward foreign currency exchange contracts		647,267			616,836
Swaps — Centrally cleared		—			7,555
Swaps — OTC(a)		6,451,026			9,512,472
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	7,233,587		$	10,224,149
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(135,294	)		(94,841	)
Total derivative assets and liabilities subject to an MNA	$	7,098,293		$	10,129,308

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

38 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT)

Derivative Financial Instruments — Offsetting as Period End (continued)

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

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Received		Cash Collateral Received (b)			Net Amount of Derivative Assets  (c)(d)
Bank of America N.A.	$	133,782	$	(133,782	)	$	—	$	—		$	—
Citibank N.A.		1,441		(1,441	)		—		—			—
Credit Suisse International		94,447		(94,447	)		—		—			—
Deutsche Bank AG		6,103,845		(17,991	)		—		(6,085,854	)		—
HSBC Bank USA N.A.		20,655		—			—		—			20,655
JPMorgan Chase Bank N.A.		225,489		(225,489	)		—		—			—
Morgan Stanley & Co. International PLC		308,076		(308,076	)		—		—			—
Natwest Markets PLC		98,080		—			—		—			98,080
UBS AG		112,478		—			—		—			112,478
	$	7,098,293	$	(781,226	)	$	—	$	(6,085,854	)	$	231,213
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Pledged		Cash Collateral Pledged (e)			NetAmount of Derivative Liabilities (d)(f)
Bank of America N.A.	$	135,959	$	(133,782	)	$	—	$	—		$	2,177
Barclays Bank PLC		6,103,845		—			—		(6,103,845	)		—
Citibank N.A.		31,001		(1,441	)		—		—			29,560
Credit Suisse International		349,332		(94,447	)		—		(254,885	)		—
Deutsche Bank AG		17,991		(17,991	)		—		—			—
Goldman Sachs International		172,246		—			—		—			172,246
JPMorgan Chase Bank N.A.		261,670		(225,489	)		—		—			36,181
Morgan Stanley & Co. International PLC		3,056,251		(308,076	)		—		(2,748,175	)		—
State Street Bank and Trust Co.		1,013		—			—		—			1,013
	$	10,129,308	$	(781,226	)	$	—	$	(9,106,905	)	$	241,177

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

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

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

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

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

^(f)  Net amount represents the net amount payable due to counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

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:
Common Stocks:
Aerospace & Defense	$	1,662,376	$	—	$	—	$	1,662,376
Building Products		454,262		—		—		454,262
Diversified Financial Services		—		4,246		—		4,246
Energy Equipment & Services		385		—		—		385
Machinery		652,921		—		—		652,921
Asset-Backed Securities		—		100,362,297		4,358,459		104,720,756
Corporate Bonds(a)		—		443,795,075		1,616,270		445,411,345
Floating Rate Loan Interests(a)		—		30,227,762		3,326,179		33,553,941
Foreign Agency Obligations(a)		—		24,978,883		—		24,978,883
Non-Agency Mortgage-Backed Securities(a)		—		69,847,354		7,212,676		77,060,030

SCHEDULE OF INVESTMENTS 39

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Multi-Sector Income Trust (BIT)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Preferred Securities:
Capital Trusts	$	—		$	78,861,382		$	—	$	78,861,382
Preferred Stocks		14,261,277			10,900,000			1,496,250		26,657,527
U.S. Government Sponsored Agency Securities(a)		—			91,463,035			—		91,463,035
Short-Term Securities		33,046,287			—			—		33,046,287
Liabilities:
Investments:
TBA Sale Commitments(a)		—			(2,587,500	)		—		(2,587,500	)
	$	50,077,508		$	847,852,534		$	18,009,834	$	915,939,876
Derivative Financial Instruments(b)
Assets:
Credit contracts	$	—		$	4,650,379		$	—	$	4,650,379
Foreign currency exchange contracts		—			647,267			—		647,267
Interest rate contracts		56,594			25,198			—		81,792
Liabilities:
Credit contracts		—			(6,144,408	)		—		(6,144,408	)
Foreign currency exchange contracts		—			(616,836	)		—		(616,836	)
Interest rate contracts		(3,785,298	)		—			—		(3,785,298	)
	$	(3,728,704	)	$	(1,438,400	)	$	—	$	(5,167,104	)

^(a)  See above Schedule of Investments for values in each industry, security type and country.

