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: 01/31/2016

Item 1 – Schedule of Investments

Consolidated Schedule of Investments January 31, 2016 (Unaudited)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Asset-Backed Securities	Par (000)		Value
Asset-Backed Securities — 34.5%
ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class A2D, 0.73%, 2/25/36 (a)	USD	6,775	$	6,023,745
Adirondack Park CLO Ltd., Series 2013-1A, Class E, 5.27%, 4/15/24 (a)(b)		2,000		1,452,400
ALM Loan Funding, Series 2013-7RA, Class D, 5.62%, 4/24/24 (a)(b)		1,000		955,552
ALM VI Ltd., Series 2012-6A (a)(b)(c):
Class B2R, 3.42%, 7/15/26		1,300		1,238,900
Class CR, 4.37%, 7/15/26		1,000		920,800
ALM XIV Ltd., Series 2014-14A, Class C, 4.07%, 7/28/26 (a)(b)(c)		3,610		3,180,803
American Homes 4 Rent, Series 2014-SFR2, Class E, 6.23%, 10/17/36 (b)		2,000		2,040,555
AMMC CDO, Series 2015-16A, Class C, 3.72%, 4/14/27 (a)(b)		1,250		1,219,775
AMMC CLO XII Ltd., Series 2013-12A, Class D1, 4.09%, 5/10/25 (a)(b)(c)		1,000		908,456
Anchorage Capital CLO 3 Ltd., Series 2014-3A, Class B, 3.62%, 4/28/26 (a)(b)		1,000		946,006
Anchorage Capital CLO 6 Ltd., Series 2015-6A (a)(b):
Class C, 3.47%, 4/15/27		700		664,930
Class D, 4.02%, 4/15/27		1,000		883,700
Apidos CDO, Series 2012-9AR, Class CR, 3.52%, 7/15/23 (a)(b)		1,250		1,216,500
Apidos CLO XII, Series 2013-12A, Class D, 3.67%, 4/15/25 (a)(b)(c)		1,000		888,619
Atrium X, Series 10A (a)(b):
Class D, 4.12%, 7/16/25 (c)		1,000		911,606
Class E, 5.12%, 7/16/25		2,000		1,593,007
Bear Stearns Asset Backed Securities I Trust 2006-HE9, Series 2006-HE9, Class 2A, 0.57%, 11/25/36 (a)		5,616		4,673,235
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class C, 4.12%, 7/15/24 (a)(b)(c)		1,750		1,577,930
Benefit Street Partners CLO VI Ltd., Series 2015-VIA (a)(b):
Class B, 3.67%, 4/18/27 (c)		1,000		982,500
Class C, 4.32%, 4/18/27		1,000		907,500
Betony CLO Ltd., Series 2015-1A, Class D, 4.22%, 4/15/27 (a)(b)		1,000		890,431


Asset-Backed Securities	Par (000)		Value
Asset-Backed Securities (continued)
C-BASS Trust, Series 2006-CB7, Class A4, 0.59%, 10/25/36 (a)	USD	9,140	$	6,387,147
Carlyle Global Market Strategies CLO Ltd. (a)(b)(c):
Series 2012-1AR, Class DR, 4.37%, 4/20/22		1,000		970,000
Series 2012-4A, Class D, 5.12%, 1/20/25		2,350		2,285,862
Series 2013-2A, Class D, 4.37%, 4/18/25		1,250		1,147,240
Carrington Mortgage Loan Trust, Series 2006-FRE2 (a):
Class A2, 0.55%, 10/25/36		6,530		3,652,332
Class A5, 0.51%, 10/25/36		6,925		3,854,648
CIFC Funding Ltd. (a)(b):
Series 2012-1AR, Class B1R, 4.46%, 8/14/24 (c)		2,000		1,886,111
Series 2014-3A, Class D, 4.02%, 7/22/26		480		418,535
Countrywide Asset-Backed Certificates, Series 2006-BC5, Class 2A3, 0.60%, 3/25/37 (a)		3,805		3,946,531
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44 (b)		3,685		3,680,852
Fieldstone Mortgage Investment Trust, Series 2006-3, Class 2A3, 0.59%, 11/25/36 (a)		12,086		6,421,700
Flatiron CLO Ltd., Series 2012-1A, Class C, 5.12%, 10/25/24 (a)(b)(c)		1,375		1,329,256
Fremont Home Loan Trust, Class 2A3 (a):
Series 2006-A, 0.59%, 5/25/36		26,418		14,823,422
Series 2006-D, 0.58%, 11/25/36		24,316		10,391,227
GoldenTree Loan Opportunities VII Ltd., Series 2013-7A, Class D, 3.92%, 4/25/25 (a)(b)		1,250		1,135,840
GSAMP Trust (a):
Series 2006-FM2, Class A2C, 0.58%, 9/25/36		12,265		5,558,098
Series 2007-FM2, Class A2B, 0.52%, 1/25/37		8,797		5,093,290
Highbridge Loan Management 4-2014 Ltd., Series 4A-2014, Class B, 3.62%, 7/28/25 (a)(b)		2,500		2,339,957
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, 0.60%, 4/25/37 (a)		14,698		8,820,236
Jamestown CLO I Ltd., Series 2012-1A, Class C, 4.33%, 11/05/24 (a)(b)(c)		2,550		2,312,717



