Edgar Filing: BlackRock Multi-Sector Income Trust

BlackRock Multi-Sector Income Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-22774

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

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 10/31/2015

Date of reporting period: 01/31/2015

Item 1 – Schedule of Investments

Schedule of Investments January 31, 2015 (Unaudited)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Asset-Backed Securities		Par (000)		Value
ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class A2D, 0.47%, 2/25/36 (a)	USD		6,775	$	5,958,064
Adirondack Park CLO Ltd., Series 2013-1A (a)(b):
Class D, 3.90%, 4/15/24 (c)			3,250		3,082,168
Class E, 4.90%, 4/15/24			2,000		1,756,912
ALM Loan Funding, Series 2013-7RA (a)(b):
Class C, 3.71%, 4/24/24 (c)			4,000		3,810,005
Class D, 5.26%, 4/24/24			1,000		920,108
ALM V Ltd., Series 2012-5A, Class C, 4.73%, 2/13/23 (a)(b)(c)			4,000		4,003,795
ALM XIV Ltd., Series 2014-14A, Class C, 3.71%, 7/28/26 (a)(b)(c)			3,610		3,358,812
American Homes 4 Rent, Series 2014-SFR2, Class E, 6.23%, 10/17/36 (b)			2,000		2,069,970
AMMC CLO XII Ltd., Series 2013-12A, Class D1, 3.98%, 5/10/25 (a)(b)(c)			1,000		943,542
Apidos CLO XII, Series 2013-12A, Class D, 3.30%, 4/15/25 (a)(b)(c)			1,000		917,669
Atrium X, Series 10A (a)(b):
Class D, 3.75%, 7/16/25 (c)			1,000		944,844
Class E, 4.75%, 7/16/25			2,000		1,741,383
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class C, 3.75%, 7/15/24 (a)(b)(c)			1,750		1,625,406
Benefit Street Partners CLO Ltd., Series 2012-IA, Class C, 4.75%, 10/15/23 (a)(b)			2,750		2,704,021
Benefit Street Partners CLO V Ltd., Series 2014-VA, Class D, 3.81%, 10/20/26 (a)(b)(c)			2,750		2,534,801
Brookside Mill CLO Ltd., Series 2013-1A, Class D, 3.30%, 4/17/25 (a)(b)(c)			1,250		1,136,914
C-BASS Trust, Series 2006-CB7, Class A4, 0.33%, 10/25/36 (a)			9,903		6,878,995
Carlyle Global Market Strategies CLO Ltd., Class D (a)(b):
Series 2012-4A, 4.76%, 1/20/25 (c)			2,350		2,343,457
Series 2013-2A, 4.01%, 4/18/25 (c)			1,250		1,196,909
Carrington Mortgage Loan Trust, Series 2006-FRE2 (a):
Class A2, 0.29%, 10/25/36			7,069		4,198,591
Class A5, 0.25%, 10/25/36			7,496		4,431,663
Central Park CLO Ltd., Series 2011-1A, Class D, 3.46%, 7/23/22 (a)(b)(c)			2,250		2,223,016
Asset-Backed Securities		Par (000)		Value
CIFC Funding Ltd. (a)(b):
Series 2012-1AR, Class B1R, 4.38%, 8/14/24 (c)	USD		2,000	$	1,955,763
Series 2013-2A, Class B1L, 3.86%, 4/21/25 (c)			1,000		938,691
Series 2014-3A, Class D, 3.66%, 7/22/26			480		441,730
Citigroup Mortgage Loan Trust, Inc., Series 2005-HE3, Class M2, 0.65%, 9/25/35 (a)			4,800		4,512,547
Countrywide Asset-Backed Certificates, Series 2006-BC5, Class 2A3, 0.34%, 3/25/37 (a)			4,970		4,680,206
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44 (b)			3,755		3,832,740
ECP CLO Ltd., Series 2013-5A, Class C, 3.76%, 1/20/25 (a)(b)(c)			2,500		2,328,543
Fieldstone Mortgage Investment Trust, Series 2006-3, Class 2A3, 0.33%, 11/25/36 (a)			13,140		7,626,701
Flatiron CLO Ltd., Series 2012-1A, Class C, 4.76%, 10/25/24 (a)(b)(c)			1,375		1,371,265
Fremont Home Loan Trust, Class 2A3 (a):
Series 2006-A, 0.33%, 5/25/36			27,414		15,748,918
Series 2006-D, 0.32%, 11/25/36			25,344		12,078,971
GoldenTree Loan Opportunities VII Ltd., Series 2013-7A, Class D, 3.56%, 4/25/25 (a)(b)			1,250		1,170,182
GSAMP Trust (a):
Series 2005-AHL2, Class A2C, 0.41%, 12/25/35			6,099		5,537,917
Series 2006-FM2, Class A2C, 0.32%, 9/25/36			12,839		5,939,866
Series 2007-FM2, Class A2B, 0.26%, 1/25/37			9,362		5,642,750
Halcyon Loan Advisors Funding Ltd., Series 2013-1A, Class C, 3.75%, 4/15/25 (a)(b)(c)			2,000		1,869,431
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, 0.34%, 4/25/37 (a)			15,675		10,215,789
ING IM CLO Ltd., Series 2013-2A, Class C, 3.76%, 4/25/25 (a)(b)(c)			1,000		942,805
Jamestown CLO I Ltd., Series 2012-1A, Class C, 4.23%, 11/05/24 (a)(b)(c)			2,550		2,460,996
Jamestown CLO IV Ltd., Series 2014-4A, Class C, 3.75%, 7/15/26 (a)(b)			1,335		1,244,618



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015	1

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Asset-Backed Securities		Par (000)			Value
Lehman XS Trust, Series 2007-1, Class 2A1, 5.51%, 2/25/37 (a)	USD		9,771		$	9,002,546
Madison Park Funding Ltd. (a):
Series 2012-10A, Class D, 4.51%, 1/20/25 (b)(c)			1,000			989,002
Series 2012-8X, Class E, 5.61%, 4/22/22			3,000			2,905,681
Mastr Asset-Backed Securities Trust (a):
Series 2006-HE2, Class A3, 0.32%, 6/25/36			13,102			7,201,856
Series 2006-WMC2, Class A5, 0.42%, 4/25/36			9,585			4,503,890
Morgan Stanley IXIS Real Estate Capital Trust, Series 2006-2, Class A3, 0.32%, 11/25/36 (a)			16,193			8,556,168
Octagon Investment Partners XIV Ltd., Series 2012-1A, Class C, 4.25%, 1/15/24 (a)(b)(c)			1,000			968,855
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class D, 3.61%, 7/17/25 (a)(b)(c)			2,250			2,049,909
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class C, 3.88%, 11/14/26 (a)(b)			1,000			935,900
OHA Credit Partners VII Ltd., Series 2012-7A, Class D, 4.23%, 11/20/23 (a)(b)(c)			3,000			2,915,364
OneMain Financial Issuance Trust 2015-1, Series 2015-1A, Class D, 6.81%, 3/18/26 (b)(d)			5,075			5,074,391
OZLM Funding IV Ltd., Series 2013-4A, Class C, 3.46%, 7/22/25 (a)(b)(c)			1,250			1,145,265
OZLM Funding Ltd., Series 2012-2A, Class C, 4.58%, 10/30/23 (a)(b)(c)			2,000			1,964,244
Race Point CLO Ltd., Series 2011-5AR, Class ER, 6.24%, 12/15/22 (a)(b)			1,500			1,514,209
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 9/25/37 (e)			4,825			3,119,278
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, 0.57%, 9/25/47 (a)			5,000			3,495,405
Scholar Funding Trust, Series 2013-A, Class R, 0.00% (f)			—	(g)		4,104,450
Symphony CLO XV Ltd., Series 2014-15A, Class D, 3.95%, 10/17/26 (a)(b)			3,500			3,294,550
Asset-Backed Securities		Par (000)			Value
Tyron Park CLO Ltd., Series 2013-1A (a)(b):
Class C, 3.75%, 7/15/25 (c)	USD		1,250		$	1,177,309
Class D, 4.65%, 7/15/25			1,000			861,685
WaMu Asset-Backed Certificates Trust, Series 2007-HE3, Class 2A3, 0.41%, 5/25/47 (a)			11,451			7,472,132

						222,573,563
Total Asset-Backed Securities — 29.7%						222,573,563



Corporate Bonds
Airlines — 5.1%
Air Canada Pass-Through Trust, Series 2013-1 (b)(c):
Class B, 5.38%, 11/15/22			3,139			3,248,651
Class C, 6.63%, 5/15/18			761			780,329
American Airlines Pass-Through Trust (c):
Series 2013-1, Class C, 6.13%, 7/15/18 (b)			1,500			1,552,500
Series 2013-2, Class A, 4.95%, 7/15/24			2,290			2,467,043
Series 2013-2, Class B, 5.60%, 1/15/22 (b)			2,665			2,741,689
Series 2013-2, Class C, 6.00%, 1/15/17 (b)			2,800			2,842,000
Continental Airlines Pass-Through Trust (c):
Series 2003-ERJ1, 7.88%, 1/02/20			6,184			6,524,527
Series 2007-1, Class B, 6.90%, 10/19/23			3,451			3,709,790
Series 2012-1, Class B, 6.25%, 10/11/21			488			513,181
Series 2012-3, Class C, 6.13%, 4/29/18			678			711,900
Delta Air Lines Pass-Through Trust, Class B (c):
Series 2007-1, 8.02%, 2/10/24			2,346			2,717,875
Series 2012-1, 6.88%, 5/07/19 (b)			4,084			4,532,758
United Airlines Pass-Through Trust, Series 2014-2, Class B, 4.63%, 3/03/24 (c)			2,750			2,736,250



2	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Airlines (concluded)
US Airways Pass-Through Trust, Series 2013-1, Class B, 5.38%, 5/15/23 (c)	USD		3,066	$	3,150,702

