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: 10/31/2016

Date of reporting period: 07/31/2016

Item 1 – Schedule of Investments

Schedule of Investments July 31, 2016 (Unaudited)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Common Stocks		Shares		Value
Aerospace & Defense — 0.3%
United Technologies Corp.			25,650	$	2,761,223
Oil, Gas & Consumable Fuels — 0.1%
Denbury Resources, Inc.			43,560		122,815
Vantage Drilling International (a)			2,018		—
Whiting Petroleum Corp. (a)			34,342		253,100

					375,915
Real Estate Investment Trusts (REITs) — 0.0%
Ovation Acquisition I LLC, (Acquired 12/28/15, cost $8,635) (b)			561		561
Total Common Stocks — 0.4%					3,137,699



Asset-Backed Securities		Par (000)
Asset-Backed Securities — 30.7%
ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class A2D, 0.79%, 2/25/36 (c)	USD		6,361		5,742,608
Adirondack Park CLO Ltd., Series 2013-1A, Class E, 5.33%, 4/15/24 (c)(d)			2,000		1,676,073
ALM Loan Funding, Series 2013-7RA, Class D, 5.71%, 4/24/24 (c)(d)			1,000		934,970
ALM VI Ltd., Series 2012-6A (c)(d)(e):
Class B2R, 3.48%, 7/15/26			1,300		1,287,910
Class CR, 4.43%, 7/15/26			1,000		949,500
ALM XIV Ltd., Series 2014-14A, Class C, 4.19%, 7/28/26 (c)(d)			3,610		3,405,155
American Homes 4 Rent, Series 2014-SFR2, Class E, 6.23%, 10/17/36 (d)			2,000		2,165,884
AMMC CDO, Series 2015-16A, Class C, 3.77%, 4/14/27 (c)(d)			1,250		1,249,786
AMMC CLO IX, Ltd., Series 2011-9A, Class ER, 8.33%, 1/15/22 (c)(d)			1,000		975,980
AMMC CLO XII Ltd., Series 2013-12A, Class D1, 4.38%, 5/10/25 (c)(d)(e)			1,000		962,112
Anchorage Capital CLO 3 Ltd., Series 2014-3A, Class B, 3.74%, 4/28/26 (c)(d)			1,000		997,316
Anchorage Capital CLO 6 Ltd., Series 2015-6A (c)(d):
Class C, 3.53%, 4/15/27			700		683,550
Class D, 4.08%, 4/15/27			1,000		935,246


Asset-Backed Securities		Par (000)		Value
Asset-Backed Securities (continued)
Apidos CDO, Series 2012-9AR, Class CR, 3.58%, 7/15/23 (c)(d)	USD		1,250	$	1,244,807
Apidos CLO XII, Series 2013-12A, Class D, 3.73%, 4/15/25 (c)(d)(e)			1,000		935,587
Atrium X, Series 10A (c)(d):
Class D, 4.18%, 7/16/25 (e)			1,000		957,397
Class E, 5.18%, 7/16/25			2,000		1,710,022
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, 0.63%, 11/25/36 (c)			5,407		4,601,833
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class C, 4.18%, 7/15/24 (c)(d)(e)			1,750		1,600,425
Benefit Street Partners CLO VI Ltd., Series 2015-VIA (c)(d):
Class B, 3.73%, 4/18/27 (e)			1,000		985,000
Class C, 4.38%, 4/18/27			1,000		943,063
Betony CLO Ltd., Series 2015-1A, Class D, 4.28%, 4/15/27 (c)(d)			1,000		925,652
C-BASS Trust, Series 2006-CB7, Class A4, 0.65%, 10/25/36 (c)			8,643		6,290,278
Carlyle Global Market Strategies CLO Ltd. (c)(d)(e):
Series 2012-1AR, Class DR, 4.45%, 4/20/22			1,000		998,149
Series 2012-4A, Class D, 5.20%, 1/20/25			2,350		2,351,378
Series 2013-2A, Class D, 4.43%, 4/18/25			1,250		1,212,165
Carrington Mortgage Loan Trust, Series 2006-FRE2 (c):
Class A2, 0.61%, 10/25/36			6,144		3,605,697
Class A5, 0.57%, 10/25/36			12,658		7,388,245
CIFC Funding Ltd. (c)(d):
Series 2012-1AR, Class B1R, 4.78%, 8/14/24 (e)			2,000		1,991,846
Series 2014-3A, Class D, 4.10%, 7/22/26			480		442,744
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44 (d)			3,671		3,645,708
Flatiron CLO Ltd., Series 2012-1A, Class C, 5.21%, 10/25/24 (c)(d)(e)			1,375		1,375,333
Fremont Home Loan Trust, Class 2A3 (c):
Series 2006-A, 0.65%, 5/25/36			25,852		14,002,620
Series 2006-D, 0.64%, 11/25/36			23,731		10,152,954
GoldenTree Loan Opportunities VII Ltd., Series 2013-7A, Class D, 4.01%, 4/25/25 (c)(d)			1,250		1,202,250



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	1


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


Asset-Backed Securities		Par (000)		Value
Asset-Backed Securities (continued)
GSAMP Trust (c):
Series 2006-FM2, Class A2C, 0.64%, 9/25/36	USD		11,869	$	5,597,992
Series 2007-FM2, Class A2B, 0.58%, 1/25/37			8,405		5,116,309
Highbridge Loan Management Ltd., Series 4A-2014, Class B, 3.74%, 7/28/25 (c)(d)			2,000		1,994,430
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, 0.66%, 4/25/37 (c)			13,856		9,050,930
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M2, 7.17%, 4/15/40 (c)			6,115		4,285,997
Long Beach Mortgage Loan Trust, Series 2006-1, Class 1A, 0.71%, 2/25/36 (c)			6,315		5,078,640
Madison Park Funding IX Ltd., Series 2012-9AR, Class C1R, 3.48%, 8/15/22 (c)(d)(e)			1,000		999,949
Madison Park Funding Ltd. (c):
Series 2012-10A, Class D, 4.95%, 1/20/25 (d)(e)			1,000		1,004,460
Series 2012-8X, Class E, 5.99%, 4/22/22			3,000		2,894,534
Madison Park Funding XV Ltd., Series 2014-15A, Class B1, 3.98%, 1/27/26 (c)(d)			1,600		1,618,178
Madison Park Funding XVI Ltd., Series 2015-16A (c)(d)(e):
Class B, 3.70%, 4/20/26			1,000		999,400
Class C, 4.40%, 4/20/26			1,000		936,600
Mastr Asset-Backed Securities Trust (c):
Series 2006-HE2, Class A3, 0.64%, 6/25/36			11,634		6,273,165
Series 2006-WMC2, Class A5, 0.74%, 4/25/36			8,898		3,839,138
Morgan Stanley IXIS Real Estate Capital Trust, Series 2006-2, Class A3, 0.64%, 11/25/36 (c)			14,886		6,810,056
Octagon Investment Partners XIV Ltd., Series 2012-1A, Class C, 4.68%, 1/15/24 (c)(d)(e)			1,000		983,245
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class C, 4.28%, 11/14/26 (c)(d)			1,000		943,318


Asset-Backed Securities		Par (000)			Value
Asset-Backed Securities (continued)
OHA Credit Partners VII Ltd., Series 2012-7A, Class D, 4.64%, 11/20/23 (c)(d)(e)	USD		3,000		$	2,965,384
OneMain Financial Issuance Trust, Series 2015-2A, Class C, 4.32%, 7/18/25 (d)			5,000			4,968,238
OZLM Funding IV Ltd., Series 2013-4A, Class C, 3.90%, 7/22/25 (c)(d)(e)			1,250			1,145,119
OZLM Funding Ltd., Series 2012-2A, Class C, 4.99%, 10/30/23 (c)(d)(e)			2,000			2,000,256
Pretium Mortgage Credit Partners LLC, Series 2016-NPL3, Class A1, 4.38%, 5/27/31 (d)(f)			6,545			6,591,345
Race Point CLO Ltd., Series 2011-5AR, Class ER, 6.34%, 12/15/22 (c)(d)			1,500			1,461,513
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 9/25/37 (f)			4,602			2,736,974
Santander Drive Auto Receivables Trust, Series 2014-S4, 0.00%, 4/16/19 (g)			3			11,498,880
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, 0.89%, 9/25/47 (c)			5,000			3,725,500
Scholar Funding Trust, Series 2013-A, Class R, 0.00% (d)			—	(h)		3,027,141
SMB Private Education Loan Trust, Series 2015-C, Class C, 4.50%, 9/17/46 (d)			4,100			4,072,136
Symphony CLO Ltd., Series 2012-10AR, Class CR, 3.49%, 7/23/23 (c)(d)(e)			1,500			1,497,027
Symphony CLO XV Ltd., Series 2014-15A, Class D, 4.43%, 10/17/26 (c)(d)			3,500			3,349,436
TICP CLO I Ltd., Series 2015-1A, Class C, 3.70%, 7/20/27 (c)(d)			1,000			981,885
Treman Park CLO LLC, Series 2015-1A, Class D, 4.56%, 4/20/27 (c)(d)			1,500			1,442,600
Tyron Park CLO Ltd., Series 2013-1A (c)(d):
Class C, 4.18%, 7/15/25 (e)			1,250			1,167,284
Class D, 5.08%, 7/15/25			1,000			829,971
Venture XX CLO Ltd., Series 2015-20A (c)(d):
Class C, 3.83%, 4/15/27 (e)			1,000			999,836



2	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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


Asset-Backed Securities		Par (000)		Value
Asset-Backed Securities (continued)
Venture XX CLO Ltd., Series 2015-20A (c)(d) (continued):
Class D, 4.53%, 4/15/27	USD		520	$	490,579
Venture XXI CLO Ltd., Series 2015-21A, Class D, 4.28%, 7/15/27 (c)(d)			480		435,436
VOLT XLVI LLC, Series 2016-NPL6, Class A1, 3.88%, 6/25/46 (d)(f)			4,902		4,897,603
Voya CLO Ltd., Series 2012-2AR, Class CR, 3.63%, 10/15/22 (c)(d)(e)			1,350		1,339,119
WaMu Asset-Backed Certificates Trust, Series 2007-HE3, Class 2A3, 0.73%, 5/25/47 (c)			11,214		7,485,522
Westvue Mortgage Loan Trust, Series 2015-1A, Class A, 4.50%, 9/25/20 (d)(f)			2,705		2,711,351
Total Asset-Backed Securities - 30.7%					220,775,719



Corporate Bonds
Aerospace & Defense — 0.8%
Accudyne Industries Borrower/Accudyne Industries LLC, 7.75%, 12/15/20 (d)(e)			840		705,600
Bombardier, Inc. (d):
5.50%, 9/15/18			257		258,928
6.00%, 10/15/22			73		64,423
7.50%, 3/15/25			737		645,251
KLX, Inc., 5.88%, 12/01/22 (d)			345		349,312
TransDigm, Inc.:
5.50%, 10/15/20			262		268,550
7.50%, 7/15/21 (e)			312		329,940
6.00%, 7/15/22 (e)			1,971		2,034,111
6.50%, 7/15/24 (e)			356		369,770
6.38%, 6/15/26 (d)			403		414,082

					5,439,967
Air Freight & Logistics — 0.1%
XPO Logistics, Inc.:
5.75%, 6/15/21	EUR		100		109,977
6.50%, 6/15/22 (d)(e)	USD		760		752,400

					862,377
Airlines — 3.2%
Air Canada Pass-Through Trust, Series 2013-1, Class B, 5.38%, 11/15/22 (d)(e)			2,747		2,788,189


Corporate Bonds		Par (000)		Value
Airlines (continued)
American Airlines Pass-Through Trust (e):
Series 2013-1, Class C, 6.13%, 7/15/18 (d)	USD		1,080	$	1,124,550
Series 2013-2, Class A, 4.95%, 7/15/24			1,998		2,187,575
Continental Airlines Pass-Through Trust (e):
Series 2003-ERJ1, 7.88%, 1/02/20			365		379,395
Series 2007-1, Class B, 6.90%, 10/19/23			465		488,493
Series 2012-1, Class B, 6.25%, 10/11/21			400		429,179
Series 2012-3, Class C, 6.13%, 4/29/18			408		429,420
Delta Air Lines Pass-Through Trust, Class B (e):
Series 2007-1, 8.02%, 2/10/24			1,981		2,275,770
Series 2012-1, 6.88%, 5/07/19 (d)			3,330		3,595,865
United Airlines Pass-Through Trust (e):
Series 2014-2, Class B, 4.63%, 3/03/24			2,615		2,621,641
Series 2015-1, Class A, 3.70%, 6/01/24			3,570		3,748,500
US Airways Pass-Through Trust, Class B (e):
Series 2011-1, 9.75%, 4/22/20			2,109		2,362,517
Series 2013-1, 5.38%, 5/15/23			816		834,352

					23,265,446
Auto Components — 0.5%
CNH Industrial Finance Europe SA, 2.88%, 5/17/23	EUR		175		201,011
Faurecia, 3.63%, 6/15/23			111		128,441
Fiat Chrysler Finance Europe:
6.63%, 3/15/18			102		123,444
4.75%, 3/22/21			133		162,761
4.75%, 7/15/22			100		122,298
FTE Verz`waltungs GmbH, 9.00%, 7/15/20			100		117,983
Goodyear Dunlop Tires Europe BV, 3.75%, 12/15/23			100		118,229
Goodyear Tire & Rubber Co., 5.00%, 5/31/26	USD		77		81,139



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	3


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


Corporate Bonds		Par (000)		Value
Auto Components (continued)
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.88%, 3/15/19 (e)	USD		481	$	477,392
5.88%, 2/01/22			515		491,825
Schaeffler Finance BV, 4.75%, 5/15/21 (d)(e)			1,045		1,080,269
Schaeffler Holding Finance BV (i):
(5.75% Cash or 6.50% PIK), 5.75%, 11/15/21	EUR		61		73,895
(6.75% Cash), 6.75%, 11/15/22 (d)(e)	USD		678		748,751

					3,927,438
Automobiles — 0.4%
General Motors Co., 6.25%, 10/02/43 (e)			2,194		2,646,837
Banks — 1.1%
ABN AMRO Bank NV, 5.75% (c)(j)	EUR		200		217,172
Allied Irish Banks PLC, 4.13%, 11/26/25 (c)			100		107,034
Bank of Ireland, 4.25%, 6/11/24 (c)			100		111,457
Bankia SA, 4.00%, 5/22/24 (c)			300		329,432
CIT Group, Inc.:
5.25%, 3/15/18 (e)	USD		588		611,520
5.50%, 2/15/19 (d)			280		296,800
5.00%, 8/01/23 (e)			880		926,200
Commerzbank AG:
7.75%, 3/16/21	EUR		100		135,781
4.00%, 3/23/26			47		54,769
Intesa Sanpaolo SpA, 2.86%, 4/23/25			115		128,097
Rizal Commercial Banking Corp., 4.25%, 1/22/20	USD		100		105,532
Sberbank of Russia Via SB Capital SA, 5.25%, 5/23/23 (d)			5,000		4,877,000

					7,900,794
Beverages — 0.4%
Anheuser-Busch InBev Finance, Inc., 4.90%, 2/01/46 (e)			2,160		2,631,137
OI European Group BV, 6.75%, 9/15/20	EUR		75		100,515
Verallia Packaging SASU, 5.13%, 8/01/22			100		117,949

					2,849,601


Corporate Bonds		Par (000)		Value
Biotechnology — 0.0%
Senvion Holding GmbH, 6.63%, 11/15/20	EUR		145	$	169,544
Building Materials — 0.0%
Dry Mix Solutions Investissements SAS, 3.99%, 6/15/21 (c)			100		111,241
Titan Global Finance PLC, 3.50%, 6/17/21			100		113,801

					225,042
Building Products — 0.6%
American Builders & Contractors Supply Co., Inc. (d)(e):
5.63%, 4/15/21	USD		375		387,187
5.75%, 12/15/23			285		299,963
Building Materials Corp. of America, 6.00%, 10/15/25 (d)(e)			247		267,378
Cemex SAB de CV, 5.88%, 3/25/19 (d)(e)			200		205,728
HeidelbergCement AG, 2.25%, 3/30/23	EUR		100		116,966
Masonite International Corp., 5.63%, 3/15/23 (d)(e)	USD		360		379,350
Ply Gem Industries, Inc., 6.50%, 2/01/22 (e)			919		934,163
Standard Industries, Inc. (d)(e):
5.13%, 2/15/21			157		164,065
5.50%, 2/15/23			257		267,923
USG Corp.:
9.50%, 1/15/18 (e)			622		681,090
5.88%, 11/01/21 (d)			45		47,250
5.50%, 3/01/25 (d)(e)			435		464,362

					4,215,425
Capital Markets — 0.2%
AE-Rotor Holding BV, 4.97%, 3/28/18			140		140,233
American Capital Ltd., 6.50%, 9/15/18 (d)(e)			700		714,420
E*Trade Financial Corp. (e):
5.38%, 11/15/22			185		196,100
4.63%, 9/15/23			490		507,150

					1,557,903
Chemicals — 0.6%
Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding BV, 7.38%, 5/01/21 (d)(e)			380		401,850



4	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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


Corporate Bonds		Par (000)		Value
Chemicals (continued)
Chemours Co.:
6.63%, 5/15/23	USD		120	$	103,500
7.00%, 5/15/25			165		140,250
Huntsman International LLC, 4.88%, 11/15/20			180		182,700
Ineos Finance PLC, 4.00%, 5/01/23	EUR		115		130,499
Inovyn Finance PLC, 6.25%, 5/15/21			100		116,272
Momentive Performance Materials, Inc., 3.88%, 10/24/21 (e)	USD		609		476,610
Montichem Holdco 3 SA, 5.25%, 6/15/21	EUR		109		122,471
NOVA Chemicals Corp., 5.25%, 8/01/23 (d)	USD		145		149,531
Platform Specialty Products Corp. (d)(e):
10.38%, 5/01/21			65		65,325
6.50%, 2/01/22			1,427		1,237,923
PQ Corp., 6.75%, 11/15/22 (d)			355		373,417
PSPC Escrow Corp., 6.00%, 2/01/23	EUR		153		148,812
WR Grace & Co-Conn, 5.63%, 10/01/24 (d)(e)	USD		300		321,750

					3,970,910
Commercial Services & Supplies — 1.2%
AA Bond Co., Ltd., 5.50%, 7/31/43	GBP		100		129,128
ADT Corp.:
3.50%, 7/15/22	USD		506		475,007
4.13%, 6/15/23			86		82,453
Aviation Capital Group Corp., 6.75%, 4/06/21 (d)(e)			5,000		5,842,500
Bilbao Luxembourg SA, (10.50% Cash or 11.25% PIK), 10.50%, 12/01/18 (i)	EUR		100		109,564
Brand Energy & Infrastructure Services, Inc., 8.50%, 12/01/21 (d)	USD		352		350,240
Iron Mountain, Inc., 6.00%, 10/01/20 (d)(e)			435		458,925
Mobile Mini, Inc., 5.88%, 7/01/24 (d)			447		463,763
Silk Bidco AS, 7.50%, 2/01/22	EUR		108		127,083
United Rentals North America, Inc.:
7.63%, 4/15/22	USD		144		153,818
5.75%, 11/15/24 (e)			450		466,875
5.88%, 9/15/26			90		93,488

					8,752,844
Communications Equipment — 0.6%
Alcatel-Lucent USA, Inc., 6.45%, 3/15/29 (e)			1,605		1,705,312


Corporate Bonds		Par (000)		Value
Communications Equipment (continued)
CommScope Technologies Finance LLC, 6.00%, 6/15/25 (d)(e)	USD		610	$	643,550
CommScope, Inc., 4.38%, 6/15/20 (d)(e)			170		175,568
Nokia OYJ, 6.63%, 5/15/39 (e)			245		263,987
Zayo Group LLC/Zayo Capital, Inc., 6.38%, 5/15/25 (e)			1,107		1,158,199

