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: 10/31/2021

Date of reporting period: 04/30/2021

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

APRIL 30, 2021

2021 Semi-Annual Report
(Unaudited)

BlackRock Multi-Sector Income Trust (BIT)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information  (unaudited)

Section 19(a) Notices

BlackRock Multi-Sector Income Trust’s (BIT) (the “Trust”) amounts and sources of distributions reported are estimates and are being provided 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.

April 30, 2021

	Total Cumulative Distributions for the Fiscal Period											% Breakdown of the Total Cumulative Distributions for the Fiscal Period
Trust Name		Net Income		Net Realized Capital Gains Short-Term		Net Realized Capital Gains Long-Term		Return of Capital	(a)		Total Per Common Share		Net Income		Net Realized Capital Gains Short-Term		Net Realized Capital Gains Long-Term		Return of Capital		Total Per Common Share
BIT	$	0.506309	$	—	$	—	$	0.235891		$	0.742200		68	%	—	%	—	%	32	%	100	%

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

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

Section 19(b) Disclosure

The Trust, acting pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order and with the approval of the Trust’s Board of Trustees (the “Board”), has adopted a managed distribution plan, consistent with its investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plan, the Trust currently distributes the following fixed amounts per share on a monthly basis:

Exchange Symbol	Amount Per Common Share
BIT	$	0.1237

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

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

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

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The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2021 reflected a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the response to the virus’s spread was well underway, and countries around the world felt the effect of economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses were imposed in many parts of the world, workers were laid off, and unemployment claims spiked, causing a global recession.

As May 2020 began, stocks had just begun to recover from the lowest point following the onset of the pandemic. This recovery continued throughout the reporting period, as businesses continued re-opening and governments learned to adapt to life with the virus. Equity prices rose through the summer, fed by strong fiscal and monetary support and improving economic indicators. The implementation of mass vaccination campaigns and passage of an additional $1.9 trillion of fiscal stimulus further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns late in the reporting period, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to substantial returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near zero interest rates and by announcing that inflation could exceed its 2% target for a sustained period without triggering a rate increase. To stabilize credit markets, the Fed also continued purchasing significant quantities of bonds, as did other influential central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. While we expect inflation to increase somewhat as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in technology, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are underweight overall on credit, global high-yield and Asian bonds present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that 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, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	28.85%	45.98%
U.S. small cap equities (Russell 2000® Index)	48.06	74.91
International equities (MSCI Europe, Australasia, Far East Index)	28.84	39.88
Emerging market equities (MSCI Emerging Markets Index)	22.95	48.71
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.11
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.26)	(7.79)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.52)	(0.27)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.42	7.40
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	7.98	19.57
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T 3

Table of Contents

	Page
Supplemental Information		2
The Markets in Review		3
Semi-Annual Report:
The Benefits and Risks of Leveraging		5
Derivative Financial Instruments		5
Trust Summary		6
Financial Statements:
Schedule of Investments		9
Statement of Assets and Liabilities		53
Statement of Operations		54
Statements of Changes in Net Assets		55
Statement of Cash Flows		56
Financial Highlights		58
Notes to Financial Statements		60
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement		71
Additional Information		75
Glossary of Terms Used in this Report		78

4

The Benefits and Risks of Leveraging BlackRock Multi-Sector Income Trust

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

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

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

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

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

The Trust may utilize leverage through reverse repurchase agreements as described in the Notes to Financial Statements, if applicable.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Trust is permitted to 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.

T H E   B E N E F I T S   A N D   R I S K S   O F   L E V E R A G I N G  /  D E R I V A T I V E   F I N A N C I A L   I N S T R U M E N T S 5

Trust Summary  as of April 30, 2021 BlackRock Multi-Sector Income Trust (BIT)

Investment Objective

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

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

Trust Information

Symbol on New York Stock Exchange	BIT
Initial Offering Date	February 27, 2013
Current Distribution Rate on Closing Market Price as of April 30, 2021 ($18.55)(a)	8.00%
Current Monthly Distribution per Common Share(b)	$0.1237
Current Annualized Distribution per Common Share(b)	$1.4844
Leverage as of April 30, 2021(c)	38%

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

^(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 any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary

	04/30/21		10/31/20		Change			High		Low
Market Price		$  18.55		$  15.65		18.53	%		$18.65		$  15.65
Net Asset Value		18.54		17.66		4.98			18.62		17.66

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

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Trust Summary  as of April 30, 2021 (continued) BlackRock Multi-Sector Income Trust (BIT)

Performance and Portfolio Management Commentary

Returns for the period ended April 30, 2021 were as follows:

				Average Annual Total Returns
	6-month			1 Year			3 Years			5 Years
Trust at NAV(a)(b)		9.48	%		35.49	%		8.39	%		10.03	%
Trust at Market Price(a)(b)		23.60			51.11			12.53			12.74
Lipper General Bond Funds at NAV(c)		10.65			25.78			6.69			8.63
Lipper General Bond Funds at Market Price(c)		18.41			33.47			9.65			10.45

^(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 moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on market price and performance based on NAV.

^(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 an indication 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 contributors to the Trust’s absolute performance over the reporting period included allocations to credit-oriented sectors including high yield corporate bonds, investment grade corporate bonds and emerging market bonds. Positioning in U.S. Treasuries also contributed positively, as did exposure to non-agency adjustable-rate mortgage-backed securities (“MBS”) and collateralized mortgage obligations (“CMOs”) within securitized assets.

Positioning in 30-year fixed-rate pass-through MBS weighed on the Trust’s return, along with exposures to municipal bonds and commercial mortgage-backed securities (“CMBS”). The Trust’s cash position detracted as well.

During the period, the Trust held derivatives including U.S. futures and interest rate swaps, primarily as hedging vehicles. The Trust’s use of derivatives had a positive impact on performance over the period.

Describe recent portfolio activity.

The Trust maintained a substantial allocation to non-government sectors including U.S. high yield corporate bonds, non-agency adjustable-rate MBS, CMOs, investment grade corporate bonds and emerging market debt, while reducing exposure to U.S. Treasuries. Over the period, the Trust’s stance with respect to duration (and corresponding sensitivity to interest rates) was significantly trimmed, resulting in an outright short duration position in expectation of strong economic growth and firmer levels of inflation.

Describe portfolio positioning at period end.

At period end, the Trust maintained a diversified exposure within non-government spread sectors, including U.S. high yield corporate bonds, non-agency adjustable-rate MBS, CMOs, investment grade corporate bonds, emerging market debt, asset-backed securities and commercial mortgage-backed securities. The Trust held a short duration position of -0.90 years at period end.

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.

T R U S T   S U M M A R Y 7

Trust Summary  as of April 30, 2021 (continued) BlackRock Multi-Sector Income Trust (BIT)

Overview of the Trust’s Total Investments

PORTFOLIO ALLOCATION
Asset Type	04/30/21			10/31/20
Corporate Bonds		54	%		53	%
Asset-Backed Securities		11			12
U.S. Government Sponsored Agency Securities		11			9
Non-Agency Mortgage-Backed Securities		7			8
Preferred Securities		7			9
Floating Rate Loan Interests		4			4
Foreign Agency Obligations		3			3
U.S. Treasury Obligations		2			—
Short-Term Securities		1			2
Other*		—	(a)		—	(a)

CREDIT QUALITY ALLOCATION
Credit Rating(b)(c)	04/30/21			10/31/20
AAA/Aaa(d)		12	%		4	%
AA/Aa		—			6
A.		3			4
BBB/Baa		16			19
BB/Ba		25			25
B		22			20
CCC/Caa		8			7
CC		6			6
C		2			—
D		—	(a)		1
N/R		6			8

^(a)  Rounds to less than 1% of total investments.

^(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, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(c)  Excludes common stocks, warrants, short-term securities, options purchased and options written.

^(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.

* Includes one or more investment categories that individually represents less than 1% of the Trust’s total investments. Please refer to the Schedule of Investments for details.

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Schedule of Investments (unaudited)  April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities
Ajax Mortgage Loan Trust, Series 2017-D, Class B, 7.50%, 12/25/57(a)(b)(c)	USD		89	$	71,498
AMMC CLO 19 Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.00%), 7.18%, 10/15/28(b)(c)			1,000		990,783
Anchorage Capital CLO Ltd.(b)(c)
Series 2014-5RA, Class E, (3 mo. LIBOR US + 5.40%), 5.58%, 01/15/30			860		840,871
Series 2015-7A, Class D1R2, (3 mo. LIBOR US + 3.50%), 3.68%, 01/28/31			250		250,256
Series 2016-8A, Class DR, (3 mo. LIBOR US + 3.00%), 3.18%, 07/28/28			1,000		1,000,040
Ares LV CLO Ltd., Series 2020-55A, Class D, (3 mo. LIBOR US + 4.83%), 5.01%, 04/15/31(b)(c)			1,000		1,004,845
Argent Securities Trust, Series 2006-W5, Class A1A, (1 mo. LIBOR US + 0.30%), 0.41%, 06/25/36(b)			5,018		3,879,700
Assurant CLO Ltd., Series 2019-5A, Class E, (3 mo. LIBOR US + 7.34%), 7.52%, 01/15/33(b)(c)			250		250,582
Bain Capital Credit CLO Ltd., Series 2020-2A, Class D, (3 mo. LIBOR US + 4.81%), 5.00%, 07/21/31(a)(b)(c)			250		251,200
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1 mo. LIBOR US + 0.14%), 0.25%, 11/25/36(b)			1,910		1,859,674
Benefit Street Partners CLO VI Ltd.(b)(c)
Series 2015-VIA, Class BR, (3 mo. LIBOR US + 2.40%), 2.59%, 10/18/29			1,000		998,063
Series 2015-VIA, Class CR, (3 mo. LIBOR US + 3.45%), 3.64%, 10/18/29			1,000		995,491
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class E, (3 mo. LIBOR US + 6.90%), 7.08%, 10/15/32(b)(c)			500		499,718
Benefit Street Partners CLO XX Ltd., Series 2020-20A, Class C, (3 mo. LIBOR US + 2.60%), 2.78%, 07/15/31(b)(c)			250		249,590
Brookside Mill CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 2.65%), 2.84%, 01/17/28(b)(c)			250		248,876
Carrington Mortgage Loan Trust(b)
Series 2006-FRE2, Class A2, (1 mo. LIBOR US + 0.12%), 0.23%, 10/25/36			3,746		3,241,097
Series 2006-FRE2, Class A5, (1 mo. LIBOR US + 0.08%), 0.19%, 03/25/35			7,717		6,769,199
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 6.63%, 07/20/32(b)(c)			500		500,737
C-BASS Trust, Series 2006-CB7, Class A4, (1 mo. LIBOR US + 0.16%), 0.27%, 10/25/36(b)			5,672		4,791,086
CIFC Funding Ltd., Series 2020-1A, Class D, (3 mo. LIBOR US + 4.00%), 4.18%, 07/15/32(b)(c)			500		501,198
Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 5.78%, 10/25/36			417		342,499
Clear Creek CLO, Series 2015-1A, Class DR, (3 mo. LIBOR US + 2.95%), 3.14%, 10/20/30(b)(c)			250		247,923
Countrywide Asset-Backed Certificates, Series 2006-26, Class 1A, (1 mo. LIBOR US + 0.14%), 0.25%, 06/25/37(b)			704		663,126
Elmwood CLO III Ltd., Series 2019-3A, Class E, (3 mo. LIBOR US + 7.00%), 7.18%, 10/15/32(b)(c)			950		951,681
Fremont Home Loan Trust(b)
Series 2006-A, Class 2A3, (1 mo. LIBOR US + 0.16%), 0.27%, 05/25/36			21,207		15,770,393

Security		Par (000)		Value
Asset-Backed Securities (continued)
Fremont Home Loan Trust(b) (continued)
Series 2006-D, Class 2A3, (1 mo. LIBOR US + 0.15%), 0.26%, 11/25/36	USD		19,000	$	9,320,396
Galaxy CLO Ltd., Series 2015-21A, Class ER, (3 mo. LIBOR US + 5.25%), 5.44%, 04/20/31(b)(c)			500		483,959
Galaxy XXIX CLO Ltd., Series 2018-29A, Class D, (3 mo. LIBOR US + 2.40%), 2.59%, 11/15/26(b)(c)			530		525,133
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1 mo. LIBOR US + 0.17%), 0.28%, 04/25/37(b)			9,150		7,571,893
HPS Loan Management Ltd.(b)(c)
Series 10A-16, Class C, (3 mo. LIBOR US + 3.65%), 3.84%, 01/20/28			2,500		2,499,977
Series 8A-2016, Class ER, (3 mo. LIBOR US + 5.50%), 5.69%, 07/20/30			1,000		933,343
Kayne CLO 6 Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 7.72%, 01/20/33(b)(c)			500		501,871
Long Beach Mortgage Loan Trust(b)
Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.16%), 0.27%, 11/25/36			10,415		4,489,872
Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.16%), 0.27%, 08/25/36			5,839		3,144,099
Madison Park Funding X Ltd.(b)(c)
Series 2012-10A, Class DR2, (3 mo. LIBOR US + 3.25%), 3.44%, 01/20/29			750		750,161
Series 2012-10A, Class ER2, (3 mo. LIBOR US + 6.40%), 6.59%, 01/20/29			1,500		1,487,626
Madison Park Funding XVI Ltd., Series 2015-16A, Class C, (3 mo. LIBOR US + 3.70%), 3.89%, 04/20/26(b)(c)			1,000		1,000,114
Mastr Asset-Backed Securities Trust, Series 2006- HE2, Class A3, (1 mo. LIBOR US + 0.30%), 0.41%, 06/25/36(b)			8,466		4,722,680
Neuberger Berman CLO Ltd., Series 2015-20A, (3 mo. LIBOR US + 6.50%), 0.00%, 07/15/34(b)(c)			710		710,000
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ER, (3 mo. LIBOR US + 5.00%), 5.18%, 01/15/28(b)(c)			710		710,013
Neuberger Berman Loan Advisers CLO Ltd.,
Series 2020-37A, Class C, (3 mo. LIBOR US + 2.50%), 2.69%, 07/20/31(b)(c)			400		400,861
Oaktree CLO Ltd., Series 2015-1A, Class DR, (3 mo. LIBOR US + 5.20%), 5.39%, 10/20/27(b)(c)			1,000		957,105
Octagon Investment Partners 31 LLC, Series 2017-1A, Class E, (3 mo. LIBOR US + 6.30%), 6.49%, 07/20/30(b)(c)			500		496,880
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, (3 mo. LIBOR US + 2.75%), 2.93%, 01/22/30(b)(c)			500		495,505
OHA Credit Partners XIII Ltd., Series 2016-13A, Class E, (3 mo. LIBOR US + 7.15%), 7.34%, 01/21/30(b)(c)			405		406,600
OZLM XIV Ltd., Series 2015-14A, Class CR, (3 mo. LIBOR US + 3.00%), 3.18%, 01/15/29(b)(c)			1,000		993,032
OZLM XXI Ltd., Series 2017-21A, Class D, (3 mo. LIBOR US + 5.54%), 5.73%, 01/20/31(b)(c)			250		233,360
Palmer Square CLO Ltd., Series 2020-1A, Class C, (3 mo. LIBOR US + 3.00%), 3.19%, 04/20/29(b)(c)			250		250,045

S C H E D U L E   O F    I N V E S T M E N T S 9

Schedule of Investments  (unaudited) (continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)			Value
Asset-Backed Securities (continued)
Palmer Square Loan Funding Ltd.(b)(c)
Series 2018-5A, Class D, (3 mo. LIBOR US + 4.25%), 4.44%, 01/20/27	USD		500		$	498,631
Series 2019-2A, Class B, (3 mo. LIBOR US + 2.25%), 2.44%, 04/20/27			250			250,258
Series 2019-3A, Class B, (3 mo. LIBOR US + 2.10%), 2.28%, 08/20/27			750			750,144
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37			3,879			2,196,522
Rockford Tower CLO Ltd., Series 2017-2A, Class DR, (3 mo. LIBOR US + 2.85%), 3.03%, 10/15/29(b)(c)			500			497,361
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1 mo. LIBOR US + 0.40%), 0.51%, 09/25/47(b)			5,000			4,788,565
Scholar Funding Trust, Series 2013-A, Class R, 0.00%,(a)			—	(d)		1,257,342
TICP CLO VII Ltd., Series 2017-7A, Class ER, (3 mo. LIBOR US + 7.05%), 7.23%, 04/15/33(b)(c)			250			251,037
Treman Park CLO Ltd., Series 2015-1A, Class DRR, (3 mo. LIBOR US + 2.65%), 2.84%, 10/20/28(b)(c)			1,500			1,502,226
TRESTLES CLO II Ltd., Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.90%), 3.10%, 04/25/32(b)(c)			250			249,012
Unique Pub Finance Co. PLC
Series M, 7.40%, 03/28/24	GBP		6,400			9,324,838
Series N, 6.46%, 03/30/32			100			154,679
WaMu Asset-Backed Certificates Trust, Series 2007- HE3, Class 2A3, (1 mo. LIBOR US + 0.24%), 0.35%, 05/25/37(b)	USD		7,296			6,614,039
Westcott Park CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.25%), 3.44%, 07/20/28(b)(c)			550			550,558
York CLO-2 Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.65%), 5.83%, 01/22/31(b)(c)			250			247,426
Total Asset-Backed Securities — 17.1% (Cost: $111,811,777)						119,387,289
		Shares
Common Stocks
Aerospace & Defense — 0.3%
Raytheon Technologies Corp.			25,650			2,135,106
Building Products — 0.2%
Carrier Global Corp.			25,650			1,117,827
Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp.(a)			908			4,948
Machinery — 0.1%
Otis Worldwide Corp.			12,825			998,683

Security		Shares		Value
Oil, Gas & Consumable Fuels — 0.1%
Extraction Oil & Gas, Inc., (Acquired 03/05/21, Cost: $65,634)(e)			5,276	$	217,309
SM Energy Co.			14,524		229,479
					446,788
Total Common Stocks — 0.7% (Cost: $3,108,942)					4,703,352
		Par (000)
Corporate Bonds
Aerospace & Defense — 2.6%
Amsted Industries, Inc., 5.63%, 07/01/27(c)	USD		185		196,100
Bombardier, Inc. (c) 6.00%, 10/15/22			10		10,003
6.13%, 01/15/23			845		885,797
7.50%, 12/01/24			263		266,945
7.50%, 03/15/25(f)			44		43,918
7.88%, 04/15/27(f)			429		427,927
Embraer Netherlands Finance BV, 6.95%, 01/17/28(c)			269		301,280
F-Brasile SpA/F-Brasile US LLC, Series XR, 7.38%, 08/15/26(c)			464		470,960
Howmet Aerospace, Inc. 5.87%, 02/23/22(f)			1,065		1,112,925
5.13%, 10/01/24			2		2,193
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25(c)(f)			448		470,400
Lockheed Martin Corp., 4.09%, 09/15/52(f)			451		536,975
Moog, Inc., 4.25%, 12/15/27(c)			172		176,730
Raytheon Technologies Corp., 3.75%, 11/01/46(f)			700		753,013
Rolls-Royce PLC, 5.75%, 10/15/27(c)(f)			945		1,013,512
Signature Aviation US Holdings, Inc.(c)
5.38%, 05/01/26			322		329,239
4.00%, 03/01/28			303		305,272
Spirit AeroSystems, Inc., 5.50%, 01/15/25(c)			236		249,570
TransDigm, Inc. 8.00%, 12/15/25(c)(f)			825		896,156
6.25%, 03/15/26(c)(f)			6,999		7,410,191
6.38%, 06/15/26			247		256,108
4.63%, 01/15/29(c)			347		341,972
4.88%, 05/01/29(c)			382		376,270
Triumph Group, Inc., 8.88%, 06/01/24(c)(f)			1,311		1,458,487
					18,291,943
Airlines — 2.2%
Air Canada Pass-Through Trust, Series 2013-1, Class B, 5.38%, 11/15/22(c)			1,572		1,573,895
American Airlines Pass-Through Trust, Series 2013-2, Class A, 4.95%, 07/15/24(f)			1,056		1,066,367
American Airlines, Inc., 11.75%, 07/15/25(c)			300		375,750
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(c)
5.50%, 04/20/26			1,002		1,052,100
5.75%, 04/20/29			1,017		1,090,200
Avianca Holdings SA, (10.50% Cash or 12.00% PIK), 12.20%, 11/10/21(c)(g)			140		141,223

10 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Airlines (continued)
Continental Airlines Pass-Through Trust, Series 2007-1, Class B, 6.90%, 10/19/23	USD		33	$	33,137
Delta Air Lines Pass-Through Trust, Series 2007-1, Class B, 8.02%, 02/10/24			780		811,437
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28(c)			175		192,172
Deutsche Lufthansa AG 2.88%, 02/11/25	EUR		100		121,147
3.75%, 02/11/28			100		121,808
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(c)	USD		317		334,831
International Consolidated Airlines Group SA 2.75%, 03/25/25	EUR		100		119,769
3.75%, 03/25/29			100		119,624
Latam Finance Ltd., 6.88%, 04/11/24(c)(h)(i)	USD		737		701,993
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(c)(f)			1,528		1,676,980
United Airlines Pass-Through Trust
Series 2015-1, Class A, 3.70%, 06/01/24(f)			3,570		3,617,752
Series 2020-1, Class A, 5.88%, 04/15/29(f)			1,098		1,214,839
Series 2020-1, Class B, 4.88%, 07/15/27			58		60,810
United Airlines, Inc.(c) 4.38%, 04/15/26			546		566,595
4.63%, 04/15/29			531		551,815
					15,544,244
Auto Components — 1.0%
Aptiv PLC(f) 4.25%, 01/15/26			400		451,382
4.40%, 10/01/46			280		307,059
Clarios Global LP/Clarios US Finance Co. 4.38%, 05/15/26	EUR		101		125,374
6.25%, 05/15/26(c)(f)	USD		1,462		1,550,725
8.50%, 05/15/27(c)(f)			2,786		3,008,880
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(c)			436		460,525
Faurecia SE, 3.75%, 06/15/28	EUR		100		127,402
GoodYear Tire + Rubber Co., 5.63%, 04/30/33	USD		409		410,023
IHO Verwaltungs GmbH, (4.63% PIK), 3.88%, 05/15/27(g)	EUR		100		124,583
Metis Merger Sub LLC, 6.50%, 05/15/29(c)	USD		273		273,000
ZF Finance GmbH 3.00%, 09/21/25	EUR		100		127,138
2.00%, 05/06/27(j)			100		121,187
3.75%, 09/21/28			100		131,195
					7,218,473
Automobiles — 1.5%
Allison Transmission, Inc.(c) 5.88%, 06/01/29	USD		306		330,862
3.75%, 01/30/31			375		361,875
Asbury Automotive Group, Inc. 4.50%, 03/01/28			168		173,040
4.75%, 03/01/30			164		171,380
Carvana Co., 5.50%, 04/15/27(c)			371		375,471
Ford Motor Co., 0.00%, 03/15/26(c)(k)(l)			282		278,475
Ford Motor Credit Co. LLC 5.13%, 06/16/25(f)			397		433,683
3.38%, 11/13/25			200		204,622
4.39%, 01/08/26(f)			1,250		1,334,375
4.27%, 01/09/27			214		224,724

Security		Par (000)		Value
Automobiles (continued)
Ford Motor Credit Co. LLC (continued) 4.13%, 08/17/27	USD		320	$	334,435
3.82%, 11/02/27			200		205,044
2.90%, 02/16/28			376		368,480
4.00%, 11/13/30			737		752,661
General Motors Co., 6.25%, 10/02/43(f)			2,194		2,885,224
General Motors Financial Co., Inc., 4.25%, 05/15/23(f)			326		347,853
Group 1 Automotive, Inc., 4.00%, 08/15/28(c)			59		58,926
Ken Garff Automotive LLC, 4.88%, 09/15/28(c)			156		157,365
LCM Investments Holdings II LLC, 4.88%, 05/01/29(c)			281		287,440
Navistar International Corp., 6.63%, 11/01/25(c)(f)			341		352,935
Penske Automotive Group, Inc. 3.50%, 09/01/25			104		106,600
5.50%, 05/15/26			32		33,040
Renault SA, 2.38%, 05/25/26	EUR		100		121,406
Tesla, Inc., 5.30%, 08/15/25(c)(f)	USD		429		444,551
Wabash National Corp., 5.50%, 10/01/25(c)(f)			286		291,720
					10,636,187
Banks — 1.7%
Banca Monte dei Paschi di Siena SpA, 2.63%, 04/28/25	EUR		100		123,697
Banco Bilbao Vizcaya Argentaria SA, (5 year USD Swap + 3.87%), 6.13%(b)(f)(m)	USD		2,000		2,136,780
Banco GNB Sudameris SA, (5 year CMT + 6.66%), 7.50%, 04/16/31(b)(c)			161		164,872
Banco Industrial SA, (5 year CMT + 4.44%), 4.88%, 01/29/31(b)(c)			205		210,996
Bancolombia SA, (5 year CMT + 2.94%), 4.63%, 12/18/29(b)			500		504,065
Bangkok Bank PCL(b)
(5 year CMT + 1.90%), 3.73%, 09/25/34			245		249,027
(5 year CMT + 4.73%), 5.00%(m)			205		215,481
Bank Leumi Le-Israel BM, (5 year CMT + 1.63%), 3.28%, 01/29/31(b)(c)			407		419,464
Bank of East Asia Ltd., (5 year CMT + 5.53%), 5.83%(b)(m)			250		266,172
Bank Tabungan Negara Persero Tbk PT, 4.20%, 01/23/25			200		202,912
BBK BSC, 5.50%, 07/09/24			289		304,317
Chong Hing Bank Ltd., (5 year CMT + 3.86%), 5.70%(b)(m)			250		259,422
CIT Group, Inc., 5.00%, 08/01/23(f)			847		920,054
Commerzbank AG, (5 year EUR Swap + 6.36%), 6.13%(b)(m)	EUR		200		259,205
Emirates NBD Bank PJSC, (6 year USD Swap + 3.66%), 6.13%(b)(m)	USD		250		267,734
Intesa Sanpaolo SpA 5.02%, 06/26/24(c)(f)			2,888		3,137,149
(5 year EUR Swap + 5.75%), 5.88%, 03/04/29(b)	EUR		100		135,503
Itau Unibanco Holding SA/Cayman Island, 5.13%, 05/13/23(c)	USD		417		441,838
NBK Tier 1 Financing Ltd., (6 year USD Swap + 2.88%), 3.63%(b)(c)(m)			556		554,784

S C H E D U L E   O F    I N V E S T M E N T S 11

Schedule of Investments (unaudited) (continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Banks (continued)
Standard Chartered PLC, (5 year USD ICE Swap + 1.97%), 4.87%, 03/15/33(b)(c)(f)	USD		500	$	544,820
Wells Fargo & Co., (5 year CMT + 3.45%), 3.90%(b)(m)			465		475,416
					11,793,708
Beverages — 1.7%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46(f)			2,160		2,580,543
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(c)(f)(g)			1,416		1,481,490
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29(c)(f)			1,346		1,339,270
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(c)
4.13%, 08/15/26(f)			510		524,663
4.75%, 07/15/27	GBP		100		141,212
Ball Corp., 5.25%, 07/01/25	USD		44		49,775
Canpack SA/Eastern PA Land Investment Holding LLC, 3.13%, 11/01/25(c)			211		214,336
Central American Bottling Corp., 5.75%, 01/31/27(c)			637		670,443
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26			45		54,675
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(c)(f)			1,030		1,033,863
OI European Group BV, 2.88%, 02/15/25	EUR		100		122,249
Silgan Holdings, Inc., 4.13%, 02/01/28	USD		71		73,467
Trivium Packaging Finance BV(c)(f) 5.50%, 08/15/26			1,189		1,243,991
8.50%, 08/15/27			1,924		2,058,680
					11,588,657
Biotechnology — 0.2%
Cidron Aida Finco Sarl, 5.00%, 04/01/28	EUR		100		122,509
Emergent BioSolutions, Inc., 3.88%, 08/15/28(c)	USD		99		92,813
Gilead Sciences, Inc., 4.75%, 03/01/46(f)			700		841,332
					1,056,654
Building Materials — 0.7%
Boise Cascade Co., 4.88%, 07/01/30(c)			34		36,040
Cemex SAB de CV 5.45%, 11/19/29			271		296,796
3.88%, 07/11/31(c)			235		231,698
Cornerstone Building Brands, Inc., 6.13%, 01/15/29(c)(f)			694		740,033
CP Atlas Buyer, Inc., 7.00%, 12/01/28(c)			347		359,877
Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/25(c)(f)			437		471,960
Jeld-Wen, Inc., 6.25%, 05/15/25(c)			189		201,994
Masonite International Corp. (c) 5.75%, 09/15/26			106		109,975
5.38%, 02/01/28			161		169,855
Norbord, Inc., 6.25%, 04/15/23(c)			182		197,470
Patrick Industries, Inc., 4.75%, 05/01/29(c)			81		81,203
SRM Escrow Issuer LLC, 6.00%, 11/01/28(c)			535		567,014
Standard Industries, Inc.(c) 5.00%, 02/15/27			48		49,500
4.75%, 01/15/28			68		70,125
4.38%, 07/15/30(f)			718		719,795