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

The Trust may hold liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement Purposes. As of period end, reverse repurchase agreements of $359,275,025 are categorized as Level 2 within the disclosure hierarchy.

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, 2019	$	5,513,457		$	1,798,893		$	2,297,649		$	8,255,880		$	1,581,148		$	19,447,027
Transfers into Level 3(a)		3,118,329			—			2,730,799			—			—			5,849,128
Transfers out of Level 3		—			—			(1,133,241	)		—			—			(1,133,241	)
Accrued discounts/premiums		15,245			—			2,994			65,235			—			83,474
Net realized gain (loss)		(6,026	)		—			(22,281	)		192,448			—			164,141
Net change in unrealized appreciation (depreciation)(b)(c)		(1,623,282	)		(163,594	)		380,423			(686,450	)		(84,898	)		(2,177,801	)
Purchases		1,191,975			—			2,354,534			—			—			3,546,509
Sales		(3,851,239	)		(19,029	)		(3,284,698	)		(614,437	)		—			(7,769,403	)
Closing Balance, as of April 30, 2020	$	4,358,459		$	1,616,270		$	3,326,179		$	7,212,676		$	1,496,250		$	18,009,834
Net change in unrealized appreciation (depreciation) on investments still held at April 30, 2020(c)	$	(1,617,725	)	$	(163,594	)	$	383,334		$	(686,450	)	$	(84,898	)	$	(2,169,333	)

^(a)  As of October 31, 2019, the Trust used observable inputs in determining the value of certain investments. As of April 30, 2020, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

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

^(c)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at April 30, 2020 is generally due to investments no longer held or categorized as Level 3 at period end.

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

See notes to financial statements.

40 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement of Assets and Liabilities  (unaudited)

April 30, 2020

	BIT
ASSETS
Investments at value — unaffiliated(a)	$	885,481,089
Investments at value — affiliated(b)		33,046,287
Cash		90,232
Cash pledged:
Collateral — OTC derivatives		9,760,000
Futures contracts		3,807,400
Centrally cleared swaps		887,000
Collateral — reverse repurchase agreements		526,000
Foreign currency at value(c)		4,279,639
Receivables:
Investments sold		6,575,802
Reverse repurchase agreements		2,502,079
TBA sale commitments		2,584,922
Dividends — affiliated		4,467
Dividends — unaffiliated		135,787
Interest — unaffiliated		9,504,891
Variation margin on futures contracts		135,294
Swap premiums paid		1,800,647
Unrealized appreciation on:
Forward foreign currency exchange contracts		647,267
OTC swaps		4,650,379
Total assets		966,419,182
LIABILITIES
Cash received as collateral for OTC derivatives		6,660,000
TBA sale commitments at value(d)		2,587,500
Reverse repurchase agreements at value		359,275,025
Payables:
Investments purchased		19,556,968
Reverse repurchase agreements		4,185,691
Income dividend distributions — Common Shares		165,875
Investment advisory fees		1,248,510
Trustees’ and Officer’s fees		131,059
Other accrued expenses		356,928
Principal payups		89,921
Variation margin on futures contracts		87,286
Variation margin on centrally cleared swaps		7,555
Swap premiums received		3,436,851
Unrealized depreciation on:
Forward foreign currency exchange contracts		616,836
OTC swaps		6,075,621
Total liabilities		404,481,626
NET ASSETS	$	561,937,556
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF
Paid-in capital(e)(f)(g)	$	701,178,117
Accumulated loss		(139,240,561	)
NET ASSETS	$	561,937,556
Net Asset Value per Common Share	$	14.97
(a) Investments at cost — unaffiliated	$	1,003,820,115
(b) Investments at cost — affiliated	$	33,046,287
(c) Foreign currency at cost	$	4,357,585
(d) TBA sale commitments — proceeds	$	2,584,922
(e) Par value	$	0.001
(f)  Common Shares outstanding		37,537,596
(g) Common Shares authorized		Unlimited

See notes to financial statements.

