NPORT-EX 2 NPORT_89K1_49831115_0722.htm BlackRock Multi-Sector Income Trust

Schedule of Investments  (unaudited)

July 31, 2022

  

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, 0.00%, 12/25/57(a)(b)(c)

    USD       20     $ 18,630  

ALM Ltd., Series 2020-1A, Class D, (3 mo. LIBOR US + 6.00%), 8.51%, 10/15/29(b)(c)

      287       255,739  

American Homes 4 Rent Trust, Series 2014-SFR2, Class E, 6.23%, 10/17/36(c)

      2,000       2,030,171  

AMMC CLO 19 Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.00%), 9.51%, 10/15/28(b)(c)

      1,000       975,779  

Anchorage Capital CLO 5-R Ltd., Series 2014-5RA, Class E, (3 mo. LIBOR US + 5.40%), 7.91%, 01/15/30(b)(c)

      860       791,495  

Anchorage Capital CLO 7 Ltd., Series 2015-7A, Class D1R2, (3 mo. LIBOR US + 3.50%), 6.29%, 01/28/31(b)(c)

      250       235,711  

Argent Securities Trust, Series 2006-W5, Class A1A, (1 mo. LIBOR US + 0.30%), 2.56%, 06/25/36(b)

      4,349       2,966,714  

Bain Capital Credit CLO Ltd., Series 2020-2A, Class DR, (3 mo. LIBOR US + 3.30%), 6.04%, 07/19/34(b)(c)

      250       230,499  

Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1 mo. LIBOR US + 0.14%), 2.40%, 11/25/36(b)

      1,224       1,181,730  

Benefit Street Partners CLO XX Ltd., Series 2020-20A, Class CR, (3 mo. LIBOR US + 2.05%), 4.56%, 07/15/34(b)(c)

      250       233,975  

Brookside Mill CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 2.65%), 5.39%, 01/17/28(b)(c)

      250       240,764  

Carlyle U.S. CLO Ltd., Class A2, (3 mo. LIBOR US + 1.80%), 4.51%, 01/20/31(b)(c)

      250       237,060  

Carrington Mortgage Loan Trust(b)

     

Series 2006-FRE2, Class A2, (1 mo. LIBOR US + 0.12%), 2.38%, 10/25/36

      3,091       2,552,657  

Series 2006-FRE2, Class A5, (1 mo. LIBOR US + 0.08%), 2.34%, 03/25/35

      6,367       5,241,873  

CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 9.15%, 07/20/32(b)(c)

      500       445,475  

C-BASS Trust, Series 2006-CB7, Class A4,
(1 mo. LIBOR US + 0.32%), 2.58%, 10/25/36(b)

      4,442       3,090,706  

CIFC Funding Ltd.(b)(c)

     

(3 mo. LIBOR US + 1.70%), 4.43%, 10/21/31

      750       712,843  

Series 2020-1A, Class DR, (3 mo. LIBOR US + 3.10%), 5.61%, 07/15/36

      500       466,885  

Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 5.78%, 10/25/36

      350       261,903  

Clear Creek CLO, Series 2015-1A, Class DR, (3 mo. LIBOR US + 2.95%), 5.66%, 10/20/30(b)(c)

      250       230,870  

Countrywide Asset-Backed Certificates, Series 2006-26, Class 1A, (1 mo. LIBOR US + 0.14%), 2.40%, 06/25/37(b)

      562       514,626  

CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1 mo. LIBOR US + 0.14%), 2.14%, 01/15/37(b)

      500       457,678  

Elevation CLO Ltd., Series 2021-12A, Class E, (3 mo. LIBOR US + 7.27%), 9.98%, 04/20/32(b)(c)

      250       210,734  

Elmwood CLO IV Ltd., Series 2020-1A, Class B, (3 mo. LIBOR US + 1.70%), 4.21%, 04/15/33(b)(c)

      250       236,462  

FirstKey Homes Trust, Series 2022-SFR1, Class E1, 5.00%, 05/17/39(c)

      3,800       3,586,564  

Fremont Home Loan Trust(b)

     

Series 2006-A, Class 2A3, (1 mo. LIBOR US + 0.32%), 2.58%, 05/25/36

      4,286       2,635,777  
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%), 2.41%, 11/25/36

    USD       6,439     $     2,504,969  

Galaxy XXI CLO Ltd., Series 2015-21A, Class ER, (3 mo. LIBOR US + 5.25%), 7.96%, 04/20/31(b)(c)

      500       425,487  

Generate CLO 2 Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.65%), 8.41%, 01/22/31(b)(c)

      250       214,762  

Goldentree Loan Management U.S. CLO 5 Ltd., Series 2019-5A, Class BR, (3 mo. LIBOR US + 1.55%), 4.26%, 10/20/32(b)(c)

      250       236,646  

Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3 mo. LIBOR US + 6.45%), 8.96%, 04/15/33(b)(c)

      500       449,186  

Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1 mo. LIBOR US + 0.17%), 2.43%, 04/25/37(b)

      3,574       2,541,045  

HPS Loan Management Ltd., Series 8A-2016, Class ER, (3 mo. LIBOR US + 5.50%), 8.21%, 07/20/30(b)(c)

      1,000       825,449  

Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.32%), 2.58%, 08/25/36(b)

      5,231       2,374,749  

Madison Park Funding XXIX Ltd., Series 2018-29A, Class E, (3 mo. LIBOR US + 5.70%), 8.44%, 10/18/30(b)(c)

      500       441,558  

Mastr Asset-Backed Securities Trust, Series 2006- HE2, Class A3, (1 mo. LIBOR US + 0.30%), 2.56%, 06/25/36(b)

      7,422       3,117,588  

Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ERR, (3 mo. LIBOR US + 6.50%), 9.01%, 07/15/34(b)(c)

      710       628,789  

Neuberger Berman Loan Advisers CLO 37 Ltd., Series 2020-37A, Class CR, (3 mo. LIBOR US + 1.80%), 4.51%, 07/20/31(b)(c)

      400       379,392  

Neuberger Berman Loan Advisers CLO Ltd., Series 2021- 46A, Class B, (3 mo. LIBOR US + 1.65%), 4.36%, 01/20/36(b)(c)

      250       233,801  

Octagon Investment Partners 31 LLC, Series 2017-1A, Class E, (3 mo. LIBOR US + 6.30%), 9.01%, 07/20/30(b)(c)

      500       442,759  

Octagon Investment Partners XVII Ltd., Series 2013-1A, Class BR2, (3 mo. LIBOR US + 1.40%), 4.18%, 01/25/31(b)(c)

      250       235,533  

Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, (3 mo. LIBOR US + 2.75%), 5.51%, 01/22/30(b)(c)

      500       465,690  

OZLM XXI Ltd., Series 2017-21A, Class D, (3 mo. LIBOR US + 5.54%), 8.25%, 01/20/31(b)(c)

      250       213,171  

Palmer Square Loan Funding Ltd., Series 2019-3A, Class B, (3 mo. LIBOR US + 2.10%), 3.58%, 08/20/27(b)(c)

      750       734,835  

Rad CLO 6 Ltd., Series 2019-6A, Class E,
(3 mo. LIBOR US + 7.53%), 10.24%, 01/20/33(b)(c)

      500       468,107  

Regional Management Issuance Trust, 3.88%, 10/17/33(a)

      1,110       1,034,295  

Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37

      3,649       1,759,595  

Rockford Tower CLO Ltd., Series 2017-2A, Class DR, (3 mo. LIBOR US + 2.85%), 5.36%, 10/15/29(b)(c)

      500       473,389  

Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1 mo. LIBOR US + 0.40%), 2.66%, 09/25/47(b)

      3,886       3,663,071  
 

 

 

C H E D U L E   O F   I N V E S T M E N  T S   1


Schedule of Investments  (unaudited) (continued)

July 31, 2022

  

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

    Value  

Asset-Backed Securities (continued)

 

Scholar Funding Trust, Series 2013-A, Class R, 0.00%, 01/30/45(a)

    USD       —  (d)     1,089,883  

TICP CLO VII Ltd., Series 2017-7A, Class ER, (3 mo. LIBOR US + 7.05%), 9.56%, 04/15/33(b)(c)

      250       226,591  

TICP CLO VIII Ltd., Series 2017-8A, Class A2R, (3 mo. LIBOR US + 1.70%), 4.41%, 10/20/34(b)(c)

      250       235,029  

Trestles CLO IV Ltd., 4.43%, 07/21/34

      1,000       931,013  

Trestles CLO Ltd., Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.90%), 5.68%, 04/25/32(b)(c)

      250       233,763  

Unique Pub Finance Co. PLC(e)

     

Series M, 7.40%, 03/28/24

    GBP       1,951       2,399,412  

Series N, 6.46%, 03/30/32

      50       69,678  

WaMu Asset-Backed Certificates Trust, Series 2007- HE3, Class 2A3, (1 mo. LIBOR US + 0.24%), 2.50%, 05/25/37(b)

    USD       6,009       5,187,011  

Whetstone Park CLO Ltd., 4.31%, 01/20/35

      275       257,128  
   

 

 

 

Total Asset-Backed Securities — 11.1%
(Cost: $66,919,084)

 

    64,536,694  
   

 

 

 
            Shares         

Common Stocks

     

Aerospace & Defense — 0.4%

     

Raytheon Technologies Corp.

      25,650       2,390,836  
   

 

 

 

Building Products — 0.2%

     

Carrier Global Corp.

      25,650       1,039,595  
   

 

 

 

Diversified Telecommunication Services — 0.0%

 

Liberty Global PLC, Class A(f)

      247       5,375  
   

 

 

 

Machinery — 0.2%

     

Otis Worldwide Corp.

      12,825       1,002,530  
   

 

 

 

Total Common Stocks — 0.8%
(Cost: $2,975,709)

        4,438,336  
   

 

 

 
            Par
(000)
        

Corporate Bonds

     

Aerospace & Defense — 2.9%

     

Amsted Industries, Inc., 5.63%, 07/01/27(c)

    USD       185       179,596  

Bombardier, Inc.(c)

     

7.50%, 03/15/25

      50       48,750  

7.13%, 06/15/26

      907       842,059  

7.88%, 04/15/27

      781       722,425  

6.00%, 02/15/28

      683       589,292  

7.45%, 05/01/34

      100       86,500  

Embraer Netherlands Finance BV, 6.95%, 01/17/28(c)

      269       269,336  

F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26(c)

      464       366,560  

Howmet Aerospace, Inc., 5.13%, 10/01/24

      2       2,014  

Lockheed Martin Corp., 4.09%, 09/15/52(g)

      451       437,206  

Northrop Grumman Corp., 3.85%, 04/15/45

      530       472,294  

Raytheon Technologies Corp., 3.75%, 11/01/46(g)

      700       619,864  

Rolls-Royce PLC, 5.75%, 10/15/27(c)(g)

      1,545       1,458,920  

Spirit AeroSystems, Inc.(c)
5.50%, 01/15/25

      236       235,087  
Security          Par
(000)
    Value  

Aerospace & Defense (continued)

     

Spirit AeroSystems, Inc.(c) (continued)

     

7.50%, 04/15/25

    USD       40     $ 39,844  

TransDigm, Inc.