Security		Par (000)		Value
Building Materials (continued)
Standard Industries, Inc.(c) (continued) 3.38%, 01/15/31(f)	USD		516	$	483,660
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(c)			227		238,917
					5,025,912
Building Products — 0.6%
Advanced Drainage Systems, Inc., 5.00%, 09/30/27(c)			310		324,455
BCPE Ulysses Intermediate, Inc., (7.75% Cash or 8.50% PIK), 7.75%, 04/01/27(c)(g)			173		178,207
Beacon Roofing Supply, Inc., 4.13%, 05/15/29(c)(j)			128		127,680
Foundation Building Materials, Inc., 6.00%, 03/01/29(c)			265		262,907
GYP Holdings III Corp., 4.63%, 05/01/29(c)			300		300,438
LBM Acquisition LLC, 6.25%, 01/15/29(c)			473		484,825
Lowe’s Cos., Inc., 4.65%, 04/15/42(f)			400		481,015
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26(c)			470		495,263
SRS Distribution, Inc., 8.25%, 07/01/26(c)(f)			618		646,582
White Cap Buyer LLC, 6.88%, 10/15/28(c)			602		638,873
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26(c)(g)			268		278,050
					4,218,295
Capital Markets — 0.7%
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%(b)(m)			1,060		1,073,727
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(c)			324		341,820
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 05/15/26			498		524,942
5.25%, 05/15/27(f)			604		616,080
5.25%, 05/15/27(c)			333		339,660
4.38%, 02/01/29(c)			261		253,149
Intercorp Peru Ltd., 3.88%, 08/15/29(c)			470		467,004
NFP Corp., 6.88%, 08/15/28(c)			647		678,541
Raymond James Financial, Inc., 4.95%, 07/15/46(f)			400		504,657
RP Escrow Issuer LLC, 5.25%, 12/15/25(c)			202		210,264
					5,009,844
Chemicals — 1.6%
Ashland Services BV, 2.00%, 01/30/28	EUR		100		119,843
Axalta Coating Systems LLC, 3.38%, 02/15/29(c)	USD		445		432,420
Blue Cube Spinco LLC, 10.00%, 10/15/25			106		111,523
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81(b)(c)			537		618,221
Chemours Co., 4.00%, 05/15/26	EUR		200		243,425
Element Solutions, Inc., 3.88%, 09/01/28(c)(f)	USD		1,693		1,688,767
Equate Petrochemical BV, 2.63%, 04/28/28(c)			200		200,230
GCP Applied Technologies, Inc., 5.50%, 04/15/26(c)			199		204,473
HB Fuller Co., 4.25%, 10/15/28			125		127,291
Herens Holdco Sarl, 4.75%, 05/15/28(c)(j)			471		471,000
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(c)			266		297,920
INEOS Finance PLC, 3.38%, 03/31/26	EUR		100		123,982
Ingevity Corp., 3.88%, 11/01/28(c)	USD		105		104,588
Minerals Technologies, Inc., 5.00%, 07/01/28(c)			218		228,573
Monitchem HoldCo 3 SA, 5.25%, 03/15/25	EUR		100		123,832
NOVA Chemicals Corp., 4.88%, 06/01/24(c)	USD		80		84,341

12 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Chemicals (continued)
Orbia Advance Corp. SAB de CV, 5.50%, 01/15/48(c)(f)	USD		526	$	596,615
PQ Corp., 5.75%, 12/15/25(c)(f)			644		661,710
Sasol Financing USA LLC
4.38%, 09/18/26			200		203,000
6.50%, 09/27/28			290		320,001
5.50%, 03/18/31			320		325,136
SCIH Salt Holdings, Inc.(c) 4.88%, 05/01/28			407		405,982
6.63%, 05/01/29			229		225,279
Scotts Miracle-Gro Co., 4.00%, 04/01/31(c)			334		330,660
Sherwin-Williams Co., 4.50%, 06/01/47(f)			310		369,384
Valvoline, Inc., 3.63%, 06/15/31(c)			2		1,955
Vedanta Resources Finance II PLC, 9.25%, 04/23/26			282		252,707
WESCO Distribution, Inc.(c)(f)
7.13%, 06/15/25			830		896,400
7.25%, 06/15/28			547		607,170
WR Grace & Co-Conn, 5.63%, 10/01/24(c)(f)			300		333,375
Yingde Gases Investment Ltd., 6.25%, 01/19/23			200		205,975
					10,915,778
Commercial Services & Supplies — 0.8%
ADT Security Corp.
4.13%, 06/15/23			16		16,758
4.88%, 07/15/32(c)			662		692,892
APX Group, Inc.
7.88%, 12/01/22			139		139,956
8.50%, 11/01/24			166		173,055
ASGN, Inc., 4.63%, 05/15/28(c)			120		124,800
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29(c)			135		140,569
DAE Funding LLC, 3.38%, 03/20/28(c)			490		488,775
Fortress Transportation & Infrastructure Investors LLC(c)
6.50%, 10/01/25			97		100,880
5.50%, 05/01/28			396		410,355
Herc Holdings, Inc., 5.50%, 07/15/27(c)			455		481,162
Intertrust Group BV, 3.38%, 11/15/25	EUR		100		123,100
NESCO Holdings II, Inc., 5.50%, 04/15/29(c)	USD		391		402,730
Prime Security Services Borrower LLC/Prime Finance, Inc.(c)
5.25%, 04/15/24			178		190,015
5.75%, 04/15/26(f)			416		455,033
3.38%, 08/31/27			304		293,740
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(c)(f)			157		161,553
TMS International Corp./DE, 6.25%, 04/15/29(c)			137		142,480
United Rentals North America, Inc.
5.50%, 05/15/27			345		367,856
3.88%, 11/15/27(f)			264		276,540
5.25%, 01/15/30			170		185,938
Verisure Holding AB, 3.25%, 02/15/27	EUR		100		120,606
					5,488,793
Communications Equipment — 0.7%
Avaya, Inc., 6.13%, 09/15/28(c)(f)	USD		810		860,625
CommScope Technologies LLC, 5.00%, 03/15/27(c)			674		667,723
CommScope, Inc.(c)
5.50%, 03/01/24(f)			1,097		1,130,612
6.00%, 03/01/26			103		108,536
8.25%, 03/01/27			487		521,699

Security		Par (000)		Value
Communications Equipment (continued)
CommScope, Inc. (c) (continued)
7.13%, 07/01/28	USD		245	$	264,906
Nokia OYJ(f)
3.38%, 06/12/22			126		129,427
4.38%, 06/12/27			177		193,483
ViaSat, Inc.(c)(f)
5.63%, 04/15/27			231		241,973
6.50%, 07/15/28			832		877,993
					4,996,977
Construction & Engineering — 0.1%
frontdoor, Inc., 6.75%, 08/15/26(c)			323		342,487
KBR, Inc., 4.75%, 09/30/28(c)			243		245,430
SPIE SA, 2.63%, 06/18/26	EUR		100		125,034
					712,951
Construction Materials(c) — 0.5%
American Builders & Contractors Supply Co. Inc., 3.88%, 11/15/29(j)	USD		175		174,781
American Builders & Contractors Supply Co.,Inc.
5.88%, 05/15/26			143		147,547
4.00%, 01/15/28			444		450,660
BCPE Empire Holdings, Inc., 7.63%, 05/01/27			139		138,305
Core & Main LP, 6.13%, 08/15/25			1,178		1,205,848
H&E Equipment Services, Inc., 3.88%, 12/15/28			121		118,126
IAA, Inc., 5.50%, 06/15/27			443		465,704
Williams Scotsman International, Inc., 4.63%, 08/15/28			316		322,374
Winnebago Industries, Inc., 6.25%, 07/15/28			176		190,784
Wolverine Escrow LLC
8.50%, 11/15/24			310		304,963
9.00%, 11/15/26			273		270,150
					3,789,242
Consumer Discretionary — 1.1%
Carnival Corp.
11.50%, 04/01/23(c)			316		363,147
10.13%, 02/01/26	EUR		100		140,494
5.75%, 03/01/27(c)	USD		1,435		1,513,035
9.88%, 08/01/27(c)			220		258,500
Celestial-Saturn Merger Sub, Inc., 4.50%, 05/01/28(c)			543		542,202
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/26(c)			178		183,785
Life Time, Inc.(c)
5.75%, 01/15/26			426		439,845
8.00%, 04/15/26			263		276,239
NCL Corp. Ltd., 5.88%, 03/15/26(c)			303		316,635
NCL Finance Ltd., 6.13%, 03/15/28(c)			779		820,536
Nielsen Finance LLC/Nielsen Finance Co.(c)
5.63%, 10/01/28			633		674,936
5.88%, 10/01/30			305		333,975
Royal Caribbean Cruises Ltd.(c)
10.88%, 06/01/23			114		130,872
9.13%, 06/15/23			195		215,272
11.50%, 06/01/25			258		298,878
5.50%, 04/01/28			702		736,187
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(c)			170		172,763
					7,417,301

S C H E D U L E   O F    I N V E S T M E N T S 13

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Consumer Finance — 1.1%
Iron Mountain UK PLC, 3.88%, 11/15/25	GBP		100	$	140,011
MPH Acquisition Holdings LLC, 5.75%, 11/01/28(c)(f)	USD		924		911,147
Muthoot Finance Ltd.
6.13%, 10/31/22(c)			481		496,723
4.40%, 09/02/23			200		201,600
Navient Corp.
7.25%, 09/25/23(f)			153		166,388
6.13%, 03/25/24			105		110,906
5.88%, 10/25/24			76		79,928
6.75%, 06/15/26			40		43,200
5.00%, 03/15/27			335		337,512
OneMain Finance Corp.
6.13%, 05/15/22			85		88,931
6.88%, 03/15/25			263		298,834
7.13%, 03/15/26			295		344,781
6.63%, 01/15/28			262		298,025
5.38%, 11/15/29			39		42,062
Sabre GLBL, Inc.(c)
9.25%, 04/15/25			311		371,645
7.38%, 09/01/25			336		365,820
Shift4 Payments Inc., 0.00%, 12/15/25(c)(k)(l)			446		626,095
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(c)			428		446,190
Verscend Escrow Corp., 9.75%, 08/15/26(c)(f)			1,936		2,061,859
					7,431,657
Containers & Packaging — 0.5%
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			513		551,475
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26			258		267,804
Graphic Packaging International LLC(c)
4.75%, 07/15/27			104		113,230
3.50%, 03/15/28			22		21,881
3.50%, 03/01/29			78		77,259
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28(c)			210		216,649
Intertape Polymer Group, Inc., 7.00%, 10/15/26(c)			237		248,554
Klabin Austria GmbH, 3.20%, 01/12/31(c)			315		298,364
LABL Escrow Issuer LLC(c)
6.75%, 07/15/26			414		446,085
10.50%, 07/15/27			460		506,589
Sealed Air Corp.(c)
5.13%, 12/01/24			54		58,792
4.00%, 12/01/27			92		96,370
6.88%, 07/15/33			44		54,890
Suzano Austria GmbH, 3.75%, 01/15/31			200		204,000
					3,161,942
Diversified Consumer Services — 1.0%
Allied Universal Holdco LLC/Allied Universal Finance Corp.(c)(f)
6.63%, 07/15/26			2,705		2,860,537
9.75%, 07/15/27			985		1,081,038
Ascend Learning LLC, 6.88%, 08/01/25			1,197		1,226,925
Garda World Security Corp.(c)
4.63%, 02/15/27			394		394,000
9.50%, 11/01/27(f)			244		269,010
Graham Holdings Co., 5.75%, 06/01/26(c)			135		141,075
Laureate Education, Inc., 8.25%, 05/01/25(c)(n)			52		54,204

Security		Par (000)		Value
Diversified Consumer Services (continued)
Rekeep SpA, 7.25%, 02/01/26	EUR		100	$	128,190
Service Corp. International
5.13%, 06/01/29	USD		107		115,516
3.38%, 08/15/30			341		329,918
Sotheby’s, 7.38%, 10/15/27(c)			537		578,778
					7,179,191
Diversified Financial Services — 2.0%
Alfa SAB de CV, 6.88%, 03/25/44			239		302,610
Ally Financial, Inc., 8.00%, 11/01/31(f)			1,832		2,576,626
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP		100		139,183
ASG Finance Designated Activity Co., 7.88%, 12/03/24(c)	USD		262		251,438
Barclays PLC, 5.20%, 05/12/26			200		226,890
BNP Paribas SA, (5 year CMT + 3.34%), 4.63%(b)(c)(m)			1,750		1,776,250
Central Garden & Pet Co.
4.13%, 10/15/30			240		247,553
4.13%, 04/30/31(c)			249		247,755
Citigroup, Inc.(b)(m)
(5 year CMT + 3.42%), 3.88%(f)			2,000		2,002,500
Series W, (5 year CMT + 3.60%), 4.00%			200		202,560
Credit Suisse Group AG, (5 year CMT + 3.55%), 4.50%(b)(c)(m)			250		238,750
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25	GBP		100		143,281
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(c)(g)	USD		275		274,209
Goldman Sachs Group, Inc., Series R, (5 year CMT + 3.22%), 4.95%(b)(f)(m)			900		967,545
HSBC Holdings PLC
4.38%, 11/23/26(f)			370		415,269
(5 year CMT + 3.25%), 4.70%(b)(m)			465		466,432
(5 year CMT + 3.65%), 4.60%(b)(m)			200		203,000
Intrum AB, 3.00%, 09/15/27	EUR		100		117,660
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(c)(f)
5.25%, 03/15/22	USD		27		27,101
4.25%, 02/01/27			408		400,562
Lloyds Banking Group PLC, (5 year CMT + 4.82%), 6.75%(b)(f)(m)			515		586,781
Manappuram Finance Ltd., 5.90%, 01/13/23			200		204,412
Operadora de Servicios Mega SA de CV Sofom ER,
8.25%, 02/11/25(c)			501		480,115
Shriram Transport Finance Co. Ltd.
5.95%, 10/24/22			320		326,760
5.10%, 07/16/23			200		201,725
Spectrum Brands, Inc.(c)
5.00%, 10/01/29			153		161,798
5.50%, 07/15/30			198		213,592
3.88%, 03/15/31			125		122,500
UBS Group AG, (5 year CMT + 3.31%), 4.38%(b)(c)(m)			210		209,215
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/26(c)			365		379,144
					14,113,216
Diversified Telecommunication Services — 3.3%
AT&T, Inc.(f)
4.65%, 06/01/44			111		123,810
4.85%, 07/15/45			389		451,196
4.75%, 05/15/46			2,545		2,920,505

14 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
Axtel SAB de CV, 6.38%, 11/14/24(c)	USD		454	$	473,125
Cincinnati Bell, Inc.(c)
7.00%, 07/15/24(f)			191		197,208
8.00%, 10/15/25			85		90,100
Consolidated Communications, Inc., 6.50%, 10/01/28(c)(f)			840		904,974
Frontier Communications Corp.(c)
5.88%, 10/15/27(f)			592		629,000
5.00%, 05/01/28			1,094		1,117,247
6.75%, 05/01/29			587		618,381
Level 3 Financing, Inc.
5.38%, 05/01/25			146		149,212
4.63%, 09/15/27(c)			127		130,969
4.25%, 07/01/28(c)(f)			451		454,432
3.75%, 07/15/29(c)			321		312,975
Lumen Technologies, Inc.
5.13%, 12/15/26(c)(f)			639		670,151
4.00%, 02/15/27(c)			456		464,609
4.50%, 01/15/29(c)(f)			717		706,245
Series P, 7.60%, 09/15/39			276		316,602
Series U, 7.65%, 03/15/42			411		468,540
Series W, 6.75%, 12/01/23(f)			620		684,325
Series Y, 7.50%, 04/01/24(f)			715		799,513
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 4.00%, 07/27/25(g)			398		416,109
SoftBank Group Corp.
4.50%, 04/20/25	EUR		100		131,702
(5 year USD ICE Swap + 4.23%), 6.00%(b)(m)	USD		200		203,000
Sprint Capital Corp.(f)
6.88%, 11/15/28			1,652		2,081,565
8.75%, 03/15/32			729		1,080,743
Switch Ltd., 3.75%, 09/15/28(c)			445		442,775
Telecom Italia Capital SA
6.38%, 11/15/33			191		224,421
6.00%, 09/30/34			569		640,438
7.20%, 07/18/36			137		169,761
7.72%, 06/04/38			71		93,010
Telecom Italia SpA
4.00%, 04/11/24	EUR		100		129,856
5.30%, 05/30/24(c)(f)	USD		202		220,624
2.75%, 04/15/25	EUR		100		126,566
1.63%, 01/18/29			100		118,035
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28(c)	USD		449		447,316
Verizon Communications, Inc., 3.70%, 03/22/61(f)			1,250		1,264,410
Zayo Group Holdings, Inc.(c)(f)
4.00%, 03/01/27			1,092		1,084,356
6.13%, 03/01/28			1,542		1,586,332
					23,144,138
Education — 0.0%
Bright Scholar Education Holdings Ltd., 7.45%, 07/31/22			200		207,500
Electric Utilities — 1.1%
Duke Energy Corp., 4.80%, 12/15/45(f)			1,500		1,779,920
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(c)			309		310,893
Enel Finance International NV, 3.63%, 05/25/27(c)(f)			1,250		1,361,524
Energuate Trust, 5.88%, 05/03/27(c)(f)			375		394,687

Security		Par (000)		Value
Electric Utilities (continued)
FirstEnergy Corp.
2.65%, 03/01/30	USD		33	$	32,258
Series B, 4.40%, 07/15/27			173		189,435
Series B, 2.25%, 09/01/30			27		25,448
Series C, 5.35%, 07/15/47			661		766,760
Series C, 3.40%, 03/01/50			197		181,732
FirstEnergy Transmission LLC(c)
5.45%, 07/15/44			436		528,278
4.55%, 04/01/49			206		229,687
NextEra Energy Operating Partners LP(c)
4.25%, 07/15/24			205		217,300
4.25%, 09/15/24			11		11,619
Oryx Funding Ltd., 5.80%, 02/03/31(c)			200		211,700
Pike Corp., 5.50%, 09/01/28(c)			220		226,600
Public Power Corp., 3.88%, 03/30/26	EUR		100		123,976
Virginia Electric & Power Co., Series A, 6.00%, 05/15/37(f)	USD		750		1,024,193
					7,616,010
Electrical Equipment(c) — 0.1%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26			490		513,010
GrafTech Finance, Inc., 4.63%, 12/15/28			176		180,953
					693,963
Electronic Equipment, Instruments & Components — 0.6%
BWX Technologies, Inc.(c)
5.38%, 07/15/26			470		484,946
4.13%, 04/15/29			221		227,078
CDW LLC/CDW Finance Corp., 3.25%, 02/15/29			404		400,465
Corning, Inc., 4.38%, 11/15/57(f)			1,915		2,117,753
Energizer Holdings, Inc., 4.38%, 03/31/29(c)			24		23,820
Imola Merger Corp., 4.75%, 05/15/29(c)			785		815,379
Xerox Corp., 4.80%, 03/01/35			240		237,600
					4,307,041
Energy Equipment & Services — 0.6%
Archrock Partners LP/Archrock Partners Finance Corp.(c)
6.88%, 04/01/27			202		214,878
6.25%, 04/01/28(f)			1,057		1,104,994
CGG SA, 7.75%, 04/01/27	EUR		100		119,403
ChampionX Corp., 6.38%, 05/01/26(n)	USD		227		237,783
Pioneer Energy Services Corp.(a)(c)(g)
(11.00% Cash or 11.00% PIK), 11.00%, 05/15/25			363		363,249
(5.00% PIK), 5.00%, 11/15/25(k)			260		259,856
TechnipFMC PLC, 6.50%, 02/01/26(c)			409		436,643
USA Compression Partners LP/USA Compression Finance Corp.(f)
6.88%, 04/01/26			305		319,850
6.88%, 09/01/27			947		996,433
					4,053,089
Environmental, Maintenance, & Security Service — 0.5%
Clean Harbors, Inc.(c)(f)
4.88%, 07/15/27			297		309,251
5.13%, 07/15/29			205		220,965
Covanta Holding Corp., 5.00%, 09/01/30			179		183,699
GFL Environmental, Inc.(c)
3.75%, 08/01/25			346		352,055
5.13%, 12/15/26			386		404,335
8.50%, 05/01/27			278		304,410
4.00%, 08/01/28			447		427,752
3.50%, 09/01/28			259		249,352

S C H E D U L E   O F    I N V E S T M E N T S 15

Schedule of Investments  (unaudited) (continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Environmental, Maintenance, & Security Service (continued)
Stericycle, Inc., 3.88%, 01/15/29(c)	USD		210	$	209,475
Tervita Corp., 11.00%, 12/01/25(c)			245		277,463
Waste Pro USA, Inc., 5.50%, 02/15/26(c)			627		639,540
					3,578,297
Equity Real Estate Investment Trusts (REITs) — 1.5%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26(c)			223		232,544
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(c)			284		281,170
Iron Mountain, Inc.(c)
5.25%, 07/15/30			422		438,353
5.63%, 07/15/32(f)			566		596,813
LMIRT Capital Pte Ltd., 7.25%, 06/19/24			232		242,991
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.63%, 05/01/24(f)			1,312		1,414,625
4.50%, 09/01/26(f)			665		702,406
5.75%, 02/01/27			32		35,690
4.50%, 01/15/28			402		419,085
3.88%, 02/15/29(c)			402		406,997
MPT Operating Partnership LP/MPT Finance Corp.(f)
5.00%, 10/15/27			68		71,570
4.63%, 08/01/29			462		489,142
3.50%, 03/15/31			1,168		1,165,337
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27(f)			971		999,276
4.50%, 02/15/29(c)			227		224,657
Starwood Property Trust, Inc., 5.00%, 12/15/21(f)			278		280,641
Trust Fibra Uno
5.25%, 01/30/26(c)			235		265,430
6.95%, 01/30/44			1,738		2,070,175
					10,336,902
Food & Staples Retailing — 1.8%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
5.75%, 03/15/25.			15		15,469
3.25%, 03/15/26(c)(f)			756		755,456
7.50%, 03/15/26(c)(f)			127		139,700
4.63%, 01/15/27(c)(f)			972		1,010,880
5.88%, 02/15/28(c)			377		401,505
4.88%, 02/15/30(c)			182		189,487
Bellis Acquisition Co. PLC, 3.25%, 02/16/26	GBP		100		138,461
BRF GmbH, 4.35%, 09/29/26	USD		200		206,000
Casino Guichard Perrachon SA, 5.25%, 04/15/27	EUR		100		121,878
Cydsa SAB de CV, 6.25%, 10/04/27(c)(f)	USD		914		953,016
Health & Happiness H&H International Holdings Ltd., 5.63%, 10/24/24.			200		207,850
Kraft Heinz Foods Co.
4.25%, 03/01/31(f)			963		1,061,884
5.00%, 07/15/35			165		192,705
6.88%, 01/26/39			306		419,962
4.63%, 10/01/39			138		154,154
6.50%, 02/09/40			205		270,933
5.00%, 06/04/42			163		188,256
5.20%, 07/15/45			356		421,188
4.38%, 06/01/46			529		566,931
4.88%, 10/01/49(f)			1,182		1,356,326
5.50%, 06/01/50(f)			1,584		1,967,893

Security		Par (000)		Value
Food & Staples Retailing (continued)
Lamb Weston Holdings, Inc., 4.88%, 05/15/28(c)	USD		289	$	318,622
Picard Groupe SAS, (3 mo. Euribor + 3.00%), 3.00%, 11/30/23(b)	EUR		100		120,166
Post Holdings, Inc.(c) 5.75%, 03/01/27	USD		120		125,700
5.63%, 01/15/28			86		90,623
5.50%, 12/15/29			152		163,636
4.63%, 04/15/30			224		226,240
4.50%, 09/15/31			177		175,726
U.S. Foods, Inc., 4.75%, 02/15/29(c)			384		387,360
					12,348,007
Food Products — 0.6%
Aramark Services, Inc.
5.00%, 04/01/25(c)			347		356,109
4.75%, 06/01/26			252		257,985
5.00%, 02/01/28(c)(f)			828		866,295
Chobani LLC/Chobani Finance Corp., Inc.(c)
7.50%, 04/15/25(f)			656		681,420
4.63%, 11/15/28			311		320,330
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28(c)			290		318,246
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/29(c)			565		634,218
MHP Lux SA, 6.25%, 09/19/29(c)(f)			600		577,050
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29(c)			364		366,806
					4,378,459
Gas Utilities — 0.0%
Superior Plus LP/Superior General Partner, Inc., 4.50%, 03/15/29(c)			170		173,237
Health Care Equipment & Supplies(c) — 0.4%
Avantor Funding, Inc., 4.63%, 07/15/28(f)			1,279		1,339,752
Hologic, Inc., 3.25%, 02/15/29			112		110,040
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 7.25%, 02/01/28			1,304		1,430,488
					2,880,280
Health Care Providers & Services — 3.8%
Acadia Healthcare Co., Inc., 5.00%, 04/15/29(c)			223		230,526
AdaptHealth LLC(c)
6.13%, 08/01/28			194		203,700
4.63%, 08/01/29			130		129,273
AHP Health Partners, Inc., 9.75%, 07/15/26(c)			681		736,331
Anthem, Inc., 2.75%, 10/15/42(k)			163		863,802
Centene Corp.
4.25%, 12/15/27			623		652,973
4.63%, 12/15/29(f)			1,961		2,122,782
3.00%, 10/15/30			580		575,650
2.50%, 03/01/31(f)			1,043		997,202
CHS/Community Health Systems, Inc.(c)
8.13%, 06/30/24			272		283,900
6.63%, 02/15/25(f)			879		926,246
8.00%, 03/15/26(f)			1,861		2,005,227
5.63%, 03/15/27(f)			790		837,400
6.00%, 01/15/29(f)			664		698,970
DaVita, Inc., 4.63%, 06/01/30(c)			195		197,438
Encompass Health Corp.
4.75%, 02/01/30			306		321,300

16 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Providers & Services (continued)
Encompass Health Corp. (continued)
4.63%, 04/01/31	USD		133	$	140,980
HCA, Inc. 5.38%, 02/01/25(f)			1,193		1,329,515
5.38%, 09/01/26(f)			229		259,997
5.63%, 09/01/28(f)			552		643,770
5.88%, 02/01/29			221		260,780
3.50%, 09/01/30(f)			1,215		1,248,838
Legacy LifePoint Health LLC, 4.38%, 02/15/27(c)			124		124,000
LifePoint Health, Inc., 5.38%, 01/15/29(c)			569		569,114
ModivCare, Inc., 5.88%, 11/15/25(c)			91		96,688
Molina Healthcare, Inc.(c)
4.38%, 06/15/28			195		200,362
3.88%, 11/15/30			390		401,700
Northwell Healthcare, Inc., 4.26%, 11/01/47(f)			686		775,426
Prime Healthcare Services, Inc., 7.25%, 11/01/25(c)			400		430,272
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26(c)			129		139,320
Surgery Center Holdings, Inc.(c)
6.75%, 07/01/25(f)			782		792,752
10.00%, 04/15/27			848		929,880
Teleflex, Inc.
4.88%, 06/01/26			284		291,157
4.63%, 11/15/27			72		76,571
4.25%, 06/01/28(c)			325		335,562
Tenet Healthcare Corp.
4.63%, 07/15/24(f)			254		257,835
4.63%, 09/01/24(c)			433		445,990
7.50%, 04/01/25(c)			166		178,865
4.88%, 01/01/26(c)(f)			1,627		1,690,453
6.25%, 02/01/27(c)(f)			165		173,044
5.13%, 11/01/27(c)(f)			839		879,943
6.13%, 10/01/28(c)			550		580,250
UnitedHealth Group, Inc., 4.38%, 03/15/42(f)			750		899,556
Vizient, Inc., 6.25%, 05/15/27(c)			483		511,613
					26,446,953
Health Care Technology — 0.6%
CAB SELAS, 3.38%, 02/01/28	EUR		100		119,575
Catalent Pharma Solutions, Inc.
5.00%, 07/15/27(c)	USD		341		356,771
2.38%, 03/01/28	EUR		124		148,549
3.13%, 02/15/29(c)	USD		230		222,525
Change Healthcare Holdings LLC/Change
Healthcare Finance, Inc., 5.75%, 03/01/25(c)(f)			810		823,163
Charles River Laboratories International, Inc.(c)
3.75%, 03/15/29			44		44,770
4.00%, 03/15/31			125		128,750
IQVIA, Inc.(c)
5.00%, 10/15/26			548		566,559
5.00%, 05/15/27(f)			717		750,161
Mednax, Inc., 6.25%, 01/15/27(c)			323		342,380
Syneos Health, Inc., 3.63%, 01/15/29(c)(f)			600		586,500
Synlab Bondco PLC, (3 mo. Euribor + 4.75%), 4.75%, 07/01/25(b)	EUR		100		121,337
					4,211,040
Hotels, Restaurants & Leisure — 3.0%
1011778 BC ULC/New Red Finance, Inc (c)
4.25%, 05/15/24(f)	USD		14		14,175
3.88%, 01/15/28			463		468,787

