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: 10/31/2019

Date of reporting period: 01/31/2019

Item 1 – Schedule of Investments

Consolidated Schedule of Investments (unaudited)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Shares		Value

Common Stocks — 0.4%

Aerospace & Defense — 0.4%
United Technologies Corp.			25,650	$	3,028,495


Total Common Stocks — 0.4% (Cost — $2,968,842)					3,028,495


		Par (000)

Asset-Backed Securities — 22.1%
Ajax Mortgage Loan Trust, Series 2017-D^(a):
Class A, 3.75%, 12/25/57	USD		3,335		3,357,896
Class B, 0.00%, 12/25/57^(b)(c)			941		423,317
ALM Loan Funding, 5.49%, 07/15/26^(a)(c)			1,010		969,148
ALM VI Ltd., Series 2012-6A, Class BR3, 4.54%, 07/15/26^(a)(c)			1,200		1,170,113
ALM XII Ltd., Series 2015-12A, Class C1R2, 5.43%, 04/16/27^(a)(c)			545		523,032
American Homes 4 Rent Trust, Series 2014-SFR2, Class E, 6.23%, 10/17/36^(a)			2,000		2,184,137
AMMC CLO 19 Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.00%), 9.79%, 10/15/28^(a)(d)			1,000		969,138
Anchorage Capital CLO Ltd.^(a):
Series 2014-3RA, Class C, 4.61%, 01/28/31^(c)			1,000		960,263
Series 2014-5RA, Class E, 8.19%, 01/15/30^(c)			860		804,198
Series 2015-6A, Class DR, (3 mo. LIBOR US + 3.55%), 6.34%, 07/15/30^(d)			1,000		990,983
Series 2016-8A, Class DR, 5.76%, 07/28/28^(c)			1,000		967,690
Ares CLO Ltd.^(a)(d):
Series 2015-1A, Class D, (3 mo. LIBOR US + 6.23%), 8.98%, 12/05/25			1,000		994,934
Series 2016-41A, Class D, (3 mo. LIBOR US + 4.20%), 6.99%, 01/15/29			900		902,854
Battalion CLO XI Ltd., Series 2017-11A, Class E, 8.76%, 10/24/29^(a)(c)			325		309,634
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1 mo. LIBOR US + 0.14%), 2.65%, 11/25/36^(d)			3,034		2,928,514
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class CR, (3 mo. LIBOR US + 3.70%), 6.49%, 07/15/29^(a)(d)			1,750		1,742,382


Security		Par (000)		Value

Asset-Backed Securities (continued)
Benefit Street Partners CLO VI Ltd., Series 2015-VIA^(a)(c):
Class BR, 5.18%, 10/18/29	USD		1,000	$	994,124
Class CR, 6.23%, 10/18/29			1,000		981,980
Benefit Street Partners CLO XII Ltd., Series 2017-12A, Class D, 9.20%, 10/15/30^(a)(c)			500		483,900
C-BASS Trust, Series 2006-CB7, Class A4, (1 mo. LIBOR US + 0.16%), 2.67%, 10/25/36^(d)			6,948		5,255,676
Carrington Mortgage Loan Trust, Series 2006-FRE2^(d):
Class A2, (1 mo. LIBOR US + 0.12%), 2.63%, 10/25/36			4,586		3,436,381
Class A5, (1 mo. LIBOR US + 0.08%), 2.59%, 03/25/35			9,447		7,048,107
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44^(a)			3,516		3,604,441
Elevation CLO Ltd., Series 2013-1A, Class CR, (3 mo. LIBOR + 4.68%), 7.30%, 11/15/28^(a)(d)			800		802,117
Fremont Home Loan Trust^(d):
Series 2006-A, Class 2A3, (1 mo. LIBOR US + 0.16%), 2.67%, 05/25/36			23,407		14,953,138
Series 2006-D, Class 2A3, (1 mo. LIBOR US + 0.15%), 2.66%, 11/25/36			21,152		9,625,165
Galaxy CLO Ltd., Series 2015-21A, 8.01%, 04/20/31^(a)(c)			500		444,425
Galaxy CLO XXIX Ltd., Series 2018-29A, Class D, 5.02%, 11/15/26^(a)(c)			530		501,950
GSAMP Trust^(d):
Series 2006-FM2, Class A2C, (1 mo. LIBOR US + 0.15%), 2.66%, 09/25/36			10,641		5,003,193
Series 2007-FM2, Class A2B, (1 mo. LIBOR US + 0.09%), 2.60%, 01/25/37			6,977		4,579,900
Highbridge Loan Management Ltd.^(a)(c):
Series 4A-2014, Class BR, 4.61%, 01/28/30			1,750		1,666,268
Series 8A-2016, Class ER, 8.26%, 07/20/30			1,000		904,621
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1 mo. LIBOR US + 0.17%), 2.68%, 04/25/37^(d)			11,099		8,187,214
HPS Loan Management Ltd., Series 10A-16^(a)(d):
Class C, (3 mo. LIBOR US + 3.65%), 6.41%, 01/20/28			2,500		2,473,842


			1

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities (continued)
Class D, (3 mo. LIBOR US + 6.50%), 9.26%, 01/20/28	USD		1,000	$	965,804
Invitation Homes Trust, Series 2018-SFR2, Class E, 4.51%, 06/17/37^(a)(c)			3,000		2,973,700
Long Beach Mortgage Loan Trust^(d):
Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.16%), 2.67%, 11/25/36			11,914		4,871,429
Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.16%), 2.67%, 08/25/36			6,651		3,475,251
Madison Park Funding X Ltd., Series 2012-10A, Class ER, (3 mo. LIBOR US + 7.62%), 10.38%, 01/20/29^(a)(d)			1,500		1,495,755
Madison Park Funding XI Ltd., Series 2013-11A, Class ER, 9.22%, 07/23/29^(a)(c)			750		727,065
Madison Park Funding XVI Ltd., Series 2015-16A, Class C, (3 mo. LIBOR US + 3.70%), 6.46%, 04/20/26^(a)(d)			1,000		993,981
Mastr Asset-Backed Securities Trust^(d):
Series 2006-HE2, Class A3, (1 mo. LIBOR US + 0.15%), 2.66%, 06/25/36			10,085		5,464,338
Series 2006-WMC2, Class A5, (1 mo. LIBOR US + 0.25%), 2.76%, 04/25/36			7,447		2,686,196
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ER, 7.79%, 01/15/28^(a)(c)			710		672,728
Oaktree CLO Ltd., Series 2015-1A, Class DR, 7.96%, 10/20/27^(a)(c)			1,000		944,537
Octagon Investment Partners LLC, Series 2017-1A, Class E, (3 mo. LIBOR US + 6.30%), 9.06%, 07/20/30^(a)(d)			500		472,083
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class C, (3 mo. LIBOR US + 3.65%), 6.26%, 11/14/26^(a)(d)			1,000		999,998
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, 5.51%, 01/22/30^(a)(c)			500		475,711
OHA Credit Partners XIII Ltd., Series 2016-13A, Class E, (3 mo. LIBOR US + 7.15%), 9.91%, 01/21/30^(a)(d)			405		406,928
OneMain Financial Issuance Trust, Series 2015-2A, Class C, 4.32%, 07/18/25^(a)			5,000		5,003,886


Security		Par (000)			Value

Asset-Backed Securities (continued)
OZLM XIV Ltd., Series 2015-14A, Class CR, 5.79%, 01/15/29^(a)(c)	USD		1,000		$	971,306
OZLM XIX Ltd., Series 2017-19A, Class D, 9.39%, 11/22/30^(a)(c)			500			486,129
OZLM XV Ltd., Series 2016-15A, Class D, (3 mo. LIBOR US + 7.15%), 9.91%, 01/20/29^(a)(d)			1,000			997,054
OZLM XXI Ltd, Series 2017-21A, Class D, 8.30%, 01/20/31^(a)(c)			250			231,349
Palmer Square Loan Funding Ltd., Series 2018-5A, Class D, 6.72%, 01/20/27^(a)(c)			500			497,732
Park Avenue Institutional Advisers CLO Ltd., Series 2017-1A, Class D, 8.83%, 11/14/29^(a)(c)			1,750			1,684,215
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37^(e)			4,219			2,444,735
Rockford Tower CLO Ltd., Series 2017-2A, Class D, (3 mo. LIBOR US + 3.45%), 6.24%, 10/15/29^(a)(d)			500			489,255
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1 mo. LIBOR US + 0.40%), 2.91%, 09/25/47^(d)			5,000			4,634,176
Scholar Funding Trust, Series 2013-A, Class R, 0.00%^(b)			—	(f)		1,704,932
Sound Point CLO XII Ltd., Series 2016-2A, Class D, (3 mo. LIBOR US + 4.25%), 7.01%, 10/20/28^(a)(d)			285			285,050
Sound Point CLO XIV Ltd., Series 2016-3A, Class E, (3 mo. LIBOR US + 6.65%), 9.42%, 01/23/29^(a)(d)			1,000			1,003,219
Thayer Park CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 6.10%), 8.86%, 04/20/29^(a)(d)			500			487,348
TICP CLO VII Ltd., Series 2017-7A, Class E, (3 mo. LIBOR US + 6.51%), 9.30%, 07/15/29^(a)(d)			500			488,869
Treman Park CLO Ltd., Series 2015-1A, Class DRR, 5.41%, 10/20/28^(a)(c)			1,500			1,460,284
Venture XXVI CLO Ltd., Series 2017-26A, Class E, (3 mo. LIBOR US + 6.80%), 9.56%, 01/20/29^(a)(d)			500			481,981
WaMu Asset-Backed Certificates Trust, Series 2007-HE3, Class 2A3, (1 mo. LIBOR US + 0.24%), 2.75%, 05/25/37^(d)			8,957			7,395,278
Wellfleet CLO Ltd., Series 2017-3A, Class B, 4.72%, 01/17/31^(a)(c)			500			475,013


2

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities (continued)
York CLO Ltd., Series 2015-1A, Class ER, 8.41%, 01/22/31^(a)(c)	USD		250	$	230,457


Total Asset-Backed Securities — 22.1% (Cost — $147,565,902)					150,222,447


Corporate Bonds — 65.9%

Aerospace — 0.1%
Axtel SAB de CV, 6.38%, 11/14/24^(a)(g)			525		504,656
SoftBank Group Corp., 4.00%, 04/20/23	EUR		240		288,535

					793,191

Aerospace & Defense — 2.2%
Arconic, Inc.^(g):
5.87%, 02/23/22	USD		1,065		1,099,612
5.13%, 10/01/24			690		694,861
BBA US Holdings, Inc., 5.38%, 05/01/26^(a)			322		322,000
Bombardier, Inc.^(a):
7.75%, 03/15/20			204		210,120
8.75%, 12/01/21^(g)			801		850,302
5.75%, 03/15/22			113		107,633
6.00%, 10/15/22^(g)			25		24,094
6.13%, 01/15/23^(g)			957		924,653
7.50%, 12/01/24^(g)			1,228		1,191,160
7.50%, 03/15/25^(g)			952		917,490
7.45%, 05/01/34			209		188,100
Koppers, Inc., 6.00%, 02/15/25^(a)			119		105,910
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25^(a)(g)			349		359,470
Lockheed Martin Corp., 4.09%, 09/15/52^(g)			451		443,627
Pioneer Holdings LLC/Pioneer Finance Corp., 9.00%, 11/01/22^(a)(g)			197		199,463
TransDigm UK Holdings PLC, 6.88%, 05/15/26^(a)			431		418,070
TransDigm, Inc.:
6.00%, 07/15/22^(g)			325		327,437
6.50%, 07/15/24			118		116,378
6.25%, 03/15/26^(a)(h)			6,099		6,190,485
United Technologies Corp., 3.75%, 11/01/46^(g)			700		622,194

					15,313,059

Air Freight & Logistics — 0.1%
FedEx Corp.^(g):
3.90%, 02/01/35			500		458,458


Security		Par (000)		Value

Air Freight & Logistics (continued)
4.75%, 11/15/45	USD		500	$	484,279

					942,737

Airlines — 2.3%
Air Canada Pass-Through Trust, Series 2013-1, Class B, 5.38%, 11/15/22^(a)			2,094		2,121,818
American Airlines Pass-Through Trust:
Series 2013-2, Class A, 4.95%, 07/15/24^(g)			1,277		1,303,717
Series 2017-1, Class B, 4.95%, 08/15/26			1,522		1,529,107
Avianca Holdings SA/Avianca Leasing LLC/Grupo Taca Holdings Ltd., 8.38%, 05/10/20			865		835,806
Continental Airlines Pass-Through Trust, Class B:
Series 2007-1, 6.90%, 10/19/23			168		172,627
Series 2012-1, 6.25%, 10/11/21			255		258,442
Delta Air Lines Pass-Through Trust, Class B:
Series 2007-1, 8.02%, 02/10/24			1,316		1,432,004
Series 2012-1, 6.88%, 11/07/20^(a)(g)			1,754		1,768,943
Latam Finance Ltd., 6.88%, 04/11/24^(a)			737		743,633
United Airlines Pass-Through Trust:
Series 2014-2, Class B, 4.63%, 03/03/24			1,976		1,973,974
Series 2015-1, Class A, 3.70%, 06/01/24^(g)			3,570		3,496,101

					15,636,172

Auto Components — 0.4%
Allison Transmission, Inc., 5.00%, 10/01/24^(a)			38		37,383
Aptiv PLC^(g):
4.25%, 01/15/26			400		395,623
4.40%, 10/01/46			280		240,352
GKN Holdings PLC, 3.38%, 05/12/32	GBP		100		125,449
Goodyear Tire & Rubber Co., 5.00%, 05/31/26	USD		77		70,724
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
6.00%, 08/01/20			115		116,006
6.25%, 02/01/22^(g)			341		350,272
6.75%, 02/01/24^(g)			354		364,620
6.38%, 12/15/25^(g)			284		290,035
IHO Verwaltungs GmbH⁽ⁱ⁾:
(3.25% Cash or 4.00% PIK), 3.25%, 09/15/23	EUR		100		112,434
(3.75% Cash or 4.50% PIK), 3.75%, 09/15/26			100		107,851


			3

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Auto Components (continued)
Tesla, Inc., 5.30%, 08/15/25^(a)(g)	USD		483	$	428,662

					2,639,411

Automobiles — 0.3%
General Motors Co., 6.25%, 10/02/43^(g)			2,194		2,131,257


Banks — 0.7%
Allied Irish Banks PLC (5 year EUR Swap + 3.95%), 4.13%, 11/26/25^(j)	EUR		100		117,685
Banco BPM SpA:
2.75%, 07/27/20			100		117,216
1.75%, 04/24/23			100		109,814
Bank of Ireland (5 year EUR Swap + 3.55%), 4.25%, 06/11/24^(j)			100		115,206
Bankia SA (5 year EUR Swap + 3.17%), 4.00%, 05/22/24^(j)			200		229,973
Barclays PLC:
4.38%, 09/11/24^(g)	USD		720		705,349
5.20%, 05/12/26			200		200,169
BBVA Bancomer SA, 6.75%, 09/30/22^(a)			682		727,148
CIT Group, Inc.:
5.00%, 08/01/23^(g)			847		866,057
5.25%, 03/07/25			151		155,530
6.13%, 03/09/28			290		307,400
HSBC Holdings PLC, 4.38%, 11/23/26^(g)			370		371,182
Promerica Financial Corp., 9.70%, 05/14/24^(a)			200		203,500
Standard Chartered PLC, 4.87%, 03/15/33^(a)(c)(g)			500		488,488

					4,714,717

Beverage: Soft Drinks — 0.0%
Energizer Holdings, Inc.^(a):
6.38%, 07/15/26			54		52,515
7.75%, 01/15/27			194		199,888

					252,403

Beverages — 0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46^(a)(g)			2,160		2,059,917
Central American Bottling Corp., 5.75%, 01/31/27^(a)			637		633,019
Horizon Parent Holdings Sarl, (8.25% Cash or 9.00% PIK), 8.25%, 02/15/22⁽ⁱ⁾	EUR		100		116,606


Security		Par (000)		Value

Beverages (continued)
OI European Group BV, 4.00%, 03/15/23^(a)	USD		209	$	202,208

					3,011,750

Biotechnology — 0.3%
Amgen, Inc., 4.40%, 05/01/45^(g)			1,100		1,045,051
Gilead Sciences, Inc., 4.75%, 03/01/46^(g)			700		721,108

					1,766,159

Building Materials — 0.0%
Jeld-Wen, Inc., 4.63%, 12/15/25^(a)			163		147,922


Building Products — 0.4%
American Builders & Contractors Supply Co., Inc.^(a):
5.75%, 12/15/23			136		139,740
5.88%, 05/15/26			191		191,411
Jeld-Wen, Inc., 4.88%, 12/15/27^(a)			23		20,355
Masonite International Corp.^(a):
5.63%, 03/15/23^(g)			373		376,842
5.75%, 09/15/26			188		182,830
PGT Escrow Issuer, Inc., 6.75%, 08/01/26^(a)			125		126,875
Standard Industries, Inc.^(a):
5.50%, 02/15/23			72		73,260
5.38%, 11/15/24			494		490,295
6.00%, 10/15/25^(g)			247		248,235
4.75%, 01/15/28			14		12,674
USG Corp.^(a)(g):
5.50%, 03/01/25			299		304,232
4.88%, 06/01/27			366		372,076

					2,538,825

Building: Roofing, Wallboard & Plumbing — 0.0%
IQVIA, Inc., 5.00%, 10/15/26^(a)			200		200,250


Cable Television Services — 0.0%
CB Escrow Corp., 8.00%, 10/15/25^(a)(g)			173		150,077


Capital Markets — 0.5%
Blackstone CQP Holdco LP^(a):
6.50%, 03/20/21^(g)			2,427		2,420,932
6.00%, 08/18/21			395		392,630
Intertrust Group BV, 3.38%, 11/15/25	EUR		100		114,359
Lions Gate Capital Holdings LLC^(a):
6.38%, 02/01/24^(h)	USD		132		133,320
5.88%, 11/01/24			101		99,233
Raymond James Financial, Inc., 4.95%, 07/15/46^(g)			400		396,754


4

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Capital Markets (continued)
Stevens Holding Co., Inc., 6.13%, 10/01/26^(a)	USD		143	$	144,484

					3,701,712

Chemicals — 1.9%
Alpha 2 BV, (8.75% Cash or 9.50% PIK), 8.75%, 06/01/23^(a)(i)			306		296,055
Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25^(a)(g)			1,300		1,229,020
Axalta Coating Systems LLC, 4.88%, 08/15/24^(a)(g)			265		258,706
Blue Cube Spinco, Inc.^(g):
9.75%, 10/15/23			761		848,515
10.00%, 10/15/25			376		429,580
Chemours Co.:
6.63%, 05/15/23			205		211,919
7.00%, 05/15/25			66		68,888
4.00%, 05/15/26	EUR		100		112,180
5.38%, 05/15/27^(g)	USD		459		440,640
Cydsa SAB de CV, 6.25%, 10/04/27^(a)(g)			914		838,595
Element Solutions, Inc.^(a)(g):
6.50%, 02/01/22			2,322		2,353,927
5.88%, 12/01/25			1,439		1,435,402
GCP Applied Technologies, Inc., 5.50%, 04/15/26^(a)			298		296,137
Hexion, Inc., 10.38%, 02/01/22^(a)(g)			102		81,600
Huntsman International LLC, 5.13%, 11/15/22			165		170,775
INEOS Finance PLC, 4.00%, 05/01/23	EUR		115		133,535
Mexichem SAB de CV, 5.50%, 01/15/48^(a)(g)	USD		526		473,400
Momentive Performance Materials, Inc., 3.88%, 10/24/21^(g)			357		382,779
Montichem Holdco 3 SA, 5.25%, 06/15/21	EUR		100		113,659
NOVA Chemicals Corp., 4.88%, 06/01/24^(a)(g)	USD		319		303,050
Olin Corp., 5.00%, 02/01/30			135		124,538
PQ Corp.^(a)(g):
6.75%, 11/15/22			437		456,883
5.75%, 12/15/25			590		563,450
PSPC Escrow Corp., 6.00%, 02/01/23	EUR		153		180,588
Sherwin-Williams Co., 4.50%, 06/01/47^(g)	USD		310		292,036
Versum Materials, Inc., 5.50%, 09/30/24^(a)			190		192,850
WR Grace & Co-Conn^(a)(g):
5.13%, 10/01/21			277		284,617