     

8.00%, 12/15/25(c)(g)

      825       854,882  

6.25%, 03/15/26(c)(g)

      7,135       7,169,319  

6.38%, 06/15/26

      58       57,710  

7.50%, 03/15/27

      134       136,186  

4.63%, 01/15/29

      715       643,500  

4.88%, 05/01/29

      382       341,795  

Triumph Group, Inc., 8.88%, 06/01/24(c)(g)

      1,055       1,091,260  
   

 

 

 
        16,664,399  
Airlines — 2.0%                  

Air Canada, 3.88%, 08/15/26(c)

      401       368,920  

American Airlines Pass-Through Trust, Series 2013-2, Class A, 4.95%, 07/15/24

      403       395,129  

American Airlines, Inc., 11.75%, 07/15/25(c)

      530       588,300  

American Airlines, Inc./AAdvantage Loyalty IP Ltd.(c)

     

5.50%, 04/20/26

      1,006       989,597  

5.75%, 04/20/29

      1,485       1,421,437  

Avianca Midco 2 Ltd., 9.00%, 12/01/28(c)

      304       253,781  

Azul Investments LLP

     

5.88%, 10/26/24(e)

      200       134,000  

7.25%, 06/15/26(c)

      230       152,375  

Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28(c)

      98       95,335  

Deutsche Lufthansa AG(e)

     

3.75%, 02/11/28

    EUR       100       88,284  

3.50%, 07/14/29

      100       83,297  

Gol Finance SA, 8.00%, 06/30/26(c)

    USD       200       128,038  

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(c)

      317       308,153  

International Consolidated Airlines Group SA(e)

     

2.75%, 03/25/25

    EUR       100       91,234  

3.75%, 03/25/29

      100       78,293  

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(c)(g)

    USD       947       956,966  

United Airlines Pass-Through Trust

     

Series 2015-1, Class A, 3.70%, 12/01/22(g)

      3,570       3,549,886  

Series 2020-1, Class A, 5.88%, 10/15/27(g)

      739       745,280  

Series 2020-1, Class B, 4.88%, 07/15/27

      48       45,337  

United Airlines, Inc.(c)

     

4.38%, 04/15/26(g)

      588       564,480  

4.63%, 04/15/29

      785       723,181  
   

 

 

 
        11,761,303  
Auto Components — 1.2%                  

Aptiv PLC, 4.40%, 10/01/46(g)

      280       229,178  

Clarios Global LP/Clarios U.S. Finance Co.

     

4.38%, 05/15/26(e)

    EUR       101       95,588  

6.25%, 05/15/26(c)(g)

    USD       1,673       1,683,289  

8.50%, 05/15/27(c)(g)

      3,666       3,700,020  

Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(c)

      436       391,266  

Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/29(c)

      142       106,188  

Faurecia SE(e)

     

2.75%, 02/15/27

    EUR       100       86,874  

3.75%, 06/15/28

      100       88,509  

Goodyear Tire & Rubber Co.

     

5.00%, 07/15/29

    USD       187       170,544  

5.63%, 04/30/33

      316       277,132  
 

 

 

2  


Schedule of Investments  (unaudited) (continued)

July 31, 2022

  

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  

Auto Components (continued)

     

IHO Verwaltungs GmbH, (4.63% PIK), 3.88%, 05/15/27(e)(h)

    EUR       100     $ 83,808  

ZF Finance GmbH(e)

     

3.00%, 09/21/25

      100       95,250  

2.00%, 05/06/27

      100       85,980  
   

 

 

 
        7,093,626  
Automobiles — 2.0%                  

Allison Transmission, Inc., 5.88%, 06/01/29(c)

    USD       211       207,667  

Asbury Automotive Group, Inc.

     

4.50%, 03/01/28

      168       153,730  

4.75%, 03/01/30

      164       142,988  

5.00%, 02/15/32(c)

      201       175,542  

Carvana Co.(c)

     

5.50%, 04/15/27(g)

      371       244,860  

4.88%, 09/01/29(g)

      286       170,728  

10.25%, 05/01/30

      213       175,126  

Constellation Automotive Financing PLC, 4.88%, 07/15/27(e)

    GBP       100       97,424  

Ford Motor Co.

     

0.00%, 03/15/26(i)(j)

    USD       282       300,330  

3.25%, 02/12/32

      797       665,495  

Ford Motor Credit Co. LLC

     

5.13%, 06/16/25(g)

      397       395,773  

3.38%, 11/13/25

      200       190,842  

4.39%, 01/08/26(g)

      1,250       1,216,644  

2.70%, 08/10/26

      376       341,690  

4.95%, 05/28/27

      519       509,918  

4.13%, 08/17/27

      320       303,584  

3.82%, 11/02/27

      400       366,620  

2.90%, 02/16/28

      376       326,187  

5.11%, 05/03/29

      214       208,049  

4.00%, 11/13/30(g)

      937       828,231  

3.63%, 06/17/31

      617       523,315  

General Motors Co., 6.25%, 10/02/43(g)

      2,194       2,158,514  

General Motors Financial Co., Inc., 4.25%, 05/15/23(g)

      326       327,672  

Group 1 Automotive, Inc., 4.00%, 08/15/28(c)

      59       52,770  

Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28(e)

    EUR       100       76,597  

Ken Garff Automotive LLC, 4.88%, 09/15/28(c)

    USD       156       128,659  

LCM Investments Holdings II LLC, 4.88%, 05/01/29(c)

      373       318,727  

Lithia Motors, Inc., 3.88%, 06/01/29(c)

      167       148,589  

MajorDrive Holdings IV LLC, 6.38%, 06/01/29(c)

      228       171,891  

Penske Automotive Group, Inc.

     

3.50%, 09/01/25

      104       100,307  

3.75%, 06/15/29

      87       78,300  

Renault SA, 2.38%, 05/25/26(e)

    EUR       100       93,914  

Sonic Automotive, Inc., 4.63%, 11/15/29(c)

    USD       76       64,590  

TML Holdings Pte. Ltd., 4.35%, 06/09/26(e)

      200       174,913  

Wabash National Corp., 4.50%, 10/15/28(c)

      281       231,305  
   

 

 

 
        11,671,491  
Banks — 1.3%                  

Banco Bilbao Vizcaya Argentaria SA, (5 year USD Swap + 3.87%), 6.13%(b)(g)(k)

      2,000       1,751,458  

Banco BPM SpA, (5 year EUR Swap + 3.17%), 2.88%, 06/29/31(b)(e)

    EUR       100       84,914  

Banco de Sabadell SA, (5 year EUR Swap + 2.95%), 2.50%, 04/15/31(b)(e)

      100       85,235  

Bangkok Bank PCL, (5 year CMT + 4.73%), 5.00%(k)

    USD       205       190,560  
Security          Par
(000)
    Value  

Banks (continued)

     

BBK BSC, 5.50%, 07/09/24(e)

    USD       289     $ 282,552  

Chong Hing Bank Ltd., (5 year CMT + 3.86%), 5.70%(b)(e)(k)

      250       239,109  

Commerzbank AG, (5 year EUR Swap + 6.36%), 6.13%(b)(e)(k)

    EUR       200       195,844  

Grupo Aval Ltd., 4.38%, 02/04/30(c)

    USD       512       404,480  

Intesa Sanpaolo SpA, 5.02%, 06/26/24(c)(g)

      2,888       2,796,419  

NBK Tier 1 Ltd., (6 year USD Swap + 2.88%), 3.63%(b)(c)(k)

      556       500,330  

Standard Chartered PLC, (5 year USD ICE Swap + 1.97%), 4.87%, 03/15/33(b)(c)(g)

      500       475,525  

Wells Fargo & Co., Series BB, (5 year CMT + 3.45%), 3.90%(b)(k)

      465       430,706  
   

 

 

 
        7,437,132  
Beverages — 2.0%                  

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46(g)

      2,160       2,175,347  

ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(c)(g)(h)

      865       654,276  

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(c)

     

6.00%, 06/15/27

      736       757,160  

3.25%, 09/01/28

      200       185,662  

4.00%, 09/01/29(g)

      2,668       2,294,480  

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(c)

     

4.13%, 08/15/26

      295       261,075  

4.75%, 07/15/27

    GBP       100       90,901  

Ball Corp.

     

5.25%, 07/01/25

    USD       44       44,528  

2.88%, 08/15/30

      46       39,615  

3.13%, 09/15/31

      481       421,476  

Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25(c)

      211       189,702  

Crown Cork & Seal Co., Inc., 7.38%, 12/15/26

      45       48,589  

Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(c)(g)

      1,030       1,018,788  

OI European Group BV, 2.88%, 02/15/25(e)

    EUR       100       94,809  

Silgan Holdings, Inc., 4.13%, 02/01/28

    USD       105       98,437  

Trivium Packaging Finance BV(c)(g)

     

5.50%, 08/15/26

      1,189       1,171,165  

8.50%, 08/15/27

      1,924       1,837,162  
   

 

 

 
        11,383,172  
Biotechnology — 0.2%                  

Amgen, Inc., 2.80%, 08/15/41

      250       198,211  

Cidron Aida Finco Sarl, 5.00%, 04/01/28(e)

    EUR       100       89,920  

Gilead Sciences, Inc., 4.75%, 03/01/46(g)

    USD       700       700,846  
   

 

 

 
        988,977  
Building Materials(c) — 0.5%                  

CP Atlas Buyer, Inc., 7.00%, 12/01/28

      84       66,150  

Jeld-Wen, Inc., 6.25%, 05/15/25

      189       188,229  

Masonite International Corp.

     

Class C, 5.38%, 02/01/28

      161       157,377  

Class C, 3.50%, 02/15/30

      273       234,944  

New Enterprise Stone & Lime Co., Inc.

     

5.25%, 07/15/28

      103       89,868  

9.75%, 07/15/28

      48       40,190  

SRM Escrow Issuer LLC, 6.00%, 11/01/28

      643       596,633  
 

 

 

C H E D U L E   O F   I N V E S T M E N  T S   3


Schedule of Investments  (unaudited) (continued)

July 31, 2022

  

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

    Value  

Building Materials (continued)

     

Standard Industries, Inc.