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
1011778 BC ULC/New Red Finance, Inc.(c) (continued)
4.38%, 01/15/28	USD		157	$	158,963
Accor SA, (5 year EUR Swap + 4.56%), 4.38%(b)(m)	EUR		100		124,733
Affinity Gaming, 6.88%, 12/15/27(c)	USD		43		45,645
Boyd Gaming Corp.
8.63%, 06/01/25(c)			124		137,293
6.38%, 04/01/26			66		68,145
6.00%, 08/15/26			133		137,988
Boyne USA, Inc., 4.75%, 05/15/29(c)			271		278,452
Caesars Entertainment, Inc.(c)(f)
6.25%, 07/01/25			1,961		2,084,935
8.13%, 07/01/27			1,826		2,029,015
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(c)(f)			623		652,667
Champion Path Holdings Ltd.
4.50%, 01/27/26			250		261,562
4.85%, 01/27/28			200		210,038
Churchill Downs, Inc.(c)
5.50%, 04/01/27(f)			713		740,140
4.75%, 01/15/28			321		329,827
Cirsa Finance International Sarl, 4.75%, 05/22/25	EUR		100		116,919
Fortune Star BVI Ltd.
5.95%, 01/29/23	USD		200		204,163
6.75%, 07/02/23			250		261,063
6.85%, 07/02/24			362		383,267
5.95%, 10/19/25			400		416,700
5.05%, 01/27/27			200		199,100
Gamma Bidco SpA, 6.25%, 07/15/25	EUR		100		125,769
Golden Nugget, Inc., 6.75%, 10/15/24(c)(f)	USD		1,273		1,288,912
Hilton Domestic Operating Co., Inc.
4.88%, 01/15/30(f)			1,033		1,101,457
4.00%, 05/01/31(c)			306		309,060
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27			246		255,533
InterContinental Hotels Group PLC, 3.38%, 10/08/28	GBP		100		148,845
International Game Technology PLC, 3.50%, 06/15/26	EUR		100		123,235
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.25%, 06/01/26(c)(f)	USD		406		417,372
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/26			48		50,160
Melco Resorts Finance Ltd., 5.25%, 04/26/26			250		260,750
Merlin Entertainments PLC, 5.75%, 06/15/26(c)			200		211,000
MGM China Holdings Ltd., 5.88%, 05/15/26			250		263,328
MGM Resorts International
7.75%, 03/15/22(f)			438		460,299
6.00%, 03/15/23			494		528,580
5.75%, 06/15/25			35		38,544
Midwest Gaming Borrower LLC, 4.88%, 05/01/29(c)			331		330,897
Powdr Corp., 6.00%, 08/01/25(c)			512		538,880
Scientific Games International, Inc.
5.00%, 10/15/25(c)(f)			461		475,982
3.38%, 02/15/26	EUR		300		360,675
8.25%, 03/15/26(c)(f)	USD		692		745,630
7.00%, 05/15/28(c)			190		204,250
7.25%, 11/15/29(c)			213		234,283
Stonegate Pub Co. Financing PLC, 8.25%, 07/31/25.	GBP		100		145,898

S C H E D U L E   O F    I N V E S T M E N T S 17

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(c)	USD		204	$	210,569
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(c)			268		283,075
Wynn Macau Ltd.
5.50%, 01/15/26			200		209,250
5.50%, 10/01/27			200		208,788
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(c)(f)			1,222		1,263,157
Yum! Brands, Inc.
3.88%, 11/01/23			110		115,363
7.75%, 04/01/25(c)			338		369,265
4.75%, 01/15/30(c)			159		170,130
3.63%, 03/15/31			123		121,402
5.35%, 11/01/43			85		87,975
					20,981,890
Household Durables — 0.6%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 4.88%, 02/15/30(c)			539		538,326
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25(c)			27		28,823
Controladora Mabe SA de CV, 5.60%, 10/23/28(c)			624		725,127
Forestar Group, Inc., 3.85%, 05/15/26(c)			133		134,390
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26(c)			398		429,840
Lennar Corp., 4.75%, 05/30/25			7		7,873
Mattamy Group Corp., 4.63%, 03/01/30(c)			306		309,060
Meritage Homes Corp., 5.13%, 06/06/27			57		63,840
NCR Corp.(c)
5.75%, 09/01/27			259		273,569
5.00%, 10/01/28			143		147,290
5.13%, 04/15/29			237		243,814
6.13%, 09/01/29			93		101,137
5.25%, 10/01/30			145		150,075
Taylor Morrison Communities, Inc.(c)
5.88%, 06/15/27			287		325,745
5.13%, 08/01/30			75		82,609
Tempur Sealy International, Inc.
5.50%, 06/15/26(f)			191		196,814
4.00%, 04/15/29(c)			347		351,452
					4,109,784
Household Products — 0.0%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 5.00%, 12/31/26(c)			94		94,822
Independent Power and Renewable Electricity Producers — 1.1%
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24			200		220,600
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24			200		211,787
Calpine Corp.(c)
5.25%, 06/01/26(f)			439		450,655
4.50%, 02/15/28(f)			597		603,388
5.13%, 03/15/28(f)			1,554		1,579,361
4.63%, 02/01/29			308		303,380
5.00%, 02/01/31			294		289,590
3.75%, 03/01/31			7		6,684
Clearway Energy Operating LLC, 4.75%, 03/15/28(c)			55		57,593
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27(c)			250		253,375
Greenko Dutch BV, 3.85%, 03/29/26			200		202,688
Greenko Mauritius Ltd., 6.25%, 02/21/23			200		206,250
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26			200		214,600

Security		Par (000)		Value
Independent Power and Renewable Electricity Producers (continued)
India Green Energy Holdings
5.38%, 04/29/24(c)	USD		325	$	338,812
5.38%, 04/29/24			250		260,625
Investment Energy Resources Ltd., 6.25%, 04/26/29(c)			230		244,605
NRG Energy, Inc.
6.63%, 01/15/27(f)			989		1,030,736
5.25%, 06/15/29(c)(f)			347		371,724
3.63%, 02/15/31(c)			393		385,023
ReNew Power Pvt Ltd., 5.88%, 03/05/27			200		211,163
ReNew Power Synthetic, 6.67%, 03/12/24			200		209,538
TerraForm Power Operating LLC, 4.75%, 01/15/30(c)			179		186,384
					7,838,561
Insurance — 1.9%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(c)(f)
4.25%, 10/15/27			1,472		1,490,400
6.75%, 10/15/27			1,994		2,093,700
Allstate Corp., Series B, (3 mo. LIBOR US + 2.94%), 5.75%, 08/15/53(b)(f)			2,000		2,149,000
AmWINS Group, Inc., 7.75%, 07/01/26(c)			154		163,432
Aon PLC, 3.88%, 12/15/25(f)			1,280		1,421,955
Asahi Mutual Life Insurance Co., (5 year USD Swap + 4.59%), 6.50%(b)(m)			310		333,355
AssuredPartners, Inc., 5.63%, 01/15/29(c)			345		349,737
BroadStreet Partners, Inc., 5.88%, 04/15/29(c)			244		247,709
GTCR AP Finance, Inc., 8.00%, 05/15/27(c)			403		429,195
HUB International Ltd., 7.00%, 05/01/26(c)(f)			1,322		1,369,685
Nationwide Building Society, (5 year USD ICE Swap + 1.85%), 4.13%, 10/18/32(b)(c)(f)			690		749,036
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47(c)(f)			700		805,155
Unipol Gruppo SpA, 3.25%, 09/23/30	EUR		100		127,162
Voya Financial, Inc., (3 mo. LIBOR US + 3.58%), 5.65%, 05/15/53(b)(f)	USD		1,090		1,169,025
					12,898,546
Interactive Media & Services — 0.7%
21Vianet Group, Inc., 7.88%, 10/15/21			400		403,450
Arches Buyer, Inc., 4.25%, 06/01/28(c)			143		142,464
Cablevision Lightpath LLC(c)
3.88%, 09/15/27			218		215,002
5.63%, 09/15/28			401		411,025
Netflix, Inc.
4.88%, 04/15/28			89		102,461
5.88%, 11/15/28(f)			877		1,067,068
6.38%, 05/15/29			43		53,965
5.38%, 11/15/29(c)(f)			743		882,312
3.63%, 06/15/30	EUR		100		143,716
4.88%, 06/15/30(c)(f)	USD		375		435,000
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 6.00%, 02/15/28(c)			313		312,984
Twitter, Inc., 3.88%, 12/15/27(c)			230		242,075
United Group BV
4.88%, 07/01/24	EUR		100		121,911
4.00%, 11/15/27			100		119,023
					4,652,456
Internet Software & Services — 1.2%
Airbnb, Inc., 0.00%, 03/15/26(c)(k)(l)	USD		724		716,478
ANGI Group LLC, 3.88%, 08/15/28(c)			340		337,875

18 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Internet Software & Services (continued)
Booking Holdings, Inc., 0.75%, 05/01/25(c)(k)	USD		870	$	1,315,440
Go Daddy Operating Co. LLC/GD Finance Co., Inc.(c)
5.25%, 12/01/27			359		375,604
3.50%, 03/01/29			159		154,837
Match Group Holdings II LLC(c)
5.63%, 02/15/29			209		225,720
4.13%, 08/01/30			262		262,982
Uber Technologies, Inc.(c)
7.50%, 05/15/25			13		14,056
0.00%, 12/15/25(k)(l)			2,019		2,117,986
8.00%, 11/01/26(f)			843		912,295
7.50%, 09/15/27(f)			1,072		1,182,169
6.25%, 01/15/28			260		282,467
Zillow Group, Inc., 1.38%, 09/01/26(k)			70		210,308
					8,108,217
IT Services — 1.2%
Ahead DB Holdings LLC, 6.63%, 05/01/28(c)			183		186,203
Austin BidCo, Inc., 7.13%, 12/15/28(c)			93		94,395
Banff Merger Sub, Inc., 9.75%, 09/01/26(c)(f)			1,939		2,062,611
Booz Allen Hamilton, Inc., 3.88%, 09/01/28(c)			468		466,830
Camelot Finance SA, 4.50%, 11/01/26(c)(f)			524		542,340
Castle US Holding Corp., 9.50%, 02/15/28(c)			390		401,497
Centurion Bidco SpA, 5.88%, 09/30/26	EUR		100		125,815
Dun & Bradstreet Corp.(c)
6.88%, 08/15/26(f)	USD		555		590,381
10.25%, 02/15/27			388		430,195
Fair Isaac Corp., 4.00%, 06/15/28(c)			207		209,846
Gartner, Inc., 3.75%, 10/01/30(c)			549		550,373
Rackspace Technology Global, Inc., 5.38%, 12/01/28(c)			562		573,735
Science Applications International Corp., 4.88%, 04/01/28(c)			332		342,375
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25(c)(f)			1,198		1,220,115
Twilio, Inc., 3.88%, 03/15/31			162		166,253
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(c)			322		317,975
					8,280,939
Leisure Products — 0.2%
Mattel, Inc.
6.75%, 12/31/25(c)(f)			786		825,693
5.88%, 12/15/27(c)			358		393,353
3.75%, 04/01/29(c)			131		134,251
6.20%, 10/01/40			167		202,905
5.45%, 11/01/41			85		96,926
					1,653,128
Machinery — 0.8%
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28(c)			139		140,042
Colfax Corp., 6.38%, 02/15/26(c)			145		153,700
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(c)(g)			587		639,830
Mueller Water Products, Inc., 5.50%, 06/15/26(c)			345		356,467
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25(c)(f)			607		620,530
Renk AG/Frankfurt am Main, 5.75%, 07/15/25	EUR		100		125,701
Stevens Holding Co., Inc., 6.13%, 10/01/26(c)	USD		197		211,775
Terex Corp., 5.00%, 05/15/29(c)			381		396,240

Security		Par (000)		Value
Machinery (continued)
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26(c)(f)	USD		1,065	$	1,106,269
TK Elevator Midco GmbH, 4.38%, 07/15/27	EUR		100		126,239
Vertical Holdco GmbH, 7.63%, 07/15/28(c)	USD		616		671,440
Vertical US Newco, Inc., 5.25%, 07/15/27(c)(f)			908		950,567
					5,498,800
Media — 8.5%
Altice Financing SA
7.50%, 05/15/26(c)(f)			1,049		1,089,859
3.00%, 01/15/28	EUR		100		115,867
5.00%, 01/15/28(c)	USD		462		455,647
Altice France Holding SA (c)
10.50%, 05/15/27(f)			1,864		2,099,721
6.00%, 02/15/28			497		493,173
AMC Networks, Inc.
5.00%, 04/01/24			16		16,216
4.75%, 08/01/25			331		340,930
4.25%, 02/15/29			157		155,038
Block Communications, Inc., 4.88%, 03/01/28(c)			168		170,940
Cable One, Inc.(c)
1.13%, 03/15/28(k)			1,312		1,296,876
4.00%, 11/15/30			228		224,580
CCO Holdings LLC/CCO Holdings Capital Corp.(c)
5.13%, 05/01/27(f)			861		901,092
5.88%, 05/01/27			54		55,738
5.00%, 02/01/28(f)			116		121,220
5.38%, 06/01/29(f)			658		714,239
4.75%, 03/01/30			169		176,394
4.50%, 08/15/30(f)			1,707		1,736,685
4.25%, 02/01/31(f)			902		902,000
4.50%, 05/01/32(f)			991		1,000,910
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45(f)			3,000		3,968,500
Clear Channel International BV, 6.63%, 08/01/25(c)			507		529,815
Clear Channel Outdoor Holdings, Inc., 7.75%, 04/15/28(c)			621		639,357
Clear Channel Worldwide Holdings, Inc.(f)
9.25%, 02/15/24			767		800,556
5.13%, 08/15/27(c)			2,277		2,311,155
Comcast Corp., 4.60%, 08/15/45(f)			1,750		2,145,024
Connect Finco Sarl/Connect US Finco LLC, 6.75%, 10/01/26(c)(f)			2,548		2,660,749
CSC Holdings LLC
5.25%, 06/01/24			633		685,222
6.50%, 02/01/29(c)			368		406,640
5.75%, 01/15/30(c)			855		908,972
4.63%, 12/01/30(c)(f)			1,321		1,291,277
3.38%, 02/15/31(c)			200		187,350
4.50%, 11/15/31(c)(j)			598		598,000
5.00%, 11/15/31(c)(j)			334		334,626
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26(c)(f)			710		518,300
Discovery Communications LLC, 4.95%, 05/15/42(f)			400		462,648
DISH DBS Corp.(f)
5.88%, 07/15/22			999		1,045,953
5.00%, 03/15/23			303		317,126
7.75%, 07/01/26			1,391		1,603,127
DISH Network Corp.(k) 2.38%, 03/15/24			328		319,390

S C H E D U L E   O F    I N V E S T M E N T S 19

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
DISH Network Corp.(k) (continued)
3.38%, 08/15/26	USD		1,178	$	1,239,845
Entercom Media Corp., 6.50%, 05/01/27(c)			338		346,450
GCI LLC, 4.75%, 10/15/28(c)			115		118,450
Hughes Satellite Systems Corp., 5.25%, 08/01/26(f)			217		238,917
iHeartCommunications, Inc.
6.38%, 05/01/26			192		204,345
8.38%, 05/01/27			45		48,285
5.25%, 08/15/27(c)			213		220,455
4.75%, 01/15/28(c)			96		98,880
Lamar Media Corp., 4.00%, 02/15/30			163		164,630
LCPR Senior Secured Financing DAC(c)
6.75%, 10/15/27			200		215,000
5.13%, 07/15/29			670		687,380
Liberty Broadband Corp.(c)(k)
1.25%, 09/30/50			642		635,901
2.75%, 09/30/50			1,054		1,084,692
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(c)(g)			419		412,715
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26(c)			400		421,875
Live Nation Entertainment, Inc.
2.50%, 03/15/23(k)			604		812,018
4.88%, 11/01/24(c)			40		40,750
2.00%, 02/15/25(k)			1,094		1,200,665
6.50%, 05/15/27(c)(f)			1,411		1,559,155
4.75%, 10/15/27(c)			331		333,998
3.75%, 01/15/28(c)			245		244,106
Lorca Telecom Bondco SA, 4.00%, 09/18/27	EUR		200		244,826
Meredith Corp., 6.88%, 02/01/26	USD		55		56,444
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27(c)			209		218,280
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%(b)(m)			250		265,594
News Corp., 3.88%, 05/15/29(c)			316		322,228
Outfront Media Capital LLC/Outfront Media Capital Corp.(c)
5.00%, 08/15/27			456		470,250
4.25%, 01/15/29			154		153,001
Pinewood Finance Co. Ltd., 3.25%, 09/30/25	GBP		100		140,522
Qualitytech LP/QTS Finance Corp., 3.88%, 10/01/28(c)	USD		298		300,607
Radiate Holdco LLC/Radiate Finance, Inc.(c)(f)
4.50%, 09/15/26			786		799,755
6.50%, 09/15/28			2,133		2,220,581
Sable International Finance Ltd.
5.75%, 09/07/27			527		552,691
5.75%, 09/07/27(c)			200		209,750
Scripps Escrow II, Inc.(c)
3.88%, 01/15/29			114		113,297
5.38%, 01/15/31			220		223,025
Sinclair Television Group, Inc., 4.13%, 12/01/30(c)			376		366,600
Sirius XM Radio, Inc.(c)
4.63%, 07/15/24			7		7,184
5.50%, 07/01/29			563		608,392
4.13%, 07/01/30(f)			630		630,000
Summer BC Holdco B Sarl, 5.75%, 10/31/26	EUR		100		124,868
TEGNA, Inc., 5.50%, 09/15/24(c)	USD		33		33,683
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28(c)			400		423,600

Security		Par (000)		Value
Media (continued)
Telesat Canada/Telesat LLC(c)
4.88%, 06/01/27	USD		419	$	408,525
6.50%, 10/15/27			40		39,300
Terrier Media Buyer, Inc., 8.88%, 12/15/27(c)(f)			1,056		1,147,080
Univision Communications, Inc., 5.13%, 02/15/25(c)			110		111,788
UPC Broadband Finco BV, 4.88%, 07/15/31(c)			574		572,037
UPCB Finance VII Ltd., 3.63%, 06/15/29	EUR		100		123,286
ViacomCBS, Inc., 5.85%, 09/01/43(f)	USD		645		825,284
Videotron Ltd., 5.13%, 04/15/27(c)(f)			345		364,406
Virgin Media Secured Finance PLC(c)
5.50%, 05/15/29			400		427,700
4.50%, 08/15/30(f)			399		400,805
VTR Comunicaciones SpA, 4.38%, 04/15/29(c)			290		292,447
Ziggo Bond Co. BV(c)
6.00%, 01/15/27(f)			638		666,710
5.13%, 02/28/30			295		302,139
Ziggo BV(c)
5.50%, 01/15/27(f)			313		325,545
4.88%, 01/15/30			217		223,015
					58,844,669
Metals & Mining — 2.3%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24			450		487,491
Allegheny Technologies, Inc., 7.88%, 08/15/23			151		164,401
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30			200		207,480
Arconic Corp.(c)
6.00%, 05/15/25			361		385,368
6.13%, 02/15/28			443		470,687
BHP Billiton Finance USA Ltd., 4.13%, 02/24/42(f)			250		292,590
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(c)(f)			1,542		1,665,360
Constellium SE(c)
5.75%, 05/15/24			256		257,590
5.88%, 02/15/26(f)			1,443		1,486,290
3.75%, 04/15/29			895		875,981
Freeport-McMoRan, Inc.
4.38%, 08/01/28			366		390,248
5.45%, 03/15/43			1,295		1,581,130
Gold Fields Orogen Holdings BVI Ltd., 5.13%, 05/15/24(c)			254		276,352
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(c)(f)			362		368,226
HTA Group Ltd., 7.00%, 12/18/25(c)			410		436,343
JSW Steel Ltd., 5.95%, 04/18/24			200		213,850
Kaiser Aluminum Corp., 4.63%, 03/01/28(c)			115		118,163
New Gold, Inc., 7.50%, 07/15/27(c)(f)			900		976,500
Nexa Resources SA, 5.38%, 05/04/27(c)(f)			657		697,077
Novelis Corp.(c)
5.88%, 09/30/26			413		430,837
4.75%, 01/30/30			1,077		1,120,080
Periama Holdings LLC, 5.95%, 04/19/26			276		294,147
Rio Tinto Finance USA PLC, 4.75%, 03/22/42(f)			400		501,215
thyssenkrupp AG
1.88%, 03/06/23	EUR		43		51,748
2.88%, 02/22/24			100		122,616
Usiminas International Sarl, 5.88%, 07/18/26(c)	USD		200		214,788
Vale Overseas Ltd.
6.25%, 08/10/26(f)			425		507,689
3.75%, 07/08/30			295		309,049

20 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Metals & Mining (continued)
Vedanta Resources Finance II PLC 8.00%, 04/23/23	USD		313	$	300,832
13.88%, 01/21/24			200		219,350
8.95%, 03/11/25(c)			320		315,520
					15,738,998
Multi-line Retail — 0.1%
Future Retail Ltd., 5.60%, 01/22/25			200		159,537
InRetail Consumer, 3.25%, 03/22/28(c)			200		190,330
Marks & Spencer PLC, 4.50%, 07/10/27	GBP		100		147,062
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26(c)	USD		506		517,577
					1,014,506
Offshore Drilling & Other Services(c) — 0.1%
Entegris, Inc. 4.63%, 02/10/26			225		232,805
3.63%, 05/01/29			124		125,860
					358,665
Oil, Gas & Consumable Fuels — 12.2%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(c)(f)			1,054		1,120,476
Antero Midstream Partners LP/Antero Midstream Finance Corp.(c)
7.88%, 05/15/26			259		282,310
5.75%, 03/01/27			177		178,991
5.75%, 01/15/28			75		76,426
Antero Resources Corp., 7.63%, 02/01/29(c)			480		520,536
Apache Corp. 4.88%, 11/15/27			274		289,207
4.38%, 10/15/28			29		29,579
4.25%, 01/15/30			308		309,096
5.10%, 09/01/40			598		613,025
5.25%, 02/01/42			114		118,024
4.75%, 04/15/43(f)			818		812,274
Arcosa, Inc., 4.38%, 04/15/29(c)			477		487,833
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/27(c)(f)			728		944,580
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(l)			358		261,041
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25(c)			218		235,658
Brand Industrial Services, Inc., 8.50%, 07/15/25(c)(f)			514		524,280
Buckeye Partners LP 4.13%, 03/01/25(c)			345		353,625
4.50%, 03/01/28(c)			433		433,541
5.85%, 11/15/43			182		179,157
5.60%, 10/15/44			232		222,720
Callon Petroleum Co., 9.00%, 04/01/25(c)			1,110		1,151,625
Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31(k)	EUR		100		115,226
Cenovus Energy, Inc., 5.40%, 06/15/47	USD		104		118,278
Centennial Resource Production LLC 6.88%, 04/01/27(c)			342		322,328
3.25%, 04/01/28(k)			1,077		1,051,475
Cheniere Energy Partners LP 5.63%, 10/01/26			323		336,727
4.50%, 10/01/29			655		683,656
4.00%, 03/01/31(c)			788		801,790
Cheniere Energy, Inc., 4.63%, 10/15/28(c)			1,759		1,834,021

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Chesapeake Energy Corp.(c) 5.50%, 02/01/26	USD		71	$	74,905
5.88%, 02/01/29			222		239,205
Citgo Holding, Inc., 9.25%, 08/01/24(c)			407		419,210
CNX Resources Corp.(c) 2.25%, 05/01/26(k)			637		808,990
6.00%, 01/15/29			403		430,122
Colgate Energy Partners III LLC, 7.75%, 02/15/26(c)			342		345,420
Comstock Resources, Inc. 7.50%, 05/15/25(c)			117		120,841
9.75%, 08/15/26			344		374,024
6.75%, 03/01/29(c)			652		666,018
Continental Resources, Inc., 5.75%, 01/15/31(c)			345		400,200
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.(c)
5.63%, 05/01/27(f)			323		328,652
6.00%, 02/01/29			269		278,079
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(c)(f)			2,078		2,150,730
DCP Midstream Operating LP(c)(f) 6.45%, 11/03/36			254		286,517
6.75%, 09/15/37			418		482,790
Double Eagle III Midco 1 LLC/Double Eagle Finance Corp., 7.75%, 12/15/25(c)(f)			883		999,644
Dycom Industries, Inc., 4.50%, 04/15/29(c)			130		131,950
eG Global Finance PLC 6.75%, 02/07/25(c)			452		464,972
6.25%, 10/30/25	EUR		142		173,827
8.50%, 10/30/25(c)	USD		299		317,308
Enbridge, Inc.(b)
(3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78			1,865		2,021,796
Series 20-A, (5 year CMT + 5.31%), 5.75%, 07/15/80			690		760,939
Endeavor Energy Resources LP/EER Finance, Inc.(c) 6.63%, 07/15/25			32		34,080
5.50%, 01/30/26(f)			728		753,931
5.75%, 01/30/28			567		605,272
Energean Israel Finance Ltd., 4.88%, 03/30/26(c)			260		268,138
Energy Transfer LP 5.30%, 04/01/44(f)			895		946,737
6.13%, 12/15/45(f)			500		580,538
5.30%, 04/15/47(f)			350		372,174
5.40%, 10/01/47			212		230,419
EnLink Midstream LLC 5.63%, 01/15/28(c)			226		233,628
5.38%, 06/01/29			98		98,000
EnLink Midstream Partners LP 4.40%, 04/01/24			281		288,121
4.15%, 06/01/25			68		68,587
4.85%, 07/15/26			160		161,600
5.60%, 04/01/44			237		204,413
5.05%, 04/01/45			39		32,078
Enterprise Products Operating LLC, (3 mo. LIBOR US + 2.57%), 5.38%, 02/15/78(b)			420		425,252
EQM Midstream Partners LP 4.13%, 12/01/26			131		132,310
4.50%, 01/15/29(c)			312		309,660
4.75%, 01/15/31(c)			1,258		1,245,282
EQT Corp. 1.75%, 05/01/26(c)(k)			544		807,514

S C H E D U L E   O F    I N V E S T M E N T S 21

Schedule of Investments (unaudited) (continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
EQT Corp. (continued)
3.90%, 10/01/27	USD		197	$	205,390
8.50%, 02/01/30			131		167,516
Genesis Energy LP/Genesis Energy Finance Corp. 5.63%, 06/15/24			204		204,000
6.50%, 10/01/25(f)			53		53,265
7.75%, 02/01/28			144		145,440
Geopark Ltd., 5.50%, 01/17/27(c)			215		220,187
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27			200		186,600
Great Western Petroleum LLC/Great Western Finance Corp., 12.00%, 09/01/25(c)			197		170,898
Harvest Midstream I LP, 7.50%, 09/01/28(c)			450		484,875
Hess Corp., 4.30%, 04/01/27(f)			750		831,925
Hess Midstream Operations LP, 5.63%, 02/15/26(c)			249		258,338
Hilcorp Energy I LP/Hilcorp Finance Co.(c) 5.75%, 02/01/29			394		400,895
6.00%, 02/01/31			187		192,610
Hilong Holding Ltd., 8.25%, 09/26/22(h)(i)			200		151,938
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26			200		208,100
Impulsora Pipeline LLC, 6.05%, 01/01/43(a)			1,607		1,563,093
Independence Energy Finance LLC, 7.25%, 05/01/26(c)			452		453,130
Indigo Natural Resources LLC, 5.38%, 02/01/29(c)			583		578,627
Kinder Morgan Energy Partners LP, 4.25%, 09/01/24(f)			2,500		2,751,067
Leviathan Bond Ltd., 5.75%, 06/30/23(c)			438		457,833
Matador Resources Co., 5.88%, 09/15/26			1,308		1,304,730
Medco Bell Pte Ltd., 6.38%, 01/30/27			250		256,922
MEG Energy Corp.(c) 6.50%, 01/15/25(f)			1,278		1,320,334
7.13%, 02/01/27			134		143,083
5.88%, 02/01/29			172		176,300
MPLX LP, 4.25%, 12/01/27			235		263,761
Murphy Oil Corp. 5.75%, 08/15/25			27		27,615
6.38%, 12/01/42			35		32,813
Murphy Oil USA, Inc., 4.75%, 09/15/29			171		179,550
Neptune Energy Bondco PLC, 6.63%, 05/15/25(c)			200		202,800
New Enterprise Stone & Lime Co., Inc., 6.25%, 03/15/26(c)			88		90,640
New Fortress Energy, Inc.(c) 6.75%, 09/15/25(f)			1,986		2,054,894
6.50%, 09/30/26			1,377		1,404,994
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(c)(f)			998		1,045,405
NGPL PipeCo LLC, 7.77%, 12/15/37(c)(f)			270		362,771
Northern Oil and Gas, Inc., 8.13%, 03/01/28(c)			611		627,937
NuStar Logistics LP 6.00%, 06/01/26			234		253,598
6.38%, 10/01/30			30		33,038
Occidental Petroleum Corp. 2.70%, 08/15/22			421		423,631
2.70%, 02/15/23			176		176,440
6.95%, 07/01/24			81		89,606
2.90%, 08/15/24			261		260,348
5.50%, 12/01/25			178		191,350
3.40%, 04/15/26			87		86,038
8.88%, 07/15/30			49		62,965
6.13%, 01/01/31			743		826,587
6.20%, 03/15/40			816		867,000