					3,946,616
Construction & Engineering — 0.2%
Aeropuerto Internacional de Tocumen SA, 5.63%, 5/18/36 (d)			200		206,500
BlueLine Rental Finance Corp., 7.00%, 2/01/19 (d)(e)			643		591,560
Safway Group Holding LLC/Safway Finance Corp., 7.00%, 5/15/18 (d)(e)			900		916,875

					1,714,935
Construction Materials — 0.9%
American Tire Distributors, Inc., 10.25%, 3/01/22 (d)(e)			295		271,031
Beacon Roofing Supply, Inc., 6.38%, 10/01/23 (e)			353		379,475
HD Supply, Inc. (e):
7.50%, 7/15/20			1,946		2,033,570
5.25%, 12/15/21 (d)			1,265		1,339,319
5.75%, 4/15/24 (d)			1,157		1,232,031
LKQ Italia Bondco SpA, 3.88%, 4/01/24	EUR		302		356,206
PulteGroup, Inc.:
5.50%, 3/01/26	USD		257		268,015
6.00%, 2/15/35			88		90,420
Rexel SA, 3.50%, 6/15/23	EUR		223		255,784

					6,225,851
Consumer Finance — 0.9%
Ally Financial, Inc., 8.00%, 11/01/31 (e)	USD		4,555		5,545,712
Navient Corp.:
5.00%, 10/26/20 (e)			370		360,750
6.63%, 7/26/21			173		174,730
5.50%, 1/25/23			30		27,825
6.13%, 3/25/24			132		124,740
5.88%, 10/25/24			138		127,305
5.63%, 8/01/33			105		81,638
OneMain Financial Holdings LLC (d):
6.75%, 12/15/19			112		113,288



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	5


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


Corporate Bonds		Par (000)		Value
Consumer Finance (continued)
OneMain Financial Holdings LLC (d) (continued):
7.25%, 12/15/21	USD		110	$	110,000

					6,665,988
Containers & Packaging — 1.0%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
6.75%, 1/31/21 (d)			630		648,144
4.25%, 1/15/22	EUR		100		115,350
6.75%, 5/15/24			156		182,692
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc. (d):
6.25%, 1/31/19	USD		403		412,067
4.63%, 5/15/23			252		253,575
7.25%, 5/15/24 (e)			1,126		1,187,930
Bahia Sul Holdings GmbH, 5.75%, 7/14/26 (d)			481		473,184
Ball Corp., 5.00%, 3/15/22			440		470,800
Crown European Holdings SA:
4.00%, 7/15/22	EUR		103		125,230
3.38%, 5/15/25			154		176,545
Fibria Overseas Finance, Ltd., 5.25%, 5/12/24	USD		381		392,735
JH-Holding Finance SA, 8.25%, 12/01/22 (i)	EUR		102		121,840
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (d):
4.13%, 7/15/21 (c)	USD		866		872,495
5.13%, 7/15/23 (k)			139		143,344
7.00%, 7/15/24			529		559,087
Sappi Papier Holding GmbH, 4.00%, 4/01/23	EUR		200		233,103
Sealed Air Corp.:
4.88%, 12/01/22 (d)(e)	USD		100		105,125
4.50%, 9/15/23	EUR		100		121,583
5.13%, 12/01/24 (d)(e)	USD		139		146,124
6.88%, 7/15/33 (d)			99		104,940
Suzano Trading, Ltd., 5.88%, 1/23/21 (d)			381		399,707

					7,245,600
Diversified Consumer Services — 0.2%
ADT Corp., 4.88%, 7/15/32 (d)			40		33,100
APX Group, Inc.:
6.38%, 12/01/19			255		261,375
8.75%, 12/01/20			125		118,750


Corporate Bonds		Par (000)		Value
Diversified Consumer Services (continued)
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 5/15/23 (d)	USD		636	$	678,930
Service Corp. International, 5.38%, 5/15/24 (e)			590		629,825

					1,721,980
Diversified Financial Services — 1.0%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (e):
4.63%, 10/30/20			759		811,181
5.00%, 10/01/21			318		346,779
Aircastle Ltd.:
6.25%, 12/01/19 (e)			784		864,360
5.00%, 4/01/23			80		83,904
Deutsche Bank AG, 4.50%, 5/19/26	EUR		100		107,522
DPL, Inc., 6.50%, 10/15/16	USD		50		50,125
Garfunkelux Holdco 3 SA, 8.50%, 11/01/22	GBP		100		131,022
General Motors Financial Co., Inc., 4.25%, 5/15/23 (e)	USD		326		341,935
Goldman Sachs Group, Inc., 5.30% (c)(j)			155		157,519
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 4/01/20 (d)(e)			845		790,075
Mercury Bondco PLC, (8.25% Cash, 9.00% PIK), 8.25%, 5/30/21 (i)	EUR		358		406,601
Reynolds Group Issuer, Inc.:
9.88%, 8/15/19	USD		245		251,737
5.75%, 10/15/20			590		609,175
8.25%, 2/15/21			1,191		1,238,640
UniCredit SpA:
6.95%, 10/31/22	EUR		270		342,435
5.75%, 10/28/25 (c)			207		241,775
WMG Acquisition Corp., 5.00%, 8/01/23 (d)	USD		80		81,200

					6,855,985
Diversified Telecommunication Services — 2.6%
AT&T, Inc., 4.75%, 5/15/46 (e)			2,545		2,695,033
CenturyLink, Inc., 6.45%, 6/15/21 (e)			544		580,720
Frontier Communications Corp.:
7.13%, 3/15/19			195		208,650
7.13%, 1/15/23 (e)			65		60,288
7.63%, 4/15/24 (e)			455		419,737
6.88%, 1/15/25 (e)			1,155		1,012,923
11.00%, 9/15/25			485		517,738
Level 3 Financing, Inc.:
5.38%, 8/15/22			140		147,000



6	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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


Corporate Bonds		Par (000)		Value
Diversified Telecommunication Services (continued)
Level 3 Financing, Inc. (continued):
5.63%, 2/01/23 (e)	USD		360	$	378,000
5.13%, 5/01/23 (e)			990		1,019,700
5.38%, 1/15/24 (e)			294		308,332
5.38%, 5/01/25 (e)			825		866,250
5.25%, 3/15/26 (d)			186		194,603
OTE PLC, 3.50%, 7/09/20	EUR		200		224,396
SoftBank Group Corp., 5.25%, 7/30/27			191		235,095
Telecom Italia Capital SA, 6.00%, 9/30/34 (e)	USD		705		690,900
Telecom Italia Finance SA, 7.75%, 1/24/33	EUR		81		123,389
Telecom Italia SpA:
3.25%, 1/16/23			273		332,216
3.63%, 1/19/24			146		177,637
Verizon Communications, Inc., 6.55%, 9/15/43 (e)	USD		6,500		8,843,659

					19,036,266
Electric Utilities — 0.5%
AES Corp.:
8.00%, 6/01/20 (e)			280		329,000
4.88%, 5/15/23			350		355,250
AES Gener SA, 5.00%, 7/14/25 (d)			762		812,039
Star Energy Geothermal Wayang Windu Ltd., 6.13%, 3/27/20			1,700		1,774,375

					3,270,664
Electrical Equipment — 0.1%
Belden, Inc., 5.50%, 4/15/23	EUR		111		130,303
Trionista TopCo GmbH, 6.88%, 4/30/21			213		250,636

					380,939
Electronic Equipment, Instruments & Components — 0.2%
CDW LLC/CDW Finance Corp.:
6.00%, 8/15/22 (e)	USD		770		821,975
5.00%, 9/01/23 (e)			550		561,000
5.50%, 12/01/24			247		257,589

					1,640,564
Energy Equipment & Services — 0.3%
Ensco PLC:
4.70%, 3/15/21			85		72,250
4.50%, 10/01/24			317		217,938
5.20%, 3/15/25 (e)			239		162,520
Gates Global LLC/Gates Global Co., 6.00%, 7/15/22 (d)			418		380,380


Corporate Bonds		Par (000)		Value
Energy Equipment & Services (continued)
Noble Holding International Ltd.:
4.63%, 3/01/21	USD		40	$	33,220
6.95%, 4/01/25			105		86,940
Transocean, Inc.:
6.00%, 3/15/18			195		190,125
7.38%, 4/15/18			35		34,300
8.13%, 12/15/21			694		579,490
5.05%, 10/15/22			341		243,815
Weatherford International, Ltd., 7.75%, 6/15/21			255		240,895

					2,241,873
Environmental, Maintenance, & Security Service — 0.0%
Befesa Zinc SAU Via Zinc Capital SA, 8.88%, 5/15/18	EUR		100		113,710
Food & Staples Retailing — 0.8%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 6.63%, 6/15/24 (d)	USD		172		182,750
Casino Guichard Perrachon SA:
5.98%, 5/26/21	EUR		200		266,527
3.31%, 1/25/23			200		249,614
Dollar Tree, Inc., 5.75%, 3/01/23	USD		2,510		2,710,800
Rite Aid Corp.:
6.75%, 6/15/21 (e)			329		345,861
6.13%, 4/01/23 (d)(e)			1,727		1,832,779
7.70%, 2/15/27			310		368,900
Tesco PLC, 6.00%, 12/14/29	GBP		50		73,372

					6,030,603
Food Products — 0.8%
Acosta, Inc., 7.75%, 10/01/22 (d)(e)	USD		674		616,710
Aramark Services, Inc.:
5.13%, 1/15/24			483		498,697
5.13%, 1/15/24 (d)			154		159,005
4.75%, 6/01/26 (d)			252		254,520
Darling Global Finance BV, 4.75%, 5/30/22	EUR		107		123,345
JBS USA LLC/JBS USA Finance, Inc. (d):
7.25%, 6/01/21	USD		40		41,300
5.75%, 6/15/25			478		466,050
Pinnacle Foods Finance Corp., 5.88%, 1/15/24 (d)			75		79,688
Post Holdings, Inc.:
6.75%, 12/01/21 (d)			120		128,100
7.38%, 2/15/22 (e)			484		518,219



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	7


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


Corporate Bonds		Par (000)		Value
Food Products (continued)
Post Holdings, Inc. (continued):
7.75%, 3/15/24 (d)(e)	USD		840	$	929,250
8.00%, 7/15/25 (d)			395		453,262
5.00%, 8/15/26 (d)(k)			433		431,647
Smithfield Foods, Inc., 5.88%, 8/01/21 (d)(e)			307		320,048
TreeHouse Foods, Inc., 6.00%, 2/15/24 (d)(e)			159		170,925
WhiteWave Foods Co., 5.38%, 10/01/22 (e)			211		240,804

					5,431,570
Forest Products — 0.2%
Arcor SAIC, 6.00%, 7/06/23 (d)			230		240,299
FAGE International SA/FAGE USA Dairy Industry, Inc., 5.63%, 8/15/26 (d)			400		408,500
Marfrig Holdings Europe BV, 8.00%, 6/08/23 (d)			480		493,200
Tereos Finance Groupe I SA, 4.13%, 6/16/23	EUR		100		112,346

					1,254,345
Health Care Equipment & Supplies — 0.4%
Crimson Merger Sub, Inc., 6.63%, 5/15/22 (d)	USD		276		235,290
DJO Finance LLC/DJO Finance Corp., 8.13%, 6/15/21 (d)(e)			1,235		1,123,850
Fresenius US Finance II, Inc., 4.50%, 1/15/23 (d)			280		295,750
Hologic, Inc., Series 2010, 2.00%, 12/15/37 (f)(l)			295		492,097
IDH Finance PLC, 6.25%, 8/15/22 (k)	GBP		100		131,518
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 5.63%, 10/15/23 (d)(e)	USD		420		403,200
Teleflex, Inc.:
3.88%, 8/01/17 (l)			110		321,268
4.88%, 6/01/26			108		110,430

					3,113,403
Health Care Providers & Services — 2.2%
Acadia Healthcare Co., Inc.:
5.63%, 2/15/23 (e)			455		451,760
6.50%, 3/01/24			69		71,285
Amsurg Corp., 5.63%, 7/15/22 (e)			810		850,500
Centene Corp.:
5.63%, 2/15/21 (e)			403		425,669
4.75%, 5/15/22 (e)			487		501,610
6.13%, 2/15/24			238		255,702


Corporate Bonds		Par (000)		Value
Health Care Providers & Services (continued)
CHS/Community Health Systems, Inc., 6.88%, 2/01/22	USD		463	$	398,180
DaVita HealthCare Partners, Inc.:
5.13%, 7/15/24 (e)			1,027		1,060,162
5.00%, 5/01/25			75		75,844
Envision Healthcare Corp., 5.13%, 7/01/22 (d)(e)			205		208,588
HCA, Inc.:
6.50%, 2/15/20 (e)			1,103		1,214,679
7.50%, 2/15/22 (e)			800		908,000
5.88%, 3/15/22 (e)			124		136,400
4.75%, 5/01/23			56		58,380
5.88%, 5/01/23			90		96,300
5.38%, 2/01/25			450		468,284
5.25%, 4/15/25 (e)			1,220		1,301,587
5.88%, 2/15/26 (e)			508		543,560
5.25%, 6/15/26 (e)			520		551,200
HealthSouth Corp.:
5.75%, 11/01/24 (e)			836		867,350
5.75%, 9/15/25 (e)			256		264,351
2.00%, 12/01/43 (l)			375		457,969
Hologic, Inc., 5.25%, 7/15/22 (d)(e)			680		720,800
MEDNAX, Inc., 5.25%, 12/01/23 (d)(e)			239		249,158
MPH Acquisition Holdings LLC, 7.13%, 6/01/24 (d)			345		368,072
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/01/23 (d)			405		421,702
Surgery Center Holdings, Inc., 8.88%, 4/15/21 (d)			82		87,330
Tenet Healthcare Corp. (e):
6.00%, 10/01/20			1,150		1,216,067
8.13%, 4/01/22			637		657,702
6.75%, 6/15/23			1,090		1,049,125

					15,937,316
Hotels, Restaurants & Leisure — 3.9%
Boyd Gaming Corp., 6.88%, 5/15/23			290		310,663
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Property, 8.00%, 10/01/20 (e)			1,705		1,722,050
Cemex Finance LLC, 9.38%, 10/12/22 (d)			608		671,080
CPUK Finance, Ltd., 7.00%, 2/28/42	GBP		168		234,957
Enterprise Inns PLC, 6.00%, 10/06/23			3,320		4,368,114



8	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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


Corporate Bonds		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
ESH Hospitality, Inc., 5.25%, 5/01/25 (d)(e)	USD		1,009	$	1,003,955
Gala Electric Casinos PLC, 11.50%, 6/01/19	GBP		64		87,041
GLP Capital LP/GLP Financing II, Inc., 5.38%, 11/01/23	USD		194		208,065
International Game Technology PLC, 4.75%, 2/15/23	EUR		107		128,897
KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC (d):
5.00%, 6/01/24	USD		45		47,025
5.25%, 6/01/26			244		258,181
MGM Resorts International:
8.63%, 2/01/19			170		192,525
6.75%, 10/01/20			52		57,460
6.63%, 12/15/21 (e)			1,550		1,715,664
6.00%, 3/15/23 (e)			64		69,240
MGP Escrow Issuer LLC/MGP Escrow Co-Issuer, Inc., 5.63%, 5/01/24 (d)(e)			1,242		1,330,182
New Red Finance, Inc., 6.00%, 4/01/22 (d)(e)			1,130		1,185,087
PortAventura Entertainment Barcelona BV, 7.25%, 12/01/20	EUR		208		241,934
RHP Hotel Properties LP/RHP Finance Corp., 5.00%, 4/15/21 (e)	USD		460		470,350
Sabre GLBL, Inc., 5.25%, 11/15/23 (d)(e)			317		332,058
Scientific Games International, Inc.:
7.00%, 1/01/22 (d)(e)			360		374,400
10.00%, 12/01/22			210		186,638
Six Flags Entertainment Corp. (d):
5.25%, 1/15/21 (e)			310		319,300
4.88%, 7/31/24			161		161,403
Snai SpA, 7.63%, 6/15/18	EUR		105		121,508
Station Casinos LLC, 7.50%, 3/01/21 (e)	USD		1,085		1,147,387
Unique Pub Finance Co. PLC:
Series A3, 6.54%, 3/30/21	GBP		2,063		2,839,213
Series M, 7.40%, 3/28/24			6,400		8,143,278
Vougeot Bidco PLC, 7.88%, 7/15/20			117		161,037
Yum! Brands, Inc.:
3.75%, 11/01/21	USD		80		80,000
3.88%, 11/01/23			30		29,550

					28,198,242


Corporate Bonds		Par (000)		Value
Household Durables — 0.7%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 7/01/22 (d)(e)	USD		750	$	742,500
CalAtlantic Group, Inc.:
8.38%, 1/15/21			150		177,225
5.25%, 6/01/26			40		40,400
Century Communities, Inc., 6.88%, 5/15/22 (e)			830		823,775
DR Horton, Inc., 4.00%, 2/15/20 (e)			170		176,800
Lennar Corp.:
4.50%, 11/15/19 (e)			320		336,400
4.75%, 4/01/21			252		265,230
4.88%, 12/15/23 (e)			146		150,745
4.75%, 5/30/25 (e)			410		416,150
Meritage Homes Corp., 4.50%, 3/01/18 (e)			600		613,500
PulteGroup, Inc., 6.38%, 5/15/33 (e)			600		637,500
Riverbed Technology, Inc., 8.88%, 3/01/23 (d)			180		188,100
Standard Pacific Corp., 5.88%, 11/15/24			50		53,375
TRI Pointe Group, Inc.:
4.38%, 6/15/19 (e)			225		230,625
4.88%, 7/01/21			210		213,675
5.88%, 6/15/24 (e)			280		288,400

					5,354,400
Household Products — 0.3%
Prestige Brands, Inc., 6.38%, 3/01/24 (d)			176		185,680
Spectrum Brands, Inc. (e):
6.63%, 11/15/22			710		753,488
6.13%, 12/15/24			681		735,480
Tempur Sealy International, Inc., 5.50%, 6/15/26 (d)			150		151,782

					1,826,430
Independent Power and Renewable Electricity Producers — 0.7%
Calpine Corp. (e):
6.00%, 1/15/22 (d)			89		93,005
5.38%, 1/15/23			745		743,137
5.88%, 1/15/24 (d)			240		252,600
Dynegy, Inc.:
6.75%, 11/01/19 (e)			1,030		1,049,312
7.38%, 11/01/22			30		29,400
7.63%, 11/01/24			40		38,800
NRG Energy, Inc.:
7.63%, 1/15/18 (e)			151		161,570



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	9


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


Corporate Bonds		Par (000)		Value
Independent Power and Renewable Electricity Producers (continued)
NRG Energy, Inc. (continued):
7.88%, 5/15/21	USD		355	$	368,313
6.63%, 3/15/23			45		45,360
7.25%, 5/15/26 (d)			313		321,216
6.63%, 1/15/27 (d)(k)			710		702,013
NRG Yield Operating LLC, 5.38%, 8/15/24 (e)			130		132,925
QEP Resources, Inc., 5.38%, 10/01/22 (e)			1,020		974,100

					4,911,751
Insurance — 0.4%
Aon PLC, 3.88%, 12/15/25 (e)			1,280		1,370,061
Assicurazioni Generali SpA, 5.00%, 6/08/48 (c)	EUR		100		114,176
HUB International Ltd. (d):
9.25%, 2/15/21	USD		195		205,725
7.88%, 10/01/21 (e)			702		703,755
TMF Group Holding BV, 9.88%, 12/01/19	EUR		101		120,935
Trader Corp., 9.88%, 8/15/18 (d)(e)	USD		170		174,038
Wayne Merger Sub LLC, 8.25%, 8/01/23 (d)			490		488,162

					3,176,852
Internet Software & Services — 0.2%
Blue Coat Holdings, Inc., 8.38%, 6/01/23 (d)(e)			412		463,500
Equinix, Inc. (e):
4.88%, 4/01/20			144		149,400
5.88%, 1/15/26			636		685,290
Netflix, Inc., 5.75%, 3/01/24 (e)			380		402,800