     

5.00%, 02/15/27

    USD       48     $ 46,034  

4.75%, 01/15/28

      115       109,250  

4.38%, 07/15/30(g)

      1,082       945,105  

3.38%, 01/15/31(g)

      384       312,250  

Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29

      227       213,706  
   

 

 

 
        2,999,736  
Building Products — 0.8%                  

Advanced Drainage Systems, Inc.(c)

     

5.00%, 09/30/27

      259       253,820  

6.38%, 06/15/30

      636       640,875  

Beacon Roofing Supply, Inc., 4.13%, 05/15/29(c)

      128       113,280  

Foundation Building Materials, Inc., 6.00%, 03/01/29(c)(g)

      139       106,757  

GYP Holdings III Corp., 4.63%, 05/01/29(c)

      300       243,000  

LBM Acquisition LLC, 6.25%, 01/15/29(c)

      266       200,830  

Lowe’s Cos., Inc., 4.65%, 04/15/42(g)

      400       388,634  

Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26(c)

      329       292,810  

SRS Distribution, Inc.(c)

     

4.63%, 07/01/28

      661       617,969  

6.13%, 07/01/29

      629       565,723  

6.00%, 12/01/29

      723       625,490  

White Cap Buyer LLC, 6.88%, 10/15/28(c)(g)

      617       521,353  

White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26(c)(h)

      268       221,488  
   

 

 

 
        4,792,029  
Capital Markets — 1.1%                  

Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%(b)(k)

      1,060       897,025  

Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(c)

      273       240,928  

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

     

6.25%, 05/15/26

      534       530,881  

5.25%, 05/15/27(g)

      842       808,253  

4.38%, 02/01/29

      378       340,164  

Intercorp Peru Ltd., 3.88%, 08/15/29(c)

      270       220,219  

Kane Bidco Ltd., 6.50%, 02/15/27(e)

    GBP       100       107,319  

NFP Corp.(c)

     

4.88%, 08/15/28

    USD       1,027       934,908  

6.88%, 08/15/28(g)

      2,267       1,989,519  

Raymond James Financial, Inc., 4.95%, 07/15/46(g)

      400       395,876  
   

 

 

 
        6,465,092  
Chemicals — 2.2%                  

Alpek SAB de CV, 3.25%, 02/25/31(c)

      285       238,741  

Ashland LLC, 3.38%, 09/01/31(c)

      373       318,773  

Axalta Coating Systems LLC, 3.38%, 02/15/29(c)

      745       649,542  

Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27(c)

      600       573,121  

Braskem Idesa SAPI, 6.99%, 02/20/32(c)

      305       256,871  

Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81(b)(c)

      337       348,087  

Celanese US Holdings LLC, 6.17%, 07/15/27

      355       360,556  

Chemours Co., 4.00%, 05/15/26

    EUR       200       189,590  

Diamond BC BV, 4.63%, 10/01/29(c)

    USD       712       603,406  

Element Solutions, Inc., 3.88%, 09/01/28(c)(g)

      1,889       1,743,981  

Equate Petrochemical BV, 2.63%, 04/28/28(c)

      200       179,250  

EverArc Escrow SARL, 5.00%, 10/30/29(c)

      703       617,733  
Security           Par
(000)
     Value  

Chemicals (continued)

       

GCP Applied Technologies, Inc., 5.50%, 04/15/26(c)

    USD        199      $ 201,886  

HB Fuller Co., 4.25%, 10/15/28

       141        125,490  

Herens Holdco Sarl, 4.75%, 05/15/28(c)

       671        562,420  

Herens Midco Sarl, 5.25%, 05/15/29(e)

    EUR        100        71,605  

Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(c)

    USD        443        351,343  

Ingevity Corp., 3.88%, 11/01/28(c)

       105        93,168  

Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(c)(h)

       294        233,584  

LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(c)

       144        123,467  

Lune Holdings Sarl, 5.63%, 11/15/28(e)

    EUR        100        88,744  

Minerals Technologies, Inc., 5.00%, 07/01/28(c)

    USD        218        199,761  

Monitchem HoldCo 3 SA, 5.25%, 03/15/25(e)

    EUR        100        95,581  

NOVA Chemicals Corp., 4.88%, 06/01/24(c)

    USD        80        78,350  

Sasol Financing USA LLC

       

6.50%, 09/27/28

       290        276,370  

5.50%, 03/18/31

       320        260,860  

SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26(c)

       305        255,152  

Scotts Miracle-Gro Co.

       

4.00%, 04/01/31

       220        181,500  

4.38%, 02/01/32

       34        27,880  

Sherwin-Williams Co., 4.50%, 06/01/47(g)

       310        286,877  

SPCM SA, 3.13%, 03/15/27(c)

       200        170,500  

WESCO Distribution, Inc.(c)

       

7.13%, 06/15/25

       830        857,888  

7.25%, 06/15/28

       573        593,634  

WR Grace Holdings LLC(c)

       

5.63%, 10/01/24(g)

       300        287,853  

4.88%, 06/15/27

       24        22,980  

5.63%, 08/15/29

       1,741        1,469,404  
    

 

 

 
          12,995,948  
Commercial Services & Supplies — 0.9%  

ADT Security Corp.

       

4.13%, 06/15/23

       16        15,883  

4.13%, 08/01/29(c)

       35        31,500  

4.88%, 07/15/32(c)

       57        50,496  

Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26(c)

       222        195,312  

APX Group, Inc., 5.75%, 07/15/29(c)

       342        285,255  

Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29(c)(g)

       45        41,036  

BCP V Modular Services Finance II PLC, 4.75%, 11/30/28(e)

    EUR        100        85,086  

EC Finance PLC, 3.00%, 10/15/26(e)

       200        187,577  

Fortress Transportation & Infrastructure Investors LLC(c)

       

6.50%, 10/01/25

    USD        74        73,630  

5.50%, 05/01/28

       396        356,028  

Herc Holdings, Inc., 5.50%, 07/15/27(c)

       428        428,000  

Hertz Corp.(c)

       

4.63%, 12/01/26

       161        143,290  

5.00%, 12/01/29

       130        111,156  

Loxam SAS, 4.50%, 02/15/27(e)

    EUR        101        95,898  

Metis Merger Sub LLC, 6.50%, 05/15/29(c)

    USD        273        232,209  

NESCO Holdings II, Inc., 5.50%, 04/15/29(c)

       305        264,587  

Prime Security Services Borrower LLC/Prime Finance, Inc.(c)

       

5.25%, 04/15/24

       178        177,777  

5.75%, 04/15/26(g)

       626        636,185  
 

 

 

4  


Schedule of Investments  (unaudited) (continued)

July 31, 2022

  

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  
Commercial Services & Supplies (continued)  

Prime Security Services Borrower LLC/Prime Finance, Inc.(c) (continued)
6.25%, 01/15/28

    USD       229     $ 209,920  

Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(c)(g)

      157       157,392  

Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(c)

      690       598,470  

United Rentals North America, Inc.

     

5.50%, 05/15/27

      173       175,855  

5.25%, 01/15/30

      170       171,866  

Verisure Holding AB, 3.25%, 02/15/27(e)

    EUR       100       89,429  

Williams Scotsman International, Inc., 4.63%, 08/15/28(c)

    USD       316       296,299  
   

 

 

 
        5,110,136  
Communications Equipment — 0.6%                  

Avaya, Inc., 6.13%, 09/15/28(c)(g)

      651       305,794  

Ciena Corp., 4.00%, 01/31/30(c)

      133       121,695  

CommScope Technologies LLC, 6.00%, 06/15/25(c)

      655       605,875  

CommScope, Inc.(c)
6.00%, 03/01/26

      103       100,126  

8.25%, 03/01/27

      129       112,230  

7.13%, 07/01/28(g)

      188       155,570  

4.75%, 09/01/29

      604       525,166  

Nokia OYJ, 4.38%, 06/12/27(g)

      177       174,494  

Viasat, Inc.(c)

     

5.63%, 09/15/25

      410       360,800  

5.63%, 04/15/27

      87       82,032  

6.50%, 07/15/28

      360       267,840  

Viavi Solutions, Inc., 3.75%, 10/01/29(c)

      454       399,969  
   

 

 

 
        3,211,591  
Construction Materials(c) — 0.3%  

American Builders & Contractors Supply Co., Inc.
4.00%, 01/15/28(g)

      536       501,626  

3.88%, 11/15/29

      76       64,980  

BCPE Empire Holdings, Inc., 7.63%, 05/01/27

      139       121,279  

H&E Equipment Services, Inc., 3.88%, 12/15/28

      76       65,930  

IAA, Inc., 5.50%, 06/15/27

      443       442,737  

Resideo Funding, Inc., 4.00%, 09/01/29

      77       65,626  

Thor Industries, Inc., 4.00%, 10/15/29

      137       110,996  

Winnebago Industries, Inc., 6.25%, 07/15/28

      98       93,532  
   

 

 

 
        1,466,706  
Consumer Discretionary — 1.4%  

APi Escrow Corp., 4.75%, 10/15/29(c)

      128       107,840  

APi Group DE, Inc., 4.13%, 07/15/29(c)

      168       139,857  

Carnival Corp.

     

10.13%, 02/01/26(e)

    EUR       100       106,932  

10.50%, 02/01/26(c)(g)

    USD       846       888,317  

7.63%, 03/01/26(c)

      91       78,283  

5.75%, 03/01/27(c)(g)

      1,191       954,652  

9.88%, 08/01/27(c)

      488       505,658  

4.00%, 08/01/28(c)

      1,115       972,838  

6.00%, 05/01/29(c)

      402       309,476  

CoreLogic, Inc., 4.50%, 05/01/28(c)

      657       506,711  

Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26(c)

      114       102,756  

Life Time, Inc.(c)

     

5.75%, 01/15/26

      329       309,267  

8.00%, 04/15/26

      276       260,130  

Lindblad Expeditions LLC, 6.75%, 02/15/27(c)

      334       306,395  

NCL Corp. Ltd.(c)

     

5.88%, 03/15/26

      324       264,245  
Security          Par
(000)
    Value  
Consumer Discretionary (continued)  

NCL Corp. Ltd.(c) (continued)

     

7.75%, 02/15/29

    USD       140     $ 112,224  

NCL Finance Ltd., 6.13%, 03/15/28(c)

      333       257,419  

Nielsen Finance LLC/Nielsen Finance Co.(c)

     

5.63%, 10/01/28

      633       620,340  

5.88%, 10/01/30

      242       237,463  

Royal Caribbean Cruises Ltd.(c)

     

10.88%, 06/01/23

      114       116,563  

9.13%, 06/15/23

      195       197,946  

11.50%, 06/01/25

      154       164,963  

5.50%, 08/31/26

      116       91,611  

5.38%, 07/15/27

      365       282,875  

5.50%, 04/01/28(g)

      343       257,006  

Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(c).

      233       201,232  
   

 

 

 
        8,352,999  
Consumer Finance — 1.7%  

American Express Co., (5 year CMT + 2.85%), 3.55%(b)(k)

      940       826,260  

Avient Corp., 7.13%, 08/01/30

      214       220,510  

Block, Inc., 3.50%, 06/01/31(g)

      2,304       1,992,960  

HealthEquity, Inc., 4.50%, 10/01/29(c)

      814       758,111  

Iron Mountain U.K. PLC, 3.88%, 11/15/25(e)

    GBP       100       109,099  

MPH Acquisition Holdings LLC, 5.50%, 09/01/28(c)

    USD       280       260,400  

Navient Corp.

     

7.25%, 09/25/23(g)

      91       92,225  

6.13%, 03/25/24

      105       104,453  

5.88%, 10/25/24

      76       74,502  

5.50%, 03/15/29

      355       304,356  

OneMain Finance Corp.