Security		Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp. (continued) 4.50%, 07/15/44(f)	USD		2,262		$	2,018,835
4.63%, 06/15/45			43			38,915
4.10%, 02/15/47			490			407,925
Odebrecht Offshore Drilling Finance Ltd., (7.72% PIK), 7.72%, 12/01/26(c)(g)			—	(d)		110
Oil and Gas Holding Co., 7.63%, 11/07/24			273			304,531
OQ SAOC, 5.13%, 05/06/28(c)(j)			300			303,285
Ovintiv Exploration, Inc. 5.75%, 01/30/22			115			118,646
5.38%, 01/01/26			42			47,055
Ovintiv, Inc. 7.38%, 11/01/31			97			128,147
6.50%, 08/15/34			137			174,763
Parkland Corp., 4.50%, 10/01/29(c)			364			371,517
Parsley Energy LLC/Parsley Finance Corp.(c) 5.63%, 10/15/27			340			371,450
4.13%, 02/15/28			77			80,850
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 05/15/25(c)			611			640,022
PDC Energy, Inc. 1.13%, 09/15/21(k)			1,091			1,081,488
6.13%, 09/15/24			177			181,425
6.25%, 12/01/25			144			146,160
5.75%, 05/15/26			292			303,587
Pertamina Persero PT, 3.65%, 07/30/29			446			471,589
Petrobras Global Finance BV 5.30%, 01/27/25			200			221,538
8.75%, 05/23/26(f)			637			810,041
6.00%, 01/27/28(f)			152			171,380
5.60%, 01/03/31			674			727,077
Petroleos Mexicanos 6.50%, 03/13/27(f)			689			730,340
6.35%, 02/12/48			273			232,050
Pioneer Natural Resources Co., 0.25%, 05/15/25(c)(k)			729			1,105,893
Puma International Financing SA, 5.13%, 10/06/24(c)			483			490,094
Range Resources Corp, 9.25%, 02/01/26			79			86,748
Range Resources Corp. 5.88%, 07/01/22			57			57,428
5.00%, 08/15/22(f)			312			319,020
5.00%, 03/15/23			145			148,263
4.88%, 05/15/25			18			17,888
8.25%, 01/15/29(c)			268			290,718
Rattler Midstream LP, 5.63%, 07/15/25(c)			316			332,985
Saudi Arabian Oil Co., 2.25%, 11/24/30(c)(f)			745			717,901
Shell International Finance BV, 4.38%, 05/11/45(f)			450			531,826
SM Energy Co. 6.13%, 11/15/22			158			156,025
5.00%, 01/15/24			571			546,087
10.00%, 01/15/25(c)			1,129			1,284,237
5.63%, 06/01/25			11			10,505
6.75%, 09/15/26			18			17,415
6.63%, 01/15/27			27			26,089
Southwestern Energy Co. 4.10%, 03/15/22			272			274,040
7.50%, 04/01/26			70			74,039
8.38%, 09/15/28			271			297,753
Stoneway Capital Corp.(h)(i) 10.00%, 03/01/27(c)			940			253,399

22 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Stoneway Capital Corp.(h)(i) (continued) 10.00%, 03/01/27	USD		333	$	89,800
Suncor Energy, Inc., 6.50%, 06/15/38(f)			800		1,089,255
Sunoco LP/Sunoco Finance Corp. 6.00%, 04/15/27			75		78,866
5.88%, 03/15/28			147		155,453
4.50%, 05/15/29(c)			203		205,030
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(c)
5.50%, 09/15/24(f)			378		385,087
7.50%, 10/01/25			235		256,738
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.88%, 04/15/26(f)			312		326,820
5.38%, 02/01/27			2		2,076
6.50%, 07/15/27			258		280,575
5.00%, 01/15/28(f)			404		425,331
6.88%, 01/15/29(f)			673		755,442
5.50%, 03/01/30			489		528,898
4.88%, 02/01/31(c)			126		131,476
Teine Energy Ltd., 6.88%, 04/15/29(c)			224		226,796
Transocean, Inc., 11.50%, 01/30/27(c)			195		187,200
Vine Energy Holdings LLC, 6.75%, 04/15/29(c)			710		710,305
Viper Energy Partners LP, 5.38%, 11/01/27(c)			142		148,383
Vivo Energy Investments BV, 5.13%, 09/24/27(c)			549		585,646
Western Midstream Operating LP 5.45%, 04/01/44(f)			934		982,120
5.30%, 03/01/48			24		24,600
5.50%, 08/15/48			82		83,640
6.50%, 02/01/50(f)			959		1,085,099
Williams Cos, Inc., 4.50%, 11/15/23(f)			1,750		1,904,692
					84,702,662
Personal Products — 0.0%
Coty, Inc., 4.00%, 04/15/23	EUR		100		119,105
Pharmaceuticals — 2.4%
AbbVie, Inc.(f) 4.75%, 03/15/45	USD		500		596,515
4.45%, 05/14/46			1,000		1,158,678
Bausch Health Americas, Inc.(c) 9.25%, 04/01/26			61		67,570
8.50%, 01/31/27(f)			853		950,029
Bausch Health Cos., Inc.(c) 9.00%, 12/15/25			351		380,905
5.75%, 08/15/27			249		267,052
5.00%, 01/30/28			223		226,345
5.00%, 02/15/29			678		679,044
7.25%, 05/30/29(f)			664		735,772
5.25%, 01/30/30(f)			631		634,155
5.25%, 02/15/31			299		299,407
Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27	EUR		100		121,127
CVS Health Corp., 5.05%, 03/25/48(f)	USD		1,110		1,364,959
Elanco Animal Health, Inc., 5.90%, 08/28/28			316		359,323
Endo Dac/Endo Finance LLC/Endo Finco, Inc.(c) 9.50%, 07/31/27			1,050		1,113,000
6.00%, 06/30/28			380		288,800
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc., 6.13%, 04/01/29(c)			615		608,850
Jaguar Holding Co. II/PPD Development LP, 5.00%, 06/15/28(c)			962		1,049,061
Jazz Securities DAC, 4.38%, 01/15/29(c)			506		517,385

Security		Par (000)		Value
Pharmaceuticals (continued)
Nidda BondCo GmbH, 7.25%, 09/30/25	EUR		100	$	124,452
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24			100		120,683
Organon Finance 1 LLC(c) 4.13%, 04/30/28	USD		953		976,339
5.13%, 04/30/31			931		966,005
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25(c)			283		300,687
Par Pharmaceutical, Inc., 7.50%, 04/01/27(c)(f)			1,044		1,098,810
Prestige Brands, Inc., 3.75%, 04/01/31(c)			190		182,387
Rossini Sarl, 6.75%, 10/30/25	EUR		166		210,799
Teva Pharmaceutical Finance Netherlands II BV, 6.00%, 01/31/25.			100		130,993
Teva Pharmaceutical Finance Netherlands III BV, 7.13%, 01/31/25	USD		200		216,625
Utah Acquisition Sub, Inc., 3.95%, 06/15/26(f)			650		717,975
					16,463,732
Producer Durables: Miscellaneous — 0.0%
Oracle Corp., 3.60%, 04/01/50.			250		246,543
Real Estate Management & Development — 4.1%
Adler Group SA, 2.75%, 11/13/26	EUR		200		245,397
Agile Group Holdings Ltd. 5.75%, 01/02/25	USD		224		225,120
6.05%, 10/13/25			200		203,475
(5 year CMT + 11.08%), 7.75%(b)(m)			200		201,288
(5 year CMT + 11.29%), 7.88%(b)(m)			200		203,600
Arabian Centres Sukuk Ltd., 5.63%, 10/07/26(c)			525		539,273
Canary Wharf Group Investment Holdings PLC, 1.75%, 04/07/26	EUR		100		120,740
Central China Real Estate Ltd. 6.88%, 08/08/22	USD		200		198,500
7.65%, 08/27/23			245		236,961
CFLD Cayman Investment Ltd.(h)(i) 8.63%, 02/28/21			200		69,163
6.90%, 01/13/23			400		137,075
8.60%, 04/08/24			200		68,350
China Aoyuan Group Ltd. 7.50%, 05/10/21			200		199,920
5.38%, 09/13/22			200		197,636
7.95%, 02/19/23			450		460,547
6.35%, 02/08/24			435		431,737
5.98%, 08/18/25			200		189,000
China Evergrande Group 8.25%, 03/23/22			200		195,788
9.50%, 04/11/22			200		196,350
11.50%, 01/22/23			450		432,225
12.00%, 01/22/24			250		234,031
China SCE Group Holdings Ltd. 7.25%, 04/19/23			200		206,850
7.38%, 04/09/24			650		676,731
7.00%, 05/02/25			200		202,350
CIFI Holdings Group Co. Ltd. 6.55%, 03/28/24			200		210,850
6.45%, 11/07/24			200		211,475
6.00%, 07/16/25			400		422,200
5.95%, 10/20/25			200		211,475
5.25%, 05/13/26			215		219,743
Consus Real Estate AG, 9.63%, 05/15/24	EUR		100		126,252
Country Garden Holdings Co. Ltd. 6.50%, 04/08/24	USD		200		212,350
6.15%, 09/17/25			200		219,937

S C H E D U L E   O F    I N V E S T M E N T S 23

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Real Estate Management & Development (continued)
Country Garden Holdings Co. Ltd. (continued)
5.13%, 01/14/27	USD		200	$	212,600
Easy Tactic Ltd.
9.13%, 07/28/22			400		403,700
5.88%, 02/13/23			200		187,100
8.13%, 02/27/23			200		193,663
8.63%, 02/27/24			200		188,288
Fantasia Holdings Group Co. Ltd.
11.75%, 04/17/22			200		203,288
12.25%, 10/18/22			200		203,225
11.88%, 06/01/23			200		199,850
9.25%, 07/28/23			400		373,700
Fastighets AB Balder, (5 year EUR Swap + 3.19%), 2.87%, 06/02/81(b)	EUR		100		119,951
Five Point Operating Co. LP/Five Point Capital
Corp., 7.88%, 11/15/25(c)(f)	USD		265		280,237
Global Prime Capital Pte Ltd., 5.50%, 10/18/23			200		204,788
Greenland Global Investment Ltd., 5.60%, 11/13/22	.		200		183,350
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(c)			120		123,600
Heimstaden Bostad AB(b)(m)
(5 year EUR Swap + 3.15%), 2.63%	EUR		100		119,721
(5 year EUR Swap + 3.67%), 3.25%			100		124,783
Hopson Development Holdings Ltd., 7.50%, 06/27/22	USD		400		408,575
Howard Hughes Corp.(c)
5.38%, 08/01/28			237		250,746
4.13%, 02/01/29			234		231,660
4.38%, 02/01/31			271		268,290
Kaisa Group Holdings Ltd.
11.95%, 10/22/22			200		210,225
11.50%, 01/30/23			400		413,450
10.88%, 07/23/23			400		416,950
9.75%, 09/28/23			248		254,634
11.95%, 11/12/23			200		211,225
9.38%, 06/30/24			400		397,200
KWG Group Holdings Ltd.
7.88%, 08/09/21			200		202,475
7.88%, 09/01/23			200		206,500
7.40%, 03/05/24			400		422,575
Logan Group Co. Ltd.
6.50%, 07/16/23			200		204,663
6.90%, 06/09/24			200		209,725
5.75%, 01/14/25			200		206,162
5.25%, 10/19/25			200		202,975
MAF Sukuk Ltd., 4.64%, 05/14/29(f)			525		587,934
New Metro Global Ltd.
6.80%, 08/05/23			400		415,575
4.80%, 12/15/24			200		198,913
Powerlong Real Estate Holdings Ltd., 7.13%, 11/08/22			200		208,750
Realogy Group LLC/Realogy Co-Issuer Corp.,
5.75%, 01/15/29(c)			375		389,062
Redsun Properties Group Ltd.
9.95%, 04/11/22			200		206,912
10.50%, 10/03/22			200		210,662
RKPF Overseas Ltd.
Series 2019-A, 6.70%, 09/30/24			513		542,113
Series 2019-A, 6.00%, 09/04/25			200		207,250

Security		Par (000)		Value
Real Estate Management & Development (continued)
RKPF Overseas Ltd. (continued)
Series 2020-A, 5.20%, 01/12/26	USD		205	$	205,769
Ronshine China Holdings Ltd.
11.25%, 08/22/21			200		202,000
10.50%, 03/01/22			200		204,475
8.95%, 01/22/23			200		201,850
7.35%, 12/15/23			304		293,227
Scenery Journey Ltd.
11.50%, 10/24/22			219		208,433
13.00%, 11/06/22			200		194,413
12.00%, 10/24/23			448		414,764
Seazen Group Ltd.
6.45%, 06/11/22			200		203,750
6.00%, 08/12/24			200		206,437
Shimao Group Holdings Ltd.
5.60%, 07/15/26			200		215,725
3.45%, 01/11/31			200		191,500
Shui On Development Holding Ltd., 5.75%, 11/12/23			500		514,219
Sunac China Holdings Ltd.
7.25%, 06/14/22			200		206,350
7.95%, 10/11/23			200		211,225
7.50%, 02/01/24			400		419,450
6.65%, 08/03/24			224		230,482
7.00%, 07/09/25			400		410,000
Theta Capital Pte Ltd., 8.13%, 01/22/25			200		212,037
Times China Holdings Ltd.
6.75%, 07/16/23			313		319,319
6.75%, 07/08/25			553		565,201
Wanda Group Overseas Ltd., 7.50%, 07/24/22			200		190,725
Wanda Properties International Co. Ltd., 7.25%, 01/29/24			205		202,732
Yango Justice International Ltd.
10.00%, 02/12/23			400		417,075
8.25%, 11/25/23			200		202,475
Yanlord Land HK Co. Ltd.
6.75%, 04/23/23			200		207,037
6.80%, 02/27/24			200		209,225
Yuzhou Group Holdings Co. Ltd.
8.63%, 01/23/22			200		199,500
8.50%, 02/04/23			200		194,500
8.50%, 02/26/24			400		371,000
8.38%, 10/30/24			200		182,500
7.70%, 02/20/25			200		175,438
8.30%, 05/27/25			200		177,938
7.38%, 01/13/26			205		172,969
Zhenro Properties Group Ltd.
8.70%, 08/03/22			200		205,187
8.65%, 01/21/23			203		209,382
7.88%, 04/14/24			400		400,450
6.63%, 01/07/26			200		186,100
					28,648,293
Road & Rail — 0.4%
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42(f)			500		590,365
Danaos Corp., 8.50%, 03/01/28(c)			100		106,750
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(c)(f)			2,053		2,348,645
					3,045,760

24 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Semiconductors & Semiconductor Equipment — 1.3%
ams AG, 6.00%, 07/31/25	EUR		100	$	127,288
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27(f)	USD		2,600		2,848,545
Broadcom, Inc., 3.46%, 09/15/26(f)			688		746,207
Microchip Technology, Inc.
0.13%, 11/15/24(k)			411		465,971
1.63%, 02/15/25(k)			102		338,385
4.25%, 09/01/25(c)(f)			1,374		1,442,943
ON Semiconductor Corp.
1.63%, 10/15/23(k)			452		881,682
3.88%, 09/01/28(c)			429		441,601
QUALCOMM, Inc., 4.65%, 05/20/35(f)			400		492,838
Sensata Technologies BV(c)
5.00%, 10/01/25			368		408,480
4.00%, 04/15/29			408		410,530
Sensata Technologies, Inc., 4.38%, 02/15/30(c)			435		454,795
Synaptics, Inc., 4.00%, 06/15/29(c)			243		243,122
					9,302,387
Software — 1.9%
ACI Worldwide, Inc., 5.75%, 08/15/26(c)(f)			833		875,691
Black Knight InfoServ LLC, 3.63%, 09/01/28(c)			501		489,727
Boxer Parent Co., Inc.
6.50%, 10/02/25	EUR		100		128,040
7.13%, 10/02/25(c)(f)	USD		749		805,145
9.13%, 03/01/26(c)			194		204,581
BY Crown Parent LLC, 7.38%, 10/15/24(c)(f)			900		918,720
BY Crown Parent LLC/BY Bond Finance, Inc.,
4.25%, 01/31/26(c)(f)			782		819,145
CDK Global, Inc., 4.88%, 06/01/27(f)			509		538,262
Crowdstrike Holdings, Inc., 3.00%, 02/15/29			199		197,219
Helios Software Holdings, Inc./ION Corporate
Solutions Finance Sarl, 4.63%, 05/01/28(c)			400		396,000
MSCI, Inc.(c)
4.00%, 11/15/29			99		103,455
3.63%, 09/01/30			197		200,138
3.88%, 02/15/31			469		480,617
3.63%, 11/01/31(j)			249		250,868
Open Text Corp., 3.88%, 02/15/28(c)			179		181,238
Open Text Holdings, Inc., 4.13%, 02/15/30(c)			340		343,818
Playtika Holding Corp., 4.25%, 03/15/29(c)			460		457,125
PTC, Inc., 4.00%, 02/15/28(c)			242		248,406
Rocket Software, Inc., 6.50%, 02/15/29(c)			525		530,906
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24(c)(f)			1,872		1,928,160
SS&C Technologies, Inc., 5.50%, 09/30/27(c)(f)			1,589		1,688,114
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(c)(f)			1,247		1,290,645
					13,076,020
Specialty Retail — 0.7%
L Brands, Inc.
6.88%, 11/01/35(f)			478		579,575
6.75%, 07/01/36			79		95,141
National Vision Holdings, Inc., 2.50%, 05/15/25(c)(k)			311		539,391
PetSmart, Inc./PetSmart Finance Corp.(c)
4.75%, 02/15/28			436		449,625
7.75%, 02/15/29			1,824		1,976,249

Security		Par (000)		Value
Specialty Retail (continued)
Staples, Inc.(c)
7.50%, 04/15/26(f)	USD		920	$	952,200
10.75%, 04/15/27			257		265,918
Tendam Brands SAU, (3 mo. Euribor + 5.25%),
5.25%, 09/15/24(b)	EUR		100		115,115
					4,973,214
Technology Hardware, Storage & Peripherals — 0.1%
Dell International LLC/EMC Corp., 7.13%, 06/15/24(c)(f)	USD		756		776,336
Textiles, Apparel & Luxury Goods(c) — 0.1%
Crocs, Inc., 4.25%, 03/15/29			199		202,166
Levi Strauss & Co., 3.50%, 03/01/31			141		140,648
William Carter Co., 5.63%, 03/15/27			28		29,435
					372,249
Thrifts & Mortgage Finance — 0.3%
Home Point Capital, Inc., 5.00%, 02/01/26(c)			368		362,370
Jerrold Finco PLC, 5.25%, 01/15/27	GBP		100		141,730
MGIC Investment Corp., 5.25%, 08/15/28	USD		216		227,880
Nationstar Mortgage Holdings, Inc.(c)
6.00%, 01/15/27			323		337,535
5.50%, 08/15/28			330		333,300
5.13%, 12/15/30			180		178,139
PennyMac Financial Services, Inc., 4.25%, 02/15/29(c)			35		33,512
United Wholesale Mortgage LLC, 5.50%, 04/15/29(c)			209		205,401
					1,819,867
Tobacco(f) — 0.4%
Altria Group, Inc., 4.50%, 05/02/43			750		783,067
Philip Morris International, Inc., 4.38%, 11/15/41			900		1,026,424
Reynolds American, Inc., 5.85%, 08/15/45			715		824,135
					2,633,626
Transportation — 0.0%
Autostrade per l’Italia SpA, 2.00%, 12/04/28	EUR		100		123,972
Transportation Infrastructure — 0.4%
DP World Salaam, (5 year CMT + 5.75%),
6.00%(b)(m)	USD		256		280,240
FedEx Corp.(f)
3.90%, 02/01/35			500		551,892
4.75%, 11/15/45			500		599,176
Heathrow Finance PLC, 4.63%, 09/01/29	GBP		100		142,248
Mexico City Airport Trust, 5.50%, 07/31/47	USD		308		311,908
Simpar Europe SA, 5.20%, 01/26/31(c)			330		332,475
Transurban Finance Co. Pty Ltd., 4.13%, 02/02/26(c)(f)			520		579,562
					2,797,501
Utilities — 1.9%
AES Panama Generation Holdings SRL, 4.38%, 05/31/30(c)			335		346,164
Centrais Eletricas Brasileiras SA(c)
3.63%, 02/04/25			424		430,254
4.63%, 02/04/30			233		234,969
Electricite de France SA, (10 year USD Swap +
3.71%), 5.25%(b)(c)(f)(m)			7,500		7,840,275
FEL Energy VI Sarl, 5.75%, 12/01/40			308		320,224
Genneia SA, 8.75%, 01/20/22(c)(f)			700		622,037

S C H E D U L E   O F    I N V E S T M E N T S 25

Schedule of Investments  (unaudited) (continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Utilities (continued)
Inkia Energy Ltd., 5.88%, 11/09/27(c)(f)	USD		455	$	455,000
Mong Doung Finacial Holdings BV, 5.13%, 05/07/29			250		251,844
Orano SA, 2.75%, 03/08/28	EUR		100		125,359
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(c)(f)	USD		687		695,587
Solaris Midstream Holdings LLC, 7.63%, 04/01/26(c)			136		142,431
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38(c)			535		594,285
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33			355		403,404
Thames Water Kemble Finance PLC, 4.63%, 05/19/26	GBP		168		235,157
Vistra Operations Co. LLC, 5.63%, 02/15/27(c)	USD		254		264,160
					12,961,150
Wireless Telecommunication Services — 2.5%
Altice France SA 7.38%, 05/01/26(c)(f)			594		615,859
5.88%, 02/01/27	EUR		100		128,040
8.13%, 02/01/27(c)(f)	USD		780		855,075
5.50%, 01/15/28(c)(f)			557		573,821
4.13%, 01/15/29	EUR		100		121,814
5.13%, 01/15/29(c)	USD		201		201,505
5.13%, 07/15/29(c)			1,606		1,608,007
Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., 9.88%, 05/01/24(c)			239		250,802
Kenbourne Invest SA(c) 6.88%, 11/26/24			529		562,486
4.70%, 01/22/28			200		204,500
Matterhorn Telecom SA, 4.00%, 11/15/27	EUR		100		122,514
Millicom International Cellular SA
5.13%, 01/15/28	USD		462		487,118
4.50%, 04/27/31(c)			400		425,000
SBA Communications Corp.(f) 4.88%, 09/01/24			956		978,705
3.88%, 02/15/27			939		960,292
Sprint Corp. 7.88%, 09/15/23			206		234,840
7.13%, 06/15/24(f)			333		384,572
7.63%, 03/01/26(f)			816		1,000,620
T-Mobile USA, Inc. 4.50%, 02/01/26			570		584,250
4.75%, 02/01/28(f)			626		669,037
2.88%, 02/15/31			477		465,671
3.50%, 04/15/31			430		436,450
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29(c)			762		757,455
VEON Holdings BV, 4.00%, 04/09/25(c)			200		209,688
VICI Properties LP/VICI Note Co., Inc.(c) 3.50%, 02/15/25			503		513,689
4.25%, 12/01/26(f)			1,187		1,224,094
3.75%, 02/15/27			534		538,288
4.63%, 12/01/29			640		664,582
4.13%, 08/15/30(f)			1,154		1,172,037

Security		Par (000)		Value
Wireless Telecommunication Services (continued)
Vmed O2 UK Financing I PLC, 3.25%, 01/31/31	EUR		100	$	121,427
VTR Comunicaciones SpA, 5.13%, 01/15/28(c)	USD		419		438,457
					17,510,695
Total Corporate Bonds — 87.6% (Cost: $584,333,315)					609,612,974
Floating Rate Loan Interests(b)
Aerospace & Defense — 0.2%
Peraton Holding Corp. 2nd Lien Term Loan B1, 02/23/29(a)(o)			370		375,550
Delayed Draw Term Loan B, 02/01/28(o)			669		667,678
Term Loan B, (1 mo. LIBOR + 3.75%), 4.50%, 02/01/28			380		379,383
Spirit Aerosystems, Inc., 2020 Term Loan B, (1 mo. LIBOR + 5.25%), 6.00%, 01/15/25			236		238,181
					1,660,792
Air Freight & Logistics — 0.0%
AIT Worldwide Logistics, Inc, 2021 Term Loan, 03/31/28(o)			90		179,550
Airlines — 0.3%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%), 5.50%, 04/20/28			786		807,884
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/21/27			223		237,814
SkyMiles IP Ltd., 2020 Skymiles Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/20/27			381		399,909
United Airlines, Inc., 2021 Term Loan B, 04/13/28(o)			830		839,188
					2,284,795
Auto Components — 0.0%
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 04/30/26			327		323,263
Building Products — 0.0%
CP Atlas Buyer, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 4.25%, 11/23/27			119		118,665
CPG International, Inc., 2017 Term Loan, (3 mo. LIBOR + 2.50%), 3.25%, 05/05/24			129		128,367
					247,032
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			105		104,973
2021 USD 2nd Lien Term Loan, 04/07/28(a)(o)			274		278,795
Jefferies Finance LLC, 2019 Term Loan, (1 mo. LIBOR + 3.00%), 3.13%, 06/03/26			288		284,736
					668,504
Chemicals — 0.3%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%), 5.50%, 08/27/26			493		499,081

26 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Chemicals (continued)
Atotech BV, 2021 USD Term Loan B, (3 mo. LIBOR + 2.50%), 3.00%, 03/18/28	USD		589	$	584,830
Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.61%, 06/30/27			347		344,600
Invictus US LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 6.86%, 03/30/26			54		54,114
Klockner-Pentaplast of America, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.75%), 5.25%, 02/12/26			127		126,563
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.37%, 05/15/24			262		258,770
					1,867,958
Commercial Services & Supplies — 0.4%
Asurion LLC, 2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 3.36%, 12/23/26			94		93,513
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.36%, 12/12/25			94		93,631
Diamond (BC) BV, USD Term Loan, (2 mo. LIBOR + 3.00%), 3.15%, 09/06/24			832		828,005
GFL Environmental, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 3.50%, 05/30/25			116		115,762
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.38%, 09/19/26			66		65,185
Verscend Holding Corp., 2021 Term Loan B, (3 mo. LIBOR + 4.00%), 4.18%, 08/27/25			1,256		1,255,029
					2,451,125
Construction & Engineering — 0.4%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/21/24			2,190		2,127,607
SRS Distribution, Inc. 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.11%, 05/23/25			345		339,893
2019 Incremental Term Loan B, (1 mo. LIBOR + 4.25%), 4.36%, 05/23/25			178		177,483
					2,644,983
Construction Materials — 0.0%
Forterra Finance LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/25/23			114		113,822
Containers & Packaging — 0.1%
BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 3.44%, 04/03/24			543		524,092
Charter NEX US, Inc., 2020 Term Loan, (1 mo. LIBOR + 4.25%), 5.00%, 12/01/27			218		219,003
					743,095
Diversified Consumer Services — 0.1%
Amentum Government Services Holdings LLC, Term Loan B, (1 mo. LIBOR + 3.50%), 3.61%, 01/29/27			80		79,749
Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 07/12/24			113		112,145
TruGreen Limited Partnership, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.50%), 9.25%, 11/02/28(a)			201		207,030
					398,924
Diversified Financial Services — 0.6%
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 4.61%, 07/31/26			120		120,340