Security		Par (000)		Value

Chemicals (continued)
5.63%, 10/01/24	USD		300	$	312,000

					12,885,324

Commercial Services & Supplies — 1.7%
ADT Corp.:
6.25%, 10/15/21^(g)			234		245,993
3.50%, 07/15/22^(g)			401		385,963
4.13%, 06/15/23			157		151,113
4.88%, 07/15/32^(a)			437		353,970
Advanced Disposal Services, Inc., 5.63%, 11/15/24^(a)(g)			176		176,440
Aviation Capital Group Corp., 6.75%, 04/06/21^(a)(g)			5,000		5,286,420
Avolon Holdings Funding Ltd., 5.13%, 10/01/23^(a)			381		386,791
Booz Allen Hamilton, Inc., 5.13%, 05/01/25^(a)(g)			265		259,700
Core & Main LP, 6.13%, 08/15/25^(a)(g)			529		503,872
Fortress Transportation & Infrastructure Investors LLC^(a):
6.75%, 03/15/22			85		85,264
6.50%, 10/01/25			92		88,320
GFL Environmental, Inc., 5.38%, 03/01/23^(a)			154		143,990
Harland Clarke Holdings Corp., 8.38%, 08/15/22^(a)(g)			488		457,500
KAR Auction Services, Inc., 5.13%, 06/01/25^(a)(g)			283		272,693
Mobile Mini, Inc., 5.88%, 07/01/24^(g)			585		587,925
Paprec Holding SA, 4.00%, 03/31/25	EUR		100		97,291
Park Aerospace Holdings Ltd.^(a):
3.63%, 03/15/21	USD		269		265,638
5.25%, 08/15/22^(g)			438		444,701
5.50%, 02/15/24			6		6,090
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25^(a)(g)			188		188,940
United Rentals North America, Inc.:
5.75%, 11/15/24^(g)			342		350,550
4.63%, 10/15/25^(g)			453		434,654
5.88%, 09/15/26			183		185,745
5.50%, 05/15/27			465		458,164

					11,817,727

Communications Equipment — 0.4%
CommScope Technologies LLC^(a):
6.00%, 06/15/25			5		4,713
5.00%, 03/15/27^(g)			107		91,207
CommScope, Inc.^(a)(g):
5.00%, 06/15/21			170		168,937
5.50%, 06/15/24			530		495,550


			5

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Communications Equipment (continued)
Nokia OYJ^(g):
3.38%, 06/12/22	USD		126	$	123,953
4.38%, 06/12/27			177		171,301
6.63%, 05/15/39			245		254,800
Zayo Group LLC/Zayo Capital, Inc.^(g):
6.38%, 05/15/25			206		201,107
5.75%, 01/15/27^(a)			1,517		1,465,710

					2,977,278

Construction & Engineering — 0.1%
Brand Industrial Services, Inc., 8.50%, 07/15/25^(a)(g)			267		238,631
frontdoor, Inc., 6.75%, 08/15/26^(a)			284		281,870
SPIE SA, 3.13%, 03/22/24	EUR		100		115,021
Tutor Perini Corp., 6.88%, 05/01/25^(a)(g)	USD		152		150,331
Weekley Homes LLC/Weekley Finance Corp., 6.63%, 08/15/25			28		25,760

					811,613

Construction Materials — 0.5%
HD Supply, Inc., 5.38%, 10/15/26^(a)			2,397		2,408,985
LKQ Italia Bondco SpA, 3.88%, 04/01/24	EUR		102		120,795
Navistar International Corp., 6.63%, 11/01/25^(a)(g)	USD		319		319,000
New Enterprise Stone & Lime Co., Inc.^(a):
10.13%, 04/01/22			162		162,000
6.25%, 03/15/26			88		84,040
Rexel SA, 3.50%, 06/15/23	EUR		223		261,627
Williams Scotsman International, Inc.^(a):
7.88%, 12/15/22	USD		129		130,290
6.88%, 08/15/23			184		180,145

					3,666,882

Consumer Discretionary — 0.3%
AA Bond Co. Ltd., 4.88%, 07/31/43	GBP		125		155,950
Blitz F18-674 GmbH, 6.00%, 07/30/26	EUR		100		114,317
Nielsen Co. Luxembourg Sarl, 5.00%, 02/01/25^(a)(g)	USD		104		103,220
Staples, Inc., 8.50%, 09/15/25^(a)(g)			311		298,560
Viking Cruises Ltd.^(a)(g):
6.25%, 05/15/25			300		300,000
5.88%, 09/15/27			1,040		1,016,600

					1,988,647

Consumer Finance — 1.3%
Ally Financial, Inc., 8.00%, 11/01/31^(g)			2,601		3,121,200
Credivalores-Crediservicios SAS, 9.75%, 07/27/22^(a)			457		401,408
Iron Mountain UK PLC, 3.88%, 11/15/25	GBP		100		124,648


Security		Par (000)		Value

Consumer Finance (continued)
Mulhacen Pte Ltd., (6.5% Cash or 7.25% PIK), 6.50%, 08/01/23⁽ⁱ⁾	EUR		144	$	163,710
Navient Corp.:
5.00%, 10/26/20^(g)	USD		370		371,387
6.63%, 07/26/21^(g)			141		144,877
6.50%, 06/15/22^(g)			104		106,241
5.50%, 01/25/23			399		385,035
7.25%, 09/25/23^(g)			306		311,355
5.88%, 10/25/24			71		66,740
6.75%, 06/25/25^(g)			123		118,234
6.75%, 06/15/26			131		123,465
5.63%, 08/01/33			105		80,063
Nexi Capital SpA, 3.63%, 05/01/23^(c)	EUR		100		113,888
Refinitiv US Holdings, Inc.:
4.50%, 05/15/26			118		131,773
4.50%, 05/15/26^(a)			480		536,024
6.25%, 05/15/26^(a)	USD		73		71,723
8.25%, 11/15/26^(a)(g)			748		701,250
Springleaf Finance Corp.:
6.13%, 05/15/22			85		87,373
5.63%, 03/15/23			9		8,865
6.88%, 03/15/25			334		319,387
7.13%, 03/15/26			175		166,687
Verscend Escrow Corp., 9.75%, 08/15/26^(a)			880		885,984

					8,541,317

Containers & Packaging — 1.4%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
4.63%, 05/15/23^(a)			1,112		1,112,000
6.75%, 05/15/24	EUR		156		188,619
7.25%, 05/15/24^(a)(g)	USD		1,212		1,252,905
4.75%, 07/15/27^(a)	GBP		100		119,028
4.75%, 07/15/27			100		119,028
BWAY Holding Co.:
4.75%, 04/15/24	EUR		100		113,852
5.50%, 04/15/24^(a)(g)	USD		1,117		1,091,175
Crown Americas LLC/Crown Americas Capital Corp.:
4.75%, 02/01/26			494		484,120
4.25%, 09/30/26			513		487,350
Greif, Inc., 6.50%, 03/01/27^(a)(h)			107		107,669
Intertape Polymer Group, Inc., 7.00%, 10/15/26^(a)			159		159,000
Mercer International, Inc.:
6.50%, 02/01/24			134		135,391
5.50%, 01/15/26			139		128,922
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu:
5.75%, 10/15/20^(g)			906		909,559


6

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Containers & Packaging (continued)
5.13%, 07/15/23^(a)	USD		48	$	48,089
7.00%, 07/15/24^(a)			803		821,067
Sealed Air Corp.:
4.88%, 12/01/22^(a)(g)			268		270,680
4.50%, 09/15/23	EUR		100		125,721
6.88%, 07/15/33^(a)	USD		44		44,440
Silgan Holdings, Inc., 3.25%, 03/15/25	EUR		100		117,566
Smurfit Kappa Acquisitions ULC, 2.88%, 01/15/26			100		114,162
Suzano Austria GmbH, 6.00%, 01/15/29^(a)	USD		1,201		1,256,546

					9,206,889

Diversified Consumer Services — 0.5%
APX Group, Inc.^(g):
8.75%, 12/01/20			312		304,005
7.88%, 12/01/22			185		178,988
Ascend Learning LLC, 6.88%, 08/01/25^(a)(g)			298		298,000
Graham Holdings Co., 5.75%, 06/01/26^(a)			204		211,140
Laureate Education, Inc., 8.25%, 05/01/25^(a)			138		149,730
Matthews International Corp., 5.25%, 12/01/25^(a)			72		67,860
Pinnacle Bidco PLC, 6.38%, 02/15/25	GBP		100		131,792
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23^(a)(g)	USD		1,235		1,306,013
ServiceMaster Co. LLC, 5.13%, 11/15/24^(a)(g)			380		371,450
Verisure Holding AB, 3.50%, 05/15/23	EUR		100		115,318

					3,134,296

Diversified Financial Services — 1.3%
Controladora Mabe SA de CV, 5.60%, 10/23/28^(a)	USD		624		610,678
Credit Suisse Group AG, 7.50%^(a)(c)(k)			200		204,000
Docuformas SAPI de CV, 9.25%, 10/11/22^(a)(g)			508		443,865
Ford Motor Credit Co. LLC, 4.39%, 01/08/26^(g)			1,250		1,124,960
FS Energy & Power Fund, 7.50%, 08/15/23^(a)			93		92,419
Garfunkelux Holdco 3 SA, 4.50%, 09/01/23^(c)	EUR		100		93,371
General Motors Financial Co., Inc., 4.25%, 05/15/23	USD		326		322,466
Gilex Holding Sarl, 8.50%, 05/02/23^(a)			256		260,480


Security		Par (000)		Value

Diversified Financial Services (continued)
Intesa Sanpaolo SpA, 5.02%, 06/26/24^(a)(g)	USD		2,888	$	2,650,083
Intrum Justitia AB (3 mo. EURIBOR + 2.63%), 2.63%, 07/15/22^(d)	EUR		100		110,314
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 04/01/20^(a)	USD		845		847,112
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24⁽ⁱ⁾	EUR		101		115,010
MSCI, Inc., 5.25%, 11/15/24^(a)	USD		127		129,223
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25^(a)(g)			559		552,012
Travelport Corporate Finance PLC, 6.00%, 03/15/26^(a)			204		211,011
UniCredit SpA (5 year EUR Swap + 4.10%), 5.75%, 10/28/25^(j)	EUR		100		118,277
Vantiv LLC/Vanity Issuer Corp.^(a):
3.88%, 11/15/25	GBP		100		126,745
4.38%, 11/15/25	USD		211		202,556
Verisure Midholding AB, 5.75%, 12/01/23	EUR		100		114,174
WMG Acquisition Corp.:
4.13%, 11/01/24			90		107,130
5.50%, 04/15/26^(a)	USD		143		141,212

					8,577,098

Diversified Telecommunication Services — 2.7%
AT&T, Inc., 4.75%, 05/15/46^(g)			2,545		2,380,805
CenturyLink, Inc.:
Series P, 7.60%, 09/15/39			61		50,020
Series S, 6.45%, 06/15/21^(g)			516		525,185
Series U, 7.65%, 03/15/42^(g)			563		466,755
Series W, 6.75%, 12/01/23^(g)			280		281,750
Series Y, 7.50%, 04/01/24^(g)			471		478,065
Cincinnati Bell, Inc., 7.00%, 07/15/24^(a)(g)			402		345,720
Embarq Corp., 8.00%, 06/01/36			507		479,115
Frontier Communications Corp.:
7.13%, 03/15/19			380		374,300
10.50%, 09/15/22			159		113,884
11.00%, 09/15/25^(g)			1,373		884,727
Level 3 Financing, Inc.:
5.38%, 08/15/22			108		108,842
5.63%, 02/01/23			280		281,400
5.13%, 05/01/23^(g)			360		356,850
5.38%, 01/15/24^(g)			414		411,930
5.38%, 05/01/25^(g)			482		475,975
5.25%, 03/15/26^(g)			916		888,795
Oi SA, (8.00% Cash or 4.00% PIK), 10.00%, 07/27/25⁽ⁱ⁾			507		513,654
OTE PLC, 3.50%, 07/09/20	EUR		100		118,140
Telecom Italia Capital SA:
6.38%, 11/15/33	USD		69		62,652


			7

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Telecommunication Services (continued)
6.00%, 09/30/34	USD		412	$	358,564
7.72%, 06/04/38			62		61,709
Telecom Italia SpA:
1.13%, 03/26/22^(l)	EUR		100		106,233
3.25%, 01/16/23			100		114,986
5.30%, 05/30/24^(a)	USD		200		190,000
Verizon Communications, Inc., 6.55%, 09/15/43^(g)			6,500		7,945,549

					18,375,605

Electric Utilities — 1.1%
DPL, Inc., 7.25%, 10/15/21			34		36,125
Duke Energy Corp., 4.80%, 12/15/45^(g)			1,500		1,556,462
EDP — Energias de Portugal SA, 4.50%, 04/30/79^(c)	EUR		100		115,318
Emera US Finance LP, 4.75%, 06/15/46^(g)	USD		200		194,575
Enel Finance International NV, 3.63%, 05/25/27^(a)			1,250		1,123,432
Energuate Trust, 5.88%, 05/03/27^(a)(g)			575		536,374
Eskom Holdings SOC Ltd., 6.35%, 08/10/28^(a)			1,137		1,162,583
Inkia Energy Ltd., 5.88%, 11/09/27^(a)(g)			455		432,250
NextEra Energy Operating Partners LP^(a):
4.25%, 09/15/24			119		113,383
4.50%, 09/15/27			150		136,406
Southern Co., 4.40%, 07/01/46^(g)			1,000		967,018
Virginia Electric & Power Co., Series A, 6.00%, 05/15/37^(g)			750		901,855

					7,275,781

Electrical Equipment — 0.0%
Orano SA, 4.88%, 09/23/24	EUR		100		118,875


Electronic Equipment, Instruments & Components — 0.4%
CDW LLC/CDW Finance Corp.:
5.00%, 09/01/23^(g)	USD		325		325,813
5.50%, 12/01/24^(g)			724		748,978
5.00%, 09/01/25			127		126,048
Corning, Inc., 4.38%, 11/15/57^(g)			1,915		1,677,418
Energizer Gamma Acquisition BV, 4.63%, 07/15/26	EUR		100		112,215
Itron, Inc., 5.00%, 01/15/26^(a)	USD		29		27,650

					3,018,122

Energy Equipment & Services — 0.7%
Apergy Corp., 6.38%, 05/01/26			119		117,066
Calfrac Holdings LP, 8.50%, 06/15/26^(a)			135		101,250
CSI Compressco LP/CSI Compressco Finance, Inc., 7.50%, 04/01/25^(a)			391		370,472


Security		Par (000)		Value

Energy Equipment & Services (continued)
Ensco PLC:
4.50%, 10/01/24	USD		34	$	25,245
5.20%, 03/15/25			364		271,180
7.75%, 02/01/26			172		138,138
5.75%, 10/01/44			39		25,448
Gates Global LLC/Gates Global Co., 6.00%, 07/15/22^(a)(g)			677		680,588
McDermott Technology Americas, Inc./McDermott Technology U.S., Inc., 10.63%, 05/01/24^(a)			57		51,015
Oceaneering International, Inc., 4.65%, 11/15/24			52		44,200
Odebrecht Oil & Gas Finance Ltd., 0.00%^(a)(k)(m)	BRL		155		782
Pattern Energy Group, Inc., 5.88%, 02/01/24^(a)	USD		263		257,083
Pioneer Energy Services Corp., 6.13%, 03/15/22^(g)			193		116,765
Transocean, Inc.:
8.38%, 12/15/21			47		49,115
9.00%, 07/15/23^(a)(g)			500		521,715
7.25%, 11/01/25^(a)			357		337,365
7.50%, 01/15/26^(a)			235		223,544
Trinidad Drilling Ltd., 6.63%, 02/15/25^(a)(g)			314		317,140
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 04/01/26^(g)			329		329,000
Weatherford International Ltd.:
6.50%, 08/01/36^(g)			144		82,080
5.95%, 04/15/42			182		102,830

					4,162,021

Environmental, Maintenance, & Security Service — 0.1%
Hulk Finance Corp., 7.00%, 06/01/26^(a)			154		142,481
Tervita Escrow Corp., 7.63%, 12/01/21^(a)(g)			383		376,297
Waste Pro USA, Inc., 5.50%, 02/15/26^(a)			138		133,860

					652,638

Equity Real Estate Investment Trusts (REITs) — 1.2%
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25^(a)(g)			171		164,160
GEO Group, Inc.:
5.13%, 04/01/23^(g)			337		307,513
5.88%, 10/15/24^(g)			285		257,925
6.00%, 04/15/26			12		10,725
Hilton Domestic Operating Co., Inc.^(g):
4.25%, 09/01/24			304		297,859
5.13%, 05/01/26^(a)			852		858,390


8

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/25	USD		34	$	33,490
iStar, Inc.:
4.63%, 09/15/20			40		39,700
6.00%, 04/01/22^(g)			96		95,760
5.25%, 09/15/22^(g)			81		79,745
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.^(g):
5.63%, 05/01/24			1,745		1,792,987
4.50%, 09/01/26			715		677,463
MPT Operating Partnership LP/MPT Finance Corp.:
6.38%, 03/01/24			48		50,160
5.50%, 05/01/24			60		61,200
5.00%, 10/15/27^(g)			1,007		980,314
NH Hotel Group SA, 3.75%, 10/01/23	EUR		116		137,252
Starwood Property Trust, Inc., 5.00%, 12/15/21^(g)	USD		278		280,780
Trust F/1401, 6.95%, 01/30/44			1,738		1,733,655
VICI Properties 1 LLC/VICI FC, Inc., 8.00%, 10/15/23^(g)			168		181,116
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26^(a)			148		148,000

					8,188,194

Food & Staples Retailing — 0.2%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC:
6.63%, 06/15/24^(g)			206		203,425
5.75%, 03/15/25			94		88,008
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC, 7.50%, 03/15/26^(a)(h)			127		127,317
B&M European Value Retail SA, 4.13%, 02/01/22	GBP		100		129,906
Casino Guichard Perrachon SA, 4.56%, 01/25/23	EUR		100		111,903
Rite Aid Corp., 6.13%, 04/01/23^(a)	USD		132		111,375
Walgreens Boots Alliance, Inc., 4.80%, 11/18/44^(g)			750		709,284

					1,481,218

Food Products — 0.8%
Aramark Services, Inc.:
5.13%, 01/15/24			111		112,156
5.00%, 04/01/25^(a)			347		348,735
4.75%, 06/01/26^(g)			252		247,590
5.00%, 02/01/28^(a)(g)			637		621,871
Arcor SAIC, 6.00%, 07/06/23^(a)			539		518,114
B&G Foods, Inc., 5.25%, 04/01/25			61		59,810


