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 52nd 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: 07/31/2015


Item 1 – Schedule of Investments


Schedule of Investments July 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, 0.49%, 2/25/36 (a)

     USD        6,775      $ 5,997,636   

Adirondack Park CLO Ltd., Series 2013-1A (a)(b):

      

Class D, 3.94%, 4/15/24

       3,250        3,186,991   

Class E, 4.94%, 4/15/24

       2,000        1,837,698   

ALM Loan Funding, Series 2013-7RA (a)(b):

      

Class C, 3.74%, 4/24/24

       4,000        3,901,219   

Class D, 5.29%, 4/24/24

       1,000        972,750   

ALM V Ltd., Series 2012-5A, Class C, 4.78%, 2/13/23 (a)(b)

       4,250        4,250,042   

ALM VI Ltd., Series 2012-6A (a)(b):

      

Class B2R, 3.09%, 7/15/26

       1,300        1,300,000   

Class CR, 4.04%, 7/15/26

       1,000        991,500   

ALM XIV Ltd., Series 2014-14A, Class C, 3.74%, 7/28/26 (a)(b)

       3,610        3,490,383   

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

       2,000        2,057,314   

AMMC CDO, Series 2015-16A, Class C, 3.37%, 4/14/27 (a)(b)

       1,250        1,235,435   

AMMC CLO XII Ltd., Series 2013-12A, Class D1, 4.03%, 5/10/25 (a)(b)

       1,000        975,722   

Anchorage Capital CLO 3 Ltd., 3.29%, 4/28/26 (a)(b)

       1,000        985,694   

Anchorage Capital CLO 6 Ltd., Series 2015-6A (a)(b):

      

Class C, 3.13%, 4/15/27

       700        689,920   

Class D, 3.68%, 4/15/27

       1,000        927,000   

Apidos CDO, Series 2012-9AR, Class CR, 3.19%, 7/15/23 (a)(b)

       1,250        1,250,000   

Apidos CLO XII, Series 2013-12A, Class D, 3.22%, 4/15/25 (a)(b)

       1,000        947,934   

Atrium X, Series 10A (a)(b):

      

Class D, 3.79%, 7/16/25

       1,000        972,092   

Class E, 4.79%, 7/16/25

       2,000        1,801,144   

Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class C, 3.79%, 7/15/24 (a)(b)

       1,750        1,682,855   

Benefit Street Partners CLO Ltd., Series 2012-IA, Class C, 4.79%, 10/15/23 (a)(b)

       2,750        2,761,943   

Benefit Street Partners CLO V Ltd., Series 2014-VA, Class D, 3.84%, 10/20/26 (a)(b)

       2,750        2,629,688   

Benefit Street Partners CLO VI Ltd., Series 2015-VIA (a)(b):

      

Class B, 3.34%, 4/18/27

       1,000        992,500   

Class C, 3.99%, 4/18/27

       1,000        962,500   

Betony CLO Ltd., Series 2015-1A, Class D, 3.89%, 4/15/27 (a)(b)

       1,000        961,250   
Asset-Backed Securities   

Par  

(000)

    Value  

Santander Drive Auto Receivables Trust (b)(c) :

      

Series 2014-1, 11/16/18

     USD        3      $ 6,360,000   

Series 2014-2, 2/19/19

       3        9,794,400   

Series 2014-3, 4/16/19

       3        12,974,400   

Series 2014-4, 8/16/18

       3        8,217,120   

C-BASS Trust, Series 2006-CB7, Class A4, 0.35%, 10/25/36 (a)

       9,596        6,767,467   

Carlyle Global Market Strategies CLO 2012-1 LLC, Series 2012-1AR, Class DR, 4.03%, 4/20/22 (a)(b)

       1,000        1,005,000   

Carlyle Global Market Strategies CLO Ltd., Class D (a)(b):

      

Series 2012-4A, 4.79%, 1/20/25

       2,350        2,352,045   

Series 2013-2A, 4.04%, 4/18/25

       1,250        1,232,996   

Carrington Mortgage Loan Trust, Series 2006-FRE2 (a):

      

Class A2, 0.31%, 10/25/36

       6,812        4,070,177   

Class A5, 0.27%, 10/25/36

       7,224        4,295,271   

CIFC Funding Ltd. (a)(b):

      

Series 2012-1AR, Class B1R, 4.43%, 8/14/24

       2,000        1,999,965   

Series 2013-2A, Class B1L, 3.89%, 4/21/25

       1,000        971,672   

Series 2014-3A, Class D, 3.57%, 7/22/26

       480        455,166   

Countrywide Asset-Backed Certificates, Series 2006-BC5, Class 2A3, 0.36%, 3/25/37 (a)

       4,278        4,296,977   

DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44 (b)

       3,736        3,754,760   

Fieldstone Mortgage Investment Trust, Series 2006-3, Class 2A3, 0.35%, 11/25/36 (a)

       12,676        7,491,270   

Flatiron CLO Ltd., Series 2012-1A, Class C, 4.78%, 10/25/24 (a)(b)

       1,375        1,376,053   

Fremont Home Loan Trust, Class 2A3 (a):

      

Series 2006-A, 0.35%, 5/25/36

       27,034        15,576,685   

Series 2006-D, 0.34%, 11/25/36

       25,009        12,136,491   

GoldenTree Loan Opportunities VII Ltd., Series 2013-7A, Class D, 3.58%, 4/25/25 (a)(b)

       1,250        1,207,072   

GSAMP Trust (a):

      

Series 2005-AHL2, Class A2C, 0.43%, 12/25/35

       5,628        5,157,504   

 

                
   BLACKROCK MULTI-SECTOR INCOME TRUST    JULY 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  

GSAMP Trust (a) (concluded):

      

Series 2006-FM2, Class A2C, 0.34%, 9/25/36

     USD        12,524      $ 5,868,067   

Series 2007-FM2, Class A2B, 0.28%, 1/25/37

       9,091        5,429,411   

Highbridge Loan Management 4-2014 Ltd., Series 4A-2014, Class B, 3.29%, 7/28/25 (a)(b)

       2,500        2,455,512   

Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, 0.36%, 4/25/37 (a)

       15,301        10,297,422   

ING IM CLO Ltd., Series 2013-2A, Class C, 3.80%, 4/25/25 (a)(b)

       1,000        969,351   

Jamestown CLO I Ltd., Series 2012-1A, Class C, 4.28%, 11/05/24 (a)(b)

       2,550        2,530,375   

Long Beach Mortgage Loan Trust 2006-1, Series 2006-1, Class 1A, 0.41%, 2/25/36 (a)

       7,147        5,598,826   

Madison Park Funding IX Ltd., Series 2012-9AR, Class C1R, 3.13%, 8/15/22 (a)(b)

       1,000        997,603   

Madison Park Funding Ltd. (a):

      

Series 2012-10A, Class D, 4.54%, 1/20/25 (b)

       1,000        1,000,163   

Series 2012-8X, Class E, 5.52%, 4/22/22

       3,000        2,987,525   

Madison Park Funding XV Ltd., Series 2014-15A, Class B1, 3.55%, 1/27/26 (a)(b)

       1,600        1,608,134   

Madison Park Funding XVI Ltd., Series 2015-16A (a)(b):

      

Class B, 3.30%, 4/20/26

       1,000        1,001,300   

Class C, 4.00%, 4/20/26

       1,000        943,700   

Master Asset-Backed Securities Trust (a):

      

Series 2006-HE2, Class A3, 0.34%, 6/25/36

       12,696        7,121,271   

Series 2006-WMC2, Class A5, 0.44%, 4/25/36

       9,393        4,476,639   

Morgan Stanley IXIS Real Estate Capital Trust, Series 2006-2, Class A3, 0.34%, 11/25/36 (a)

       15,775        8,362,497   

Octagon Investment Partners XIV Ltd., Series 2012-1A, Class C, 4.17%, 1/15/24 (a)(b)

       1,000        999,859   

Octagon Investment Partners XVI Ltd., Series 2013-1A, Class D, 3.52%, 7/17/25 (a)(b)

       2,250        2,143,333   

Octagon Investment Partners XXI Ltd., Series 2014-1A, Class C, 3.93%, 11/14/26 (a)(b)

       1,000        962,869   
Asset-Backed Securities   

Par  

(000)

    Value  

OHA Credit Partners VII Ltd., Series 2012-7A, Class D, 4.28%, 11/20/23 (a)(b)

     USD        3,000      $ 2,999,921   

OneMain Financial Issuance Trust 2015-1, Series 2015-1A, Class D, 6.63%, 3/18/26 (b)

       5,075        5,268,002   

OneMain Financial Issuance Trust 2015-2, Series 2015-2A (b):

      

Class C, 4.32%, 7/18/25

       5,000        5,010,300   

Class D, 5.64%, 7/18/25

       2,500        2,504,825   

OZLM Funding IV Ltd., Series 2013-4A, Class C, 3.78%, 7/22/25 (a)(b)