Security		Par (000)		Value
Diversified Financial Services (continued)
Applecaramel Buyer LLC, Term Loan B, (3 mo. LIBOR + 4.00%), 4.50%, 10/19/27	USD		675	$	674,117
Credito Real SAB de CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%), 3.93%, 02/17/23(a)			80		77,120
Delta TopCo, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%), 4.50%, 12/01/27			524		523,353
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (3 mo. LIBOR + 4.00%), 4.50%, 02/16/28			184		184,000
LBM Acquisition LLC
Delayed Draw Term Loan, 12/18/27(o)			11		11,047
Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			50		49,710
Milano Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%), 4.75%, 10/01/27			975		975,555
Veritas US, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.00%, 09/01/25			1,141		1,148,069
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 3.11%, 02/28/27			93		92,246
					3,855,557
Diversified Telecommunication Services — 0.4%
Frontier Communications Corp., 2021 DIP Term
Loan B, (3 mo. LIBOR + 3.75%), 3.94%, 10/08/21			374		372,440
Intelsat Jackson Holdings SA 2017 Term Loan B3, (PRIME + 4.75%), 8.00%, 11/27/23			107		108,720
2017 Term Loan B4, (PRIME + 5.50%), 8.75%, 01/02/24			330		336,094
2017 Term Loan B5, (Fixed + 8.62%), 8.63%, 01/02/24			1,841		1,873,279
Northwest Fiber LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%), 3.86%, 04/30/27			66		65,849
					2,756,382
Entertainment — 0.1%
MSG National Properties LLC, Term Loan, (3 mo. LIBOR + 6.25%), 7.00%, 11/12/25(a)			488		499,972
Health Care Equipment & Supplies — 0.2%
Ortho-Clinical Diagnostics SA 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 06/30/25			100		100,087
EUR Term Loan B, (EURIBOR + 3.50%), 3.50%, 06/30/25	EUR		990		1,186,656
					1,286,743
Health Care Providers & Services — 0.3%
AHP Health Partners, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 06/30/25	USD		408		408,243
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 01/08/27			231		231,687
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.86%, 10/10/25			791		661,183
Gentiva Health Services, Inc., 2020 Term Loan, (1 mo. LIBOR + 2.75%), 2.88%, 07/02/25			180		179,335
Quorum Health Corp., 2020 Term Loan, (3 mo. LIBOR + 8.25%, 1.00% Floor), 9.25%, 04/29/25			315		320,759

S C H E D U L E   O F    I N V E S T M E N T S 27

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Providers & Services (continued)
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 3.86%, 11/16/25	USD		146	$	145,142
Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%), 3.25%, 12/11/26			489		485,944
					2,432,293
Health Care Services — 0.0%
Azalea Topco, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 3.61%, 07/24/26			203		201,455
Health Care Technology — 0.0%
Athenahealth, Inc., 2021 Term Loan B1, (3 mo. LIBOR + 4.25%), 4.45%, 02/11/26			158		158,395
Hotels, Restaurants & Leisure — 0.1%
Golden Nugget LLC, 2017 Incremental Term Loan B, (2 mo. LIBOR + 2.50%), 3.25%, 10/04/23			213		210,757
IRB Holding Corp, 2020 Fourth Amendment Incremental Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/15/27			467		465,518
Life Time Fitness, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/16/24			309		309,971
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 3.70%, 07/10/25			40		39,878
					1,026,124
Independent Power and Renewable Electricity Producers — 0.0%
Calpine Corp., 2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 2.11%, 08/12/26			45		44,107
Industrial Conglomerates — 0.2%
PSAV Holdings LLC, 2018 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 8.25%, 09/01/25(a)			623		435,892
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 7.75%, 11/28/23			193		193,622
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 2.86%, 03/02/27			429		426,073
					1,055,587
Insurance — 0.3%
Alliant Holdings I, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 05/09/25			250		247,076
Alliant Holdings Intermediate LLC, 2020 Term Loan B3, 10/08/27(o)			176		175,805
Hub International Ltd., 2021 Term Loan B, (3 mo. LIBOR + 3.25%), 4.00%, 04/25/25			244		243,538
Ryan Specialty Group LLC, Term Loan, (1 mo. LIBOR + 3.00%), 3.75%, 09/01/27			237		236,218
Sedgwick Claims Management Services, Inc. 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 12/31/25			747		736,270

Security		Par (000)		Value
Insurance (continued)
Sedgwick Claims Management Services, Inc. (continued)
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.86%, 09/03/26	USD		276	$	274,481
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/03/26			409		408,996
					2,322,384
Interactive Media & Services — 0.1%
Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/30/26			151		150,622
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26			206		209,735
					360,357
Internet & Direct Marketing Retail — 0.0%
CNT Holdings I Corp., 2020 Term Loan, (6 mo. LIBOR + 3.75%), 4.50%, 11/08/27			294		293,312
IT Services — 0.2%
Banff Merger Sub, Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 3.86%, 10/02/25			221		219,901
Camelot U.S. Acquisition 1 Co., Term Loan B, (1 mo. LIBOR + 3.00%), 3.11%, 10/30/26			203		201,442
Greeneden US Holdings II LLC, 2020 USD Term Loan B, (1 mo. LIBOR + 4.00%), 4.75%, 12/01/27			338		338,626
Peak 10 Holding Corp. 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50%), 3.70%, 08/01/24			172		159,348
2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 7.43%, 08/01/25			75		64,797
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 3.61%, 02/12/27			215		207,830
TierPoint LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%), 4.50%, 05/05/26			169		167,370
					1,359,314
Life Sciences Tools & Services — 0.0%
Parexel International Corp., Term Loan B, (1 mo. LIBOR + 2.75%), 2.86%, 09/27/24			125		123,803
Machinery — 0.3%
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 1.86%, 03/01/27			105		103,497
MHI Holdings LLC, Term Loan B, (1 mo. LIBOR + 5.00%), 5.11%, 09/21/26			517		518,644
Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 3.27%, 03/28/25			1,599		1,563,823
					2,185,964
Media — 0.5%
A-L Parent LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23			90		82,571
Altice Financing SA, 2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 2.93%, 07/15/25			44		43,091
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 4.20%, 08/14/26			207		206,142

28 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 3.69%, 08/21/26	USD		877	$	848,817
Connect Finco Sarl, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/11/26			236		234,601
MH Sub I LLC, 2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 6.36%, 02/12/29			66		66,578
Radiate Holdco LLC, 2020 Term Loan, (1 mo. LIBOR + 3.50%), 4.25%, 09/25/26			46		46,216
Terrier Media Buyer, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.61%, 12/17/26			196		194,371
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 3.11%, 03/09/27			1,507		1,491,134
					3,213,521
Oil, Gas & Consumable Fuels — 0.4%
Ascent Resources Utica LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.00%, 11/01/25			1,997		2,209,631
Citgo Holding, Inc., 2019 Term Loan B, (3 mo. LIBOR + 7.00%, 1.00% Floor), 8.00%, 08/01/23			239		233,173
McDermott Technology Americas, Inc., 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 3.11%, 06/30/24(a)			17		13,592
					2,456,396
Pharmaceuticals — 0.1%
Endo Luxembourg Finance Co. I Sarl, 2021 Term Loan, (1 mo. LIBOR + 5.00%), 5.75%, 03/10/28			742		721,458
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.11%, 06/02/25			181		180,901
					902,359
Professional Services — 0.1%
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 3.25%), 3.36%, 02/06/26			408		405,465
Software — 0.8%
Barracuda Networks, Inc., 2020 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%), 7.50%, 10/30/28			228		231,559
By Crown Parent LLC, Term Loan B1, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 02/02/26			36		36,305
Castle US Holding Corp., USD Term Loan B, (3 mo. LIBOR + 3.75%), 3.95%, 01/29/27			262		255,582
Cypress Intermediate Holdings III, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 04/29/24			128		128,349
Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), 3.51%, 05/28/24			246		237,252
Epicor Software Corp. 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 8.75%, 07/31/28			117		119,925
2020 Term Loan, (1 mo. LIBOR + 3.25%), 4.00%, 07/30/27			322		320,963
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 3.75%), 3.93%, 03/05/28			152		150,491
Informatica LLC 2020 USD 2nd Lien Term Loan, (Fixed + 7.12%), 7.13%, 02/25/25			538		548,427
2020 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 02/25/27			251		248,078

Security		Par (000)		Value
Software (continued)
Mitchell International, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.36%, 11/29/24	USD		169	$	166,419
Omnitracs, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 8.00%), 8.11%, 09/29/28			66		66,124
Planview Parent, Inc., 2nd Lien Term Loan, (1 Week LIBOR + 7.25%), 8.00%, 12/17/28			195		194,025
Project Alpha Intermediate Holding, Inc., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 4.12%, 04/26/24			230		229,559
RealPage, Inc, 1st Lien Term Loan, 04/22/28(o)			415		694,426
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.36%, 05/30/25			18		17,812
Sabre GLBL, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.00%), 4.75%, 12/17/27			111		111,571
Solera LLC, USD Term Loan B, (1 mo. LIBOR + 2.75%), 2.86%, 03/03/23			144		143,293
Sophia LP, 2020 1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 4.50%, 10/07/27			781		780,394
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.86%, 04/16/25			80		78,811
SS&C Technologies, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 1.86%, 04/16/25			120		118,569
Tempo Acquisition LLC, 2020 Extended Term Loan, (1 mo. LIBOR + 3.25%), 3.75%, 11/02/26			40		39,977
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.37%, 03/03/28			232		234,494
Ultimate Software Group, Inc., Term Loan B, (1 mo. LIBOR + 3.75%), 3.86%, 05/04/26			307		306,709
					5,459,114
Specialty Retail — 0.2%
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 4.50%, 02/12/28			733		734,466
Sotheby’s, Term Loan B, (3 mo. LIBOR + 4.75%), 5.50%, 01/15/27			406		408,891
Staples, Inc., 7 Year Term Loan, (3 mo. LIBOR + 5.00%), 5.21%, 04/16/26			184		128,931
					1,272,288
Trading Companies & Distributors — 0.0%
Foundation Building Materials Holding Company LLC, 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 01/31/28			131		129,416
Wireless Telecommunication Services — 0.1%
Xplornet Communications, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.75%), 4.86%, 06/10/27			587		586,830
Total Floating Rate Loan Interests — 6.9% (Cost: $47,741,776)					47,970,981
Foreign Agency Obligations
Bahrain — 0.2%
Bahrain Government International Bond 6.75%, 09/20/29			265		291,218
5.25%, 01/25/33(c)			205		198,850

S C H E D U L E   O F    I N V E S T M E N T S 29

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Bahrain (continued)
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25	USD		430	$	497,591
CBB International Sukuk Programme Co. SPC, 6.25%, 11/14/24(c)			299		328,115
					1,315,774
Colombia — 0.5%
Colombia Government International Bond 8.13%, 05/21/24			385		458,824
4.50%, 01/28/26(f)			1,437		1,575,131
3.88%, 04/25/27(f)			944		1,004,652
4.13%, 05/15/51			200		188,100
					3,226,707
Dominican Republic — 0.3%
Dominican Republic International Bond 5.95%, 01/25/27			831		943,185
4.50%, 01/30/30(c)			593		614,793
4.88%, 09/23/32(c)			350		366,188
6.40%, 06/05/49			271		293,662
					2,217,828
Egypt — 0.5%
Egypt Government International Bond 5.75%, 05/29/24(c)			450		476,100
5.88%, 06/11/25			803		852,083
7.60%, 03/01/29			1,269		1,374,327
6.38%, 04/11/31(c)	EUR		130		162,818
8.50%, 01/31/47(c)	USD		502		518,095
7.50%, 02/16/61(c)			200		184,750
					3,568,173
Ghana — 0.1%
Ghana Government International Bond, 8.63%, 04/07/34(c)			525		540,586
Iceland — 0.5%
Iceland Government International Bond, 5.88%, 05/11/22(f)			3,415		3,565,654
Indonesia — 0.3%
Indonesia Government International Bond 4.10%, 04/24/28			1,629		1,817,658
5.35%, 02/11/49			295		371,479
					2,189,137
Mexico — 0.1%
Mexico Government International Bond 3.75%, 01/11/28			200		216,600
2.66%, 05/24/31			575		551,748
					768,348
Mongolia — 0.1%
Mongolia Government International Bond, 8.75%, 03/09/24			250		288,328
Morocco — 0.1%
Morocco Government International Bond 3.00%, 12/15/32			586		556,517
4.00%, 12/15/50			220		197,931
					754,448

Security		Par (000)		Value
Oman — 0.1%
Oman Government International Bond 6.50%, 03/08/47	USD		309	$	300,657
6.75%, 01/17/48			309		308,479
					609,136
Panama — 0.2%
Panama Government International Bond 3.16%, 01/23/30			978		1,023,110
4.50%, 04/16/50			407		449,812
					1,472,922
Paraguay — 0.1%
Paraguay Government International Bond 4.95%, 04/28/31			220		246,991
5.40%, 03/30/50			569		640,943
					887,934
Peru — 0.2%
Peruvian Government International Bond 2.78%, 01/23/31(f)			771		771,626
1.86%, 12/01/32(f)			373		339,267
5.63%, 11/18/50			318		421,509
					1,532,402
Portugal — 0.6%
Portugal Government International Bond, 5.13%, 10/15/24(c)(f)			3,680		4,202,965
Qatar — 0.2%
Qatar Government International Bond 4.00%, 03/14/29(c)(f)			878		996,530
4.40%, 04/16/50			400		464,000
					1,460,530
Romania — 0.1%
Romanian Government International Bond, 3.00%, 02/14/31(c)			538		547,180
Russia — 0.2%
Russian Foreign Bond - Eurobond 4.75%, 05/27/26			400		451,325
4.25%, 06/23/27			600		664,500
					1,115,825
Saudi Arabia — 0.2%
Saudi Government International Bond 4.38%, 04/16/29(c)			200		228,288
4.50%, 04/17/30(f)			762		882,872
					1,111,160
South Africa — 0.0%
Republic of South Africa Government International Bond, 5.88%, 05/30/22			210		221,130
Sri Lanka — 0.1%
Sri Lanka Government International Bond 6.85%, 03/14/24			400		276,825
6.35%, 06/28/24			200		138,725
7.85%, 03/14/29			400		259,950
7.55%, 03/28/30			200		129,850
					805,350
Ukraine — 0.3%
Ukraine Government International Bond 7.75%, 09/01/22			136		141,890
7.75%, 09/01/23			221		235,268

30 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Ukraine (continued)
Ukraine Government International Bond (continued)
8.99%, 02/01/24	USD		424	$	465,976
7.75%, 09/01/24			280		300,440
7.75%, 09/01/25			226		242,922
7.25%, 03/15/33(c)			571		572,178
					1,958,674
Uruguay — 0.0%
Uruguay Government International Bond, 4.98%, 04/20/55			198		244,037
Total Foreign Agency Obligations — 5.0% (Cost: $33,414,426)					34,604,228
Municipal Bonds
California — 0.1%
California County Tobacco Securitization Agency, Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/55(l)			1,230		239,247
Illinois — 0.1%
State of Illinois, GO, 5.10%, 06/01/33			800		908,536
Total Municipal Bonds — 0.2% (Cost: $993,873)					1,147,783
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 11.3%
American Home Mortgage Assets Trust, Series 2006-5, Class A1, (12 mo. MTA + 0.92%), 1.06%, 11/25/46(b)			4,748		2,058,102
CHL Mortgage Pass-Through Trust Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.48%), 0.59%, 03/25/36(b)			7,055		6,606,350
Series 2007-J2, Class 2A1, (1 mo. LIBOR US + 0.65%), 0.76%, 07/25/37(b)			2,924		744,994
Series 2007-J2, Class 2A8, 6.00%, 07/25/37			1,615		922,577
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 2.98%, 11/25/36(b)			2,189		2,090,774
Countrywide Alternative Loan Trust Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.45%), 0.56%, 05/25/35(b)			1,930		1,763,115
Series 2006-40T1, Class 2A5, (1 mo. LIBOR US + 0.40%), 0.51%, 12/25/36(b)			2,312		221,627
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36			1,861		1,367,502
Series 2006-J7, Class 2A1, (11th District Cost of Funds + 1.50%), 1.91%, 11/20/46(b)			4,044		3,031,804
Series 2006-J8, Class A5, 6.00%, 02/25/37			2,106		1,363,463
Series 2006-OA14, Class 3A1, (12 mo. MTA + 0.85%), 0.99%, 11/25/46(b)			6,217		5,622,824
Series 2006-OA16, Class A2, (1 mo. LIBOR US + 0.19%), 0.30%, 10/25/46(b)			3,933		3,808,525
Series 2006-OA18, Class A1, (1 mo. LIBOR US + 0.24%), 0.35%, 12/25/46(b)			2,328		2,250,285
Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.42%), 0.53%, 07/25/46(b)			4,494		3,642,549
Series 2006-OA8, Class 1A1, (1 mo. LIBOR US +
0.19%), 0.30%, 07/25/46(b)			1,679		1,522,142
Series 2007-12T1, Class A22, 5.75%, 06/25/37			3,895		2,706,075
Series 2007-12T1, Class A5, 6.00%, 06/25/37			1,890		1,352,537
Series 2007-19, Class 1A1, 6.00%, 08/25/37			635		456,435

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Countrywide Alternative Loan Trust (continued)
Series 2007-22, Class 2A16, 6.50%, 09/25/37	USD		7,731	$	4,620,776
Series 2007-23CB, Class A1, 6.00%, 09/25/37			4,749		3,551,727
Series 2007-4CB, Class 1A3, (1 mo. LIBOR US + 0.35%), 0.46%, 04/25/37(b)			2,427		1,928,093
Series 2007-OA2, Class 1A1, (12 mo. MTA + 0.84%), 0.98%, 03/25/47(b)			2,876		2,520,318
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.40%), 0.51%, 04/25/46(b)			5,484		5,140,990
CSMC(b)(c)
Series 2011-4R, Class 1A2, (1 mo. LIBOR US + 1.50%), 1.62%, 09/27/37			1,882		1,758,026
Series 2021-NQM2, Class M1, 2.28%, 02/25/66			1,500		1,518,276
MFA, Series 2021-NQM1, Class M1, 2.31%, 04/25/65(b)(c)			2,000		2,002,552
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 0.55%, 05/26/37(c)			6,343		6,159,119
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36(b)			7,245		2,302,912
Residential Asset Securitization Trust, Series 2006- A8, Class 2A5, (1 mo. LIBOR US + 0.60%), 0.71%, 08/25/36(b)			6,397		731,925
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65(b)(c)			1,750		1,746,477
Visio Trust, Series 2020-1R, Class M1, 2.93%, 11/25/55(c)			710		720,988
WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 1A, (12 mo. MTA + 0.77%), 0.91%, 05/25/47(b)			2,651		2,561,011
					78,794,870
Commercial Mortgage-Backed Securities(c) — 0.6%
American Homes 4 Rent Trust, Series 2014-SFR2, Class E, 6.23%, 10/17/36			2,000		2,183,023
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1 mo. LIBOR US + 0.27%), 0.38%, 07/25/37(b)			1,896		1,804,817
					3,987,840
Total Non-Agency Mortgage-Backed Securities — 11.9% (Cost: $89,093,016)					82,782,710
Preferred Securities
Capital Trusts — 6.7%
Automobiles — 0.1%
General Motors Financial Co., Inc., Series C, 5.70%(b)(m)			395		441,412
Banks(b) — 2.0%
Al Ahli Bank of Kuwait KSCP, 7.25%(m)			200		211,725
Banco Davivienda SA, 6.65%(c)(m)			200		203,310
Bank of East Asia Ltd., 5.88%(m)			250		266,063
BBVA Bancomer SA, 5.13%, 01/18/33			782		810,494
Burgan Bank SAK, 5.75%(m)			250		247,547
CaixaBank SA, 6.38%(m)	EUR		200		262,245
CIT Group, Inc., Series A, 5.80%(f)(m)	USD		282		291,870
ING Groep NV, 6.75%(m)			200		220,000
Kasikornbank PCL, 5.28%(m)			246		258,500
Nanyang Commercial Bank Ltd., 5.00%(m)			200		201,750
Rizal Commercial Banking Corp., 6.50%(m)			200		205,475

S C H E D U L E   O F    I N V E S T M E N T S 31

Schedule of Investments (unaudited) (continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Banks (continued)
TMB Bank PCL, 4.90%(m)	USD		250	$	251,609
Wells Fargo & Co.(f)(m)
Series S, 5.90%			8,800		9,551,432
Series U, 5.88%			456		507,870
					13,489,890
Consumer Finance — 0.5%
Capital One Financial Corp., Series E, 3.99%(b)(f)(m)			3,500		3,472,700
Diversified Financial Services(b)(m) — 3.6%
Banco Santander SA, 4.38%	EUR		200		249,082
Bank of America Corp.(f)
Series AA, 6.10%	USD		2,880		3,229,200
Series X, 6.25%			5,535		6,171,525
Bank of America Corp.
Series DD, 6.30%			205		239,786
Series Z, 6.50%			170		195,959
Citigroup, Inc., Series Q, 4.29%			309		309,309
Credit Suisse Group AG, 6.38%(c)			358		389,261
HSBC Holdings PLC, 6.00%(f)			695		766,237
JPMorgan Chase & Co., Series FF, 5.00%(f)			1,025		1,080,391
JPMorgan Chase & Co.
Series HH, 4.60%			320		330,000
Series R, 6.00%			174		184,962
Morgan Stanley, Series H, 3.79%(f)			3,244		3,255,354
Natwest Group PLC(f)
6.00%			1,185		1,310,847
8.63%			200		203,940
Societe Generale SA(c)(f)
5.38%			3,000		3,120,000
6.75%			3,000		3,344,850
Woori Bank, 4.25%			250		259,734
					24,640,437
Diversified Telecommunication Services(b)(m) — 0.1%
Koninklijke KPN NV, 2.00%	EUR		100		120,493
Telefonica Europe BV
5.88%			100		134,049
4.38%			100		130,448
					384,990
Electric Utilities — 0.4%
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79(b)(f)	USD		2,500		2,909,833
Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%, 10/15/26	EUR		100		123,372
Insurance — 0.0%
Heungkuk Life Insurance Co. Ltd., 4.48%(b)(m)	USD		200		202,413
Oil, Gas & Consumable Fuels(b)(m) — 0.0%
Abertis Infraestructuras Finance BV, 3.25%	EUR		100		123,291
Repsol International Finance BV, 4.25%			100		132,142
					255,433
Real Estate Management & Development(b)(m) — 0.0%
Aroundtown SA, 3.38%.			100		126,389
Citycon OYJ, 4.50%			100		123,832
					250,221

Security		Par (000)		Value
Utilities — 0.0%
Electricite de France SA, 3.00%(b)(m)	EUR		200	$	252,172
Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 3.10%, 01/03/79(b)			100		125,072
Total Capital Trusts — 6.7%				46,547,945
		Shares
Preferred Stocks — 3.7%(m)
Capital Markets(b) — 2.2%
Goldman Sachs Group, Inc., Series J, 5.50%			395,017		10,704,961
Morgan Stanley
Series F, 6.88%			100,000		2,794,000
Series K, 5.85%			60,125		1,719,575
					15,218,536
Equity Real Estate Investment Trusts (REITs) — 1.5%
Firstar Realty LLC, 8.88%(c)			10,000		10,600,000
Total Preferred Stocks — 3.7%					25,818,536
Total Preferred Securities — 10.4%     (Cost: $70,444,062)				72,366,481
		Par (000)
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 0.9%
Uniform Mortgage-Backed Securities, Series 4480, Class ZX, 4.00%, 11/15/44	USD		5,680		6,267,163
Mortgage-Backed Securities — 16.1%
Fannie Mae Mortgage-Backed Securities(f)
4.50%, 10/01/48 - 02/01/50			710		773,212
2.00%, 02/01/51 - 03/01/51			17,835		18,022,089
Federal National Mortgage Association, 2.50%, 05/01/51			14,000		14,538,498
Freddie Mac Mortgage-Backed Securities, 4.50%, 11/01/48(f)			271		295,624
Freddie Mac Pool, 2.50%, 04/01/51(f)			9,966		10,351,649
Uniform Mortgage-Backed Securities(f)
4.50%, 11/01/23 - 07/01/55(p)			28,560		31,747,280
4.00%, 02/01/34 - 04/01/56			28,551		31,597,772
2.00%, 11/01/50			4,529		4,576,365
					111,902,489
Total U.S. Government Sponsored Agency Securities — 17.0% (Cost: $115,811,094)					118,169,652
U.S. Treasury Obligations
U.S. Treasury Bonds, 1.88%, 02/15/51(f)			5,700		5,185,219

32 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
U.S. Treasury Obligations (continued)
U.S. Treasury Notes(f)
1.25%, 03/31/28	USD		10,000	$	9,970,312
1.13%, 02/15/31			3,500		3,342,500
Total U.S. Treasury Obligations — 2.6% (Cost: $18,441,014)				18,498,031
		Shares
Warrants
Entertainment — 0.0%
Aviron Capital LLC (Expires 12/16/31)(a)			10		—
Total Warrants — 0.0% (Cost: $ — )					—
Total Long-Term Investments — 159.4% (Cost: $1,075,193,295)					1,109,243,481
Short-Term Securities
Money Market Funds — 1.7%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.02%(q)(r)			12,057,238		12,057,238
Total Short-Term Securities — 1.7% (Cost: $12,057,238)					12,057,238
Options Purchased — 0.6%     (Cost: $3,833,438)				4,235,162
Total Investments Before Options Written — 161.7%     (Cost: $1,091,083,971)				1,125,535,881
Options Written — (0.9)% (Premiums Received: $(5,273,280))					(6,663,253	)
Total Investments, Net of Options Written — 160.8% (Cost: $1,085,810,691)					1,118,872,628
Liabilities in Excess of Other Assets — (60.8)%				(422,916,652)
Net Assets — 100.0%				$	695,955,976

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

^(b)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

^(d)  Amount is less than 500.

^(e)  Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $217,309, representing less than 0.05% of its net assets as of period end, and an original cost of $65,634.

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

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

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

⁽ⁱ⁾  Non-income producing security.

^(j)  When-issued security.

^(k)  Convertible security.

^(l)  Zero-coupon bond.

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

⁽ⁿ⁾  All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

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

^(p)  Represents or includes a TBA transaction.

^(q)  Affiliate of the Trust.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/21		Shares Held at 04/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	17,576,490	$	—	$	(5,519,252)	(a)	$	—	$	—	$	12,057,238		12,057,238	$	1,696	$	—

^(a)  Represents net amount purchased (sold).

S C H E D U L E   O F    I N V E S T M E N T S 33

Schedule of Investments (unaudited)(continued) April 30, 2021 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)

Barclays Capital, Inc.

0.80

%(b)

09/22/20

Open

$

955,901

$

960,575

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

0.75

(b)

09/23/20

Open

239,088

240,178

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

09/25/20

Open

1,814,240

1,825,841

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

09/25/20

Open

226,100

227,084

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/25/20

Open

791,350

794,422

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/25/20

Open

398,320

399,866

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/25/20

Open

600,530

602,861

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/25/20

Open

957,337

961,054

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/25/20

Open

799,356

802,459

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/25/20

Open

4,172,200

4,188,396

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/25/20

Open

1,015,744

1,019,687

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/25/20

Open

293,633

294,772

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/25/20

Open

1,859,052

1,866,269

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/25/20

Open

391,650

393,170

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/25/20

Open

548,640

550,770

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

09/25/20

Open

282,714

283,896

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

09/25/20

Open

868,187

871,817

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

09/25/20

Open

274,170

275,316

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

09/25/20

Open

774,881

778,352

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

09/28/20

Open

844,344

847,104

Capital Trusts

Open/Demand

BNP Paribas S.A.

0.60

(b)

09/28/20

Open

540,431

543,804

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/28/20

Open

945,025

948,676

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/28/20

Open

188,000

188,726

Capital Trusts

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/28/20

Open

760,807

763,747

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/28/20

Open

124,936

125,419

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/28/20

Open

1,108,742

1,113,027

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/28/20

Open

611,710

614,183

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/28/20

Open

319,260

320,551

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/30/20

Open

2,768,870

2,779,469

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/30/20

Open

356,160

357,523

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/30/20

Open

720,090

722,846

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

(b)

09/30/20

Open

26,510

26,635

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.88

(b)

10/07/20

Open

475,380

477,762

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.75

(b)

10/13/20

Open

818,625

822,019

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

(b)

10/13/20

Open

1,154,297

1,159,083

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

(b)

10/19/20

Open

1,244,325

1,249,354

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

(b)

10/19/20

Open

1,689,356

1,696,184

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

(b)

10/19/20

Open

1,228,012

1,232,976

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

(b)

10/19/20

Open

1,206,074

1,210,948

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

10/28/20

Open

346,566

348,395

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

10/29/20

Open

1,020,312

1,024,721

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

10/29/20

Open

131,095

131,661

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

10/29/20

Open

35,113

35,264

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.45

(b)

10/30/20

Open

1,044,541

1,046,930

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

10/30/20

Open

752,500

754,795

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

11/02/20

Open

954,385

957,612

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

11/19/20

Open

11,393

11,436

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

11/24/20

Open

1,317,015

1,321,897

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

(b)

11/25/20

Open

776,531

779,071

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

(b)

11/25/20

Open

871,981

874,833

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

(b)

11/25/20

Open

805,331

807,965

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

11/25/20

Open

1,361,831

1,365,643

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

11/25/20

Open

892,665

895,279

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

11/25/20

Open

490,549

492,133

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

11/30/20

Open

1,502,941

1,507,039

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

12/04/20

Open

671,543

673,301

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

12/04/20

Open

813,549

815,777

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

12/04/20

Open

400,785

402,157

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

12/04/20

Open

221,760

222,519

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

(b)

12/08/20

Open

514,500

516,033

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

(b)

12/08/20

Open

560,965

562,636

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

(b)

12/09/20

Open

563,985

565,653

Corporate Bonds

Open/Demand

34 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity   Date(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining   Contractual Maturity   of the Agreements(a)

Barclays Capital, Inc.