Security		Par (000)		Value

Food Products (continued)
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25^(a)(g)	USD		174	$	148,770
JBS USA LUX SA/JBS USA Finance, Inc.^(a):
5.88%, 07/15/24			503		508,030
5.75%, 06/15/25^(g)			1,078		1,075,305
6.75%, 02/15/28^(g)			380		383,800
MARB BondCo PLC:
7.00%, 03/15/24			229		222,702
6.88%, 01/19/25^(a)			637		605,150
Post Holdings, Inc.^(a):
5.50%, 03/01/25^(g)			273		270,270
5.75%, 03/01/27^(g)			294		288,064
5.63%, 01/15/28			86		82,452
Simmons Foods, Inc., 7.75%, 01/15/24^(a)			225		231,750

					5,724,569

Health Care Equipment & Supplies — 1.1%
Avantor, Inc.^(a)(g):
6.00%, 10/01/24			1,923		1,966,267
9.00%, 10/01/25			805		829,150
DJO Finance LLC/DJO Finance Corp., 8.13%, 06/15/21^(a)(g)			998		1,037,122
Hologic, Inc., 4.38%, 10/15/25^(a)			225		220,977
Immucor, Inc., 11.13%, 02/15/22^(a)			112		114,240
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 5.75%, 08/01/22^(a)(g)			194		176,055
Medtronic, Inc., 4.50%, 03/15/42^(g)			1,000		1,036,382
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 6.63%, 05/15/22^(a)(g)			1,832		1,767,880
Teleflex, Inc.:
4.88%, 06/01/26			284		285,335
4.63%, 11/15/27			38		37,050

					7,470,458

Health Care Providers & Services — 3.0%
Acadia Healthcare Co., Inc.:
5.13%, 07/01/22			72		70,830
5.63%, 02/15/23^(g)			210		206,325
6.50%, 03/01/24			421		414,685
AHP Health Partners, Inc., 9.75%, 07/15/26^(a)			164		170,150
Centene Corp.:
4.75%, 05/15/22^(g)			402		409,156
6.13%, 02/15/24			40		41,900
5.38%, 06/01/26^(a)(g)			2,210		2,281,825
CHS/Community Health Systems, Inc., 8.63%, 01/15/24^(a)			554		570,620
DaVita, Inc., 5.13%, 07/15/24^(g)			276		272,633


			9

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Providers & Services (continued)
Eagle Holding Co. II LLC, (7.63% Cash or 8.38% PIK), 7.63%, 05/15/22^(a)(g)(i)	USD		219	$	219,000
Encompass Health Corp., 5.75%, 11/01/24			76		76,855
HCA, Inc.:
4.75%, 05/01/23^(g)			139		142,823
5.00%, 03/15/24^(g)			473		492,156
5.38%, 02/01/25			822		848,460
5.25%, 06/15/26^(g)			325		341,047
5.38%, 09/01/26			425		434,962
5.63%, 09/01/28^(g)			1,020		1,054,741
5.88%, 02/01/29^(h)			921		964,747
5.50%, 06/15/47^(g)			958		998,044
MEDNAX, Inc., 5.25%, 12/01/23^(a)(g)			198		198,495
Molina Healthcare, Inc.:
5.38%, 11/15/22			65		66,300
4.88%, 06/15/25^(a)			126		123,480
MPH Acquisition Holdings LLC, 7.13%, 06/01/24^(a)(g)			602		597,786
Northwell Healthcare, Inc., 4.26%, 11/01/47^(g)			686		658,085
NVA Holdings, Inc., 6.88%, 04/01/26^(a)			152		145,114
Polaris Intermediate Corp., 8.50%, 12/01/22^(a)(g)(i)			994		961,695
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 05/01/23^(a)(g)			759		800,745
Sotera Health Holdings LLC, 6.50%, 05/15/23^(a)			205		206,538
Surgery Center Holdings, Inc.^(a):
8.88%, 04/15/21			162		165,240
6.75%, 07/01/25^(g)			324		299,700
Team Health Holdings, Inc., 6.38%, 02/01/25^(a)			496		404,240
Tenet Healthcare Corp.:
6.00%, 10/01/20			806		832,437
7.50%, 01/01/22^(a)			206		214,034
8.13%, 04/01/22^(g)			1,295		1,354,894
4.63%, 07/15/24^(g)			419		410,402
6.25%, 02/01/27^(a)(h)			1,091		1,097,819
UnitedHealth Group, Inc., 4.38%, 03/15/42^(g)			750		775,091
Vizient, Inc., 10.38%, 03/01/24^(a)(g)			382		413,992
WellCare Health Plans, Inc.:
5.25%, 04/01/25			543		551,145
5.38%, 08/15/26^(a)			387		393,773

					20,681,964

Health Care Technology — 0.1%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25^(a)			184		176,180


Security		Par (000)		Value

Health Care Technology (continued)
IQVIA, Inc., 3.25%, 03/15/25^(a)	EUR		100	$	115,837
Quintiles IMS, Inc., 3.25%, 03/15/25			194		224,724

					516,741

Hotels, Restaurants & Leisure — 4.4%
1011778 BC ULC/New Red Finance, Inc.^(a):
4.25%, 05/15/24^(g)	USD		576		557,280
5.00%, 10/15/25			2,570		2,480,050
Boyd Gaming Corp., 6.00%, 08/15/26			133		133,000
Boyne USA, Inc., 7.25%, 05/01/25^(a)			164		172,610
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/25^(a)(g)			353		330,496
Churchill Downs, Inc., 4.75%, 01/15/28^(a)			197		188,874
CPUK Finance Ltd., 4.25%, 02/28/47	GBP		100		128,113
Eldorado Resorts, Inc.:
6.00%, 04/01/25	USD		106		106,609
6.00%, 09/15/26^(a)			138		137,655
Enterprise Inns PLC, 6.00%, 10/06/23	GBP		3,320		4,612,040
ESH Hospitality, Inc., 5.25%, 05/01/25^(a)(g)	USD		242		239,241
GLP Capital LP/GLP Financing II, Inc.:
5.38%, 11/01/23			148		152,624
5.25%, 06/01/25			94		96,071
5.38%, 04/15/26			198		202,223
Golden Nugget, Inc., 6.75%, 10/15/24^(a)(g)			655		655,000
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27			246		243,183
IRB Holding Corp., 6.75%, 02/15/26^(a)			61		57,035
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC^(a):
5.00%, 06/01/24			45		45,112
5.25%, 06/01/26^(g)			406		411,075
4.75%, 06/01/27			9		8,719
Ladbrokes Group Finance PLC, 5.13%, 09/08/23	GBP		200		265,135
McDonald’s Corp., 3.70%, 01/30/26^(g)	USD		750		754,594
Melco Resorts Finance Ltd., 4.88%, 06/06/25^(a)(g)			245		231,351
MGM Resorts International:
6.63%, 12/15/21^(g)			1,419		1,498,748
7.75%, 03/15/22^(g)			296		321,530
4.63%, 09/01/26			38		35,720
RHP Hotel Properties LP/RHP Finance Corp., 5.00%, 04/15/21^(g)			460		460,575
Scientific Games International, Inc.:
10.00%, 12/01/22			635		667,544
5.00%, 10/15/25^(a)(g)			717		679,573
3.38%, 02/15/26	EUR		300		321,060


10

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Six Flags Entertainment Corp.^(a):
4.88%, 07/31/24^(g)	USD		1,752	$	1,734,480
5.50%, 04/15/27			30		29,775
Station Casinos LLC, 5.00%, 10/01/25^(a)			90		85,950
Stonegate Pub Co. Financing PLC:
7.17%, 03/15/22^(c)	GBP		100		131,173
4.88%, 03/15/22			100		126,963
Unique Pub Finance Co. PLC:
Series A3, 6.54%, 03/30/21			1,055		1,443,507
Series M, 7.40%, 03/28/24			6,400		9,086,953
Vue International Bidco PLC, 7.88%, 07/15/20			117		153,430
Wyndham Destinations, Inc.:
5.40%, 04/01/24	USD		16		15,480
5.75%, 04/01/27			76		72,580
Wynn Macau Ltd., 5.50%, 10/01/27^(a)(g)			600		547,500
Yum! Brands, Inc.:
3.88%, 11/01/23			110		106,975
5.35%, 11/01/43			7		5,862

					29,733,468

Household Durables — 0.8%
Algeco Scotsman Global Finance PLC, 8.00%, 02/15/23^(a)			761		740,072
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 07/01/22^(a)(g)			599		587,020
Century Communities, Inc., 6.88%, 05/15/22^(g)			569		571,788
K Hovnanian Enterprises, Inc., 10.00%, 07/15/22^(a)			242		204,490
Lennar Corp.:
8.38%, 01/15/21			144		154,800
6.25%, 12/15/21^(g)			450		468,562
4.88%, 12/15/23			146		146,000
4.75%, 05/30/25^(g)			410		400,775
5.25%, 06/01/26			32		31,200
4.75%, 11/29/27^(g)			425		402,688
Mattamy Group Corp.^(a):
6.88%, 12/15/23			133		129,329
6.50%, 10/01/25			205		190,138
MDC Holdings, Inc., 6.00%, 01/15/43			144		119,160
Meritage Homes Corp., 5.13%, 06/06/27			91		81,643
PulteGroup, Inc.:
6.38%, 05/15/33^(g)			469		434,998
6.00%, 02/15/35			48		42,120
Tempur Sealy International, Inc., 5.50%, 06/15/26^(g)			191		182,405
TRI Pointe Group, Inc., 4.88%, 07/01/21			66		65,010


Security		Par (000)		Value

Household Durables (continued)
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.38%, 06/15/19^(g)	USD		225	$	225,000

					5,177,198

Household Products — 0.0%
ACCO Brands Corp., 5.25%, 12/15/24^(a)			102		99,705


Independent Power and Renewable Electricity Producers — 1.2%
AES Corp.:
4.50%, 03/15/23			227		228,135
4.88%, 05/15/23^(g)			248		250,480
5.50%, 04/15/25			187		192,610
6.00%, 05/15/26			256		269,760
5.13%, 09/01/27			378		385,560
Calpine Corp.:
5.38%, 01/15/23^(g)			1,182		1,149,495
5.88%, 01/15/24^(a)(g)			453		453,000
5.75%, 01/15/25			110		103,675
5.25%, 06/01/26^(a)(g)			806		765,700
Clearway Energy Operating LLC:
5.38%, 08/15/24^(g)			303		281,032
5.75%, 10/15/25^(a)			308		284,515
5.00%, 09/15/26			149		129,630
Genneia SA, 8.75%, 01/20/22^(a)(g)			1,061		982,751
NRG Energy, Inc.^(g):
6.63%, 01/15/27			1,250		1,315,900
5.75%, 01/15/28			339		343,407
QEP Resources, Inc., 5.38%, 10/01/22^(g)			516		507,512
TerraForm Power Operating LLC^(a):
4.25%, 01/31/23			214		209,185
6.63%, 06/15/25^(e)			35		36,750
5.00%, 01/31/28			214		198,753
Vistra Energy Corp.:
7.38%, 11/01/22			43		44,720
7.63%, 11/01/24			174		184,875

					8,317,445

Industrial Conglomerates — 0.2%
Algeco Global Finance PLC, 6.50%, 02/15/23	EUR		100		115,319
BWX Technologies, Inc., 5.38%, 07/15/26^(a)	USD		470		474,700
Colfax Corp., 3.25%, 05/15/25	EUR		100		110,259
Vertiv Group Corp., 9.25%, 10/15/24^(a)(g)	USD		635		590,550

					1,290,828

Insurance — 1.0%
Acrisure LLC / Acrisure Finance, Inc., 8.13%, 02/15/24^(a)			68		69,190


			11

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Insurance (continued)
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 8.25%, 08/01/23^(a)(g)	USD		1,355	$	1,375,325
American International Group, Inc., 4.80%, 07/10/45^(g)			500		493,948
AmWINS Group, Inc., 7.75%, 07/01/26^(a)			160		159,600
Aon PLC, 3.88%, 12/15/25^(g)			1,280		1,284,989
Assicurazioni Generali SpA^(j):
(3 mo. EURIBOR + 7.11%), 7.75%, 12/12/42	EUR		100		135,349
(3 mo. EURIBOR + 5.35%), 5.50%, 10/27/47			100		122,836
Caisse Nationale de Reassurance Mutuelle Agricole Groupama, 6.00%, 01/23/27			100		134,564
HUB International Ltd., 7.00%, 05/01/26^(a)	USD		705		683,850
Marsh & McLennan Cos., Inc., 4.90%, 03/15/49			270		284,830
Nationstar Mortgage Holdings, Inc.^(a):
8.13%, 07/15/23			294		297,587
9.13%, 07/15/26			171		173,120
Nationwide Building Society, 4.13%, 10/18/32^(a)(c)(g)			690		627,918
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47^(a)(g)			700		679,471
USIS Merger Sub, Inc., 6.88%, 05/01/25^(a)			72		69,120

					6,591,697

Internet Software & Services — 0.5%
Equinix, Inc.:
2.88%, 03/15/24	EUR		100		115,748
2.88%, 10/01/25			100		113,721
5.88%, 01/15/26^(g)	USD		875		903,700
Netflix, Inc.:
5.50%, 02/15/22			15		15,571
4.38%, 11/15/26^(g)			119		112,678
5.88%, 11/15/28^(a)(g)			850		861,687
4.63%, 05/15/29	EUR		100		115,318
Rackspace Hosting, Inc., 8.63%, 11/15/24^(a)(g)	USD		182		152,880
Sabre GLBL, Inc., 5.25%, 11/15/23^(a)(g)			305		309,575
Symantec Corp., 5.00%, 04/15/25^(a)(g)			325		323,461
Uber Technologies, Inc., 7.50%, 11/01/23^(a)(g)			146		148,373


Security		Par (000)		Value

Internet Software & Services (continued)
United Group BV (3 mo. EURIBOR + 4.38%), 4.38%, 07/01/23^(d)	EUR		100	$	114,174

					3,286,886

IT Services — 0.8%
Banff Merger Sub, Inc.:
8.38%, 09/01/26			130		140,188
9.75%, 09/01/26^(a)	USD		1,691		1,610,678
First Data Corp.^(a):
5.00%, 01/15/24			160		163,500
5.75%, 01/15/24^(g)			2,668		2,743,037
Gartner, Inc., 5.13%, 04/01/25^(a)(g)			207		205,965
InterXion Holding NV, 4.75%, 06/15/25	EUR		100		119,851
WEX, Inc., 4.75%, 02/01/23^(a)	USD		108		106,650
Xerox Corp., 4.80%, 03/01/35			61		46,970

					5,136,839

Leisure Products — 0.1%
Mattel, Inc.:
6.75%, 12/31/25^(a)			385		363,825
6.20%, 10/01/40			80		62,200
5.45%, 11/01/41			47		35,015

					461,040

Machinery — 0.4%
Mueller Water Products, Inc., 5.50%, 06/15/26^(a)			377		378,885
Platin 1426 GmbH, 5.38%, 06/15/23	EUR		118		125,637
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25^(a)(g)	USD		607		585,755
SPX FLOW, Inc.^(a):
5.63%, 08/15/24^(g)			200		196,000
5.88%, 08/15/26			93		91,605
Terex Corp., 5.63%, 02/01/25^(a)(g)			419		405,382
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26^(a)(g)			606		530,250
Wabash National Corp., 5.50%, 10/01/25^(a)(g)			286		260,260

					2,573,774

Machinery: Tools — 0.1%
CFX Escrow Corp.^(a):
6.00%, 02/15/24			313		313,000
6.38%, 02/15/26			215		215,000

					528,000

Media — 6.8%
Altice Financing SA^(a)(g):
6.63%, 02/15/23			633		636,355
7.50%, 05/15/26			413		391,318


12

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
Altice France SA^(a):
7.38%, 05/01/26^(g)	USD		951	$	916,517
8.13%, 02/01/27			1,600		1,571,840
Altice Luxembourg SA, 7.75%, 05/15/22^(a)(g)			1,199		1,163,030
AMC Networks, Inc., 4.75%, 08/01/25^(g)			878		848,367
Cablevision Systems Corp., 8.00%, 04/15/20^(g)			286		297,440
CBS Radio, Inc., 7.25%, 11/01/24^(a)			18		16,965
CCO Holdings LLC/CCO Holdings Capital Corp.^(g):
5.13%, 02/15/23			709		716,090
4.00%, 03/01/23^(a)			421		410,622
5.13%, 05/01/23^(a)			145		146,940
5.13%, 05/01/27^(a)			2,613		2,524,733
5.00%, 02/01/28^(a)			415		394,250
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45^(g)			3,000		3,228,921
Clear Channel International BV, 8.75%, 12/15/20^(a)(g)			906		921,855
Clear Channel Worldwide Holdings, Inc.:
6.50%, 11/15/22^(g)			261		266,873
Series B, 7.63%, 03/15/20^(g)			807		805,991
Series B, 6.50%, 11/15/22			2,677		2,737,232
Comcast Corp.^(g):
4.60%, 08/15/45			1,750		1,785,179
4.70%, 10/15/48			2,750		2,871,873
CSC Holdings LLC:
10.13%, 01/15/23^(a)(g)			1,388		1,498,762
5.38%, 07/15/23^(a)(g)			980		990,731
5.25%, 06/01/24^(g)			789		757,440
7.75%, 07/15/25^(a)(g)			830		869,425
6.63%, 10/15/25^(a)			288		301,320
10.88%, 10/15/25^(a)(g)			1,603		1,847,762
5.50%, 05/15/26^(a)(g)			800		792,000
6.50%, 02/01/29^(a)			458		464,011
Series 144S, 5.13%, 12/15/21^(a)(g)			218		218,338
Series 144S, 5.13%, 12/15/21^(a)			542		542,840
Discovery Communications LLC, 4.95%, 05/15/42^(g)			400		363,328
DISH DBS Corp.:
6.75%, 06/01/21^(g)			343		349,349
5.88%, 07/15/22^(g)			1,037		985,150
5.00%, 03/15/23^(g)			303		263,610
5.88%, 11/15/24^(g)			214		177,353
7.75%, 07/01/26			102		87,720
DKT Finance ApS, 7.00%, 06/17/23	EUR		181		223,746
eircom Finance DAC, 4.50%, 05/31/22			100		116,797