FINANCIAL STATEMENTS 41

Consolidated Statement of Operations  (unaudited)

Six Months Ended April 30, 2020

	BIT
INVESTMENT INCOME
Dividends — affiliated	$	43,286
Dividends — unaffiliated		1,128,385
Interest — unaffiliated		27,034,262
Other income		48,071
Foreign taxes withheld		(5,597	)
Total investment income		28,248,407
EXPENSES
Investment advisory		4,004,293
Professional		69,131
Accounting services		68,505
Custodian		40,780
Transfer agent		34,795
Trustees and Officer		12,349
Registration		6,956
Printing		4,203
Miscellaneous		81,372
Total expenses excluding interest expense and fees		4,322,384
Interest expense		3,592,077
Total expenses		7,914,461
Less fees waived and/or reimbursed by the Manager		(3,668	)
Total expenses after fees waived and/or reimbursed		7,910,793
Net investment income		20,337,614
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Capital gain distributions from investment companies — affiliated		12
Futures contracts		(9,359,406	)
Forward foreign currency exchange contracts		309,646
Foreign currency transactions		(444,971	)
Investments — unaffiliated		(5,829,903	)
Payment by affiliate		25,000,000
Options written		(3,010	)
Swaps		(2,403,068	)
		7,269,300
Net change in unrealized appreciation (depreciation) on:
Futures contracts		(4,971,344	)
Forward foreign currency exchange contracts		1,033,905
Foreign currency translations		(29,827	)
Investments — unaffiliated		(77,353,923	)
Swaps		(5,105,065	)
		(86,426,254	)
Net realized and unrealized loss		(79,156,954	)
NET DECREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS	$	(58,819,340	)

See notes to financial statements.

42 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statements of Changes in Net Assets

	BIT
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	20,337,614		$	44,474,784
Net realized gain (loss)		7,269,300			(14,719,603	)
Net change in unrealized appreciation (depreciation)		(86,426,254	)		(34,543,962	)
Net decrease in net assets applicable to common shareholders resulting from operations		(58,819,340	)		(4,788,781	)
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to Common Shareholders		(27,860,404	)(b)		(52,899,690	)
CAPITAL SHARE TRANSACTIONS
Redemption of shares resulting from share repurchase program (including transaction costs)		—			(4,525,759	)
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total decrease in net assets applicable to Common Shareholders		(86,679,744	)		(62,214,230	)
Beginning of period		648,617,300			710,831,530
End of period	$	561,937,556		$	648,617,300

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

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

See notes to financial statements.

FINANCIAL STATEMENTS 43

Consolidated Statement of Cash Flows  (unaudited)

Six Months Ended April 30, 2020

	BIT
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net decrease in net assets resulting from operations	$	(58,819,340	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:
Proceeds from sales of long-term investments and principal paydowns		574,714,558
Purchases of long-term investments		(527,398,562	)
Net proceeds from sales (purchases) of short-term securities		(26,746,249	)
Amortization of premium and accretion of discount on investments and other fees		(2,102,042	)
Premiums received from options written		97,698
Premiums paid on closing options written		(100,708	)
Net realized loss on investments and options written		5,937,081
Net unrealized depreciation on investments, options written, swaps and foreign currency translations		81,305,947
(Increase) Decrease in Assets:
Receivables:
Dividends — affiliated		5,934
Dividends — unaffiliated		(71	)
Interest — unaffiliated		538,468
Variation margin on futures contracts		405,878
Variation margin on centrally cleared swaps		20,523
Swap premiums paid		31,876
Prepaid expenses		2,717
Increase (Decrease) in Liabilities:
Cash received:
Collateral — OTC derivatives		6,660,000
Collateral — Reverse repurchase agreements		(2,423,749	)
Payables:
Interest expense		(103,744	)
Investment advisory fees		531,206
Trustees’ and Officer’s fees		(6,240	)
Variation margin on futures contracts		(1,315,584	)
Variation margin on centrally cleared swaps		7,555
Other accrued expenses		(73,444	)
Swap premiums received		(2,572,479	)
Net cash provided by operating activities		48,597,229
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to Common Shareholders		(27,855,413	)
Net borrowing of reverse repurchase agreements		(10,595,966	)
Net cash used for financing activities		(38,451,379	)
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations	$	(28,106	)
CASH AND FOREIGN CURRENCY
Net increase in restricted and unrestricted cash and foreign currency		10,117,744
Restricted and unrestricted cash and foreign currency at beginning of period		9,232,527
Restricted and unrestricted cash and foreign currency at end of period	$	19,350,271
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	3,695,821

See notes to financial statements.