       1,250        1,187,452   

OZLM Funding Ltd., Series 2012-2A, Class C, 4.52%, 10/30/23 (a)(b)

       2,000        2,005,099   

Race Point CLO Ltd., Series 2011-5AR, Class ER, 6.29%, 12/15/22 (a)(b)

       1,500        1,513,240   

Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 9/25/37 (d)

       4,758        3,105,081   

Saxon Asset Securities Trust, Series 2007-3, Class 2A3, 0.59%, 9/25/47 (a)

       5,000        3,513,190   

Scholar Funding Trust, Series 2013-A, Class R, 0.00% (b)(c)

       (e)      3,538,878   

Symphony CLO XV Ltd., Series 2014-15A, Class D, 4.04%, 10/17/26 (a)(b)

       3,500        3,416,700   

Symphony CLO Ltd., Series 2012-10AR, Class CR, 3.14%, 7/23/23 (a)(b)

       1,500        1,500,296   

TICP CLO I Ltd., Series 2015-1A, Class C, 3.38%, 7/20/27 (a)(b)

       1,000        984,798   

Treman Park CLO LLC, Series 2015-1A, Class D, 4.12%, 4/20/27 (a)(b)

       1,500        1,473,750   

Tyron Park CLO Ltd., Series 2013-1A (a)(b):

      

Class C, 3.79%, 7/15/25

       1,250        1,211,441   

Class D, 4.69%, 7/15/25

       1,000        896,757   

Venture XX CLO Ltd., Series 2015-20A, Class D, 4.13%, 4/15/27 (a)(b)

       520        503,152   

Venture XX CLO Ltd., Series 2015-20A, Class C, 3.43%, 4/15/27 (a)(b)

       1,000        1,000,600   

Venture XXI CLO Ltd., Series 2015-21A, Class D, 3.78%, 7/15/27 (a)(b)

       480        465,600   

Voya CLO Ltd., Series 2012-2AR, Class CR, 3.24%, 10/15/22 (a)(b)

       1,350        1,350,016   

 

                
2    BLACKROCK MULTI-SECTOR INCOME TRUST    JULY 31, 2015   


Schedule of Investments (continued)

  

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

 

Asset-Backed Securities  

Par  

(000)

    Value  

WaMu Asset-Backed Certificates Trust, Series 2007-HE3, Class 2A3, 0.43%, 5/25/47 (a)

    USD        11,451      $ 7,222,901   
     

 

 

 
                      275,679,557   
Total Asset-Backed Securities — 37.1%                     275,679,557   
     
                         
Corporate Bonds  

Airlines — 4.9%

  

Air Canada Pass-Through Trust, Series 2013-1 (b)(f):

     

Class B, 5.38%, 11/15/22

      3,008        3,083,395   

Class C, 6.63%, 5/15/18

      761        792,391   

American Airlines Pass-Through Trust (f):

     

Series 2013-1, Class C, 6.13%, 7/15/18 (b)

      1,500        1,548,750   

Series 2013-2, Class A, 4.95%, 7/15/24

      2,170        2,299,749   

Series 2013-2, Class B, 5.60%, 1/15/22 (b)

      2,585        2,655,790   

Series 2013-2, Class C, 6.00%, 1/15/17 (b)

      2,763        2,849,683   

Continental Airlines Pass-Through Trust (f):

     

Series 2003-ERJ1, 7.88%, 1/02/20

      5,515        5,770,111   

Series 2007-1, Class B, 6.90%, 10/19/23

      3,409        3,572,939   

Series 2012-1, Class B, 6.25%, 10/11/21

      458        481,367   

Series 2012-3, Class C, 6.13%, 4/29/18

      678        708,510   

Delta Air Lines Pass-Through Trust, Class B (f):

     

Series 2007-1, 8.02%, 2/10/24

      2,224        2,532,216   

Series 2012-1, 6.88%, 5/07/19 (b)

      3,674        4,022,995   

United Airlines Pass-Through Trust, Series 2014-2, Class B, 4.63%, 3/03/24 (f)

      2,750        2,791,250   

US Airways Pass-Through Trust, Series 2013-1, Class B, 5.38%, 5/15/23 (f)

      2,997        3,079,837   
     

 

 

 
                      36,188,983   

Auto Components — 1.2%

  

Dana Holding Corp., 6.75%, 2/15/21 (f)

      1,257        1,322,992   
Corporate Bonds   

Par  

(000)

    Value  

Auto Components (concluded)

  

Icahn Enterprises LP/Icahn Enterprises Finance Corp. (f):

      

3.50%, 3/15/17

     USD        170      $ 171,785   

4.88%, 3/15/19

       2,898        2,988,562   

6.00%, 8/01/20

       2,174        2,288,135   

5.88%, 2/01/22

       1,334        1,380,690   

Schaeffler Finance BV, 4.75%, 5/15/21 (b)(f)

       1,045        1,047,613   
      

 

 

 
                       9,199,777   

Automobiles — 0.3%

  

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

             2,194        2,395,578   

Banks — 1.9%

      

CIT Group, Inc., 5.25%, 3/15/18 (f)

       9,558        9,916,425   

Rizal Commercial Banking Corp., 4.25%, 1/22/20

       100        104,627   

Sberbank of Russia Via SB Capital SA, 5.25%, 5/23/23 (b)

       5,000        4,100,000   
      

 

 

 
                       14,121,052   

Building Products — 0.6%

      

American Builders & Contractors Supply Co., Inc., 5.63%, 4/15/21 (b)(f)

       375        382,500   

Building Materials Corp. of America, 6.75%, 5/01/21 (b)(f)

       3,125        3,281,250   

Cemex SAB de CV, 5.88%, 3/25/19 (b)(f)

       200        203,500   

USG Corp., 9.75%, 1/15/18 (f)

       572        650,650   
      

 

 

 
                       4,517,900   

Capital Markets — 0.3%

      

AE-Rotor Holding BV, 4.97%, 3/28/18

       1,600        1,657,170   

American Capital Ltd., 6.50%, 9/15/18 (b)(f)

       700        722,750   
      

 

 

 
                       2,379,920   

Chemicals — 0.0%

      

PetroLogistics LP/PetroLogistics Finance Corp., 6.25%, 4/01/20 (f)

             246        260,453   

Commercial Services & Supplies — 1.5%

      

ARAMARK Corp., 5.75%, 3/15/20 (f)

       672        702,240   

Aviation Capital Group Corp., 6.75%, 4/06/21 (b)(f)

       5,000        5,688,690   

 

                
   BLACKROCK MULTI-SECTOR INCOME TRUST    JULY 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  

Commercial Services & Supplies (concluded)

  

Brand Energy & Infrastructure Services, Inc., 8.50%, 12/01/21 (b)(f)

     USD        207      $ 191,475   

United Rentals North America, Inc. (f):

      

8.25%, 2/01/21

       1,942        2,066,793   

7.63%, 4/15/22

       2,440        2,650,450   
      

 

 

 
                       11,299,648   

Communications Equipment — 0.7%

  

Alcatel-Lucent USA, Inc., 8.88%, 1/01/20 (b)(f)

       942        1,024,425   

Avaya, Inc., 7.00%, 4/01/19 (b)(f)

       691        666,815   

Zayo Group LLC/Zayo Capital, Inc., 10.13%, 7/01/20 (f)

       3,257        3,615,270   
      

 

 

 
                       5,306,510   

Construction & Engineering — 0.3%

  

Alam Synergy Property Ltd., 6.95%, 3/27/20

       2,000        1,900,000   

BlueLine Rental Finance Corp., 7.00%, 2/01/19 (b)(f)

       183        182,085   

Safway Group Holding LLC/Safway Finance Corp., 7.00%, 5/15/18 (b)(f)

       290        295,800   
      

 

 

 
                       2,377,885   

Construction Materials — 1.4%

  

HD Supply, Inc. (f):

      

11.00%, 4/15/20

       2,900        3,233,500   

7.50%, 7/15/20

       6,388        6,819,190   
      

 

 

 
                       10,052,690   

Consumer Finance — 1.5%

  

Ally Financial, Inc., 8.00%, 11/01/31 (f)

             9,315        11,131,425   

Distributors — 0.1%

  

VWR Funding, Inc., 7.25%, 9/15/17 (f)

             652        671,560   

Diversified Consumer Services — 0.1%

  

APX Group, Inc., 6.38%, 12/01/19 (f)

       289        282,497   

Laureate Education, Inc., 10.00%, 9/01/19 (b)(f)

       395        371,794   
      

 

 

 
                       654,291   

Diversified Financial Services — 1.7%

  

Aircastle Ltd., 6.25%, 12/01/19 (f)

       2,624        2,909,360   

DPL, Inc., 6.50%, 10/15/16 (f)

       112        116,760   
Corporate Bonds   

Par  

(000)

    Value  

Diversified Financial Services (concluded)

  

General Motors Financial Co., Inc., 4.25%, 5/15/23 (f)