					38,229,195
Auto Components — 1.2%
Dana Holding Corp., 6.75%, 2/15/21 (c)			1,257		1,335,562
Icahn Enterprises LP/Icahn Enterprises Finance Corp. (c):
3.50%, 3/15/17			170		169,150
Icahn Enterprises LP/Icahn Enterprises Finance Corp. (c)
4.88%, 3/15/19			2,898		2,948,715
6.00%, 8/01/20			2,174		2,274,221
5.88%, 2/01/22			1,334		1,364,015
Schaeffler Finance BV, 4.75%, 5/15/21 (b)(c)			1,045		1,052,838

					9,144,501
Automobiles — 0.9%
Chrysler Group LLC/CG Co-Issuer, Inc., 8.00%, 6/15/19 (c)			1,212		1,274,115
General Motors Co. (c):
3.50%, 10/02/18			2,669		2,735,725
6.25%, 10/02/43			2,194		2,732,131

					6,741,971
Banks — 2.4%
CIT Group, Inc., 5.25%, 3/15/18 (c)			9,558		9,916,425
Fifth Third Bancorp, 5.10% (a)(c)(h)			5,000		4,637,500
Sberbank of Russia Via SB Capital SA, 5.25%, 5/23/23 (b)			5,000		3,036,700

					17,590,625
Building Products — 0.8%
American Builders & Contractors Supply Co., Inc., 5.63%, 4/15/21 (b)(c)			375		378,750
Builders FirstSource, Inc., 7.63%, 6/01/21 (b)(c)			1,100		1,108,250
Building Materials Corp. of America, 6.75%, 5/01/21 (b)(c)			3,125		3,343,750
Cemex SAB de CV, 5.88%, 3/25/19 (b)(c)			200		201,400
USG Corp., 9.75%, 1/15/18 (c)			572		656,370

					5,688,520
Capital Markets — 0.8%
AE-Rotor Holding BV, 4.97%, 3/28/18			2,500		2,540,555
Corporate Bonds		Par (000)		Value
Capital Markets (concluded)
American Capital Ltd., 6.50%, 9/15/18 (b)(c)	USD		700	$	730,625
Credit Suisse Group AG, 7.50% (a)(b)(c)(h)			2,851		2,994,217

					6,265,397
Chemicals — 0.0%
PetroLogistics LP/PetroLogistics Finance Corp., 6.25%, 4/01/20			246		265,373
Commercial Services & Supplies — 1.8%
ARAMARK Corp., 5.75%, 3/15/20 (c)			672		698,880
Aviation Capital Group Corp., 6.75%, 4/06/21 (b)(c)			5,000		5,625,000
Brand Energy & Infrastructure Services, Inc., 8.50%, 12/01/21 (b)(c)			207		185,265
United Rentals North America, Inc. (c):
8.25%, 2/01/21			4,204		4,545,575
7.63%, 4/15/22			2,440		2,683,512

					13,738,232
Communications Equipment — 0.7%
Alcatel-Lucent USA, Inc., 8.88%, 1/01/20 (b)(c)			942		1,024,425
Avaya, Inc., 7.00%, 4/01/19 (b)(c)			691		671,134
Zayo Group LLC/Zayo Capital, Inc., 10.13%, 7/01/20 (c)			3,257		3,655,982

					5,351,541
Construction & Engineering — 0.3%
Alam Synergy Property Ltd., 6.95%, 3/27/20			2,000		1,865,000
BlueLine Rental Finance Corp., 7.00%, 2/01/19 (b)(c)			183		179,226
Safway Group Holding LLC/Safway Finance Corp., 7.00%, 5/15/18 (b)(c)			290		282,112

					2,326,338
Construction Materials — 1.3%
HD Supply, Inc. (c):
11.00%, 4/15/20			2,900		3,306,000
7.50%, 7/15/20			6,388		6,691,430

					9,997,430
Distributors — 0.1%
VWR Funding, Inc., 7.25%, 9/15/17 (c)			652		682,253



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015	3

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Diversified Consumer Services — 0.1%
APX Group, Inc., 6.38%, 12/01/19 (c)	USD		289	$	275,273
Laureate Education, Inc., 9.75%, 9/01/19 (b)(c)			464		470,960

					746,233
Diversified Financial Services — 3.6%
Aircastle Ltd., 6.25%, 12/01/19 (c)			2,624		2,833,920
Ally Financial, Inc., 8.00%, 11/01/31 (c)			9,315		12,027,994
DPL, Inc., 6.50%, 10/15/16 (c)			112		117,600
General Motors Financial Co., Inc. (c):
3.25%, 5/15/18			235		238,525
4.25%, 5/15/23			326		339,040
Intesa Sanpaolo SpA, 5.02%, 6/26/24 (b)(c)			2,290		2,358,629
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 4/01/20 (b)(c)			845		794,300
Reynolds Group Issuer, Inc. (c):
9.88%, 8/15/19			3,278		3,482,875
5.75%, 10/15/20			4,941		5,052,172

					27,245,055
Diversified Telecommunication Services — 3.0%
CenturyLink, Inc., Series V, 5.63%, 4/01/20 (c)			834		877,577
Cequel Communications Escrow 1 LLC/Cequel Capital Corp., 6.38%, 9/15/20 (b)(c)			662		688,480
Consolidated Communications, Inc., 10.88%, 6/01/20 (c)			1,264		1,425,160
Level 3 Communications, Inc., 8.88%, 6/01/19 (c)			1,234		1,304,955
Level 3 Financing, Inc., 8.13%, 7/01/19 (c)			7,722		8,194,972
Verizon Communications, Inc., 6.55%, 9/15/43 (c)			6,500		8,780,460
Windstream Corp. (c):
7.75%, 10/15/20			450		466,875
6.38%, 8/01/23			555		511,294

					22,249,773
Electric Utilities — 0.7%
Star Energy Geothermal Wayang Windu Ltd., 6.13%, 3/27/20			5,000		5,012,500
Energy Equipment & Services — 0.8%
MEG Energy Corp., 6.50%, 3/15/21 (b)(c)			3,586		3,245,330
Corporate Bonds		Par (000)		Value
Energy Equipment & Services (concluded)
Peabody Energy Corp. (c):
6.00%, 11/15/18	USD		176	$	141,240
6.25%, 11/15/21			3,625		2,718,750

					6,105,320
Food & Staples Retailing — 0.1%
Rite Aid Corp., 6.75%, 6/15/21 (c)			506		528,770
Food Products — 0.2%
Barry Callebaut Services NV, 5.50%, 6/15/23 (b)			1,200		1,286,280
Smithfield Foods, Inc., 5.88%, 8/01/21 (b)(c)			307		315,442

					1,601,722
Health Care Equipment & Supplies — 1.2%
Biomet, Inc. (c):
6.50%, 8/01/20			5,795		6,178,919
6.50%, 10/01/20			2,904		3,070,109

					9,249,028
Health Care Providers & Services — 4.1%
CHS/Community Health Systems, Inc., 6.88%, 2/01/22 (c)			3,548		3,768,419
DaVita HealthCare Partners, Inc., 5.13%, 7/15/24 (c)			2,500		2,569,500
HCA, Inc. (c):
6.50%, 2/15/20			7,143		8,035,875
5.88%, 3/15/22			124		138,260
4.75%, 5/01/23			161		168,648
Hologic, Inc., 6.25%, 8/01/20 (c)			3,216		3,356,700
Tenet Healthcare Corp. (c):
6.25%, 11/01/18			6,087		6,612,004
6.00%, 10/01/20			1,150		1,244,875
8.13%, 4/01/22			4,137		4,664,467

					30,558,748
Hotels, Restaurants & Leisure — 2.9%
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Property, 8.00%, 10/01/20 (b)(c)			2,773		2,731,405
Enterprise Inns PLC, 6.00%, 10/06/23	GBP		3,320		4,800,564
The Unique Pub Finance Co. PLC:
Series A3, 6.54%, 3/30/21			2,594		3,985,841
Series M, 7.40%, 3/28/24			6,400		9,832,577

					21,350,387



4	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Household Durables — 0.9%
Brookfield Residential Properties, Inc., 6.50%, 12/15/20 (b)(c)	USD		2,750	$	2,818,750
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 7/01/22 (b)(c)			750		761,250
Standard Pacific Corp., 8.38%, 1/15/21 (c)			2,000		2,250,000
Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.25%, 4/15/21 (b)(c)			357		336,473
Tri Pointe Holdings, Inc. (b)(c):
4.38%, 6/15/19			415		395,287
5.88%, 6/15/24			280		269,500

					6,831,260
Independent Power and Renewable Electricity Producers — 1.3%
Calpine Corp. (c):
6.00%, 1/15/22 (b)			254		272,415
5.38%, 1/15/23			4,000		4,040,000
5.88%, 1/15/24 (b)			240		255,600
NRG Energy, Inc., 7.63%, 1/15/18 (c)			2,735		2,984,569
NRG REMA LLC, Series C, 9.68%, 7/02/26 (c)			1,750		1,855,000

					9,407,584
Insurance — 1.9%
A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub LLC, 7.88%, 12/15/20 (b)(c)			680		683,400
American International Group, Inc., 8.18%, 5/15/68 (a)(c)			4,500		6,165,000
MPL 2 Acquisition Canco, Inc., 9.88%, 8/15/18 (b)(c)			1,400		1,491,000
Prudential Financial, Inc., 5.63%, 6/15/43 (a)(c)			6,000		6,240,000

					14,579,400
Internet Software & Services — 0.0%
Equinix, Inc., 4.88%, 4/01/20 (c)			144		146,880
IT Services — 1.5%
Ceridian HCM Holding, Inc., 11.00%, 3/15/21 (b)(c)			702		754,650
Epicor Software Corp., 8.63%, 5/01/19 (c)			425		445,188
First Data Corp. (b)(c):
7.38%, 6/15/19			5,071		5,318,211
6.75%, 11/01/20			3,111		3,328,770
SunGard Data Systems, Inc., 6.63%, 11/01/19 (c)			1,126		1,131,630