44 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statement of Cash Flows  (unaudited) (continued)

Six Months Ended April 30, 2020

	BIT
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	90,232
Cash pledged:
Collateral — reverse repurchase agreements		526,000
Collateral — OTC derivatives		9,760,000
Futures contracts		3,807,400
Centrally cleared swaps		887,000
Foreign currency at value		4,279,639
	$	19,350,271
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE BEGINNING OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	4,020
Cash pledged:
Collateral — reverse repurchase agreements		1,635,000
Collateral — OTC derivatives		2,820,000
Futures contracts		1,735,977
Centrally cleared swaps		1,000,590
Foreign currency at value		2,036,940
	$	9,232,527

See notes to financial statements.

FINANCIAL STATEMENTS 45

Financial Highlights  

(For a share outstanding throughout each period)

	BIT
	Six Months Ended 04/30/20 (Unaudited) (a)			Year Ended October 31,
				2019 (a)			2018 (a)			2017 (a)			2016 (a)			2015
Net asset value, beginning of period	$	17.28		$	18.79		$	20.07		$	18.91		$	18.91		$	19.87
Net investment income(b)		0.54			1.18			1.38			1.51			1.69			1.55
Net realized and unrealized gain (loss)		(2.11	)		(1.28	)		(1.13	)		1.42			(0.05	)		(1.03	)
Net increase (decrease) from investment operations		(1.57	)		(0.10	)		0.25			2.93			1.64			0.52
Distributions to Common Shareholders(c)
From net investment income		(0.74	)(d)		(1.14	)		(1.49	)		(1.77	)		(1.64	)		(1.40	)
From net realized gain		—			—			—			—			—			(0.08	)
From return of capital		—			(0.27	)		(0.04	)		—			—			—
Total distributions to Common Shareholders		(0.74	)		(1.41	)		(1.53	)		(1.77	)		(1.64	)		(1.48	)
Net asset value, end of period	$	14.97		$	17.28	(e)	$	18.79		$	20.07		$	18.91		$	18.91	(f)
Market price, end of period	$	13.43		$	17.15		$	16.25		$	18.55		$	16.76		$	16.31
Total Return Applicable to Common Shareholders(g)
Based on net asset value		(8.96	)%(h)(i)		0.00	%(e)(j)		2.18	%(k)		17.34	%(l)		10.51	%(k)		3.87	%(f)
Based on market price		(17.71	)%(h)		14.76	%		(4.40	)%		22.36	%		13.56	%		0.06	%
Ratios to Average Net Assets Applicable to Common Shareholders(m)
Total expenses		2.56	%(n)		2.89	%		2.90	%		2.33	%		2.05	%		2.09	%
Total expenses after fees waived and/or reimbursed		2.56	%(n)		2.89	%		2.89	%		2.33	%		2.05	%		2.09	%
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees		1.40	%(n)		1.35	%		1.42	%		1.39	%		1.43	%		1.53	%
Net investment income to Common Shareholders		6.57	%(n)		6.43	%		7.17	%		7.86	%		9.24	%		7.97	%
Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	561,938		$	648,617		$	710,832		$	765,859		$	726,381		$	726,432
Borrowings outstanding, end of period (000)	$	359,275		$	373,345		$	376,302		$	471,082		$	427,329		$	510,352
Portfolio turnover rate(o)		54	%		32	%		38	%		53	%		52	%		21	%

^(a)  Consolidated Financial Highlights.

^(b)  Based on average Common Shares outstanding.

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

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

^(e)  For financial reporting purposes, the market value of a certain investment was adjusted as of the report date. Accordingly, the net asset value (“NAV”) per share and total return performance based on NAV presented herein are different than the information previously published as of October 31, 2019.

^(f)  For financial reporting purposes, the market value of certain investments was adjusted as of report date. Accordingly, the net asset value (“NAV”) per share and total return performance based on net asset value presented herein are different than the information previously published on October 31, 2015.

^(g)  Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(h)  Aggregate total return.

⁽ⁱ⁾  Includes payment received from an affiliate, which impacted the Trust’s total return. Excluding the payment from an affiliate, the Trust’s total return would have been (13.03)%.

^(j)  Amount is greater than (0.005)%.

^(k)  Includes payment received from an affiliate, which had no impact on the Trust’s total return.

^(l)  Includes payment received from a settlement of litigation, which impacted the Trust’s total return. Excluding the payment from a settlement of litigation, the Trust’s total return is 16.70%.