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	1


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


Asset-Backed Securities	Par (000)		Value
Asset-Backed Securities (continued)
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M2, 7.17%, 4/15/40 (a)	USD	6,302	$	4,236,635
Long Beach Mortgage Loan Trust 2006-1, Series 2006-1, Class 1A, 0.65%, 2/25/36 (a)		6,685		5,339,141
Madison Park Funding IX Ltd., Series 2012-9AR, Class C1R, 3.21%, 8/15/22 (a)(b)(c)		1,000		987,157
Madison Park Funding Ltd. (a):
Series 2012-10A, Class D, 4.87%, 1/20/25 (b)(c)		1,000		961,412
Series 2012-8X, Class E, 5.97%, 4/22/22		3,000		2,743,342
Madison Park Funding XV Ltd., Series 2014-15A, Class B1, 3.87%, 1/27/26 (a)(b)		1,600		1,559,843
Madison Park Funding XVI Ltd., Series 2015-16A (a)(b)(c):
Class B, 3.62%, 4/20/26		1,000		985,300
Class C, 4.32%, 4/20/26		1,000		945,400
Mastr Asset-Backed Securities Trust (a):
Series 2006-HE2, Class A3, 0.58%, 6/25/36		12,105		6,229,536
Series 2006-WMC2, Class A5, 0.68%, 4/25/36		9,178		3,791,448
Morgan Stanley IXIS Real Estate Capital Trust, Series 2006-2, Class A3, 0.58%, 11/25/36 (a)		15,329		6,543,542
Octagon Investment Partners XIV Ltd., Series 2012-1A, Class C, 4.62%, 1/15/24 (a)(b)(c)		1,000		928,182
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class D, 3.97%, 7/17/25 (a)(b)(c)		2,250		2,001,301
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class C, 4.01%, 11/14/26 (a)(b)		1,000		883,610
OHA Credit Partners VII Ltd., Series 2012-7A, Class D, 4.37%, 11/20/23 (a)(b)(c)		3,000		2,825,271
OneMain Financial Issuance Trust (b):
Series 2015-1A, Class D, 6.63%, 3/18/26		575		578,473
Series 2015-2A, Class C, 4.32%, 7/18/25 (c)		5,000		4,939,200
Series 2015-2A, Class D, 5.64%, 7/18/25		2,500		2,453,300