     USD        326      $ 322,645   

Intesa Sanpaolo SpA, 5.02%, 6/26/24 (b)(f)

       2,290        2,256,722   

Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 4/01/20 (b)(f)

       845        845,000   

Reynolds Group Issuer, Inc. (f):

      

9.88%, 8/15/19

       979        1,029,786   

5.75%, 10/15/20

       4,941        5,113,935   
      

 

 

 
                       12,594,208   

Diversified Telecommunication Services — 1.6%

  

AT&T, Inc., 4.75%, 5/15/46 (f)

       2,545        2,347,312   

CenturyLink, Inc., Series V, 5.63%, 4/01/20 (f)

       834        851,639   

Verizon Communications, Inc., 6.55%, 9/15/43 (f)

       6,500        7,679,289   

Windstream Corp. (f):

      

7.75%, 10/15/20

       450        412,031   

6.38%, 8/01/23

       555        430,125   
      

 

 

 
                       11,720,396   

Electric Utilities — 0.2%

  

Star Energy Geothermal Wayang Windu Ltd., 6.13%, 3/27/20

             1,700        1,610,750   

Energy Equipment & Services — 0.6%

  

MEG Energy Corp., 6.50%, 3/15/21 (b)(f)

       3,586        3,351,117   

Peabody Energy Corp. (f):

      

6.00%, 11/15/18

       176        64,240   

6.25%, 11/15/21

       3,625        1,024,062   
      

 

 

 
                       4,439,419   

Food & Staples Retailing — 0.1%

  

Rite Aid Corp. (f):

      

6.75%, 6/15/21

       329        349,562   

6.13%, 4/01/23 (b)

       177        183,859   
      

 

 

 
                       533,421   

Food Products — 0.2%

  

Barry Callebaut Services NV, 5.50%, 6/15/23 (b)

       1,200        1,283,424   

Smithfield Foods, Inc., 5.88%, 8/01/21 (b)(f)

       307        320,431   
      

 

 

 
                       1,603,855   

Health Care Providers & Services — 4.1%

  

CHS/Community Health Systems, Inc., 6.88%, 2/01/22 (f)

       3,548        3,796,360   

DaVita HealthCare Partners, Inc., 5.13%, 7/15/24 (f)

       2,500        2,519,288   

 

                
4    BLACKROCK MULTI-SECTOR INCOME TRUST    JULY 31, 2015   


Schedule of Investments (continued)

  

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

 

Corporate Bonds  

Par  

(000)

    Value  

Health Care Providers & Services (concluded)

  

HCA, Inc. (f):

     

6.50%, 2/15/20

    USD        7,143      $ 7,986,767   

5.88%, 3/15/22

      124        135,935   

4.75%, 5/01/23

      161        165,226   

Hologic, Inc., 6.25%, 8/01/20 (f)

      3,216        3,316,500   

Tenet Healthcare Corp. (f):

     

6.25%, 11/01/18

      6,087        6,650,047   

6.00%, 10/01/20

      1,150        1,250,625   

8.13%, 4/01/22

      4,137        4,641,218   
     

 

 

 
                      30,461,966   

Hotels, Restaurants & Leisure — 3.0%

  

Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Property, 8.00%, 10/01/20

      2,773        2,648,215   

Enterprise Inns PLC, 6.00%, 10/06/23

    GBP        3,320        5,165,239   

The Unique Pub Finance Co. PLC:

     

Series A3, 6.54%, 3/30/21

      2,423        3,953,828   

Series M, 7.40%, 3/28/24

      6,400        10,269,316   
     

 

 

 
                      22,036,598   

Household Durables — 0.9%

  

Brookfield Residential Properties, Inc., 6.50%, 12/15/20 (b)(f)

    USD        2,750        2,777,500   

Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 7/01/22 (b)(f)

      750        731,250   

Standard Pacific Corp., 8.38%, 1/15/21 (f)

      2,000        2,355,000   

Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.25%, 4/15/21 (b)(f)

      177        176,557   

TRI Pointe Holdings, Inc. (f):

     

4.38%, 6/15/19

      415        410,850   

5.88%, 6/15/24

      280        275,800   
     

 

 

 
                      6,726,957   

Independent Power and Renewable Electricity Producers — 1.2%

  

Calpine Corp. (f):

     

6.00%, 1/15/22 (b)

      254        268,605   

5.38%, 1/15/23

      4,000        3,910,000   

5.88%, 1/15/24 (b)

      240        250,920   

NRG Energy, Inc., 7.63%, 1/15/18 (f)

      2,735        2,966,928   
Corporate Bonds  

Par  

(000)

    Value  

Independent Power and Renewable Electricity Producers (concluded)

  

NRG REMA LLC, Series C, 9.68%, 7/02/26 (f)

    USD        1,750      $ 1,863,750   
     

 

 

 
                      9,260,203   

Insurance — 0.3%

  

A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub LLC, 7.88%, 12/15/20 (b)(f)

      680        723,384   

MPL 2 Acquisition Canco, Inc., 9.88%, 8/15/18 (b)(f)

      1,400        1,473,500   
     

 

 

 
                      2,196,884   

Internet Software & Services — 0.0%

  

Equinix, Inc., 4.88%, 4/01/20 (f)

            144        147,600   

IT Services — 1.0%

  

Ceridian HCM Holding, Inc., 11.00%, 3/15/21 (b)(f)

      702        726,570   

First Data Corp. (b)(f):

     

7.38%, 6/15/19

      1,921        2,003,795   

6.75%, 11/01/20

      3,111        3,289,883   

SunGard Data Systems, Inc., 6.63%, 11/01/19 (f)

      1,126        1,163,766   
     

 

 

 
                      7,184,014   

Media — 7.0%

  

Bharti Airtel International Netherlands BV, 5.13%, 3/11/23

      3,000        3,203,310   

Cablevision Systems Corp., 5.88%, 9/15/22 (f)

      700        663,250   

CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 2/15/23 (f)

      7,029        6,967,496   

CCO Safari II LLC, 6.48%, 10/23/45 (b)

      3,000        3,104,880   

Clear Channel Worldwide Holdings, Inc. (f):

     

7.63%, 3/15/20

      5,274        5,540,996   

6.50%, 11/15/22

      2,573        2,682,352   

Columbus International, Inc., 7.38%, 3/30/21 (b)(f)

      1,195        1,269,687   

DISH DBS Corp., 5.13%, 5/01/20 (f)

      5,500        5,568,750   

Gannett Co., Inc., 6.38%, 10/15/23 (f)

      1,400        1,480,500   

Gray Television, Inc., 7.50%, 10/01/20 (f)

      891        943,346   

iHeartCommunications, Inc., 9.00%, 12/15/19 (f)

      700        672,875   

Inmarsat Finance PLC, 4.88%, 5/15/22 (b)(f)

      1,000        982,500   

 

                
   BLACKROCK MULTI-SECTOR INCOME TRUST    JULY 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)

  

Intelsat Jackson Holdings SA (f):

      

7.25%, 10/15/20

     USD        1,250      $ 1,239,063   

5.50%, 8/01/23

       2,241        2,033,707   

Live Nation Entertainment, Inc., 7.00%, 9/01/20 (b)(f)

       199        211,438   

Midcontinent Communications & Midcontinent Finance Corp., 6.25%, 8/01/21 (b)(f)

       250        253,750   

NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (b)(f)

       629        643,153   

Numericable Group SA, 6.00%, 5/15/22 (b)(f)

       3,000        3,052,500   

Outfront Media Capital LLC/Outfront Media Capital Corp. (f):

      

5.25%, 2/15/22

       3,117        3,132,585   

5.63%, 2/15/24

       94        95,880   

RCN Telecom Services LLC/RCN Capital Corp., 8.50%, 8/15/20 (b)(f)

       350        365,750   

Sirius XM Radio, Inc., 4.25%, 5/15/20 (b)(f)

       994        990,273   

Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 5.50%, 1/15/23 (b)(f)

       5,287        5,386,131   

Virgin Media Finance PLC, 6.38%, 4/15/23 (b)(f)

       805        841,225   

WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 9/01/20 (b)(f)

       980        1,002,050   
      

 

 

 
                       52,327,447   

Metals & Mining — 1.6%

  

ArcelorMittal, 6.13%, 6/01/18 (f)

       1,900        2,011,294   

Commercial Metals Co., 4.88%, 5/15/23 (f)

       984        900,360   

Novelis, Inc., 8.75%, 12/15/20 (f)

       7,164        7,558,020   

Wise Metals Group LLC/Wise Alloys Finance Corp., 8.75%, 12/15/18 (b)(f)

       1,140        1,165,992   
      

 

 

 
                       11,635,666   

Multiline Retail — 0.3%

  

The Neiman Marcus Group Ltd. (b)(f):

      

8.00%, 10/15/21

       927        982,620   
Corporate Bonds   

Par  

(000)

    Value  

Multiline Retail (concluded)