     

6.88%, 03/15/25

      263       259,712  

7.13%, 03/15/26

      389       376,542  

3.50%, 01/15/27

      389       331,211  

6.63%, 01/15/28

      285       267,224  

5.38%, 11/15/29

      44       37,415  

4.00%, 09/15/30

      141       110,685  

Sabre Global, Inc.(c)

     

9.25%, 04/15/25

      229       232,985  

7.38%, 09/01/25

      336       333,176  

Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(c)

      666       625,207  

Shift4 Payments, Inc., 0.00%, 12/15/25(i)(j)

      446       383,281  

SLM Corp., 3.13%, 11/02/26

      221       193,729  

Verscend Escrow Corp., 9.75%, 08/15/26(c)(g)

      2,007       2,015,941  
   

 

 

 
        9,909,984  
Containers & Packaging — 0.5%                  

Clydesdale Acquisition Holdings, Inc.(c)

     

6.63%, 04/15/29

      684       690,648  

8.75%, 04/15/30

      483       460,671  

Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26

      513       499,672  

Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26

      258       256,034  

Graphic Packaging International LLC(c)

     

4.75%, 07/15/27

      104       101,298  

3.50%, 03/15/28

      22       20,323  

3.50%, 03/01/29

      78       70,313  

Klabin Austria GmbH, 3.20%, 01/12/31(c)

      315       257,418  

LABL, Inc., 5.88%, 11/01/28(c)

      332       303,365  
 

 

 

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

  5


Schedule of Investments  (unaudited) (continued)

July 31, 2022

  

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  
Containers & Packaging (continued)  

Sealed Air Corp.(c)

     

5.13%, 12/01/24

    USD       54     $ 54,675  

4.00%, 12/01/27

      92       87,400  
   

 

 

 
        2,801,817  
Diversified Consumer Services — 1.8%  

Allied Universal Holdco LLC/Allied Universal Finance Corp.(c)

     

6.63%, 07/15/26

      2,705       2,621,064  

9.75%, 07/15/27(g)

      812       743,435  

6.00%, 06/01/29(g)

      1,655       1,272,281  

Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL

     

3.63%, 06/01/28(e)

    EUR       100       84,702  

4.63%, 06/01/28(c)(g)

    USD       900       799,110  

4.63%, 06/01/28(c)

      710       619,475  

Clarivate Science Holdings Corp.(c)

     

3.88%, 07/01/28

      1,281       1,165,710  

4.88%, 07/01/29(g)

      557       492,945  

Garda World Security Corp., 4.63%, 02/15/27(c)

      183       165,094  

Graham Holdings Co., 5.75%, 06/01/26(c)

      135       135,257  

Rekeep SpA, 7.25%, 02/01/26(e)

    EUR       100       88,663  

Service Corp. International

     

5.13%, 06/01/29

    USD       107       107,000  

3.38%, 08/15/30

      341       303,064  

4.00%, 05/15/31

      454       417,700  

Sotheby’s, 7.38%, 10/15/27(c)

      1,297       1,248,023  
   

 

 

 
        10,263,523  
Diversified Financial Services — 1.7%  

Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28(c)

      514       431,760  

ASG Finance Designated Activity Co., 7.88%, 12/03/24(c)

      262       245,625  

Barclays PLC, 5.20%, 05/12/26

      200       201,424  

BNP Paribas SA, (5 year CMT + 3.34%), 4.63%(b)(c)(k)

      1,750       1,409,302  

Castlelake Aviation Finance DAC, 5.00%, 04/15/27(c)

      56       47,014  

Central Garden & Pet Co.

     

4.13%, 10/15/30

      244       211,529  

4.13%, 04/30/31(c)

      224       192,851  

Citigroup, Inc.(b)(k)

     

(5 year CMT + 3.42%), 3.88%(g)

      2,000       1,828,100  

Series W, (5 year CMT + 3.60%), 4.00%

      200       185,926  

Series Y, (5 year CMT + 3.00%), 4.15%

      630       554,765  

Deutsche Bank AG, (5 year EURIBOR ICE Swap Rate + 3.30%), 4.00%, 06/24/32(b)(e)

    EUR       100       97,793  

Easy Tactic Ltd., 6.50%, 07/11/27

    USD       210       41,287  

Garfunkelux Holdco 3 SA, 7.75%, 11/01/25(e)

    GBP       100       105,583  

Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(c)(h)

    USD       275       210,983  

Goldman Sachs Group, Inc., Series R, (5 year CMT + 3.22%), 4.95%(b)(g)(k)

      900       860,400  

HSBC Holdings PLC

     

4.38%, 11/23/26(g)

      370       369,771  

(5 year CMT + 3.25%), 4.70%(b)(g)(k)

      465       371,282  

(5 year CMT + 3.65%), 4.60%(b)(k)

      200       166,960  

Intrum AB, 3.00%, 09/15/27(e)

    EUR       100       82,019  

ION Trading Technologies Sarl, 5.75%, 05/15/28(c)

    USD       246       202,182  
Security          Par
(000)
    Value  
Diversified Financial Services (continued)  

Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28(c)

    USD       415     $ 347,848  

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(c)

     

4.25%, 02/01/27

      220       196,123  

4.75%, 06/15/29

      85       72,551  

Lloyds Banking Group PLC, (5 year CMT + 4.82%), 6.75%(b)(g)(k)

      515       506,052  

Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25(c)

      501       322,143  

Shriram Transport Finance Co. Ltd., 5.95%, 10/24/22(e)

      320       317,600  

Spectrum Brands, Inc.(c)

     

5.00%, 10/01/29

      106       95,135  

5.50%, 07/15/30

      198       178,372  

UBS Group AG, (5 year CMT + 3.31%),
4.38%(b)(c)(k)

      210       168,788  
   

 

 

 
        10,021,168  
Diversified Telecommunication Services — 3.4%  

AT&T, Inc.(g)

     

4.65%, 06/01/44

      111       104,361  

4.75%, 05/15/46

      2,545       2,473,622  

Consolidated Communications, Inc., 6.50%, 10/01/28(c)(g)

      861       740,460  

Level 3 Financing, Inc.

     

5.38%, 05/01/25

      146       146,197  

3.40%, 03/01/27(c)

      113       101,979  

4.63%, 09/15/27(c)

      127       116,083  

4.25%, 07/01/28(c)(g)

      785       684,874  

3.63%, 01/15/29(c)

      198       165,480  

3.75%, 07/15/29(c)

      487       402,992  

Lumen Technologies, Inc.

     

5.13%, 12/15/26(c)(g)

      826       752,395  

4.00%, 02/15/27(c)

      641       589,733  

4.50%, 01/15/29(c)(g)

      731       579,317  

5.38%, 06/15/29(c)

      582       485,970  

Series U, 7.65%, 03/15/42

      149       116,220  

Series W, 6.75%, 12/01/23(g)

      620       630,030  

Series Y, 7.50%, 04/01/24(g)

      368       377,458  

Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25(h)

      383       181,925  

SoftBank Group Corp.(e)

     

4.50%, 04/20/25

    EUR       100       94,022  

3.13%, 09/19/25

      100       88,663  

2.88%, 01/06/27

      100       84,319  

Sprint Capital Corp.(g)

     

6.88%, 11/15/28

    USD       1,778       1,995,805  

8.75%, 03/15/32

      1,025       1,327,375  

Switch Ltd.(c)

     

3.75%, 09/15/28

      399       399,128  

4.13%, 06/15/29

      788       797,401  

Telecom Italia Capital SA

     

6.38%, 11/15/33

      191       159,275  

6.00%, 09/30/34(g)

      569       448,274  

7.20%, 07/18/36

      137       113,625  

7.72%, 06/04/38

      71       58,930  

Telecom Italia SpA

     

4.00%, 04/11/24(e)

    EUR       100       101,694  

5.30%, 05/30/24(c)(g)

    USD       202       196,395  
 

 

 

6  


Schedule of Investments  (unaudited) (continued)

July 31, 2022

  

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  
Diversified Telecommunication Services (continued)  

Telecom Italia SpA (continued)

     

2.75%, 04/15/25(e)

    EUR       100     $ 96,855  

1.63%, 01/18/29(e)

      200       150,671  

Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/30(c)

    USD       194       138,531  

Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28(c)

      339       298,360  

Verizon Communications, Inc., 3.70%, 03/22/61(g)

      1,250       1,024,605  

Zayo Group Holdings, Inc.(c)(g)

     

4.00%, 03/01/27

      1,586       1,388,162  

6.13%, 03/01/28

      2,561       1,984,775  
   

 

 

 
        19,595,961  
Education — 0.0%                  

Grand Canyon University, 5.13%, 10/01/28

      249       234,060  
   

 

 

 
Electric Utilities — 1.1%                  

Comision Federal de Electricidad, 4.88%, 01/15/24

      323       322,192  

Duke Energy Corp., 4.80%, 12/15/45(g)

      1,500       1,459,612  

Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(c)

      309       244,264  

FirstEnergy Corp.

     

2.65%, 03/01/30

      345       303,600  

Series B, 2.25%, 09/01/30

      27       22,883  

Series C, 3.40%, 03/01/50

      932       695,598  

FirstEnergy Transmission LLC(c)

     

5.45%, 07/15/44

      573       579,761  

4.55%, 04/01/49

      206       187,543  

General Motors Co., 3.63%, 05/25/27(c)(g)

      1,250       1,188,559  

NextEra Energy Operating Partners LP(c)

     

4.25%, 07/15/24

      205       203,108  

4.25%, 09/15/24

      11       10,753  

NPC Ukrenergo, 6.88%, 11/09/26(c)

      205       36,900  

Virginia Electric & Power Co., Series A, 6.00%, 05/15/37(g)

      750       856,540  
   

 

 

 
        6,111,313  
Electrical Equipment(c) — 0.1%                  

Gates Global LLC/Gates Corp., 6.25%, 01/15/26

      572       559,222  

GrafTech Finance, Inc., 4.63%, 12/15/28

      176       152,842  
   

 

 

 
        712,064  
Electronic Equipment, Instruments & Components — 0.7%  

BWX Technologies, Inc.(c)

     

4.13%, 06/30/28

      22       20,845  

4.13%, 04/15/29

      265       248,862  

CDW LLC/CDW Finance Corp.

     

3.28%, 12/01/28

      72       63,289  

3.25%, 02/15/29

      93       79,978  

Corning, Inc., 4.38%, 11/15/57(g)

      1,915       1,683,275  

Energizer Holdings, Inc.(c)

     

6.50%, 12/31/27

      150       138,937  

4.38%, 03/31/29

      24       19,820  

Imola Merger Corp., 4.75%, 05/15/29(c)(g)

      839       784,465  

Vertiv Group Corp., 4.13%, 11/15/28(c)

      872       771,720  

Xerox Corp., 4.80%, 03/01/35

      65       49,737  
   

 

 

 
        3,860,928  
Energy Equipment & Services — 0.4%  

Archrock Partners LP/Archrock Partners Finance Corp.(c)

     

6.88%, 04/01/27

      202       188,526  
Security          Par
(000)
    Value  
Energy Equipment & Services (continued)  

Archrock Partners LP/Archrock Partners Finance Corp.(c) (continued)

     

6.25%, 04/01/28(g)

    USD       1,057     $ 956,490  

USA Compression Partners LP/USA Compression Finance Corp.

     

6.88%, 04/01/26

      212       198,703  

6.88%, 09/01/27

      657       600,682  

Vallourec SA, 8.50%, 06/30/26(e)

    EUR       32       31,290  

Weatherford International Ltd.(c)

     

6.50%, 09/15/28

    USD       17       16,175  

8.63%, 04/30/30

      266       240,544  
   

 

 

 
        2,232,410  
Environmental, Maintenance & Security Service — 0.7%  

Clean Harbors, Inc.(c)(g)

     

4.88%, 07/15/27

      297       294,876  

5.13%, 07/15/29

      205       198,882  

Covanta Holding Corp.

     

4.88%, 12/01/29(c)

      242       215,557  

5.00%, 09/01/30

      137       119,622  

GFL Environmental, Inc.(c)

     

3.75%, 08/01/25

      176       170,828  

5.13%, 12/15/26

      496       499,229  

4.00%, 08/01/28

      567       511,536  

3.50%, 09/01/28

      259       234,395  

4.75%, 06/15/29

      483       444,326  

4.38%, 08/15/29

      403       359,677  

Stericycle, Inc., 3.88%, 01/15/29(c)

      210       192,009  

Tervita Corp., 11.00%, 12/01/25(c)

      147       159,863  

Waste Pro USA, Inc., 5.50%, 02/15/26(c)

      939       868,575  
   

 

 

 
        4,269,375  
Equity Real Estate Investment Trusts (REITs) — 0.9%  

Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27(c)

      227       198,194  

CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28(c)

      208       183,781  

Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(c)

      183       160,446  

Iron Mountain, Inc.(c)

     

5.25%, 07/15/30

      183       171,202  

5.63%, 07/15/32(g)

      566       530,936  

LMIRT Capital Pte. Ltd., 7.25%, 06/19/24(e)

      232       188,500  

MPT Operating Partnership LP/MPT Finance Corp.