Security		Par (000)		Value

Media (continued)
Gray Television, Inc., 7.00%, 05/15/27^(a)	USD		281	$	290,947
Hughes Satellite Systems Corp.:
7.63%, 06/15/21			113		119,780
5.25%, 08/01/26^(g)			217		207,778
Inmarsat Finance PLC, 4.88%, 05/15/22^(a)			100		96,750
Intelsat Jackson Holdings SA:
5.50%, 08/01/23			1,052		957,320
8.50%, 10/15/24^(a)(g)			1,119		1,130,526
9.75%, 07/15/25^(a)			1,035		1,077,694
Lamar Media Corp., 5.75%, 02/01/26^(a)(h)			146		151,198
Level 3 Parent LLC, 5.75%, 12/01/22			99		99,000
Live Nation Entertainment, Inc., 4.88%, 11/01/24^(a)			34		33,490
MDC Partners, Inc., 6.50%, 05/01/24^(a)(g)			436		396,891
Meredith Corp., 6.88%, 02/01/26^(a)			184		189,520
Midcontinent Communications/Midcontinent Finance Corp., 6.88%, 08/15/23^(a)(g)			282		290,460
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/22^(a)			397		396,405
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.88%, 03/15/25			64		64,640
Qualitytech LP/QTS Finance Corp., 4.75%, 11/15/25^(a)			172		160,820
Radiate Holdco LLC/Radiate Finance, Inc., 6.88%, 02/15/23^(a)			71		68,249
SFR Group SA, 6.25%, 05/15/24^(a)			206		201,942
Sirius XM Radio, Inc., 5.00%, 08/01/27^(a)(g)			308		297,605
TEGNA, Inc., 5.50%, 09/15/24^(a)			79		77,799
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28^(a)			800		756,000
Telenet Finance VI Luxembourg SCA, 4.88%, 07/15/27	EUR		90		110,585
Telesat Canada/Telesat LLC, 8.88%, 11/15/24^(a)(g)	USD		286		299,943
Tribune Media Co., 5.88%, 07/15/22			361		367,318
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:
3.50%, 01/15/27	EUR		100		118,895
6.25%, 01/15/29			90		113,315
Univision Communications, Inc.^(a):
5.13%, 05/15/23^(g)	USD		515		481,525
5.13%, 02/15/25			70		63,788
UPCB Finance IV Ltd.:
5.38%, 01/15/25^(a)			200		192,500
4.00%, 01/15/27	EUR		103		120,952
Viacom, Inc., 5.85%, 09/01/43^(g)	USD		645		654,456
Videotron Ltd., 5.13%, 04/15/27^(a)(g)			519		520,298


			13

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
Virgin Media Finance PLC, 5.75%, 01/15/25^(a)(g)	USD		1,050	$	1,034,649
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24	GBP		200		258,652
Virgin Media Secured Finance PLC:
5.25%, 01/15/26^(a)	USD		200		197,000
4.88%, 01/15/27	GBP		130		163,660
6.25%, 03/28/29			175		235,842
Warner Media LLC^(g):
4.65%, 06/01/44	USD		111		102,407
4.85%, 07/15/45			389		373,612
Ziggo Bond Co. BV, 7.13%, 05/15/24	EUR		177		212,724
Ziggo BV, 5.50%, 01/15/27^(a)(g)	USD		328		309,960

					46,498,968

Metals & Mining — 1.9%
Alcoa Nederland Holding BV^(a):
7.00%, 09/30/26			200		211,000
6.13%, 05/15/28			200		202,500
BHP Billiton Finance USA Ltd., 4.13%, 02/24/42^(g)			250		252,301
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25^(a)			209		219,450
Cleveland-Cliffs, Inc., 4.88%, 01/15/24^(a)			220		211,750
Constellium NV^(a):
5.75%, 05/15/24			250		244,375
6.63%, 03/01/25			300		298,500
5.88%, 02/15/26^(g)			743		711,422
Freeport-McMoRan, Inc.:
4.00%, 11/14/21			276		272,550
3.55%, 03/01/22			705		682,088
3.88%, 03/15/23			1,076		1,028,925
4.55%, 11/14/24			276		264,615
5.40%, 11/14/34			184		163,300
5.45%, 03/15/43^(g)			1,675		1,440,500
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23^(a)(g)			571		576,710
Joseph T Ryerson & Son, Inc., 11.00%, 05/15/22^(a)			155		160,402
Kaiser Aluminum Corp., 5.88%, 05/15/24			124		125,860
Novelis Corp.^(a):
6.25%, 08/15/24			1,122		1,129,012
5.88%, 09/30/26			538		519,170
Rio Tinto Finance USA PLC, 4.75%, 03/22/42^(g)			400		432,482
Steel Dynamics, Inc.:
5.25%, 04/15/23^(g)			525		531,563
4.13%, 09/15/25^(g)			307		291,650
5.00%, 12/15/26			15		14,925


Security		Par (000)		Value

Metals & Mining (continued)
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50%, 06/15/25^(a)	USD		166	$	161,020
Teck Resources Ltd.:
4.50%, 01/15/21			20		20,275
5.20%, 03/01/42			308		281,050
5.40%, 02/01/43			87		82,650
United States Steel Corp.:
6.88%, 08/15/25^(g)			270		255,825
6.25%, 03/15/26			383		347,094
Vale Overseas Ltd., 6.25%, 08/10/26^(g)			680		725,050
VM Holdings SA, 5.38%, 05/04/27^(a)(g)			857		849,715

					12,707,729

Multi-Utilities — 0.1%
NGL Energy Partners LP/NGL Energy Finance Corp., 5.13%, 07/15/19^(g)			150		150,000
Superior Plus LP/Superior General Partner, Inc., 7.00%, 07/15/26^(a)			371		365,899

					515,899

Multiline Retail — 0.0%
Target Corp., 4.00%, 07/01/42^(g)			300		293,339


Offshore Drilling & Other Services — 0.0%
Entegris, Inc., 4.63%, 02/10/26^(a)			225		218,250


Oil, Gas & Consumable Fuels — 8.7%
Anadarko Petroleum Corp., 4.50%, 07/15/44^(g)			500		452,016
Andeavor Logistics LP/Tesoro Logistics Finance Corp., 4.25%, 12/01/27^(g)			235		228,578
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 09/15/24			65		63,700
Antero Resources Corp.:
5.13%, 12/01/22			92		91,885
5.63%, 06/01/23			123		122,693
5.00%, 03/01/25			500		482,500
Apache Corp., 4.75%, 04/15/43^(g)			800		715,969
Ascent Resources Utica Holdings LLC/ARU Finance Corp.^(a):
10.00%, 04/01/22			244		260,775
7.00%, 11/01/26			207		199,755
Berry Petroleum Co. LLC, 7.00%, 02/15/26^(a)			374		362,780
Bruin E&P Partners LLC, 8.88%, 08/01/23^(a)			504		479,748
California Resources Corp., 8.00%, 12/15/22^(a)(g)			886		714,896
Callon Petroleum Co.:
6.13%, 10/01/24^(g)			242		242,605
Series WI, 6.38%, 07/01/26			192		192,480


14

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Carrizo Oil & Gas, Inc.:
6.25%, 04/15/23^(g)	USD		263	$	259,712
8.25%, 07/15/25			372		383,160
Chaparral Energy, Inc., 8.75%, 07/15/23^(a)			327		251,790
Cheniere Corpus Christi Holdings LLC^(g):
7.00%, 06/30/24			578		633,632
5.88%, 03/31/25			428		450,881
5.13%, 06/30/27			916		925,160
Cheniere Energy Partners LP, 5.63%, 10/01/26^(a)			377		377,890
Chesapeake Energy Corp.:
6.63%, 08/15/20			352		354,640
4.88%, 04/15/22			86		81,700
7.00%, 10/01/24			579		565,249
8.00%, 01/15/25^(g)			388		390,421
8.00%, 06/15/27^(g)			991		948,882
CNX Resources Corp., 5.88%, 04/15/22^(g)			2,234		2,222,830
Comstock Escrow Corp., 9.75%, 08/15/26^(a)			218		201,650
CONSOL Energy, Inc., 11.00%, 11/15/25^(a)(g)			444		488,400
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25^(a)(g)			426		394,050
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 04/01/23			18		18,158
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(a)(g)			1,295		1,243,200
DCP Midstream Operating LP:
4.75%, 09/30/21^(a)			160		160,800
5.38%, 07/15/25			359		366,180
6.45%, 11/03/36^(a)(g)			254		255,905
6.75%, 09/15/37^(a)(g)			396		403,920
DEA Finance SA, 7.50%, 10/15/22	EUR		100		120,183
Denbury Resources, Inc., 9.25%, 03/31/22^(a)(g)	USD		491		482,407
Diamond Offshore Drilling, Inc.:
7.88%, 08/15/25			145		137,025
5.70%, 10/15/39			38		26,030
4.88%, 11/01/43			340		209,100
Diamondback Energy, Inc.:
4.75%, 11/01/24			137		136,658
4.75%, 11/01/24^(a)			170		169,575
5.38%, 05/31/25^(g)			367		375,918
Enbridge, Inc., 6.25%, 03/01/78^(c)			1,865		1,766,503
Endeavor Energy Resources LP/EER Finance, Inc.^(a):
5.50%, 01/30/26			670		698,475
5.75%, 01/30/28			424		450,500


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Energy Transfer Operating LP^(g):
6.13%, 12/15/45	USD		500	$	519,394
5.30%, 04/15/47			350		325,325
EnLink Midstream Partners LP:
4.40%, 04/01/24			281		269,760
4.15%, 06/01/25			28		26,180
4.85%, 07/15/26			258		241,875
5.05%, 04/01/45			91		74,848
5.45%, 06/01/47			244		209,230
Ensco Jersey Finance Ltd., 3.00%, 01/31/24^(l)			868		676,170
Enterprise Products Operating LLC, 5.38%, 02/15/78^(c)(g)			420		364,885
EP Energy LLC/Everest Acquisition Finance, Inc.:
9.38%, 05/01/20			10		7,950
9.38%, 05/01/24^(a)			234		124,605
7.75%, 05/15/26^(a)			420		386,925
Extraction Oil & Gas, Inc.^(a):
7.38%, 05/15/24			124		114,700
5.63%, 02/01/26^(g)			643		527,260
Frontera Energy Corp., 9.70%, 06/25/23^(a)			697		706,584
Genesis Energy LP/Genesis Energy Finance Corp.^(g):
6.50%, 10/01/25			111		104,895
6.25%, 05/15/26			188		172,373
Geopark Ltd., 6.50%, 09/21/24^(a)			228		220,590
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21^(a)(g)			649		579,232
Gulfport Energy Corp.:
6.63%, 05/01/23			93		92,128
6.38%, 01/15/26			132		122,760
Halcon Resources Corp., 6.75%, 02/15/25^(g)			495		381,150
Hess Corp., 4.30%, 04/01/27^(g)			750		723,749
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.63%, 02/15/26^(a)			266		263,340
Impulsora Pipeline LLC, 6.05%, 12/31/42^(b)(d)			1,700		1,710,371
Indigo Natural Resources LLC, 6.88%, 02/15/26^(a)			62		54,250
Jagged Peak Energy LLC, 5.88%, 05/01/26^(a)			16		15,440
Kinder Morgan Energy Partners LP, 4.25%, 09/01/24^(g)			2,500		2,562,992
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26^(a)			51		50,490
Matador Resources Co., 5.88%, 09/15/26			405		403,481


			15

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
MEG Energy Corp., 6.50%, 01/15/25^(a)(g)	USD		441	$	433,282
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.50%, 01/15/28			338		312,650
Nabors Industries, Inc., 5.75%, 02/01/25^(g)			185		160,950
NGPL PipeCo LLC^(a):
4.88%, 08/15/27			423		418,770
7.77%, 12/15/37^(g)			558		665,214
Noble Holding International Ltd.:
7.75%, 01/15/24			145		121,800
7.88%, 02/01/26^(a)(g)			909		840,825
5.25%, 03/15/42			140		84,000
Northern Oil and Gas, Inc., (8.50% Cash or 1.00% PIK), 9.50%, 05/15/23⁽ⁱ⁾			351		358,739
Oasis Petroleum, Inc.:
6.88%, 03/15/22			65		64,838
6.88%, 01/15/23			84		83,265
6.25%, 05/01/26^(a)			285		270,394
Odebrecht Offshore Drilling Finance^(a):
6.72%, 12/01/22^(g)	BRL		276		259,222
7.72%, 12/01/26⁽ⁱ⁾			30		7,785
Pacific Drilling First Lien Escrow Issuer Ltd., 8.38%, 10/01/23^(a)	USD		782		776,135
Parsley Energy LLC/Parsley Finance Corp.^(a):
6.25%, 06/01/24			163		167,053
5.38%, 01/15/25^(g)			361		358,292
5.25%, 08/15/25			91		90,090
5.63%, 10/15/27			406		402,447
PBF Holding Co. LLC/ PBF Finance Corp., 7.25%, 06/15/25^(g)			252		250,740
PDC Energy, Inc.:
1.13%, 09/15/21^(l)			1,047		946,881
6.13%, 09/15/24			54		52,694
5.75%, 05/15/26			175		164,063
Petrobras Global Finance BV:
8.38%, 05/23/21^(g)			126		138,474
6.13%, 01/17/22^(g)			310		325,813
5.30%, 01/27/25			908		906,275
8.75%, 05/23/26			637		745,449
6.00%, 01/27/28^(g)			1,093		1,090,814
Petroleos Mexicanos:
5.38%, 03/13/22			47		46,413
6.50%, 03/13/27^(g)			424		406,828
5.35%, 02/12/28			199		176,926
QEP Resources, Inc.:
6.88%, 03/01/21			91		94,203
5.25%, 05/01/23			254		245,760
5.63%, 03/01/26^(g)			498		478,080


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Range Resources Corp.:
5.88%, 07/01/22	USD		61	$	61,153
5.00%, 08/15/22^(g)			91		88,384
5.00%, 03/15/23			9		8,604
4.88%, 05/15/25^(g)			177		159,743
Resolute Energy Corp., 8.50%, 05/01/20^(g)			492		493,230
Rowan Cos., Inc., 4.88%, 06/01/22			281		248,840
Sabine Pass Liquefaction LLC, 5.75%, 05/15/24			10		10,750
Sanchez Energy Corp.^(g):
7.75%, 06/15/21			1,075		198,875
7.25%, 02/15/23^(a)			139		117,108
SESI LLC:
7.13%, 12/15/21			100		88,750
7.75%, 09/15/24			235		183,887
Seven Generations Energy Ltd.^(a):
6.88%, 06/30/23^(g)			144		145,080
5.38%, 09/30/25			355		342,504
Shell International Finance BV, 4.38%, 05/11/45^(g)			450		477,661
SM Energy Co.:
6.13%, 11/15/22			56		56,140
5.00%, 01/15/24			380		359,096
5.63%, 06/01/25^(g)			496		473,680
6.75%, 09/15/26^(g)			42		41,376
6.63%, 01/15/27			71		69,224
Southwestern Energy Co.:
6.20%, 01/23/25			136		131,920
7.50%, 04/01/26^(g)			207		212,692
7.75%, 10/01/27^(g)			466		479,980
Suncor Energy, Inc., 6.50%, 06/15/38^(g)			800		968,704
Sunoco LP/Sunoco Finance Corp.:
4.88%, 01/15/23			372		366,420
5.50%, 02/15/26			120		118,499
5.88%, 03/15/28			147		143,509
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(a):
4.75%, 10/01/23			31		30,923
5.50%, 09/15/24^(g)			572		573,430
5.50%, 01/15/28^(g)			1,064		1,037,028
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.25%, 05/01/23			16		16,020
5.13%, 02/01/25			321		315,382
5.88%, 04/15/26^(a)(g)			325		327,844
6.50%, 07/15/27^(a)			384		395,996
5.00%, 01/15/28^(g)			510		479,081
6.88%, 01/15/29^(a)			806		838,707
Transocean Guardian Ltd., 5.88%, 01/15/24^(a)			77		77,877


16

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Transocean Pontus Ltd., 6.13%, 08/01/25^(a)	USD		250	$	251,082
Transocean Poseidon Ltd., 6.88%, 02/01/27^(a)(h)			405		411,277
Vantage Drilling International, 9.25%, 11/15/23^(a)			157		159,355
Weatherford International Ltd., 5.13%, 09/15/20^(g)			260		200,200
Whiting Petroleum Corp., 6.63%, 01/15/26^(g)			274		268,520
WildHorse Resource Development Corp., 6.88%, 02/01/25			188		190,312
Williams Partners LP, 4.50%, 11/15/23^(g)			1,750		1,797,980
WPX Energy, Inc.:
8.25%, 08/01/23			133		147,963
5.25%, 09/15/24^(g)			143		140,855
YPF SA, 8.50%, 07/28/25			906		886,974

					59,131,675

Paper & Forest Products — 0.0%
Norbord, Inc., 6.25%, 04/15/23^(a)			182		184,275


Pharmaceuticals — 2.2%
AbbVie, Inc., 4.45%, 05/14/46^(g)			1,000		898,198
Allergan Funding SCS, 4.75%, 03/15/45^(g)			500		482,278
Allergan Sales LLC, 5.00%, 12/15/21^(a)(g)			718		744,349
Bausch Health Cos., Inc.:
5.63%, 12/01/21^(a)(g)			430		430,537
5.50%, 03/01/23^(a)(g)			2,119		2,055,430
4.50%, 05/15/23	EUR		452		511,603
5.88%, 05/15/23^(a)(g)	USD		702		687,082
7.00%, 03/15/24^(a)(g)			566		594,640
6.13%, 04/15/25^(a)			145		137,025
5.50%, 11/01/25^(a)(g)			1,889		1,877,194
9.00%, 12/15/25^(a)			246		262,298
Charles River Laboratories International, Inc., 5.50%, 04/01/26^(a)			348		354,960
CVS Health Corp., 5.05%, 03/25/48^(g)			1,110		1,139,467
Elanco Animal Health, Inc., 4.90%, 08/28/28^(a)			363		375,752
Endo Finance LLC, 5.75%, 01/15/22^(a)			50		45,375
Endo Finance LLC/Endo Finco, Inc., 5.38%, 01/15/23^(a)(g)			620		506,075
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23^(a)(g)			1,548		1,540,260
MEDNAX, Inc., 6.25%, 01/15/27^(a)			152		153,140
Mylan NV, 3.95%, 06/15/26^(g)			650		614,029
Nidda BondCo GmbH, 7.25%, 09/30/25	EUR		100		115,916
Rossini Sarl, 6.75%, 10/30/25			216		252,796


Security		Par (000)		Value

Pharmaceuticals (continued)
Syneos Health, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24^(a)(g)	USD		190	$	200,213
Synlab Bondco PLC, 6.25%, 07/01/22	EUR		145		171,543
Synlab Unsecured Bondco PLC, 8.25%, 07/01/23			100		121,249
Valeant Pharmaceuticals International, Inc.^(a):
9.25%, 04/01/26	USD		257		276,275
8.50%, 01/31/27			566		591,470

					15,139,154

Real Estate Management & Development — 0.8%
ADLER Real Estate AG:
1.88%, 04/27/23	EUR		100		111,346
2.13%, 02/06/24			100		111,392
3.00%, 04/27/26			100		111,231
Greystar Real Estate Partners LLC, 5.75%, 12/01/25^(a)	USD		208		206,440
Howard Hughes Corp., 5.38%, 03/15/25^(a)(g)			218		216,834
Newmark Group, Inc., 6.13%, 11/15/23^(a)			128		127,724
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29^(a)(g)			4,360		4,054,800
Realogy Group LLC/Realogy Co-Issuer Corp., 4.50%, 04/15/19^(a)(g)			205		205,000
Residomo SRO, 3.38%, 10/15/24	EUR		100		114,197

					5,258,964

Road & Rail — 1.0%
Avis Budget Finance PLC, 4.75%, 01/30/26			177		193,477
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42^(g)	USD		500		522,219
CMA CGM SA, 5.25%, 01/15/25	EUR		100		97,400
EC Finance PLC, 2.38%, 11/15/22			200		226,917
Flexi-Van Leasing, Inc., 10.00%, 02/15/23^(a)	USD		203		168,998
Herc Rentals, Inc.^(a):
7.50%, 06/01/22			59		61,729
7.75%, 06/01/24^(g)			199		211,935
Hertz Corp., 7.63%, 06/01/22^(a)(g)			478		475,753
Hertz Holdings Netherlands BV, 5.50%, 03/30/23	EUR		100		112,974
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34^(a)(g)	USD		4,000		4,050,000
Loxam SAS, 3.50%, 05/03/23	EUR		100		116,297