  

The Neiman Marcus Group Ltd. (b)(f) (concluded):

      

8.75% (8.75% Cash or 9.50% PIK), 10/15/21 (g)

     USD        963      $ 1,032,818   
      

 

 

 
                       2,015,438   

Oil, Gas & Consumable Fuels — 2.1%

  

Antero Resources Finance Corp., 5.38%, 11/01/21 (f)

       284        276,190   

Bonanza Creek Energy, Inc., 6.75%, 4/15/21 (f)

       99        85,635   

Chesapeake Energy Corp., 5.75%, 3/15/23 (f)

       1,145        967,525   

CrownRock LP/CrownRock Finance, Inc., 7.13%, 4/15/21 (b)(f)

       383        391,139   

Kinder Morgan Energy Partners LP (f):

      

6.55%, 9/15/40

       300        300,714   

5.00%, 8/15/42

       1,130        963,748   

5.00%, 3/01/43

       570        485,397   

Kinder Morgan, Inc., 5.63%, 11/15/23 (b)(f)

       486        505,991   

MIE Holdings Corp., 6.88%, 2/06/18

       2,000        1,532,860   

Noble Energy, Inc., 5.63%, 5/01/21 (f)

       3,286        3,482,473   

Pacific Drilling SA, 5.38%, 6/01/20 (b)(f)

       267        205,590   

Pertamina Persero PT, 5.63%, 5/20/43 (b)(f)

       2,000        1,752,600   

Pratama Agung Pte Ltd., 6.25%, 2/24/20

       1,600        1,560,392   

Range Resources Corp. (f):

      

5.00%, 8/15/22

       91        88,725   

5.00%, 3/15/23

       211        206,780   

Regency Energy Partners LP/Regency Energy Finance Corp., 4.50%, 11/01/23 (f)

       297        281,301   

Sabine Pass Liquefaction LLC, 6.25%, 3/15/22 (f)

       752        774,560   

Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 7.50%, 7/01/21 (f)

       703        734,635   

Whiting Petroleum Corp., 5.00%, 3/15/19 (f)

       878        842,880   

YPF SA, 8.50%, 7/28/25 (b)

       282        271,679   
      

 

 

 
                       15,710,814   

Pharmaceuticals — 0.8%

  

Forest Laboratories, Inc., 5.00%, 12/15/21 (b)(f)

       718        777,970   

 

                
6    BLACKROCK MULTI-SECTOR INCOME TRUST    JULY 31, 2015   


Schedule of Investments (continued)

  

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

 

Corporate Bonds   

Par  

(000)

    Value  

Pharmaceuticals (concluded)

  

Grifols Worldwide Operations Ltd., 5.25%, 4/01/22 (f)

     USD        1,094      $ 1,104,940   

Valeant Pharmaceuticals International, Inc. (b)(f):

      

6.75%, 8/15/18

       1,807        1,898,479   

6.75%, 8/15/21

       1,276        1,328,635   

5.63%, 12/01/21

       1,182        1,213,027   
      

 

 

 
                       6,323,051   

Real Estate Investment Trusts (REITs) — 0.2%

  

Pakuwon Prima Pte Ltd., 7.13%, 7/02/19

             1,600        1,608,005   

Real Estate Management & Development — 4.0%

  

Caifu Holdings Ltd., 8.75%, 1/24/20

       3,000        2,925,000   

Kaisa Group Holdings Ltd., 10.25%, 1/08/20 (h)(i)

       2,000        1,095,000   

Lai Sun International Finance 2012 Ltd., 5.70%, 1/18/18

       2,000        2,017,200   

Lodha Developers International Ltd., 12.00%, 3/13/20

       350        353,500   

Northwest Florida Timber Finance LLC, 4.75%, 3/04/29 (b)

       4,360        3,931,643   

Punch Taverns Finance B Ltd.:

      

7.37%, 9/30/21

     GBP        2,837        4,651,116   

Series A6, 5.94%, 9/30/22

       6,346        9,711,734   

Realogy Corp., 7.63%, 1/15/20 (b)(f)

     USD        2,454        2,592,038   

Sparkle Assets Ltd., 6.88%, 1/30/20

       2,000        2,114,802   

Vingroup JSC, 11.63%, 5/07/18

       250        268,771   
      

 

 

 
                       29,660,804   

Road & Rail — 1.0%

  

The Hertz Corp. (f):

      

4.25%, 4/01/18

       400        407,000   

7.38%, 1/15/21

       3,075        3,205,687   

Lima Metro Line 2 Finance Ltd., 5.88%, 7/05/34 (b)(f)

       4,000        4,070,000   
      

 

 

 
                       7,682,687   

Software — 0.4%

  

Nuance Communications, Inc., 5.38%, 8/15/20 (b)(f)

       1,605        1,629,075   

Rolta Americas LLC, 8.88%, 7/24/19

       200        149,000   
Corporate Bonds   

Par  

(000)

    Value  

Software (concluded)

  

Sophia LP/Sophia Finance, Inc., 9.75%, 1/15/19 (b)(f)

     USD        1,220      $ 1,302,350   
      

 

 

 
                       3,080,425   

Specialty Retail — 0.2%

  

Party City Holdings, Inc., 8.88%, 8/01/20 (f)

       623        669,725   

Sally Holdings LLC/Sally Capital, Inc., 5.75%, 6/01/22 (f)

       647        674,498   
      

 

 

 
                       1,344,223   

Technology Hardware, Storage & Peripherals — 0.1%

  

Pacific Emerald Property Ltd., 9.75%, 7/25/18

             1,000        1,043,800   

Textiles, Apparel & Luxury Goods — 0.3%

  

Springs Industries, Inc., 6.25%, 6/01/21 (f)

       1,434        1,426,830   

The William Carter Co., 5.25%, 8/15/21 (f)

       604        626,650   
      

 

 

 
                       2,053,480   

Tobacco — 0.1%

      

Reynolds American, Inc., 5.85%, 8/15/45

             465        499,997   

Trading Companies & Distributors — 0.5%

  

Doric Nimrod Air Alpha 2013-1 Pass-Through Trust, 5.25%, 5/30/25 (b)(f)

       2,604        2,721,529   

Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust, Series 2012-1, Class B, 6.50%, 5/30/21 (b)(f)

       805        844,777   
      

 

 

 
                       3,566,306   

Wireless Telecommunication Services — 4.0%

  

Crown Castle International Corp., 5.25%, 1/15/23 (f)

       6,565        6,876,837   

Digicel Ltd., 6.00%, 4/15/21 (b)(f)

       5,000        4,712,500   

Softbank Corp., 4.50%, 4/15/20 (b)(f)

       1,500        1,505,625   

Sprint Communications, Inc., 9.00%, 11/15/18 (b)(f)

       8,131        9,106,720   

Sprint Corp., 7.88%, 9/15/23 (f)

       1,922        1,842,718   

T-Mobile USA, Inc. (f):

      

6.63%, 4/28/21

       3,820        4,044,234   

6.73%, 4/28/22

       945        1,001,700   

6.84%, 4/28/23

       610        652,700   
      

 

 

 
                       29,743,034   
Total Corporate Bonds 52.3%                      389,369,120   

 

 

                
   BLACKROCK MULTI-SECTOR INCOME TRUST    JULY 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  

Airlines — 0.4%

  

Delta Air Lines, Inc., 2016 Term Loan B2, 2.44%, 4/18/16

     USD        2,925      $ 2,919,530   

Auto Components — 0.3%

  

Gates Global, Inc., Term Loan B, 4.25%, 7/05/21

             2,347        2,333,695   

Chemicals — 0.0%

  

Allnex (Luxembourg) & Cy SCA, Term Loan B1, 4.50%, 10/03/19

       87        87,080   

Allnex USA, Inc., Term Loan B2, 4.50%, 10/03/19

       45        45,181   
      

 

 

 
        132,261   

Commercial Services & Supplies — 0.4%

  

ADS Waste Holdings, Inc., Term Loan, 3.75%, 10/09/19

       623        619,958   

ARAMARK Corp., Term Loan E, 3.25%, 9/07/19

       437        436,316   

Spin Holdco, Inc., Term Loan B, 4.25%, 11/14/19

       1,919        1,916,606   
      

 

 

 
        2,972,880   

Construction Materials — 0.3%

  

HD Supply, Inc., Term Loan B, 4.00%, 6/28/18

             2,480        2,478,506   

Distributors — 0.1%

      

ABC Supply Co., Inc., Term Loan, 3.50%, 4/16/20

             590        587,142   

Diversified Consumer Services — 0.1%

  

Bright Horizons Family Solutions, Inc., Term Loan B, 3.75%, 1/30/20

       488        487,802   

Weight Watchers International, Inc., Term Loan B2, 4.00%, 4/02/20

       234        122,082   
      

 

 

 
        609,884   

Diversified Telecommunication Services — 0.4%

  