^(m)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 04/30/20 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015 (a)
Investments in underlying funds		—	%		—	%		—	%		—	%		0.01	%		0.01	%

⁽ⁿ⁾  Annualized.

^(o)  Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

	Six Months Ended 04/30/20 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015 (a)
Portfolio turnover rate (excluding MDRs)		39	%		—	%		—	%		—	%		—	%		—	%

See notes to financial statements.

46 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Trust is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on an accrual basis.

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

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

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

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

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

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

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

Recent Accounting Standards: The Trust has adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Trust has changed the amortization period for the premium on certain

NOTES TO FINANCIAL STATEMENTS 47

Notes to Financial Statements  (unaudited) (continued)

purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Trust applied the amendments on a modified retrospective basis beginning with the fiscal period ended April 30, 2020. The adjusted cost basis of securities at October 31, 2019 is $1,051,251,192.

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Trust’s investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

• Equity investments traded on a recognized securities exchange are valued at the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

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

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Trust’s net assets. Each business day, the Trust uses a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.

• Investments in open-end U.S. mutual funds are valued at NAV each business day.

• Futures contracts traded on exchanges are valued at their last sale price.

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

• Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. OTC options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

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

• To-be-announced (“TBA”) commitments are valued on the basis of last available bid prices or current market quotations provided by pricing services.

48 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that the Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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

	Standard Inputs Generally Considered By Third Party Pricing Services
Market approach	(i)  recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii)   market multiples of comparable issuers.
Income approach	(i)  future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii)   other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach	(i)  audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii)   relevant news and other public sources; and (iv)   known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

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

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:

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

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

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global Valuation Committee’s assumptions used in determining the fair value of 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies. There may not be a secondary market, and/or there are a limited number of investors. 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.

4. SECURITIES AND OTHER INVESTMENTS

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such

NOTES TO FINANCIAL STATEMENTS 49

Notes to Financial Statements  (unaudited) (continued)

assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

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

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

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

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

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

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

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

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates

50 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

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

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

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

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

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

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

In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an “MSFTA”). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedule of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.

NOTES TO FINANCIAL STATEMENTS 51

Notes to Financial Statements  (unaudited) (continued)

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

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

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

For the six months ended April 30, 2020, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rate for the Trust was $384,523,019 and 1.88%, respectively.

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

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

Counterparty	Reverse Repurchase Agreements		Fair Value of Non-cash Collateral Pledged Including Accrued Interest (a)			Cash Collateral Pledged/Received		Net Amount (b)
Barclays Bank PLC	$	31,309,295	$	(31,309,295	)	$	—	$	—
Barclays Capital, Inc.		20,652,951		(20,652,951	)		—		—
BNP Paribas S.A.		116,077,655		(116,077,655	)		—		—
BoFA Securities Inc		122,209		(122,209	)		—		—
Citigroup Global Markets, Inc.		27,526,593		(27,526,593	)		—		—
Credit Suisse Securities (USA) LLC		1,195,960		(1,195,960	)		—		—
Deutsche Bank Securities, Inc.		12,525,951		(12,525,951	)		—		—
Goldman Sachs & Co LLC		6,184,603		(6,022,389	)		—		162,214
HSBC Securities (USA), Inc.		33,843,928		(33,843,928	)		—		—
J.P. Morgan Securities LLC		1,848,737		(1,848,737	)		—		—
RBC Capital Markets, LLC		86,462,445		(86,462,445	)		—		—
UBS Securities LLC		21,524,698		(21,524,698	)		—		—
	$	359,275,025	$	(359,112,811	)	$	—	$	162,214

^(a)  Net collateral, including accrued interest, with a value of $396,276,325 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(b) Net amount represents the net amount payable due to the counterparty in the event of default.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

52 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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

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

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

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

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Trust are denominated and in some cases, may be used to obtain exposure to a particular market.

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

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS 53

Notes to Financial Statements  (unaudited) (continued)

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

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

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

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

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

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

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

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

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

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

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

54 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

The Manager entered into a sub-advisory agreement with BlackRock (Singapore) Limited (“BRS”) and, effective November 21, 2019, BlackRock International Limited (“BIL”) (collectively, the “Sub-Advisers”), each an affiliate of the Manager. The Manager pays BRS and BIL, for services they provide for that portion of the Trust for which BRS and BIL, as applicable, acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Trust to the Manager.