					1,700,990
IT Services — 0.9%
Ceridian HCM Holding, Inc., 11.00%, 3/15/21 (d)(e)			287		289,870
First Data Corp. (d)(e):
5.38%, 8/15/23			364		373,555
7.00%, 12/01/23			2,538		2,610,967
5.00%, 1/15/24			227		228,703
5.75%, 1/15/24			2,738		2,751,635

					6,254,730
Machinery — 0.0%
Gardner Denver, Inc., 6.88%, 8/15/21 (d)			155		143,762


Corporate Bonds		Par (000)		Value
Machinery (continued)
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 6.38%, 5/01/22	EUR		142	$	165,170

					308,932
Media — 6.2%
Altice Financing SA:
5.25%, 2/15/23			108		123,763
7.50%, 5/15/26 (d)	USD		264		266,640
Altice Luxembourg SA, 6.25%, 2/15/25	EUR		100		103,951
Altice US Finance I Corp. (d):
5.38%, 7/15/23 (e)	USD		980		1,011,850
5.50%, 5/15/26			488		505,080
Altice US Finance II Corp., 7.75%, 7/15/25 (d)(e)			1,630		1,735,950
AMC Networks, Inc.:
4.75%, 12/15/22 (e)			344		352,600
5.00%, 4/01/24			161		163,818
Bharti Airtel International Netherlands BV, 5.13%, 3/11/23			1,500		1,637,472
Cablevision Systems Corp.:
8.63%, 9/15/17			126		133,875
7.75%, 4/15/18			517		553,836
8.00%, 4/15/20			140		145,950
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.25%, 9/30/22 (e)			560		583,100
5.13%, 2/15/23 (e)			709		733,372
5.13%, 5/01/23 (d)(e)			719		743,266
5.88%, 4/01/24 (d)(e)			617		658,647
5.75%, 2/15/26 (d)(e)			336		354,480
5.50%, 5/01/26 (d)			470		490,563
5.88%, 5/01/27 (d)(e)			1,010		1,065,550
Cequel Communications Holdings I LLC/Cequel Capital Corp. (d):
6.38%, 9/15/20			145		149,531
5.13%, 12/15/21			662		658,470
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45 (d)(e)			3,000		3,599,205
Clear Channel International BV, 8.75%, 12/15/20 (d)(e)			508		534,670
Clear Channel Worldwide Holdings, Inc. (e):
6.50%, 11/15/22			3,013		3,118,455
Series B, 7.63%, 3/15/20			884		875,160



10	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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


Corporate Bonds		Par (000)		Value
Media (continued)
Columbus International, Inc., 7.38%, 3/30/21 (d)(e)	USD		1,195	$	1,275,316
CSC Holdings LLC, 5.25%, 6/01/24 (e)			1,205		1,147,027
DISH DBS Corp.:
6.75%, 6/01/21 (e)			430		456,875
5.88%, 7/15/22 (e)			219		218,864
5.88%, 11/15/24 (e)			158		152,470
7.75%, 7/01/26 (d)			952		987,105
eircom Finance DAC, 4.50%, 5/31/22	EUR		100		112,627
Gray Television, Inc., 5.88%, 7/15/26 (d)	USD		89		91,492
Hughes Satellite Systems Corp. (d):
5.25%, 8/01/26			244		243,390
6.63%, 8/01/26			180		178,650
iHeartCommunications, Inc. (e):
9.00%, 12/15/19			254		204,389
10.63%, 3/15/23			936		713,700
Intelsat Jackson Holdings SA (e):
7.25%, 10/15/20			475		345,563
5.50%, 8/01/23			867		567,885
Lamar Media Corp., 5.75%, 2/01/26 (d)			83		89,018
LGE HoldCo VI BV, 7.13%, 5/15/24	EUR		177		223,117
Live Nation Entertainment, Inc., 7.00%, 9/01/20 (d)(e)	USD		199		206,960
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, 5/15/24 (d)			101		106,050
MDC Partners, Inc., 6.50%, 5/01/24 (d)			472		456,660
Midcontinent Communications & Midcontinent Finance Corp., 6.25%, 8/01/21 (d)(e)			250		260,625
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (d)(e)			629		638,435
Neptune Finco Corp. (d):
10.13%, 1/15/23 (e)			988		1,132,495
6.63%, 10/15/25 (e)			350		377,125
10.88%, 10/15/25			393		459,810
Nexstar Escrow Corp., 5.63%, 8/01/24 (d)			186		189,023
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 4/15/22 (d)(e)			710		732,187
Numericable Group SA, 5.38%, 5/15/22	EUR		116		133,579


Corporate Bonds		Par (000)		Value
Media (continued)
Numericable-SFR SA, 5.63%, 5/15/24	EUR		108	$	122,917
Outfront Media Capital LLC/Outfront Media Capital Corp. (e):
5.25%, 2/15/22	USD		102		105,315
5.63%, 2/15/24			364		384,020
RCN Telecom Services LLC/RCN Capital Corp., 8.50%, 8/15/20 (d)(e)			350		366,625
SFR Group SA (d)(e):
6.00%, 5/15/22			1,492		1,454,700
7.38%, 5/01/26			2,371		2,368,036
Sirius XM Radio, Inc., 4.25%, 5/15/20 (d)(e)			704		718,080
Tribune Media Co., 5.88%, 7/15/22 (e)			776		791,520
United Group BV, 7.88%, 11/15/20	EUR		100		117,407
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:
5.50%, 1/15/23 (d)(e)	USD		762		796,290
4.00%, 1/15/25	EUR		117		136,038
3.50%, 1/15/27			188		208,608
6.25%, 1/15/29			100		126,602
Univision Communications, Inc. (d)(e):
5.13%, 5/15/23	USD		1,285		1,320,337
5.13%, 2/15/25			800		823,000
UPCB Finance IV Ltd., 4.00%, 1/15/27	EUR		114		126,178
Virgin Media Finance PLC, 5.75%, 1/15/25 (d)(e)	USD		850		846,812
Virgin Media Secured Finance PLC:
5.50%, 8/15/26 (d)			200		201,250
4.88%, 1/15/27	GBP		130		170,758
6.25%, 3/28/29			175		242,026
WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 9/01/20 (d)(e)	USD		980		1,019,200
Wind Acquisition Finance SA, 7.00%, 4/23/21	EUR		122		135,823
Ziggo Secured Finance BV, 3.75%, 1/15/25			200		223,835

					44,805,068
Metals & Mining — 2.2%
Alcoa, Inc. (e):
5.87%, 2/23/22	USD		900		969,750
5.13%, 10/01/24			140		147,175



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	11


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


Corporate Bonds		Par (000)		Value
Metals & Mining (continued)
Anglo American Capital PLC:
4.45%, 9/27/20 (d)	USD		100	$	99,250
4.13%, 4/15/21 (d)			200		194,000
3.50%, 3/28/22	EUR		100		111,208
4.13%, 9/27/22 (d)(e)	USD		400		384,000
3.25%, 4/03/23	EUR		100		107,681
ArcelorMittal:
6.13%, 6/01/18 (e)	USD		421		444,155
10.85%, 6/01/19			161		189,175
7.25%, 2/25/22			24		26,280
8.00%, 10/15/39			108		114,480
7.75%, 3/01/41			309		318,270
Constellium NV (d)(e):
8.00%, 1/15/23			1,500		1,368,750
5.75%, 5/15/24			500		411,250
Freeport-McMoRan, Inc.:
2.30%, 11/14/17			322		321,195
2.38%, 3/15/18 (e)			1,946		1,921,675
3.10%, 3/15/20			170		157,622
4.00%, 11/14/21			331		295,418
3.55%, 3/01/22			881		753,255
3.88%, 3/15/23			1,323		1,137,846
5.40%, 11/14/34			140		108,500
5.45%, 3/15/43			649		498,108
Glencore Finance Europe SA, 3.38%, 9/30/20	EUR		100		119,333
Joseph T Ryerson & Son, Inc., 11.00%, 5/15/22 (d)	USD		192		209,280
Kaiser Aluminum Corp., 5.88%, 5/15/24 (d)			124		130,200
Novelis, Inc.:
8.38%, 12/15/17			200		204,250
8.75%, 12/15/20 (e)			1,237		1,289,572
Steel Dynamics, Inc.:
5.13%, 10/01/21 (e)			970		1,008,800
5.25%, 4/15/23			525		549,937
Teck Resources Ltd.:
3.00%, 3/01/19 (e)			240		229,812
8.00%, 6/01/21 (d)			421		449,418
8.50%, 6/01/24 (d)			493		536,137
6.00%, 8/15/40			279		210,645
United States Steel Corp., 8.38%, 7/01/21 (d)			357		389,576
Wise Metals Group LLC/Wise Alloys Finance Corp., 8.75%, 12/15/18 (d)(e)			442		419,900

					15,825,903
Multiline Retail — 0.2%
Hema Bondco I BV, 6.25%, 6/15/19	EUR		100		86,366


Corporate Bonds		Par (000)		Value
Multiline Retail (continued)
Neiman Marcus Group Ltd. (d)(e):
8.00%, 10/15/21	USD		722	$	611,967
(8.75% Cash or 9.50% PIK), 8.75%, 10/15/21 (i)			963		760,770

					1,459,103
Oil, Gas & Consumable Fuels — 5.9%
Alberta Energy Co. Ltd., 7.38%, 11/01/31			81		88,350
Antero Resources Corp., 5.63%, 6/01/23			43		40,689
California Resources Corp.:
5.50%, 9/15/21			90		41,400
8.00%, 12/15/22 (d)			430		275,286
6.00%, 11/15/24			250		107,500
Carrizo Oil & Gas, Inc., 6.25%, 4/15/23 (e)			790		748,525
Cenovus Energy, Inc.:
5.70%, 10/15/19			51		54,160
5.20%, 9/15/43			25		22,857
Cheniere Corpus Christi Holdings LLC, 7.00%, 6/30/24 (d)			698		729,410
Chesapeake Energy Corp.:
3.93%, 4/15/19 (c)			581		476,420
6.63%, 8/15/20			55		40,425
8.00%, 12/15/22 (d)			353		307,110
CONSOL Energy, Inc.:
5.88%, 4/15/22 (e)			1,889		1,723,712
8.00%, 4/01/23			221		212,160
Continental Resources, Inc.:
5.00%, 9/15/22			344		321,640
4.50%, 4/15/23			223		201,815
3.80%, 6/01/24 (e)			689		589,095
4.90%, 6/01/44			107		85,333
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
6.00%, 12/15/20			35		33,425
6.25%, 4/01/23			35		32,550
CrownRock LP/CrownRock Finance, Inc., 7.13%, 4/15/21 (d)(e)			1,121		1,137,815
DCP Midstream LLC (d):
6.45%, 11/03/36			110		102,300
6.75%, 9/15/37			122		114,375
Denbury Resources, Inc., 9.00%, 5/15/21 (d)			625		625,000
Diamondback Energy, Inc., 7.63%, 10/01/21 (e)			572		604,890
Encana Corp. (e):
3.90%, 11/15/21			164		162,509



12	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Encana Corp. (e) (continued):
6.50%, 8/15/34	USD		217	$	226,477
6.63%, 8/15/37			180		183,760
6.50%, 2/01/38			526		531,360
5.15%, 11/15/41			216		195,979
Energy Transfer Equity LP:
5.88%, 1/15/24 (e)			960		962,966
5.50%, 6/01/27			415		403,338
Extraction Oil & Gas Holdings LLC/Extraction Finance Corp., 7.88%, 7/15/21 (d)			300		300,000
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc., 6.88%, 2/15/23			293		283,478
Gazprom OAO Via Gaz Capital SA, 4.95%, 7/19/22 (d)			476		483,140
Genesis Energy LP/Genesis Energy Finance Corp., 5.63%, 6/15/24			449		428,795
GNL Quintero SA, 4.63%, 7/31/29 (d)			535		557,791
Gulfport Energy Corp.:
7.75%, 11/01/20			244		250,100
6.63%, 5/01/23			24		24,180
Halcon Resources Corp., 0.00%, 2/01/20 (a)(d)(m)			185		170,200
Hilcorp Energy I LP/Hilcorp Finance Co., 7.63%, 4/15/21 (d)			50		51,125
Matador Resources Co., 6.88%, 4/15/23			460		472,650
MEG Energy Corp., 6.50%, 3/15/21 (d)(e)			2,036		1,516,820
Memorial Resource Development Corp., 5.88%, 7/01/22 (e)			579		579,122
MPLX LP, 4.88%, 6/01/25 (d)(e)			790		789,291
NGPL PipeCo LLC (d):
7.12%, 12/15/17 (e)			2,866		3,002,135
7.77%, 12/15/37			158		162,740
Noble Energy, Inc., 5.63%, 5/01/21 (e)			1,700		1,790,229
Oasis Petroleum, Inc.:
7.25%, 2/01/19			45		42,188
6.50%, 11/01/21			450		378,000
6.88%, 3/15/22 (e)			613		534,842
6.88%, 1/15/23			195		163,800
ONEOK, Inc.:
4.25%, 2/01/22			80		77,200
7.50%, 9/01/23 (e)			150		164,250
Parsley Energy LLC/Parsley Finance Corp. (d):
7.50%, 2/15/22 (e)			575		589,375


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Parsley Energy LLC/Parsley Finance Corp. (d) (continued):
6.25%, 6/01/24	USD		81	$	81,304
PDC Energy, Inc., 7.75%, 10/15/22			275		283,937
Pertamina Persero PT, 5.63%, 5/20/43 (d)(e)			2,000		2,067,914
Petrobras Argentina SA, 7.38%, 7/21/23 (d)			400		402,000
Petrobras Global Finance BV:
8.38%, 5/23/21			1,827		1,931,596
6.75%, 1/27/41			83		68,060
6.85%, 6/05/49			518		395,493
Petroleos de Venezuela SA:
6.00%, 5/16/24			1,563		582,281
6.00%, 11/15/26			125		45,625
QEP Resources, Inc.:
6.88%, 3/01/21			50		50,250
5.25%, 5/01/23			40		37,700
Range Resources Corp.:
5.00%, 8/15/22 (e)			91		83,493
5.00%, 3/15/23			310		285,200
Rockies Express Pipeline LLC, 5.63%, 4/15/20 (d)(e)			685		705,550
RSP Permian, Inc., 6.63%, 10/01/22			290		297,250
Sabine Pass Liquefaction LLC:
6.25%, 3/15/22 (e)			752		786,780
5.63%, 4/15/23 (e)			1,980		2,019,600
5.63%, 3/01/25			31		31,649
5.88%, 6/30/26 (d)			551		565,464
Sanchez Energy Corp.:
7.75%, 6/15/21			536		410,040
6.13%, 1/15/23 (e)			1,008		677,880
Seven Generations Energy Ltd., 8.25%, 5/15/20 (d)(e)			1,550		1,596,500
SM Energy Co.:
6.13%, 11/15/22 (e)			122		103,395
5.00%, 1/15/24			15		12,000
Southwestern Energy Co.:
7.50%, 2/01/18			40		41,960
5.80%, 1/23/20			229		223,275
4.10%, 3/15/22			216		191,160
6.70%, 1/23/25			65		63,050
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
6.88%, 2/01/21			82		84,050
6.38%, 8/01/22			95		96,900
5.25%, 5/01/23			16		15,640
6.75%, 3/15/24 (d)			82		85,485
Tesoro Logistics LP/Tesoro Logistics Finance Corp.:
6.13%, 10/15/21			44		45,764



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	13


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


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Tesoro Logistics LP/Tesoro Logistics Finance Corp. (continued):
6.38%, 5/01/24	USD		124	$	130,743
Vantage Drilling International, 10.00%, 12/31/20			34		—
Weatherford International LLC, 6.80%, 6/15/37			60		43,200
Weatherford International Ltd.:
4.50%, 4/15/22			107		88,275
6.50%, 8/01/36			85		60,350
7.00%, 3/15/38			94		69,560
5.95%, 4/15/42			83		57,270
Whiting Petroleum Corp. (l):
Series 1, 1.25%, 6/05/20			823		713,389
Series B-1, 5.00%, 3/15/19			29		26,280
Series C-1, 5.75%, 3/15/21			421		378,027
Series D-1, 6.25%, 4/01/23			173		153,792
Williams Cos., Inc.:
3.70%, 1/15/23			48		43,800
4.55%, 6/24/24			138		131,445
WPX Energy, Inc.:
5.25%, 1/15/17			45		44,888
7.50%, 8/01/20			80		78,800
6.00%, 1/15/22			312		282,360
8.25%, 8/01/23			215		210,833
5.25%, 9/15/24			435		371,925
YPF SA (d):
8.75%, 4/04/24			14		15,015
8.50%, 7/28/25			821		865,129

					42,327,408
Paper & Forest Products — 0.1%
Pfleiderer GmbH, 7.88%, 8/01/19	EUR		168		195,337
Unifrax I LLC/Unifrax Holding Co., 7.50%, 2/15/19 (d)(e)	USD		390		350,025

					545,362
Pharmaceuticals — 1.1%
DPx Holdings BV, 7.50%, 2/01/22 (d)			135		143,438
Endo Finance LLC/Endo Finco, Inc. (d)(e):
5.38%, 1/15/23			620		537,850
6.00%, 7/15/23			459		400,193
Forest Laboratories, Inc., 5.00%, 12/15/21 (d)(e)			718		812,704
Grifols Worldwide Operations Ltd., 5.25%, 4/01/22 (e)			314		327,345
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 8/01/23 (d)(e)			1,166		1,236,893


Corporate Bonds		Par (000)		Value
Pharmaceuticals (continued)
NBTY, Inc., 7.63%, 5/15/21 (d)	USD		662	$	675,240
Synlab Bondco PLC, 6.25%, 7/01/22	EUR		145		172,647
Synlab Unsecured Bondco PLC, 8.25%, 7/01/23			100		115,937
Valeant Pharmaceuticals International, Inc. (d):
6.75%, 8/15/18	USD		1,517		1,498,037
5.38%, 3/15/20			161		143,592
6.75%, 8/15/21			1,276		1,145,210
5.63%, 12/01/21			932		795,695
5.88%, 5/15/23			82		68,265

					8,073,046
Real Estate Investment Trusts (REITs) — 0.0%
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.63%, 10/15/21 (e)			295		305,706
Real Estate Management & Development — 3.2%
Caifu Holdings Ltd., 8.75%, 1/24/20			3,000		3,187,500
Lai Sun International Finance 2012 Ltd., 5.70%, 1/18/18			2,000		2,070,100
Northwest Florida Timber Finance LLC, 4.75%, 3/04/29 (d)(e)			4,360		3,926,564
Punch Taverns Finance B Ltd.:
7.37%, 9/30/21	GBP		2,479		3,263,609
Series A6, 5.94%, 9/30/22			6,446		7,922,709
Series A7, 5.27%, 3/30/24			127		145,950
Realogy Group LLC/Realogy Co-Issuer Corp. (d):
4.50%, 4/15/19 (e)	USD		205		212,687
5.25%, 12/01/21 (e)			1,022		1,067,990
4.88%, 6/01/23			1,259		1,277,885
Vingroup JSC, 11.63%, 5/07/18			250		267,500

					23,342,494
Road & Rail — 0.9%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. (d):
5.13%, 6/01/22 (e)			375		367,969
6.38%, 4/01/24			30		30,525
5.25%, 3/15/25 (e)			725		683,312
Herc Rentals, Inc. (d):
7.50%, 6/01/22			106		107,325
7.75%, 6/01/24			10		10,100
Hertz Corp. (e):
4.25%, 4/01/18			400		412,000
7.38%, 1/15/21			265		274,938



14	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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


Corporate Bonds		Par (000)		Value
Road & Rail (continued)
Lima Metro Line 2 Finance Ltd., 5.88%, 7/05/34 (d)(e)	USD		4,000	$	4,365,000