Level 3 Financing, Inc., 2013 Term Loan B, 4.00%, 1/15/20

       2,275        2,279,982   

Virgin Media Investment Holdings Ltd., Term Loan F, 1.00%, 6/30/23

       471        469,558   
      

 

 

 
        2,749,540   

Electronic Equipment, Instruments & Components — 0.0%

  

CDW LLC, Term Loan, 3.25%, 4/29/20

             293        292,029   
Floating Rate Loan Interests (a)   

Par  

(000)

    Value  

Energy Equipment & Services — 0.2%

      

Dynegy Holdings, Inc., Term Loan B2, 4.00%, 4/23/20

     USD        1,607      $ 1,609,788   

Food Products — 0.2%

      

Pinnacle Foods Finance LLC, Term Loan G, 3.00%, 4/29/20

             1,457        1,453,072   

Health Care Equipment & Supplies — 0.1%

      

Immucor, Inc., Refinancing Term Loan B2, 5.00%, 8/17/18

             731        732,391   

Hotels, Restaurants & Leisure — 3.5%

      

Caesars Entertainment Resort Properties LLC, Term Loan B, 7.00%, 10/11/20

       1,807        1,687,730   

Hilton Ft. Lauderdale, Mezzanine Term Loan 5, 6.19%, 8/04/19

       6,500        6,500,000   

Hilton Los Cabos, B-Note, 8.19%, 9/18/18

       5,375        5,375,000   

Hilton Orlando, Mezzanine A3, 6.44%, 8/01/16

       7,250        7,250,000   

Hilton Worldwide Finance LLC, Term Loan B2, 3.50%, 10/26/20

       1,306        1,307,772   

MGM Resorts International, Term Loan A, 2.94%, 12/20/17

       1,219        1,216,849   

Starwood Schulte, Mezzanine Term Loan, 8.04%, 6/30/17

       2,000        2,000,000   

Station Casinos LLC, Term Loan B, 4.25%, 3/02/20

       909        910,216   
      

 

 

 
        26,247,567   

Insurance — 0.8%

      

Dallas Design District, Mezzanine Term Loan, 6.89%, 11/09/16

       4,000        4,000,000   

Sedgwick Claims Management Services, Inc., 1st Lien Term Loan, 3.75%, 3/01/21

       1,980        1,960,150   
      

 

 

 
        5,960,150   

IT Services — 0.4%

      

First Data Corp., 2018 Extended Term Loan, 3.69%, 3/24/18

       3,000        2,990,640   

SunGard Data Systems, Inc., Term Loan E, 4.00%, 3/08/20

       227        226,640   
      

 

 

 
        3,217,280   

Machinery — 0.1%

      

Silver II US Holdings LLC, Term Loan, 4.00%, 12/13/19

             1,144        1,093,676   

Media — 0.2%

      

Clear Channel Communications, Inc., Term Loan D, 6.94%, 1/30/19

       675        619,497   

 

                
8    BLACKROCK MULTI-SECTOR INCOME TRUST    JULY 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  

Media (concluded)

  

Univision Communications, Inc., Term Loan C4, 4.00%, 3/01/20

     USD        489      $ 488,159   
      

 

 

 
                       1,107,656   

Oil, Gas & Consumable Fuels — 0.2%

  

Offshore Group Investment Ltd., Term Loan B, 5.75%, 3/28/19

       1,173        589,069   

Power Buyer LLC:

      

1st Lien Term Loan, 4.25%, 5/06/20

       679        678,618   

Delayed Draw Term Loan, 4.25%, 5/06/20

       36        36,420   
      

 

 

 
                       1,304,107   

Pharmaceuticals — 0.1%

  

Par Pharmaceutical Cos., Inc., Term Loan B2, 4.00%, 9/30/19

             734        733,154   

Professional Services — 0.3%

  

TransUnion LLC, Term Loan B2, 3.75%, 4/09/21

             1,921        1,908,202   

Real Estate Management & Development — 0.7%

  

680 Madison Avenue, Mezzanine Term Loan, 5.41%, 8/09/17

       4,000        4,000,000   

Realogy Corp., Term Loan B, 3.75%, 3/05/20

       875        876,057   
      

 

 

 
                       4,876,057   

Semiconductors & Semiconductor Equipment — 0.1%

  

Freescale Semiconductor, Inc., Term Loan B4, 4.25%, 2/28/20

             489        489,539   

Specialty Retail — 0.1%

  

Party City Holdings, Inc., Term Loan, 4.00%, 7/27/19

             975        974,204   

Technology Hardware, Storage & Peripherals — 0.5%

  

Walton Portland Holdings VI LLC, Mezzanine Term Loan, 6.94%, 7/06/16

             3,750        3,750,000   
Total Floating Rate Loan Interests 9.5%        70,532,310   
      
                          
Foreign Agency Obligations  

Argentina Boden Bonds, 7.00%, 10/03/15

       79        78,342   

Argentina Bonar Bonds, 8.75%, 5/07/24

       211        194,984   

Brazilian Government International Bond (f):

      

4.25%, 1/07/25

       200        188,700   

5.63%, 1/07/41

       203        187,775   
Foreign Agency Obligations   

Par  

(000)

    Value  

Cyprus Government International Bond (b):

      

3.75%, 11/01/15

     EUR        2,025      $ 2,229,517   

4.63%, 2/03/20

       2,950        3,393,732   

Iceland Government International Bond, 5.88%, 5/11/22

     USD        3,415        3,884,498   

Indonesia Government International Bond, 6.63%, 2/17/37 (b)

       159        179,074   

Mexican Bonos, 4.75%, 6/14/18

     MXN        5,500        341,872   

Mexico Government International Bond:

      

4.00%, 10/02/23

     USD        176        181,280   

6.05%, 1/11/40

       26        30,030   

4.75%, 3/08/44

       216        209,520   

5.55%, 1/21/45

       87        93,960   

Perusahaan Penerbit SBSN Indonesia III, 4.33%, 5/28/25 (b)

       312        306,150   

Portugal Government International Bond, 5.13%, 10/15/24 (b)

       5,430        5,723,502   

Russian Federal Bond - OFZ:

      

7.60%, 7/20/22

     RUB        2,615        36,236   

7.00%, 8/16/23

       15,085        198,139   

Slovenia Government Bond, 2.25%, 3/25/22

     EUR        922        1,060,310   

Slovenia Government International Bond, 5.85%, 5/10/23 (b)(f)

     USD        766        875,615   

Sri Lanka Government International Bond, 5.88%, 7/25/22

             3,000        2,973,750   
Total Foreign Agency Obligations 3.0%        22,366,986   
      
                          
Non-Agency Mortgage-Backed Securities  

Collateralized Mortgage Obligations — 29.0%

  

Alternative Loan Trust:

      

Series 2005-61, Class 2A1, 0.47%, 12/25/35 (a)

       4,340        3,781,424   

Series 2005-9CB, Class 1A3, 0.64%, 5/25/35 (a)

       6,087        5,016,012   

Series 2006-40T1, Class 2A5, 0.59%, 12/25/36 (a)

       3,444        1,455,492   

Series 2006-7CB, Class 2A1, 6.50%, 5/25/36

       4,510        3,334,513   

Series 2006-J7, Class 2A1, 2.18%, 11/20/36 (a)

       9,576        6,927,629   

Series 2006-J8, Class A5, 6.00%, 2/25/37

       2,717        2,111,544   

Series 2006-OA10, Class 2A1, 0.38%, 8/25/46 (a)

       9,481        7,170,291   

 

                
   BLACKROCK MULTI-SECTOR INCOME TRUST    JULY 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 (continued)

  

Alternative Loan Trust (concluded):

  

Series 2006-OA14, Class 3A1, 1.02%, 11/25/46 (a)

     USD        14,749      $ 11,713,695   

Series 2006-OA16, Class A2, 0.38%, 10/25/46 (a)

       10,957        9,570,801   

Series 2006-OA18, Class A1, 0.31%, 12/25/46 (a)

       6,630        5,735,577   

Series 2006-OA22, Class A1, 0.35%, 2/25/47 (a)

       5,716        4,877,912   

Series 2006-OA6, Class 1A1A, 0.40%, 7/25/46 (a)

       11,453        9,126,293   

Series 2006-OA8, Class 1A1, 0.38%, 7/25/46 (a)

       3,946        3,238,419   

Series 2007-12T1, Class A22, 5.75%, 6/25/37

       7,546        6,238,057   

Series 2007-12T1, Class A5, 6.00%, 6/25/37

       3,662        3,079,790   

Series 2007-22, Class 2A16, 6.50%, 9/25/37

       12,302        9,717,922   

Series 2007-23CB, Class A1, 6.00%, 9/25/37

       11,041        9,793,326   

Series 2007-4CB, Class 1A3, 0.54%, 4/25/37 (a)

       7,034        5,193,277   

Series 2007-OA2, Class 1A1, 1.01%, 3/25/47 (a)