0.75

%(b)

12/09/20

Open

$

537,240

$

538,829

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

(b)

12/09/20

Open

558,900

560,553

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

(b)

12/09/20

Open

598,300

600,070

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

(b)

12/09/20

Open

609,150

610,952

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

12/10/20

Open

223,838

224,451

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

12/10/20

Open

559,590

561,124

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

12/10/20

Open

820,102

823,408

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

12/10/20

Open

237,874

238,507

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

12/10/20

Open

293,250

294,226

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

12/10/20

Open

542,273

544,078

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

12/11/20

Open

318,848

319,886

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

12/17/20

Open

413,209

414,216

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

12/28/20

Open

648,606

650,170

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

12/28/20

Open

1,022,197

1,024,662

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

12/28/20

Open

761,280

763,116

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

12/28/20

Open

736,585

738,361

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

12/28/20

Open

747,225

749,027

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

12/28/20

Open

739,125

740,907

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

12/28/20

Open

737,342

739,120

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

12/28/20

Open

468,600

469,730

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

12/28/20

Open

191,100

191,561

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

12/28/20

Open

711,562

713,254

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.69

(b)

12/28/20

Open

701,126

702,793

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.69

(b)

12/28/20

Open

654,290

655,845

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.69

(b)

12/28/20

Open

699,300

700,962

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.69

(b)

12/28/20

Open

718,104

719,810

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.69

(b)

12/28/20

Open

710,642

712,331

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.69

(b)

12/28/20

Open

400,563

401,515

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.72

(b)

12/28/20

Open

778,960

780,892

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.72

(b)

12/28/20

Open

469,488

470,652

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.55

(b)

12/28/20

Open

653,391

654,629

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.55

(b)

12/28/20

Open

600,310

601,447

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.55

(b)

12/28/20

Open

608,095

609,247

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

01/06/21

Open

897,919

899,783

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

01/08/21

Open

65,280

65,416

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

01/13/21

Open

1,003,301

1,005,240

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

(b)

01/20/21

Open

528,255

529,356

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

01/21/21

Open

700,700

701,663

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

01/21/21

Open

195,507

195,668

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

01/21/21

Open

346,256

346,542

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.75

(b)

01/21/21

Open

673,628

675,017

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

01/21/21

Open

719,820

720,711

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

01/21/21

Open

269,325

269,961

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

01/21/21

Open

653,000

654,526

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

01/21/21

Open

884,674

886,742

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.40

(b)

01/22/21

Open

3,107,650

3,110,965

Foreign Agency Obligations

Open/Demand

Barclays Bank PLC

0.40

(b)

01/22/21

Open

1,982,025

1,984,139

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.70

(b)

01/22/21

Open

8,019,000

8,033,969

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.70

(b)

01/22/21

Open

739,350

740,730

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

01/22/21

Open

185,149

185,494

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

(b)

01/22/21

Open

461,045

461,803

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

(b)

01/22/21

Open

22,073

22,109

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

(b)

01/22/21

Open

154,654

154,908

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

(b)

01/22/21

Open

189,836

190,148

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

(b)

01/22/21

Open

254,141

254,559

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

(b)

01/22/21

Open

146,633

146,874

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.69

(b)

01/26/21

Open

605,070

606,160

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

01/26/21

Open

846,875

848,551

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

01/27/21

Open

626,479

627,612

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

02/02/21

Open

1,121,794

1,123,713

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

02/02/21

Open

1,222,252

1,224,344

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

02/02/21

Open

1,306,082

1,308,317

Corporate Bonds

Open/Demand

S C H E D U L E   O F    I N V E S T M E N T S 35

Schedule of Investments (unaudited)(continued) April 30, 2021 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.	0.60	%(b)	02/02/21	Open	$	1,440,000	$	1,442,112	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	02/03/21	Open		734,550		735,954	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.70	(b)	02/08/21	Open		6,487,500		6,497,718	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.75	(b)	02/08/21	Open		424,888		425,605	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	02/08/21	Open		878,700		880,084	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	02/08/21	Open		589,838		590,767	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	02/08/21	Open		261,156		261,568	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.43	(b)	02/10/21	Open		1,568,110		1,569,590	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.63	(b)	02/10/21	Open		1,042,510		1,043,951	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.63	(b)	02/10/21	Open		1,351,436		1,353,305	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	02/10/21	Open		436,221		436,843	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	02/10/21	Open		1,885,227		1,887,917	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	02/10/21	Open		1,906,465		1,909,184	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.68	(b)	02/10/21	Open		1,102,000		1,103,644	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.69	(b)	02/10/21	Open		1,064,655		1,066,267	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.69	(b)	02/10/21	Open		1,258,560		1,260,466	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.70	(b)	02/10/21	Open		2,398,305		2,401,989	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.80	(b)	02/10/21	Open		1,396,216		1,398,667	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.50	(b)	02/10/21	Open		1,060,740		1,061,904	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	02/11/21	Open		1,340,381		1,342,559	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	02/18/21	Open		364,088		364,590	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	02/19/21	Open		393,281		393,801	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.25	(b)	02/22/21	Open		381,425		381,602	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.70	(b)	02/22/21	Open		318,164		318,578	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.69	(b)	02/22/21	Open		847,665		848,754	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.55	(b)	02/25/21	Open		3,227,950		3,231,107	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.55	(b)	03/01/21	Open		557,460		557,971	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	03/02/21	Open		344,809		345,297	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.35	(b)	03/04/21	Open		499,030		499,307	Foreign Agency Obligations	Open/Demand
Barclays Bank PLC	0.40	(b)	03/04/21	Open		2,997,506		2,999,405	Capital Trusts	Open/Demand
Barclays Bank PLC	0.70	(b)	03/04/21	Open		498,906		499,459	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.70	(b)	03/04/21	Open		2,535,000		2,537,810	Capital Trusts	Open/Demand
Barclays Bank PLC	0.70	(b)	03/04/21	Open		1,700,000		1,701,884	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.75	(b)	03/04/21	Open		1,797,500		1,799,635	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	03/04/21	Open		1,192,342		1,195,568	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.45	(b)	03/04/21	Open		1,512,442		1,513,520	Foreign Agency Obligations	Open/Demand
BNP Paribas S.A.	0.70	(b)	03/04/21	Open		631,779		632,491	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.55	(b)	03/04/21	Open		652,380		652,948	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.70	(b)	03/05/21	Open		345,000		345,362	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.75	(b)	03/05/21	Open		401,538		401,989	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.75	(b)	03/05/21	Open		421,813		422,287	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.75	(b)	03/05/21	Open		737,253		738,082	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	03/05/21	Open		744,750		745,532	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	03/05/21	Open		1,940,400		1,942,437	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	03/05/21	Open		781,357		782,237	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	03/05/21	Open		643,556		644,280	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.35	(b)	03/05/21	Open		551,875		552,165	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.35	(b)	03/05/21	Open		1,815,625		1,816,578	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.35	(b)	03/05/21	Open		2,590,625		2,591,985	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.35	(b)	03/05/21	Open		357,875		358,063	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	03/08/21	Open		499,110		499,588	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.75	(b)	03/08/21	Open		555,956		556,570	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	03/09/21	Open		260,964		261,290	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	03/11/21	Open		499,495		499,911	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.58	(b)	03/11/21	Open		666,671		667,219	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.58	(b)	03/11/21	Open		402,188		402,518	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.58	(b)	03/11/21	Open		578,611		579,087	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.80	(b)	03/11/21	Open		411,538		411,995	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.60	(b)	03/15/21	Open		1,503,609		1,504,762	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	03/16/21	Open		897,997		898,671	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.68	(b)	03/16/21	Open		1,103,062		1,104,000	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.60	(b)	03/18/21	Open		394,948		395,231	Corporate Bonds	Open/Demand

36 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity   Date(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining   Contractual Maturity   of the Agreements(a)

Barclays Capital, Inc.

0.60

%(b)

03/19/21

Open

$

637,225

$

637,650

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

03/19/21

Open

1,605,780

1,606,851

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

03/19/21

Open

941,985

942,613

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

03/23/21

Open

138,806

138,931

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.35

(b)

03/24/21

Open

4,095,000

4,096,513

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.40

(b)

03/24/21

Open

1,070,000

1,070,452

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.45

(b)

03/29/21

Open

13,369

13,374

Capital Trusts

Open/Demand

BNP Paribas S.A.

(0.06

)(b)

03/30/21

Open

3,307,500

3,306,986

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

0.55

(b)

03/30/21

Open

1,041,485

1,041,978

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

0.75

(b)

03/31/21

Open

626,578

626,982

Corporate Bonds

Open/Demand

BNP Paribas S.A.

(0.06

)(b)

04/05/21

Open

2,766,750

2,766,496

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

0.01

(b)

04/05/21

Open

9,875,000

9,875,571

U.S. Treasury Obligations

Open/Demand

Barclays Bank PLC

0.40

(b)

04/06/21

Open

206,425

206,480

Capital Trusts

Open/Demand

Barclays Bank PLC

0.40

(b)

04/06/21

Open

669,708

669,886

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.40

(b)

04/06/21

Open

1,236,262

1,236,592

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.40

(b)

04/06/21

Open

4,198,219

4,199,338

Capital Trusts

Open/Demand

Barclays Bank PLC

0.40

(b)

04/06/21

Open

1,927,500

1,928,014

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.45

(b)

04/06/21

Open

637,906

638,098

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.55

(b)

04/06/21

Open

469,500

469,672

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.70

(b)

04/06/21

Open

2,887,160

2,888,507

Capital Trusts

Open/Demand

Barclays Bank PLC

0.70

(b)

04/06/21

Open

891,075

891,491

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.70

(b)

04/06/21

Open

2,983,750

2,985,142

Capital Trusts

Open/Demand

Barclays Bank PLC

0.70

(b)

04/06/21

Open

1,022,062

1,022,539

Capital Trusts

Open/Demand

Barclays Bank PLC

0.70

(b)

04/06/21

Open

2,490,000

2,491,162

Capital Trusts

Open/Demand

BNP Paribas S.A.

0.29

(b)

04/06/21

Open

802,587

802,749

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.30

(b)

04/06/21

Open

899,475

899,662

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.33

(b)

04/06/21

Open

1,724,704

1,725,099

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

0.45

(b)

04/06/21

Open

560,658

560,826

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

(b)

04/06/21

Open

516,250

516,405

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.50

(b)

04/06/21

Open

981,760

982,087

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

0.55

(b)

04/06/21

Open

153,140

153,196

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

04/06/21

Open

295,545

295,663

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

04/06/21

Open

1,128,196

1,128,685

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

04/06/21

Open

280,306

280,433

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

04/06/21

Open

257,400

257,517

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

04/06/21

Open

741,562

741,899

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

04/06/21

Open

6,168,597

6,171,476

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

04/06/21

Open

691,009

691,354

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

(b)

04/06/21

Open

1,350,037

1,350,758

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

(b)

04/06/21

Open

961,596

962,109

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

(b)

04/06/21

Open

783,900

784,318

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

(b)

04/06/21

Open

831,037

831,481

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

(b)

04/06/21

Open

1,370,711

1,371,442

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.85

(b)

04/06/21

Open

1,640,261

1,641,191

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.95

(b)

04/06/21

Open

555,323

555,674

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/07/21

Open

417,919

418,026

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

249,505

249,601

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

533,280

533,484

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

237,938

238,029

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

1,097,606

1,098,027

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

264,435

264,536

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

1,325,059

1,325,567

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

347,593

347,726

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

252,994

253,091

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

161,748

161,810

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

131,580

131,630

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

30,150

30,162

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

121,220

121,266

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

507,210

507,404

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

1,323,270

1,323,777

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

04/07/21

Open

1,207,912

1,208,414

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

1,350,400

1,350,788

Corporate Bonds

Open/Demand

S C H E D U L E   O F    I N V E S T M E N T S 37

Schedule of Investments (unaudited)(continued) April 30, 2021 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	0.45	%(b)	04/07/21	Open	$	507,939	$	508,085	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		471,500		471,636	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		510,188		510,334	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		724,500		724,708	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		1,698,750		1,699,238	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		684,125		684,322	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		548,600		548,758	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		1,111,250		1,111,569	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		428,386		428,509	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		1,039,000		1,039,299	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		800,625		800,855	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		445,500		445,628	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		719,325		719,532	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		118,493		118,527	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		759,375		759,593	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		763,875		764,095	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		351,850		351,951	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		428,000		428,123	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		520,625		520,775	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		2,448,900		2,449,604	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		573,750		573,915	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		473,500		473,636	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		2,027,812		2,028,396	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		458,500		458,632	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		1,122,425		1,122,748	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		293,963		294,047	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		133,301		133,340	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		379,200		379,309	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		222,443		222,506	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		104,423		104,453	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		1,414,874		1,415,281	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		160,679		160,725	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		149,858		149,901	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		229,698		229,764	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		931,920		932,200	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		530,250		530,402	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		886,677		886,944	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		808,325		808,568	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		874,667		874,930	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		264,750		264,826	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		690,008		690,206	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		193,130		193,186	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		2,687,750		2,688,523	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		395,438		395,551	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		2,786,775		2,787,576	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		985,500		985,783	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		1,296,875		1,297,248	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		473,000		473,136	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		275,000		275,079	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		976,875		977,156	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		791,737		791,965	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		285,250		285,332	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		557,500		557,660	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		2,693,135		2,693,909	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open		850,312		850,557	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.00	(b)	04/08/21	Open		790,020		790,020	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.35	(b)	04/08/21	Open		839,279		839,466	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.35	(b)	04/08/21	Open		900,602		900,804	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	04/08/21	Open		1,015,642		1,015,902	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	04/08/21	Open		912,249		912,482	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/08/21	Open		895,705		896,048	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/08/21	Open		849,940		850,266	Corporate Bonds	Open/Demand

38 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty	Interest Rate		Trade Date	Maturity   Date(a)		Face Value		Face Value Including Accrued Interest	Type of Non-Cash Underlying Collateral	Remaining   Contractual Maturity   of the Agreements(a)
Barclays Capital, Inc.	0.60	%(b)	04/08/21	Open	$	848,980	$	849,305	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/08/21	Open		891,830		892,172	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/08/21	Open		821,920		822,235	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.65	(b)	04/12/21	Open		620,865		621,067	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		166,950		166,988	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		384,720		384,807	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		510,090		510,205	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		376,723		376,807	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		112,035		112,060	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		3,206,250		3,206,971	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		460,373		460,476	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		98,455		98,477	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		333,335		333,410	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		504,569		504,682	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		250,594		250,650	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		773,850		774,024	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		273,878		273,939	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		371,205		371,289	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		84,750		84,769	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		190,643		190,685	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		246,444		246,499	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		176,813		176,852	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		643,950		644,095	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/12/21	Open		145,906		145,939	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	04/12/21	Open		1,358,595		1,359,172	Corporate Bonds	Open/Demand
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		1,953,690		1,953,764	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		3,055,197		3,055,313	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		1,378,695		1,378,747	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		2,655,174		2,655,274	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		921,804		921,839	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		59,908		59,911	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		68,538		68,541	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		11,835,711		11,836,158	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		287,101		287,112	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		2,697,705		2,697,807	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		1,108,896		1,108,938	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		28,007		28,008	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		636,521		636,545	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		319,179		319,191	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		63,082		63,084	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		260,571		260,581	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		49,223		49,225	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		1,921,992		1,922,064	Agency Securities	Up to 30 Days

S C H E D U L E   O F    I N V E S T M E N T S 39

Schedule of Investments  (unaudited) (continued) April 30, 2021 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)
									U.S. Government Sponsored
BNP Paribas S.A.	0.08	%	04/13/21	05/13/21	$	336,049	$	336,062	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		7,993,109		7,993,411	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		53,466		53,469	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		319,450		319,462	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A..	0.08		04/13/21	05/13/21		20,858		20,859	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		31,569		31,571	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		36,249		36,250	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		60,217		60,219	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		3,662,109		3,662,247	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
BNP Paribas S.A.	0.08		04/13/21	05/13/21		171,188		171,195	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
Deutsche Bank Securities, Inc..	0.07		04/13/21	05/13/21		9,987,864		9,988,194	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
Deutsche Bank Securities, Inc.	0.07		04/13/21	05/13/21		7,755,613		7,755,869	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
Deutsche Bank Securities, Inc.	0.07		04/13/21	05/13/21		3,333,830		3,333,940	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
Deutsche Bank Securities, Inc.	0.07		04/13/21	05/13/21		6,274,392		6,274,600	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
Deutsche Bank Securities, Inc.	0.07		04/13/21	05/13/21		9,645,965		9,646,283	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
Deutsche Bank Securities, Inc.	0.07		04/13/21	05/13/21		6,419,559		6,419,771	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
Deutsche Bank Securities, Inc.	0.07		04/13/21	05/13/21		4,418,745		4,418,891	Agency Securities	Up to 30 Days
									U.S. Government Sponsored
Deutsche Bank Securities, Inc.	0.07		04/13/21	05/13/21		4,715,226		4,715,382	Agency Securities	Up to 30 Days
BNP Paribas S.A.	0.65	(b)	04/13/21	Open		499,908		500,061	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/13/21	Open		503,415		503,522	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/14/21	Open		540,294		540,438	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.72	(b)	04/14/21	Open		715,937		716,167	Corporate Bonds	Open/Demand
Credit Agricole Corporate & Investment Bank	(0.06	)(b)	04/14/21	Open		2,366,000		2,365,863	U.S. Treasury Obligations	Open/Demand
Credit Agricole Corporate & Investment Bank	0.25	(b)	04/14/21	Open		543,125		543,189	Corporate Bonds	Open/Demand
Credit Agricole Corporate & Investment Bank	0.27	(b)	04/14/21	Open		953,550		953,672	Foreign Agency Obligations	Open/Demand
Credit Agricole Corporate & Investment Bank	0.27	(b)	04/14/21	Open		718,957		719,049	Foreign Agency Obligations	Open/Demand
Credit Agricole Corporate & Investment Bank	0.27	(b)	04/14/21	Open		311,455		311,495	Foreign Agency Obligations	Open/Demand
Credit Agricole Corporate & Investment Bank	0.27	(b)	04/14/21	Open		385,124		385,173	Foreign Agency Obligations	Open/Demand
Credit Agricole Corporate & Investment Bank	0.32	(b)	04/14/21	Open		662,141		662,241	Corporate Bonds	Open/Demand
Credit Agricole Corporate & Investment Bank	0.25	(b)	04/21/21	Open		840,105		840,158	Foreign Agency Obligations	Open/Demand
Credit Agricole Corporate & Investment Bank	0.25	(b)	04/21/21	Open		1,117,187		1,117,257	Corporate Bonds	Open/Demand
Credit Agricole Corporate & Investment Bank	0.27	(b)	04/21/21	Open		557,813		557,850	Corporate Bonds	Open/Demand
Credit Agricole Corporate & Investment Bank	0.30	(b)	04/21/21	Open		1,479,375		1,479,486	Capital Trusts	Open/Demand

40 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) April 30, 2021 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

0.69

%(b)

04/23/21

Open

$

411,873

$

411,912

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

04/29/21

Open

617,698

617,707

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

04/29/21

Open

388,564

388,570

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

04/29/21

Open

811,732

811,747

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

04/29/21

Open

609,446

609,457

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

04/29/21

Open

1,118,747

1,118,768

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

04/29/21

Open

672,003

672,015

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/29/21

Open

849,150

849,161

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/29/21

Open

1,159,480

1,159,494

Corporate Bonds

Open/Demand

$

420,518,837

$

420,938,585

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

^(b)  Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
5-Year U.S. Treasury Note		13		09/30/21	$	1,604	$	2,011
Short Contracts
10-Year U.S. Treasury Note		707		06/21/21		93,412		188,565
10-Year U.S. Ultra Long Treasury Note		368		06/21/21		53,602		699,040
U.S. Long Treasury Bond		30		06/21/21		4,719		102,422
U.S. Ultra T-Bond		300		06/21/21		55,847		541,226
2-Year U.S. Treasury Note		1,639		06/30/21		361,848		51,026
5-Year U.S. Treasury Note		1,259		06/30/21		156,096		(197,578	)
90-Day Euro-Dollar		14		03/13/23		3,482		(1,419	)
								1,383,282
							$	1,385,293

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
MXN	109,970,289		EUR	4,290,000	Barclays Bank PLC		06/16/21	$	240,929
NZD	7,380,011		AUD	6,770,000	Bank of America N.A.		06/16/21		64,001
NZD	7,273,136		AUD	6,670,000	JPMorgan Chase Bank N.A.		06/16/21		64,584
USD	8,814,755		GBP	6,310,000	Morgan Stanley & Co. International PLC		06/16/21		99,451
USD	1,843,027		GBP	1,319,000	Royal Bank of Canada		06/16/21		21,238
									490,203
AUD	6,670,000		NZD	7,218,983	JPMorgan Chase Bank N.A.		06/16/21		(25,838	)
AUD	6,770,000		NZD	7,385,796	JPMorgan Chase Bank N.A.		06/16/21		(68,140	)
EUR	4,290,000		MXN	106,830,438	Citibank N.A.		06/16/21		(86,662	)
USD	573,747		EUR	481,690	Standard Chartered Bank		06/16/21		(5,866	)
USD	78,745		EUR	67,000	State Street Bank and Trust Co.		06/16/21		(1,875	)
USD	155,530		EUR	130,000	State Street Bank and Trust Co.		06/16/21		(897	)
USD	13,106,999		EUR	10,978,000	State Street Bank and Trust Co.		06/16/21		(102,727	)
USD	377,532		EUR	316,960	UBS AG		06/16/21		(3,863	)
USD	837,732		GBP	609,146	Bank of Montreal		06/16/21		(3,614	)

S C H E D U L E   O F    I N V E S T M E N T S 41

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT)

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	179,520	GBP	130,536	JPMorgan Chase Bank N.A.		06/16/21	$	(775)
USD	126,345	NZD	179,888	State Street Bank and Trust Co.		06/16/21		(2,363)
								(302,620)
							$	187,583

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Put
10-Year U.S. Treasury Note		61		05/21/21	USD	131.00	USD	8,060	$	11,438
5-Year U.S. Treasury Note		78		06/25/21	USD	122.50	USD	9,624		17,672
90-Day Euro Future		180		09/10/21	USD	99.63	USD	17,942		19,125
90-Day Euro Future		180		09/10/21	USD	99.50	USD	17,842		185,625
									$	233,860

OTC Interest Rate Swaptions Purchased

Paid by the Trust

Received by the Trust

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Call

5-Year Interest Rate Swap, 04/07/27

3-Month LIBOR, 0.18%

Quarterly

1.53%

Semi-Annual

JPMorgan Chase Bank N.A.

04/05/22

1.53

%

USD

5,710

$

114,397

5-Year Interest Rate Swap, 04/10/27

3-Month LIBOR, 0.18%

Quarterly

1.39%

Semi-Annual

Morgan Stanley & Co. International PLC

04/08/22

1.39

USD

11,220

172,336

5-Year Interest Rate Swap, 04/30/27

3-Month LIBOR, 0.18%

Quarterly

1.20%

Semi-Annual

Bank of America N.A.

04/28/22

1.20

USD

15,640

158,500

1-Year Interest Rate Swap, 02/26/26

3-Month LIBOR, 0.18%

Quarterly

1.60%

Semi-Annual

Bank of America N.A.

02/24/25

1.59

USD

17,910

88,442

1-Year Interest Rate Swap, 02/26/26

3-Month LIBOR, 0.18%

Quarterly

1.62%

Semi-Annual

Morgan Stanley & Co. International PLC

02/24/25

1.62

USD

35,750

181,277

1-Year Interest Rate Swap, 03/06/26

3-Month LIBOR, 0.18%

Quarterly

1.71%

Semi-Annual

Deutsche Bank AG

03/04/25

1.71

USD

32,900

182,249

10-Year Interest Rate Swap, 08/09/35

3-Month LIBOR, 0.18%

Quarterly

0.91%

Semi-Annual

Morgan Stanley & Co. International PLC

08/07/25

0.91

USD

2,220

28,258

10-Year Interest Rate Swap, 08/09/35

3-Month LIBOR, 0.18%

Quarterly

0.91%

Semi-Annual

Morgan Stanley & Co. International PLC

08/07/25

0.91

USD

1,480

18,839

10-Year Interest Rate Swap, 04/09/36

3-Month LIBOR, 0.18%

Quarterly

2.60%

Semi-Annual

Deutsche Bank AG

04/07/26

2.60

USD

2,920

189,484

10-Year Interest Rate Swap, 08/09/40

3-Month LIBOR, 0.18%

Quarterly

1.05%

Semi-Annual

Morgan Stanley & Co. International PLC

08/07/30

1.05

USD

1,640

39,221

10-Year Interest Rate Swap, 08/09/50

3-Month LIBOR, 0.18%

Quarterly

0.91

%

Semi-Annual

Morgan Stanley & Co. International PLC

08/07/40

0.91

USD

1,250

39,250

1,212,253

Put

5-Year Interest Rate Swap, 04/07/27

1.53

%

Semi-Annual

3-Month LIBOR, 0.18

%

Quarterly

JPMorgan Chase Bank N.A.

04/05/22

1.53

USD

5,710

51,947

5-Year Interest Rate Swap, 04/10/27

1.39

%

Semi-Annual

3-Month LIBOR, 0.18

%

Quarterly

Morgan Stanley & Co. International PLC

04/08/22

1.39

USD

11,220

129,498

10-Year Interest Rate Swap, 04/23/32

1.90

%

Semi-Annual

3-Month LIBOR, 0.18

%

Quarterly

Deutsche Bank AG

04/21/22

1.90

USD

37,630

986,535

1-Year Interest Rate Swap, 02/26/26

1.60

%

Semi-Annual

3-Month LIBOR, 0.18

%

Quarterly

Bank of America N.A.