     

5.00%, 10/15/27

      68       65,450  

4.63%, 08/01/29(g)

      506       474,375  

3.50%, 03/15/31(g)

      1,787       1,538,509  

RHP Hotel Properties LP/RHP Finance Corp.

     

4.75%, 10/15/27(g)

      1,032       995,880  

4.50%, 02/15/29(c)

      227       206,998  

RLJ Lodging Trust LP(c)

     

3.75%, 07/01/26

      173       162,283  

4.00%, 09/15/29

      124       109,895  

Trust Fibra Uno, 5.25%, 01/30/26(c)

      235       219,989  

VICI Properties LP/VICI Note Co., Inc., 3.88%, 02/15/29(c)

      64       58,431  
   

 

 

 
        5,264,869  
 

 

 

C H E D U L E   O F   I N V E S T M E N  T S   7


Schedule of Investments  (unaudited) (continued)

July 31, 2022

  

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  
Food & Staples Retailing — 1.5%        

Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(c)

     

3.25%, 03/15/26

    USD       756     $ 702,551  

7.50%, 03/15/26(g)

      127       131,150  

4.63%, 01/15/27(g)

      972       918,240  

5.88%, 02/15/28

      377       365,690  

4.88%, 02/15/30

      182       166,530  

Bellis Acquisition Co. PLC, 3.25%, 02/16/26(e)

    GBP       100       98,946  

BRF GmbH, 4.35%, 09/29/26(e)

    USD       200       182,315  

Casino, Guichard-Perrachon S.A.,
5.25%, 04/15/27(e)

    EUR       100       66,178  

Darling Ingredients, Inc., 6.00%, 06/15/30(c)

    USD       417       431,274  

Kraft Heinz Foods Co.

     

6.50%, 02/09/40

      205       226,140  

4.88%, 10/01/49(g)

      513       479,750  

5.50%, 06/01/50(g)

      913       930,183  

Lamb Weston Holdings, Inc.(c)

     

4.88%, 05/15/28

      373       363,395  

4.13%, 01/31/30

      368       342,963  

4.38%, 01/31/32

      1,153       1,081,738  

Market Bidco Finco PLC, 5.50%, 11/04/27(e)

    GBP       100       101,686  

Ocado Group PLC, 3.88%, 10/08/26(e)

      100       97,812  

Performance Food Group, Inc., 4.25%, 08/01/29(c)

    USD       502       446,077  

Post Holdings, Inc.(c)

     

5.75%, 03/01/27

      42       41,895  

5.63%, 01/15/28

      86       84,710  

5.50%, 12/15/29

      190       179,599  

4.63%, 04/15/30

      464       416,097  

4.50%, 09/15/31

      14       12,425  

Premier Foods Finance PLC, 3.50%, 10/15/26(e)

    GBP       100       110,333  

U.S. Foods, Inc.(c)

     

4.75%, 02/15/29

    USD       427       398,577  

4.63%, 06/01/30

      51       46,729  
   

 

 

 
              8,422,983  
Food Products(c) — 0.7%                  

Aramark Services, Inc.

     

5.00%, 04/01/25

      242       241,343  

6.38%, 05/01/25

      105       105,193  

5.00%, 02/01/28

      606       592,062  

Chobani LLC/Chobani Finance Corp., Inc.

     

7.50%, 04/15/25(g)

      1,075       1,034,688  

4.63%, 11/15/28

      846       762,677  

Grupo Bimbo SAB de CV, (5 year CMT + 3.28%), 5.95%(b)(k)

      287       281,777  

JBS USA LUX SA/JBS USA Food Co./JBS USA
Finance, Inc., 3.75%, 12/01/31

      357       300,532  

Pilgrim’s Pride Corp., 3.50%, 03/01/32

      224       189,140  

Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed,
4.63%, 03/01/29

      364       332,317  
   

 

 

 
        3,839,729  
Gas Utilities — 0.0%                  

Suburban Propane Partners LP/Suburban Energy

     

Finance Corp., 5.00%, 06/01/31(c)

      117       106,589  
   

 

 

 
Health Care Equipment & Supplies(c) — 0.4%  

Avantor Funding, Inc.

     

4.63%, 07/15/28(g)

      1,385       1,333,367  
Security          Par
(000)
    Value  
Health Care Equipment & Supplies (continued)  

Avantor Funding, Inc. (continued)
3.88%, 11/01/29

    USD       252     $ 231,971  

Embecta Corp., 6.75%, 02/15/30

      195       179,107  

Garden Spinco Corp., 8.63%, 07/20/30

      254       266,708  

Hologic, Inc., 3.25%, 02/15/29

      59       53,468  
   

 

 

 
              2,064,621  
Health Care Providers & Services — 3.3%  

180 Medical, Inc., 3.88%, 10/15/29(c)

      200       181,823  

Acadia Healthcare Co., Inc., 5.00%, 04/15/29(c)

      71       68,803  

AdaptHealth LLC(c)

     

6.13%, 08/01/28

      97       91,798  

5.13%, 03/01/30

      34       31,186  

AHP Health Partners, Inc., 5.75%, 07/15/29(c)

      415       307,922  

Cano Health LLC, 6.25%, 10/01/28(c)

      159       142,537  

Centene Corp.

     

2.45%, 07/15/28

      871       779,545  

4.63%, 12/15/29(g)

      1,292       1,274,235  

3.00%, 10/15/30

      859       766,692  

2.50%, 03/01/31(g)

      1,363       1,169,331  

2.63%, 08/01/31

      426       363,267  

CHS/Community Health Systems, Inc.(c)

     

8.00%, 03/15/26(g)

      581       554,855  

5.63%, 03/15/27

      475       422,156  

6.00%, 01/15/29

      585       510,413  

6.13%, 04/01/30

      384       205,298  

Elevance Health, Inc., 2.75%, 10/15/42(i)

      73       495,020  

Encompass Health Corp.

     

4.50%, 02/01/28

      59       54,587  

4.75%, 02/01/30

      510       470,404  

4.63%, 04/01/31

      270       242,395  

Legacy LifePoint Health LLC, 4.38%, 02/15/27(c)

      124       110,050  

LifePoint Health, Inc., 5.38%, 01/15/29(c)(g)

      459       354,164  

Medline Borrower LP(c)

     

3.88%, 04/01/29

      575       519,656  

5.25%, 10/01/29(g)

      1,596       1,442,385  

ModivCare, Inc., 5.88%, 11/15/25(c)

      91       88,776  

Molina Healthcare, Inc.(c)

     

4.38%, 06/15/28

      152       146,300  

3.88%, 11/15/30

      321       296,546  

3.88%, 05/15/32

      341       313,304  

Northwell Healthcare, Inc., 4.26%, 11/01/47(g)

      686       619,990  

Owens & Minor, Inc., 6.63%, 04/01/30(c)

      11       11,002  

Prime Healthcare Services, Inc., 7.25%, 11/01/25(c)

      368       323,641  

RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26(c)(g)

      129       121,260  

Surgery Center Holdings, Inc.(c)

     

6.75%, 07/01/25(g)

      782       742,454  

10.00%, 04/15/27

      778       791,716  

Teleflex, Inc.

     

4.63%, 11/15/27

      100       98,347  

4.25%, 06/01/28(c)

      325       306,353  

Tenet Healthcare Corp.

     

4.63%, 07/15/24(g)

      104       103,920  

4.63%, 09/01/24(c)

      433       428,274  

4.88%, 01/01/26(c)(g)

      1,629       1,604,402  

6.25%, 02/01/27(c)

      231       233,696  

5.13%, 11/01/27(c)(g)

      910       896,350  
 

 

 

8  


Schedule of Investments  (unaudited) (continued)

July 31, 2022

  

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  
Health Care Providers & Services (continued)        

Tenet Healthcare Corp. (continued)

     

6.13%, 10/01/28(c)

    USD       235     $ 229,125  

4.25%, 06/01/29(c)

      61       56,730  

6.13%, 06/15/30(c)

      452       456,574  

UnitedHealth Group, Inc., 4.38%, 03/15/42(g)

      750       746,585  
   

 

 

 
              19,173,867  
Health Care Technology — 0.9%                  

CAB SELAS, 3.38%, 02/01/28(e)

    EUR       100       88,899  

Catalent Pharma Solutions, Inc.(c)

     

5.00%, 07/15/27

    USD       341       341,269  

3.13%, 02/15/29

      201       178,136  

3.50%, 04/01/30

      584       522,426  

Change Healthcare Holdings LLC/Change Healthcare
Finance, Inc., 5.75%, 03/01/25(c)(g)

      750       776,233  

Charles River Laboratories International, Inc.(c)

     

3.75%, 03/15/29

      44       40,602  

4.00%, 03/15/31

      125       114,365  

Chrome Bidco SASU, 3.50%, 05/31/28(e)

    EUR       100       90,647  

IQVIA, Inc.(c)

     

5.00%, 10/15/26

    USD       548       545,775  

5.00%, 05/15/27(g)

      517       517,835  

Minerva Merger Sub, Inc., 6.50%, 02/15/30(c)

      999       904,095  

Syneos Health, Inc., 3.63%, 01/15/29(c)(g)

      1,306       1,168,896  
   

 

 

 
        5,289,178  
Hotels, Restaurants & Leisure — 2.9%                  

1011778 BC ULC/New Red Finance, Inc.(c)

 

 

3.88%, 01/15/28(g)

      754       697,307  

4.38%, 01/15/28

      157       145,509  

4.00%, 10/15/30

      207       180,090  

Affinity Gaming, 6.88%, 12/15/27(c)

      5       4,333  

Boyd Gaming Corp., 4.75%, 06/15/31(c)

      495       455,514  

Boyne USA, Inc., 4.75%, 05/15/29(c)

      378       353,902  

Caesars Entertainment, Inc.(c)

     

6.25%, 07/01/25(g)

      1,916       1,911,210  

8.13%, 07/01/27(g)

      2,072       2,072,000  

4.63%, 10/15/29

      803       680,783  

Caesars Resort Collection LLC/CRC Finco, Inc.,
5.75%, 07/01/25(c)

      20       20,003  

CDI Escrow Issuer, Inc., 5.75%, 04/01/30(c)

      1,246       1,218,040  

Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op,
5.50%, 05/01/25(c)(g)

      559       562,843  

Champion Path Holdings Ltd., 4.50%, 01/27/26(e)

      250       160,000  

Churchill Downs, Inc.(c)

     

5.50%, 04/01/27

      658       655,302  

4.75%, 01/15/28

      434       411,439  

Cirsa Finance International Sarl, 4.75%, 05/22/25(e)

    EUR       100       92,782  

Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co., Inc.(c)

     

4.63%, 01/15/29

    USD       56       52,220  

6.75%, 01/15/30

      82       67,035  

Food Service Project SA, 5.50%, 01/21/27(e)

    EUR       100       87,237  

Fortune Star BVI Ltd., 6.75%, 07/02/23(e)

    USD       200       159,000  

Gamma Bidco SpA, 6.25%, 07/15/25(e)

    EUR       100       98,372  

Hilton Domestic Operating Co., Inc.