					6,251,169
Semiconductors & Semiconductor Equipment — 0.4%
NXP BV/NXP Funding LLC (d):
4.13%, 6/15/20 (e)			760		782,800
4.13%, 6/01/21			203		209,090
4.63%, 6/15/22 (e)			410		421,275
4.63%, 6/01/23			224		231,981
ON Semiconductor Corp., Series B, 2.63%, 12/15/26 (l)			280		299,425
Sensata Technologies BV, 5.00%, 10/01/25 (d)			15		15,375
Sensata Technologies UK Financing Co. PLC, 6.25%, 2/15/26 (d)(e)			540		583,875

					2,543,821
Software — 0.7%
ACI Worldwide, Inc., 6.38%, 8/15/20 (d)(e)			580		598,125
Infinity Acquisition LLC/Infinity Acquisition Finance Corp., 7.25%, 8/01/22 (d)			51		44,880
Infor US, Inc., 6.50%, 5/15/22 (e)			1,505		1,489,950
Informatica LLC, 7.13%, 7/15/23 (d)(e)			521		513,185
Nuance Communications, Inc. (d):
5.38%, 8/15/20 (e)			115		117,875
6.00%, 7/01/24			220		227,700
PTC, Inc., 6.00%, 5/15/24			119		126,640
Rolta Americas LLC, 8.88%, 7/24/19 (a)(m)			200		22,000
Solera LLC/Solera Finance, Inc., 10.50%, 3/01/24 (d)(e)			923		996,268
SS&C Technologies Holdings, Inc., 5.88%, 7/15/23 (e)			505		523,937

					4,660,560
Specialty Retail — 0.4%
Asbury Automotive Group, Inc., 6.00%, 12/15/24 (e)			740		758,870
L Brands, Inc., 6.88%, 11/01/35 (e)			479		507,979
Michaels Stores, Inc., 5.88%, 12/15/20 (d)(e)			150		155,813
Penske Automotive Group, Inc.:
5.38%, 12/01/24 (e)			613		609,935


Corporate Bonds		Par (000)		Value
Specialty Retail (continued)
Penske Automotive Group, Inc. (continued):
5.50%, 5/15/26	USD		212	$	209,350
Sally Holdings LLC/Sally Capital, Inc., 5.75%, 6/01/22 (e)			427		445,147
THOM Europe SAS, 7.38%, 7/15/19	EUR		103		121,154

					2,808,248
Technology Hardware, Storage & Peripherals — 0.3%
Diamond 1 Finance Corp./Diamond 2 Finance Corp. (d):
4.42%, 6/15/21	USD		145		151,516
5.88%, 6/15/21			232		242,439
7.13%, 6/15/24			282		303,424
6.02%, 6/15/26			170		182,124
8.35%, 7/15/46			150		171,300
Pacific Emerald Property Ltd., 9.75%, 7/25/18			271		282,816
Western Digital Corp., 7.38%, 4/01/23 (d)			495		538,931

					1,872,550
Textiles, Apparel & Luxury Goods — 0.0%
BiSoho SAS, 5.88%, 5/01/23	EUR		100		115,983
Hanesbrands, Inc. (d):
4.63%, 5/15/24	USD		59		60,475
4.88%, 5/15/26			40		40,900
Springs Industries, Inc., 6.25%, 6/01/21			59		61,065

					278,423
Thrifts & Mortgage Finance — 0.1%
Radian Group, Inc., 5.25%, 6/15/20 (e)			550		570,625
Tobacco — 0.1%
Reynolds American, Inc., 5.85%, 8/15/45 (e)			465		611,516
Trading Companies & Distributors — 0.4%
Doric Nimrod Air Alpha Ltd. Pass-Through Trust (d):
Series 2012-1, Class B, 6.50%, 5/30/21			424		436,224
Series 2013-1, Class A, 5.25%, 5/30/25 (e)			2,326		2,427,681

					2,863,905
Transportation Infrastructure — 0.1%
CEVA Group PLC, 7.00%, 3/01/21 (d)			510		427,125



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	15


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


Corporate Bonds		Par (000)		Value
Transportation Infrastructure (continued)
Transurban Finance Co., 4.13%, 2/02/26 (d)(e)	USD		520	$	559,123

					986,248
Utilities — 0.1%
ContourGlobal Power Holdings SA, 5.13%, 6/15/21	EUR		100		114,791
Generacion Mediterranea SA/Generacion Frias SA/Central Termica Roca SA, 9.63%, 7/27/23 (d)	USD		382		379,135

					493,926
Wireless Telecommunication Services — 2.2%
Communications Sales & Leasing, Inc./CSL Capital LLC:
6.00%, 4/15/23 (d)			77		79,455
8.25%, 10/15/23			719		734,279
Digicel Ltd., 6.00%, 4/15/21 (d)(e)			5,000		4,643,750
GEO Group, Inc.:
5.13%, 4/01/23 (e)			440		441,100
6.00%, 4/15/26			71		72,864
SBA Communications Corp., 5.63%, 10/01/19			232		239,540
Softbank Corp., 4.50%, 4/15/20 (d)(e)			1,500		1,556,250
Sprint Capital Corp.:
6.90%, 5/01/19			155		153,256
6.88%, 11/15/28 (e)			1,395		1,196,212
Sprint Communications, Inc.:
9.00%, 11/15/18 (d)(e)			2,191		2,374,496
7.00%, 8/15/20			510		484,398
Sprint Corp.:
7.25%, 9/15/21			115		107,310
7.88%, 9/15/23			115		105,656
7.13%, 6/15/24			310		273,978
7.63%, 2/15/25			45		40,163
T-Mobile USA, Inc.:
6.63%, 4/28/21 (e)			250		262,812
6.73%, 4/28/22 (e)			945		989,887
6.00%, 3/01/23			40		42,290
6.84%, 4/28/23 (e)			610		651,175
6.50%, 1/15/24 (e)			440		470,800
6.50%, 1/15/26 (e)			553		598,899


Corporate Bonds		Par (000)		Value
Wireless Telecommunication Services (continued)
Wind Acquisition Finance SA, 4.00%, 7/15/20	EUR		100	$	112,080

					15,630,650
Total Corporate Bonds — 53.7%					386,600,394



Floating Rate Loan Interests (c)
Air Freight & Logistics — 0.0%
CEVA Group PLC, Synthetic LC, 6.50%, 3/19/21	USD		34		28,133
CEVA Intercompany BV, Dutch Term Loan, 6.50%, 3/19/21			35		29,000
CEVA Logistics Canada ULC, Canadian Term Loan, 6.50%, 3/19/21			6		5,000
CEVA Logistics US Holdings, Inc., Term Loan, 6.50%, 3/19/21			48		39,999

					102,132
Auto Components — 0.1%
Gates Global, Inc., Term Loan B, 4.25%, 7/06/21			621		607,395
Chemicals — 0.0%
Allnex (Luxembourg) & Cy SCA, Term Loan B1, 4.50%, 10/03/19			86		85,952
Allnex USA, Inc., Term Loan B2, 4.50%, 10/03/19			45		44,596
Chemours Co., Term Loan B, 3.75%, 5/12/22			27		26,203
MacDermid, Inc., Term Loan B3, 5.50%, 6/07/20			184		183,422

					340,173
Commercial Services & Supplies — 0.1%
ADS Waste Holdings, Inc., Term Loan B2, 3.75%, 10/09/19			359		358,129
Brand Energy & Infrastructure Services, Inc., Term Loan B, 4.75%, 11/26/20			208		205,740

					563,869
Diversified Consumer Services — 0.2%
AssuredPartners, Inc., 2015 1st Lien Term Loan, 5.75%, 10/21/22			194		193,906
Bright Horizons Family Solutions, Inc., Term Loan B, 3.75%, 1/30/20			483		484,010



16	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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


Floating Rate Loan Interests (c)		Par (000)		Value
Diversified Consumer Services (continued)
Laureate Education, Inc., Term Loan B, 5.00%, 6/15/18	USD		478	$	468,147

					1,146,063
Diversified Financial Services — 0.6%
Aviron Capital LLC, Term Loan, 15.00%, 10/20/16			11,194		4,309,728
Reynolds Group Holdings Inc., 2016 USD Term Loan, 4.25%, 2/01/23			148		147,719

					4,457,447
Diversified Telecommunication Services — 0.0%
Telenet International Finance Sarl, Term Loan AD, 4.25%, 6/30/24			213		213,533
Electrical Equipment — 0.1%
Texas Competitive Electric Holdings Co. LLC:
2016 DIP Term Loan B, 5.00%, 10/31/17			591		592,247
2016 DIP Term Loan C, 5.00%, 7/27/23			129		128,794

					721,041
Electronic Equipment, Instruments & Components — 0.0%
CDW LLC, Term Loan, 3.25%, 4/29/20			290		290,778
Energy Equipment & Services — 0.1%
Dynegy Holdings, Inc., Term Loan B2, 4.00%, 4/23/20			561		559,689
Weatherford International Ltd., Term Loan, 2.78%, 7/13/20			397		367,173

					926,862
Health Care Equipment & Supplies — 0.1%
Alere, Inc., 2015 Term Loan B, 4.50%, 6/18/22			161		158,400
DJO Finance LLC, 2015 Term Loan, 4.25%, 6/08/20			279		271,815
Immucor, Inc., Refinancing Term Loan B2, 5.00%, 8/17/18			269		259,879

					690,094
Health Care Providers & Services — 0.0%
Vizient, Inc., 1st Lien Term Loan, 6.25%, 2/13/23			128		129,762
Hotels, Restaurants & Leisure — 3.4%
Amaya Holdings BV, 1st Lien Term Loan, 5.00%, 8/01/21			314		310,348


Floating Rate Loan Interests (c)		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Caesars Entertainment Resort Properties LLC, Term Loan B, 7.00%, 10/11/20	USD		2,854	$	2,784,168
Hilton Ft. Lauderdale, Mezzanine Term Loan 5, 6.48%, 6/08/20			6,500		6,435,000
Hilton Los Cabos, B-Note, 8.44%, 3/11/21			5,375		5,267,500
Hilton Orlando, Mezzanine A3, 6.69%, 4/23/20			7,250		7,250,000
MPH Acquisition Holdings LLC, 2016 Term Loan B, 5.00%, 6/07/23			360		363,600
Scientific Games International, Inc., 2014 Term Loan B1, 6.00%, 10/18/20			260		259,343
Starwood Schulte, Mezzanine Term Loan, 8.29%, 6/30/17			2,000		1,930,000

					24,599,959
Insurance — 0.6%
Alliant Holdings I, Inc., Incremental Term Loan B2, 5.00%, 8/12/22			277		277,000
Dallas Design District, Mezzanine Term Loan, 7.14%, 11/09/16			4,000		3,900,000
Sedgwick Claims Management Services, Inc., 1st Lien Term Loan, 3.75%, 3/01/21			473		464,655

					4,641,655
IT Services — 0.1%
First Data Corp., 2021 Extended Term Loan, 4.49%, 3/24/21			361		362,208
WEX Inc., Term Loan B, 4.25%, 7/01/23			158		158,839

					521,047
Machinery — 0.1%
Silver II US Holdings LLC, Term Loan, 4.00%, 12/13/19			557		518,280
Media — 0.3%
Clear Channel Communications, Inc., Term Loan D, 7.25%, 1/30/19			1,169		899,955
Intelsat Jackson Holdings SA, Term Loan B2, 3.75%, 6/30/19			962		910,978

					1,810,933
Metals & Mining — 0.1%
FMG Resources August 2006 Property Ltd., Term Loan B, 4.25%, 6/30/19			529		518,288



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	17


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


Floating Rate Loan Interests (c)		Par (000)		Value
Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp., Term Loan A, 1.00%, 10/01/19	USD		166	$	152,945
MEG Energy Corp., Refinancing Term Loan, 3.75%, 3/31/20			97		87,831

					240,776
Pharmaceuticals — 0.2%
DPx Holdings BV, 2014 Incremental Term Loan, 4.25%, 3/11/21			319		317,751
Jaguar Holding Co. II, 2015 Term Loan B, 4.25%, 8/18/22			726		725,788
NBTY, Inc., Term Loan B, 5.00%, 5/05/23			177		176,115
Valeant Pharmaceuticals International, Inc.:
Series A3 Tranche A, 3.75%, 10/20/18			106		104,252
Series C2 Term Loan B, 4.75%, 12/11/19			40		39,797
Series E Term Loan B, 4.75%, 8/05/20			302		298,016
Series F1 Term Loan B, 5.00%, 4/01/22			86		85,573

					1,747,292
Professional Services — 0.1%
Advantage Sales & Marketing, Inc.:
2014 1st Lien Term Loan, 4.25%, 7/23/21			299		297,581
2014 2nd Lien Term Loan, 7.50%, 7/25/22			159		148,281

					445,862
Real Estate Management & Development — 0.1%
Realogy Corp., 2016 Term Loan B, 3.75%, 7/20/22			533		535,424
Semiconductors & Semiconductor Equipment — 0.1%
Avago Technologies Cayman Ltd., 2016 Term Loan B1, 4.25%, 2/01/23			755		755,051
Microsemi Corp., 2015 Term Loan B, 3.75%, 1/15/23			50		50,326

					805,377


Floating Rate Loan Interests (c)		Par (000)		Value
Software — 0.1%
Solera Holdings, Inc., Term Loan B, 5.75%, 3/03/23	USD		443	$	446,212
Textiles, Apparel & Luxury Goods — 0.0%
J. Crew Group, Inc., Term Loan B, 4.00%, 3/05/21			134		95,218
Total Floating Rate Loan Interests — 6.5%					47,115,472



Foreign Agency Obligations
Argentina Bonar Bonds:
28.82%, 3/28/17 (c)	ARS		5,911		398,884
29.11%, 10/09/17 (c)			4,234		291,604
9.00%, 11/29/18	USD		144		158,423
Argentine Republic Government International Bond:
32.57%, 9/29/16 (c)	ARS		777		51,803
6.25%, 4/22/19 (d)(e)	USD		3,101		3,287,060
6.88%, 4/22/21 (d)(e)			2,144		2,306,944
7.50%, 4/22/26 (d)(e)			3,437		3,732,582
5.83%, 12/31/33 (c)	ARS		54		24,202
7.63%, 4/22/46 (d)(e)	USD		2,767		2,946,855
Brazilian Government International Bond:
7.13%, 1/20/37			940		1,086,640
5.00%, 1/27/45			595		543,830
Cyprus Government International Bond, 4.63%, 2/03/20 (d)	EUR		2,950		3,519,140
Development Bank of Mongolia LLC, 5.75%, 3/21/17	USD		1,000		997,535
Iceland Government International Bond, 5.88%, 5/11/22			3,415		4,006,232
Indonesia Government International Bond, 3.75%, 6/14/23 (d)	EUR		241		279,223
Mexican Udibonos, 3.50%, 12/14/17	MXN		295		87,519
Portugal Government International Bond, 5.13%, 10/15/24 (d)	USD		5,430		5,517,760
Slovenia Government International Bond, 5.85%, 5/10/23 (d)(e)			766		896,220
Sri Lanka Government International Bond, 5.88%, 7/25/22			3,000		3,095,238
Turkey Government Bond:
8.80%, 11/14/18	TRY		2,780		924,511
10.40%, 3/27/19			2,085		718,508
8.00%, 3/12/25			1,390		423,172
10.60%, 2/11/26			2,780		991,976



18	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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


Foreign Agency Obligations		Par (000)		Value
Venezuela Government International Bond:
8.25%, 10/13/24	USD		169	$	73,304
7.00%, 3/31/38			312		127,530
Total Foreign Agency Obligations — 5.1%					36,486,695



Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 21.6%
American Home Mortgage Assets Trust, Series 2006-5, Class A1, 1.37%, 11/25/46 (c)			6,428		3,039,536
CHL Mortgage Pass-Through Trust:
Series 2006-3, Class 1A1, 0.73%, 3/25/36 (c)			13,275		10,520,988
Series 2007-J2, Class 2A1, 1.14%, 7/25/37 (c)			5,451		2,813,932
Series 2007-J2, Class 2A8, 6.00%, 7/25/37			3,010		2,340,912
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 2.82%, 11/25/36 (c)			8,028		6,709,914
Countrywide Alternative Loan Trust:
Series 2005-61, Class 2A1, 0.77%, 12/25/35 (c)			4,039		3,518,800
Series 2005-9CB, Class 1A3, 0.94%, 5/25/35 (c)(e)			4,839		3,933,344
Series 2006-40T1, Class 2A5, 0.89%, 12/25/36 (c)			2,908		908,488
Series 2006-7CB, Class 2A1, 6.50%, 5/25/36			3,595		2,574,695
Series 2006-J7, Class 2A1, 2.19%, 11/20/36 (c)			7,800		4,636,867
Series 2006-J8, Class A5, 6.00%, 2/25/37			2,415		1,701,294
Series 2006-OA6, Class 1A1A, 0.70%, 7/25/46 (c)			8,965		6,616,002
Series 2006-OA8, Class 1A1, 0.68%, 7/25/46 (c)			3,588		2,946,589
Series 2006-OA14, Class 3A1, 1.30%, 11/25/46 (c)			12,179		9,996,579
Series 2006-OA16, Class A2, 0.68%, 10/25/46 (c)			8,030		6,811,221


Non-Agency Mortgage-Backed Securities		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Countrywide Alternative Loan Trust (continued):
Series 2006-OA18, Class A1, 0.61%, 12/25/46 (c)	USD		4,877	$	4,209,159
Series 2006-OA22, Class A1, 0.65%, 2/25/47 (c)			4,436		3,708,708
Series 2007-12T1, Class A5, 6.00%, 6/25/37			3,196		2,474,200
Series 2007-12T1, Class A22, 5.75%, 6/25/37			6,586		4,992,536
Series 2007-22, Class 2A16, 6.50%, 9/25/37			11,389		8,330,632
Series 2007-4CB, Class 1A3, 0.84%, 4/25/37 (c)			5,929		4,190,346
Series 2007-23CB, Class A1, 6.00%, 9/25/37			9,402		7,712,175
Series 2007-OA2, Class 1A1, 1.29%, 3/25/47 (c)			6,127		4,771,778
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, 0.69%, 4/25/46 (c)			10,642		9,351,271
Fannie Mae Connecticut Avenue Securities, Class 1M2 (c):
Series 2014-C02, 3.09%, 5/25/24			7,927		7,586,324
Series 2014-C03, 3.49%, 7/25/24			6,000		5,879,791
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 0.79%, 5/26/37 (c)(d)			16,558		11,424,688
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 5/25/36 (c)			9,360		4,259,215
Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, 1.09%, 8/25/36 (c)			7,768		2,190,134
WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 1A, 1.22%, 5/25/47 (c)			5,750		4,793,587

					154,943,705
Commercial Mortgage-Backed Securities — 8.7%
Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2013-DSMZ, Class M, 6.17%, 9/15/18 (c)(d)			7,500		6,959,250
CD Commercial Mortgage Trust, Series 2007-CD5, Class C, 6.12%, 11/15/44 (c)			3,372		3,421,929



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	19


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


Non-Agency Mortgage-Backed Securities		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
CDGJ Commercial Mortgage Trust, Series 2014-BXCH, Class EPA, 4.93%, 12/15/27 (c)(d)	USD		5,000	$	4,955,753
CG-CCRE Commercial Mortgage Trust, Series 2014-FL1 (c)(d):
Class D, 3.19%, 6/15/31			3,000		2,973,946
Class E, 5.09%, 6/15/31			1,931		1,927,353
Commercial Mortgage Pass-Through Certificates (c)(d):
Series 2013-LC13, Class D, 5.04%, 8/10/46			2,650		2,417,448
Series 2014-FL5, Class HFL1, 3.69%, 7/15/31			6,057		5,608,705
Series 2014-LC15, Class D, 4.94%, 4/10/47			3,000		2,497,531
Series 2014-PAT, Class E, 3.63%, 8/13/27			1,000		984,315
Series 2014-PAT, Class F, 2.92%, 8/13/27			3,000		2,790,003
Series 2014-PAT, Class G, 2.07%, 8/13/27			2,000		1,979,280
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C3, Class B, 4.88%, 7/15/37			2,000		1,998,007
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class GFX, 3.38%, 12/15/34 (c)(d)			2,500		2,304,334
Goldman Sachs Mortgage Securities Trust, Series 2014-GSFL (c)(d):
Class D, 4.38%, 7/15/31			1,325		1,277,917
Class E, 6.43%, 7/15/31			1,000		991,302
Great Wolf Trust, Series 2015-WFMZ, Class M, 7.47%, 5/15/32 (c)(d)			3,300		3,298,837
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-DSTY, Class E, 3.80%, 6/10/27 (c)(d)			5,000		4,638,856
London & Regional Debt Securitisation No. 2 PLC, Series 2, Class A, 3.53%, 10/15/18 (c)	GBP		1,290		1,696,447
Madison Avenue Trust, Series 2013-650M, Class E, 4.03%, 10/12/32 (c)(d)	USD		5,000		4,982,419