					10,978,449


Corporate Bonds		Par (000)		Value
Media — 7.2%
Bharti Airtel International Netherlands BV, 5.13%, 3/11/23	USD		3,000	$	3,313,800
Cablevision Systems Corp., 5.88%, 9/15/22 (c)			700		712,250
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. (b)(c):
5.25%, 2/15/22			3,117		3,226,095
5.63%, 2/15/24			94		98,230
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 2/15/23 (c)			7,029		6,888,420
Clear Channel Worldwide Holdings, Inc. (c):
7.63%, 3/15/20			5,274		5,564,070
6.50%, 11/15/22			2,573		2,653,406
Columbus International, Inc., 7.38%, 3/30/21 (b)(c)			1,560		1,604,850
DISH DBS Corp., 5.13%, 5/01/20 (c)			5,500		5,596,250
Gannett Co., Inc., 6.38%, 10/15/23 (c)			1,400		1,491,000
Gray Television, Inc., 7.50%, 10/01/20 (c)			891		915,503
iHeartCommunications, Inc., 9.00%, 12/15/19 (c)			700		682,500
Inmarsat Finance PLC, 4.88%, 5/15/22 (b)(c)			1,000		998,750
Intelsat Jackson Holdings SA (c):
7.25%, 10/15/20			1,250		1,310,937
5.50%, 8/01/23			2,241		2,212,987
Intelsat Luxembourg SA, 6.75%, 6/01/18 (c)			3,000		3,052,500
Live Nation Entertainment, Inc., 7.00%, 9/01/20 (b)(c)			199		212,433
Midcontinent Communications & Midcontinent Finance Corp., 6.25%, 8/01/21 (b)(c)			250		253,125
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (b)(c)			629		651,015
Numericable Group SA, 6.00%, 5/15/22 (b)(c)			3,000		3,068,700
Radio One, Inc., 9.25%, 2/15/20 (b)(c)			685		629,344
RCN Telecom Services LLC/RCN Capital Corp., 8.50%, 8/15/20 (b)(c)			630		668,588
Sirius XM Radio, Inc., 4.25%, 5/15/20 (b)(c)			994		969,150



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015	5

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Corporate Bonds			Par (000)		Value
Media (concluded)
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 5.50%, 1/15/23 (b)(c)		USD		5,287	$	5,485,262
Virgin Media Finance PLC, 6.38%, 4/15/23 (b)(c)				805		857,325
WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 9/01/20 (b)(c)				980		1,041,250

						54,157,740
Metals & Mining — 1.6%
ArcelorMittal, 6.13%, 6/01/18 (c)				1,900		2,018,750
Commercial Metals Co., 4.88%, 5/15/23 (c)				984		929,880
Novelis, Inc., 8.75%, 12/15/20 (c)				7,164		7,683,390
Wise Metals Group LLC/Wise Alloys Finance Corp., 8.75%, 12/15/18 (b)(c)				1,140		1,212,675

						11,844,695
Multiline Retail — 0.3%
The Neiman Marcus Group Ltd. (b)(c):
8.00%, 10/15/21				927		959,445
8.75%, (8.75% Cash or 9.50% PIK), 10/15/21 (i)				963		1,006,335

						1,965,780
Oil, Gas & Consumable Fuels — 2.2%
Antero Resources Finance Corp., 5.38%, 11/01/21 (c)				284		276,900
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 (c)				99		88,605
Chesapeake Energy Corp., 5.75%, 3/15/23 (c)				1,145		1,185,075
CrownRock LP/CrownRock Finance, Inc., 7.13%, 4/15/21 (b)(c)				383		369,595
Kinder Morgan Energy Partners LP (c):
6.55%, 9/15/40				300		356,205
5.00%, 8/15/42				1,130		1,140,784
5.00%, 3/01/43				570		574,620
Kinder Morgan, Inc. (c):
5.63%, 11/15/23 (b)				486		534,135
4.30%, 6/01/25				2,355		2,458,877
MIE Holdings Corp., 6.88%, 2/06/18				2,000		1,275,000
Pacific Drilling SA, 5.38%, 6/01/20 (b)(c)				267		199,583
Pertamina Persero PT, 5.63%, 5/20/43 (b)(c)				2,000		1,975,000
Corporate Bonds	Par (000)				Value
Oil, Gas & Consumable Fuels (concluded)
Range Resources Corp. (c):
5.00%, 8/15/22		USD		91	$	90,090
5.00%, 3/15/23				211		207,835
Regency Energy Partners LP/Regency Energy Finance Corp., 4.50%, 11/01/23 (c)				297		299,970
Rosetta Resources, Inc., 5.63%, 5/01/21 (c)				3,286		3,097,055
Sabine Pass Liquefaction LLC, 6.25%, 3/15/22 (c)				752		779,260
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 7.50%, 7/01/21 (c)				703		739,907
Whiting Petroleum Corp., 5.00%, 3/15/19 (c)				878		840,685

						16,489,181
Paper & Forest Products — 0.1%
Ainsworth Lumber Co. Ltd., 7.50%, 12/15/17 (b)(c)				385		397,994
Pharmaceuticals — 0.9%
Forest Laboratories, Inc., 5.00%, 12/15/21 (b)(c)				718		785,470
Grifols Worldwide Operations Ltd., 5.25%, 4/01/22 (b)(c)				1,094		1,110,410
Valeant Pharmaceuticals International, Inc. (b)(c):
6.75%, 8/15/18				1,807		1,922,196
6.75%, 8/15/21				1,276		1,342,990
5.63%, 12/01/21				1,182		1,214,505

						6,375,571
Real Estate Investment Trusts (REITs) — 0.2%
Felcor Lodging LP, 6.75%, 6/01/19 (c)				1,261		1,314,593
Real Estate Management & Development — 4.1%
Caifu Holdings Ltd., 8.75%, 1/24/20				3,000		2,800,680
Kaisa Group Holdings Ltd., 10.25%, 1/08/20				2,000		1,500,000
Lai Sun International Finance 2012 Ltd., 5.70%, 1/18/18				2,000		2,020,000
Northwest Florida Timber Finance LLC, 4.75%, 3/04/29 (b)(c)				4,360		3,948,416
Punch Taverns Finance B Ltd.:
7.37%, 9/30/21		GBP		3,023		4,826,004
Series A6, 5.94%, 9/30/22				6,346		9,462,768
Realogy Corp., 7.63%, 1/15/20 (b)(c)		USD		2,454		2,634,860
Shea Homes LP/Shea Homes Funding Corp., 8.63%, 5/15/19 (c)				1,505		1,576,487



6	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Real Estate Management & Development (concluded)
Sparkle Assets Ltd., 6.88%, 1/30/20	USD		2,000	$	2,000,000

					30,769,215
Road & Rail — 0.5%
The Hertz Corp. (c):
4.25%, 4/01/18			400		402,040
7.38%, 1/15/21			3,075		3,243,817

					3,645,857
Software — 0.7%
Infor US, Inc., 9.38%, 4/01/19 (c)			2,400		2,580,000
Nuance Communications, Inc., 5.38%, 8/15/20 (b)(c)			1,605		1,621,050
Sophia LP/Sophia Finance, Inc., 9.75%, 1/15/19 (b)(c)			1,220		1,302,350

					5,503,400
Specialty Retail — 0.2%
Party City Holdings, Inc., 8.88%, 8/01/20 (c)			623		672,840
Sally Holdings LLC/Sally Capital, Inc., 5.75%, 6/01/22 (c)			647		692,290

					1,365,130
Technology Hardware, Storage & Peripherals — 0.1%
Pacific Emerald Property Ltd., 9.75%, 7/25/18			1,000		1,050,000
Textiles, Apparel & Luxury Goods — 0.3%
Springs Industries, Inc., 6.25%, 6/01/21 (c)			1,434		1,376,640
The William Carter Co., 5.25%, 8/15/21 (c)			604		625,140

					2,001,780
Trading Companies & Distributors — 0.5%
Doric Nimrod Air Alpha 2013-1 Pass-Through Trust, 5.25%, 5/30/25 (b)(c)			2,739		2,862,346
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust, Series 2012-1, Class B, 6.50%, 5/30/21 (b)(c)			986		1,028,392

					3,890,738
Wireless Telecommunication Services — 4.0%
Crown Castle International Corp., 5.25%, 1/15/23 (c)			6,565		6,729,125
Digicel Ltd., 6.00%, 4/15/21 (b)(c)			5,000		4,687,500
Softbank Corp., 4.50%, 4/15/20 (b)(c)			1,500		1,500,000
Corporate Bonds		Par (000)		Value
Wireless Telecommunication Services (concluded)
Sprint Communications, Inc., 9.00%, 11/15/18 (b)(c)	USD		8,131	$	9,370,977
Sprint Corp., 7.88%, 9/15/23 (c)			1,922		1,948,428
T-Mobile USA, Inc. (c):
6.63%, 4/28/21			3,820		3,966,115
6.73%, 4/28/22			945		979,256
6.84%, 4/28/23			610		635,925

					29,817,326
Total Corporate Bonds — 60.6%					453,201,485



Floating Rate Loan Interests (a)
Aerospace & Defense — 0.3%
TransUnion LLC, Term Loan, 4.00%, 4/09/21			1,930		1,901,804
Airlines — 0.4%
Delta Air Lines, Inc., 2016 Term Loan B2, 2.42%, 4/18/16			2,940		2,920,714
Auto Components — 0.3%
Gates Global, Inc., Term Loan B, 4.25%, 7/05/21			2,359		2,297,751
Chemicals — 0.0%
Allnex (Luxembourg) & Cy SCA, Term Loan B1, 4.50%, 10/03/19			88		86,714
Allnex USA, Inc., Term Loan B2, 4.50%, 10/03/19			45		44,992