       7,050        5,308,355   

Series 2007-OA6, Class A1A, 0.33%, 6/25/37 (a)

       11,314        9,595,316   

American Home Mortgage Assets Trust, Series 2006-5, Class A1, 1.09%, 11/25/46 (a)

       6,883        3,615,972   

CHL Mortgage Pass-Through Trust:

      

Series 2006-3, Class 1A1, 0.43%, 3/25/36 (a)

       14,899        12,740,211   

Series 2007-J2, Class 2A1, 0.84%, 7/25/37 (a)

       6,580        4,336,908   

Series 2007-J2, Class 2A8, 6.00%, 7/25/37

       3,633        3,022,927   

Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 2.54%, 11/25/36 (a)

       9,082        7,491,141   

Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, 0.39%, 4/25/46 (a)

       11,810        10,342,078   

Fannie Mae Connecticut Avenue Securities, Class 1M2 (a):

      

Series 2014-C02, 2.79%, 5/25/24

       10,000        8,904,290   

Series 2014-C03, 3.19%, 7/25/24

       6,000        5,474,022   
Non-Agency Mortgage-Backed Securities   

Par  

(000)

    Value  

Collateralized Mortgage Obligations (concluded)

  

GreenPoint Mortgage Funding Trust, Series 2007-AR3, Class A1, 0.41%, 6/25/37 (a)

     USD        7,230      $ 6,050,086   

Hilton USA Trust, Series 2013-HLT, Class EFX, 4.45%, 11/05/30 (a)(b)

       5,000        5,060,745   

Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 0.47%, 5/26/37 (a)(b)

       18,352        11,562,063   

Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 5/25/36 (a)

       9,855        5,378,792   

Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, 0.79%, 8/25/36 (a)

       8,472        3,215,462   

WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 1A, 0.94%, 5/25/47 (a)

       6,268        5,361,954   
      

 

 

 
                       215,542,296   

Commercial Mortgage-Backed Securities — 15.1%

  

Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2013-DSMZ, Class M,
5.88%, 9/15/18 (a)(b)

       7,500        7,499,925   

BHMS Mortgage Trust, Series 2014-MZ, Class M, 7.37%, 7/05/33 (a)(b)

       2,000        1,999,100   

BXHTL Mortgage Trust, Series 2015-JWRZ (a)(b):

      

Class DR3, 4.08%, 5/15/29

       2,000        1,940,000   

Class GL3, 3.76%, 5/15/29

       3,000        2,854,451   

CD Commercial Mortgage Trust, Series 2007-CD5, Class C, 6.12%, 11/15/44 (a)

       3,372        3,510,306   

CDGJ Commercial Mortgage Trust, Series 2014-BXCH, Class EPA, 4.44%, 12/15/27 (a)(b)

       5,000        5,012,860   

CG-CCRE Commercial Mortgage Trust, Series 2014-FL1 (a)(b):

      

Class D, 2.94%, 6/15/31

       3,000        2,979,009   

Class E, 4.84%, 6/15/31

       1,931        1,917,699   

Commercial Mortgage Pass-Through Certificates (a)(b):

      

Series 2013-FL3, Class MMHP, 3.79%, 10/13/28

       4,000        4,026,628   

Series 2013-LC13, Class D, 5.05%, 8/10/46

       2,650        2,661,570   

 

                
10    BLACKROCK MULTI-SECTOR INCOME TRUST    JULY 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 (continued)

  

Commercial Mortgage Pass-Through Certificates (a)(b) (concluded):

  

Series 2007-C9, Class E, 5.80%, 12/10/49

     USD        5,000      $ 5,051,330   

Series 2014-CR16, Class D, 4.91%, 4/10/47

       2,000        1,917,654   

Series 2014-FL5, Class HFL1, 3.44%, 7/15/31

       6,057        5,829,863   

Series 2014-KYO, Class F, 3.69%, 6/11/27

       9,000        8,974,890   

Series 2014-LC15, Class D, 4.94%, 4/10/47 (f)

       3,000        2,854,854   

Series 2014-PAT, Class E, 3.34%, 8/13/27

       1,000        993,426   

Series 2014-PAT, Class F, 2.63%, 8/13/27

       3,000        2,859,438   

Series 2014-PAT, Class G, 1.78%, 8/13/27

       2,000        1,713,060   

Commercial Mortgage Trust, Series 2007-GG11, Class AJ, 6.05%, 12/10/49 (a)

       2,000        2,078,180   

Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C3, Class B, 4.88%, 7/15/37

       2,000        1,995,666   

Del Coronado Trust, Series 2013-HDMZ, Class M, 5.19%, 3/15/18 (a)(b)

       6,000        5,985,000   

Great Wolf Trust, 5/15/32 (a)(b)

      

Series 2015-NRF, Class GFX, 3.38%, 12/15/19

       2,500        2,247,685   

Series 2015-WFMZ, Class M, 7.18%, 5/15/32

       3,300        3,283,500   

GS Mortgage Securities Trust, Series 2014-GSFL (a)(b):

      

Class D, 4.09%, 7/15/31

       1,325        1,313,003   

Class E, 6.14%, 7/15/31

       1,000        989,579   

JPMorgan Chase Commercial Mortgage Securities Trust (a)(b):

      

Series 2014-CBMZ, Class M, 6.41%, 10/15/19

       2,000        2,006,400   

Series 2014-DSTY, Class E, 3.80%, 6/10/27

       5,000        4,683,885   

London & Regional Debt Securitization No. 2 PLC, Series 2, Class A, 3.58%, 10/15/15 (a)

     GBP        3,168        4,955,056   

Madison Avenue Trust, Series 2013-650M, Class E, 4.03%, 10/12/32 (a)(b)

     USD        5,000        4,931,755   

New York Mortgage Securitization Trust, Series 2013-1, Class A, 5.44%, 8/27/24 (a)(b)

       5,000        5,025,000   
Non-Agency Mortgage-Backed Securities   

Par  

(000)

    Value  

Commercial Mortgage-Backed Securities (concluded)

  

RBSSP Resecuritization Trust, Series 2013-5, Class 3A1, 0.55%, 1/26/36 (a)(b)

     EUR        2,345      $ 2,157,400   

Talisman Finance PLC, Series 6, Class A, 0.16%, 10/22/16 (a)

       186        201,808   

Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AJ, 5.95%, 2/15/51 (a)

     USD        6,000        6,203,622   
      

 

 

 
                       105,354,587   
Total Non-Agency Mortgage-Backed Securities 44.1%        328,195,898   
      
                          
Preferred Securities  
Capital Trusts   

Banks — 5.6%

      

Bank of America Corp., Series X, 6.25% (a)(f)(j)

       4,425        4,429,115   

BNP Paribas SA, 7.20% (a)(b)(f)(j)

       7,500        8,840,625   

Capital One Financial Corp., Series E, 5.55% (a)(f)(j)

       3,500        3,504,200   

Fifth Third Bancorp, (a)(f)(j):

      

5.10%

       5,000        4,650,000   

Series J, 4.90%

       3,000        2,850,000   

HSBC Holdings PLC, 6.38% (a)(f)(j)

       3,700        3,716,650   

Lloyds Bank PLC, 12.00% (a)(b)(f)(j)

       3,500        5,022,500   

Wells Fargo & Co., Series S, 5.90% (a)(f)(j)

       8,800        8,850,160   
      

 

 

 
                       41,863,250   

Capital Markets — 1.6%

  

The Bank of New York Mellon Corp., Series D, 4.50% (a)(f)(j)

       6,067        5,611,975   

Credit Suisse Group AG, (a)(b)(f)(j):

      

6.25%

       1,035        1,007,831   

7.50%

       2,851        3,036,315   

State Street Corp., Series F, 5.25% (a)(f)(j)

       1,875        1,894,125   
      

 

 

 
                       11,550,246   

Diversified Financial Services — 5.8%

      

Bank of America Corp., (a)(f)(j):

      

Series AA, 6.10%

       2,865        2,852,107   

Series U, 5.20%

       1,750        1,648,938   

Citigroup, Inc., (a)(f)(j):

      

5.90%

       2,250        2,236,725   

Series D, 5.95%

       3,700        3,607,500   

General Electric Capital Corp., Series B, 6.25% (a)(f)(j)

       5,000        5,429,000   

 

                
   BLACKROCK MULTI-SECTOR INCOME TRUST    JULY 31, 2015    11


Schedule of Investments (continued)

  

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

 

Capital Trusts   

Par  

(000)

    Value  

Diversified Financial Services (concluded)

  

JPMorgan Chase & Co., (a)(f)(j):

  

Series Q, 5.15%

     USD        5,500      $ 5,210,150    

Series V, 5.00%

       2,500        2,444,000   

Macquarie Bank Ltd., 10.25%, 6/20/57 (a)(f)

       10,000        10,965,600   

Morgan Stanley, Series H, 5.45% (a)(f)(j)

       3,644        3,622,136   

Societe Generale SA, 6.00% (a)(b)(f)(j)