			17

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Road & Rail (continued)
Union Pacific Corp., 4.05%, 11/15/45^(g)	USD		500	$	470,245

					6,707,944

Semiconductors & Semiconductor Equipment — 0.6%
Advanced Micro Devices, Inc., 7.50%, 08/15/22			89		96,565
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27^(g)			2,600		2,388,993
Qorvo, Inc., 5.50%, 07/15/26^(a)			500		496,250
QUALCOMM, Inc., 4.65%, 05/20/35^(g)			400		396,373
Sensata Technologies BV, 5.00%, 10/01/25^(a)			314		315,570
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/26^(a)			222		230,325

					3,924,076

Software — 2.2%
ACI Worldwide, Inc., 5.75%, 08/15/26^(a)(g)			755		778,783
CA, Inc., 3.60%, 08/15/22^(g)			660		649,480
CDK Global, Inc., 4.88%, 06/01/27^(g)			1,080		1,047,600
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho, 10.00%, 11/30/24^(a)(g)			975		1,045,687
Infor US, Inc., 6.50%, 05/15/22^(g)			2,690		2,737,075
Informatica LLC, 7.13%, 07/15/23^(a)(g)			1,011		1,013,527
Microsoft Corp., 3.70%, 08/08/46^(g)			1,750		1,737,890
Nuance Communications, Inc.:
5.38%, 08/15/20^(a)			31		31,116
6.00%, 07/01/24^(g)			204		206,040
5.63%, 12/15/26			153		149,940
Oracle Corp., 4.00%, 07/15/46^(g)			1,500		1,440,452
PTC, Inc., 6.00%, 05/15/24^(g)			269		278,751
RP Crown Parent LLC, 7.38%, 10/15/24^(a)(g)			595		605,413
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24^(a)(g)			1,828		1,983,343
TIBCO Software, Inc., 11.38%, 12/01/21^(a)(g)			929		977,773

					14,682,870

Specialty Retail — 0.3%
Asbury Automotive Group, Inc., 6.00%, 12/15/24^(g)			395		396,975
Catalent Pharma Solutions, Inc., 4.88%, 01/15/26^(a)(g)			384		372,480
Group 1 Automotive, Inc., 5.25%, 12/15/23^(a)			53		50,880
L Brands, Inc.:
6.88%, 11/01/35^(g)			478		409,885
6.75%, 07/01/36			79		66,755


Security		Par (000)		Value

Specialty Retail (continued)
Lowe’s Cos., Inc., 4.65%, 04/15/42^(g)	USD		400	$	388,743
Penske Automotive Group, Inc., 5.50%, 05/15/26			32		31,280
PVH Corp., 3.13%, 12/15/27	EUR		114		126,691
Shop Direct Funding PLC, 7.75%, 11/15/22	GBP		100		113,225
Tendam Brands SAU, 5.00%, 09/15/24	EUR		100		109,882

					2,066,796

Technology Hardware, Storage & Peripherals — 0.6%
Apple, Inc., 4.65%, 02/23/46^(g)	USD		1,500		1,644,308
Dell International LLC/EMC Corp.^(a):
4.42%, 06/15/21			25		25,429
7.13%, 06/15/24^(g)			1,004		1,059,273
6.02%, 06/15/26^(g)			170		177,814
8.35%, 07/15/46^(g)			100		117,805
Western Digital Corp., 4.75%, 02/15/26^(g)			976		907,680

					3,932,309

Textiles, Apparel & Luxury Goods — 0.0%
SMCP Group SAS, 5.88%, 05/01/23	EUR		49		57,511


Thrifts & Mortgage Finance — 0.1%
Bracken MidCo1 PLC, 8.88%, 10/15/23⁽ⁱ⁾	GBP		100		123,736
Jerrold Finco PLC, 6.25%, 09/15/21			100		130,734
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(a)(g):
5.25%, 03/15/22	USD		27		27,135
5.25%, 10/01/25			338		313,495

					595,100

Tobacco — 0.3%
Altria Group, Inc., 4.50%, 05/02/43^(g)			750		632,466
Philip Morris International, Inc., 4.38%, 11/15/41^(g)			900		838,631
Reynolds American, Inc., 5.85%, 08/15/45			715		693,926

					2,165,023

Trading Companies & Distributors — 0.0%
Doric Nimrod Air Alpha Ltd. Pass-Through Trust, Series 2012-1, Class B, 6.50%, 05/30/21^(a)			77		77,571


Transportation Infrastructure — 0.2%
Rumo Luxembourg Sarl, 7.38%, 02/09/24^(a)(g)			1,061		1,120,681


18

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Transportation Infrastructure (continued)
Transurban Finance Co. Property Ltd., 4.13%, 02/02/26^(a)(g)	USD		520	$	512,275

					1,632,956

Utilities — 0.4%
ContourGlobal Power Holdings SA, 3.38%, 08/01/23	EUR		100		113,828
Generacion Mediterranea SA/Generacion Frias SA/Central Termica Roca SA, 9.63%, 07/27/23^(a)	USD		1,061		937,659
Stoneway Capital Corp., 10.00%, 03/01/27^(a)(g)			1,022		955,303
Vistra Operations Co. LLC^(a):
5.50%, 09/01/26			98		99,225
5.63%, 02/15/27^(h)			490		492,450

					2,598,465

Wireless Telecommunication Services — 1.7%
Comunicaciones Celulares SA Via Comcel Trust, 6.88%, 02/06/24^(a)			1,000		1,033,346
CoreCivic, Inc., 4.75%, 10/15/27			200		170,250
CyrusOne LP/CyrusOne Finance Corp., 5.38%, 03/15/27			190		190,475
Iron Mountain, Inc., 3.00%, 01/15/25	EUR		100		113,075
Matterhorn Telecom SA(3 mo. EURIBOR + 3.25%), 3.25%, 02/01/23^(d)			14		16,214
Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 02/15/25^(a)	USD		160		148,400
SBA Communications Corp.^(g):
4.00%, 10/01/22			475		469,062
4.88%, 09/01/24			1,516		1,517,895
Sprint Capital Corp., 6.90%, 05/01/19			155		156,008
Sprint Corp.:
7.88%, 09/15/23^(g)			1,416		1,504,500
7.13%, 06/15/24^(g)			1,658		1,696,341
7.63%, 02/15/25			299		312,545
7.63%, 03/01/26^(g)			1,993		2,070,229
T-Mobile USA, Inc.:
4.00%, 04/15/22^(g)			234		231,075
6.38%, 03/01/25			220		228,250
6.50%, 01/15/26			286		302,445
4.50%, 02/01/26^(g)			556		542,100
4.75%, 02/01/28^(g)			942		903,142
Wind Tre SpA, 3.13%, 01/20/25	EUR		200		201,736

					11,807,088


Total Corporate Bonds — 65.9% (Cost — $455,328,936)					448,605,741


Security		Par (000)		Value

Floating Rate Loan Interests^(d) — 12.8%

Aerospace & Defense — 0.1%
Accudyne Industries LLC, 2017 Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 08/18/24	USD		467	$	454,853
Atlantic Aviation FBO, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 6.27%, 11/29/25^(b)			65		65,163
DAE Aviation Holdings, Inc.⁽ⁿ⁾:
2019 Term Loan B 01/23/26			135		133,774
CAD Term Loan 01/23/26			72		71,921
WP CPP Holdings LLC, 2018 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.51%, 04/30/25			62		60,716

					786,427

Auto Components — 0.0%
USI, Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 5.80%, 05/16/24			214		204,767


Auto Parts — 0.0%
Mavis Tire Express Services Corp.:
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.77%, 03/20/25			88		85,148
2018 Delayed Draw Term Loan, (UNFND + 2.00%), 2.00%, 03/20/25			12		—

					85,148

Building Products — 0.1%
Ply Gem Midco, Inc., 2018 Term Loan, (3 mo. LIBOR + 3.75%), 6.55%, 04/12/25			519		493,676


Chemicals — 0.3%
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.80%, 01/31/24			558		540,528
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.30%, 06/28/24			60		59,673
Invictus US LLC:
1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.50%, 03/28/25			31		30,072
2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 9.25%, 03/25/26^(b)			59		58,607
Messer Industries LLC, 2018 USD Term Loan, 10/01/25⁽ⁿ⁾			572		559,060


			19

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Chemicals (continued)
Starfruit Finco BV, 2018 USD Term Loan B, (1 mo. LIBOR + 3.25%), 5.75%, 10/01/25	USD		669	$	653,533

					1,901,473

Commercial Services & Supplies — 0.5%
Asurion LLC, 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 9.00%, 08/04/25			514		516,570
GFL Environmental, Inc., 2018 USD Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 05/30/25			576		555,292
Verscend Holding Corp., 2018 Term Loan B, (1 mo. LIBOR + 4.50%), 7.00%, 08/27/25			1,561		1,546,421
West Corp., 2017 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 6.50%, 10/10/24			497		454,995
West Corporation, 2018 Term Loan B1, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 10/10/24			86		77,512

					3,150,790

Construction & Engineering — 0.3%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 6.96%, 06/21/24			1,776		1,699,568
SRS Distribution, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.75%, 05/23/25			441		417,644

					2,117,212

Diversified Consumer Services — 0.0%
Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 07/12/24			71		69,656
Laureate Education, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 04/26/24			40		39,904

					109,560

Diversified Financial Services — 7.0%
Aviron Capital LLC, 2017 Term Loan, (3 mo. LIBOR + 5.00%), 7.74%, 07/17/20^(b)			63,318		47,716,455


Security		Par (000)		Value

Diversified Financial Services (continued)
LTI Holdings, Inc., 2018 Add On 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 6.00%, 09/06/25	USD		68	$	65,203

					47,781,658

Diversified Telecommunication Services — 0.3%
CenturyLink, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 5.25%, 01/31/25			805		768,440
Frontier Communications Corp., Delayed Draw Term Loan A, (1 mo. LIBOR + 2.75%), 5.25%, 03/31/21			451		436,842
Sprint Communications, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.50%, 02/02/24			759		747,144

					1,952,426

Electric Utilities — 0.0%
Vistra Energy Corp., 1st Lien Term Loan B3, (1 mo. LIBOR + 2.00%), 4.51%, 12/31/25			70		68,169


Energy Equipment & Services — 0.2%
Gavilan Resources LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%, 1.00% Floor), 8.52%, 03/01/24			174		138,706
Pioneer Energy Services Corp., Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 10.26%, 11/08/22			865		860,675
Weatherford International Ltd., Term Loan, (1 mo. LIBOR + 1.43%), 3.93%, 07/13/20^(b)			364		347,473

					1,346,854

Food Products — 0.0%
Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 10/10/23			70		66,723
JBS USA LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 5.26%, 10/30/22			110		109,231

					175,954

Gas Utilities — 0.1%
AL Midcoast Holdings LLC, 2018 Term Loan B, (3 mo. LIBOR + 5.50%), 8.30%, 07/31/25			305		295,315


Health Care Equipment & Supplies — 0.3%
DJO Finance LLC, 2015 Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.83%, 06/08/20			1,023		1,020,867


20

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Equipment & Supplies (continued)
Immucor, Inc., Extended Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.80%, 06/15/21^(b)	USD		848	$	842,152

					1,863,019

Health Care Providers & Services — 0.3%
AHP Health Partners, Inc., 2018 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 7.00%, 06/30/25			173		171,759
Concentra, Inc., 2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 1.00% Floor), 9.02%, 06/01/23			262		260,253
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.25%, 10/10/25			1,007		946,958
Gentiva Health Services, Inc.:
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.25%, 07/02/25^(b)			272		269,934
2018 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 9.50%, 07/02/26			67		68,006
Quorum Health Corporation, Term Loan B, (1 mo. LIBOR + 6.75%, 1.00% Floor), 9.25%, 04/29/22			251		250,110
Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.25%, 02/06/24^(b)			121		108,401

					2,075,421

Health Care Technology — 0.0%
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.51%, 10/10/25			103		101,241


Hotels, Restaurants & Leisure — 0.4%
Bronco Midstream Funding LLC, Term Loan B, (1 mo. LIBOR + 3.50%), 6.02%, 08/14/23			36		35,627
IRB Holding Corp., 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.76%, 02/05/25			231		225,243
Las Vegas Sands LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.25%, 03/27/25			695		681,147
Penn National Gaming, Inc., 2018 1st Lien Term Loan B, (1 mo. LIBOR + 2.25%), 4.76%, 10/15/25			84		82,827


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Stars Group Holdings BV, 2018 Incremental Term Loan, (3 mo. LIBOR + 3.50%), 6.30%, 07/10/25	USD		1,507	$	1,490,754

					2,515,598

Household Products — 0.0%
Energizer Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.76%, 06/20/25			73		72,452


Industrial Conglomerates — 0.1%
Cortes NP Acquisition Corp., 2017 Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.71%, 11/30/23			361		334,766
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.52%, 11/28/21			200		196,206

					530,972

Insurance — 0.1%
Alliant Holdings I, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.26%, 05/09/25			61		58,292
Sedgwick Claims Management Services, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.75%, 12/31/25			787		766,011

					824,303

Internet Software & Services — 0.0%
TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.25%, 05/06/24^(b)			173		163,619


IT Services — 0.0%
Flexential Intermediate Corp., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50%), 6.30%, 08/01/24			176		158,637
Peak 10 Holding Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 9.79%, 08/01/25			75		64,781

					223,418

Life Sciences Tools & Services — 0.0%
Albany Molecular Research, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 08/30/24			101		97,426


Machinery — 0.1%
Altra Industrial Motion Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 10/01/25			208		204,057


			21

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Machinery (continued)
Titan Acquisition Ltd., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.50%, 03/28/25	USD		787	$	740,246

					944,303

Media — 0.6%
Altice France SA, 2018 Term Loan B13, (1 mo. LIBOR + 4.00%), 6.51%, 08/14/26			450		423,557
Charter Communications Operating LLC, 2017 Term Loan A2, (1 mo. LIBOR + 1.50%), 4.00%, 03/31/23			1,287		1,260,875
Intelsat Jackson Holdings SA:
2017 Term Loan B3, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.25%, 11/27/23			107		106,048
2017 Term Loan B4, (1 mo. LIBOR + 4.50%, 1.00% Floor), 7.00%, 01/02/24			330		333,689
2017 Term Loan B5, (Fixed + 6.63%), 6.63%, 01/02/24			1,841		1,838,759
PSAV Holdings LLC, 1.00% Floor):
2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 5.88%, 03/01/25			150		142,999
2018 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 9.78%, 09/01/25			87		81,043

					4,186,970

Multiline Retail — 0.1%
Neiman Marcus Group, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.76%, 10/25/20			323		285,469


Oil & Gas Equipment & Services — 0.3%
McDermott Technology Americas, Inc., 2018 1st Lien Term Loan, 05/10/25⁽ⁿ⁾			1,957		1,872,947


Oil, Gas & Consumable Fuels — 0.3%
BCP Raptor II LLC, 1st Lien Term Loan, (2 mo. LIBOR + 4.75%), 7.37%, 11/03/25			103		97,850
California Resources Corp., 1.00% Floor):
2017 1st Lien Term Loan, (1 mo. LIBOR + 4.75%, 7.25%, 12/31/22			1,073		1,049,545
Second Out Term Loan, (1 mo. LIBOR + 10.38%, 12.87%, 12/31/21			724		756,071


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
CONSOL Energy, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 6.00%, 1.00% Floor), 9.05%, 11/28/22	USD		358	$	360,133

					2,263,599

Pharmaceuticals — 0.2%
Bausch Health Companies Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 5.26%, 11/27/25			256		252,264
Endo Luxembourg Finance Company I Sarl, 2017 Term Loan B, (1 mo. LIBOR + 4.25%), 6.75%, 04/29/24			648		640,487
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.51%, 06/02/25			397		392,438

					1,285,189

Software — 1.0%
BMC Software Finance, Inc., 2017 Term Loan B, (3 mo. LIBOR + 4.25%), 7.05%, 10/02/25			315		307,328
Cypress Intermediate Holdings III, Inc., 1.00% Floor):
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 5.50%, 04/26/24			131		127,726
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 9.25%, 04/27/25			40		39,375
Digicel International Finance Ltd., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 5.96%, 05/28/24			264		241,517
Financial & Risk US Holdings, Inc., 2018 USD Term Loan, (1 mo. LIBOR + 3.75%), 6.25%, 10/01/25			3,769		3,615,712
Infor (US), Inc., Term Loan B6, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.25%, 02/01/22			128		127,401
Kronos, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 1.00% Floor), 10.79%, 11/01/24			623		631,425
McAfee LLC, 2018 USD Term Loan B, (1 mo. LIBOR + 3.75%), 6.25%, 09/30/24			119		118,306
Mitchell International, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.75%, 11/29/24			242		231,247
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 9.75%, 12/01/25			112		109,256


22

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Software (continued)
PowerSchool, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.76%, 08/01/25	USD		111	$	108,156
Renaissance Learning, Inc., 2018 Add On Term Loan, (1 mo. LIBOR + 3.25%), 5.75%, 05/30/25			72		69,107
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, (1 mo. LIBOR + 2.25%), 4.75%, 04/16/25			142		138,615
SS&C Technologies, Inc.:
2018 Term Loan B3, (1 mo. LIBOR + 2.25%), 4.75%, 04/16/25			401		392,757
2018 Term Loan B5, (1 mo. LIBOR + 2.25%), 4.75%, 04/16/25			268		263,024
Tempo Acquisition LLC, Term Loan, (1 mo. LIBOR + 3.00%), 5.50%, 05/01/24			154		150,979

					6,671,931

Specialty Retail — 0.0%
Belron Finance US LLC, Term Loan B, (3 mo. LIBOR + 2.25%), 4.84%, 11/07/24^(b)			143		140,600


Textiles, Apparel & Luxury Goods — 0.1%
Ascend Performance Materials Operations LLC, Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 8.05%, 08/12/22^(b)			306		302,488


Trading Companies & Distributors — 0.0%
Beacon Roofing Supply, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.77%, 01/02/25			152		147,352


Transportation — 0.0%
Direct ChassisLink, Inc., 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%), 8.50%, 06/15/23^(b)			30		28,919


Utilities — 0.0%
ExGen Renewables IV LLC, Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.71%, 11/28/24			91		82,267


Wireless Telecommunication Services — 0.0%
Xplornet Communications, Inc., Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.80%, 09/09/21^(b)			227		224,524


Total Floating Rate Loan Interests — 12.8% (Cost — $103,892,734)					87,373,456


Security		Par (000)		Value

Foreign Agency Obligations — 4.8%
Argentine Republic Government International Bond:
7.50%, 04/22/26	USD		3,437	$	3,041,745
7.63%, 04/22/46			2,767		2,241,270
Colombia Government International Bond:
4.50%, 01/28/26^(g)			337		347,447
3.88%, 04/25/27^(g)			1,216		1,201,408
4.50%, 03/15/29			826		845,411
Cyprus Government International Bond, 4.63%, 02/03/20^(a)	EUR		2,950		3,528,986
Egypt Government International Bond, 5.75%, 04/29/20	USD		2,360		2,383,600
Iceland Government International Bond, 5.88%, 05/11/22			3,415		3,728,434
Indonesia Government International Bond:
4.75%, 01/08/26			670		698,475
4.10%, 04/24/28^(g)			774		771,097
5.35%, 02/11/49			495		533,810
Indonesia Treasury Bond:
7.88%, 04/15/19	IDR		35,807,000		2,563,958
8.38%, 09/15/26			17,965,000		1,308,330
Mexico Government International Bond:
4.15%, 03/28/27	USD		730		718,138
3.75%, 01/11/28			200		190,700
Portugal Government International Bond, 5.13%, 10/15/24^(a)			3,680		3,900,506
Qatar Government International Bond, 5.10%, 04/23/48^(a)			330		354,338
Republic of South Africa Government International Bond, 5.88%, 05/30/22			1,334		1,404,035
Russian Foreign Bond - Eurobond:
4.75%, 05/27/26			400		407,000
4.25%, 06/23/27			600		586,500
Saudi Government International Bond:
4.38%, 04/16/29^(a)			200		203,250
4.50%, 04/17/30			764		778,325
5.25%, 01/16/50^(a)			200		205,500
Turkey Government International Bond, 6.25%, 09/26/22			467		475,173