					131,706
Commercial Services & Supplies — 0.4%
ADS Waste Holdings, Inc., Term Loan, 3.75%, 10/09/19			632		612,636
ARAMARK Corp., Term Loan E, 3.25%, 9/07/19			437		430,280
Spin Holdco, Inc., Term Loan B, 4.25%, 11/14/19			1,928		1,895,232

					2,938,148
Communications Equipment — 0.2%
Zayo Group LLC/Zayo Capital, Inc., Term Loan B, 4.00%, 7/02/19			1,915		1,894,305
Construction Materials — 0.3%
HD Supply, Inc., Term Loan B, 4.00%, 6/28/18			2,480		2,454,948
Distributors — 0.1%
ABC Supply Co., Inc., Term Loan, 3.50%, 4/16/20			593		577,688



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015	7

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (a)		Par (000)		Value
Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions, Inc., Term Loan B, 3.75%, 1/30/20	USD		490	$	484,796
Weight Watchers International, Inc., Term Loan B2, 4.00%, 4/02/20			236		158,044

					642,840
Diversified Telecommunication Services — 0.3%
Level 3 Financing, Inc., 2020 Term Loan B, 4.00%, 1/15/20			2,275		2,253,206
Electronic Equipment, Instruments & Components — 0.0%
CDW LLC, Term Loan, 3.25%, 4/29/20			295		288,037
Energy Equipment & Services — 0.2%
Dynegy Holdings, Inc., Term Loan B2, 4.00%, 4/23/20			1,615		1,595,967
Food Products — 0.2%
Pinnacle Foods Finance LLC, Term Loan G, 3.00%, 4/29/20			1,457		1,423,822
Health Care Equipment & Supplies — 0.1%
Immucor, Inc., Refinancing Term Loan B2, 5.00%, 8/17/18			735		728,569
Health Care Providers & Services — 0.1%
American Renal Holdings, Inc., 1st Lien Term Loan, 4.50%, 9/22/19			462		455,290
Hotels, Restaurants & Leisure — 3.4%
Caesars Entertainment Resort Properties LLC, Term Loan B, 7.00%, 10/11/20			1,817		1,729,687
Hilton Ft. Lauderdale, Mezzanine Term Loan 5, 6.16%, 8/04/19			6,500		6,500,000
Hilton Los Cabos, B-Note, 8.16%, 9/18/18			5,375		5,375,000
Hilton Orlando, Mezzanine A3, 6.41%, 8/01/16			7,250		7,250,000
Hilton Worldwide Finance LLC, Term Loan B2, 3.50%, 10/26/20			2,318		2,287,657
MGM Resorts International, Term Loan A, 2.92%, 12/20/17			1,225		1,209,687
Station Casinos LLC, Term Loan B, 4.25%, 3/02/20			951		936,030

					25,288,061
Insurance — 0.8%
Dallas Design District, Mezzanine Term Loan, 6.86%, 11/09/16			4,000		4,000,000
Floating Rate Loan Interests (a)		Par (000)		Value
Insurance (concluded)
Sedgwick Claims Management Services, Inc., 1st Lien Term Loan, 3.75%, 3/01/21	USD		1,990	$	1,917,838

					5,917,838
IT Services — 0.4%
First Data Corp., 2018 Extended Term Loan, 3.67%, 3/23/18			3,000		2,942,820
SunGard Data Systems, Inc., Term Loan E, 4.00%, 3/08/20			227		225,649

					3,168,469
Machinery — 0.3%
Generac Power Systems, Inc., Term Loan B, 3.25%, 5/31/20			883		863,328
Silver II US Holdings LLC, Term Loan, 4.00%, 12/13/19			1,144		1,069,133

					1,932,461
Media — 0.2%
Clear Channel Communications, Inc.:
Term Loan B, 3.82%, 1/29/16			36		35,760
Term Loan D, 6.92%, 1/30/19			675		628,611
Univision Communications, Inc., Term Loan C4, 4.00%, 3/01/20			491		483,568
Virgin Media Investment Holdings Ltd., Term Loan B, 3.50%, 6/07/20			700		688,310

					1,836,249
Oil, Gas & Consumable Fuels — 0.2%
Offshore Group Investment Ltd., Term Loan B, 5.75%, 3/28/19			1,179		715,264
Power Buyer LLC:
1st Lien Term Loan, 4.25%, 5/06/20			683		663,012
Delayed Draw Term Loan, 4.25%, 5/06/20			36		35,402

					1,413,678
Pharmaceuticals — 0.1%
Par Pharmaceutical Cos., Inc., Term Loan B2, 4.00%, 9/30/19			738		724,122
Real Estate Management & Development — 0.1%
Realogy Corp., Term Loan B, 3.75%, 3/05/20			879		864,894
Semiconductors & Semiconductor Equipment — 0.1%
Freescale Semiconductor, Inc., Term Loan B4, 4.25%, 2/28/20			491		483,918



8	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (a)		Par (000)		Value
Specialty Retail — 0.1%
Party City Holdings, Inc., Term Loan, 4.00%, 7/27/19	USD		980	$	957,891
Technology Hardware, Storage & Peripherals — 0.5%
Walton Portland Holdings VI LLC, Mezzanine Term Loan, 6.91%, 7/06/16			3,750		3,750,000
Total Floating Rate Loan Interests — 9.2%					68,842,376



Foreign Agency Obligations
Brazilian Government International Bond:
4.88%, 1/22/21			215		227,363
4.25%, 1/07/25			430		428,925
Cyprus Government International Bond, 4.63%, 2/03/20 (b)	EUR		2,950		3,300,264
Iceland Government International Bond, 5.88%, 5/11/22	USD		3,415		3,888,145
Slovenia Government International Bond, 5.85%, 5/10/23 (b)(c)			766		905,856
Sri Lanka Government International Bond, 5.88%, 7/25/22			3,000		3,127,500
Total Foreign Agency Obligations — 1.6%					11,878,053



Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 34.5%
Alternative Loan Trust:
Series 2005-61, Class 2A1, 0.45%, 12/25/35 (a)(c)			4,540		3,957,764
Series 2005-9CB, Class 1A3, 0.62%, 5/25/35 (a)(c)			6,749		5,636,677
Series 2006-40T1, Class 2A5, 0.57%, 12/25/36 (a)			3,553		1,677,918
Series 2006-7CB, Class 2A1, 6.50%, 5/25/36			4,988		3,689,903
Series 2006-J7, Class 2A1, 2.17%, 11/20/36 (a)			10,521		7,484,881
Series 2006-J8, Class A5, 6.00%, 2/25/37			2,844		2,242,561
Series 2006-OA10, Class 2A1, 0.36%, 8/25/46 (a)			9,818		7,420,944
Series 2006-OA14, Class 3A1, 0.96%, 11/25/46 (a)			15,863		11,837,246
Series 2006-OA16, Class A2, 0.36%, 10/25/46 (a)			11,539		9,767,966
Series 2006-OA18, Class A1, 0.29%, 12/25/46 (a)			6,973		6,026,919
Non-Agency Mortgage-Backed Securities		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Alternative Loan Trust (concluded):
Series 2006-OA22, Class A1, 0.33%, 2/25/47 (a)	USD		5,957	$	5,010,742
Series 2006-OA6, Class 1A1A, 0.38%, 7/25/46 (a)			12,584		9,243,815
Series 2006-OA8, Class 1A1, 0.36%, 7/25/46 (a)			4,072		3,286,352
Series 2007-12T1, Class A22, 5.75%, 6/25/37			7,932		6,632,213
Series 2007-12T1, Class A5, 6.00%, 6/25/37			3,849		3,272,511
Series 2007-22, Class 2A16, 6.50%, 9/25/37			13,054		10,522,954
Series 2007-23CB, Class A1, 6.00%, 9/25/37			11,955		10,375,343
Series 2007-4CB, Class 1A3, 0.52%, 4/25/37 (a)			7,681		5,664,806
Series 2007-OA2, Class 1A1, 0.95%, 3/25/47 (a)			7,553		5,605,367
Series 2007-OA6, Class A1A, 0.31%, 6/25/37 (a)			12,043		10,252,605
American Home Mortgage Assets Trust, Series 2006-5, Class A1, 1.03%, 11/25/46 (a)			7,113		3,898,296
American Home Mortgage Investment Trust, Series 2007-1, Class GA1C, 0.36%, 5/25/47 (a)			4,900		3,503,439
Banc of America Funding Trust, Series 2006-G, Class 2A1, 0.39%, 7/20/36 (a)			2,624		2,438,028
Bear Stearns ARM Trust, Series 2006-1, Class A1, 2.36%, 2/25/36 (a)(c)			4,635		4,621,897
CHL Mortgage Pass-Through Trust:
Series 2006-3, Class 1A1, 0.41%, 3/25/36 (a)			15,648		13,094,329
Series 2007-J2, Class 2A1, 0.82%, 7/25/37 (a)			7,036		4,773,563
Series 2007-J2, Class 2A8, 6.00%, 7/25/37			3,885		3,265,333
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 2.49%, 11/25/36 (a)			9,572		7,832,732
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, 0.37%, 4/25/46 (a)			12,720		11,080,008
Fannie Mae Connecticut Avenue Securities, Class 1M2 (a):
Series 2014-C02, 2.77%, 5/25/24			10,000		8,872,220
Series 2014-C03, 3.17%, 7/25/24			15,000		13,444,620



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015	9

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Non-Agency Mortgage-Backed Securities		Par (000)		Value
Collateralized Mortgage Obligations (concluded)
GreenPoint Mortgage Funding Trust, Series 2007-AR3, Class A1, 0.39%, 6/25/37 (a)	USD		7,621	$	6,431,722
GSR Mortgage Loan Trust (a):
Series 2005-AR3, Class 5A1, 2.67%, 5/25/35			3,885		3,765,152
Series 2005-AR6, Class 2A1, 2.73%, 9/25/35 (c)			2,682		2,692,751
Hilton USA Trust, Series 2013-HLT, Class EFX, 5.22%, 11/05/30 (a)(b)(c)			5,000		5,134,545
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 0.40%, 5/26/37 (a)(b)			19,497		12,296,901
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 5/25/36 (a)			10,149		5,631,723
Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, 0.77%, 8/25/36 (a)			8,829		3,565,149
Structured Asset Mortgage Investments II Trust, Series 2006-AR1, Class 3A1, 0.40%, 2/25/36 (a)			4,441		3,585,999
WaMu Mortgage Pass-Through Certificates, Class 1A (a):
Series 2006-AR19, 0.85%, 1/25/47			3,311		2,709,851
Series 2007-OA4, 0.88%, 5/25/47			6,672		5,686,133