       5,540        5,249,150   
      

 

 

 
                       43,265,306   

Electric Utilities — 1.0%

  

Electricite de France SA, 5.25% (a)(b)(f)(j)

             7,500        7,687,500   

Insurance — 5.9%

  

The Allstate Corp, 5.75%, 8/15/53 (a)(f)

       2,000        2,090,000   

AXA SA, 6.46% (a)(b)(f)(j)

       10,000        10,350,000   

Liberty Mutual Group, Inc., 7.80%, 3/07/87 (b)(f)

       14,000        16,590,000   

Metlife, Inc., 5.25% (a)(f)(j)

       1,900        1,895,250   

Prudential Financial, Inc., 5.63%, 6/15/43 (a)(f)

       6,000        6,231,300   

Voya Financial, Inc., 5.65%, 5/15/53 (a)(f)

       1,090        1,113,544   

XL Group PLC, Series E, 6.50% (a)(f)(j)

       6,500        5,508,750   
      

 

 

 
                       43,778,844   

Oil, Gas & Consumable Fuels — 0.5%

  

Enterprise Products Operating LLC, Series A, 8.38%, 8/01/66 (a)(f)

             3,248        3,312,960   
Total Capital Trusts 20.4%        151,458,106   
      
                          
Preferred Stocks    Shares         

Aerospace & Defense — 0.3%

  

United Technologies Corp., 7.50% (k)

             50,000        2,573,000   

Capital Markets — 1.8%

      

The Goldman Sachs Group, Inc., Series J, 5.50% (a)(j)

       395,017        9,812,222   

Morgan Stanley, 6.88% (a)(j)

                 100,000        2,717,000   
Preferred Stocks   

Shares

    Value  

Capital Markets (concluded)

    

SCE Trust III, 5.75% (a)(j)

     23,730      $ 661,830   
    

 

 

 
               13,191,052   

Diversified Financial Services — 0.3%

    

Citigroup, Inc., Series K, 6.88% (a)(j)

     75,000        2,056,500   

Real Estate Investment Trusts (REITs) — 1.9%

  

Firstar Realty LLC, 8.88% (b)(j)

     10,000        12,400,000   

SunTrust Real Estate Investment Corp., 9.00% (b)(j)

     15        1,833,459   
    

 

 

 
               14,233,459   
Total Preferred Stocks 4.3%        32,054,011   
Total Preferred Securities 24.7%        183,512,117   

Total Long-Term Investments

(Cost — $1,261,967,631) — 170.7%

  

  

    1,269,655,988   
    
                  
Short-Term Securities  

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.08% (l)(m)

     42,856,927        42,856,927   

Total Short-Term Securities

(Cost — $42,856,927) — 5.8%

  

  

    42,856,927   
    
                  

    

  

Options Purchased

(Cost — $41,590) — 0.0%

  

  

    22,061   

Total Investments Before Options Written

(Cost — $1,304,866,148*) — 176.5%

  

  

    1,312,534,976   
    
                  

Options Written

(Premiums Received — $17,655) — (0.0)%

  

  

    (17,473

Total Investments, Net of Options Written

(Cost — $1,304,848,493) — 176.5%

  

  

    1,312,517,503   
Liabilities in Excess of Other Assets (76.5)%        (568,776,256
    

 

 

 
Net Assets 100.0%      $ 743,741,248   
    

 

 

 

 

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

 

Tax cost

  $ 1,302,124,729   
 

 

 

 

Gross unrealized appreciation

  $ 31,485,345   

Gross unrealized depreciation

    (21,075,098
 

 

 

 

Net unrealized appreciation

  $ 10,410,247   
 

 

 

 

 

                
12    BLACKROCK MULTI-SECTOR INCOME TRUST    JULY 31, 2015   


Schedule of Investments (continued)

  

BlackRock Multi-Sector Income Trust (BIT)

 

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)   Zero-coupon bond.

 

(d)   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.

 

(e)   Amount is less than $500.

 

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

 

(g)   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.

 

(h)   Issuer filed for bankruptcy and/or is in default of interest payments.

 

(i)   Non-income producing security.

 

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

 

(k)   Convertible security.

 

(l)   During the period ended July 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 July 31,
2015
       Income  

BlackRock Liquidity Funds, TempFund, Institutional Class

       18,823,385           24,033,542           42,856,927         $ 12,349   

 

(m)   Represents the current yield as of report date.

 

Portfolio Abbreviations

 

CLO    Collateralized Loan Obligation              
CNY    Chinese Renminbi              
EUR    Euro              
GBP    British Pound              
JPY    Japanese Yen              
JSC    Joint Stock Company              
KRW    South Korean Won              
LIBOR    London Interbank Offered Rate              
MXN    Mexican Peso              
OTC    Over-the-Counter              
PIK    Payment-In-Kind.              
PLN    Polish Zloty              
REMIC    Real Estate Mortgage Investment Conduit              
USD    U.S. Dollar              

 

 

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.

 

                
   BLACKROCK MULTI-SECTOR INCOME TRUST    JULY 31, 2015    13


Schedule of Investments (continued)

  

BlackRock Multi-Sector Income Trust (BIT)

 

 

Reverse Repurchase Agreements:

 

Counterparty  

Interest

Rate

   

Trade

Date

 

Maturity

Date1

  Face Value    

Face Value

Including

Accrued

Interest

 

Deutsche Bank Securities, Inc.

    0.60   2/3/05   Open   $ 2,836,000      $ 2,844,461   

Barclays Capital, Inc.

    0.55   5/7/14   Open     3,248,000        3,270,380   

UBS Securities LLC

    0.55   5/13/14   5/13/15     4,748,000        4,780,207   

UBS Securities LLC

    0.55   5/13/14   5/13/15     2,810,000        2,829,061   

UBS Securities LLC

    0.55   5/13/14   5/15/15     1,815,000        1,827,312   

UBS Securities LLC

    0.55   5/13/14   5/21/15     9,085,000        9,146,627   

UBS Securities LLC

    0.40   5/13/14   Open     5,061,000        5,085,968   

UBS Securities LLC

    0.45   5/13/14   Open     7,397,000        7,438,053   

UBS Securities LLC

    0.50   5/13/14   Open     7,707,000        7,754,527   

UBS Securities LLC

    0.50   5/13/14   Open     5,837,000        5,872,995   

UBS Securities LLC

    0.55   5/13/14   Open     8,988,000        9,048,969   

UBS Securities LLC

    0.60   5/13/14   Open     2,713,000        2,733,076   

Barclays Capital, Inc.

    0.40   5/14/14   Open     5,942,000        5,971,248   

Barclays Capital, Inc.

    0.45   5/14/14   Open     5,189,000        5,217,734   

Barclays Capital, Inc.

    0.45   5/14/14   Open     10,141,000        10,197,156   

Barclays Capital, Inc.

    0.60   5/14/14   Open     950,000        957,014   

Barclays Capital, Inc.

    0.60   5/14/14   Open     2,479,000        2,497,303   

Barclays Capital, Inc.

    0.60   5/14/14   Open     2,129,000        2,144,719   

Barclays Capital, Inc.

    0.60   5/14/14   Open     1,222,000        1,231,022   

Barclays Capital, Inc.

    0.60   5/14/14   Open     3,073,000        3,095,689   

Barclays Capital, Inc.

    0.60   5/14/14   Open     793,000        798,855   

Barclays Capital, Inc.

    0.60   5/14/14   Open     799,000        804,899   

Barclays Capital, Inc.

    0.60   5/14/14   Open     1,218,000        1,226,993   

Barclays Capital, Inc.

    0.60   5/14/14   Open     1,219,000        1,228,000   

Barclays Capital, Inc.

    0.60   5/14/14   Open     6,086,000        6,130,935   

Barclays Capital, Inc.

    0.60   5/14/14   Open     881,000        887,505   

Barclays Capital, Inc.

    0.60   6/5/14   Open     1,037,177        1,044,472   

Barclays Capital, Inc.

    0.60   6/6/14   Open     657,352        661,964   

Barclays Capital, Inc.

    0.60   6/16/14   Open     2,038,000        2,051,926   

Barclays Capital, Inc.

    0.60   6/16/14   Open     892,000        898,095   

Barclays Capital, Inc.

    0.60   10/29/14   Open     766,000        769,511   

Barclays Capital, Inc.

    0.60   10/29/14   Open     234,000        235,072   

Barclays Capital, Inc.

    0.60   10/29/14   Open     970,000        974,446   

Barclays Capital, Inc.

    0.60   10/29/14   Open     14,852,000        14,920,072   

Barclays Capital, Inc.

    0.60   10/29/14   Open     1,001,000        1,005,588   

Barclays Capital, Inc.

    0.60   10/29/14   Open     474,000        476,172   

Barclays Capital, Inc.

    0.60   10/29/14   Open     642,000        644,942   

Barclays Capital, Inc.