     

3.75%, 05/01/29(c)

    USD       186       168,795  

4.88%, 01/15/30(g)

      1,055       1,024,669  
Security          Par
(000)
    Value  
Hotels, Restaurants & Leisure (continued)        

Hilton Domestic Operating Co., Inc. (continued)

     

4.00%, 05/01/31(c)

    USD       534     $ 479,340  

3.63%, 02/15/32(c)

      20       17,250  

Hilton Worldwide Finance LLC/Hilton Worldwide
Finance Corp., 4.88%, 04/01/27

      246       241,695  

Melco Resorts Finance Ltd., 5.25%, 04/26/26(e)

      250       195,000  

Merlin Entertainments Ltd., 5.75%, 06/15/26(c)

      200       185,133  

MGM China Holdings Ltd., 5.88%, 05/15/26(e)

      250       206,219  

MGM Resorts International

     

6.00%, 03/15/23

      494       498,256  

5.75%, 06/15/25

      35       34,583  

Midwest Gaming Borrower LLC/Midwest Gaming
Finance Corp., 4.88%, 05/01/29(c)

      301       274,687  

Powdr Corp., 6.00%, 08/01/25(c)

      461       474,830  

Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(c)

     

5.63%, 09/01/29

      148       119,510  

5.88%, 09/01/31

      148       115,832  

Raptor Acquisition Corp./Raptor Co.-Issuer LLC,
4.88%, 11/01/26(c)

      225       205,222  

Scientific Games International, Inc.(c)

     

7.00%, 05/15/28

      190       193,270  

7.25%, 11/15/29

      213       216,727  

Station Casinos LLC, 4.63%, 12/01/31(c)

      354       308,964  

Stonegate Pub Co. Financing PLC, 8.25%, 07/31/25(e).

    GBP       100       115,113  

Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(c)

    USD       204       187,416  

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
5.25%, 05/15/27(c)(g)

      268       248,570  

Wynn Macau Ltd., 5.50%, 01/15/26(e)

      200       162,000  

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
5.13%, 10/01/29(c)(g)

      808       704,980  

Yum! Brands, Inc.

     

3.88%, 11/01/23

      110       109,725  

4.75%, 01/15/30(c)

      159       154,612  

3.63%, 03/15/31

      123       111,311  

5.38%, 04/01/32

      49       48,387  

5.35%, 11/01/43

      85       72,250  
   

 

 

 
              16,959,267  
Household Durables — 0.6%                  

Ashton Woods USA LLC/Ashton Woods Finance Co.(c)

     

4.63%, 08/01/29

      128       99,218  

4.63%, 04/01/30

      185       140,464  

Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(c)

     

5.00%, 06/15/29

      266       204,421  

4.88%, 02/15/30

      539       417,663  

CD&R Smokey Buyer, Inc., 6.75%, 07/15/25(c)

      27       25,337  

K Hovnanian Enterprises, Inc., 7.75%, 02/15/26(c)

      284       278,604  

Mattamy Group Corp., 4.63%, 03/01/30(c)

      257       206,823  

Meritage Homes Corp., 5.13%, 06/06/27

      57       55,710  

NCR Corp.(c)

     

5.75%, 09/01/27

      259       253,333  

5.00%, 10/01/28

      143       136,023  

5.13%, 04/15/29

      197       189,135  

6.13%, 09/01/29

      93       90,542  

SWF Escrow Issuer Corp., 6.50%, 10/01/29(c)

      422       299,620  
 

 

 

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)

July 31, 2022

  

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  
Household Durables (continued)                  

Taylor Morrison Communities, Inc.(c)

     

5.88%, 06/15/27

    USD       287     $ 293,099  

5.13%, 08/01/30

      75       68,758  

Tempur Sealy International, Inc.(c)

     

4.00%, 04/15/29

      287       247,268  

3.88%, 10/15/31

      308       249,545  
   

 

 

 
        3,255,563  
Independent Power and Renewable Electricity Producers — 1.0%  

Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(e)

      200       194,162  

Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24(e)

      200       194,500  

Calpine Corp.(c)

     

5.25%, 06/01/26(g)

      195       196,714  

4.50%, 02/15/28(g)

      295       286,150  

5.13%, 03/15/28(g)

      1,281       1,204,909  

4.63%, 02/01/29

      145       130,393  

5.00%, 02/01/31

      58       51,430  

3.75%, 03/01/31

      7       6,214  

Clearway Energy Operating LLC(c)

     

4.75%, 03/15/28

      116       112,230  

3.75%, 01/15/32

      335       285,350  

Continuum Energy Levanter Pte. Ltd., 4.50%, 02/09/27(c)

      197       163,718  

Greenko Mauritius Ltd., 6.25%, 02/21/23(e)

      200       197,787  

India Cleantech Energy, 4.70%, 08/10/26(c)

      244       203,218  

India Green Energy Holdings, 5.38%, 04/29/24(c)

      325       310,375  

NRG Energy, Inc.

     

6.63%, 01/15/27(g)

      958       972,370  

5.25%, 06/15/29(c)(g)

      347       325,312  

3.63%, 02/15/31(c)

      365       305,726  

3.88%, 02/15/32(c)

      171       146,159  

SCC Power PLC(c)(h)

     

(4% PIK), 4.00%, 05/17/32

      351       34,591  

(8.00% Cash or 4.00% Cash + 4.00% PIK), 8.00%, 12/31/28

      648       272,503  

TerraForm Power Operating LLC, 4.75%, 01/15/30(c)

      179       166,396  
   

 

 

 
          5,760,207  
Insurance — 2.0%                  

Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29(c)

      295       246,012  

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(c)(g)

     

4.25%, 10/15/27

      2,228       2,076,655  

6.75%, 10/15/27

      2,012       1,909,670  

5.88%, 11/01/29

      1,512       1,317,466  

Allstate Corp., Series B, (3 mo. LIBOR US + 2.94%), 5.75%, 08/15/53(b)(g)

      2,000       1,854,080  

AmWINS Group, Inc., 4.88%, 06/30/29(c)

      366       332,877  

Berkshire Hathaway Finance Corp., 4.40%, 05/15/42(g)

      250       248,528  

GTCR AP Finance, Inc., 8.00%, 05/15/27(c)

      351       345,057  

HUB International Ltd.(c)

     

7.00%, 05/01/26(g)

      1,392       1,374,558  

5.63%, 12/01/29

      67       59,361  
Security          Par
(000)
    Value  
Insurance (continued)                  

Ryan Specialty Group LLC, 4.38%, 02/01/30(c)

    USD       173     $ 156,132  

Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47(c)(g)

      700       646,173  

Voya Financial, Inc., (3 mo. LIBOR US + 3.58%), 5.65%, 05/15/53(b)(g)

      1,090       1,040,950  
   

 

 

 
          11,607,519  
Interactive Media & Services — 0.4%                  

Arches Buyer, Inc., 4.25%, 06/01/28(c)

      143       122,324  

Cablevision Lightpath LLC(c)
3.88%, 09/15/27

      418       371,497  

5.63%, 09/15/28

      401       323,872  

Camelot Return Merger Sub, Inc., 8.75%, 08/01/28

      269       250,843  

Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.(c)
4.75%, 04/30/27

      387       336,123  

6.00%, 02/15/28(g)

      277       212,704  

Twitter, Inc.(c)
3.88%, 12/15/27

      377       358,715  

5.00%, 03/01/30

      233       224,907  

United Group BV(e)
4.88%, 07/01/24

    EUR       100       97,887  

4.00%, 11/15/27

      100       82,171  
   

 

 

 
        2,381,043  
Internet & Direct Marketing Retail — 0.0%                  

Very Group Funding PLC, 6.50%, 08/01/26(e)

    GBP       100       95,049  
   

 

 

 
Internet Software & Services — 1.4%                  

Airbnb, Inc., 0.00%, 03/15/26(i)(j)

    USD       724       629,880  

ANGI Group LLC, 3.88%, 08/15/28(c)

      340       277,100  

Booking Holdings, Inc., 0.75%, 05/01/25(i)

      485       646,766  

Go Daddy Operating Co. LLC/GD Finance Co., Inc.(c)
5.25%, 12/01/27

      359       350,147  

3.50%, 03/01/29

      261       232,349  

Match Group Holdings II LLC(c)
5.63%, 02/15/29

      209       204,820  

4.13%, 08/01/30

      262       234,364  

3.63%, 10/01/31

      635       542,442  

Uber Technologies, Inc.
0.00%, 12/15/25(i)(j)

      2,019       1,676,607  

8.00%, 11/01/26(c)(g)

      843       858,261  

7.50%, 09/15/27(c)(g)

      1,157       1,171,463  

6.25%, 01/15/28(c)

      366       359,972  

4.50%, 08/15/29(c)

      908       811,552  

Zillow Group, Inc., 1.38%, 09/01/26(i)

      70       74,375  
   

 

 

 
        8,070,098  
IT Services — 1.2%                  

Ahead DB Holdings LLC,
6.63%, 05/01/28(c)

      190       175,387  

Booz Allen Hamilton, Inc.(c)
3.88%, 09/01/28

      352       333,858  

4.00%, 07/01/29

      503       479,844  

CA Magnum Holdings, 5.38%, 10/31/26(c)

      488       429,440  

Camelot Finance SA, 4.50%, 11/01/26(c)(g)

      524       501,264  

Centurion Bidco SpA, 5.88%, 09/30/26(e)

    EUR       100       93,827  

Condor Merger Sub, Inc., 7.38%, 02/15/30(c)

    USD       1,084       951,725  

Dun & Bradstreet Corp., 5.00%, 12/15/29(c)

      642       598,421  
 

 

 

10  


Schedule of Investments  (unaudited) (continued)

July 31, 2022

  

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  
IT Services (continued)                  

Fair Isaac Corp., 4.00%, 06/15/28(c)

    USD       459     $ 428,108  

Gartner, Inc.(c)
4.50%, 07/01/28

      96       92,381  

3.63%, 06/15/29

      171       156,156  

3.75%, 10/01/30(g)

      485       445,482  

KBR, Inc., 4.75%, 09/30/28(c)

      268       241,870  

La Financiere Atalian SASU, 5.13%, 05/15/25(e)

    EUR       100       98,727  

Science Applications International Corp., 4.88%, 04/01/28(c)

    USD       377       358,636  

Twilio, Inc., 3.88%, 03/15/31

      735       651,107  

ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(c)

      1,130       1,011,350  
   

 

 

 
          7,047,583  
Leisure Products — 0.1%                  

Mattel, Inc.
3.75%, 04/01/29(c)

      131       121,011  

6.20%, 10/01/40

      291       285,180  

5.45%, 11/01/41

      326       297,246  
   

 

 

 
        703,437  
Machinery — 0.9%                  

ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28(c)

      139       123,223  

Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(c)(g)(h)

      587       571,388  

Madison IAQ LLC, 5.88%, 06/30/29(c)

      399       311,483  

Mueller Water Products, Inc., 4.00%, 06/15/29(c)

      177       161,310  

OT Merger Corp., 7.88%, 10/15/29(c)

      147       102,900  

Renk AG/Frankfurt am Main, 5.75%, 07/15/25(e)