					257,933,878
Commercial Mortgage-Backed Securities — 17.6%
Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2013-DSMZ, Class M, 5.86%, 9/15/18 (a)(b)			7,500		7,500,000
BHMS Mortgage Trust, Series 2014-MZ, Class M, 7.13%, 7/05/33 (a)(b)			2,000		2,067,820
CD Commercial Mortgage Trust, Series 2007-CD5, Class C, 6.12%, 11/15/44 (a)(c)			3,372		3,485,299
CDGJ Commercial Mortgage Trust, Series 2014-BXCH, Class EPA, 4.42%, 12/15/27 (a)(b)			5,000		5,003,230
CG-CCRE Commercial Mortgage Trust, Series 2014-FL1 (a)(b):
Class D, 2.92%, 6/15/31 (c)			3,000		2,981,235
Class E, 4.82%, 6/15/31 (c)			1,931		1,919,165
Non-Agency Mortgage-Backed Securities		Par (000)		Value
Commercial Mortgage-Backed Securities (concluded)
COMM 2014-FL5 Mortgage Trust, Series 2014-FL5, Class HFL1, 3.42%, 7/15/31 (a)(b)	USD		6,057	$	5,814,126
Commercial Mortgage Pass-Through Certificates (a)(b):
Series 2007-C9, Class G, 5.80%, 12/10/49 (c)			5,120		5,050,419
Series 2013-FL3, Class MMHP, 3.77%, 10/13/28 (c)			4,000		4,001,492
Series 2013-LC13, Class D, 5.05%, 8/10/46 (c)			2,650		2,730,033
Series 2014-CR16, Class D, 4.91%, 4/10/47 (c)			2,000		1,953,328
Series 2014-KYO, Class F, 3.67%, 6/11/27			9,000		8,955,414
Series 2014-LC15, Class D, 4.94%, 4/10/47			3,000		2,959,728
Series 2014-PAT, Class E, 3.32%, 8/13/27			1,000		991,057
Series 2014-PAT, Class F, 2.61%, 8/13/27			3,000		2,838,576
Series 2014-PAT, Class G, 1.76%, 8/13/27			2,000		1,778,760
Commercial Mortgage Trust, Series 2007-GG11, Class AJ, 6.07%, 12/10/49 (a)(c)			2,000		2,109,550
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C3, Class B, 4.88%, 7/15/37 (c)			2,000		1,991,922
Del Coronado Trust, Series 2013-HDMZ, Class M, 5.17%, 3/15/18 (a)(b)			6,000		6,002,400
GS Mortgage Securities Trust (a):
Series 2006-GG6, Class AJ, 5.52%, 4/10/38 (c)			5,000		5,134,800
Series 2006-GG6, Class C, 5.55%, 4/10/38 (c)			6,480		6,505,608
Series 2014-GSFL, Class D, 4.07%, 7/15/31 (b)(c)			1,325		1,318,950
Series 2014-GSFL, Class E, 6.12%, 7/15/31 (b)			1,000		979,825
JPMorgan Chase Commercial Mortgage Securities Trust (a)(b):
Series 2007-CB20, Class B, 6.17%, 2/12/51 (c)			1,000		1,012,097
Series 2014-CBMZ, Class M, 6.39%, 10/15/19			2,000		2,004,200
Series 2014-DSTY, Class E, 3.80%, 6/10/27			5,000		4,670,490



10	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Non-Agency Mortgage-Backed Securities		Par (000)		Value
Commercial Mortgage-Backed Securities (concluded)
LB-UBS Commercial Mortgage Trust (a):
Series 2006-C4, Class AJ, 5.86%, 6/15/38 (c)	USD		5,000	$	5,202,190
Series 2007-C2, Class AM, 5.49%, 2/15/40			5,000		5,289,030
Series 2007-C7, Class B, 6.25%, 9/15/45 (c)			871		893,667
London & Regional Debt Securitisation No. 2 PLC, Series 2, Class A, 3.56%, 10/15/15 (a)	GBP		3,260		4,968,933
Madison Avenue Trust, Series 2013-650M, Class E, 4.03%, 10/12/32 (a)(b)	USD		5,000		4,938,990
New York Mortgage Securitization Trust, Series 2013-1, Class A, 5.42%, 8/27/24 (a)(b)			5,000		5,025,000
RBSSP Resecuritization Trust, Series 2013-5, Class 3A1, 0.53%, 1/26/36 (a)(b)			2,345		2,008,293
Talisman Finance PLC, Series 6, Class A, 0.25%, 10/22/16 (a)	EUR		4,545		5,109,861
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AJ, 5.94%, 2/15/51 (a)	USD		6,000		6,320,532

					131,516,020
Total Non-Agency Mortgage-Backed Securities — 52.1%					389,449,898



Preferred Securities
Capital Trusts
Banks — 3.9%
BNP Paribas SA, 7.20% (a)(b)(c)(h)			7,500		8,775,000
Fifth Third Bancorp, Series J, 4.90% (a)(c)(h)			3,000		2,910,000
HSBC Holdings PLC, 5.63% (a)(c)(h)			3,720		3,771,150
Lloyds Bank PLC, 12.00% (a)(b)(c)(h)			3,500		4,978,750
Wells Fargo & Co., Series S, 5.90% (a)(c)(h)			8,800		9,042,000

					29,476,900
Capital Markets — 0.9%
The Bank of New York Mellon Corp., Series D, 4.50% (a)(c)(h)			6,067		5,638,518
Capital Trusts		Par (000)		Value
Capital Markets (concluded)
Credit Suisse Group AG, 6.25% (a)(b)(c)(h)	USD		1,035	$	997,378

					6,635,896
Diversified Financial Services — 6.5%
Bank of America Corp., Series U, 5.20% (a)(c)(h)			1,750		1,671,250
Bank of America Corp., Series V, 5.13% (a)(c)(h)			7,965		7,780,809
Citigroup, Inc., 5.90% (a)(c)(h)			2,250		2,247,187
Citigroup, Inc., Series D, 5.35% (a)(c)(h)			3,700		3,511,300
General Electric Capital Corp., Series B, 6.25% (a)(c)(h)			5,000		5,510,000
JPMorgan Chase & Co., Series Q, 5.15% (a)(c)(h)			5,500	$	5,307,500
JPMorgan Chase & Co., Series V, 5.00% (a)(c)(h)			2,500		2,475,000
Macquarie Bank Ltd., 10.25%, 6/20/57 (a)			10,000		11,209,400
Morgan Stanley, Series H, 5.45% (a)(c)(h)			3,644		3,703,507
Societe Generale SA, 6.00% (a)(b)(c)(h)			5,540		5,094,307

					48,510,260
Electric Utilities — 1.1%
Electricite de France SA, 5.25% (a)(b)(c)(h)			7,500		7,875,000
Insurance — 4.8%
The Allstate Corp, 5.75%, 8/15/53 (a)(c)			2,000		2,126,250
AXA SA, 6.46% (a)(b)(c)(h)			10,000		10,662,500
Liberty Mutual Group, Inc., 7.80%, 3/07/87 (b)(c)			14,000		16,450,000
Voya Financial, Inc., 5.65%, 5/15/53 (a)(c)			1,090		1,095,450
XL Group PLC, Series E, 6.50% (a)(c)(h)			6,500		5,850,000

					36,184,200
Oil, Gas & Consumable Fuels — 0.5%
Enterprise Products Operating LLC, Series A, 8.38%, 8/01/66 (a)(c)			3,248		3,434,760
Total Capital Trusts — 17.7%					132,117,016



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015	11

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Preferred Stocks	Shares		Value
Aerospace & Defense — 0.4%
United Technologies Corp., 7.50% (j)		50,000	$	2,997,000
Capital Markets — 1.4%
The Goldman Sachs Group, Inc., Series J, 5.50% (a)		395,017		9,831,973
SCE Trust III, 5.750% (a)		23,730		649,490
Morgan Stanley, 6.88% (a)		100,000		2,692,000

				13,173,463
Diversified Financial Services — 0.6%
Citigroup, Inc., Series K, 6.88% (a)		75,000		2,016,000
Real Estate Investment Trusts (REITs) — 1.9%
Firstar Realty LLC, 0.00% (b)		10,000		12,506,250
SunTrust Real Estate Investment Corp., 0.00% (b)		15		1,861,570

				14,367,820
Total Preferred Stocks — 4.3%				32,554,283
Total Preferred Securities — 22.0%				164,671,299
Total Long-Term Investments (Cost — $1,298,332,541) — 175.2%				1,310,616,674
Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.06% (k)(l)		29,942,906	$	29,942,906
Total Short-Term Securities (Cost — $29,942,906) — 4.0%				29,942,906
Options Purchased (Cost — $4,069) — 0.0%				225
Total Investments Before Options Written (Cost — $1,328,279,515*) — 179.2%				1,340,559,805
Options Written (Premiums Received — $1,631) — (0.0)%				(75	)
Total Investments, Net of Options Written (Cost — $1,328,277,884) — 179.2%				1,340,559,730
Liabilities in Excess of Other Assets — (79.2)%				(592,438,200	)

Net Assets — 100.0%			$	748,121,530

As of January 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	1,325,538,097

Gross unrealized appreciation	$	34,580,861
Gross unrealized depreciation		(19,559,153	)

Net unrealized appreciation	$	15,021,708

Notes to Schedule of Investments

(a)

Variable rate security. Rate shown is as of report date.