Total Foreign Agency Obligations — 4.8% (Cost — $33,486,382)					32,417,436


Non-Agency Mortgage-Backed Securities — 16.0%

Collateralized Mortgage Obligations — 15.8%
American Home Mortgage Assets Trust, Series 2006-5, Class A1, (12 mo. MTA + 0.92%), 2.87%, 11/25/46^(d)			5,391		2,717,470


			23

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Collateralized Mortgage Obligations (continued)
CHL Mortgage Pass-Through Trust:
Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.24%), 2.75%, 03/25/36^(d)	USD		9,080	$	8,644,431
Series 2007-J2, Class 2A1, (1 mo. LIBOR US + 0.65%), 3.16%, 07/25/37^(d)			4,026		1,972,558
Series 2007-J2, Class 2A8, 6.00%, 07/25/37			2,223		1,486,501
CIM Trust, Series 2017-6, Class A1, 3.02%, 06/25/57^(a)(c)			8,634		8,405,704
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 4.30%, 11/25/36^(c)			4,563		4,276,873
Countrywide Alternative Loan Trust:
Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.45%), 2.96%, 05/25/35^(d)			2,937		2,695,171
Series 2006-40T1, Class 2A5, (1 mo. LIBOR US + 0.40%), 2.91%, 12/25/36^(d)			2,379		683,058
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36			2,479		1,705,526
Series 2006-J7, Class 2A1, (11th District Cost of Funds + 1.50%), 2.58%, 11/20/46^(d)			5,664		3,930,102
Series 2006-J8, Class A5, 6.00%, 02/25/37			1,786		1,250,690
Series 2006-OA14, Class 3A1, (12 mo. MTA + 0.85%), 3.10%, 11/25/46^(d)			8,075		7,119,932
Series 2006-OA16, Class A2, (1 mo. LIBOR US + 0.19%), 2.70%, 10/25/46^(d)			5,557		5,301,759
Series 2006-OA18, Class A1, (1 mo. LIBOR US + 0.12%), 2.63%, 12/25/46^(d)			3,457		3,245,941
Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.21%), 2.72%, 07/25/46^(d)			6,670		5,559,245
Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.19%), 2.70%, 07/25/46^(d)			2,465		2,358,143
Series 2007-12T1, Class A22, 5.75%, 06/25/37			4,938		3,523,361
Series 2007-12T1, Class A5, 6.00%, 06/25/37			2,396		1,757,243
Series 2007-22, Class 2A16, 6.50%, 09/25/37			8,951		6,015,812
Series 2007-23CB, Class A1, 6.00%, 09/25/37			6,370		5,101,267


Security		Par (000)		Value

Collateralized Mortgage Obligations (continued)
Series 2007-4CB, Class 1A3, (1 mo. LIBOR US + 0.35%), 2.86%, 04/25/37^(d)	USD		3,585	$	2,836,286
Series 2007-OA2, Class 1A1, (12 mo. MTA + 0.84%), 3.09%, 03/25/47^(d)			4,024		3,336,636
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.20%), 2.71%, 04/25/46^(d)			7,623		7,017,678
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 4.24%, 05/26/37^(a)(b)(e)			10,100		8,382,671
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36^(c)			8,063		2,975,937
Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, (1 mo. LIBOR US + 0.60%), 3.11%, 08/25/36^(d)			6,527		1,783,055
WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 1A, (12 mo. MTA + 0.77%), 3.02%, 05/25/47^(d)			4,020		3,742,836

					107,825,886

Commercial Mortgage-Backed Securities — 0.2%
Commercial Mortgage Pass-Through Certificates, Series 2014-PAT, Class G, (1 mo. LIBOR + 1.59%), 4.11%, 08/13/27^(a)(d)			1,040		1,031,911


Total Non-Agency Mortgage-Backed Securities — 16.0% (Cost — $109,661,467)					108,857,797


Preferred Securities – 16.3%

Capital Trusts — 12.0%

Banks (k) — 4.4%
ABN AMRO Bank NV, 5.75%^(j)			200		237,985
Banco Bilbao Vizcaya Argentaria SA:
6.13%^(c)			2,000		1,762,500
8.88%^(j)			200		255,246
Banco Santander SA, 6.25%^(j)			100		112,128
Bankia SA, 6.38%^(c)			200		226,058
BNP Paribas SA, 7.20%^(a)(g)(j)			4,000		4,182,480
Capital One Financial Corp., Series E, 5.55%^(g)(j)			3,500		3,528,000


24

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
CIT Group, Inc., Series A, 5.80%^(g)(j)		282	$	269,499
Citigroup, Inc.^(j):
5.90%^(g)		2,250		2,272,500
Series P, 5.95%^(g)		3,700		3,681,500
Series T, 6.25%		153		158,355
Fifth Third Bancorp, Series J, 4.90%^(j)		3,000		2,947,500
Hongkong & Shanghai Banking Corp. Ltd., Series 3H, 2.94%^(d)		100		71,000
Intesa Sanpaolo SpA, 7.00%^(j)		234		273,513
Wells Fargo & Co.^(g)(j):
Series S, 5.90%		8,905		8,994,050
Series U, 5.88%		700		726,250
				29,698,564

Capital Markets^(k) — 1.1%
Goldman Sachs Group, Inc., Series P, 5.00%^(c)(g)		278		256,107
Morgan Stanley, Series H, 5.45%^(g)(j)		5,007		5,013,259
State Street Corp., Series F, 5.25%^(g)(j)		1,875		1,882,031
UBS Group Funding Switzerland AG, 5.75%^(j)		200		247,651
				7,399,048

Chemicals — 0.0%
Solvay Finance SA, 5.12%^(j)(k)		100		122,758

Diversified Financial Services^(k) — 4.7%
ATF Netherlands BV, 3.75%^(j)		100		113,144
Bank of America Corp.^(j):
Series AA, 6.10%		3,820		4,015,775
Series DD, 6.30%		40		43,068
Series U, 5.20%^(g)		1,750		1,758,750
Series V, 5.13%^(g)		705		701,475
Series X, 6.25%^(g)		6,175		6,502,275
Bank of New York Mellon Corp., Series D, 4.50%^(g)(j)		4,567		4,201,640
Credit Agricole SA, 6.50%^(j)		100		122,398
HBOS Capital Funding LP, 6.85%		200		201,000
HSBC Holdings PLC^(g):
6.00%^(j)		695		668,937
6.25%^(c)		310		308,450
6.50%^(c)		655		638,625
JPMorgan Chase & Co.^(g)(j):
Series Q, 5.15%		5,500		5,449,125
Series R, 6.00%		228		233,700
Series V, 5.00%		3,830		3,810,850
Royal Bank of Scotland Group PLC, 8.63%^(j)(k)		200		212,940
Societe Generale SA, 6.75%^(a)(c)(g)(k)		3,000		2,737,500


Security	Par (000)		Value

Diversified Financial Services (continued)
UBS Group Funding Switzerland AG, 5.00%^(c)(k)		200	$	174,000

				31,893,652

Diversified Telecommunication Services^(j)(k) — 0.1%
Telefonica Europe BV:
3.75%		100		117,075
4.20%		300		352,394
5.88%		100		125,190

				594,659

Electric Utilities^(j) — 1.1%
Electricite de France SA, 5.25%^(a)(g)(k)		7,500		7,425,000
RWE AG, 2.75%, 04/21/75		20		23,112

				7,448,112

Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%, 10/15/26		100		116,578


Industrial Conglomerates — 0.2%
General Electric Co., Series D, 5.00%^(g)(j)(k)		1,383		1,210,125


Insurance^(g)(j) — 0.4%
Allstate Corp., Series B, 5.75%, 08/15/53		2,000		1,990,000
Voya Financial, Inc., 5.65%, 05/15/53		1,090		1,057,300

				3,047,300

Oil, Gas & Consumable Fuels — 0.0%
Naturgy Finance BV, 4.13%^(j)(k)		100		118,885


Total Capital Trusts — 12.0% (Cost — $82,074,505)				81,649,681


	Shares

Preferred Stocks — 4.3%

Banks — 0.3%
Citigroup, Inc., Series K, 6.88%^(j)		75,000		1,950,000


Capital Markets^(j) — 2.1%
Goldman Sachs Group, Inc., Series J, 5.50%		395,017		9,910,976
Morgan Stanley:
Series F, 6.88%		100,000		2,700,000
Series K, 5.85%		60,125		1,526,574


			25

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Share		Value

Capital Markets (continued)
SCE Trust III, Series H, 5.75%			23,730	$	492,160

					14,629,710

Equity Real Estate Investment Trusts (REITs)^(k) — 1.9%
Firstar Realty LLC, 8.88%^(a)			10,000		11,300,000
SunTrust Real Estate Investment Corp., 9.00%^(a)(b)			15		1,684,377

					12,984,377


Total Preferred Stocks — 4.3% (Cost — $31,347,698)					29,564,087


Total Preferred Securities — 16.3% (Cost — $113,422,203)					111,213,768


		Par (000)

U.S. Government Sponsored Agency Securities — 9.9%

Collateralized Mortgage Obligations — 0.8%
Freddie Mac Mortgage-Backed Securities, Series 4480, Class ZX, 4.00%, 11/15/44^(g)	USD		5,192		5,348,794


Mortgage-Backed Securities — 9.1%
Fannie Mae Mortgage-Backed Securities^(g):
4.00%, 11/01/47 - 04/01/56			19,684		20,257,051
4.50%, 09/01/48 - 07/01/55			39,879		41,882,305

					62,139,356


Total U.S.Government Sponsored Agency Securities — 9.9% (Cost — $68,369,922)					67,488,150


U.S. Treasury Obligations — 2.9%
U.S. Treasury Note^(g):
2.88%, 10/31/20			5,000		5,032,422
2.75%, 09/30/20			2,700		2,710,969
2.75%, 08/31/25			7,000		7,097,070


Security		Par (000)		Value

U.S. Treasury Obligations (continued):
3.00%, 09/30/25	USD		4,500	$	4,632,715


Total U.S. Treasury Obligations — 2.9% (Cost — $19,087,885)					19,473,176


		Shares

Warrants — 0.0%

Diversified Financial Services — 0.0%
Aviron Capital LLC^(o)			38,421,624		384


Total Warrants — 0.0% (Cost — $—)					384


Total Long-Term Investments — 151.1% (Cost — $1,053,784,273)					1,028,680,850


		Par (000)

Short-Term Securities — 2.3%

Foreign Agency Obligations — 0.3%
Egypt Treasury Bills, 0.00%, 04/02/19^(m)	EGP		40,125		2,202,902


Total Foreign Agency Obligations — 0.3% (Cost — $2,173,526)					2,202,902


		Shares

Money Market Fund — 2.0%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.26%^(p)(q)			13,505,941		13,505,941


Total Money Market Fund — 2.0% (Cost — $13,505,941)					13,505,941


Total Short-Term Securities — 2.3% (Cost — $15,679,467)					15,708,843


Total Investments — 153.4% (Cost — $1,069,463,740)					1,044,389,693

Liabilities in Excess of Other Assets — (53.4)%					(363,458,765	)


Net Assets — 100.0%				$	680,930,928

^(a)	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.

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

^(c)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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

^(e)	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(f)	Amount is less than $500.

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


26

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

^(h)	When-issued security.

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

^(j)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

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

^(l)	Convertible security.

^(m)	Zero-coupon bond.

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

^(o)	All or a portion of the security is held by a wholly-owned subsidiary.

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

^(q)	During the period ended January 31, 2019, 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 10/31/18		Net Activity		Shares Held at 01/31/19		Value at 01/31/19		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		—		13,505,941		13,505,941	$	13,505,941	$	31,099	$	—	$	—

^(a)

Includes net capital gain distributions, if applicable.

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

Currency Abbreviations

BRL — Brazilian Real

EUR — Euro

GBP — British Pound

IDR — Indonesian Rupiah

MXN — Mexican Peso

USD — United States Dollar

Portfolio Abbreviations

CLO — Collateralized Loan Obligation

CR — Custodian Receipt

CRC — Costa Rican Colon

LIBOR — London Interbank Offered Rate

MSCI — Morgan Stanley Capital International

PIK — Payment-In-Kind

REMIC — Real Estate Mortgage Investment Conduit


			27

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

RBC Capital Markets, LLC

3.05

09/10/18

Open

291,555

294,873

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/10/18

Open

191,625

193,806

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/10/18

Open

217,035

219,505

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/10/18

Open

408,688

413,339

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/10/18

Open

209,528

211,912

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/10/18

Open

318,835

322,464

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/10/18

Open

183,180

185,265

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/10/18

Open

292,410

295,738

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/10/18

Open

914,338

924,743

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/10/18

Open

216,213

218,673

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/10/18

Open

229,323

231,932

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/10/18

Open

157,590

159,383

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/10/18

Open

422,300

427,106

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/11/18

Open

180,180

182,218

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/11/18

Open

230,850

233,461

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/11/18

Open

209,925

212,299

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/11/18

Open

435,750

440,678

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/11/18

Open

227,960

230,538

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/11/18

Open

221,253

223,755

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/11/18

Open

173,775

175,740

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/11/18

Open

296,140

299,489

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/11/18

Open

335,200

338,991

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/11/18

Open

245,180

247,953

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/11/18

Open

665,125

672,646

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/11/18

Open

300,120

303,514

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/11/18

Open

253,530

256,397

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/12/18

Open

313,320

316,863

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/13/18

Open

816,140

825,251

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

09/14/18

Open

173,400

175,127

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

09/14/18

Open

118,750

119,932

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

115,900

117,169

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

324,815

328,371

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

675,315

682,708

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

215,970

218,334

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

248,820

251,544

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

583,255

589,640

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

130,900

132,333

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

216,645

219,017

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

210,013

212,312

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

20,563

20,788

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

298,150

301,414

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

822,165

831,165

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

199,565

201,750

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

333,325

336,974

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

172,200

174,085

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

233,373

235,927

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

240,470

243,102

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

946,890

957,256

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

431,950

436,679

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

323,850

327,395

Corporate Bonds

Open/Demand


28

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

RBC Capital Markets, LLC

3.05

09/14/18

Open

729,605

737,592

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

1,947,668

1,968,989

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

200,340

202,533

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

255,000

257,792

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

357,870

361,788

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

83,363

84,275

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

403,425

407,841

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

1,238,790

1,252,351

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

266,985

269,908

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

167,983

169,821

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

332,500

336,140

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

273,600

276,595

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

252,395

255,158

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

98,910

99,993

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

217,350

219,729

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

281,325

284,405

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

166,250

168,070

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

209,990

212,289

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

137,618

139,124

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

404,250

408,675

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

409,078

413,556

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

681,120

688,576

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

285,830

288,959

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

282,900

285,997

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

335,340

339,011

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

236,338

238,925

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

116,188

117,459

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

397,500

401,852

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/14/18

Open

109,855

111,058

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

09/19/18

Open

385,875

389,394

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

809,933

817,771

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

71,775

72,470

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

63,990

64,609

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

168,100

169,727

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

1,885,438

1,903,684

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

379,500

383,173

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

684,125

690,746

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

1,220,625

1,232,438

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

265,688

268,259

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

696,658

703,400

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

882,750

891,293

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

560,298

565,720

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

208,098

210,111

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

21,803

22,014

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

346,040

349,389

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

201,825

203,778

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

891,938

900,569

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

228,790

231,229

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

350,960

354,701

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

145,230

146,778

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

363,800

367,677

Corporate Bonds

Open/Demand


			29

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

RBC Capital Markets, LLC

3.05

09/20/18

Open

756,000

764,058

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

172,890

174,733

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

1,068,930

1,080,323

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

118,538

119,801

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

141,930

143,443

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

1,544,630

1,561,093

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

159,125

160,821

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

318,565

321,960

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

332,910

336,458

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

370,880

374,833

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

137,250

138,713

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

200,175

202,309

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

150,068

151,667

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

151,368

152,981

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

130,615

132,007

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

804,000

812,569

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

118,793

120,059

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

151,810

153,428

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

135,725

137,172

Corporate Bonds

Open/Demand

UBS Securities LLC

2.80

09/20/18

Open

3,410,731

3,443,934

Foreign Agency Obligations

Open/Demand

UBS Securities LLC

2.95

09/20/18

Open

279,650

282,527

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

09/20/18

Open

768,400

776,306

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

09/20/18

Open

379,225

383,127

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

09/20/18

Open

355,260

358,915

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

09/20/18

Open

405,350

409,521

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

09/20/18

Open

283,511

286,428

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

09/20/18

Open

3,468,400

3,504,086

Foreign Agency Obligations

Open/Demand

UBS Securities LLC

2.95

09/20/18

Open

273,700

276,516

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.80

09/27/18

Open

302,270

305,272

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.00

09/28/18

Open

1,564,806

1,580,054

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

10/01/18

Open

143,019

144,437

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

10/04/18

Open

276,223

278,874

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

10/04/18

Open

250,920

253,328

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.65

10/09/18

Open

2,545,000

2,565,371

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.75

10/12/18

Open

1,012,095

1,020,017

Capital Trusts

Open/Demand

BNP Paribas S.A.

2.99

10/12/18

Open

213,038

214,859

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.99

10/12/18

Open

1,417,460

1,429,576

Capital Trusts

Open/Demand

BNP Paribas S.A.

2.99

10/12/18

Open

540,960

545,584

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.99

10/12/18

Open

489,375

493,558

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.99

10/12/18

Open

111,471

112,424

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.99

10/12/18

Open

527,461

531,970

Capital Trusts

Open/Demand

BNP Paribas S.A.

2.99

10/12/18

Open

127,410

128,499

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.99

10/12/18

Open

188,700

190,313

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.99

10/12/18

Open

550,078

554,779

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.99

10/12/18

Open

1,061,524

1,070,597

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.68

10/15/18

Open

6,877,500

6,926,177

U.S. Treasury Obligations

Open/Demand


30

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

HSBC Securities (USA), Inc.