Expense Waivers: The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2021. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Trust. Prior to December 1, 2019, this waiver was voluntary. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. For the six months ended April 30, 2020, the amount waived was $3,668.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Trust’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2021. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Trust. For the six months ended April 30, 2020, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.

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

Other Transactions: The Trust may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended April 30, 2020, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

Purchases		Sales	Net Realized Loss
$	207,510	$ 108,541	$	(1,565	)

During the six months ended April 30, 2020, the Trust received a $25,000,000 payment from an affiliate, which is included in Payment by affiliate in the Consolidated Statement of Operations, in connection with a defaulted term loan investment in Aviron Capital LLC.

7. PURCHASES AND SALES

For the six months ended April 30, 2020, purchases and sales of investments, including paydowns/payups and mortgage dollar rolls and excluding short-term securities, were $540,741,548 and $580,751284, respectively.

For the six months ended April 30, 2020, purchases and sales related to mortgage dollar rolls were $145,384,606 and $145,297,417, respectively.

8. INCOME TAX INFORMATION

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

The Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Trust’s U.S. federal tax returns generally remains open for each of the four years ended October 31, 2019. The statutes of limitations on the Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trust as of April 30, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trust’s financial statements.

As of October 31, 2019, the Trust had non-expiring capital loss carryforwards available to offset future realized capital gains of $34,962,619.

As of April 30, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	1,016,683,386
Gross unrealized appreciation	$	51,597,771
Gross unrealized depreciation		(154,923,463	)
Net unrealized depreciation	$	(103,325,692	)

NOTES TO FINANCIAL STATEMENTS 55

Notes to Financial Statements  (unaudited) (continued)

9. PRINCIPAL RISKS

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

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

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

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

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

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.

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

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

The Trust’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain less the value of any collateral held by the Trust.

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

56 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Concentration Risk: The Trust may invest in securities that are rated below investment grade quality (sometimes called “junk bonds”), which are predominantly speculative, have greater credit risk and generally are less liquid than, and have more volatile prices than, higher quality securities.

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

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

10. CAPITAL SHARE TRANSACTIONS

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

Common Shares

The Trust participates in an open market share repurchase program (the “Repurchase Program”). From December 1, 2018 through November 30, 2019, the Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2018, subject to certain conditions. From December 1, 2019 through November 30, 2020, the Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2019, subject to certain conditions. There is no assurance that the Trust will purchase shares in any particular amounts.

The total cost of the shares repurchased is reflected the Trust’s Consolidated Statement of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs were as follows:

	Shares		Amount
Six Months Ended April 30, 2020		—	$	—
Year Ended October 31, 2019		284,084		4,525,759

11. SUBSEQUENT EVENTS

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

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

	Common Dividend Per Share
	Paid (a)		Declared (b)
BIT	$	0.123700	$	0.123700

^(a)  Net investment income dividend paid on May 29, 2020 to Common Shareholders of record on May 15, 2020.

^(b)  Net investment income dividend declared on June 1, 2020, payable to Common Shareholders of record on June 15, 2020.

As of April 30, 2020, the Trust held floating rate loan interests in Aviron Capital LLC (“2017 Loan”) and Aviron Pictures LLC (“2020 Loan”). Subsequent to period end, but prior to financial statement issuance, the 2017 Loan and the 2020 Loan were sold to an unaffiliated third party for approximately $5.25 million. If these investments would have been sold as of April 30, 2020, the impact of these transactions on the financial statements would have been to increase the Trust’s net asset value per share by $0.14 and to increase total return based on net asset value for the 6 months ended April 30, 2020 by 0.85%.

NOTES TO FINANCIAL STATEMENTS 57

Disclosure of Sub-Advisory Agreement

The Board of Trustees (the “Board,” and the members of which are referred to as “Board Members”) of BlackRock Multi-Sector Income Trust (the “Fund”), met in person on November 14-15, 2019 (the “November Meeting”) to consider the initial approval of the sub-advisory agreement (the “Sub-Advisory Agreement”) among the Fund, BlackRock Advisors, LLC (the “Manager”), the Fund’s investment advisor, and BlackRock International Limited. The Sub-Advisory Agreement was substantially similar to the sub-advisory agreements previously approved with respect to certain other portfolios in the BlackRock Fixed-Income Complex.