(b)

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

(c)

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

(d)

When-issued security. Unsettled when-issued transactions were as follows:


Counterparty	Value		Unrealized Appreciation
Citigroup Global Markets, Inc.	$	5,074,391		—

(e)

Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

(f)

Zero-coupon bond.

(g)

Amount is less than $500.

(h)

Security is perpetual in nature and has no stated maturity date.

(i)

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

(j)

Convertible security.



12	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015


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

(k)

During the period ended January 31, 2015, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate

Shares Held
at October 31,
2014

Net

Activity

Shares Held
at January 31,
2015

Income

BlackRock Liquidity Funds, TempFund, Institutional Class

18,823,385

11,119,521

29,942,906

$3,749

(l)

Represents the current yield as of report date.

Portfolio Abbreviations


ADS		American Depositary Shares
BRL		Brazilian Real
BROIS		Brazilian Overnight Indexed Swap
CLP		Chilean Peso
EUR		Euro
GBP		British Pound
KRW		South Korean Won
KORIBOR		Korean Interbank Offered Rate
LIBOR		London Interbank Offered Rate
MXIBOR		Mexican Interbank Offered Rate
MYR		Malaysian Ringgit
PIK		Payment-In-Kind
REMIC		Real Estate Mortgage Investment Conduit
USD		U.S. Dollar
ZAR		South African Rand

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

As of January 31, 2015, reverse repurchase agreements outstanding were as follows:


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest
Barclays Capital, Inc.		0.60	%	2/4/14	Open	$	4,837,500	$	4,864,646
Deutsche Bank Securities, Inc.		0.60	%	3/3/14	Open		2,225,000		2,237,321
Barclays Capital, Inc.		0.60	%	4/7/14	Open		2,885,335		2,899,629
Deutsche Bank Securities, Inc.		0.50	%	4/21/14	Open		1,940,000		1,947,698
Barclays Capital, Inc.		0.55	%	5/7/14	Open		3,248,000		3,261,398
Deutsche Bank Securities, Inc.		0.60	%	5/12/14	Open		1,095,000		1,099,836
Deutsche Bank Securities, Inc.		0.60	%	5/13/14	Open		276,000		277,210
Deutsche Bank Securities, Inc.		0.60	%	5/13/14	Open		264,000		265,157
Deutsche Bank Securities, Inc.		0.60	%	5/13/14	Open		508,000		510,227
Deutsche Bank Securities, Inc.		0.60	%	5/13/14	Open		617,000		619,705
Deutsche Bank Securities, Inc.		0.60	%	5/13/14	Open		597,000		599,617
UBS Securities LLC		0.40	%	5/13/14	Open		5,061,000		5,075,789
UBS Securities LLC		0.45	%	5/13/14	Open		7,397,000		7,421,318
UBS Securities LLC		0.50	%	5/13/14	Open		7,707,000		7,735,152
UBS Securities LLC		0.50	%	5/13/14	Open		5,837,000		5,858,321
UBS Securities LLC		0.55	%	5/13/14	Open		4,748,000		4,767,078



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015	13


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

As of January 31, 2015, reverse repurchase agreements outstanding were as follows: (continued)


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest
UBS Securities LLC		0.55	%	5/13/14	Open		2,810,000		2,821,291
UBS Securities LLC		0.55	%	5/13/14	Open		1,815,000		1,822,293
UBS Securities LLC		0.55	%	5/13/14	Open		9,085,000		9,121,504
UBS Securities LLC		0.55	%	5/13/14	Open		8,988,000		9,024,114
UBS Securities LLC		0.60	%	5/13/14	Open		2,713,000		2,724,892
Barclays Capital, Inc.		0.45	%	5/14/14	Open		2,528,000		2,536,532
Barclays Capital, Inc.		0.45	%	5/14/14	Open		10,141,000		10,185,282
Barclays Capital, Inc.		0.45	%	5/14/14	Open		5,189,000		5,207,882
Barclays Capital, Inc.		0.60	%	5/14/14	Open		1,320,000		1,325,668
Barclays Capital, Inc.		0.60	%	5/14/14	Open		6,086,000		6,112,576
Barclays Capital, Inc.		0.60	%	5/14/14	Open		881,000		884,206
Barclays Capital, Inc.		0.60	%	5/14/14	Open		950,000		954,148
Barclays Capital, Inc.		0.60	%	5/14/14	Open		2,479,000		2,486,217
Barclays Capital, Inc.		0.60	%	5/14/14	Open		2,129,000		2,137,522
Barclays Capital, Inc.		0.60	%	5/14/14	Open		1,483,000		1,489,476
Barclays Capital, Inc.		0.60	%	5/14/14	Open		1,222,000		1,227,158
Barclays Capital, Inc.		0.60	%	5/14/14	Open		3,073,000		3,086,195
Barclays Capital, Inc.		0.60	%	5/14/14	Open		1,212,000		1,217,292
Barclays Capital, Inc.		0.60	%	5/14/14	Open		793,000		796,463
Barclays Capital, Inc.		0.60	%	5/14/14	Open		799,000		802,489
Barclays Capital, Inc.		0.60	%	5/14/14	Open		1,218,000		1,223,141
Barclays Capital, Inc.		0.60	%	5/14/14	Open		1,219,000		1,224,234
Barclays Capital, Inc.		0.60	%	6/5/14	Open		1,037,177		1,041,343
Barclays Capital, Inc.		0.60	%	6/6/14	Open		657,352		659,981
Barclays Capital, Inc.		0.60	%	6/16/14	Open		2,038,000		2,045,778
Barclays Capital, Inc.		0.60	%	6/16/14	Open		1,166,000		1,170,450
Barclays Capital, Inc.		0.60	%	6/16/14	Open		892,000		895,404
Barclays Capital, Inc.		0.60	%	6/16/14	Open		3,471,000		3,484,248
Deutsche Bank Securities, Inc.		0.60	%	7/28/14	Open		2,475,000		2,482,755
Deutsche Bank Securities, Inc.		0.60	%	7/28/14	Open		2,303,000		2,310,216
Deutsche Bank Securities, Inc.		0.60	%	7/30/14	Open		1,421,250		1,425,656
Barclays Capital, Inc.		(1.75	)%	8/22/14	Open		3,611,406		3,582,791
BNP Paribas Securities Corp.		0.36	%	8/22/14	Open		2,245,000		2,246,212
BNP Paribas Securities Corp.		0.39	%	8/22/14	Open		332,000		332,511
BNP Paribas Securities Corp.		0.39	%	8/22/14	Open		688,000		689,059
BNP Paribas Securities Corp.		0.63	%	8/22/14	Open		3,730,000		3,740,640
BNP Paribas Securities Corp.		0.63	%	8/22/14	Open		362,000		363,033
BNP Paribas Securities Corp.		0.65	%	8/22/14	Open		721,000		723,122
BNP Paribas Securities Corp.		0.57	%	9/16/14	Open		6,219,000		6,232,490
BNP Paribas Securities Corp.		0.57	%	9/16/14	Open		7,786,000		7,802,889
BNP Paribas Securities Corp.		0.57	%	9/16/14	Open		7,417,000		7,433,089
RBC Capital Markets, LLC		0.34	%	9/16/14	Open		518,700		519,371
RBC Capital Markets, LLC		0.65	%	9/16/14	Open		2,075,000		2,080,133
Deutsche Bank Securities, Inc.		0.60	%	10/2/14	Open		1,084,000		1,086,186
Deutsche Bank Securities, Inc.		0.60	%	10/2/14	Open		2,755,000		2,760,556
Deutsche Bank Securities, Inc.		0.60	%	10/2/14	Open		706,000		707,424
Barclays Capital, Inc.		0.60	%	10/29/14	Open		766,000		775,748
Barclays Capital, Inc.		0.60	%	10/29/14	Open		234,000		234,558
Barclays Capital, Inc.		0.60	%	10/29/14	Open		970,000		970,757
Barclays Capital, Inc.		0.60	%	10/29/14	Open		323,000		323,955
Barclays Capital, Inc.		0.60	%	10/29/14	Open		2,449,000		2,450,551



14	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015


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

As of January 31, 2015, reverse repurchase agreements outstanding were as follows: (continued)