02/24/25

1.59

USD

17,910

124,260

1-Year Interest Rate Swap, 02/26/26

1.62

%

Semi-Annual

3-Month LIBOR, 0.18

%

Quarterly

Morgan Stanley & Co. International PLC

02/24/25

1.62

USD

35,750

244,091

1-Year Interest Rate Swap, 03/06/26

1.71

%

Semi-Annual

3-Month LIBOR, 0.18

%

Quarterly

Deutsche Bank AG

03/04/25

1.71

USD

32,900

214,000

42 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT)

OTC Interest Rate Swaptions Purchased (continued)

Description

Paid by the Trust

Received by the Trust

Counterparty

Expiration Date

Exercise Rate

Notional Amount (000)

Rate

Frequency

Rate

Frequency

Value

Put (continued)

10-Year Interest Rate Swap, 08/09/35

0.91

%

Semi-Annual

3-Month LIBOR, 0.18%

Quarterly

Morgan Stanley & Co.   International PLC

08/07/25

0.91

%

USD

1,480

$

210,852

10-Year Interest Rate Swap, 08/09/35

0.91

%

Semi-Annual

3-Month LIBOR, 0.18%

Quarterly

Morgan Stanley & Co.   International PLC

08/07/25

0.91

USD

2,220

316,279

10-Year Interest Rate Swap, 04/09/36

2.60

%

Semi-Annual

3-Month LIBOR, 0.18%

Quarterly

Deutsche Bank AG

04/07/26

2.60

USD

2,920

145,854

10-Year Interest Rate Swap, 08/09/40

1.05

%

Semi-Annual

3-Month LIBOR, 0.18%

Quarterly

Morgan Stanley & Co.   International PLC

08/07/30

1.05

USD

1,640

222,842

10-Year Interest Rate Swap, 08/09/50

0.91

%

Semi-Annual

3-Month LIBOR, 0.18%

Quarterly

Morgan Stanley & Co.   International PLC

08/07/40

0.91

USD

1,250

142,891

2,789,049

$

4,001,302

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
10-Year U.S. Treasury Note		26		05/21/21	USD	134.00	USD	3,435	$	(813	)
10-Year U.S. Treasury Note		64		05/21/21	USD	133.00	USD	8,456		(10,000	)
										(10,813	)
Put
10-Year U.S. Treasury Note		125		05/21/21	USD	130.00	USD	16,516		(7,812	)
5-Year U.S. Treasury Note		26		06/25/21	USD	123.00	USD	3,208		(9,547	)
90-Day Euro Future		180		09/10/21	USD	99.38	USD	17,842		(140,625	)
90-Day Euro Future		180		09/10/21	USD	99.75	USD	17,942		(42,750	)
										(200,734	)
									$	(211,547	)

OTC Interest Rate Swaptions Written

Description	Paid by the Trust				Received by the Trust			Counterparty	Expiration Date		Exercise Rate			Notional
	Rate			Frequency	Rate		Frequency							Amount (000)			Value
Call
10-Year Interest Rate Swap, 10/02/31		0.90	%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Bank of America N.A.		09/30/21		0.90	%		USD	2,480	$	(2,335	)
10-Year Interest Rate Swap, 10/16/31		1.78	%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Goldman Sachs   International		10/14/21		1.77			USD	2,440		(51,867	)
2-Year Interest Rate Swap, 01/12/24		0.51	%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Morgan Stanley & Co.   International PLC		01/10/22		0.51			USD	31,490		(84,106	)
10-Year Interest Rate Swap, 01/22/32		1.04	%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Bank of America N.A.		01/20/22		1.04			USD	21,920		(76,443	)
10-Year Interest Rate Swap, 01/29/32		1.00	%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Deutsche Bank AG		01/27/22		1.00			USD	3,040		(9,846	)
10-Year Interest Rate Swap, 01/29/32		1.25	%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Bank of America N.A.		01/27/22		1.25			USD	2,790		(17,722	)
10-Year Interest Rate Swap, 02/20/32		1.62	%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Bank of America N.A.		02/18/22		1.62			USD	2,680		(45,181	)
10-Year Interest Rate Swap, 02/24/32		1.42	%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Barclays Bank PLC		02/22/22		1.41			USD	11,320		(118,273	)
2-Year Interest Rate Swap, 02/25/24		0.41	%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Goldman Sachs   International		02/23/22		0.41			USD	43,910		(64,812	)
2-Year Interest Rate Swap, 03/03/24		0.51	%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Deutsche Bank AG		03/01/22		0.51			USD	27,330		(68,386	)
2-Year Interest Rate Swap, 03/04/24		0.49	%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	JPMorgan Chase   Bank N.A.		03/02/22		0.49			USD	41,020		(92,207	)
2-Year Interest Rate Swap, 03/05/24		0.52	%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Citibank N.A.		03/03/22		0.52			USD	13,980		(36,287	)

S C H E D U L E   O F    I N V E S T M E N T S 43

Schedule of Investments (unaudited)(continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT)

OTC Interest Rate Swaptions Written (continued)

	Paid by the Trust			Received by the Trust				Expiration		Exercise			Notional
Description	Rate		Frequency	Rate		Frequency	Counterparty	Date		Rate			Amount (000)			Value
Call (continued)
2-Year Interest Rate Swap, 03/23/24		0.56%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Deutsche Bank AG		03/21/22		0.56	%		USD	13,980	$	(43,049	)
2-Year Interest Rate Swap, 03/25/24		0.57%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Deutsche Bank AG		03/23/22		0.57			USD	27,410		(86,379	)
10-Year Interest Rate Swap, 04/23/32		1.25%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Deutsche Bank AG		04/21/22		1.25			USD	37,630		(294,255	)
5-Year Interest Rate Swap, 04/30/27		0.90%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Bank of America N.A.		04/28/22		0.90			USD	23,470		(107,150	)
10-Year Interest Rate Swap, 08/10/32		0.72%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Deutsche Bank AG		08/08/22		0.72			USD	1,150		(3,686	)
10-Year Interest Rate Swap, 10/13/32		1.06%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Deutsche Bank AG		10/11/22		1.06			USD	2,145		(15,457	)
10-Year Interest Rate Swap, 12/17/32		1.23%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Barclays Bank PLC		12/15/22		1.23			USD	3,960		(41,210	)
10-Year Interest Rate Swap, 12/18/32		1.23%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Goldman Sachs International		12/16/22		1.23			USD	1,980		(20,895	)
10-Year Interest Rate Swap, 12/18/32		1.25%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Goldman Sachs International		12/16/22		1.24			USD	1,980		(21,353	)
10-Year Interest Rate Swap, 01/01/33		1.25%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Citibank N.A.		12/30/22		1.25			USD	2,180		(24,189	)
10-Year Interest Rate Swap, 01/11/33		1.44%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Barclays Bank PLC		01/09/23		1.44			USD	3,990		(60,893	)
10-Year Interest Rate Swap, 01/14/33		1.57%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	JPMorgan Chase Bank N.A.		01/12/23		1.57			USD	2,070		(39,074	)
10-Year Interest Rate Swap, 03/03/33		2.01%	Semi-Annual		3-Month LIBOR, 0.18%	Quarterly	Bank of America N.A.		03/01/23		2.01			USD	4,170		(150,848	)
																	(1,575,903	)
Put
2-Year Interest Rate Swap, 08/11/23		6-Month EURIBOR, (0.52%)	Semi-Annual		(0.25%)	Annual	Barclays Bank PLC		08/09/21		(0.25	)		EUR	74,580		(7,493	)
5-Year Interest Rate Swap, 09/05/26		3-Month LIBOR, 0.18%	Quarterly		0.60%	Semi-Annual	Deutsche Bank AG		09/03/21		0.60			USD	7,880		(188,026	)
10-Year Interest Rate Swap, 10/02/31		3-Month LIBOR, 0.18%	Quarterly		1.45%	Semi-Annual	Bank of America N.A.		09/30/21		1.45			USD	4,960		(166,358	)
10-Year Interest Rate Swap, 10/16/31		3-Month LIBOR, 0.18%	Quarterly		1.78%	Semi-Annual	Goldman Sachs International		10/14/21		1.77			USD	2,440		(42,546	)
2-Year Interest Rate Swap, 01/12/24		3-Month LIBOR, 0.18%	Quarterly		0.51%	Semi-Annual	Morgan Stanley & Co. International PLC		01/10/22		0.51			USD	31,490		(63,459	)
10-Year Interest Rate Swap, 01/22/32		3-Month LIBOR, 0.19%, 0.18%	Quarterly		1.54%	Semi-Annual	Bank of America N.A.		01/20/22		1.54			USD	21,920		(823,104	)
10-Year Interest Rate Swap, 01/29/32		3-Month LIBOR, 0.18%	Quarterly		1.25%	Semi-Annual	Bank of America N.A.		01/27/22		1.25			USD	2,790		(162,489	)
10-Year Interest Rate Swap, 01/29/32		3-Month LIBOR, 0.18%	Quarterly		1.50%	Semi-Annual	Deutsche Bank AG		01/27/22		1.50			USD	3,040		(123,044	)
10-Year Interest Rate Swap, 02/09/32		3-Month LIBOR, 0.18%	Quarterly		0.68%	Semi-Annual	Deutsche Bank AG		02/07/22		0.68			USD	7,400		(792,568	)
10-Year Interest Rate Swap, 02/20/32		3-Month LIBOR, 0.18%	Quarterly		1.62%	Semi-Annual	Bank of America N.A.		02/18/22		1.62			USD	2,680		(94,234	)
10-Year Interest Rate Swap, 02/24/32		3-Month LIBOR, 0.19%, 0.18%	Quarterly		1.92%	Semi-Annual	Barclays Bank PLC		02/22/22		1.91			USD	11,320		(246,272	)
2-Year Interest Rate Swap, 02/27/24		3-Month LIBOR, 0.18%	Quarterly		0.75%	Semi-Annual	Deutsche Bank AG		02/25/22		0.75			USD	43,910		(66,682	)
2-Year Interest Rate Swap, 03/03/24		3-Month LIBOR, 0.18%	Quarterly		0.51%	Semi-Annual	Deutsche Bank AG		03/01/22		0.51			USD	27,330		(81,441	)
2-Year Interest Rate Swap, 03/04/24		3-Month LIBOR, 0.18%	Quarterly		0.49%	Semi-Annual	JPMorgan Chase Bank N.A.		03/02/22		0.49			USD	41,020		(130,828	)
2-Year Interest Rate Swap, 03/05/24		3-Month LIBOR, 0.18%	Quarterly		0.52%	Semi-Annual	Citibank N.A.		03/03/22		0.52			USD	13,980		(41,147	)

44 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT)

OTC Interest Rate Swaptions Written (continued)

	Paid by the Trust			Received by the Trust				Expiration		Exercise					Notional
Description	Rate		Frequency	Rate		Frequency	Counterparty	Date		Rate			Amount (000)				Value
Put (continued)
2-Year Interest Rate Swap, 03/23/24		3-Month LIBOR, 0.18%	Quarterly		0.56%	Semi-Annual	Deutsche Bank AG		03/21/22		0.56	%		USD		13,980	$	(41,423	)
2-Year Interest Rate Swap, 03/25/24		3-Month LIBOR, 0.18%	Quarterly		0.57%	Semi-Annual	Deutsche Bank AG		03/23/22		0.57			USD		27,410		(80,613	)
10-Year Interest Rate Swap, 08/10/32		3-Month LIBOR, 0.18%	Quarterly		0.72%	Semi-Annual	Deutsche Bank AG		08/08/22		0.72			USD		1,150		(133,051	)
10-Year Interest Rate Swap, 10/13/32		3-Month LIBOR, 0.18%	Quarterly		1.06%	Semi-Annual	Deutsche Bank AG		10/11/22		1.06			USD		2,145		(194,754	)
10-Year Interest Rate Swap, 12/17/32		3-Month LIBOR, 0.18%	Quarterly		1.23%	Semi-Annual	Barclays Bank PLC		12/15/22		1.23			USD		3,960		(327,500	)
10-Year Interest Rate Swap, 12/18/32		3-Month LIBOR, 0.18%	Quarterly		1.23%	Semi-Annual	Goldman Sachs International		12/16/22		1.23			USD		1,980		(162,712	)
10-Year Interest Rate Swap, 12/18/32		3-Month LIBOR, 0.18%	Quarterly		1.25%	Semi-Annual	Goldman Sachs International		12/16/22		1.24			USD		1,980		(160,880	)
10-Year Interest Rate Swap, 01/01/33		3-Month LIBOR, 0.18%	Quarterly		1.25%	Semi-Annual	Citibank N.A.		12/30/22		1.25			USD		2,180		(177,651	)
10-Year Interest Rate Swap, 01/11/33		3-Month LIBOR, 0.18%	Quarterly		1.44%	Semi-Annual	Barclays Bank PLC		01/09/23		1.44			USD		3,990		(275,461	)
10-Year Interest Rate Swap, 01/14/33		3-Month LIBOR, 0.18%	Quarterly		1.57%	Semi-Annual	JPMorgan Chase Bank N.A.		01/12/23		1.57			USD		2,070		(125,828	)
10-Year Interest Rate Swap, 03/03/33		3-Month LIBOR, 0.18%	Quarterly		2.01%	Semi-Annual	Bank of America N.A.		03/01/23		2.01			USD		4,170		(166,239	)
																		(4,875,803	)
																	$	(6,451,706	)

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.36.V1		5.00	%		Quarterly		06/20/26		USD 8,270	$	(864,242	)	$	(726,714	)	$	(137,528	)
CDX.NA.IG.36.V1		1.00			Quarterly		06/20/26		USD 39,830		(1,037,280	)		(847,848	)		(189,432	)
										$	(1,901,522	)	$	(1,574,562	)	$	(326,960	)

Centrally Cleared Interest Rate Swaps

Paid by the Trust		Received by the Trust		Effective		Termination		Notional					Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date(a)		Date		Amount 000)		Value			(Received)			(Depreciation)
0.12%	Annual	6-Month GBP LIBOR, 0.11%	Annual		N/A		04/11/23	GBP	30,580	$	14,151		$	(505	)	$	14,656
3-Month CAD BA, 1.71%	Semi-Annual	0.64%	Semi-Annual		N/A		04/21/23	CAD	17,490		1,286			(12	)		1,298
0.27%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		N/A		04/24/23	USD	15,420		(871	)		(479	)		(392	)
0.73%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		04/05/22		04/05/24	USD	80		(252	)		—			(252	)
3-Month LIBOR, 0.18%	Quarterly	0.45%	Semi-Annual		N/A		11/12/25	USD	7,620		(119,945	)		119			(120,064	)
3-Month LIBOR, 0.18%	Quarterly	0.48%	Semi-Annual		N/A		01/21/26	USD	4,110		(72,228	)		36			(72,264	)
1.54%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		02/25/25		02/25/26	USD	10,390		26,743			13			26,730
1.62%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		02/26/25		02/26/26	USD	8,090		14,214			10			14,204
1.71%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		03/06/25		03/06/26	USD	2,920		2,818			4			2,814
3-Month LIBOR, 0.18%	Quarterly	1.37%	Semi-Annual		03/22/22		03/22/27	USD	3,000		12,073			28			12,045
3-Month LIBOR, 0.18%	Quarterly	1.33%	Semi-Annual		03/29/22		03/30/27	USD	765		1,567			7			1,560
1.29%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		04/20/22		04/20/27	USD	2,860		3,382			27			3,355
1.31%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		04/29/22		04/29/27	USD	30		28			—			28
0.50%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		N/A		08/19/27	USD	110		4,621			2			4,619
0.84%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		N/A		11/15/27	USD	6,220		150,188			79			150,109
1.27%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		06/30/21		02/15/28	USD	6,250		12,054			80			11,974
1.39%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		06/30/21		02/15/28	USD	5,370		(29,818	)		70			(29,888	)
0.53%	Quarterly	3-Month LIBOR, 0.18%	Quarterly		N/A		10/21/30	USD	27		1,967			—			1,967

S C H E D U L E   O F    I N V E S T M E N T S 45

Schedule of Investments  (unaudited) (continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT)

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Trust		Received by the Trust		Effective			Termination		Notional					Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency		Date	(a)		Date	Amount (000)			Value			(Received	)		(Depreciation	)
3-Month LIBOR, 0.18%	Quarterly	0.56%	Quarterly		N/A			10/21/30	USD	27	$	(2,017	)	$	—		$	(2,017	)
0.90%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		N/A			10/28/30	USD	970		60,088			17			60,071
0.96%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		N/A			11/12/30	USD	1,800		95,843			33			95,810
1.66%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		06/30/21			11/15/30	USD	4,670		(18,061	)		76			(18,137	)
1.78%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		06/30/21			11/15/30	USD	4,670		(68,263	)		75			(68,338	)
0.93%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		N/A			11/18/30	USD	270		15,023			5			15,018
1.09%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		N/A			01/13/31	USD	1,400		61,540			22			61,518
1.10%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		N/A			01/13/31	USD	700		30,135			11			30,124
(0.21%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		N/A			01/28/31	EUR	1,390		52,678			(716	)		53,394
1.16%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		N/A			02/04/31	USD	500		19,381			8			19,373
1.18%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		N/A			02/04/31	USD	1,210		45,527			19			45,508
1.26%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		N/A			02/10/31	USD	890		26,935			14			26,921
1.54%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		N/A			03/03/31	USD	940		4,617			15			4,602
1.58%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		N/A			03/12/31	USD	500		660			8			652
1.65%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		N/A			05/05/31	USD	340		(723	)		6			(729	)
3-Month LIBOR, 0.18%	Quarterly	1.19%	Semi-Annual		07/23/21			07/23/31	USD	950		(43,792	)		15			(43,807	)
3-Month LIBOR, 0.18%	Quarterly	1.15%	Semi-Annual		07/28/21			07/28/31	USD	25		(1,263	)		—			(1,263	)
3-Month LIBOR, 0.18%	Quarterly	1.17%	Semi-Annual		07/28/21			07/28/31	USD	725		(35,349	)		12			(35,361	)
3-Month LIBOR, 0.18%	Quarterly	1.18%	Semi-Annual		07/28/21			07/28/31	USD	970		(46,239	)		16			(46,255	)
3-Month LIBOR, 0.18%	Quarterly	1.28%	Semi-Annual		01/21/22			01/21/32	USD	520		(25,008	)		8			(25,016	)
0.80%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		02/08/22			02/08/32	USD	1,290		121,929			23			121,906
0.83%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		08/15/22			08/16/32	USD	16,690		1,705,512			50,200			1,655,312
0.84%	Quarterly	3-Month LIBOR, 0.18%	Quarterly		N/A			10/22/40	USD	12		1,656			—			1,656
3-Month LIBOR, 0.18%	Quarterly	0.91%	Quarterly		N/A			10/22/40	USD	11		(1,663	)		—			(1,663	)
2.01%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		06/30/21			02/15/47	USD	2,170		19,531			61			19,470
2.02%	Semi-Annual	3-Month LIBOR, 0.18%	Quarterly		06/30/21			02/15/47	USD	2,170		15,733			61			15,672
3-Month LIBOR, 0.18%	Quarterly	2.10%	Semi-Annual		06/30/21			02/15/47	USD	2,000		19,190			56			19,134
2.18%	Semi Annual	3 Month LIBOR, 0.18%	Quarterly		06/30/21			02/15/47	USD	3,620		(95,949	)		(2,726	)		(93,223	)
3-Month LIBOR, 0.18%	Quarterly	0.99%	Semi-Annual		N/A			08/22/50	USD	175		(42,559	)		4			(42,563	)
3-Month LIBOR, 0.18%	Quarterly	1.00%	Semi-Annual		N/A			08/22/50	USD	175		(42,129	)		4			(42,133	)
0.91%	Quarterly	3-Month LIBOR, 0.18%	Quarterly		N/A			10/21/50	USD	13		2,615			—			2,615
3-Month LIBOR, 0.18%	Quarterly	0.99%	Quarterly		N/A			10/21/50	USD	13		(2,599	)		—			(2,599	)
											$	1,894,957		$	46,806		$	1,848,151

^(a) Forward Swap.

OTC Credit Default Swaps — Buy Protection

Reference Obligations/Index

Financing Rate Paid by the Trust

Payment Frequency

Counterparty

Termination Date

Notional Amount (000)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

CMBX.NA.7

3.00

%

Monthly

Deutsche Bank AG

01/17/47

USD

25,000

$

4,963,865

$

1,751,278

$

3,212,587

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)
Adler Real Estate AG		5.00	%		Quarterly	Morgan Stanley & Co. International PLC		12/20/25	BB+	EUR	20	$	3,679		$	3,194		$	485
Virgin Media Finance PLC		5.00			Quarterly	JPMorgan Chase Bank N.A.		12/20/25	B	EUR	20		2,915			2,465			450
CMA CGM SA		5.00			Quarterly	Credit Suisse International		06/20/26	NR	EUR	10		634			529			105
International Game Technology PLC		5.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/26	BB	EUR	10		1,241			1,092			149
CMBX.NA.7		3.00			Monthly	Barclays Bank PLC		01/17/47	C	USD	10,000		(1,985,546	)		(491,364	)		(1,494,182	)
CMBX.NA.7		3.00			Monthly	Barclays Bank PLC		01/17/47	C	USD	5,000		(992,774	)		(245,399	)		(747,375	)
CMBX.NA.7		3.00			Monthly	Barclays Bank PLC		01/17/47	C	USD	10,000		(1,985,546	)		(243,142	)		(1,742,404	)

46 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT)

OTC Credit Default Swaps — Sell Protection (continued)

Reference Obligation/Index	Financing Rate Received by the Trust		Payment Frequency	Counterparty	Termination Date	Credit Rating(a)		Notional Amount (000)	(b)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.9	2.00	%	Monthly	Credit Suisse International	09/17/58	NR	USD	2,500		$	(46,772	)	$	(333,723	)	$	286,951
CMBX.NA.9	2.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	NR	USD	2,500			(46,772	)		(330,500	)		283,728
CMBX.NA.9	2.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	NR	USD	5,000			(94,272	)		(654,845	)		560,573
CMBX.NA.9	3.00		Monthly	Goldman Sachs International	09/17/58	NR	USD	2,500			(251,047	)		(276,232	)		25,185
CMBX.NA.9	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	NR	USD	2,500			(251,047	)		(534,149	)		283,102
CMBX.NA.9	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	NR	USD	5,000			(502,094	)		(527,729	)		25,635
CMBX.NA.9	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	NR	USD	972			(97,608	)		(108,028	)		10,420
										$	(6,245,009	)	$	(3,737,831	)	$	(2,507,178	)

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

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

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

Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value
Centrally Cleared Swaps(a)	$	51,244	$	(1,579,000	)	$	2,494,115	$	(972,924	)	$	—
OTC Swaps		1,758,558		(3,745,111	)		4,689,370		(3,983,961	)		—
Options Written		N/A		N/A			1,272,826		(2,662,799	)		(6,663,253	)

^(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)	$	—	$	—	$	—	$	—	$	1,584,290	$	—	$	1,584,290
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		490,203		—		—		490,203
Options purchased
Investments at value — unaffiliated(b)		—		—		—		—		4,235,162		—		4,235,162
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)		—		—		—		—		2,494,115		—		2,494,115
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		6,447,928		—		—		—		—		6,447,928
	$	—	$	6,447,928	$	—	$	490,203	$	8,313,567	$	—	$	15,251,698
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	—	$	—	$	198,997	$	—	$	198,997
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		302,620		—		—		302,620
Options written
Options written at value		—		—		—		—		6,663,253		—		6,663,253

S C H E D U L E   O F    I N V E S T M E N T S 47

Schedule of Investments  (unaudited) (continued) April 30, 2021 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
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	—	$	326,960	$	—	$	—	$	645,964	$	—	$	972,924
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		7,729,072		—		—		—		—		7,729,072
	$	—	$	8,056,032	$	—	$	302,620	$	7,508,214	$	—	$	15,866,866

^(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).

^(b)  Includes options purchased at value as reported in the Schedule of Investments.

For the six months ended April 30, 2021, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	—	$	—		$	14,919,694		$	—	$	14,919,694
Forward foreign currency exchange contracts		—		—		—		(952,249	)		—			—		(952,249	)
Options purchased(a)		—		—		—		—			3,003,888			—		3,003,888
Options written		—		—		—		—			(1,628,536	)		—		(1,628,536	)
Swaps		—		150,884		—		—			1,184,450			—		1,335,334
	$	—	$	150,884	$	—	$	(952,249	)	$	17,479,496		$	—	$	16,678,131
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	—	$	—		$	(1,057,690	)	$	—	$	(1,057,690	)
Forward foreign currency exchange contracts		—		—		—		289,455			—			—		289,455
Options purchased(b)		—		—		—		—			78,016			—		78,016
Options written		—		—		—		—			(1,284,078	)		—		(1,284,078	)
Swaps		—		1,263,626		—		—			1,325,922			—		2,589,548
	$	—	$	1,263,626	$	—	$	289,455		$	(937,830	)	$	—	$	615,251

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

^(b)  Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	7,215,598
Average notional value of contracts — short	$	633,028,301
Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	57,116,813
Average amounts sold — in USD	$	31,873,884
Options
Average value of option contracts purchased	$	194,827
Average value of option contracts written	$	269,061
Average notional value of swaption contracts purchased	$	269,977,298
Average notional value of swaption contracts written	$	531,549,151
Credit default swaps
Average notional value — buy protection	$	72,777,000
Average notional value — sell protection	$	44,380,397
Interest rate swaps
Average notional value — pays fixed rate	$	122,944,349
Average notional value — receives fixed rate	$	30,811,294

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

48 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT)

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	1,117		$	493,759
Forward foreign currency exchange contracts		490,203			302,620
Options		4,235,162	(a)		6,663,253
Swaps — centrally cleared		—			151,635
Swaps — OTC(b)		6,447,928			7,729,072
Total derivative assets and liabilities in the Statement of Assets and Liabilities		11,174,410			15,340,339
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(234,977	)		(856,941	)
Total derivative assets and liabilities subject to an MNA	$	10,939,433		$	14,483,398

^(a)  Includes options purchased at value which is included in Investments at value — unaffiliated in the Statement of Assets and Liabilities and reported in the Schedule of Investments.

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

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

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets(b)(c)
Bank of America N.A.	$	435,203	$	(435,203)	$	—	$	—	$	—
Barclays Bank PLC		240,929		(240,929)		—		—		—
Credit Suisse International		287,585		(287,585)		—		—		—
Deutsche Bank AG		6,681,987		(2,222,660)		—		(4,410,000)		49,327
Goldman Sachs International		25,185		(25,185)		—		—		—
JPMorgan Chase Bank N.A.		235,084		(235,084)		—		—		—
Morgan Stanley & Co. International PLC		3,012,222		(2,302,816)		—		(420,000)		289,406
Royal Bank of Canada		21,238		—		—		—		21,238
	$	10,939,433	$	(5,749,462)	$	—	$	(4,830,000)	$	359,971
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged(d)		Net Amount of Derivative Liabilities(b)(e)
Bank of America N.A.	$	1,812,103	$	(435,203)	$	—	$	(1,376,900)	$	—
Bank of Montreal		3,614		—		—		—		3,614
Barclays Bank PLC		6,040,968		(240,929)		—		(5,800,039)		—
Citibank N.A.		365,936		—		—		(310,000)		55,936
Credit Suisse International		333,723		(287,585)		—		(46,138)		—
Deutsche Bank AG		2,222,660		(2,222,660)		—		—		—
Goldman Sachs International		801,297		(25,185)		—		(776,112)		—
JPMorgan Chase Bank N.A.		482,690		(235,084)		—		(247,606)		—
Morgan Stanley & Co. International PLC		2,302,816		(2,302,816)		—		—		—
Standard Chartered Bank		5,866		—		—		—		5,866
State Street Bank and Trust Co.		107,862		—		—		—		107,862
UBS AG		3,863		—		—		—		3,863
	$	14,483,398	$	(5,749,462)	$	—	$	(8,556,795)	$	177,141

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

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

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

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

^(e)  Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statement of Assets and Liabilities.