Non-Agency Mortgage-Backed Securities		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
New York Mortgage Securitization Trust, Series 2013-1, Class A, 5.70%, 8/27/24 (c)(d)	USD		5,000	$	5,037,500

					62,741,132
Total Non-Agency Mortgage-Backed Securities — 30.3%					217,684,837



Preferred Securities

Capital Trusts
Banks — 5.5%
Banco Bilbao Vizcaya Argentaria SA (c)(j):
7.00%			200		202,302
8.88%			200		232,824
Banco Santander SA, 6.25% (c)(j)			200		199,049
Bank of Ireland, 7.38% (c)(j)			200		216,892
BNP Paribas SA, 7.20% (c)(d)(e)(j)			4,000		4,429,500
Capital One Financial Corp., Series E, 5.55% (c)(e)(j)			3,500		3,549,875
Citigroup, Inc. (c)(e)(j):
5.90% (e)			2,250		2,309,062
Series D, 5.95% (e)			3,700		3,809,890
Series R, 6.13% (e)			1,170		1,216,543
Cooperatieve Rabobank UA, 6.63% (c)(j)			200		232,294
Fifth Third Bancorp, Series J, 4.90% (c)(e)(j)			3,000		2,770,650
Intesa Sanpaolo SpA, 7.00% (c)(j)			234		255,404
JPMorgan Chase & Co. (c)(e)(j):
Series Q, 5.15%			5,500		5,500,000
Series V, 5.00%			3,830		3,791,700
Wells Fargo & Co. (c)(e)(j):
Series S, 5.90%			8,800		9,383,000
Series U, 5.88%			1,240		1,365,550

					39,464,535
Capital Markets — 1.2%
Goldman Sachs Group, Inc., Series L, 5.70% (c)(e)(j)			1,287		1,306,305
Morgan Stanley, Series H, 5.45% (c)(e)(j)			5,007		4,919,378



20	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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


Capital Trusts		Par (000)		Value
Capital Markets (continued)
State Street Corp., Series F, 5.25% (c)(e)(j)	USD		1,875	$	1,968,750
UBS Group AG, 5.75% (c)(j)			200		230,867

					8,425,300
Diversified Financial Services — 4.3%
Bank of America Corp. (c)(e)(j):
Series AA, 6.10% (e)			2,865		2,995,443
Series U, 5.20% (e)			1,750		1,719,375
Series V, 5.13% (e)			705		689,138
Series X, 6.25% (e)			6,175		6,468,313
Bank of New York Mellon Corp., Series D, 4.50% (c)(e)(j)			6,067		5,947,783
HBOS Capital Funding LP, 6.85% (j)			100		100,750
Macquarie Bank Ltd., 10.25%, 6/20/57 (c)			10,000		10,575,440
Societe Generale SA, 6.00% (c)(d)(e)(j)			3,000		2,703,750

					31,199,992
Diversified Telecommunication Services — 0.1%
Telefonica Europe BV, 4.20% (c)(j)			300		341,689
Electric Utilities — 1.0%
Electricite de France SA, 5.25% (c)(d)(e)(j)			7,500		7,312,500
Gas Natural Fenosa Finance BV, 4.13% (c)(j)			100		113,792

					7,426,292
Industrial Conglomerates — 0.9%
General Electric Co., 5.00% (c)(e)(j)			5,921		6,379,877
Insurance — 1.3%
Allstate Corp, 5.75%, 8/15/53 (c)(e)			2,000		2,100,000
Prudential Financial, Inc., 5.63%, 6/15/43 (c)(e)			6,000		6,424,500
Voya Financial, Inc., 5.65%,5/15/53 (c)(e)			1,090		1,051,850

					9,576,350
Oil, Gas & Consumable Fuels — 0.0%
Enel SpA, 6.50%, 1/10/74 (c)			102		124,299


Capital Trusts		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
TOTAL SA, 3.88% (c)(j)	USD		100	$	117,055

					241,354
Total Capital Trusts — 14.3%					103,055,389


Preferred Stocks		Shares
Banks — 0.3%
Citigroup, Inc., Series K, 6.88% (c)(j)			75,000		2,232,750
Capital Markets — 2.0%
Goldman Sachs Group, Inc., Series J, 5.50% (c)(j)			395,017		10,693,110
Morgan Stanley, 6.88% (c)(j)			100,000		2,950,000
SCE Trust III, 5.75% (c)(j)			23,730		718,307

					14,361,417
Real Estate Investment Trusts (REITs) — 2.0%
Firstar Realty LLC, 8.88% (d)(j)			10,000		12,450,000
SunTrust Real Estate Investment Corp., 9.00% (d)(j)			15		1,644,831

					14,094,831
Total Preferred Stocks — 4.3%					30,688,998
Total Preferred Securities — 18.6%					133,744,387


U.S. Treasury Obligations		Par (000)
U.S. Treasury Notes (e):
2.25%, 11/15/25	USD		34,500		36,892,092
1.63%, 2/15/26			15,500		15,729,663
Total U.S. Treasury Obligations - 7.3%					52,621,755
Total Long-Term Investments (Cost — $1,098,672,610) — 152.6%					1,098,166,958


Short-Term Securities — 5.1%		Shares
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.36% (n)(o)			36,588,973		36,588,973
Total Short-Term Securities (Cost — $36,588,973) — 5.1%					36,588,973



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	21


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


	Value
Options Purchased (Cost — $884,953) — 0.1%	$	364,338
Total Investments Before Options Written (Cost — $1,136,146,536) — 157.8%		1,135,120,269
Options Written (Premiums Received — $530,775) — (0.0)%		(50,393	)
Total Investments, Net of Options Written *(Cost — $1,135,615,761) — 157.8%**		1,135,069,876
Liabilities in Excess of Other Assets — (57.8)%		(415,539,016	)

Net Assets — 100.0%	$	719,530,860

As of July 31, 2016, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	1,127,938,356

Gross unrealized appreciation	$	36,450,805
Gross unrealized depreciation		(29,319,285	)

Net unrealized appreciation	$	7,131,520


Notes to Schedule of Investments

(a)

Non-income producing security.

(b)

Restricted security as to resale, excluding 144A securities. As of period end, the Trust held restricted securities with a current value of $561 and an original cost of $8,635, which was less than 0.01% of its net assets.

(c)

Variable rate security. Rate as of period end.

(d)

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.

(e)

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

(f)

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.

(g)

Security is eligible to receive residual cash flows.

(h)

Amount is less than $500.

(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)

Perpetual security with no stated maturity date.

(k)

When-issued security.

(l)

Convertible security.

(m)

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

(n)

During the period ended July 31, 2016, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at October 31, 2015		Net Activity		Shares Held at July 31, 2016		Value at July 31, 2016		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		6,140,532		30,448,441		36,588,973	$	36,588,973	$	76,503

(o)

Current yield as of period end.


Portfolio Abbreviations


ABS		Asset-Backed Security
ADS		American Depositary Shares



22	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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


ABS		Asset-Backed Security
ADS		American Depositary Shares
ARS		Auction Rate Securities
ARS		Argentine Peso
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CLO		Collateralized Loan Obligation
CLP		Chilean Peso
CNY		Chinese Renminbi
COP		Certificates of Participation
CR		Custodian Receipt
DIP		Debtor-In-Possession
EUR		Euro
GBP		British Pound
ISDA		International Swaps and Derivatives Association, Inc.
JPY		Japanese Yen
JSC		Joint Stock Company
KRW		South Korean Won
LIBOR		London Interbank Offered Rate
MXN		Mexican Peso
MYR		Malaysian Ringgit
NOK		Norwegian Krone
OTC		Over-the-Counter
PIK		Payment-In-Kind.
PLN		Polish Zloty
Radian		Radian Guaranty, Inc.
REMIC		Real Estate Mortgage Investment Conduit
RUB		Russian Ruble
SEK		Swedish Krona
TRY		Turkish Lira
TWD		Taiwan Dollar
USD		U.S. Dollar
ZAR		South African Rand

•

For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or 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 subclassifications for reporting ease.

Reverse Repurchase Agreements

Counterparty

Interest
Rate

Trade
Date

Maturity
Date¹

Face Value

Face Value
Including
Accrued
Interest

Type of
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements

UBS Ltd.

0.80

6/03/15

Open

158,000

159,489

Corporate Bonds

Open/Demand

UBS Ltd.

0.85

6/03/15

Open

232,500

234,828

Corporate Bonds

Open/Demand

UBS Ltd.

0.70

11/10/15

Open

5,117,774

5,144,036

Foreign Agency Obligations

Open/Demand

UBS Securities LLC

0.80

12/09/15

Open

440,735

443,027

Corporate Bonds

Open/Demand

UBS Securities LLC

0.80

12/09/15

Open

387,100

389,113

Corporate Bonds

Open/Demand

UBS Securities LLC

0.80

12/09/15

Open

253,575

254,894

Corporate Bonds

Open/Demand

UBS Securities LLC

0.80

12/09/15

Open

450,215

452,556

Corporate Bonds

Open/Demand



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	23


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

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date¹

Face Value

Face Value
Including
Accrued
Interest

Type of
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements

UBS Securities LLC

0.80

12/09/15

Open

486,675

489,206

Corporate Bonds

Open/Demand

UBS Securities LLC

0.80

12/09/15

Open

539,850

542,657

Corporate Bonds

Open/Demand

UBS Securities LLC

0.80

12/09/15

Open

708,037

711,719

Corporate Bonds

Open/Demand

UBS Securities LLC

0.80

12/09/15

Open

542,430

545,251

Corporate Bonds

Open/Demand

UBS Securities LLC

0.80

12/09/15

Open

537,000

539,792

Corporate Bonds

Open/Demand

UBS Securities LLC

0.80

12/09/15

Open

789,750

793,857

Corporate Bonds

Open/Demand

UBS Securities LLC

0.80

12/09/15

Open

419,475

421,656

Corporate Bonds

Open/Demand

UBS Securities LLC

0.80

12/09/15

Open

680,600

684,139

Corporate Bonds

Open/Demand

UBS Securities LLC

0.80

12/09/15

Open

545,200

548,035

Corporate Bonds

Open/Demand

UBS Securities LLC

0.80

12/09/15

Open

723,450

727,212

Corporate Bonds

Open/Demand

UBS Securities LLC

0.80

12/09/15

Open

688,750

692,332

Corporate Bonds

Open/Demand

UBS Securities LLC

0.80

12/09/15

Open

549,750

552,609

Corporate Bonds

Open/Demand

UBS Securities LLC

0.80

12/09/15

Open

2,095,144

2,106,039

Corporate Bonds

Open/Demand

UBS Securities LLC

0.80

12/09/15

Open

535,087

537,870

Corporate Bonds

Open/Demand

UBS Securities LLC

0.80

12/09/15

Open

642,950

646,293

Corporate Bonds

Open/Demand

UBS Securities LLC

0.80

12/10/15

Open

1,504,800

1,512,491

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.75

12/17/15

Open

3,504,644

3,521,218

Foreign Agency Obligations

Open/Demand

Barclays Bank PLC

0.80

12/17/15

Open

947,031

951,808

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.85

12/17/15

Open

1,387,625

1,395,062

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

12/17/15

Open

5,887,500

5,909,774

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.80

12/17/15

Open

975,550

980,471

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.80

12/17/15

Open

1,988,437

1,998,468

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.80

12/17/15

Open

230,313

231,474

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

12/17/15

Open

867,300

871,675

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

12/17/15

Open

702,406

705,951

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

12/17/15

Open

644,875

648,130

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.95

12/17/15

Open

3,224,398

3,243,713

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.70

12/17/15

Open

814,036

817,629

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.10

12/17/15

Open

802,750

808,318

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.15

12/17/15

Open

577,212

581,398

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

0.65

12/17/15

Open

2,685,000

2,696,005

Capital Trusts

Open/Demand

HSBC Securities (USA), Inc.

0.65

12/17/15

Open

3,456,000

3,470,165

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.64

12/17/15

Open

484,900

486,857

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.90

12/17/15

Open

202,125

203,272

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.90

12/17/15

Open

388,220

390,423

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.90

12/17/15

Open

123,487

124,188

Corporate Bonds

Open/Demand



24	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date¹

Face Value

Face Value
Including
Accrued
Interest

Type of
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements

RBC Capital Markets, LLC

0.95

12/17/15

Open

376,875

379,133

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

12/17/15

Open

737,200

741,616

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

12/17/15

Open

1,973,420

1,985,241

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

12/17/15

Open

315,900

317,792

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

12/17/15

Open

233,250

234,647

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

12/17/15

Open

179,877

180,955

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

12/17/15

Open

267,637

269,241

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

12/17/15

Open

275,200

276,849

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

12/17/15

Open

167,860

168,866

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

12/17/15

Open

462,075

464,843

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

12/17/15

Open

448,800

451,488

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

622,500

626,425

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

152,220

153,180

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

767,350

772,189

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

267,138

268,822

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

1,178,000

1,185,428

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

492,900

496,008

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

398,475

400,988

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

378,200

380,585

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

492,800

495,907

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

241,425

242,947

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

138,400

139,273

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

192,625

193,840

Corporate Bonds

Open/Demand



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	25


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

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date¹

Face Value

Face Value
Including
Accrued
Interest

Type of
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements

RBC Capital Markets, LLC

1.00

12/17/15

Open

45,390

45,676

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

45,337

45,623

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

193,590

194,811

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

103,500

104,153

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

323,900

325,942

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

124,000

124,782

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

120,080

120,837

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

245,700

247,249

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

80,250

80,756

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

270,100

271,803

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

194,375

195,601

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

78,500

78,995

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

373,500

375,855

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

243,000

244,532

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

88,400

88,957

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/17/15

Open

323,900

325,942

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.05

12/17/15

Open

1,247,750

1,256,011

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.05

12/17/15

Open

133,200

134,082

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.05

12/17/15

Open

245,700

247,327

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.05

12/17/15

Open

64,080

64,504

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

12/18/15

Open

406,400

408,802

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

12/18/15

Open

1,050,000

1,056,621

Corporate Bonds

Open/Demand

UBS Ltd.

1.00

12/21/15

Open

1,464,000

1,473,069

Corporate Bonds

Open/Demand

UBS Ltd.

1.00

12/21/15

Open

9,175,000

9,231,834

Capital Trusts

Open/Demand

UBS Securities LLC

0.75

12/21/15

Open

7,068,750

7,101,590

Capital Trusts

Open/Demand



26	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date¹

Face Value

Face Value
Including
Accrued
Interest

Type of
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements

UBS Securities LLC

0.75

12/21/15

Open

3,540,000

3,556,446

Corporate Bonds

Open/Demand

UBS Securities LLC

0.75

12/21/15

Open

4,963,750

4,986,811

Capital Trusts

Open/Demand

UBS Securities LLC

0.75

12/21/15

Open

5,125,000

5,148,810

Corporate Bonds

Open/Demand

UBS Securities LLC

0.75

12/21/15

Open

8,206,000

8,244,124

Capital Trusts

Open/Demand

UBS Securities LLC

1.00

12/21/15

Open

2,385,000

2,399,774

Foreign Agency Obligations

Open/Demand

UBS Securities LLC

1.00

12/21/15

Open

3,062,500

3,081,470

Capital Trusts

Open/Demand

UBS Securities LLC

1.00

12/21/15

Open

3,135,750

3,155,174

Capital Trusts

Open/Demand

UBS Securities LLC

1.00

12/21/15

Open

4,071,000

4,096,218

Capital Trusts

Open/Demand

UBS Securities LLC

1.00

12/21/15

Open

3,812,500

3,836,116

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.65

12/22/15

Open

52,981

53,194

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

12/23/15

Open

507,642

510,616

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00

12/28/15

Open

1,042,335

1,048,618

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.00

1/07/16

Open

469,040

471,737

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

1/14/16

Open

57,000

57,315

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

1/14/16

Open

125,000

125,691

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

0.40

1/15/16

Open

35,276,250

35,354,250

U.S. Treasury Obligations

Open/Demand

UBS Securities LLC

0.60

1/21/16

Open

1,587,375

1,592,481

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00

1/22/16

Open

386,975

389,007

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.90

1/26/16

Open

88,075

88,489

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

1/26/16

Open

845,975

850,393

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

2/04/16

Open

271,440

272,715

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00

2/09/16

Open

978,412

983,141

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

1.00

2/10/16

Open

416,000

417,999

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

2/10/16

Open

178,000

178,855

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

2/10/16

Open

640,000

643,076

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

2/10/16

Open

496,000

498,384

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

2/10/16

Open

291,000

292,398

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00

2/10/16

Open

1,034,426

1,039,397

Capital Trusts

Open/Demand

RBC Capital Markets, LLC

1.00

2/11/16

Open

1,461,480

1,468,422

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

2/12/16

Open

773,000

776,672

Capital Trusts

Open/Demand



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	27


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

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date¹

Face Value

Face Value
Including
Accrued
Interest

Type of
Underlying
Collateral

Remaining

Contractual

Maturity of

the Agreements

UBS Securities LLC

1.00

2/16/16

Open

1,049,510

1,054,349

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

1.00

2/17/16

Open

203,000

203,936

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

2/26/16

Open

404,000

405,762

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00

3/01/16

Open

3,795,000

3,811,129

Capital Trusts

Open/Demand

UBS Securities LLC

1.00

3/01/16

Open

2,287,500

2,297,222

Capital Trusts

Open/Demand

RBC Capital Markets, LLC

0.64

3/02/16

Open

2,187,000

2,192,910

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.64

3/02/16

Open

1,389,760

1,393,515

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

3/02/16

Open

717,200

720,228

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.10

3/02/16

Open

602,062

604,859

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

3/10/16

Open

325,000

326,291

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

3/16/16

Open

303,030

304,126

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

3/17/16

Open

713,000

715,634

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00

3/17/16

Open

474,267

476,020

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

0.80

3/22/16

Open

5,161,000

5,176,139

Capital Trusts

Open/Demand

HSBC Securities (USA), Inc.