    EUR       100       95,562  

Stevens Holding Co., Inc., 6.13%, 10/01/26(c)

    USD       197       193,600  

Terex Corp., 5.00%, 05/15/29(c)

      421       375,692  

Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26(c)(g)

      1,241       1,110,695  

TK Elevator Holdco GmbH, 7.63%, 07/15/28(c)

      552       499,560  

TK Elevator Midco GmbH, 4.38%, 07/15/27(e)

    EUR       235       219,904  

TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(c)(g)

    USD       1,748       1,678,080  
   

 

 

 
        5,443,397  
Media — 9.0%                  

Altice Financing SA
3.00%, 01/15/28(e)

    EUR       100       86,363  

5.00%, 01/15/28(c)

    USD       462       406,893  

5.75%, 08/15/29(c)(g)

      1,368       1,194,223  

Altice France Holding SA, 10.50%,
05/15/27(c)(g)

      1,864       1,760,362  

AMC Entertainment Holdings, Inc., 7.50%, 02/15/29(c)

      187       165,942  

AMC Networks, Inc.
5.00%, 04/01/24

      16       15,940  

4.75%, 08/01/25

      331       317,760  

4.25%, 02/15/29

      157       138,109  

Block Communications, Inc., 4.88%, 03/01/28(c)

      168       147,420  

Cable Onda SA, 4.50%, 01/30/30(e)

      200       214,875  

Cable One, Inc.
1.13%, 03/15/28(i)

      1,312       1,128,320  

4.00%, 11/15/30(c)

      385       342,169  

CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 05/01/27(c)(g)

      711       696,389  

5.00%, 02/01/28(c)(g)

      74       71,410  

5.38%, 06/01/29(c)(g)

      658       627,041  

4.75%, 03/01/30(c)

      368       334,880  

4.50%, 08/15/30(c)(g)

      1,314       1,168,041  

4.25%, 02/01/31(c)(g)

      1,017       882,247  
Security          Par
(000)
    Value  
Media (continued)                  

CCO Holdings LLC/CCO Holdings Capital
Corp. (continued)
4.75%, 02/01/32(c)

    USD       716     $ 632,317  

4.50%, 05/01/32

      648       560,241  

4.50%, 06/01/33(c)

      332       280,540  

4.25%, 01/15/34(c)

      1,265       1,044,934  

Charter Communications Operating LLC/Charter

     

Communications Operating Capital, 6.48%, 10/23/45(g)

      3,000       3,012,442  

Clear Channel International BV, 6.63%, 08/01/25(c)

      507       502,183  

Clear Channel Outdoor Holdings, Inc.(c)
5.13%, 08/15/27

      1,930       1,784,903  

7.75%, 04/15/28

      1,291       1,038,377  

7.50%, 06/01/29(g)

      1,015       817,075  

CMG Media Corp., 8.88%, 12/15/27(c)(g)

      997       797,813  

Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26(c)

      2,548       2,492,020  

CSC Holdings LLC
5.25%, 06/01/24

      633       626,670  

6.50%, 02/01/29(c)

      368       355,709  

5.75%, 01/15/30(c)

      855       690,438  

4.13%, 12/01/30(c)

      508       432,024  

3.38%, 02/15/31(c)

      200       160,000  

4.50%, 11/15/31(c)(g)

      783       665,550  

Directv Financing LLC/Directv Financing Co.
-Obligor, Inc., 5.88%, 08/15/27(c)

      589       548,707  

Discovery Communications LLC, 4.95%, 05/15/42(g)

      400       346,262  

DISH DBS Corp.
5.00%, 03/15/23

      49       48,081  

7.75%, 07/01/26(g)

      1,070       887,565  

5.25%, 12/01/26(c)(g)

      1,465       1,267,225  

5.75%, 12/01/28(c)

      1,143       927,259  

Frontier Communications Holdings LLC(c)
5.88%, 10/15/27(g)

      387       381,249  

5.00%, 05/01/28

      939       882,416  

6.75%, 05/01/29

      544       484,160  

6.00%, 01/15/30

      340       285,624  

8.75%, 05/15/30

      658       698,724  

GCI LLC, 4.75%, 10/15/28(c)

      255       232,407  

iHeartCommunications, Inc.
6.38%, 05/01/26

      192       186,654  

5.25%, 08/15/27(c)

      213       194,725  

4.75%, 01/15/28(c)

      96       86,244  

Iliad Holding SASU(c)
6.50%, 10/15/26

      622       597,027  

7.00%, 10/15/28

      608       583,592  

Kaixo Bondco Telecom SA, 5.13%, 09/30/29(e)

    EUR       100       88,224  

Lamar Media Corp.
3.75%, 02/15/28

    USD       50       47,000  

4.00%, 02/15/30

      163       150,066  

LCPR Senior Secured Financing DAC(c)
6.75%, 10/15/27

      180       174,741  

5.13%, 07/15/29(g)

      921       808,055  

Liberty Broadband Corp.(c)(i)
1.25%, 09/30/50

      528       491,040  

2.75%, 09/30/50

      1,018       971,880  

Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(c)(h)

      304       161,322  

Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(c)

      962       783,101  
 

 

 

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)

July 31, 2022

  

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  

Media (continued)

     

Liquid Telecommunications Financing PLC, 5.50%, 09/04/26(c)

    USD       200     $ 174,412  

Live Nation Entertainment, Inc.(c)

     

4.88%, 11/01/24

      40       39,854  

6.50%, 05/15/27(g)

      1,647       1,690,234  

4.75%, 10/15/27

      605       576,262  

3.75%, 01/15/28

      253       231,435  

Lorca Telecom Bondco SA, 4.00%, 09/18/27(e)

    EUR       100       93,280  

Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27(c)

    USD       209       197,505  

Network i2i Ltd., (5 year CMT + 4.27%),
5.65%(b)(e)(k)

      250       239,950  

Outfront Media Capital LLC/Outfront Media Capital Corp.(c)

     

5.00%, 08/15/27

      501       473,280  

4.25%, 01/15/29

      183       156,407  

4.63%, 03/15/30

      19       16,052  

Paramount Global, 5.85%, 09/01/43(g)

      645       623,788  

Pinewood Finance Co. Ltd., 3.25%, 09/30/25(e)

    GBP       100       110,211  

Radiate Holdco LLC/Radiate Finance, Inc.(c)(g)

     

4.50%, 09/15/26

    USD       932       861,541  

6.50%, 09/15/28

      2,274       1,804,351  

Sable International Finance Ltd.

     

5.75%, 09/07/27(e)

      279       246,217  

5.75%, 09/07/27(c)

      200       176,500  

Scripps Escrow II, Inc., 3.88%, 01/15/29(c)

      114       102,273  

Sinclair Television Group, Inc., 4.13%, 12/01/30(c)

      643       546,634  

Sirius XM Radio, Inc.(c)

     

3.13%, 09/01/26

      627       590,991  

5.00%, 08/01/27

      292       289,597  

4.00%, 07/15/28

      445       413,405  

5.50%, 07/01/29

      349       342,892  

4.13%, 07/01/30(g)

      139       125,496  

3.88%, 09/01/31

      571       496,770  

Stagwell Global LLC, 5.63%, 08/15/29(c)

      129       108,035  

Summer BC Holdco B SARL, 5.75%, 10/31/26(e)

    EUR       100       94,766  

Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28(c)

    USD       400       360,700  

Univision Communications, Inc.(c)

     

5.13%, 02/15/25

      110       106,975  

6.63%, 06/01/27

      132       132,330  

7.38%, 06/30/30

      166       168,093  

UPC Broadband Finco BV, 4.88%,
07/15/31(c)(g)

      574       507,508  

Videotron Ltd., 3.63%, 06/15/29(c)

      336       293,167  

Virgin Media Secured Finance PLC, 4.50%, 08/15/30(c)(g)

      399       359,100  

VTR Comunicaciones SpA, 4.38%, 04/15/29(c)

      290       179,800  

VZ Secured Financing BV, 3.50%, 01/15/32(e)

    EUR       100       83,901  

Ziggo Bond Co. BV(c)(g)

     

6.00%, 01/15/27

    USD       638       614,298  

5.13%, 02/28/30

      295       251,487  

Ziggo BV, 4.88%, 01/15/30(c)

      217       200,324  
   

 

 

 
        51,984,791  
Metals & Mining — 2.4%                  

ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24(e)

      250       251,875  

AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30

      400       338,923  

Arconic Corp.(c)

     

6.00%, 05/15/25

      361       363,629  

6.13%, 02/15/28

      488       487,722  

ATI, Inc.

   

4.88%, 10/01/29

      129       110,379  
Security          Par
(000)
    Value  

Metals & Mining (continued)

     

ATI, Inc. (continued)
5.13%, 10/01/31

    USD       350     $ 287,240  

BHP Billiton Finance USA Ltd., 4.13%, 02/24/42(g)

      250       241,354  

Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(c)(g)

      1,363       1,395,964  

Carpenter Technology Corp.

     

6.38%, 07/15/28

      57       52,975  

7.63%, 03/15/30

      391       356,009  

Commercial Metals Co.

     

4.13%, 01/15/30

      90       78,921  

4.38%, 03/15/32

      96       82,285  

Constellium SE(c)

     

5.88%, 02/15/26(g)

      1,193       1,157,920  

5.63%, 06/15/28

      250       225,374  

3.75%, 04/15/29(g)

      1,645       1,402,362  

FMG Resources August Pty. Ltd., 6.13%, 04/15/32(c)

      519       493,309  

JSW Steel Ltd., 5.95%, 04/18/24(e)

      200       196,750  

Kaiser Aluminum Corp.(c)

     

4.63%, 03/01/28

      281       240,089  

4.50%, 06/01/31

      770       620,466  

Metinvest BV(e)

     

8.50%, 04/23/26

      302       116,308  

7.65%, 10/01/27

      200       78,163  

Mineral Resources Ltd.(c)

     

8.00%, 11/01/27

      162       164,596  

8.50%, 05/01/30

      165       167,063  

New Gold, Inc., 7.50%, 07/15/27(c)(g)

      900       706,500  

Nexa Resources SA, 5.38%, 05/04/27(c)(g)

      200       189,662  

Novelis Corp.(c)

     

3.25%, 11/15/26

      835       777,018  

4.75%, 01/30/30

      1,059       979,612  

3.88%, 08/15/31

      995       850,725  

Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(e)

    EUR       200       171,255  

Rio Tinto Finance USA PLC, 4.75%, 03/22/42(g)

    USD       400       414,546  

Roller Bearing Co. of America, Inc., 4.38%, 10/15/29(c)

      155       140,515  

thyssenkrupp AG, 2.88%, 02/22/24(e)

    EUR       100       100,059  

U.S. Steel Corp., 6.88%, 03/01/29(g)

    USD       438       420,664  

Vedanta Resources Finance II PLC

     

13.88%, 01/21/24(e)

      200       171,912  

8.95%, 03/11/25(c)

      320       235,200  
   

 

 

 
        14,067,344  
Multiline Retail — 0.1%                  

NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26(c)

      506       495,172  
   

 

 

 
Offshore Drilling & Other Services(c) — 0.4%                  

Entegris Escrow Corp., 4.75%, 04/15/29(g)

      1,842       1,773,514  

Entegris, Inc.