    0.60   10/29/14   Open     781,000        784,580   

Barclays Capital, Inc.

    0.65   10/29/14   Open     803,000        806,987   

Barclays Capital, Inc.

    0.65   10/29/14   Open     927,000        931,603   

Barclays Capital, Inc.

    0.75   10/29/14   Open     4,813,000        4,840,574   

Credit Suisse Securities (USA) LLC

    0.65   10/29/14   Open     590,000        592,930   

Credit Suisse Securities (USA) LLC

    0.65   10/29/14   Open     810,000        814,022   

Credit Suisse Securities (USA) LLC

    0.65   10/29/14   Open     792,000        795,932   

Barclays Capital, Inc.

    0.60   11/3/14   Open     521,213        523,567   

Barclays Capital, Inc.

    0.65   11/14/14   Open     1,878,730        1,887,549   

UBS Securities LLC

    0.55   11/25/14   Open     7,079,415        7,106,238   

UBS Securities LLC

    0.55   12/9/14   Open     4,770,000        4,787,053   

UBS Securities LLC

    0.55   12/9/14   Open     4,530,000        4,546,195   

 

                
14    BLACKROCK MULTI-SECTOR INCOME TRUST    JULY 31, 2015   


Schedule of Investments (continued)

   BlackRock Multi-Sector Income Trust (BIT)

 

Reverse Repurchase Agreements (continued):

 

Counterparty   Interest
Rate
    Trade
Date
  Maturity
Date1
  Face Value     Face Value
Including
Accrued
Interest
 

UBS Securities LLC

    0.55   12/9/14   Open   $ 5,020,000      $ 5,037,947   

UBS Securities LLC

    0.55   12/9/14   Open     4,700,000        4,716,803   

UBS Securities LLC

    0.55   12/9/14   Open     4,450,000        4,465,909   

UBS Securities LLC

    0.55   12/9/14   Open     5,700,000        5,720,378   

UBS Securities LLC

    0.55   12/9/14   Open     4,290,000        4,305,337   

UBS Securities LLC

    0.55   12/9/14   Open     5,980,000        6,001,379   

UBS Securities LLC

    0.55   12/9/14   Open     4,320,000        4,335,444   

UBS Securities LLC

    0.55   12/9/14   Open     10,552,000        10,589,723   

Barclays Capital, Inc.

    0.95   12/17/14   Open     2,291,000        2,304,603   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     1,778,000        1,784,727   

UBS Securities LLC

    0.38   12/17/14   Open     287,219        287,907   

UBS Securities LLC

    0.38   12/17/14   Open     8,558,000        8,578,506   

UBS Securities LLC

    0.55   12/17/14   Open     10,075,000        10,109,633   

UBS Securities LLC

    0.65   12/17/14   Open     576,469        578,831   

UBS Securities LLC

    0.65   12/17/14   Open     2,628,750        2,639,429   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     227,000        227,855   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     1,315,000        1,319,953   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     2,867,000        2,877,799   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     589,000        591,219   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     3,400,000        3,412,807   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     823,000        826,100   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     143,000        143,539   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     1,829,000        1,835,889   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     623,000        625,347   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     613,000        615,309   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     1,602,000        1,608,034   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     1,441,000        1,446,428   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     185,000        185,697   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     351,000        352,322   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     1,231,000        1,235,637   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     1,504,000        1,509,665   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     1,998,000        2,005,526   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     2,639,000        2,648,940   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     154,000        154,580   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     243,000        243,915   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     617,000        619,324   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     475,000        476,789   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     79,000        79,298   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     1,143,000        1,147,305   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     2,446,000        2,455,213   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     192,000        192,723   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     2,737,000        2,747,309   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     2,051,000        2,058,725   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     91,000        91,343   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     1,673,000        1,679,302   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     670,000        672,524   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     3,021,000        3,032,379   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     288,000        289,085   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     2,882,000        2,892,856   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     119,000        119,448   

 

                
   BLACKROCK MULTI-SECTOR INCOME TRUST    JULY 31, 2015    15


Schedule of Investments (continued)

   BlackRock Multi-Sector Income Trust (BIT)

 

Reverse Repurchase Agreements (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   $ 850,000      $ 853,202   

Deutsche Bank Securities, Inc.

    0.60   12/17/14   Open     662,000        664,494   

Deutsche Bank Securities, Inc.

    0.50   12/18/14   Open     786,000        788,456   

Deutsche Bank Securities, Inc.

    0.60   12/18/14   Open     1,337,000        1,342,014   

Deutsche Bank Securities, Inc.

    0.60   12/18/14   Open     4,682,000        4,699,558   

Deutsche Bank Securities, Inc.

    0.60   12/23/14   Open     296,000        297,090   

Deutsche Bank Securities, Inc.

    0.60   12/31/14   Open     151,000        151,531   

Deutsche Bank Securities, Inc.

    0.60   12/31/14   Open     179,000        179,629   

Barclays Capital, Inc.

    0.60   1/14/15   Open     1,012,000        1,015,356   

Deutsche Bank Securities, Inc.

    0.60   2/3/15   Open     86,000        86,257   

Barclays Capital, Inc.

    0.60   2/9/15   Open     155,000        155,447   

Deutsche Bank Securities, Inc.

    0.60   2/17/15   Open     659,000        660,801   

Deutsche Bank Securities, Inc.

    0.60   2/26/15   Open     345,000        345,897   

UBS Securities LLC

    0.60   3/2/15   Open     1,456,000        1,459,664   

Deutsche Bank Securities, Inc.

    0.60   4/7/15   Open     325,000        325,628   

UBS Securities LLC

    0.55   4/8/15   Open     3,454,875        3,460,892   

Deutsche Bank Securities, Inc.

    0.70   4/16/15   Open     903,000        904,879   

RBC Capital Markets, LLC

    0.39   4/16/15   Open     250,920        251,211   

RBC Capital Markets, LLC

    0.75   4/16/15   Open     147,795        148,124   

UBS Ltd.

    0.70   4/16/15   Open     1,792,500        1,796,195   

UBS Ltd.

    0.75   4/16/15   Open     1,230,000        1,231,210   

UBS Securities LLC

    0.55   4/16/15   Open     4,165,031        4,171,840   

UBS Securities LLC

    0.05   4/30/15   Open     1,935,533        1,935,533   

Deutsche Bank Securities, Inc.

    0.60   5/6/15   Open     1,181,556        1,183,270   

Barclays Capital, Inc.

    0.85   5/7/15   Open     870,000        871,746   

Deutsche Bank Securities, Inc.

    0.60   5/18/15   Open     406,538        407,046   

Deutsche Bank Securities, Inc.

    0.60   5/21/15   Open     300,000        300,360   

Deutsche Bank Securities, Inc.

    0.70   5/21/15   Open     2,568,000        2,571,595   

Deutsche Bank Securities, Inc.

    0.70   5/21/15   Open     3,145,000        3,149,403   

Deutsche Bank Securities, Inc.

    0.70   5/21/15   Open     3,232,000        3,236,525   

Deutsche Bank Securities, Inc.

    0.60   5/28/15   Open     1,009,000        1,010,093   

BNP Paribas Securities Corp.

    0.42   6/2/15   Open     198,000        198,139   

Deutsche Bank Securities, Inc.

    0.50   6/2/15   Open     1,976,000        1,977,619   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     107,000        107,105   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     2,461,000        2,463,420   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     632,000        632,621   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     2,132,000        2,134,096   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     1,356,000        1,357,333   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     2,571,000        2,573,528   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     300,000        300,295   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     953,000        953,937   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     943,000        943,927   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     348,000        348,342   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     635,000        635,624   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     261,000        261,257   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     2,253,000        2,255,215   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     269,000        269,265   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     1,996,000        1,997,963   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     594,000        594,584   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     2,649,000        2,651,605   

 

                
16    BLACKROCK MULTI-SECTOR INCOME TRUST    JULY 31, 2015   


Schedule of Investments (continued)

   BlackRock Multi-Sector Income Trust (BIT)

 

Reverse Repurchase Agreements (continued):

 

Counterparty   Interest
Rate
    Trade
Date
  Maturity
Date1
  Face Value     Face Value
Including
Accrued
Interest
 

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open   $ 1,578,000      $ 1,579,552   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     1,811,000        1,812,781   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     2,946,000        2,948,897   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     616,000        616,606   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     100,000        100,098   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     4,728,000        4,732,649   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     730,000        730,718   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     695,000        695,683   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     3,006,000        3,008,956   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     78,000        78,077   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     2,014,000        2,015,980   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     919,000        919,904   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     2,192,000        2,194,155   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     1,029,000        1,030,012   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     2,683,000        2,685,638   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     1,512,000        1,513,487   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     1,915,000        1,916,883   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     260,000        260,256   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     3,221,000        3,224,167   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     1,959,000        1,960,926   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     2,826,000        2,828,779   

Deutsche Bank Securities, Inc.

    0.60   6/2/15   Open     2,671,000