0.95

3/22/16

Open

908,000

911,163

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

0.95

3/22/16

Open

1,178,000

1,182,103

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.64

3/22/16

Open

1,219,200

1,222,061

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.64

3/22/16

Open

534,750

536,005

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.75

3/22/16

Open

278,225

278,990

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.75

3/22/16

Open

242,222

242,889

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

3/22/16

Open

701,250

703,821

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

3/22/16

Open

732,000

734,684

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

3/23/16

Open

321,000

322,168

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

3/30/16

Open

395,000

396,339

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

3/30/16

Open

463,138

464,707

Corporate Bonds

Open/Demand



28	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date¹

Face Value

Face Value
Including
Accrued
Interest

Type of
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements

RBC Capital Markets, LLC

1.00

3/30/16

Open

919,538

922,654

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

3/30/16

Open

2,133,500

2,140,730

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00

4/05/16

Open

1,790,320

1,796,188

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.64

4/06/16

Open

38,100

38,179

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.75

4/06/16

Open

131,610

131,928

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.75

4/06/16

Open

709,700

711,415

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.75

4/06/16

Open

128,173

128,482

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.75

4/06/16

Open

138,600

138,935

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.75

4/06/16

Open

145,618

145,969

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

4/06/16

Open

511,010

512,574

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.10

4/06/16

Open

45,600

45,762

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.10

4/06/16

Open

633,810

636,057

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.75

4/07/16

Open

150,120

150,470

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

4/07/16

Open

135,450

135,883

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

4/08/16

Open

1,315,843

1,319,900

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

4/13/16

Open

465,750

467,090

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

4/13/16

Open

499,495

500,932

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

4/13/16

Open

628,350

630,253

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

4/13/16

Open

483,000

484,462

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

4/13/16

Open

608,000

609,841

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

4/13/16

Open

909,150

911,903

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

4/13/16

Open

412,610

413,859

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.10

4/13/16

Open

402,675

404,016

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.10

4/13/16

Open

483,840

485,451

Corporate Bonds

Open/Demand



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	29


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

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date¹

Face Value

Face Value
Including
Accrued
Interest

Type of
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements

RBC Capital Markets, LLC

1.10

4/13/16

Open

696,143

698,461

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.10

4/13/16

Open

490,245

491,878

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

4/20/16

Open

217,120

217,729

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.05

4/21/16

Open

544,000

545,603

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

1.05

4/21/16

Open

1,409,000

1,413,151

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

1.05

4/21/16

Open

1,953,000

1,958,753

Capital Trusts

Open/Demand

RBC Capital Markets, LLC

0.75

4/21/16

Open

494,000

495,039

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

4/21/16

Open

381,700

382,717

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

4/21/16

Open

347,600

348,526

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

4/21/16

Open

288,000

288,768

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

4/21/16

Open

354,900

355,846

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

4/21/16

Open

361,008

361,970

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

4/21/16

Open

77,225

77,444

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

4/21/16

Open

884,948

887,430

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

4/21/16

Open

480,375

481,723

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.10

4/21/16

Open

899,020

901,794

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.10

4/21/16

Open

697,150

699,301

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.10

4/21/16

Open

280,688

281,554

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00

4/21/16

Open

2,310,400

2,316,882

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00

4/21/16

Open

3,477,100

3,486,855

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

4/22/16

Open

311,500

312,297

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

4/26/16

Open

310,531

311,187

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.90

4/27/16

Open

858,572

860,590

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

4/28/16

Open

586,704

588,187

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

4/29/16

Open

157,007

157,400

Corporate Bonds

Open/Demand



30	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date¹

Face Value

Face Value
Including
Accrued
Interest

Type of
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements

RBC Capital Markets, LLC

0.25

4/29/16

Open

499,392

499,704

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

4/29/16

Open

915,800

918,090

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

5/02/16

Open

464,800

465,949

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.10

5/02/16

Open

809,100

811,300

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.05

5/04/16

Open

665,824

667,513

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

5/04/16

Open

524,450

525,717

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

5/04/16

Open

120,085

120,375

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.05

5/04/16

Open

784,550

786,541

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00

5/04/16

Open

690,858

692,566

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

5/05/16

Open

2,150,955

2,155,974

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

5/05/16

Open

638,000

639,489

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

5/05/16

Open

1,060,125

1,062,599

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

5/05/16

Open

451,000

452,052

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

5/05/16

Open

142,375

142,707

Corporate Bonds

Open/Demand

UBS Securities LLC

0.80

5/05/16

Open

891,000

892,663

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.10

5/06/16

Open

15,345,000

15,360,336

U.S. Treasury Obligations

Open/Demand

RBC Capital Markets, LLC

0.95

5/06/16

Open

813,400

815,182

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

5/09/16

Open

412,000

412,938

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

5/09/16

Open

1,134,000

1,136,583

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.75

5/09/16

Open

425,685

426,412

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

5/09/16

Open

379,500

380,321

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

5/09/16

Open

211,185

211,642

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

5/09/16

Open

141,950

142,273

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

5/09/16

Open

246,325

246,886

Corporate Bonds

Open/Demand



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	31


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

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date¹

Face Value

Face Value
Including
Accrued
Interest

Type of
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements

RBC Capital Markets, LLC

1.00

5/09/16

Open

318,250

318,975

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00

5/09/16

Open

608,970

610,357

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00

5/09/16

Open

287,525

288,180

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

5/10/16

Open

659,120

660,306

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.04

5/10/16

Open

1,177,000

1,179,754

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.04

5/10/16

Open

1,149,000

1,151,689

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

5/10/16

Open

292,000

292,657

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

5/10/16

Open

1,025,000

1,027,306

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

5/10/16

Open

2,486,000

2,491,594

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

5/10/16

Open

851,000

852,915

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

5/10/16

Open

250,000

250,563

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

5/10/16

Open

728,000

729,638

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

5/10/16

Open

270,400

270,985

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

5/10/16

Open

452,880

453,848

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

5/10/16

Open

135,548

135,837

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

5/10/16

Open

562,238

563,439

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

5/10/16

Open

620,400

621,796

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00

5/10/16

Open

89,505

89,706

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00

5/10/16

Open

355,775

356,575

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.25

5/11/16

Open

1,766,120

1,771,149

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

1.25

5/11/16

Open

390,930

392,043

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

1.25

5/11/16

Open

2,175,554

2,181,748

Foreign Agency Obligations

Open/Demand

RBC Capital Markets, LLC

0.95

5/11/16

Open

117,455

117,703

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.65

5/12/16

Open

1,396,875

1,398,817

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00

5/12/16

Open

401,625

402,484

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

5/13/16

Open

589,515

590,825

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.05

5/16/16

Open

2,612,000

2,617,790

Corporate Bonds

Open/Demand



32	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date¹

Face Value

Face Value
Including
Accrued
Interest

Type of
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements

RBC Capital Markets, LLC

1.00

5/16/16

Open

1,747,655

1,751,344

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

5/16/16

Open

885,625

887,495

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

5/16/16

Open

589,875

591,120

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

5/17/16

Open

595,875

597,100

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.75

5/18/16

Open

8,200,000

8,212,642

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.04

5/18/16

Open

1,560,000

1,563,335

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.04

5/18/16

Open

816,000

817,744

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.04

5/18/16

Open

633,000

634,353

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.64

5/19/16

Open

185,000

185,230

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.04

5/20/16

Open

360,000

360,718

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.25

5/20/16

Open

2,839,821

2,846,625

Foreign Agency Obligations

Open/Demand

RBC Capital Markets, LLC

0.95

5/23/16

Open

343,400

344,016

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

5/23/16

Open

949,701

951,547

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00

5/23/16

Open

180,720

181,072

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.90

5/24/16

Open

215,000

215,360

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

5/24/16

Open

495,600

496,476

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.75

5/25/16

Open

2,763,354

2,767,269

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

5/25/16

Open

346,768

347,423

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

5/25/16

Open

371,900

372,582

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

5/26/16

Open

236,931

237,350

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00

5/27/16

Open

433,733

434,467

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00

5/31/16

Open

317,285

317,814

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

6/01/16

Open

354,750

355,302

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

6/02/16

Open

679,800

680,805

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

6/02/16

Open

208,896

209,205

Corporate Bonds

Open/Demand



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	33


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

Reverse Repurchase Agreements (continued)


Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Underlying Collateral	Remaining Contractual Maturity of the Agreements
RBC Capital Markets, LLC		1.00	%		6/06/16		Open	$	474,780	$	475,492	Corporate Bonds		Open/Demand	¹
RBC Capital Markets, LLC		0.90	%		6/07/16		Open		63,550		63,637	Corporate Bonds		Open/Demand	¹
RBC Capital Markets, LLC		0.90	%		6/07/16		Open		478,800		479,434	Corporate Bonds		Open/Demand	¹
UBS Securities LLC		1.00	%		6/07/16		Open		143,261		143,480	Corporate Bonds		Open/Demand	¹
Deutsche Bank Securities, Inc.		1.00	%		6/15/16		Open		106,000		106,133	Corporate Bonds		Open/Demand	¹
RBC Capital Markets, LLC		1.00	%		6/21/16		Open		125,250		125,386	Corporate Bonds		Open/Demand	¹
UBS Securities LLC		1.00	%		6/21/16		Open		4,822,606		4,827,831	Corporate Bonds		Open/Demand	¹
Deutsche Bank Securities, Inc.		1.05	%		6/29/16		Open		86,000		86,078	Corporate Bonds		Open/Demand	¹
RBC Capital Markets, LLC		1.00	%		6/29/16		Open		170,150		170,301	Corporate Bonds		Open/Demand	¹
BNP Paribas Securities Corp.		1.47	%		7/01/16		8/5/2016		824,000		824,907	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.47	%		7/01/16		8/5/2016		1,112,000		1,113,224	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.47	%		7/01/16		8/5/2016		1,060,000		1,061,167	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.47	%		7/01/16		8/5/2016		823,000		823,906	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.47	%		7/01/16		8/5/2016		816,000		816,898	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.47	%		7/01/16		8/5/2016		814,000		814,896	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.62	%		7/01/16		8/5/2016		1,283,000		1,284,556	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.62	%		7/01/16		8/5/2016		791,000		791,960	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.62	%		7/01/16		8/5/2016		951,000		952,154	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.62	%		7/01/16		8/5/2016		773,000		773,938	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.62	%		7/01/16		8/5/2016		2,307,000		2,309,799	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.62	%		7/01/16		8/5/2016		920,000		921,116	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.62	%		7/01/16		8/5/2016		1,556,000		1,557,888	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.62	%		7/01/16		8/5/2016		762,000		762,924	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.62	%		7/01/16		8/5/2016		755,000		755,916	Asset-Backed Securities		Up to 30 Days



34	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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

Reverse Repurchase Agreements (continued)


Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Underlying Collateral	Remaining Contractual Maturity of the Agreements
BNP Paribas Securities Corp.		1.62	%		7/01/16		8/5/2016	$	734,000	$	734,890	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.62	%		7/01/16		8/5/2016		750,000		750,910	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.62	%		7/01/16		8/5/2016		778,000		778,944	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.62	%		7/01/16		8/5/2016		1,088,000		1,089,320	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.62	%		7/01/16		8/5/2016		924,000		925,121	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.62	%		7/01/16		8/5/2016		1,572,000		1,573,907	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.62	%		7/01/16		8/5/2016		749,000		749,909	Asset-Backed Securities		Up to 30 Days
BNP Paribas Securities Corp.		1.62	%		7/01/16		8/5/2016		1,881,000		1,883,282	Asset-Backed Securities		Up to 30 Days
Barclays Capital, Inc.		1.97	%		7/05/16		8/5/2016		9,870,803		9,884,844			Up to 30 Days
Deutsche Bank Securities, Inc.		0.80	%		7/07/16		Open		813,000		813,434	Foreign Agency Obligations		Open/Demand	¹
Deutsche Bank Securities, Inc.		0.80	%		7/07/16		Open		2,683,000		2,684,431	Capital Trusts		Open/Demand	¹
Deutsche Bank Securities, Inc.		0.80	%		7/07/16		Open		2,512,000		2,513,340	Corporate Bonds		Open/Demand	¹
Deutsche Bank Securities, Inc.		0.80	%		7/07/16		Open		1,812,000		1,812,966	Capital Trusts		Open/Demand	¹
Deutsche Bank Securities, Inc.		0.80	%		7/07/16		Open		1,890,000		1,891,008	Capital Trusts		Open/Demand	¹
Deutsche Bank Securities, Inc.		1.00	%		7/07/16		Open		556,000		556,371	Corporate Bonds		Open/Demand	¹
Deutsche Bank Securities, Inc.		1.00	%		7/07/16		Open		2,283,000		2,284,522	Corporate Bonds		Open/Demand	¹
Deutsche Bank Securities, Inc.		1.00	%		7/07/16		Open		729,000		729,486	Corporate Bonds		Open/Demand	¹
Deutsche Bank Securities, Inc.		1.00	%		7/07/16		Open		4,614,000		4,617,076	Corporate Bonds		Open/Demand	¹
Deutsche Bank Securities, Inc.		1.00	%		7/07/16		Open		2,835,000		2,836,890	Corporate Bonds		Open/Demand	¹
Deutsche Bank Securities, Inc.		1.00	%		7/07/16		Open		3,137,000		3,139,091	Corporate Bonds		Open/Demand	¹
Deutsche Bank Securities, Inc.		1.00	%		7/07/16		Open		2,528,000		2,529,685	Corporate Bonds		Open/Demand	¹
Deutsche Bank Securities, Inc.		1.00	%		7/07/16		Open		1,489,000		1,489,993	Capital Trusts		Open/Demand	¹
Deutsche Bank Securities, Inc.		1.00	%		7/07/16		Open		310,000		310,207	Corporate Bonds		Open/Demand	¹
Deutsche Bank Securities, Inc.		1.00	%		7/07/16		Open		1,168,000		1,168,779	Corporate Bonds		Open/Demand	¹



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	35


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

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date¹

Face Value

Face Value
Including
Accrued
Interest

Type of
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

2,373,000

2,374,582

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

2,638,000

2,639,759

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

1,811,000

1,812,207

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

189,000

189,126

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

2,368,000

2,369,579

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

591,000

591,394

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

265,000

265,177

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

313,000

313,209

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

355,000

355,237

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

137,000

137,091

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

234,000

234,156

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

1,412,000

1,412,941

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

587,000

587,391

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

1,127,000

1,127,751

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

719,000

719,479

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

265,000

265,177

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

89,000

89,059

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

99,000

99,066

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

849,000

849,566

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

373,000

373,249

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

290,000

290,193

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

191,000

191,127

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

300,000

300,200

Corporate Bonds

Open/Demand



36	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date¹

Face Value

Face Value
Including
Accrued
Interest

Type of
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

124,000

124,083

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

1.00

7/07/16

Open

1,704,000

1,705,136

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

(1.00

7/07/16

Open

1,528,000

1,526,981

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

1.10

7/07/16

Open

2,766,000

2,768,028

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

7/07/16

Open

295,200

295,364

Corporate Bonds

Open/Demand

Morgan Stanley & Co. LLC

1.50

7/08/16

8/10/16

3,977,375

3,980,855

Asset-Backed Securities

Up to 30 Days

RBC Capital Markets, LLC

0.95

7/08/16

Open

181,770

181,866

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.98

7/13/16

8/15/16

3,050,895

3,053,747

Non-Agency Mortgage-Backed Securities

Up to 30 Days

RBC Capital Markets, LLC

0.95

7/13/16

Open

128,296

128,354

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

(3.00

7/14/16

Open

583,605

582,730

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

7/14/16

Open

57,600

57,622

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.59

7/15/16

10/21/16

1,255,000

1,255,554

Asset-Backed Securities

Up to 30 Days

RBC Capital Markets, LLC

0.95

7/19/16

Open

342,336

342,453

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

7/20/16

Open

805,800

806,013

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

7/20/16

Open

1,449,250

1,449,653

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

(0.25

7/21/16

Open

150,675

150,665

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.75

7/21/16

Open

171,004

171,029

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

7/22/16

Open

305,100

305,151

Corporate Bonds

Open/Demand

UBS Securities LLC

1.00

7/22/16

Open

99,125

99,142

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.00

7/25/16

Open

912,135

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.75

7/25/16

Open

210,490

210,512

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.75

7/27/16

Open

437,850

437,877

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.95

7/27/16

Open

260,820

260,841

Corporate Bonds

Open/Demand



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	37


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

Reverse Repurchase Agreements (concluded)


Counterparty	Interest Rate			Trade Date		Maturity Date¹	Face Value		Face Value Including Accrued Interest		Type of Underlying Collateral		Remaining Contractual Maturity of the Agreements
J.P. Morgan Securities LLC		1.84	%		7/28/16	8/26/16	$	5,757,000	$	5,757,885		Asset-Backed Securities		Up to 30 Days
RBC Capital Markets, LLC		0.75	%		7/28/16	Open		743,820		743,820		Corporate Bonds		Open/Demand¹
RBC Capital Markets, LLC		0.95	%		7/28/16	Open		183,870		183,870		Corporate Bonds		Open/Demand¹
RBC Capital Markets, LLC		0.75	%		7/29/16	Open		259,350		259,350		Corporate Bonds		Open/Demand¹
RBC Capital Markets, LLC		0.95	%		7/29/16	Open		478,855		478,855		Corporate Bonds		Open/Demand¹
UBS Securities LLC		1.00	%		7/29/16	Open		460,200		460,200		Corporate Bonds		Open/Demand¹
Total							$	421,917,357	$	423,126,377

¹ 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


Contracts Short	Issue	Expiration		Notional Value			Unrealized Appreciation (Depreciation)
(123)	2-Year U.S. Treasury Note		September 2016		USD	26,937,000	$	(148,760	)
(8)	5-Year U.S. Treasury Note		September 2016		USD	976,125		(7,940	)
(21)	10-Year U.S. Treasury Note		September 2016		USD	2,793,985		3,448
(3)	EURO-BOBL Future		September 2016		EUR	401,010		(3,658	)
(5)	Long U.S. Treasury Bond		September 2016		USD	872,188		(50,101	)
(1)	Ultra U.S. Treasury Bond		September 2016		USD	190,531		(12,595	)
Total							$	(219,606	)

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
COP	197,340,000	USD	63,827	Credit Suisse International		8/01/16	$	453
COP	2,512,951,261	USD	812,785	Credit Suisse International		8/01/16		5,766
COP	2,707,601,802	USD	875,742	Credit Suisse International		8/01/16		6,213
COP	951,437,500	USD	325,000	Credit Suisse International		8/01/16		(15,085	)
COP	961,350,000	USD	325,000	Credit Suisse International		8/01/16		(11,857	)
COP	1,919,450,000	USD	650,000	Standard Chartered Bank		8/01/16		(24,772	)
COP	1,347,248,000	USD	460,000	Standard Chartered Bank		8/01/16		(21,157	)
USD	65,000	COP	197,340,000	Credit Suisse International		8/01/16		720
USD	880,049	COP	2,707,601,802	Credit Suisse International		8/01/16		(1,906	)



38	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	814,951	COP	2,512,951,261	Credit Suisse International		8/01/16	$	(3,600	)
USD	307,731	COP	951,437,500	Credit Suisse International		8/01/16		(2,183	)
USD	310,937	COP	961,350,000	Credit Suisse International		8/01/16		(2,206	)
USD	620,824	COP	1,919,450,000	Standard Chartered Bank		8/01/16		(4,404	)
USD	435,752	COP	1,347,248,000	Standard Chartered Bank		8/01/16		(3,091	)
BRL	2,038,895	USD	608,989	Credit Suisse International		8/02/16		19,834
BRL	707,182	USD	213,007	Goldman Sachs International		8/02/16		5,098
BRL	893,289	USD	265,000	Goldman Sachs International		8/02/16		10,502
BRL	2,245,209	USD	666,056	Goldman Sachs International		8/02/16		26,397
BRL	859,925	USD	265,000	Morgan Stanley & Co. International PLC		8/02/16		213
BRL	26,524,909	USD	8,159,000	Royal Bank of Scotland PLC		8/02/16		21,641
BRL	30,693,939	USD	9,476,363	Royal Bank of Scotland PLC		8/02/16		(9,937	)
BRL	1,348,477	USD	416,325	Royal Bank of Scotland PLC		8/02/16		(437	)
BRL	1,340,682	USD	413,918	Standard Chartered Bank		8/02/16		(434	)
EUR	1,585,000	USD	1,765,436	Deutsche Bank AG		8/02/16		6,594
USD	629,483	BRL	2,038,895	Credit Suisse International		8/02/16		660
USD	218,334	BRL	707,182	Goldman Sachs International		8/02/16		229
USD	693,180	BRL	2,245,209	Goldman Sachs International		8/02/16		727
USD	275,791	BRL	893,289	Goldman Sachs International		8/02/16		289
USD	265,491	BRL	859,925	Morgan Stanley & Co. International PLC		8/02/16		278
USD	9,355,056	BRL	30,693,939	Royal Bank of Scotland PLC		8/02/16		(111,370	)
USD	410,996	BRL	1,348,477	Royal Bank of Scotland PLC		8/02/16		(4,893	)
USD	8,189,228	BRL	26,524,909	Royal Bank of Scotland PLC		8/02/16		8,587
USD	411,000	BRL	1,340,682	Standard Chartered Bank		8/02/16		(2,484	)
USD	1,767,402	EUR	1,555,000	Citibank N.A.		8/02/16		28,911
EUR	1,000,000	USD	1,109,996	Bank of America N.A.		8/03/16		8,046
EUR	600,000	USD	665,605	Morgan Stanley & Co. International PLC		8/03/16		5,220
USD	3,191,153	EUR	2,860,000	Morgan Stanley & Co. International PLC		8/03/16		(6,447	)
USD	17,588,713	EUR	15,830,000	Morgan Stanley & Co. International PLC		8/03/16		(109,890	)
USD	120,450	GBP	92,000	Credit Suisse International		8/03/16		(1,309	)
USD	17,344	GBP	13,000	Morgan Stanley & Co. International PLC		8/03/16		139
USD	29,448,795	GBP	21,869,000	Royal Bank of Scotland PLC		8/03/16		505,928
USD	1,953,917	GBP	1,451,000	Royal Bank of Scotland PLC		8/03/16		33,568
USD	168,875	JPY	17,336,000	Bank of America N.A.		8/03/16		(1,033	)
USD	168,997	JPY	17,336,000	Barclays Bank PLC		8/03/16		(910	)
EUR	3,190,000	SEK	30,207,865	Deutsche Bank AG		8/04/16		36,156
GBP	1,340,000	USD	1,765,490	Goldman Sachs International		8/04/16		7,975
GBP	1,340,000	USD	1,759,637	Morgan Stanley & Co. International PLC		8/04/16		13,828
GBP	1,340,000	USD	1,764,208	UBS AG		8/04/16		9,257
NOK	29,528,210	USD	3,530,000	Standard Chartered Bank		8/04/16		(30,183	)