2.68

10/15/18

Open

2,696,625

2,715,421

U.S. Treasury Obligations

Open/Demand

RBC Capital Markets, LLC

2.79

10/15/18

Open

630,487

635,543

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

10/15/18

Open

182,125

183,729

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.50

10/18/18

Open

637,583

641,018

Foreign Agency Obligations

Open/Demand

RBC Capital Markets, LLC

3.05

10/18/18

Open

347,650

350,602

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.99

10/22/18

Open

547,336

551,718

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.04

10/22/18

Open

470,000

473,828

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

10/25/18

Open

137,175

138,264

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.63

10/29/18

Open

4,500,000

4,527,485

U.S. Treasury Obligations

Open/Demand

RBC Capital Markets, LLC

3.05

10/30/18

Open

182,865

184,244

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

10/30/18

Open

78,030

78,618

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

10/31/18

Open

195,540

197,015

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

11/02/18

Open

156,513

157,612

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/02/18

Open

320,075

322,362

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

2.09

11/06/18

Open

928,173

932,807

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.68

11/07/18

Open

5,000,000

5,027,813

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

2.95

11/08/18

Open

1,269,100

1,277,566

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.11

11/08/18

Open

265,500

267,350

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/08/18

Open

113,685

114,461

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/08/18

Open

369,195

371,716

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

11/14/18

Open

2,193,728

2,206,196

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/14/18

Open

188,800

189,999

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.75

11/15/18

Open

371,000

373,182

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.75

11/15/18

Open

131,198

131,969

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.80

11/15/18

Open

936,563

942,171

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

3.00

11/15/18

Open

1,838,000

1,849,334

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

3.00

11/15/18

Open

2,332,000

2,346,381

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

3.00

11/15/18

Open

1,721,000

1,731,613

Capital Trusts

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

162,180

163,170

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

66,600

67,006

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

246,750

248,298

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

389,570

392,014

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

420,050

422,685

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

159,840

160,843

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

254,435

256,031

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

244,800

246,336

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

369,313

371,629

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

676,400

680,643

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

163,255

164,279

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

184,275

185,431

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

82,418

82,920

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

174,125

175,217

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

188,583

189,766

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

484,380

487,419

Corporate Bonds

Open/Demand


			31

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

RBC Capital Markets, LLC

3.05

11/15/18

Open

461,438

464,332

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

269,675

271,367

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

525,653

528,950

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

1,249,203

1,257,040

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

76,800

77,282

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

364,770

367,058

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

266,880

268,554

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

321,850

323,869

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

429,570

432,265

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

2,187,760

2,201,485

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

493,695

496,792

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

190,575

191,771

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

298,775

300,649

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

151,700

152,652

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/27/18

Open

177,637

178,597

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/27/18

Open

802,556

806,892

Corporate Bonds

Open/Demand

UBS Securities LLC

2.78

11/27/18

Open

794,330

798,228

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.86

11/28/18

Open

135,975

136,642

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

11/30/18

Open

128,936

129,561

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.09

11/30/18

Open

603,520

606,680

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.09

11/30/18

Open

695,000

698,639

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.65

11/30/18

Open

708,000

711,161

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/06/18

Open

1,196,520

1,202,132

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/10/18

Open

156,000

156,670

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/11/18

Open

1,925,235

1,932,780

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.85

12/11/18

Open

297,825

299,027

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/11/18

Open

703,030

705,993

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/11/18

Open

168,950

169,662

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/11/18

Open

360,800

362,321

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/11/18

Open

730,335

733,310

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/11/18

Open

91,390

91,762

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.08

12/12/18

Open

94,435

94,830

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/12/18

Open

144,450

145,047

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/12/18

Open

91,640

92,019

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/12/18

Open

255,825

256,883

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/12/18

Open

194,910

195,716

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/12/18

Open

288,435

289,628

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/12/18

Open

213,665

214,549

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/12/18

Open

119,178

119,670

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/12/18

Open

224,000

224,926

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/12/18

Open

383,675

385,262

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.75

12/13/18

Open

166,750

167,358

Capital Trusts

Open/Demand

Barclays Bank PLC

2.90

12/13/18

Open

673,200

675,778

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.95

12/13/18

Open

4,331,250

4,348,232

Corporate Bonds

Open/Demand

Barclays Bank PLC

3.00

12/13/18

Open

451,500

453,290

Corporate Bonds

Open/Demand

Barclays Bank PLC

3.00

12/13/18

Open

7,953,000

7,983,785

Capital Trusts

Open/Demand

Barclays Bank PLC

3.00

12/13/18

Open

171,911

172,573

Corporate Bonds

Open/Demand

Barclays Bank PLC

3.00

12/13/18

Open

754,050

757,040

Corporate Bonds

Open/Demand

Barclays Bank PLC

3.00

12/13/18

Open

2,987,750

2,999,668

Capital Trusts

Open/Demand


32

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

Barclays Bank PLC

3.00

12/13/18

Open

1,460,188

1,466,012

Corporate Bonds

Open/Demand

Barclays Bank PLC

3.00

12/13/18

Open

641,996

644,542

Corporate Bonds

Open/Demand

Barclays Bank PLC

3.00

12/13/18

Open

548,800

550,989

Corporate Bonds

Open/Demand

Barclays Bank PLC

3.00

12/13/18

Open

1,923,750

1,931,424

Capital Trusts

Open/Demand

Barclays Bank PLC

3.00

12/13/18

Open

451,131

452,931

Capital Trusts

Open/Demand

Barclays Bank PLC

3.00

12/13/18

Open

2,953,125

2,964,905

Capital Trusts

Open/Demand

Barclays Bank PLC

3.00

12/13/18

Open

465,750

467,597

Corporate Bonds

Open/Demand

Barclays Bank PLC

3.00

12/13/18

Open

773,900

776,987

Capital Trusts

Open/Demand

Barclays Bank PLC

3.00

12/13/18

Open

3,882,938

3,898,426

Capital Trusts

Open/Demand

Barclays Bank PLC

3.05

12/13/18

Open

976,875

980,815

Corporate Bonds

Open/Demand

Barclays Bank PLC

3.05

12/13/18

Open

382,200

383,742

Corporate Bonds

Open/Demand

Barclays Bank PLC

3.10

12/13/18

Open

386,715

388,301

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.95

12/13/18

Open

262,125

262,439

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.70

12/13/18

Open

120,803

121,071

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

12/13/18

Open

196,306

197,079

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.05

12/13/18

Open

169,223

169,755

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.75

12/13/18

Open

337,125

338,355

Capital Trusts

Open/Demand

Barclays Capital, Inc.

3.00

12/13/18

Open

245,305

246,284

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/13/18

Open

235,058

235,995

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/13/18

Open

238,210

239,160

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/13/18

Open

264,308

265,362

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/13/18

Open

217,493

218,360

Capital Trusts

Open/Demand

Barclays Capital, Inc.

3.00

12/13/18

Open

294,401

295,576

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/13/18

Open

216,118

216,980

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/13/18

Open

207,225

208,052

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/13/18

Open

253,980

254,993

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/13/18

Open

230,740

231,660

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.10

12/13/18

Open

302,670

303,919

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/13/18

Open

291,375

292,454

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/13/18

Open

613,800

616,073

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/13/18

Open

300,655

301,875

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/13/18

Open

57,960

58,195

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/13/18

Open

170,595

171,287

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/13/18

Open

209,300

210,149

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/13/18

Open

213,290

214,155

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.76

12/14/18

Open

7,418,125

7,443,709

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.84

12/14/18

Open

454,375

455,989

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.85

12/14/18

Open

433,950

435,497

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.90

12/14/18

Open

673,125

675,567

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.90

12/14/18

Open

2,183,000

2,190,919

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

2.90

12/14/18

Open

5,128,750

5,147,356

Capital Trusts

Open/Demand

BNP Paribas S.A.

2.90

12/14/18

Open

462,500

464,178

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.90

12/14/18

Open

240,530

241,403

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.90

12/14/18

Open

265,169

266,131

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.90

12/14/18

Open

250,560

251,469

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.90

12/14/18

Open

266,490

267,457

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.90

12/14/18

Open

204,549

205,291

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.90

12/14/18

Open

227,370

228,195

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.90

12/14/18

Open

253,575

254,495

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.95

12/14/18

Open

972,770

976,361

Corporate Bonds

Open/Demand


			33

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

BNP Paribas S.A.

2.95

12/14/18

Open

483,378

485,162

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.95

12/14/18

Open

80,535

80,832

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.00

12/14/18

Open

2,010,938

2,018,490

Capital Trusts

Open/Demand

BNP Paribas S.A.

3.04

12/14/18

Open

179,220

179,920

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.04

12/14/18

Open

221,705

222,571

Capital Trusts

Open/Demand

BNP Paribas S.A.

3.04

12/14/18

Open

1,265,886

1,270,863

Capital Trusts

Open/Demand

BNP Paribas S.A.

3.04

12/14/18

Open

650,508

653,049

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.04

12/14/18

Open

470,308

472,145

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.04

12/14/18

Open

1,593,753

1,599,979

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.05

12/14/18

Open

641,250

643,699

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.05

12/14/18

Open

439,313

440,990

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.05

12/14/18

Open

100,704

101,088

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.05

12/14/18

Open

648,750

651,228

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.05

12/14/18

Open

103,320

103,715

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.07

12/14/18

Open

288,880

289,991

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.08

12/14/18

Open

402,960

404,515

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.09

12/14/18

Open

529,751

531,802

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.11

12/14/18

Open

356,470

357,859

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.11

12/14/18

Open

289,820

290,949

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.11

12/14/18

Open

333,120

334,418

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.12

12/14/18

Open

328,500

329,784

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.12

12/14/18

Open

472,023

473,868

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.65

12/14/18

Open

3,318,000

3,328,977

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.90

12/14/18

Open

550,000

551,995

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

175,500

176,112

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

452,500

454,078

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

407,028

408,447

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

623,000

625,173

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

1,174,400

1,178,495

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

2,236,000

2,243,797

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

960,000

963,348

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

502,500

504,252

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

628,125

630,315

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

570,975

572,966

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

828,750

831,640

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

342,320

343,514

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

1,421,250

1,426,206

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

882,500

885,577

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

555,000

556,935

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

378,000

379,318

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

232,400

233,210

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

473,750

475,402

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

559,000

560,949

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

705,000

707,458

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

699,375

701,814

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

445,000

446,552

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

376,000

377,311

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

340,000

341,186

Corporate Bonds

Open/Demand


34

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

RBC Capital Markets, LLC

2.79

12/14/18

Open

333,000

334,161

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

827,500

830,386

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

236,875

237,701

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

940,000

943,278

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

471,250

472,893

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

534,000

535,862

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

1,005,000

1,008,505

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

435,000

436,517

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

907,500

910,665

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

1,353,750

1,358,471

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

372,000

373,297

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

415,000

416,447

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

249,000

249,868

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

226,875

227,666

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

1,090,625

1,094,428

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

680,625

682,998

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

714,375

716,866

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

428,625

430,120

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

430,000

431,500

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

1,413,750

1,418,680

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

942,500

945,787

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

266,600

267,530

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

334,850

336,018

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

392,000

393,367

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

447,500

449,061

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

433,125

434,635

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

364,000

365,269

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

271,500

272,447

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

92,963

93,287

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

792,000

794,762

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

238,125

238,955

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

558,250

560,197

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

491,400

493,114

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

443,750

445,297

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/14/18

Open

942,500

945,787

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/14/18

Open

356,250

357,611

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/14/18

Open

2,827,500

2,838,299

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/14/18

Open

793,098

796,127

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/14/18

Open

2,101,020

2,109,045

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/14/18

Open

165,083

165,713

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/14/18

Open

197,925

198,681

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/14/18

Open

192,240

192,974

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/14/18

Open

213,368

214,182

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/14/18

Open

456,800

458,545

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/14/18

Open

160,500

161,113

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/14/18

Open

541,800

543,869

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/14/18

Open

260,930

261,927

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/14/18

Open

416,560

418,151

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/17/18

Open

292,785

293,880

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/18/18

Open

117,420

117,850

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/18/18

Open

307,912

309,039

Corporate Bonds

Open/Demand


			35

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

RBC Capital Markets, LLC

3.05

12/18/18

Open

169,320

169,940

Corporate Bonds

Open/Demand

UBS Securities LLC

2.70

12/18/18

Open

337,344

338,458

Corporate Bonds

Open/Demand

UBS Securities LLC

2.70

12/18/18

Open

4,812,500

4,828,395

Corporate Bonds

Open/Demand

UBS Securities LLC

2.70

12/18/18

Open

7,050,000

7,073,285

Capital Trusts

Open/Demand

UBS Securities LLC

2.70

12/18/18

Open

3,860,000

3,872,749

Corporate Bonds

Open/Demand

UBS Securities LLC

2.75

12/18/18

Open

314,550

315,609

Corporate Bonds

Open/Demand

UBS Securities LLC

2.80

12/18/18

Open

382,200

383,510

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/18/18

Open

1,697,850

1,703,988

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/18/18

Open

358,785

360,082

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/18/18

Open

3,629,700

3,642,822

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/18/18

Open

318,060

319,210

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/18/18

Open

382,235

383,617

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/18/18

Open

615,131

617,355

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/18/18

Open

407,340

408,813

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/18/18

Open

491,175

492,951

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/18/18

Open

387,838

389,240

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/18/18

Open

451,920

453,554

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/18/18

Open

246,986

247,879

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/18/18

Open

152,419

152,944

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/18/18

Open

3,730,000

3,743,485

Capital Trusts

Open/Demand

UBS Securities LLC

2.95

12/18/18

Open

275,558

276,554

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/18/18

Open

131,863

132,317

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/18/18

Open

337,871

339,093

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/18/18

Open

509,400

511,242

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/18/18

Open

388,578

389,982

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/19/18

Open

692,355

694,890

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/19/18

Open

945,560

949,022

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/19/18

Open

679,635

682,123

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.25

12/21/18

Open

96,570

96,598

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

12/21/18

Open

99,731

99,848

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

12/21/18

Open

102,588

102,737

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.95

12/21/18

Open

1,118,720

1,122,570

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

3.04

12/21/18

Open

911,985

915,334

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/21/18

Open

323,140

324,208

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/21/18

Open

111,360

111,728

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.20

12/24/18

Open

427,988

428,955

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.95

12/31/18

Open

342,000

342,897

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

01/04/19

Open

532,800

533,929

Corporate Bonds

Open/Demand

Barclays Bank PLC

3.00

01/07/19

Open

702,913

704,318

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.65

01/07/19

Open

3,765,000

3,771,652

Capital Trusts

Open/Demand

HSBC Securities (USA), Inc.

2.90

01/07/19

Open

1,305,000

1,307,523

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

01/07/19

Open

2,188,700

2,192,771

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

01/07/19

Open

373,550

374,341

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

01/07/19

Open

672,840

674,265

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

01/07/19

Open

1,245,720

1,248,359

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

01/07/19

Open

2,152,000

2,156,376

Corporate Bonds

Open/Demand


36

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

RBC Capital Markets, LLC

3.05

01/07/19

Open

752,400

753,930

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

01/07/19

Open

1,384,080

1,386,894

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

01/07/19

Open

1,129,360

1,131,656

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

01/07/19

Open

701,470

702,896

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

01/07/19

Open

671,670

673,036

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

01/07/19

Open

808,860

810,505

Corporate Bonds

Open/Demand

Barclays Bank PLC

(1.00

)

01/08/19

Open

1,384,688

1,383,803

Capital Trusts

Open/Demand

BNP Paribas S.A.

2.90

01/08/19

Open

910,000

911,686

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.95

01/08/19

Open

874,415

876,063

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.95

01/08/19

Open

854,420

856,030

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.04

01/08/19

Open

2,038,725

2,042,784

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.05

01/08/19

Open

1,340,955

1,343,568

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.08

01/08/19

Open

641,370

642,637

Capital Trusts

Open/Demand

BNP Paribas S.A.

3.11

01/08/19

Open

1,088,470

1,090,633

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

01/09/19

Open

164,920

165,227

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.62

01/11/19

2/13/19

13,358,000

13,375,499

U.S. Government Sponsored Agency Securities

Open/Demand

HSBC Securities (USA), Inc.

2.62

01/11/19

2/13/19

4,145,000

4,150,430

U.S. Government Sponsored Agency Securities

Open/Demand

HSBC Securities (USA), Inc.

2.62

01/11/19

2/13/19

15,254,000

15,273,983

U.S. Government Sponsored Agency Securities

Open/Demand

HSBC Securities (USA), Inc.

2.62

01/11/19

2/13/19

4,925,000

4,931,452

U.S. Government Sponsored Agency Securities

Open/Demand

HSBC Securities (USA), Inc.

2.62

01/11/19

2/13/19

10,468,000

10,481,713

U.S. Government Sponsored Agency Securities

Open/Demand

HSBC Securities (USA), Inc.

2.62

01/11/19

2/13/19

11,830,000

11,845,497

U.S. Government Sponsored Agency Securities

Open/Demand

Barclays Capital, Inc.

3.00

01/11/19

Open

249,624

249,998

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.84

01/11/19

Open

334,050

334,521

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

2.86

01/11/19

Open

288,570

288,988

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.09

01/11/19

Open

958,930

960,412

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

0.00

01/11/19

Open

250,100

250,106

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

01/14/19

Open

264,282

264,678

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.64

01/15/19

2/15/19

5,149,000

5,154,664

U.S. Government Sponsored Agency Securities

Open/Demand

Barclays Capital, Inc.

1.75

01/16/19

Open

118,443

118,529

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.09

01/17/19

Open

427,030

427,548

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

0.50

01/18/19

Open

98,314

98,328

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

0.75

01/18/19

Open

164,961

164,990

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

1.80

01/18/19

Open

487,070

487,318

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

01/24/19

Open

72,025

72,074

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.75

01/28/19

Open

256,130

256,196

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.00

01/30/19

Open

130,660

130,671

Corporate Bonds

Open/Demand


			37

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)


Counterparty	Interest Rate			Trade Date		Maturity Date^(a)		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements^(a)
RBC Capital Markets, LLC		3.05	%		01/30/19		Open	$	1,062,100	$	1,062,190	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		3.05			01/30/19		Open		273,000		273,023	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		3.05			01/30/19		Open		397,320		397,354	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		0.00			01/31/19		Open		898,460		898,460	Corporate Bonds	Open/Demand

								$	379,934,013	$	381,664,679

^(a)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
Euro Stoxx 600 Index		1		03/15/19	$	8	$	175
10- Year U.S. Ultra Long Treasury Bond		81		03/20/19		10,586		258,688
10-Year U.S. Treasury Note		43		03/20/19		5,266		62,861
U.S. Ultra Bond		114		03/20/19		18,368		273,649
2-Year U.S. Treasury Note		275		03/29/19		58,390		7,933

								603,306

Short Contracts:
Euro Bund		1		03/07/19		190		(3,950	)
Euro-Bobl		1		03/07/19		152		(917	)
Long Gilt		1		03/27/19		162		(1,955	)

								(6,822	)

							$	596,484

Forward Foreign Currency Exchange Contracts

Currency
Purchased

Currency
Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

EUR

1,222,000

USD

1,395,524

BNP Paribas S.A.

02/05/19

3,293

EUR

3,760,774

USD

4,296,684

Citibank N.A.

02/05/19

8,256

EUR

14,368,778

USD

16,416,329

Citibank N.A.