S C H E D U L E   O F    I N V E S T M E N T S 49

Schedule of Investments  (unaudited) (continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT)

Fair Value Hierarchy as of Period End

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

The following tables summarize the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	117,807,249	$	1,580,040	$	119,387,289
Common Stocks
Aerospace & Defense		2,135,106		—		—		2,135,106
Building Products		1,117,827		—		—		1,117,827
Energy Equipment & Services		—		—		4,948		4,948
Machinery		998,683		—		—		998,683
Oil, Gas & Consumable Fuels		229,479		217,309		—		446,788
Corporate Bonds
Aerospace & Defense		—		18,291,943		—		18,291,943
Airlines		—		15,544,244		—		15,544,244
Auto Components		—		7,218,473		—		7,218,473
Automobiles		—		10,636,187		—		10,636,187
Banks		—		11,793,708		—		11,793,708
Beverages		—		11,588,657		—		11,588,657
Biotechnology		—		1,056,654		—		1,056,654
Building Materials		—		5,025,912		—		5,025,912
Building Products		—		4,218,295		—		4,218,295
Capital Markets		—		5,009,844		—		5,009,844
Chemicals		—		10,915,778		—		10,915,778
Commercial Services & Supplies		—		5,488,793		—		5,488,793
Communications Equipment		—		4,996,977		—		4,996,977
Construction & Engineering		—		712,951		—		712,951
Construction Materials		—		3,789,242		—		3,789,242
Consumer Discretionary		—		7,417,301		—		7,417,301
Consumer Finance		—		7,431,657		—		7,431,657
Containers & Packaging		—		3,161,942		—		3,161,942
Diversified Consumer Services		—		7,179,191		—		7,179,191
Diversified Financial Services		—		14,113,216		—		14,113,216
Diversified Telecommunication Services		—		23,144,138		—		23,144,138
Education		—		207,500		—		207,500
Electric Utilities		—		7,616,010		—		7,616,010
Electrical Equipment		—		693,963		—		693,963
Electronic Equipment, Instruments & Components		—		4,307,041		—		4,307,041
Energy Equipment & Services		—		3,429,984		623,105		4,053,089
Environmental, Maintenance, & Security Service		—		3,578,297		—		3,578,297
Equity Real Estate Investment Trusts (REITs)		—		10,336,902		—		10,336,902
Food & Staples Retailing		—		12,348,007		—		12,348,007
Food Products		—		4,378,459		—		4,378,459
Gas Utilities		—		173,237		—		173,237
Health Care Equipment & Supplies		—		2,880,280		—		2,880,280
Health Care Providers & Services		—		26,446,953		—		26,446,953
Health Care Technology		—		4,211,040		—		4,211,040
Hotels, Restaurants & Leisure		—		20,981,890		—		20,981,890
Household Durables		—		4,109,784		—		4,109,784
Household Products		—		94,822		—		94,822
Independent Power and Renewable Electricity Producers		—		7,838,561		—		7,838,561
Insurance		—		12,898,546		—		12,898,546
Interactive Media & Services		—		4,652,456		—		4,652,456
Internet Software & Services		—		8,108,217		—		8,108,217
IT Services		—		8,280,939		—		8,280,939
Leisure Products		—		1,653,128		—		1,653,128
Machinery		—		5,498,800		—		5,498,800
Media		—		58,844,669		—		58,844,669
Metals & Mining		—		15,738,998		—		15,738,998

50 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Corporate Bonds (continued)
Multi-line Retail	$	—		$	1,014,506		$	—	$	1,014,506
Offshore Drilling & Other Services		—			358,665			—		358,665
Oil, Gas & Consumable Fuels		115,226			83,024,343			1,563,093		84,702,662
Personal Products		—			119,105			—		119,105
Pharmaceuticals		—			16,463,732			—		16,463,732
Producer Durables: Miscellaneous		—			246,543			—		246,543
Real Estate Management & Development		—			28,648,293			—		28,648,293
Road & Rail		—			3,045,760			—		3,045,760
Semiconductors & Semiconductor Equipment		—			9,302,387			—		9,302,387
Software		—			13,076,020			—		13,076,020
Specialty Retail		—			4,973,214			—		4,973,214
Technology Hardware, Storage & Peripherals		—			776,336			—		776,336
Textiles, Apparel & Luxury Goods		—			372,249			—		372,249
Thrifts & Mortgage Finance		—			1,819,867			—		1,819,867
Tobacco		—			2,633,626			—		2,633,626
Transportation		—			123,972			—		123,972
Transportation Infrastructure		—			2,797,501			—		2,797,501
Utilities		—			12,961,150			—		12,961,150
Wireless Telecommunication Services		—			17,510,695			—		17,510,695
Floating Rate Loan Interests		—			46,083,030			1,887,951		47,970,981
Foreign Agency Obligations		—			34,604,228			—		34,604,228
Municipal Bonds		—			1,147,783			—		1,147,783
Non-Agency Mortgage-Backed Securities		—			82,782,710			—		82,782,710
Preferred Securities
Capital Trusts		—			46,547,945			—		46,547,945
Preferred Stocks		25,818,536			—			—		25,818,536
U.S. Government Sponsored Agency Securities		—			118,169,652			—		118,169,652
U.S. Treasury Obligations		—			18,498,031			—		18,498,031
Warrants		—			—			—		—
Short-Term Securities
Money Market Funds		12,057,238			—			—		12,057,238
Options Purchased
Interest Rate Contracts		233,860			4,001,302			—		4,235,162
	$	42,705,955		$	1,077,170,789		$	5,659,137	$	1,125,535,881
Derivative Financial Instruments(a)
Assets
Credit Contracts	$	—		$	4,689,370		$	—	$	4,689,370
Foreign Currency Exchange Contracts		—			490,203			—		490,203
Interest Rate Contracts		1,584,290			2,494,115			—		4,078,405
Liabilities
Credit Contracts		—			(4,310,921	)		—		(4,310,921	)
Foreign Currency Exchange Contracts		—			(302,620	)		—		(302,620	)
Interest Rate Contracts		(410,544	)		(7,097,670	)		—		(7,508,214	)
	$	1,173,746		$	(4,037,523	)	$	—	$	(2,863,777	)

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $420,938,585 are categorized as Level 2 within the fair value hierarchy.

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

	Asset-Backed Securities		Common Stocks		Corporate Bonds		Floating Rate Loan Interests			Warrants			Non-Agency Mortgage-Backed Securities			Preferred Stocks		Total
Assets
Opening balance, as of October 31, 2020	$	2,173,228	$	35,260	$	2,153,350	$	437,783		$	—	(a)	$	7,370,850		$	1,571,250	$	13,741,721
Transfers into Level 3		—		—		—		252,817			—			—			—		252,817
Transfers out of Level 3(b)		—		—		—		(154,878	)		—			(7,370,850	)		—		(7,525,728	)
Accrued discounts/premiums		14,881		—		12,419		3,053			—			—			—		30,353

S C H E D U L E   O F    I N V E S T M E N T S 51

Schedule of Investments  (unaudited) (continued) April 30, 2021 BlackRock Multi-Sector Income Trust (BIT)

	Asset-Backed Securities			Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Warrants			Non-Agency Mortgage-Backed Securities		Preferred Stocks			Total
Net realized gain (loss)		132,000			—			522			34		$	—			—		(354,375	)		(221,819	)
Net change in unrealized appreciation (depreciation)(c)(d)	$	55,268		$	(30,312	)	$	37,089		$	238,955			—		$	—	$	283,125		$	584,125
Purchases		4,148			—			15,926			1,111,410			—			—		—			1,131,484
Sales		(799,485	)		—			(33,108	)		(1,223	)		—			—		(1,500,000	)		(2,333,816	)
Closing balance, as of April 30, 2021	$	1,580,040		$	4,948		$	2,186,198		$	1,887,951		$	—	(a)	$	—	$	—		$	5,659,137
Net change in unrealized appreciation (depreciation) on investments still held at April 30, 2021(d)	$	55,268		$	(30,312	)	$	37,089		$	238,955		$	—		$	—	$	—		$	301,000

^(a)  Rounds to less than $1.

^(b)  As of October 31, 2020, the Trust used significant unobservable inputs in determining the value of certain investments. As of April 30, 2021, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

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

^(d)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at April 30, 2021 is generally due to investments no longer held or categorized as Level 3 at period end.

The Trust’s financial instruments 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 financial instruments.

See notes to financial statements.

52 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statement of Assets and Liabilities (unaudited) 

April 30, 2021

	BIT
ASSETS
Investments at value — unaffiliated(a)	$	1,113,478,643
Investments at value — affiliated(b)		12,057,238
Cash		11,929
Cash pledged:
Collateral — reverse repurchase agreements		391,000
Collateral — OTC derivatives		9,454,000
Futures contracts		5,938,400
Centrally cleared swaps		4,398,000
Foreign currency at value(c)		989,656
Receivables:
Investments sold		3,358,900
Reverse repurchase agreements		3,917,110
Dividends — unaffiliated		139,010
Dividends — affiliated		426
Interest — unaffiliated		9,970,725
Variation margin on futures contracts		1,117
Swap premiums paid		1,758,558
Unrealized appreciation on:
Forward foreign currency exchange contracts		490,203
OTC swaps		4,689,370
Total assets		1,171,044,285
LIABILITIES
Cash received:
Collateral — reverse repurchase agreements		1,091,900
Collateral — OTC derivatives		4,830,000
Options written at value(d)		6,663,253
Reverse repurchase agreements at value		420,938,585
Payables:
Investments purchased		27,477,709
Reverse repurchase agreements		3,917,110
Investment advisory fees		731,283
Trustees’ and Officer’s fees		175,921
Other accrued expenses		445,921
Principal payups		139,541
Variation margin on futures contracts		493,759
Variation margin on centrally cleared swaps		151,635
Swap premiums received		3,745,111
Unrealized depreciation on:
Forward foreign currency exchange contracts		302,620
OTC swaps		3,983,961
Total liabilities		475,088,309
NET ASSETS	$	695,955,976
NET ASSETS CONSIST OF
Paid-in capital(e)(f)(g)	$	682,947,243
Accumulated earnings		13,008,733
NET ASSETS	$	695,955,976
Net asset value	$	18.54
(a)   Investments at cost — unaffiliated	$	1,079,026,733
(b)  Investments at cost — affiliated	$	12,057,238
(c)  Foreign currency at cost	$	996,862
(d)  Premiums received	$	5,273,280
(e)  Shares outstanding		37,547,773
(f)  Shares authorized		Unlimited
(g)  Par value	$	0.001

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 53

Statement of Operations (unaudited)

Six Months Ended April 30, 2021

	BIT
INVESTMENT INCOME
Dividends — unaffiliated	$	1,173,574
Dividends — affiliated		1,696
Interest — unaffiliated		25,364,689
Other income		29,595
Total investment income		26,569,554
EXPENSES
Investment advisory		4,227,790
Professional		550,464
Accounting services		61,857
Trustees and Officer		51,233
Transfer agent		41,624
Custodian		29,248
Registration		6,336
Printing and postage		1,518
Miscellaneous		17,501
Total expenses excluding interest expense		4,987,571
Interest expense		1,079,419
Total expenses		6,066,990
Less:
Fees waived and/or reimbursed by the Manager		(4,018	)
Total expenses after fees waived and/or reimbursed		6,062,972
Net investment income		20,506,582
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		7,638,035
Foreign currency transactions		(164,135	)
Forward foreign currency exchange contracts		(952,249	)
Futures contracts		14,919,694
Options written		(1,628,536	)
Swaps		1,335,334
		21,148,143
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		18,398,292
Foreign currency translations		184,174
Forward foreign currency exchange contracts		289,455
Futures contracts		(1,057,690	)
Options written		(1,284,078	)
Swaps		2,589,548
		19,119,701
Net realized and unrealized gain		40,267,844
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	60,774,426

See notes to financial statements.

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Statements of Changes in Net Assets

	BIT
	Six Months Ended 04/30/21 (unaudited)			Year Ended 10/31/20(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	20,506,582		$	40,702,930
Net realized gain (loss)		21,148,143			(25,641,335	)
Net change in unrealized appreciation		19,119,701			54,895,177
Net increase in net assets resulting from operations		60,774,426			69,956,772
DISTRIBUTIONS TO SHAREHOLDERS(b)
From net investment income		(27,860,404	)(c)		(37,301,244	)
Return of capital		—			(18,419,563	)
Decrease in net assets resulting from distributions to shareholders		(27,860,404	)		(55,720,807	)
CAPITAL SHARE TRANSACTIONS
Reinvestment of distributions		188,689			—
NET ASSETS
Total increase in net assets		33,102,711			14,235,965
Beginning of period		662,853,265			648,617,300
End of period	$	695,955,976		$	662,853,265

^(a)  Consolidated Statement of Changes in Net Assets.

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

^(c)  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.

F I N A N C I A L   S T A T E M E N T S 55

Statement of Cash Flows (unaudited) 

Six Months Ended April 30, 2021

	BIT
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	60,774,426
Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities
Proceeds from sales of long-term investments and principal paydowns/payups		203,505,860
Purchases of long-term investments		(280,745,019	)
Net proceeds from sales of short-term securities		5,543,771
Amortization of premium and accretion of discount on investments and other fees		(2,462,204	)
Premiums paid on closing options written		(6,103,190	)
Premiums received from options written		5,428,919
Net realized gain on investments and options written		(6,009,499	)
Net unrealized appreciation on investments, options written, swaps and foreign currency translations		(19,124,088	)
(Increase) Decrease in Assets
Receivables
Dividends — affiliated		(11	)
Dividends — unaffiliated		(1,171	)
Interest — unaffiliated		(366,958	)
Variation margin on futures contracts		330,202
Variation margin on centrally cleared swaps		39,735
Swap premiums paid		16,143
Prepaid expenses		2,365
Increase (Decrease) in Liabilities
Cash received
Collateral — reverse repurchase agreements		(275,142	)
Collateral — OTC derivatives		1,000,000
Payables
Interest expense		(94,950	)
Investment advisory fees		50,836
Trustees’ and Officer’s fees		34,326
Other accrued expenses		(371,433	)
Variation margin on futures contracts		490,865
Variation margin on centrally cleared swaps		151,635
Swap premiums received		(1,221,089	)
Net cash used for operating activities		(39,405,671	)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders		(27,855,625	)
Net borrowing of reverse repurchase agreements		67,165,968
Net cash provided by financing activities		39,310,343
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations		186,866
CASH AND FOREIGN CURRENCY
Net increase in restricted and unrestricted cash and foreign currency		91,538
Restricted and unrestricted cash and foreign currency at beginning of period		21,091,447
Restricted and unrestricted cash and foreign currency at end of period	$	21,182,985
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	1,174,369
NON-CASH FINANCING ACTIVITIES
Capital shares issued in reinvestment of distributions paid to shareholders	$	188,689

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Statement of Cash Flows (unaudited) (continued)

Six Months Ended April 30, 2021

	BIT
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES
Cash	$	11,929
Cash pledged
Collateral — reverse repurchase agreements		391,000
Collateral — OTC derivatives		9,454,000
Futures contracts		5,938,400
Centrally cleared swaps		4,398,000
Foreign currency at value		989,656
	$	21,182,985

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 57

Financial Highlights

(For a share outstanding throughout each period)

	BIT
	Six Months Ended 04/30/21 (unaudited)			Year Ended October 31,
				2020(a)			2019(a)			2018(a)			2017(a)			2016(a)
Net asset value, beginning of period	$	17.66		$	17.28		$	18.79		$	20.07		$	18.91		$	18.91
Net investment income(b)		0.55			1.08			1.18			1.38			1.51			1.69
Net realized and unrealized gain (loss)		1.07			0.78			(1.28	)		(1.13	)		1.42			(0.05	)
Net increase (decrease) from investment operations		1.62			1.86			(0.10	)		0.25			2.93			1.64
Distributions(c)
From net investment income		(0.74	)(d)		(0.99	)		(1.14	)		(1.49	)		(1.77	)		(1.64	)
Return of capital		—			(0.49	)		(0.27	)		(0.04	)		—			—
Total distributions		(0.74	)		(1.48	)		(1.41	)		(1.53	)		(1.77	)		(1.64	)
Net asset value, end of period	$	18.54		$	17.66		$	17.28	(e)	$	18.79		$	20.07		$	18.91
Market price, end of period	$	18.55		$	15.65		$	17.15		$	16.25		$	18.55		$	16.76
Total Return(f)
Based on net asset value		9.48	%(g)		12.68	%(h)		0.00	%(e)(i)		2.18	%(j)		17.34	%(k)		10.51	%(j)
Based on market price		23.60	%(g)		0.61	%		14.76	%		(4.40	)%		22.36	%		13.56	%
Ratios to Average Net Assets(l)
Total expenses		1.77	%(m)		2.36	%		2.89	%		2.90	%		2.33	%		2.05	%
Total expenses after fees waived and/or reimbursed		1.77	%(m)		2.19	%(n)		2.89	%		2.89	%		2.33	%		2.05	%
Total expenses after fees waived and/or reimbursed and excluding interest expense		1.46	%(m)		1.39	%		1.35	%		1.42	%		1.39	%		1.43	%
Net investment income		6.00	%(m)		6.51	%		6.43	%		7.17	%		7.86	%		9.24	%
Supplemental Data
Net assets, end of period (000)	$	695,956		$	662,853		$	648,617		$	710,832		$	765,859		$	726,381
Borrowings outstanding, end of period (000)	$	420,939		$	353,128		$	373,345		$	376,302		$	471,082		$	427,329
Portfolio turnover rate(o)		19	%		101	%		32	%		38	%		53	%		52	%

^(a)  Consolidated Financial Highlights.

^(b)  Based on average shares outstanding.

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

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

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

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

^(g)  Aggregate total return.

^(h)  Includes payments received from an affiliate and unaffiliated third parties, which impacted the Trust’s total return. Excluding the payments, the Trust’s total return would have been 1.38%.

⁽ⁱ⁾  Amount is greater than (0.005)%.

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

^(k)  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%.

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

	Six Months Ended 04/30/21 (unaudited)			Year Ended October 31,
				2020(a)			2019(a)			2018(a)			2017(a)			2016(a)
Investments in underlying funds		—	%		—	%		—	%		—	%		—	%		0.01	%

^(m)  Annualized.

⁽ⁿ⁾  Includes reimbursement of professional fees by unaffiliated third parties, which impacted the Trust’s expense ratio. Excluding the payment, the Trust’s total expense ratio would have been 2.36%.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

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

	Six Months Ended 04/30/21 (unaudited)			Year Ended October 31,
				2020(a)			2019(a)			2018(a)			2017(a)			2016(a)
Portfolio turnover rate (excluding MDRs)		19	%		72	%		—	%		—	%		—	%		—	%

See notes to financial statements.

F I N A N C I A L   H I G H L I G H TS 59

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 the Trust 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 the Trust 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 using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Trust is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

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

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

Segregation and Collateralization: In cases where the Trust enters into certain investments (e.g., dollar rolls, 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 dates. Subject to the Trust’s managed distribution plan, the Trust intends to make monthly cash distributions to shareholders, which may consist of net investment income, and net realized and unrealized gains on investments and/or return of capital.

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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

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

3.    INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Trust’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Trust is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The 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 that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

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

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• 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.

• 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. Over-the-counter (“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 independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., a market closure, market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the 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 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.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 61

Notes to Financial Statements (unaudited) (continued)

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the 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. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used, as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

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

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

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

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

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.    SECURITIES AND OTHER INVESTMENTS

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities

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Notes to Financial Statements (unaudited) (continued)

issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

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

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

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

For the six months ended April 30, 2021, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rate for the Trust were $377,258,326 and 0.58%, respectively.

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Notes to Financial Statements (unaudited) (continued)

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

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

Counterparty		Reverse Repurchase Agreements			Fair Value of Non-Cash Collateral Pledged Including Accrued Interest	(a)		Cash Collateral Pledged/Received		Net Amount
Barclays Bank PLC	$	(61,025,278	)	$	61,025,278		$	—	$	—
Barclays Capital, Inc.		(61,504,420	)		61,504,420			—		—
BNP Paribas S.A		(158,300,501	)		158,300,501			—		—
Credit Agricole Corporate & Investment Bank		(9,935,433	)		9,935,433			—		—
Credit Suisse Securities (USA) LLC		(1,217,227	)		1,217,227			—		—
Deutsche Bank Securities, Inc.		(52,552,930	)		52,552,930			—		—
J.P. Morgan Securities LLC		(867,160	)		867,160			—		—
RBC Capital Markets LLC		(75,535,636	)		75,535,636			—		—
	$	(420,938,585	)	$	420,938,585		$	—	$	—

^(a) Net collateral, including accrued interest, with a value of $467,278,853 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.

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

5.    DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

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

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Trust are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

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

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Notes to Financial Statements (unaudited) (continued)

foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statement of Assets and Liabilities. A Trust’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Trust.

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

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

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

• 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 Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

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

• 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.

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Notes to Financial Statements (unaudited) (continued)

• 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 a Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

The Manager entered into a sub-advisory agreement with BlackRock (Singapore) Limited (“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, 2022. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Trust. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended April 30, 2021, the amount waived was $4,018.

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Notes to Financial Statements (unaudited) (continued)

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Trust’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2022. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trust’s IndependentTrustees. For the six months ended April 30, 2021, there were no fees waived 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 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, 2021, 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:

Trust Name	Purchases	Sales	Net Realized Gain (Loss)
BIT	$2,927,740	$15,185	$ 1,151

7. PURCHASES AND SALES

For the six months ended April 30, 2021, purchases and sales of investments, including paydowns/payups and mortgage dollar rolls, excluding short-term investments, were $290,321,007 and $202,866,459, respectively.

For the six months ended April 30, 2021, purchases and sales related to mortgage dollar rolls were $189,526 and $189,288, 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 a period of three fiscal years after they are filed. The statutes of limitations on the Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trust as of April 30, 2021, 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, 2020, the Trust had non-expiring capital loss carryforwards available to offset future realized capital gains of $57,394,094.

As of April 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Trust Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
BIT	$	1,068,593,852	$	93,123,263	$	(33,771,002	)	$	59,352,261

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 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.

Market Risk: 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.

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Notes to Financial Statements (unaudited) (continued)

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 duration of this pandemic and its effects cannot be determined with certainty.

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.

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, including making timely interest and/or principal payments or otherwise honoring its obligations. 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.

For OTC options purchased, the Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Trust should the counterparty fail to perform under the contracts. Options written by the Trust do not typically give rise to counterparty credit risk, as options written generally obligate the Trust, and not the counterparty, to perform. The Trust may be exposed to counterparty credit risk with respect to options written to the extent the Trust deposits collateral with its counterparty to a written option.

With exchange-traded options purchased and exchange-traded 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.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Trust’s portfolio are disclosed in its Schedule of Investments.

The Trust invests a significant portion of its assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

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. When a Trust concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. 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. Investment percentages in these securities are presented in the Schedule of Investments.

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Notes to Financial Statements (unaudited) (continued)

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Trust may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Trust is uncertain.

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

For the six months shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

Trust Name	Six Months Ended 04/30/21	Year Ended 10/31/20
BIT	10,177	—

The Trust participates in an open market share repurchase program (the “Repurchase Program”). 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. From December 1, 2020 through November 30, 2021, 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, 2020, subject to certain conditions. There is no assurance that the Trust will purchase shares in any particular amounts. For the six months ended April 30, 2021, the Trust did not repurchase any shares.

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 or will pay distributions to Common Shareholders as follows:

Trust Name	Declaration Date	Record Date	Payable/ Paid Date	Dividend Per Common Share
BIT
	05/03/21	05/14/21	05/28/21	$ 0.123700
	06/01/21	06/15/21	06/30/21	0.123700

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock Multi-Sector Income Trust (the “Fund”) met on November 18-19, 2020 (the “November Meeting”) to consider the approval to continue the investment advisory agreement (the “Advisory Agreement”) between the Fund and BlackRock Advisors, LLC (the “Manager”), the Fund’s investment advisor. The Board also considered the approval to continue the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Manager, BlackRock (Singapore) Limited (the “Sub-Advisor”) and the Fund. The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the “Agreements.”

The continuation of the Agreements was considered by the Board at meetings on April 16, 2020 (the “April Meeting”) and May 20-21, 2020 (the “May Meeting”). At the May Meeting, the continuation of the Agreements was approved by the Board for a five-month term ending November 30, 2020, with further continuation to be considered by the Board at the November Meeting. At the November Meeting, the Board considered materials relating to its approval of the Agreements at the May Meeting, as well as additional information provided by the Manager. The factors considered by the Board at the November Meeting in connection with approval of the continuation of the Agreements were substantially the same as the factors considered at the April and May Meetings. A discussion of the basis for the Board’s approval of the Agreements at the May Meeting and the November Meeting is included below under “Board Considerations in Approving the Agreements.”

Activities and Composition of the Board

On the date of the November Meeting, the Board consisted of ten individuals, eight 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”). The Board Members are responsible for the oversight of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Co-Chairs of the Board are Independent Board Members. The Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Executive Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member).

The Agreements

Consistent with the requirements of the 1940 Act, the Board considers the continuation of the Agreements on at least an annual basis. The Board has four quarterly meetings per year, each typically extending for two days, and additional in-person and telephonic meetings throughout the year, as needed. While the Board also has a fifth one-day meeting to consider specific information surrounding the renewal of the Agreements, the Board’s consideration entails a year-long deliberative process whereby the Board and its committees assess BlackRock’s services to the Fund. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.

During the year, the Board, acting directly and through its committees, considers information that is relevant to its consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. This additional information is discussed further in the section titled “Board Considerations in Approving the Agreements.” Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, applicable benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to the Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of the Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock’s and the Fund’s adherence to applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock’s implementation of the Fund’s valuation and liquidity procedures; (l) an analysis of management fees for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; (n) periodic updates on BlackRock’s business; and (o) the Fund’s market discount/premium compared to peer funds.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April Meeting, the Board requested and received materials specifically relating to the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on Lipper classifications, regarding the Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of the Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock’s and the Fund’s operations.

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting. Topics covered included: (a) the methodology for measuring estimated fund profitability; (b) fund expenses and potential fee waivers; (c) differences in services provided and management fees between closed-end funds and other product channels; and (d) BlackRock’s option overwrite strategy.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock

At the April Meeting and May Meeting, the Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by the Fund’s portfolio management team discussing the Fund’s performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and the Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to the Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third-parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of the Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, the Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal & compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Fund and BlackRock

The Board, including the Independent Board Members, also reviewed and considered the performance history of the Fund. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of the Fund’s performance as of December 31, 2019, as compared to its Performance Peers. The performance information is based on net asset value (NAV), and utilizes Lipper data. Lipper’s methodology calculates a fund’s total return assuming distributions are reinvested on the ex-date at a fund’s ex-date NAV. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers and a custom peer group of funds as defined by BlackRock (“Customized Peer Group”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

At the November Board Meeting, the Board noted that, as of September 30, 2020, for the one-, three- and five-year periods reported, the Fund ranked in the first, second and second quartiles, respectively, against its Customized Peer Group. The Board noted that BlackRock believes that the Customized Peer Group is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board.

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund

The Board, including the Independent Board Members, reviewed the Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund’s accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock’s estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2019 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.

At the November Meeting, the Board noted that the Fund’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio each ranked in the fourth quartile, relative to the Expense Peers. The Board also noted, however, that given the comparability limitations of the Expense Peers, BlackRock provided the Board a supplemental peer group consisting of funds that are generally similar to the Fund. The Board noted that the Fund’s actual management fee rate and total expense ratio each ranked in the second quartile relative to the supplemental peer group.

D. Economies of Scale

At the April Meeting and the May Meeting, the Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Fund increase. The Board also considered the extent to which the Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Fund to more fully participate in these economies of scale. The Board considered the Fund’s asset levels and whether the current fee was appropriate.

Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund’s inception.

E. Other Factors Deemed Relevant by the Board Members

At the April Meeting and the May Meeting, the Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Fund, including for administrative, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the closed-end fund marketplace, and that shareholders are able to sell their Fund shares in the secondary market if they believe that the Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued communication efforts with shareholders, fund analysts and financial

D I S C L O S U R E   O F   I N V E S T M E N T   A D V I S O R Y   A G R E E M E N T   A N D   S U B - A D V I S O R Y   A G R E E M E N T 73

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

Conclusion

At the November Meeting, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Fund for a seven-month term ending June 30, 2021 and the Sub-Advisory Agreement among the Manager, the Sub-Advisor and the Fund for a seven-month term ending June 30, 2021. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, 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.

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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.

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Trust will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Environmental, Social and Governance (“ESG”) Integration

Although a Trust does not seek to implement a specific ESG, impact or sustainability strategy unless otherwise disclosed, Trust management will consider ESG characteristics as part of the investment process for actively managed Trusts. These considerations will vary depending on a Trust’s particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. Trust management will consider those ESG characteristics it deems relevant or additive when making investment decisions for a Trust. The ESG characteristics utilized in a Trust’s investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. ESG characteristics are not the sole considerations when making investment decisions for a Trust. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, a Trust may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect a Trust’s exposure to certain companies or industries and a Trust may forego certain investment opportunities. While Trust management views ESG considerations as having the potential to contribute to a Trust’s long-term performance, there is no guarantee that such results will be achieved.

Dividend Policy

The Trust’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, the Trust employs a managed distribution plan (the “Plan”), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of the Trust.

The distributions paid by the Trust for any particular month may be more or less than the amount of net investment income earned by the Trust during such month. Furthermore, the final tax characterization of distributions is determined after the year-end of the Trust and is reported in the Trust’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. The Trust’s taxable net investment income and net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital.

A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.

Such distributions, under certain circumstances, may exceed the Trust’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Trust’s total assets and net asset value per share (“NAV”) and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the amount of assets the Trust has available for long term investment.

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 Trust’s offerings and the information contained in the Trust’s Statement of Additional Information may have become outdated.

The following information is a summary of certain changes since October 31, 2020. This information may not reflect all of the changes that have occurred since you purchased the Trust.

Except if noted otherwise herein, there were no changes to the Trust’s charters or by-laws that would delay or prevent a change of control of the Trust that were not approved by the shareholders. Except if noted otherwise herein, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trust’s portfolios.

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. 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.

A D D I T I O N A L   I N F O R M A T I O N 75

Additional Information (continued)

General Information (continued)

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 adviser. 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, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trust at (800) 882-0052.

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. The Trust’s Form N-PORT is available on the SEC’s website at sec.gov. Additionally, the Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities and information about how the Trust voted proxies relating to securities held in the Trust’s portfolio during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

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.

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Additional Information (continued)

Trust and Service Providers

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

BlackRock (Singapore) Limited

079912 Singapore

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

A D D I TI O N A L   I N F O R M A T I O N 77

Glossary of Terms Used in this Report

Currency Abbreviation
AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
MXN	Mexican Peso
NZD	New Zealand Dollar
USD	United States Dollar
Portfolio Abbreviation
CAB	Capital Appreciation Bonds
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
DAC	Designated Activity Company
DIP	Debtor-In-Possession
EURIBOR	Euro Interbank Offered Rate
GO	General Obligation Bonds
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
PCL	Public Company Limited
PIK	Payment-in-Kind
PJSC	Public Joint Stock Company
RB	Revenue Bond
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
SAB	Special Assessment Bonds

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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-04/21-SAR

(b) Not Applicable

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) Not Applicable to this semi-annual report

(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

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

2

Item 13 – Exhibits attached hereto

(a)(2) Section 302 Certifications are attached

(a)(3) Not Applicable

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

3

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 6, 2021

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 6, 2021

By:	/s/ Trent Walker
	Trent Walker
	Chief Financial Officer (principal financial officer) of BlackRock Multi-Sector Income Trust

Date: July 6, 2021

4