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest
Barclays Capital, Inc.		0.60	%	10/29/14	Open		14,852,000		14,853,948
Barclays Capital, Inc.		0.60	%	10/29/14	Open		1,001,000		1,003,543
Barclays Capital, Inc.		0.60	%	10/29/14	Open		474,000		476,940
Barclays Capital, Inc.		0.60	%	10/29/14	Open		642,000		645,139
Barclays Capital, Inc.		0.60	%	10/29/14	Open		1,237,000		1,240,337
Barclays Capital, Inc.		0.60	%	10/29/14	Open		781,000		785,330
Barclays Capital, Inc.		0.65	%	10/29/14	Open		803,000		806,536
Barclays Capital, Inc.		0.65	%	10/29/14	Open		927,000		930,933
Barclays Capital, Inc.		0.75	%	10/29/14	Open		4,813,000		4,815,742
Credit Suisse Securities (USA) LLC		0.65	%	10/29/14	Open		590,000		591,154
Credit Suisse Securities (USA) LLC		0.65	%	10/29/14	Open		810,000		811,352
Credit Suisse Securities (USA) LLC		0.65	%	10/29/14	Open		792,000		795,734
Barclays Capital, Inc.		0.60	%	11/3/14	Open		521,213		521,995
Barclays Bank PLC		0.65	%	11/14/14	Open		1,878,730		1,881,306
UBS Securities LLC		0.55	%	11/25/14	Open		7,079,415		7,086,662
UBS Securities LLC		0.55	%	12/9/14	Open		5,700,000		5,704,615
UBS Securities LLC		0.55	%	12/9/14	Open		3,100,000		3,102,510
UBS Securities LLC		0.55	%	12/9/14	Open		3,025,000		3,027,449
UBS Securities LLC		0.55	%	12/9/14	Open		4,770,000		4,773,862
UBS Securities LLC		0.55	%	12/9/14	Open		4,530,000		4,533,668
UBS Securities LLC		0.55	%	12/9/14	Open		5,020,000		5,024,065
UBS Securities LLC		0.55	%	12/9/14	Open		4,700,000		4,703,806
UBS Securities LLC		0.55	%	12/9/14	Open		3,560,000		3,562,883
UBS Securities LLC		0.55	%	12/9/14	Open		4,450,000		4,453,603
UBS Securities LLC		0.55	%	12/9/14	Open		5,700,000		5,704,615
UBS Securities LLC		0.55	%	12/9/14	Open		4,290,000		4,293,474
UBS Securities LLC		0.55	%	12/9/14	Open		4,940,000		4,944,000
UBS Securities LLC		0.55	%	12/9/14	Open		5,980,000		5,984,842
UBS Securities LLC		0.55	%	12/9/14	Open		4,190,000		4,193,393
UBS Securities LLC		0.55	%	12/9/14	Open		4,320,000		4,323,498
UBS Securities LLC		0.55	%	12/9/14	Open		10,552,000		10,560,544
Barclays Bank PLC		0.65	%	12/17/14	Open		4,269,000		4,272,391
Barclays Bank PLC		0.85	%	12/17/14	Open		1,445,000		1,446,501
Barclays Bank PLC		0.95	%	12/17/14	Open		2,291,000		2,293,660
Barclays Capital, Inc.		0.40	%	12/17/14	Open		5,942,000		5,967,947
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,778,000		1,779,363
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		67,000		67,050
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		140,000		140,105
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		510,000		510,383
UBS Securities LLC		0.38	%	12/17/14	Open		8,558,000		8,562,155
UBS Securities LLC		0.38	%	12/17/14	Open		287,219		287,358
UBS Securities LLC		0.55	%	12/17/14	Open		10,075,000		10,081,773
UBS Securities LLC		0.60	%	12/17/14	Open		2,287,500		2,289,178
UBS Securities LLC		0.65	%	12/17/14	Open		2,628,750		2,630,838
UBS Securities LLC		0.65	%	12/17/14	Open		576,469		576,948
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		87,000		87,065
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		104,000		104,078
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,660,000		2,661,995
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,861,000		1,862,396
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,608,000		2,609,956
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,950,000		1,951,463



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015	15


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

As of January 31, 2015, reverse repurchase agreements outstanding were as follows: (continued)


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		167,000		167,125
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,371,000		2,372,778
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		727,000		727,545
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		869,000		869,652
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		351,000		351,263
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,463,000		1,464,097
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,633,000		2,634,975
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,228,000		2,229,671
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		638,000		638,479
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,041,000		1,041,781
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,009,000		1,009,757
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		893,000		893,670
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		243,000		243,182
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		625,000		625,469
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		578,000		578,434
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		179,000		179,134
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		232,000		232,174
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,341,000		2,342,756
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,231,000		1,231,923
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,504,000		1,505,128
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		300,000		300,225
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,998,000		1,999,499
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,639,000		2,640,979
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		406,000		406,304
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		154,000		154,115
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,236,000		2,237,677
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		243,000		243,182
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		608,000		608,456
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,444,000		1,445,083
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		715,000		715,536
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		107,000		107,080
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,472,000		2,473,854
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		6,450,000		6,454,838
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,872,000		1,873,404
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		334,000		334,250
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		617,000		617,463
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,957,000		2,959,218
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		475,000		475,356
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		79,000		79,059
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		215,000		215,161
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,143,000		1,143,857
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,446,000		2,447,835
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		994,000		994,746
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		905,000		905,679
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		192,000		192,144
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,737,000		2,739,053
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,051,000		2,052,538
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,331,000		1,331,998
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		91,000		91,068
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,673,000		1,674,255
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		670,000		670,503



16	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015


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

As of January 31, 2015, reverse repurchase agreements outstanding were as follows: (continued)


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		3,021,000		3,023,266
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		288,000		288,216
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		549,000		549,412
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		821,000		821,616
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,835,000		2,837,126
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		360,000		360,270
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		559,000		559,419
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		597,000		597,448
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		705,000		705,529
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		3,091,000		3,093,318
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,471,000		2,472,853
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,905,000		1,906,429
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,882,000		2,884,162
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		119,000		119,089
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		850,000		850,638
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		662,000		662,497
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,535,000		1,536,151
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		4,812,000		4,815,609
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,554,000		1,555,166
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		617,000		617,463
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,429,000		1,430,072
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		227,000		227,170
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		246,000		246,184
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,872,000		2,874,154
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		618,000		618,464
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		3,722,000		3,724,792
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,787,000		2,789,090
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,212,000		1,212,909
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,315,000		1,315,986
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,867,000		2,869,150
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		589,000		589,442
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		2,447,000		2,448,835
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,960,000		1,961,470
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		374,000		374,280
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		3,400,000		3,402,550
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		131,000		131,098
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		143,000		143,107
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,829,000		1,830,372
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		623,000		623,467
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		613,000		613,460
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,602,000		1,603,202
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,441,000		1,442,081
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		767,000		767,575
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		185,000		185,139
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		710,000		710,533
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		618,000		618,464
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,794,000		1,795,346
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		417,000		417,313
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		609,000		609,457
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		368,000		368,276
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		1,081,000		1,081,811



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015	17


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

As of January 31, 2015, reverse repurchase agreements outstanding were as follows: (concluded)


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		250,000		250,187
Deutsche Bank Securities, Inc.		0.60	%	12/17/14	Open		823,000		823,617
Deutsche Bank Securities, Inc.		0.50	%	12/18/14	Open		3,385,000		3,387,069
Deutsche Bank Securities, Inc.		0.50	%	12/18/14	Open		786,000		786,480
Deutsche Bank Securities, Inc.		0.60	%	12/18/14	Open		1,337,000		1,337,980
Deutsche Bank Securities, Inc.		0.60	%	12/18/14	Open		4,682,000		4,685,433
HSBC Securities (USA) Inc.		0.40	%	12/18/14	Open		2,789,510		2,790,873
BNP Paribas Securities Corp.		0.39	%	12/19/14	Open		8,020,000		8,023,823
Deutsche Bank Securities, Inc.		0.60	%	12/23/14	Open		296,000		296,197
Deutsche Bank Securities, Inc.		0.60	%	12/31/14	Open		151,000		151,081
Deutsche Bank Securities, Inc.		0.60	%	12/31/14	Open		179,000		179,095
BNP Paribas Securities Corp.		1.17	%	1/2/15	Open		8,293,000		8,300,262
Barclays Capital, Inc.		1.52	%	1/5/15	Open		27,688,580		27,720,103
JPMorgan Securities LLC		1.32	%	1/7/15	Open		2,564,000		2,566,344
Barclays Capital, Inc.		1.52	%	1/8/15	Open		8,293,500		8,301,534
Barclays Capital, Inc.		1.52	%	1/8/15	Open		8,653,868		8,662,617
BNP Paribas Securities Corp.		1.17	%	1/8/15	Open		3,130,000		3,132,332
BNP Paribas Securities Corp.		1.17	%	1/8/15	Open		1,550,000		1,551,155
BNP Paribas Securities Corp.		1.17	%	1/8/15	Open		785,000		785,585
BNP Paribas Securities Corp.		1.17	%	1/8/15	Open		809,000		809,603
BNP Paribas Securities Corp.		1.17	%	1/8/15	Open		1,657,000		1,658,235
BNP Paribas Securities Corp.		1.17	%	1/8/15	Open		1,957,000		1,958,458
BNP Paribas Securities Corp.		1.17	%	1/8/15	Open		1,921,000		1,922,431
BNP Paribas Securities Corp.		1.17	%	1/8/15	Open		761,000		761,567
BNP Paribas Securities Corp.		1.17	%	1/8/15	Open		2,420,000		2,421,803
BNP Paribas Securities Corp.		1.17	%	1/8/15	Open		1,145,000		1,145,853
BNP Paribas Securities Corp.		1.17	%	1/8/15	Open		2,589,000		2,590,929
BNP Paribas Securities Corp.		1.17	%	1/8/15	Open		3,327,000		3,329,479
BNP Paribas Securities Corp.		1.17	%	1/8/15	Open		789,000		789,588
BNP Paribas Securities Corp.		1.17	%	1/8/15	Open		1,795,000		1,796,337
BNP Paribas Securities Corp.		1.17	%	1/8/15	Open		1,355,000		1,356,010
BNP Paribas Securities Corp.		1.17	%	1/9/15	Open		5,693,000		5,696,690
JPMorgan Securities LLC		1.42	%	1/12/15	Open		1,949,063		1,950,596
Deutsche Bank Securities, Inc.		0.60	%	1/12/15	Open		420,000		420,140
JPMorgan Securities LLC		1.32	%	1/14/15	Open		2,546,000		2,547,678
JPMorgan Securities LLC		1.42	%	1/14/15	Open		2,511,000		2,512,781
Barclays Capital, Inc.		0.60	%	1/14/15	Open		1,012,000		1,012,304
Barclays Capital, Inc.		1.52	%	1/20/15	Open		10,438,164		10,443,448
Deutsche Bank Securities, Inc.		0.48	%	1/28/15	Open		3,520,700		3,520,888
Total						$	607,359,399	$	608,322,583

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



18	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015


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

As of January 31, 2015, financial futures contracts outstanding were as follows:


Contracts Long/(Short)			Issue	Exchange	Expiration	Notional Value			Unrealized Appreciation (Depreciation)
	(400	)	2-Year U.S. Treasury Note	Chicago Board of Trade	March 2015		USD	87,906,250	$	(237,961	)
	(5	)	90 Day Euro Future	Chicago Mercantile	December 2016		USD	1,233,188		(5,070	)
	(3	)	10-Year U.S. Treasury Note	Chicago Board of Trade	March 2015		USD	392,625		(7,080	)
	45		Ultra Long U.S. Treasury Bond	Chicago Board of Trade	March 2015		USD	8,052,188		545,823
	Total								$	295,712