02/05/19

31,543


38

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	650,000	USD	737,985	Deutsche Bank AG		02/05/19		6,067
EUR	917,000	USD	1,041,127	Deutsche Bank AG		02/05/19		8,558
EUR	650,000	USD	744,496	Deutsche Bank AG		03/05/19		1,316
EUR	917,000	USD	1,050,312	Deutsche Bank AG		03/05/19		1,856
USD	232,075	GBP	176,000	BNP Paribas S.A.		03/05/19		891
USD	2,582,412	GBP	1,958,000	Citibank N.A.		03/05/19		10,485
USD	14,457,815	GBP	10,962,000	Citibank N.A.		03/05/19		58,699
USD	122,652	GBP	93,000	Deutsche Bank AG		03/05/19		492
USD	399,607	GBP	303,000	Deutsche Bank AG		03/05/19		1,602
USD	130,063	GBP	99,000	State Street Bank and Trust Co.		03/05/19		21
USD	1,481,830	GBP	1,128,000	State Street Bank and Trust Co.		03/05/19		148

								133,227

GBP	176,000	USD	231,739	BNP Paribas S.A.		02/05/19		(886	)
GBP	1,958,000	USD	2,578,686	Citibank N.A.		02/05/19		(10,443	)
GBP	10,962,000	USD	14,436,954	Citibank N.A.		02/05/19		(58,467	)
GBP	93,000	USD	122,476	Deutsche Bank AG		02/05/19		(491	)
GBP	303,000	USD	399,034	Deutsche Bank AG		02/05/19		(1,599	)
USD	1,386,915	EUR	1,222,000	BNP Paribas S.A.		02/05/19		(11,903	)
USD	4,286,417	EUR	3,760,774	Citibank N.A.		02/05/19		(18,523	)
USD	16,377,102	EUR	14,368,778	Citibank N.A.		02/05/19		(70,769	)
USD	742,744	EUR	650,000	Deutsche Bank AG		02/05/19		(1,308	)
USD	1,047,840	EUR	917,000	Deutsche Bank AG		02/05/19		(1,845	)
USD	12,541	EUR	11,000	UBS AG		02/05/19		(51	)
USD	271,332	EUR	238,000	UBS AG		02/05/19		(1,106	)
USD	225,500	GBP	176,000	BNP Paribas S.A.		02/05/19		(5,353	)
USD	2,513,602	GBP	1,958,000	Citibank N.A.		02/05/19		(54,641	)
USD	14,072,577	GBP	10,962,000	Citibank N.A.		02/05/19		(305,910	)
USD	119,060	GBP	93,000	Deutsche Bank AG		02/05/19		(2,925	)
USD	387,904	GBP	303,000	Deutsche Bank AG		02/05/19		(9,531	)
USD	221,256	GBP	173,000	JPMorgan Chase Bank N.A.		02/05/19		(5,663	)
USD	1,732,957	GBP	1,355,000	JPMorgan Chase Bank N.A.		02/05/19		(44,351	)
USD	1,552,035	MXN	31,843,000	Natwest Markets PLC		02/05/19		(113,198	)
USD	1,164,138	IDR	16,628,547,540	Citibank N.A.		02/22/19		(28,035	)
USD	1,398,822	EUR	1,222,000	BNP Paribas S.A.		03/05/19		(3,303	)
USD	4,306,801	EUR	3,760,774	Citibank N.A.		03/05/19		(8,320	)
USD	16,454,981	EUR	14,368,778	Citibank N.A.		03/05/19		(31,786	)

								(790,407	)

							$	(657,180	)

Centrally Cleared Credit Default Swaps — Sell Protection


Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency		Termination Date		Credit Rating^(a)	Notional Amount (000)^(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.HY.31.V3		5.00	%		Quarterly		12/20/23	B		USD	9,604	$	(638,419	)	$	(518,364	)	$	(120,055	)

^(a)

Using Standard & Poor’s (“S&P’s”) rating of the issuer or the underlying securities of the index, as applicable.

^(b)

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


			39

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

Centrally Cleared Interest Rate Swaps


Paid by the Trust		Received by the Trust			Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate		Frequency	Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
1.50%	Semi-annual		3-Month LIBOR, 2.74%	Quarterly		02/02/19		USD	8,000	$	(6,814	)	$	—	$	(6,814	)
1.62	Semi-annual		3-Month LIBOR, 2.74%	Quarterly		04/04/19		USD	7,600		(7,889	)		—		(7,889	)
3-Month LIBOR, 2.74%	Quarterly		2.39%	Semi-annual		02/12/20		USD	193,500		437,584			1,385		436,199
3-Month LIBOR, 2.74%	Quarterly		2.36	Semi-annual		02/13/20		USD	150,000		283,398			1,076		282,322
3-Month LIBOR, 2.74%	Quarterly		2.72	Semi-annual		01/10/21		USD	34,500		60,296			457		59,839
3-Month LIBOR, 2.74%	Quarterly		2.71	Semi-annual		01/11/21		USD	25,200		42,769			334		42,435
2.61	Semi-annual		3-Month LIBOR, 2.74%	Quarterly		02/04/21		USD	143,790		(21,156	)		1,963		(23,119	)
2.01	Semi-annual		3-Month LIBOR, 2.74%	Quarterly		02/02/22		USD	15,000		184,240			130		184,110
2.01	Semi-annual		3-Month LIBOR, 2.74%	Quarterly		07/12/22		USD	3,000		54,923			—		54,923
3-Month LIBOR, 2.74%	Quarterly		2.67	Semi-annual		01/30/24		USD	20,000		118,168			299		117,869
2.60	Semi-annual		3-Month LIBOR, 2.74%	Quarterly		02/01/24		USD	20,000		(54,845	)		299		(55,144	)
2.47	Semi-annual		3-Month LIBOR, 2.74%	Quarterly		12/29/26		USD	3,000		32,879			40		32,839
2.25	Semi-annual		3-Month LIBOR, 2.74%	Quarterly		01/19/27		USD	3,400		92,543			44		92,499
2.42	Semi-annual		3-Month LIBOR, 2.74%	Quarterly		04/04/27		USD	18,300		177,023			240		176,783
2.30	Semi-annual		3-Month LIBOR, 2.74%	Quarterly		05/02/27		USD	3,000		76,404			—		76,404
2.28	Semi-annual		3-Month LIBOR, 2.74%	Quarterly		05/17/27		USD	1,700		46,050			—		46,050
2.18	Semi-annual		3-Month LIBOR, 2.74%	Quarterly		06/05/27		USD	2,300		80,934			—		80,934
2.90	Semi-annual		3-Month LIBOR, 2.74%	Quarterly		02/06/28		USD	57,000		(1,591,865	)		920		(1,592,785	)
2.92	Semi-annual		3-Month LIBOR, 2.74%	Quarterly		03/26/28		USD	10,500		(302,151	)		172		(302,323	)
2.70	Semi-annual		3-Month LIBOR, 2.74%	Quarterly		04/04/47		USD	13,200		274,187			—		274,187
3.01	Semi-annual		3-Month LIBOR, 2.74%	Quarterly		02/13/48		USD	18,000		(790,155	)		430		(790,585	)
2.98	Semi-annual		3-Month LIBOR, 2.74%	Quarterly		02/13/48		USD	9,000		(343,867	)		215		(344,082	)
3.01	Semi-annual		3-Month LIBOR, 2.74%	Quarterly		02/14/48		USD	6,500		(284,013	)		155		(284,168	)
3.03	Semi-annual		3-Month LIBOR, 2.74%	Quarterly		02/20/48		USD	4,300		(211,018	)		103		(211,121	)
3-Month LIBOR, 2.74%	Quarterly		2.88	Semi-annual		02/01/49		USD	4,500		41,711			106		41,605

										$	(1,610,664	)	$	8,368	$	(1,619,032	)

OTC Credit Default Swaps — Buy Protection


Reference Obligation/Index	Financing Rate Paid by the Trust			Payment Frequency		Counterparty		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
United Mexican States		1.00	%		Quarterly		Citibank N.A.		06/20/20		USD	604	$	(3,113	)	$	1,660	$	4,773	)
United Mexican States		1.00			Quarterly		Bank of America N.A.		09/20/20		USD	604		(3,265	)		2,540		(5,805	)
Republic of Colombia		1.00			Quarterly		Citibank N.A.		12/20/23		USD	511		5,517			3,855		1,662
CMBX.NA.7		3.00			Monthly		Deutsche Bank AG		01/17/47		USD	25,000		1,301,116			1,854,232		(553,116	)

													$	1,300,255		$	1,862,287	$	(562,032	)

OTC Credit Default Swaps — Sell Protection


Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency		Counterparty	Termination Date		Credit Rating^(a)	Notional Amount (000)^(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
United Mexican States		1.00	%		Quarterly	Bank of America N.A.		06/20/20	BBB+		USD	604	$	3,113		$	(1,740	)	$	4,853
United Mexican States		1.00			Quarterly	Citibank N.A.		09/20/20	BBB+		USD	604		3,265			2,409			856
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank N.A.		12/20/22	BB		EUR	50		(7,892	)		(1,723	)		(6,169	)
Telecom Italia SpA/Milano		1.00			Quarterly	Citibank N.A.		12/20/22	N/R		EUR	30		(2,172	)		(493	)		(1,679	)
Casino Guichard Perrachon SA		1.00			Quarterly	BNP Paribas S.A.		06/20/23	BB		EUR	10		(1,797	)		(903	)		(894	)


40

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

OTC Credit Default Swaps — Sell Protection (continued)


Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency		Counterparty	Termination Date		Credit Rating^(a)	Notional Amount (000)^(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Casino Guichard Perrachon SA		1.00	%		Quarterly	BNP Paribas S.A.		06/20/23	BB		EUR	10	$	(1,797	)	$	(903	)	$	(894	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB		EUR	10		(1,797	)		(894	)		(903	)
Casino Guichard Perrachon SA		1.00			Quarterly	Bank of America N.A.		06/20/23	BB		EUR	12		(2,217	)		(1,704	)		(513	)
Casino Guichard Perrachon SA		1.00			Quarterly	Citibank N.A.		06/20/23	BB		EUR	28		(4,973	)		(3,604	)		(1,369	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB		EUR	7		(1,304	)		(858	)		(446	)
Casino Guichard Perrachon SA		1.00			Quarterly	Citibank N.A.		06/20/23	BB		EUR	12		(2,172	)		(1,527	)		(645	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB		EUR	12		(2,174	)		(1,528	)		(646	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB		EUR	5		(870	)		(572	)		(298	)
Casino Guichard Perrachon SA		1.00			Quarterly	Barclays Bank PLC		06/20/23	BB		EUR	13		(2,327	)		(1,472	)		(855	)
Casino Guichard Perrachon SA		1.00			Quarterly	Barclays Bank PLC		06/20/23	BB		EUR	47		(8,457	)		(5,511	)		(2,946	)
Intrum Justitia AB		5.00			Quarterly	Credit Suisse International		06/20/23	BB+		EUR	20		968			1,802			(834	)
Intrum Justitia AB		5.00			Quarterly	Credit Suisse International		06/20/23	BB+		EUR	50		2,419			4,772			(2,353	)
Intrum Justitia AB		5.00			Quarterly	Credit Suisse International		06/20/23	BB+		EUR	7		332			731			(399	)
Intrum Justitia AB		5.00			Quarterly	Morgan Stanley & Co. International PLC		06/20/23	BB+		EUR	23		1,120			2,465			(1,345	)
Intrum Justitia AB		5.00			Quarterly	Citibank N.A.		06/20/23	BB+		EUR	9		451			418			33
Intrum Justitia AB		5.00			Quarterly	Citibank N.A.		06/20/23	BB+		EUR	21		1,000			927			73
Thomas Cook Finance 2 PLC		5.00			Quarterly	Citibank N.A.		06/20/23	B+		EUR	50		(11,353	)		6,031			(17,384	)
Thomas Cook Finance 2 PLC		5.00			Quarterly	Morgan Stanley & Co. International PLC		06/20/23	B+		EUR	60		(13,623	)		7,220			(20,843	)
Casino Guichard Perrachon SA		1.00			Quarterly	Barclays Bank PLC		12/20/23	BB		EUR	80		(16,152	)		(12,431	)		(3,721	)
Chesapeake Energy Corp.		5.00			Quarterly	Barclays Bank PLC		12/20/23	B-		USD	94		(2,576	)		176			(2,752	)
Chesapeake Energy Corp.		5.00			Quarterly	Barclays Bank PLC		12/20/23	B-		USD	402		(11,017	)		3,798			(14,815	)
Garfunkelux Holdco 2 SA		5.00			Quarterly	JPMorgan Chase Bank N.A.		12/20/23	B-		EUR	13		(4,042	)		(90	)		(3,952	)
Garfunkelux Holdco 2 SA		5.00			Quarterly	Credit Suisse International		12/20/23	B-		EUR	6		(1,761	)		105			(1,866	)
Garfunkelux Holdco 2 SA		5.00			Quarterly	Credit Suisse International		12/20/23	B-		EUR	24		(7,677	)		458			(8,135	)
Telecom Italia SpA/Milano		1.00			Quarterly	Barclays Bank PLC		12/20/23	BB+		EUR	52		(5,905	)		(4,913	)		(992	)
Telecom Italia SpA/Milano		1.00			Quarterly	JPMorgan Chase Bank N.A.		12/20/23	BB+		EUR	48		(5,551	)		(4,882	)		(669	)
Tesco PLC		1.00			Quarterly	Citibank N.A.		12/20/23	BB+		EUR	60		(675	)		(865	)		190
Vougeot Bidco PLC		5.00			Quarterly	Citibank N.A.		12/20/23	B		EUR	14		949			1,354			(405	)
Vougeot Bidco PLC		5.00			Quarterly	Citibank N.A.		12/20/23	B		EUR	32		2,213			3,125			(912	)
CMBX.NA.7		3.00			Monthly	Barclays Bank PLC		01/25/47	C+		USD	10,000		(515,446	)		(515,905	)		459
CMBX.NA.7		3.00			Monthly	Barclays Bank PLC		01/25/47	C+		USD	5,000		(257,723	)		(257,591	)		(132	)


			41

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

OTC Credit Default Swaps — Sell Protection (continued)


Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency		Counterparty		Termination Date		Credit Rating^(a)	Notional Amount (000)^(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.7		3.00	%		Monthly		Barclays Bank PLC		01/25/47	C+		USD	10,000	$	(515,446	)	$	(249,809	)	$	(265,637	)
CMBX.NA.8		2.00			Monthly		Morgan Stanley & Co. International PLC		10/17/57	N/R		USD	5,000		(40,969	)		(560,255	)		519,286
CMBX.NA.9		2.00			Monthly		Morgan Stanley & Co. International PLC		09/17/58	N/R		USD	2,500		(21,965	)		(342,971	)		321,006
CMBX.NA.9		2.00			Monthly		Credit Suisse International		09/17/58	N/R		USD	2,500		(21,965	)		(346,316	)		324,351
CMBX.NA.9		2.00			Monthly		Morgan Stanley & Co. International PLC		09/17/58	N/R		USD	5,000		(43,930	)		(679,556	)		635,626
CMBX.NA.9		3.00			Monthly		Morgan Stanley & Co. International PLC		09/17/58	N/R		USD	2,500		(183,929	)		(554,305	)		370,376
CMBX.NA.9		3.00			Monthly		Deutsche Bank AG		09/17/58	N/R		USD	25,000		(1,839,295	)		(2,473,039	)		633,744
CMBX.NA.9		3.00			Monthly		Goldman Sachs International		09/17/58	N/R		USD	5,000		(367,859	)		(530,696	)		162,837
CMBX.NA.9		3.00			Monthly		Credit Suisse International		09/17/58	N/R		USD	5,000		(367,859	)		(546,189	)		178,330
CMBX.NA.9		3.00			Monthly		Morgan Stanley & Co. International PLC		09/17/58	N/R		USD	5,000		(367,859	)		(545,556	)		177,697

														$	(4,648,696	)	$	(7,613,010	)	$	2,964,314

^(a)

Using S&P’s rating of the issuer or the underlying securities of the index, as applicable.

^(b)

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


42

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

Fair Value Hierarchy as of Period End

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

•

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

•

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

•

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)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or trusts. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. 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.

The following table summarizes 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	$	—	$	148,094,198		$	2,128,249	$	150,222,447
Common Stocks		3,028,495		—			—		3,028,495
Corporate Bonds		106,233		446,789,137			1,710,371		448,605,741
Floating Rate Loan Interests		—		37,105,121			50,268,335		87,373,456
Foreign Agency Obligations		—		32,417,436			—		32,417,436
Non-Agency Mortgage-Backed Securities		—		100,475,126			8,382,671		108,857,797
Preferred Securities		16,579,710		92,949,681			1,684,377		111,213,768
U.S. Government Sponsored Agency Securities		—		67,488,150			—		67,488,150
U.S. Treasury Obligations		—		19,473,176			—		19,473,176
Warrants		384		—			—		384
Short-Term Securities:
Foreign Agency Obligations		—		2,202,902			—		2,202,902
Money Market Fund		13,505,941		—			—		13,505,941
Liabilities:
Unfunded Floating Rate Loan Interests^(a)		—		(368	)		—		(368	)

	$	33,220,763	$	946,994,559		$	64,174,003	$	1,044,389,325


			43

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments^(b)
Assets:
Credit contracts	$	—		$	3,331,379		$	—	$	3,331,379
Foreign currency exchange contracts		—			133,227			—		133,227
Equity contracts		175			—			—		175
Interest rate contracts		603,131			1,998,998			—		2,602,129
Liabilities:
Credit contracts		—			(1,049,152	)		—		(1,049,152	)
Foreign currency exchange contracts		—			(790,407	)		—		(790,407	)
Interest rate contracts		(6,822	)		(3,618,030	)		—		(3,624,852	)

	$	596,484		$	6,015		$	—	$	602,499

^(a)

Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

^(b)

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements payable of $381,664,679 is categorized as Level 2 within the disclosure hierarchy.

During the period ended January 31, 2019, 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			Preferred Securities		Unfunded Floating Rate Loan Interests			Total
Assets:
Opening balance, as of October 31, 2018	$	3,692,359		$	1,798,304		$	66,230,887		$	17,447,723		$	1,637,441	$	(60	)	$	90,806,654
Transfers into Level 3		—			—			1,747,221			—			—		—			1,747,221
Transfers out of Leve 3^(a)		(1,500,000	)		(145,407	)		(1,160,203	)		(8,631,474	)		—		131			(11,436,953	)
Accrued discounts/premiums		7,346			—			1,995			40,198			—		—			49,539
Net realized gain (loss)		(6,616	)		—			(10,753	)		150,803			—		—			133,434
Net change in unrealized appreciation (depreciation)^(b)		5,147			57,474			(15,420,699	)		(154,156	)		46,936		(71	)		(15,465,369	)
Purchases		—			—			293,242			—			—		—			293,242
Sales		(69,987	)		—			(1,413,355	)		(470,423	)		—		—			(1,953,765	)

Closing Balance, as of January 31, 2019		2,128,249			1,710,371			50,268,335			8,382,671			1,684,377		—			64,174,003

Net change in unrealized appreciation (depreciation) on investments still held at January 31, 2019^(b)		5,147			57,474			(15,411,257	)		(154,155	)		46,936		—			(15,455,855	)


44

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2019

BlackRock Multi-Sector Income Trust (BIT)

^(a)

As of October 31, 2018, the Trust used significant unobservable inputs in determining the value of certain investments. As of January 31, 2019, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

^(b)	Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at January 31, 2019 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation methodologies used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Trust’s Level 3 investments as of period end. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $13,062,800. A significant change in the third party information could result in a significantly lower or higher value of such Level 3 investments.


	Value		Valuation Approaches	Unobservable Inputs	Range of Unobservable Inputs Utilized
Assets:
Floating Rate Loan Interests	$	47,716,455	Income	Discount Rate^(a)		18	%
Corporate Bond		1,710,371	Income	Credit Spread^(a)		310
Preferred Stocks		1,684,377	Market	Discount Rate^(a)		1	%

	$	51,111,203

^(a)	Decrease in unobservable input may result in a significant increase to value, while an increase in unobservable input may result in a significant decrease to value.


			45


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 22, 2019

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 22, 2019


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

Date: March 22, 2019