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	39


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

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
SEK	15,617,315	EUR	1,650,000	Morgan Stanley & Co. International PLC		8/04/16	$	(19,571	)
SEK	14,511,910	EUR	1,540,000	Royal Bank of Scotland PLC		8/04/16		(25,776	)
USD	1,780,940	GBP	1,340,000	BNP Paribas SA		8/04/16		7,476
USD	1,780,940	GBP	1,340,000	BNP Paribas SA		8/04/16		7,476
USD	1,778,193	GBP	1,340,000	BNP Paribas SA		8/04/16		4,729
USD	7,040,000	NOK	60,261,921	Standard Chartered Bank		8/04/16		(102,515	)
TRY	1,265,816	USD	420,000	Credit Suisse International		8/05/16		3,319
USD	308,000	TRY	931,867	Citibank N.A.		8/05/16		(3,639	)
USD	210,000	TRY	635,903	Deutsche Bank AG		8/05/16		(2,661	)
USD	112,000	TRY	338,908	Goldman Sachs International		8/05/16		(1,339	)
USD	210,000	TRY	635,404	Royal Bank of Scotland PLC		8/05/16		(2,494	)
CLP	89,876,250	USD	135,000	BNP Paribas SA		8/08/16		2,205
CLP	89,876,250	USD	135,000	Royal Bank of Scotland PLC		8/08/16		2,205
CLP	86,502,000	USD	130,000	Royal Bank of Scotland PLC		8/08/16		2,054
CLP	135,495,745	USD	203,753	Standard Chartered Bank		8/08/16		3,095
USD	603,753	CLP	400,710,866	Deutsche Bank AG		8/08/16		(7,974	)
USD	1,894,007	TRY	5,731,879	Goldman Sachs International		8/08/16		(21,542	)
USD	717,620	TRY	2,147,336	Royal Bank of Scotland PLC		8/08/16		(3	)
USD	516,373	TRY	1,546,505	Royal Bank of Scotland PLC		8/08/16		(456	)
USD	323,948	ZAR	4,803,717	Citibank N.A.		8/08/16		(21,689	)
USD	120,886	ZAR	1,791,531	Goldman Sachs International		8/08/16		(8,018	)
USD	166,388	ZAR	2,461,962	Morgan Stanley & Co. International PLC		8/08/16		(10,755	)
ZAR	3,062,094	USD	205,000	Goldman Sachs International		8/08/16		15,324
ZAR	6,057,398	USD	406,222	Royal Bank of Scotland PLC		8/08/16		29,619
JPY	16,014,948	USD	151,600	Goldman Sachs International		8/09/16		5,386
JPY	4,958,494	USD	47,600	Royal Bank of Scotland PLC		8/09/16		1,006
JPY	4,249,211	USD	40,798	UBS AG		8/09/16		855
JPY	4,957,984	USD	47,603	Westpac Group		8/09/16		998
USD	20,075	ARS	305,935	Royal Bank of Scotland PLC		8/09/16		(217	)
RUB	73,959,200	USD	1,120,000	Credit Suisse International		8/11/16		(1,824	)
EUR	483,883	USD	547,704	Royal Bank of Scotland PLC		8/12/16		(6,521	)
USD	670,000	CAD	879,436	Morgan Stanley & Co. International PLC		8/12/16		(3,615	)
USD	552,973	EUR	483,883	Royal Bank of Scotland PLC		8/12/16		11,790
JPY	38,322,121	USD	368,000	JPMorgan Chase Bank N.A.		8/15/16		7,731
RUB	45,609,000	USD	690,000	BNP Paribas SA		8/15/16		(1,152	)
RUB	46,669,000	USD	700,000	Deutsche Bank AG		8/15/16		4,857
USD	528,706	GBP	400,000	UBS AG		8/15/16		(771	)
CAD	335,673	USD	255,750	Morgan Stanley & Co. International PLC		8/16/16		1,369
EUR	142,800	RUB	10,391,556	Deutsche Bank AG		8/16/16		2,828
EUR	239,792	USD	269,437	Citibank N.A.		8/16/16		(1,207	)
EUR	269,000	USD	304,955	Deutsche Bank AG		8/16/16		(4,054	)
EUR	172,800	USD	191,763	JPMorgan Chase Bank N.A.		8/16/16		1,529



40	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	411,223	USD	455,961	Morgan Stanley & Co. International PLC		8/16/16	$	4,029
EUR	610,331	USD	676,749	Morgan Stanley & Co. International PLC		8/16/16		5,962
EUR	493,250	USD	558,272	Royal Bank of Scotland PLC		8/16/16		(6,527	)
GBP	197,300	USD	264,372	Citibank N.A.		8/16/16		(3,203	)
GBP	78,014	USD	102,509	Citibank N.A.		8/16/16		760
GBP	531,986	USD	698,144	Deutsche Bank AG		8/16/16		6,053
GBP	97,522	USD	127,953	Goldman Sachs International		8/16/16		1,138
GBP	177,085	USD	232,683	Goldman Sachs International		8/16/16		1,727
GBP	40,000	USD	52,617	Morgan Stanley & Co. International PLC		8/16/16		332
GBP	195,000	USD	256,106	Morgan Stanley & Co. International PLC		8/16/16		2,018
GBP	97,522	USD	127,870	Royal Bank of Scotland PLC		8/16/16		1,221
GBP	82,872	USD	108,740	Royal Bank of Scotland PLC		8/16/16		959
JPY	140,020,026	USD	1,313,000	Royal Bank of Scotland PLC		8/16/16		59,882
MXN	2,704,886	USD	144,963	Citibank N.A.		8/16/16		(915	)
MXN	4,326,010	USD	227,000	Deutsche Bank AG		8/16/16		3,381
MXN	9,417,508	USD	502,137	Deutsche Bank AG		8/16/16		(609	)
MXN	4,181,982	USD	223,000	Royal Bank of Scotland PLC		8/16/16		(289	)
MYR	606,784	USD	152,000	JPMorgan Chase Bank N.A.		8/16/16		(1,511	)
PLN	2,974,178	USD	751,482	BNP Paribas SA		8/16/16		11,442
PLN	2,852,683	USD	736,547	JPMorgan Chase Bank N.A.		8/16/16		(4,788	)
PLN	17,631	USD	4,434	Morgan Stanley & Co. International PLC		8/16/16		88
PLN	4,934,087	USD	1,232,328	Royal Bank of Scotland PLC		8/16/16		33,344
PLN	4,875,186	USD	1,218,263	State Street Bank And Trust Co.		8/16/16		32,300
PLN	5,030,035	USD	1,298,074	State Street Bank And Trust Co.		8/16/16		(7,789	)
RUB	10,512,650	EUR	142,800	Deutsche Bank AG		8/16/16		(999	)
RUB	18,203,640	USD	273,000	Deutsche Bank AG		8/16/16		1,865
TWD	9,659,600	USD	304,000	Standard Chartered Bank		8/16/16		(100	)
USD	85,250	CAD	111,085	Standard Chartered Bank		8/16/16		161
USD	75,028	EUR	67,678	Goldman Sachs International		8/16/16		(676	)
USD	547,774	EUR	483,883	Royal Bank of Scotland PLC		8/16/16		6,507
USD	1,079,274	EUR	953,876	Royal Bank of Scotland PLC		8/16/16		12,276
USD	304,352	EUR	269,000	Royal Bank of Scotland PLC		8/16/16		3,451
USD	190,518	EUR	172,800	Royal Bank of Scotland PLC		8/16/16		(2,775	)
USD	40,489	GBP	30,000	Barclays Bank PLC		8/16/16		777
USD	324,190	GBP	240,000	BNP Paribas SA		8/16/16		6,499
USD	324,202	GBP	240,000	BNP Paribas SA		8/16/16		6,510
USD	261,773	GBP	197,300	Citibank N.A.		8/16/16		605
USD	323,450	GBP	240,000	Deutsche Bank AG		8/16/16		5,758
USD	331,126	GBP	245,000	JPMorgan Chase Bank N.A.		8/16/16		6,816
USD	283,484	GBP	210,000	JPMorgan Chase Bank N.A.		8/16/16		5,504
USD	128,338	GBP	95,000	Royal Bank of Scotland PLC		8/16/16		2,585
USD	385,000	JPY	39,554,900	BNP Paribas SA		8/16/16		(2,832	)



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	41


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

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	271,500	JPY	27,928,662	BNP Paribas SA		8/16/16	$	(2,338	)
USD	271,500	JPY	27,906,127	Goldman Sachs International		8/16/16		(2,117	)
USD	385,000	JPY	39,601,100	Morgan Stanley & Co. International PLC		8/16/16		(3,285	)
USD	194,800	KRW	224,347,264	Deutsche Bank AG		8/16/16		(6,827	)
USD	379,000	MXN	7,090,954	Citibank N.A.		8/16/16		1,373
USD	92,556	MXN	1,717,841	Citibank N.A.		8/16/16		1,072
USD	227,000	MXN	4,335,309	Citibank N.A.		8/16/16		(3,876	)
USD	92,237	MXN	1,711,942	Goldman Sachs International		8/16/16		1,068
USD	230,000	MXN	4,268,938	Goldman Sachs International		8/16/16		2,658
USD	185,100	MXN	3,470,666	Goldman Sachs International		8/16/16		270
USD	88,055	MXN	1,634,214	Royal Bank of Scotland PLC		8/16/16		1,025
USD	76,000	MXN	1,410,533	State Street Bank And Trust Co.		8/16/16		882
USD	4,874,426	PLN	19,017,160	Royal Bank of Scotland PLC		8/16/16		(3,780	)
USD	429,923	PLN	1,666,638	State Street Bank And Trust Co.		8/16/16		2,403
USD	273,000	RUB	17,799,600	JPMorgan Chase Bank N.A.		8/16/16		4,236
USD	304,000	TWD	9,797,920	Deutsche Bank AG		8/16/16		(4,252	)
USD	11,604	ARS	174,289	Royal Bank of Scotland PLC		8/18/16		115
AUD	2,315,000	USD	1,706,169	Citibank N.A.		8/22/16		52,053
USD	1,756,159	AUD	2,315,000	BNP Paribas SA		8/22/16		(2,063	)
USD	1,778,316	AUD	2,365,000	Citibank N.A.		8/22/16		(17,880	)
ARS	265,474	USD	17,250	BNP Paribas SA		8/29/16		120
ARS	89,413	USD	5,750	Royal Bank of Scotland PLC		8/29/16		100
JPY	10,480,275	USD	99,658	BNP Paribas SA		8/31/16		3,155
JPY	9,998,611	USD	95,142	Citibank N.A.		8/31/16		2,945
USD	335,000	MXN	6,351,776	Goldman Sachs International		9/01/16		(2,700	)
USD	335,000	MXN	6,352,773	Morgan Stanley & Co. International PLC		9/01/16		(2,753	)
BRL	1,362,348	USD	410,996	Royal Bank of Scotland PLC		9/02/16		4,658
BRL	31,009,672	USD	9,355,056	Royal Bank of Scotland PLC		9/02/16		106,035
USD	15,018,888	EUR	13,488,000	Royal Bank of Scotland PLC		9/06/16		(81,323	)
USD	3,151,205	EUR	2,830,000	Royal Bank of Scotland PLC		9/06/16		(17,063	)
USD	1,686,675	GBP	1,280,000	HSBC Bank USA N.A.		9/06/16		(8,290	)
USD	28,149,028	GBP	21,362,000	HSBC Bank USA N.A.		9/06/16		(138,355	)
USD	162,911	JPY	17,034,500	Bank of America N.A.		9/06/16		(4,240	)
USD	162,756	JPY	17,034,500	Morgan Stanley & Co. International PLC		9/06/16		(4,395	)
USD	2,200	ARS	34,430	BNP Paribas SA		9/12/16		(33	)
CAD	1,778,568	AUD	1,815,000	Deutsche Bank AG		9/14/16		(14,925	)
USD	90,000	ARS	1,359,000	Royal Bank of Scotland PLC		9/14/16		1,951
JPY	90,051,399	EUR	795,000	UBS AG		9/26/16		(6,460	)
ARS	905,077	USD	58,242	BNP Paribas SA		9/30/16		(152	)
ARS	2,018,077	USD	131,044	BNP Paribas SA		9/30/16		(1,519	)
ARS	1,139,354	USD	72,802	Royal Bank of Scotland PLC		9/30/16		324
USD	30,500	ARS	467,907	BNP Paribas SA		9/30/16		469
USD	12,000	ARS	181,560	Royal Bank of Scotland PLC		10/05/16		381
USD	23,000	ARS	354,660	Royal Bank of Scotland PLC		10/18/16		475



42	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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

Forward Foreign Currency Exchange Contracts (concluded)


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	25,000		ARS	386,250	Royal Bank of Scotland PLC		10/18/16	$	469
CNH	1,003,210		USD	150,000	BNP Paribas SA		11/07/16		749
CNH	1,003,145		USD	150,000	Goldman Sachs International		11/07/16		740
CNH	1,231,654		USD	184,200	Goldman Sachs International		11/07/16		877
CNH	1,036,531		USD	155,000	Goldman Sachs International		11/07/16		756
CNH	1,003,390		USD	150,000	Royal Bank of Canada		11/07/16		776
USD	1,973,000		CNH	13,024,957	Deutsche Bank AG		11/07/16		15,780
USD	21,611		ARS	339,827	BNP Paribas SA		11/18/16		379
USD	10,000		ARS	157,500	BNP Paribas SA		11/18/16		160
USD	140,800		ARS	2,297,856	BNP Paribas SA		12/01/16		(1,878	)
USD	19,300		ARS	299,729	BNP Paribas SA		12/05/16		725
USD	362,400		ARS	6,468,840	BNP Paribas SA		7/28/17		(1,445	)
Total								$	329,866

OTC Options Purchased

Description

Put/
Call

Counterparty

Expiration
Date

Strike
Price

Notional
Amount
(000)

Contracts

Value

USD Currency

Call

Deutsche Bank AG

8/05/16

JPY

106.00

USD

379

—

116

GBP Currency

Call

Goldman Sachs International

8/08/16

USD

1.36

GBP

470

—

1,708

USD Currency

Call

Deutsche Bank

8/10/16

JPY

104.00

USD

920

—

2,751

USD Currency

Call

JPMorgan Chase Bank N.A.

8/11/16

JPY

—

USD

—

11,776

GBP Currency

Call

HSBC Bank PLC

8/16/16

USD

1.36

GBP

5,545

—

22,889

AUD Currency

Call

Bank of America N.A.

8/18/16

USD

0.76

AUD

9,340

—

69,822

USD Currency

Call

Deutsche Bank AG

8/24/16

CNH

6.70

USD

608

—

883

USD Currency

Call

Deutsche Bank AG

8/24/16

CNH

7.15

USD

608

—

USD Currency

Call

BNP Paribas SA

9/09/16

JPY

105.00

USD

1,150

—

6,448

AUD Currency

Call

Deutsche Bank AG

9/12/16

CAD

1.01

AUD

9,455

—

25,350

USD Currency

Call

Deutsche Bank AG

9/27/16

TWD

32.70

USD

830

—

716

USD Currency

Call

Goldman Sachs International

10/27/16

MXN

19.15

USD

1,170

—

23,474

USD Currency

Call

Deutsche Bank AG

12/15/16

CNH

6.75

USD

240

—

2,552

USD Currency

Put

Morgan Stanley & Co. International PLC

8/04/16

BRL

3.58

USD

415

—

GBP Currency

Put

Goldman Sachs International

8/08/16

USD

1.32

GBP

470

—

3,637

GBP Currency

Put

HSBC Bank PLC

8/16/16

USD

1.31

GBP

5,545

—

28,980

CHF Currency

Put

UBS AG

8/18/16

SEK

8.45

CHF

9,960

—

791

GBP Currency

Put

BNP Paribas SA

8/25/16

USD

1.30

GBP

10,630

—

49,591

GBP Currency

Put

BNP Paribas SA

8/25/16

USD

1.19

GBP

10,630

—

112

EUR Currency

Put

Deutsche Bank AG

9/20/16

SEK

9.35

EUR

9,700

—

25,344

EUR Currency

Put

Deutsche Bank AG

9/22/16

JPY

113.00

EUR

6,125

—

87,398

Total

364,338



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	43


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

OTC Options Written


Description	Put/ Call		Counterparty		Expiration Date		Strike Price			Notional Amount (000)			Contracts		Value
EUR Currency		Call		HSBC Bank PLC		8/02/16		USD	1.14		EUR	9,470		—	$	(498	)
USD Currency		Call		Deutsche Bank AG		8/24/16		CNH	6.85		USD	608		—		(52	)
USD Currency		Call		Deutsche Bank AG		8/24/16		CNH	7.00		USD	608		—		—
USD Currency		Call		BNP Paribas SA		9/09/16		JPY	109.00		USD	1,150		—		(1,205	)
USD Currency		Call		Goldman Sachs International		10/27/16		MXN	20.00		USD	1,170		—		(10,651	)
USD Currency		Call		Deutsche Bank AG		12/15/16		CNH	7.10		USD	240		—		(558	)
EUR Currency		Put		HSBC Bank PLC		8/02/16		USD	1.09		EUR	9,470		—		(42	)
GBP Currency		Put		BNP Paribas SA		8/25/16		USD	1.23		GBP	21,260		—		(4,558	)
EUR Currency		Put		Deutsche Bank AG		9/22/16		JPY	108.00		EUR	6,125		—		(27,117	)
EUR Currency		Put		Deutsche Bank AG		9/22/16		JPY	104.50		EUR	3,065		—		(5,712	)
Total															$	(50,393	)

Centrally Cleared Credit Default Swaps — Buy Protection


Issuer / Index	Pay Fixed Rate			Expiration Date		Notional Amount (000)		Unrealized Depreciation
Markit iTraxx XO, Series 25, Version 1		5.00	%		6/20/21	$	580	$	(18,874	)

Centrally Cleared Interest Rate Swaps

Fixed Rate

Floating
Rate

Effective
Date

Expiration
Date

Notional
Amount
(000)

Unrealized
Appreciation

(Depreciation)

2.13%¹

3-Month LIBOR

N/A

8/25/25

USD

110

7,967

2.27%²

3-Month LIBOR

N/A

9/11/25

USD

(5,781

)

1.46%²

3-Month LIBOR

N/A

6/28/26

USD

357

(4,041

)

1.46%²

3-Month LIBOR

N/A

6/28/26

USD

1,427

(16,100

)

Total

(17,955

)

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

² Trust pays the fixed rate and receives the floating rate.