As of January 31, 2015, forward foreign currency exchange contracts outstanding were as follows:


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
USD	240,000	MYR	868,680	BNP Paribas Securities Corp	2/09/15	$	713
USD	246,000	ZAR	2,841,632	BNP Paribas Securities Corp	2/13/15		2,366
USD	592,000	ZAR	6,832,363	Royal Bank of Scotland PLC	2/13/15		6,212
ZAR	1,690,022	USD	147,000	BNP Paribas Securities Corp	2/13/15		(2,102	)
ZAR	2,119,132	USD	183,000	BNP Paribas Securities Corp	2/13/15		(1,311	)
ZAR	895,916	USD	78,000	BNP Paribas Securities Corp	2/13/15		(1,187	)
USD	106,667	CLP	66,917,762	Credit Suisse Securities (USA) LLC	2/17/15		1,211
USD	133,333	MYR	478,000	JPMorgan Chase Bank N.A.	2/17/15		1,829
USD	66,667	MYR	239,200	Standard Chartered Bank	2/17/15		859
USD	300,000	BRL	800,400	Goldman Sachs International	3/03/15		4,022
EUR	667,000	USD	752,822	BNP Paribas Securities Corp	4/21/15		1,416
USD	7,093,638	EUR	6,147,000	Citibank N.A.	4/21/15		142,667
USD	31,524,631	GBP	20,782,000	Bank of America N.A	4/21/15		239,284
Total						$	395,979

As of January 31, 2015, exchange-traded options purchased were as follows:

Description

Put/

Call

Strike

Price

Expiration
Date

Contracts

Value

Eurodollar 1-Year Mid-Curve Option

Put

USD 98.75

3/13/15

225

As of January 31, 2015, exchange-traded options written were as follows:

Description

Put/

Call

Strike

Price

Expiration
Date

Contracts

Value

Eurodollar 1-Year Mid-Curve Option

Put

USD 98.50

3/13/15

(75

)

As of January 31, 2015, centrally cleared credit default swaps — buy protection outstanding were as follows:


Issuer	Pay Fixed Rate			Clearinghouse	Expiration Date	Notional Amount (000)		Unrealized Appreciation
Dow Jones CDX North America Investment Grade, Series 23, Version 1		1.00	%	Chicago Mercantile	12/20/19	$	502	$	501



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015	19


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

As of January 31, 2015, centrally cleared interest rate swaps outstanding were as follows:

Fixed
Rate

Floating

Rate

Clearinghouse

Expiration
Date

Notional

Amount (000)

Unrealized
Depreciation

2.72%¹

3-month LIBOR

Chicago Mercantile

9/19/24

USD

350

(29,261

)

2.30%¹

3-month LIBOR

Chicago Mercantile

12/03/24

USD

160

(7,279

)

2.31%¹

3-month LIBOR

Chicago Mercantile

12/03/24

USD

370

(17,140

)

Total

(53,680

)

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

As of January 31, 2015, OTC credit default swaps — buy protection outstanding were as follows:


Issuer/Index	Pay Fixed Rate			Counterparty	Expiration Date	Notional Amount (000)		Value		Premiums Paid		Unrealized Appreciation (Depreciation)
Republic of South Africa		1.00	%	Citibank N.A	3/20/20		USD 257	$	12,920	$	13,780	$	(860	)
Republic of South Africa		1.00	%	Citibank N.A	3/20/20		USD 259		13,021		12,659		362
Republic of Turkey		1.00	%	Citibank N.A	3/20/20		USD 750		30,727		28,995		1,733
Total								$	56,668	$	55,434	$	1,235

As of January 31, 2015, OTC credit default swaps — sold protection outstanding were as follows:

Issuer

Receive
Fixed Rate

Counterparty

Expiration
Date

Credit
Rating¹

Notional

Amount (000)²

Value

Premiums
Received

Unrealized
Appreciation

Dow Jones CDX North America Investment Grade, Series 9

5.00

Bank of America N.A.

12/20/17

BBB+

USD 10,000

532,442

(499,222

)

1,031,663

¹Using Standard & Poor’s rating of the issuer or the underlying securities of the index, as applicable.

² The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.

As of January 31, 2015, OTC interest rate swaps outstanding were as follows:


Fixed Rate	Floating Rate	Counterparty	Expiration Date	Notional Amount (000)		Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
11.98%	1-Day BROIS	Deutsche Bank A.G.	7/01/15		BRL 11,583	$	(13,235	)	$	(158	)	$	(13,077	)
11.15%	1-Day BROIS	Deutsche Bank A.G.	1/04/16		BRL 12,096		(64,109	)		(135	)		(63,974	)
12.11%	1-Day BROIS	Deutsche Bank A.G.	1/02/18		BRL 1,164		(1,711	)		(49	)		(1,663	)
12.08%	1-Day BROIS	Deutsche Bank A.G.	1/02/18		BRL 2,000		(3,273	)		—			(3,273	)
6.28%	1-month MXIBOR	Citibank N.A.	9/05/24		MXN 5,400		23,781			(70	)		23,852
5.84%	1-month MXIBOR	Goldman Sachs International	11/19/24		MXN 5,500		11,545			(63	)		11,609
2.38%	3-month KORIBOR	Citibank N.A.	12/03/24		KRW 194,000		4,490			(12	)		4,501
2.09%	3-month KORIBOR	Deutsche Bank A.G.	1/30/25		KRW 300,000		(374	)		1			(375	)
Total						$	(42,886	)	$	(486	)	$	(42,400	)



20	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015


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

Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. 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. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

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

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual report.

As of January 31, 2015, the following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		—		$	210,405,923		$	12,167,640	$	222,573,563
Corporate Bonds		—			449,253,069			3,948,416		453,201,485
Floating Rate Loan Interests		—			41,389,688			27,452,688		68,842,376
Foreign Agency Obligations		—			11,878,053			—		11,878,053
Non-Agency Mortgage-Backed Securities		—			362,301,378			27,148,520		389,449,898
Preferred Securities	$	18,186,463			146,484,836			—		164,671,299
Short-Term Securities		29,942,906			—			—		29,942,906
Options purchased		225			—			—		225

Total	$	48,129,594		$	1,221,712,947		$	70,717,264	$	1,340,559,805


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Assets:
Credit contracts		—		$	1,034,259			—	$	1,034,259
Foreign currency exchange contracts		—			400,579			—		400,579
Interest rate contracts	$	545,823			39,962			—		585,785
Liabilities:
Credit contracts		—			(860	)		—		(860	)
Foreign currency exchange contracts		—			(4,600	)		—		(4,600	)
Interest rate contracts		(250,186	)		(136,042	)		—		(386,228	)

Total	$	295,637		$	1,333,298			—	$	1,628,935

¹Derivative financial instruments are swaps, financial futures contracts, forward foreign currency exchange contracts and options written. Swaps, financial 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.



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015	21


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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face amount, including accrued interest, for financial reporting purposes. As of January 31, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:


	Level 1		Level 2			Level 3	Total
Assets:
Cash	$	4,592,185		—		—	$	4,592,185
Cash pledged as collateral for reverse repurchase agreements		4,808,529		—		—		4,808,529
Cash pledged for centrally cleared swaps		45,000		—		—		45,000
Cash pledged for financial futures contracts		192,000		—		—		192,000
Foreign currency at value		1,049,459		—		—		1,049,459
Liabilities:
Cash received as collateral for OTC derivatives		—	$	(660,000	)	—		(660,000	)
Reverse repurchase agreements		—		(608,322,583	)	—		(608,322,583	)

Total	$	10,687,173	$	(608,982,583	)	—	$	(598,295,410	)

During the period ended January 31, 2015, there were no transfers between Level 1 and Level 2.

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


	Asset-Backed Securities			Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage- Backed Securities			Total
Assets:
Opening Balance, as of October 31, 2014	$	12,930,162		$	4,353,024		$	26,369,600		$	24,087,773		$	67,740,559
Transfers into Level 3¹		—			—			580,142			4,000,000			4,580,142
Transfers out of Level 3²		(2,591,875	)		—			—			(4,595,625	)		(7,187,500	)
Accrued discounts/premiums		4,484			—			633			72,127			77,244
Net realized gain (loss)		89,392			—			16,841			179,169			285,402
Net change in unrealized appreciation/depreciation³		(76,268	)		(404,608	)		(36,187	)		(16,483	)		(533,546	)
Purchases		3,755,000			—			4,000,000			5,814,126			13,569,126
Sales		(1,943,255	)		—			(3,478,341	)		(2,392,567	)		(7,814,163	)

Closing Balance, as of January 31, 2015	$	12,167,640		$	3,948,416		$	27,452,688		$	27,148,520		$	70,717,264

Net change in unrealized appreciation/depreciation on investments still held at January 31, 2015³	$	15,250		$	(404,608	)	$	(1,587	)	$	(16,483	)	$	(407,428	)

¹ As of October 31, 2014, the Trust used observable inputs in determining the value of certain investments. As of January 31, 2015, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $4,580,142 transferred from Level 2 to Level 3 in the disclosure hierarchy.
² As of October 31, 2014, the Trust used significant unobservable inputs in determining the value of certain investments. As of January 31, 2015, the Trust used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $7,187,500 transferred from Level 3 to Level 2 in the disclosure hierarchy.
³ Any difference between Net change in unrealized appreciation/depreciation and Net change in unrealized appreciation/depreciation on investments still held at January 31, 2015 is generally due to investments no longer held or categorized as Level 3 at period end.

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



22	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2015

Item 2 – Controls and Procedures

2(a) –

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

2(b) –

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

Item 3 – Exhibits

Certifications – Attached hereto

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


BlackRock Multi-Sector Income Trust

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

Date: March 25, 2015

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


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

Date: March 25, 2015

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

Date: March 25, 2015