     

4.38%, 04/15/28

      223       210,271  

3.63%, 05/01/29

      142       125,994  
   

 

 

 
        2,109,779  
Oil, Gas & Consumable Fuels — 12.3%                  

Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(c)(g)

      1,057       1,092,462  

Antero Midstream Partners LP/Antero Midstream Finance Corp.(c)

     

5.75%, 03/01/27

      382       380,195  

5.75%, 01/15/28

      75       73,643  

5.38%, 06/15/29

      263       256,923  

Antero Resources Corp., 7.63%, 02/01/29(c)

      269       283,459  
 

 

 

12  


Schedule of Investments  (unaudited) (continued)

July 31, 2022

  

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  

Oil, Gas & Consumable Fuels (continued)

     

Apache Corp.

     

4.25%, 01/15/30

    USD       315     $ 303,488  

5.10%, 09/01/40(g)

      757       673,253  

5.25%, 02/01/42

      114       99,179  

4.75%, 04/15/43(g)

      800       655,164  

5.35%, 07/01/49

      83       69,280  

Arcosa, Inc., 4.38%, 04/15/29(c)

      477       423,230  

Ascent Resources Utica Holdings LLC/ARU Finance Corp.(c)

     

9.00%, 11/01/27(g)

      1,132       1,371,189  

5.88%, 06/30/29

      131       115,078  

Buckeye Partners LP

     

4.13%, 03/01/25(c)

      345       332,925  

5.85%, 11/15/43

      182       132,860  

5.60%, 10/15/44

      117       85,995  

Callon Petroleum Co.

     

6.38%, 07/01/26

      152       145,718  

8.00%, 08/01/28(c)(g)

      739       748,237  

7.50%, 06/15/30(c)

      703       674,240  

Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31(e)(i)

    EUR       200       162,055  

Centennial Resource Production LLC

     

6.88%, 04/01/27(c)

    USD       59       56,240  

3.25%, 04/01/28(i)

      610       794,525  

Cheniere Energy Partners LP

     

4.50%, 10/01/29(g)

      1,139       1,103,503  

4.00%, 03/01/31

      520       483,179  

3.25%, 01/31/32

      668       582,830  

Cheniere Energy, Inc., 4.63%, 10/15/28

      2,416       2,352,338  

Chesapeake Energy Corp.(c)

     

5.88%, 02/01/29

      53       53,272  

6.75%, 04/15/29(g)

      662       685,733  

Citgo Holding, Inc., 9.25%, 08/01/24(c)

      344       342,280  

Civitas Resources, Inc., 5.00%, 10/15/26(c)

      113       106,141  

CNX Midstream Partners LP, 4.75%, 04/15/30(c)

      124       106,890  

CNX Resources Corp.

     

2.25%, 05/01/26(i)

      637       963,462  

6.00%, 01/15/29(c)

      139       135,178  

Colgate Energy Partners III LLC(c)

     

7.75%, 02/15/26

      584       572,954  

5.88%, 07/01/29(g)

      452       413,729  

Comstock Resources, Inc.(c)

     

6.75%, 03/01/29(g)

      662       655,380  

5.88%, 01/15/30

      1,179       1,107,694  

CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(c)

      1,969       1,866,041  

Crescent Energy Finance LLC, 7.25%, 05/01/26(c)(g)

      902       834,350  

Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.(c)

     

5.63%, 05/01/27

      67       64,320  

6.00%, 02/01/29

      59       53,750  

8.00%, 04/01/29

      116       114,675  

CrownRock LP/CrownRock Finance, Inc.(c)

     

5.63%, 10/15/25(g)

      1,403       1,400,924  

5.00%, 05/01/29

      56       52,016  

DCP Midstream Operating LP

     

5.13%, 05/15/29

      33       32,312  

6.45%, 11/03/36(c)(g)

      182       181,545  

6.75%, 09/15/37(c)(g)

      323       319,770  

5.60%, 04/01/44

      7       6,058  
Security          Par
(000)
    Value  

Oil, Gas & Consumable Fuels (continued)

     

DT Midstream, Inc.(c)

     

4.13%, 06/15/29

    USD       521     $ 482,321  

4.38%, 06/15/31

      657       589,657  

Dycom Industries, Inc., 4.50%, 04/15/29(c)

      130       119,250  

Earthstone Energy Holdings LLC, 8.00%, 04/15/27(c)

      373       356,331  

Ecopetrol SA, 4.63%, 11/02/31

      370       302,475  

eG Global Finance PLC

     

6.75%, 02/07/25(c)

      452       432,519  

6.25%, 10/30/25(e)

    EUR       142       134,566  

8.50%, 10/30/25(c)

    USD       299       292,799  

Enbridge, Inc.(b)

     

(3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78

      1,865       1,769,572  

Series 20-A, (5 year CMT + 5.31%), 5.75%, 07/15/80

      690       649,911  

Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28(c)

      567       567,873  

Energy Transfer LP

     

6.13%, 12/15/45(g)

      500       494,921  

5.30%, 04/15/47(g)

      350       314,557  

Series H, (5 year CMT + 5.69%), 6.50%(b)(k)

      894       811,305  

EnLink Midstream LLC

     

5.63%, 01/15/28(c)

      450       436,797  

5.38%, 06/01/29

      526       499,479  

EnLink Midstream Partners LP

     

4.40%, 04/01/24

      281       281,478  

5.05%, 04/01/45

      49       36,125  

Enterprise Products Operating LLC, (3 mo. LIBOR US + 2.57%), 5.38%, 02/15/78(b)

      420       336,569  

EQM Midstream Partners LP

     

4.13%, 12/01/26

      131       120,761  

4.50%, 01/15/29(c)

      34       30,430  

7.50%, 06/01/30(c)

      108       111,146  

4.75%, 01/15/31(c)(g)

      1,055       953,087  

EQT Corp., 1.75%, 05/01/26(i)

      248       743,256  

General Motors Co.

     

4.15%, 06/01/25

      68       66,858  

4.85%, 07/15/26

      160       158,315  

5.60%, 04/01/44

      274       213,115  

5.45%, 06/01/47

      78       59,443  

Genesis Energy LP/Genesis Energy Finance Corp.

     

6.50%, 10/01/25(g)

      53       51,351  

7.75%, 02/01/28

      144       138,931  

Gulfport Energy Corp., 8.00%, 05/17/26(c)

      47       47,227  

Harvest Midstream I LP, 7.50%, 09/01/28(c)

      78       74,515  

Hess Corp., 4.30%, 04/01/27(g)

      750       744,616  

Hess Midstream Operations LP, 4.25%, 02/15/30(c)

      305       271,700  

Hilcorp Energy I LP/Hilcorp Finance Co.(c)

     

6.25%, 11/01/28

      188       182,068  

5.75%, 02/01/29

      33       30,113  

6.00%, 04/15/30

      35       31,763  

Hilong Holding Ltd., 9.75%, 11/18/24(e)

      207       99,399  

HPCL-Mittal Energy Ltd., 5.45%, 10/22/26(e)

      200       184,000  

HTA Group Ltd., 7.00%, 12/18/25(c)

      431       382,728  

IHS Holding Ltd., 6.25%, 11/29/28(c)

      200       163,000  

Impulsora Pipeline LLC, 6.05%, 01/01/43

      1,546       1,406,692  

ITT Holdings LLC, 6.50%, 08/01/29(c)

      437       375,538  

Kinder Morgan Energy Partners LP, 4.25%, 09/01/24(g)

      2,500       2,517,641  

Kinetik Holdings LP, 5.88%, 06/15/30(c)

      709       720,195  

Leviathan Bond Ltd., 5.75%, 06/30/23(c)(e)

      169       169,540  
 

 

 

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)

July 31, 2022

  

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  

Oil, Gas & Consumable Fuels (continued)

     

Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(c)

    USD       95     $ 90,531  

Matador Resources Co., 5.88%, 09/15/26(g)

      1,251       1,272,892  

MC Brazil Downstream Trading Sarl, 7.25%, 06/30/31(c)

      320       256,000  

Medco Bell Pte. Ltd., 6.38%, 01/30/27(e)

      250       222,188  

MPLX LP, 4.25%, 12/01/27

      235       233,033  

Murphy Oil Corp.

     

5.75%, 08/15/25

      2       2,005  

5.88%, 12/01/27

      25       24,719  

6.13%, 12/01/42

      35       27,475  

Murphy Oil USA, Inc., 4.75%, 09/15/29

      171       165,420  

Nabors Industries Ltd.(c)

     

7.25%, 01/15/26

      109       98,918  

7.50%, 01/15/28

      179       155,712  

Nabors Industries, Inc., 7.38%, 05/15/27(c)

      423       418,770  

Neptune Energy Bondco PLC, 6.63%, 05/15/25(c)

      200       193,280  

New Fortress Energy, Inc.(c)(g)

     

6.75%, 09/15/25

      1,201       1,172,476  

6.50%, 09/30/26

      1,134       1,073,955  

NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(c)(g)

      470       429,378  

NGPL PipeCo LLC, 7.77%, 12/15/37(c)(g)

      270       301,677  

Northern Oil & Gas, Inc., 8.13%, 03/01/28(c)(g)

      1,054       1,019,745  

NuStar Logistics LP

     

6.00%, 06/01/26

      234       230,024  

6.38%, 10/01/30

      30       27,657  

Occidental Petroleum Corp.

     

6.95%, 07/01/24

      81       85,001  

8.00%, 07/15/25

      46       50,617  

5.88%, 09/01/25

      150       152,813  

5.50%, 12/01/25

      195       199,421  

8.88%, 07/15/30

      197       235,908  

6.63%, 09/01/30

      1,082       1,200,365  

6.13%, 01/01/31

      100       107,168  

7.50%, 05/01/31

      182       211,034  

6.45%, 09/15/36

      417       463,758  

6.20%, 03/15/40

      860       880,767  

6.60%, 03/15/46

      49       54,145  

Odebrecht Offshore Drilling Finance Ltd., (7.72% PIK), 7.72%, 12/01/26(c)(h)

      (d)       140  

Oil & Gas Holding Co., 7.63%, 11/07/24(e)

      200       201,850  

OQ SAOC, 5.13%, 05/06/28(c)

      300       284,775  

PDC Energy, Inc.

     

6.13%, 09/15/24

      89       88,560  

5.75%, 05/15/26

      292       285,430  

Pertamina Persero PT, 3.65%, 07/30/29(e)

      646       604,737  

Petroleos Mexicanos

     

6.50%, 03/13/27(g)

      538       486,029  

8.75%, 06/02/29(c)

      529       496,519  

5.95%, 01/28/31

      525       405,563  

6.70%, 02/16/32

      285       227,216  

6.38%, 01/23/45

      177       117,926  

6.75%, 09/21/47

      290       196,693  

7.69%, 01/23/50

      66       47,850  

Pioneer Natural Resources Co., 0.25%, 05/15/25(i)

      361       828,856  

Puma International Financing SA, 5.13%, 10/06/24(c)

      483       435,907  
Security          Par
(000)
    Value  

Oil, Gas & Consumable Fuels (continued)

     

Range Resources Corp.

     

5.00%, 03/15/23

    USD       145     $ 145,560  

4.88%, 05/15/25

      18       17,962  

Rockcliff Energy II LLC, 5.50%, 10/15/29(c)

      479       462,700  

Shell International Finance BV, 4.38%, 05/11/45(g)

      450       443,826  

SM Energy Co.

     

5.63%, 06/01/25

      72       70,830  

6.75%, 09/15/26

  <