On the date of the November Meeting, the Board consisted of eleven individuals, nine of whom were not “interested persons” of the Fund as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). Pursuant to the 1940 Act, the Board is required to consider the initial approval of the Sub-Advisory Agreement.

At the November Meeting, the Board reviewed materials relating to its consideration of the proposed Sub-Advisory Agreement. The Fund’s investment advisory agreement with the Manager was most recently approved by the Board at in-person meetings on May 1, 2019 (the “May Meeting”) and June 5-6, 2019 (the “June Meeting”). A discussion of the basis for the Board’s approval of this agreement at the May and June Meetings is included in the Fund’s annual shareholder report for the fiscal year ended October 31, 2019. The factors considered by the Board at the November Meeting in connection with approval of the proposed Sub-Advisory Agreement were substantially the same as the factors considered at the May and June Meetings.

Following discussion, all the Board Members present at the November Meeting, including all the Independent Board Members present, approved the Sub-Advisory Agreement among the Fund, the Manager and BlackRock International Limited for a two-year term beginning on the effective date of the Sub-Advisory Agreement. Based upon its evaluation of all of the aforementioned factors in their totality, the Board, including the Independent Board Members, was satisfied that the terms of the Sub-Advisory Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Sub-Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

58 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information

Richard E. Cavanagh, Co-Chair of the Board and Trustee

Karen P. Robards, Co-Chair of the Board and Trustee

Michael J. Castellano, Trustee

Cynthia L. Egan, Trustee

Frank J. Fabozzi, Trustee

R. Glenn Hubbard, Trustee

W. Carl Kester, Trustee

Catherine A. Lynch, Trustee

Robert Fairbairn, Trustee

John M. Perlowski, Trustee, President and Chief Executive Officer

Jonathan Diorio, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Janey Ahn, Secretary

Effective February 19, 2020, Henry Gabbay resigned as a Trustee of the Trust.

Effective February 28, 2020, the Trust’s portfolio managers are Thomas Musmanno, Scott MacLellan and Samir Lakhani. Mr. Lakhani joined the Trust’s portfolio management team effective February 28, 2020. Mr. Lakhani has been a Managing Director of BlackRock, Inc. since 2014 and a Director thereof from 2010 to 2013.

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Advisers

BlackRock (Singapore) Limited

079912 Singapore

BlackRock International Limited

Edinburgh EH3 8BL

United Kingdom

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Trust

100 Bellevue Parkway

Wilmington, DE 19809

TRUSTEE AND OFFICER INFORMATION 59

Additional Information

Trust Certification

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

Dividend Policy

The Trust’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of dividend distributions, the distributions paid by the Trust for any particular month may be more or less than the amount of net investment income earned by the Trust during such month. The portion of distributions that exceeds the Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a nontaxable return of capital. The Trust’s current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statement of Assets and Liabilities, which comprises part of the financial information included in this report.

General Information

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

Except if noted herein, there were no material changes in the Trust’s investment objectives or policies or to the Trust’s charters or by-laws that would delay or prevent a change of control of the Trust that were not approved by the shareholders or in the principal risk factors associated with investment in the Trust. Except if noted herein, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trust’s portfolio.

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

On December 17, 2019, the Trust filed a lawsuit against Aviron Capital, LLC (“Aviron”) and its principal officer relating to a loan on which Aviron defaulted in order to replace Aviron’s principal officer and try to recover value for the Trust. On December 19, 2019, the Trust obtained a court order removing Aviron’s principal officer and replacing him with a chief restructuring officer chosen by BIT. The lawsuit is currently pending and the outcome is uncertain. As disclosed in the financial statements, the Trust sold its loan interests in Aviron and Aviron Pictures LLC to an unaffiliated third party. The Manager continues to expend efforts to try to recover value for the Trust.

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

Electronic Delivery

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

To enroll in electronic delivery:

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

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

Householding

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

Availability of Quarterly Schedule of Investments

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Trust’s Forms N-PORT and N-Q are available on the SEC’s website at sec.gov. The Trust’s Forms N-Q may also be obtained upon request and without charge by calling (800) 882-0052.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 882-0052; (2) at blackrock.com; and (3) on the SEC’s website at sec.gov.