OTC Credit Default Swaps — Buy Protection


Issuer/Index	Pay Fixed Rate			Counterparty	Expiration Date	Notional Amount (000)			Value			Premiums Paid		Unrealized Appreciation (Depreciation)
United Mexican States		1.00	%	Citibank N.A.	6/20/20		USD	604	$	4,553		$	4,586	$	(33	)
United Mexican States		1.00	%	Bank of America N.A.	9/20/20		USD	604		6,977			6,317		660
Federation of Russia		1.00	%	Bank of America N.A.	6/20/21		USD	662		40,060			41,191		(1,131	)
Federation of Russia		1.00	%	HSBC Bank PLC	6/20/21		USD	671		40,636			39,672		964
Republic of Philippines		1.00	%	Bank of America N.A.	6/20/21		USD	54		(37	)		248		(285	)
Republic of Philippines		1.00	%	Barclays Bank PLC	6/20/21		USD	191		(130	)		1,408		(1,538	)



44	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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

OTC Credit Default Swaps — Buy Protection (continued)


Issuer/Index	Pay Fixed Rate			Counterparty	Expiration Date	Notional Amount (000)			Value			Premiums Paid		Unrealized Appreciation (Depreciation)
Republic of Philippines		1.00	%	Barclays Bank PLC	6/20/21		USD	191	$	(130	)	$	1,234	$	(1,364	)
Republic of Philippines		1.00	%	Barclays Bank PLC	6/20/21		USD	191		(130	)		1,234		(1,364	)
Republic of Philippines		1.00	%	Barclays Bank PLC	6/20/21		USD	232		(158	)		1,392		(1,550	)
Republic of Philippines		1.00	%	Barclays Bank PLC	6/20/21		USD	194		(132	)		1,248		(1,380	)
Republic of Philippines		1.00	%	Barclays Bank PLC	6/20/21		USD	155		(106	)		927		(1,033	)
Republic of Philippines		1.00	%	Barclays Bank PLC	6/20/21		USD	1,140		(713	)		6,772		(7,485	)
Republic of Philippines		1.00	%	Barclays Bank PLC	6/20/21		USD	456		(285	)		2,709		(2,994	)
Republic of Philippines		1.00	%	Barclays Bank PLC	6/20/21		USD	684		(428	)		4,376		(4,804	)
Republic of Philippines		1.00	%	Barclays Bank PLC	6/20/21		USD	456		(285	)		2,918		(3,203	)
Republic of Philippines		1.00	%	BNP Paribas S.A.	6/20/21		USD	564		(384	)		2,723		(3,107	)
Republic of Philippines		1.00	%	Citibank N.A.	6/20/21		USD	220		(150	)		1,215		(1,365	)
Republic of Philippines		1.00	%	Citibank N.A.	6/20/21		USD	620		(388	)		3,967		(4,355	)
Republic of Philippines		1.00	%	JPMorgan Chase Bank N.A.	6/20/21		USD	344		(234	)		2,592		(2,826	)
Republic of Philippines		1.00	%	JPMorgan Chase Bank N.A.	6/20/21		USD	61		(42	)		366		(408	)
Republic of Philippines		1.00	%	JPMorgan Chase Bank N.A.	6/20/21		USD	586		(399	)		3,242		(3,641	)
Republic of South Africa		1.00	%	Bank of America N.A.	6/20/21		USD	135		9,087			14,078		(4,991	)
Republic of South Africa		1.00	%	Barclays Capital, Inc.	6/20/21		USD	150		10,096			14,811		(4,715	)
Republic of South Africa		1.00	%	Barclays Capital, Inc.	6/20/21		USD	320		21,539			34,666		(13,127	)
Republic of South Africa		1.00	%	BNP Paribas S.A.	6/20/21		USD	75		5,048			8,061		(3,013	)
Republic of South Africa		1.00	%	BNP Paribas S.A.	6/20/21		USD	80		5,385			8,335		(2,950	)
Republic of South Africa		1.00	%	BNP Paribas S.A.	6/20/21		USD	2,066		139,024			169,822		(30,798	)
Republic of South Africa		1.00	%	Citibank N.A.	6/20/21		USD	79		5,284			7,845		(2,561	)
Republic of South Africa		1.00	%	Citibank N.A.	6/20/21		USD	2		135			206		(71	)
Republic of South Africa		1.00	%	Citibank N.A.	6/20/21		USD	873		14,674			20,209		(5,535	)



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	45


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

OTC Credit Default Swaps — Buy Protection (concluded)


Issuer/Index	Pay Fixed Rate			Counterparty		Expiration Date		Notional Amount (000)			Value		Premiums Paid		Unrealized Appreciation (Depreciation)
Republic of South Africa		1.00	%		Citibank N.A.		6/20/21		USD	2,524	$	169,888	$	202,249	$	(32,361	)
Republic of South Africa		1.00	%		Goldman Sachs International		6/20/21		USD	75		5,048		8,063		(3,015	)
Republic of South Africa		1.00	%		HSBC Bank USA N.A.		6/20/21		USD	85		5,721		9,195		(3,474	)
Republic of South Africa		1.00	%		HSBC Bank USA N.A.		6/20/21		USD	90		6,058		9,636		(3,578	)
Republic of South Africa		1.00	%		JPMorgan Chase Bank N.A.		6/20/21		USD	195		13,125		20,105		(6,980	)
Markit CMBX North America, Series 8		3.00	%		Deutsche Bank AG		10/17/57		USD	5,000		746,154		966,411		(220,257	)
Total											$	1,244,361	$	1,624,029	$	(379,668	)

OTC Credit Default Swaps — Sell Protection


Issuer/Index	Receive Fixed Rate			Counterparty	Expiration Date	Credit Rating¹	Notional Amount (000)²			Value			Premiums (Received)			Unrealized Appreciation (Depreciation)
Dow Jones CDX North America Investment Grade, Series 9		5.00	%	Bank of America N.A.	12/20/17	BBB		USD	10,000	$	696,101		$	(244,972	)	$	941,073
United Mexican States		1.00	%	Bank of America N.A.	6/20/20	BBB+		USD	604		(4,553	)		(4,807	)		254
United Mexican States		1.00	%	Citibank N.A.	9/20/20	BBB+		USD	604		(6,977	)		(5,990	)		(987	)
Republic of Brazil		1.00	%	Barclays Bank PLC	6/20/21	BB		USD	95		(8,053	)		(10,186	)		2,133
Markit CMBX North America, Series 7		3.00	%	Barclays Bank PLC	1/17/47	BBB-		USD	10,000		(691,530	)		(546,521	)		(145,009	)
Markit CMBX North America, Series 7		3.00	%	Barclays Bank PLC	1/17/47	BBB-		USD	5,000		(345,765	)		(272,878	)		(72,887	)
Markit CMBX North America, Series 7		3.00	%	Barclays Bank PLC	1/17/47	BBB-		USD	10,000		(691,530	)		(264,659	)		(426,871	)
Markit CMBX North America, Series 8		2.00	%	Morgan Stanley Capital Services LLC	10/17/57	A		USD	5,000		(337,565	)		(582,461	)		244,896
Markit CMBX North America, Series 8		3.00	%	Credit Suisse International	10/17/57	BBB-		USD	5,000		(746,570	)		(523,231	)		(223,339	)



46	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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

OTC Credit Default Swaps — Sell Protection (concluded)


Issuer/Index	Receive Fixed Rate			Counterparty	Expiration Date	Credit Rating¹	Notional Amount (000)²			Value			Premiums (Received)			Unrealized Appreciation (Depreciation)
Markit CMBX North America, Series 8		3.00	%	Goldman Sachs International	10/17/57	BBB-		USD	10,000	$	(1,493,141	)	$	(1,112,307	)	$	(380,834	)
Markit CMBX North America, Series 9		2.00	%	Credit Suisse International	9/17/58	A		USD	2,500		(209,829	)		(359,569	)		149,740
Markit CMBX North America, Series 9		2.00	%	Morgan Stanley Capital Services LLC	9/17/58	A		USD	2,500		(209,829	)		(356,097	)		146,268
Markit CMBX North America, Series 9		2.00	%	Morgan Stanley Capital Services LLC	9/17/58	A		USD	5,000		(419,659	)		(705,563	)		285,904
Markit CMBX North America, Series 9		3.00	%	Morgan Stanley Capital Services LLC	9/17/58	BBB-		USD	2,500		(419,456	)		(575,520	)		156,064
Total										$	(4,888,356	)	$	(5,564,761	)	$	676,405

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

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

OTC Interest Rate Swaps


Fixed Rate	Floating Rate	Counterparty	Effective Date	Expiration Date		Notional Amount (000)			Value			Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
6.64¹	1-Day CPOVER	Credit Suisse International	N/A		08/22/16		COP	1,713,519	$	(652	)		—	$	(652	)
1.69²	3-Month KRWCD	Deutsche Bank AG	N/A		11/10/17		KRW	911,735		(4,871	)		—		(4,871	)
1.92¹	3-Month KRWCD	Deutsche Bank AG	N/A		11/10/17		KRW	911,735		7,664			—		7,664
12.24¹	1-Day BZOVER	Bank of America N.A.	N/A		01/02/19		BRL	9,431		440			—		440
12.29¹	1-Day BZOVER	Bank of America N.A.	N/A		01/02/19		BRL	2,672		96			—		96
12.31¹	1-Day BZOVER	JPMorgan Chase Bank N.A.	N/A		01/02/19		BRL	2,574		1,330			—		1,330
12.46¹	1-Day BZOVER	Bank of America N.A.	N/A		01/02/19		BRL	2,677		3,064			—		3,064
12.52¹	1-Day BZOVER	JPMorgan Chase Bank N.A.	N/A		01/02/19		BRL	2,676		4,242			—		4,242
12.73¹	1-Day BZOVER	JPMorgan Chase Bank N.A.	N/A		01/04/21		BRL	460		5,299			—		5,299
12.75¹	1-Day BZOVER	Citibank N.A.	N/A		01/04/21		BRL	672		7,853			—		7,853
2.73¹	7-Day China Fixing Repo	Bank of America N.A.	N/A		05/12/21		CNY	1,135		792			—		792



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	47


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

OTC Interest Rate Swaps (continued)

Fixed

Rate

Floating
Rate

Counterparty

Effective
Date

Expiration
Date

Notional
Amount
(000)

Value

Premiums
Paid
(Received)

Unrealized
Appreciation

(Depreciation)

2.74¹

7-Day China Fixing Repo

Bank of America N.A.

N/A

05/12/21

CNY

1,815

1,459

—

1,459

2.75¹

7-Day China Fixing Repo

Bank of America N.A.

N/A

05/12/21

CNY

1,135

993

—

993

2.75¹

7-Day China Fixing Repo

Bank of America N.A.

N/A

05/12/21

CNY

1,816

1,588

—

1,588

2.75¹

7-Day China Fixing Repo

Bank of America N.A.

N/A

05/12/21

CNY

2,270

1,985

—

1,985

2.75¹

7-Day China Fixing Repo

Bank of America N.A.

N/A

05/12/21

CNY

2,270

1,985

—

1,985

2.77¹

7-Day China Fixing Repo

Bank of America N.A.

N/A

05/12/21

CNY

2,840

2,926

—

2,926

12.37¹

1-Day BZOVER

Citibank N.A.

N/A

01/02/23

BRL

674

7,454

—

7,454

12.50¹

1-Day BZOVER

JPMorgan Chase Bank N.A.

N/A

01/02/23

BRL

2,703

36,621

—

36,621

12.62¹

1-Day BZOVER

Bank of America N.A.

N/A

01/02/23

BRL

166

2,628

—

2,628

12.73¹

1-Day BZOVER

Bank of America N.A.

N/A

01/02/23

BRL

143

2,570

—

2,570

12.75¹

1-Day BZOVER

Citibank N.A.

N/A

01/02/23

BRL

145

2,674

—

2,674

12.92¹

1-Day BZOVER

Bank of America N.A.

N/A

01/02/23

BRL

623

13,533

—

13,533



48	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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

OTC Interest Rate Swaps (concluded)


Fixed Rate	Floating Rate		Counterparty		Effective Date		Expiration Date		Notional Amount (000)			Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
6.32¹		1-Month MXIBTIIE		Morgan Stanley Capital Services LLC		N/A		07/17/25		MXN	5,813	$	3,576		$	(23	)	$	3,599
6.33¹		1-Month MXIBTIIE		Citibank N.A.		N/A		07/17/25		MXN	2,897		1,835			(15	)		1,850
6.32¹		1-Month MXIBTIIE		Goldman Sachs International		N/A		08/06/25		MXN	8,688		5,495			(41	)		5,536
6.31²		1-Month MXIBTIIE		Deutsche Bank AG		N/A		08/11/25		MXN	6,393		(3,618	)		—			(3,618	)
6.31²		1-Month MXIBTIIE		Bank of America N.A.		N/A		08/11/25		MXN	1,723		(993	)		—			(993	)
6.31²		1-Month MXIBTIIE		Bank of America N.A.		N/A		08/11/25		MXN	1,723		(993	)		—			(993	)
6.26¹		1-Month MXIBTIIE		Bank of America N.A.		N/A		06/15/26		MXN	38,640		8,621			—			8,621
7.02¹		1-Day CPOVER		Citibank N.A.		N/A		07/15/26		COP	558,515		1,559			—			1,559
7.02¹		1-Day CPOVER		Citibank N.A.		N/A		07/18/26		COP	837,773		2,324			—			2,324
7.02¹		1-Day CPOVER		Goldman Sachs International		N/A		07/19/26		COP	878,640		2,439			—			2,439
7.00¹		1-Day CPOVER		Credit Suisse International		N/A		07/22/26		COP	551,455		1,266			—			1,266
7.05¹		1-Day CPOVER		Credit Suisse International		N/A		07/22/26		COP	551,455		1,923			—			1,923
6.84¹		1-Day CPOVER		Citibank N.A.		N/A		07/29/26		COP	2,863,790		(4,382	)		—			(4,382	)
Total												$	120,725		$	(79	)	$	120,804

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

² Trust pays the fixed rate and receives the floating rate.



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	49


Schedule of Investments (continued)		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. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as Level 3.

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 semi-annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		—	$	191,735,580	$	29,040,139	$	220,775,719
Common Stocks	$	3,014,323		122,815		561		3,137,699
Corporate Bonds		—		386,600,394		—		386,600,394
Floating Rate Loan Interests		—		17,656,071		29,459,401		47,115,472
Foreign Agency Obligations		—		36,486,695		—		36,486,695
Non-Agency Mortgage-Backed Securities		—		188,654,694		29,030,143		217,684,837
Preferred Securities		16,594,167		115,505,389		1,644,831		133,744,387
U.S. Treasury Obligations		—		52,621,755		—		52,621,755
Short-Term Securities:
Money Market Fund		36,588,973		—		—		36,588,973
Options Purchased:
Foreign currency exchange contracts		—		364,338		—		364,338

Total	$	56,197,463	$	989,747,731	$	89,175,075	$	1,135,120,269



50	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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


	Level 1				Level 2				Level 3		Total
Derivative Financial Instruments¹
Assets:
Credit contracts			—			$	1,927,956			—		$	1,927,956
Foreign currency exchange contracts			—				1,312,209			—			1,312,209
Interest rate contracts		$	3,448				144,280			—			147,728
Liabilities:
Credit contracts			—				(1,650,093	)		—			(1,650,093	)
Foreign currency exchange contracts			—				(1,032,736	)		—			(1,032,736	)
Interest rate contracts			(223,054	)			(41,431	)		—			(264,485	)

Total		$	(219,606	)		$	660,185			—		$	440,579

¹ Derivative financial instruments are swaps, futures contracts, forward foreign currency contracts and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
	Level 1				Level 2				Level 3		Total
Assets:
Cash		$	13,191				—			—		$	13,191
Cash pledged:
Collateral — OTC derivatives			6,130,000				—			—			6,130,000
Centrally cleared swaps			1,590				—			—			1,590
Futures contracts			137,400				—			—			137,400
Foreign currency at value			3,959,238				—			—			3,959,238
Liabilities:
Cash received:
Collateral — OTC derivatives			—			$	(1,536,630	)		—			(1,536,630	)
Collateral — reverse repurchase agreements			—				(3,723,000	)		—			(3,723,000	)
Reverse repurchase agreements			—				(423,126,377	)		—			(423,126,377	)

Total		$	10,241,419			$	(428,386,007	)		—		$	(418,144,588	)

During the period ended July 31, 2016, there were no transfers between Level 1 and Level 2.



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	51


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

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			Common Stocks			Total
Assets:
Opening balance, as of October 31, 2015	$	65,179,443		$	515,294		$	41,246,750		$	26,217,944		$	1,833,459			—		$	134,992,890
Transfers into Level 3¹		3,957,160			—			—			7,499,925			—			—			11,457,085
Transfers out of Level 3²		(15,405,394	)		(515,294	)		(131,750	)		—			—			—			(16,052,438	)
Accrued discounts/premiums		7,656			—			(157,143	)		193,858			—			—			44,371
Net realized gain (loss)		(8,507,477	)		—			(227,940	)		290,479			—			—			(8,444,938	)
Net change in unrealized Appreciation (depreciation)³		57,430			—			(7,226,872	)		65,759			(188,628	)	$	(8,074	)		(7,300,385	)
Purchases		13,900,300			—			562,258			—			—			8,635			14,471,193
Sales		(30,148,979	)		—			(4,605,902	)		(5,237,822	)		—			—			(39,992,703	)

Closing Balance, as of July 31, 2016	$	29,040,139			—		$	29,459,401		$	29,030,143		$	1,644,831		$	561		$	89,175,075

Net change in unrealized appreciation (depreciation) on investments still held at July 31, 2016⁴	$	(1,354,490	)		—		$	(7,260,181	)	$	4,420		$	(188,629	)	$	(8,074	)	($	8,806,954	)

As of October 31, 2015, the Trust used observable inputs in determining the value of certain investments. As of July 31, 2016, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

As of October 31, 2015, the Trust used significant unobservable inputs in determining the value of certain investments. As of July 31, 2016, 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.

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held July 31, 2016 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation techniques 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 $83,219,955.

Value

Valuation Techniques

Unobservable Inputs

Unobservable Inputs Utilized

Assets:

Common Stocks

561

Cost

N/A

—

Floating Rate Loan Interests

4,309,728

Discounted Cash Flow

Discount Rate

15%

Preferred Stocks

1,644,831

Market Comparables

Illiquidity Discount

200 bp

Total

5,955,120



52	BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016


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

The Trust fair values certain of its Level 3 investments using acquisition cost, although the transaction may not have occurred during the current reporting period. These investments are generally privately held investments. There may not be a secondary market, and/or there are a limited number of investors. The determination to fair value such investments at cost is based upon factors consistent with the principles of fair value measurement that are reasonably available to the Global Valuation Committee, or its delegate. Valuations are reviewed utilizing available market information to determine if the carrying value should be adjusted. Such market data may include, but is not limited to, observations of the trading multiples of public companies considered comparable to the private companies being valued, financial or operational information released by the company, and/or news or corporate events that affect the investment. Valuations may be adjusted to account for company-specific issues, the lack of liquidity inherent in a nonpublic investment and the fact that comparable public companies are not identical to the investments being fair valued by the Trust.

Increase in unobservable input may result in a significant increase to value, while a decrease in the unobservable input may result in a significant decrease to value.



BLACKROCK MULTI-SECTOR INCOME TRUST	JULY 31, 2016	53

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:		September 21, 2016

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:		September 21, 2016

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

Date:		September 21, 2016