60 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Additional Information  (continued)

Availability of Proxy Voting Record

Information about how the Trust voted proxies relating to securities held in the Trust’s portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at blackrock.com; or by calling (800) 882-0052 and (2) on the SEC’s website at sec.gov.

Availability of Trust Updates

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

BlackRock Privacy Principles

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

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

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

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

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

Glossary of Terms Used in this Report

Currency
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
JPY	Japanese yen
NZD	New Zealand dollar
USD	U.S. Dollar

Portfolio Abbreviations
ALL	Albanian Lek
ARB	Airport Revenue Bonds
CR	Custodian Receipt
CLO	Collateralized Loan Obligation
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
FNMA	Federal National Mortgage Association
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
MTN	Medium-Term Note
PIK	Payment-In-Kind
RB	Revenue Bonds
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
S&P	Standard & Poor’s
SPDR	Standard & Poor’s Depository Receipts

ADDITIONAL INFORMATION / GLOSSARY OF TERMS USED IN THIS REPORT 61

Want to know more?

blackrock.com    |    800-882-0052

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

BIT-4/20-SAR

Item 2 –	Code of Ethics – Not Applicable to this semi-annual report
Item 3 –	Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –	Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –	Audit Committee of Listed Registrant – Not Applicable to this semi-annual report
Item 6 –	Investments
	(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.
	(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report
Item 8 –	Portfolio Managers of Closed-End Management Investment Companies
	(a)(1) As of the date of filing this Report:
	The Fund is managed by a team of investment professionals comprised of Thomas Musmanno, CFA, Managing Director at BlackRock, Scott MacLellan, Director at BlackRock and Samir Lakhani, Managing Director at BlackRock. Messrs. Musmanno, MacLellan and Lakhani are the Fund’s portfolio managers and are responsible for the day-to-day management of the Fund’s portfolio and the selection of its investments. Messrs. Musmanno, MacLellan and Lakhani have been members of the Fund’s portfolio management team since 2013, 2018 and 2020, respectively.
	Information below is with respect to Mr. Lakhani, who became a portfolio manager to the Fund on February 28, 2020.

Portfolio Manager	Biography
Samir Lakhani	Managing Director of BlackRock, Inc. since 2014; Director of BlackRock, Inc. from 2010 to 2013.

(a)(2) As of March 31, 2020:

	(ii) Number of Other Accounts Managed and Assets by Account Type			(iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based
(i) Name of Portfolio Manager	Other Registered Investment Companies	Other Pooled Investment Vehicles	Other Accounts	Other Registered Investment Companies	Other Pooled Investment Vehicles	Other Accounts
Samir Lakhani	5	14	3	0	6	3
	$2.00 Billion	$2.56 Billion	$1.19 Billion	$0	$2.01 Billion	$1.19 Billion

(iv)     Portfolio Manager Potential Material Conflicts of Interest

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BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Mr. Lakhani may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Mr. Lakhani may therefore be entitled to receive a portion of any incentive fees earned on such accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

(a)(3) As of March 31, 2020:

Portfolio Manager Compensation Overview

The discussion below describes the portfolio managers’ compensation as of March 31, 2020.

BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.

Discretionary Incentive Compensation

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Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to the portfolio manager, such benchmarks for the Fund and other accounts are: a combination of market-based CMBS and ABS indices, certain customized indices and certain fund industry peer groups.

Distribution of Discretionary Incentive Compensation.

Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio manager of this Fund has deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

Other Compensation Benefits. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($285,000 for 2020). The RSP offers a

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range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

(a)(4) Beneficial Ownership of Securities – As of March 31, 2020.

Portfolio Manager	Dollar Range of Equity Securities of the Fund Beneficially Owned
Samir Lakhani	$50,001 - $100,000

(b) Effective February 28, 2020, Samir Lakhani was added as a portfolio manager.

Item 9 –	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.
Item 10 –	Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 11 –	Controls and Procedures
	(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
	(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies– Not Applicable to this semi-annual report
Item 13 –	Exhibits attached hereto
	(a)(1) – Code of Ethics – Not Applicable to this semi-annual report
	(a)(2) – Section 302 Certifications are attached
	(a)(3) – Not Applicable

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(a)(4) – Not Applicable

(b) –   Section 906 Certifications are attached

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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:	July 2, 2020

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:	July 2, 2020
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Multi-Sector Income Trust
Date:	July 2, 2020

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