Asset-Backed Securities	Par (000)			Value
Asset-Backed Securities (continued)
OZLM Funding IV Ltd., Series 2013-4A, Class C, 3.82%, 7/22/25 (a)(b)(c)	USD	1,250		$	1,119,431
OZLM Funding Ltd., Series 2012-2A, Class C, 4.97%, 10/30/23 (a)(b)(c)		2,000			1,906,624
Race Point CLO Ltd., Series 2011-5AR, Class ER, 6.34%, 12/15/22 (a)(b)		1,500			1,512,676
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 9/25/37 (d)		4,671			2,698,216
Santander Drive Auto Receivables Trust (b)(e):
Series 2014-S2, 0.00%, 11/16/18		3			6,296,400
Series 2014-S3, 0.00%, 2/19/19		3			9,031,200
Series 2014-S4, 0.00%, 4/16/19		3			11,829,600
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, 0.83%, 9/25/47 (a)		5,000			3,496,580
Scholar Funding Trust, Series 2013-A, Class R, 0.00% (b)(f)		—	(g)		3,469,200
SMB Private Education Loan Trust, Series 2015-C, Class C, 4.50%, 9/17/46 (b)		4,100			3,925,459
Symphony CLO Ltd., Series 2012-10AR, Class CR, 3.17%, 7/23/23 (a)(b)(c)		1,500			1,480,031
Symphony CLO XV Ltd., Series 2014-15A, Class D, 4.37%, 10/17/26 (a)(b)		3,500			3,304,700
TICP CLO I Ltd., Series 2015-1A, Class C, 3.62%, 7/20/27 (a)(b)		1,000			965,724
Treman Park CLO LLC, Series 2015-1A, Class D, 4.48%, 4/20/27 (a)(b)		1,500			1,368,750
Tyron Park CLO Ltd., Series 2013-1A (a)(b):
Class C, 4.12%, 7/15/25 (c)		1,250			1,138,866
Class D, 5.02%, 7/15/25		1,000			759,999
Venture XX CLO Ltd., Series 2015-20A (a)(b):
Class C, 3.77%, 4/15/27 (c)		1,000			969,600
Class D, 4.47%, 4/15/27		520			469,820
Venture XXI CLO Ltd., Series 2015-21A, Class D, 4.22%, 7/15/27 (a)(b)		480			430,800
Voya CLO Ltd., Series 2012-2AR, Class CR, 3.57%, 10/15/22 (a)(b)(c)		1,350			1,337,647



2	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016


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


Asset-Backed Securities	Par (000)				Value
Asset-Backed Securities (continued)
WaMu Asset-Backed Certificates Trust, Series 2007-HE3, Class 2A3, 0.67%, 5/25/47 (a)		USD		11,451	$	7,059,682
Westvue Mortgage Loan Trust, Series 2015-1A, Class A, 4.50%, 9/25/20 (b)				3,387		3,347,832

						237,382,881
Total Asset-Backed Securities — 34.5%						237,382,881



Common Stocks			Shares
Real Estate Investment Trusts (REITs) — 0.0%
Ovation Acquisition I, LLC (Acquired 12/31/15, cost $8,635) (h)				561		561
Total Common Stocks — 0.0%						561



Corporate Bonds			Par (000)		Value
Aerospace & Defense — 0.5%
Accudyne Industries Borrower/Accudyne Industries LLC, 7.75%, 12/15/20 (b)(c)		USD		690		472,650
TransDigm, Inc. (c):
7.50%, 7/15/21				312		318,240
6.00%, 7/15/22				2,020		1,979,600
6.50%, 7/15/24				650		635,375

						3,405,865
Airlines — 5.4%
Air Canada Pass-Through Trust, Series 2013-1 (b)(c):
Class B, 5.38%, 11/15/22				2,878		2,827,230
Class C, 6.63%, 5/15/18				761		760,049
American Airlines Pass-Through Trust (c):
Series 2013-1, Class C, 6.13%, 7/15/18 (b)				1,500		1,530,000
Series 2013-2, Class A, 4.95%, 7/15/24				2,100		2,221,165
Series 2013-2, Class B, 5.60%, 1/15/22 (b)				2,472		2,502,400
Series 2013-2, Class C, 6.00%, 1/15/17 (b)				2,763		2,770,237


Corporate Bonds	Par (000)			Value
Airlines (continued)
Continental Airlines Pass-Through Trust (c):
Series 2003-ERJ1, 7.88%, 1/02/20		USD	4,192	$	4,380,771
Series 2007-1, Class B, 6.90%, 10/19/23			1,319		1,364,653
Series 2012-1, Class B, 6.25%, 10/11/21			429		450,234
Series 2012-3, Class C, 6.13%, 4/29/18			678		708,510
Delta Air Lines Pass-Through Trust, Class B (c):
Series 2007-1, 8.02%, 2/10/24			2,102		2,348,909
Series 2012-1, 6.88%, 5/07/19 (b)			3,505		3,767,639
United Airlines Pass-Through Trust (c):
Series 2014-2, Class B, 4.63%, 3/03/24			2,750		2,763,750
Series 2015-1, Class A, 3.70%, 6/01/24			3,570		3,605,700
US Airways Pass-Through Trust, Class B (c):
Series 2011-1, 9.75%, 4/22/20			2,224		2,502,164
Series 2013-1, 5.38%, 5/15/23			2,901		2,922,382

					37,425,793
Auto Components — 0.7%
Dana Holding Corp., 6.75%, 2/15/21 (c)			1,257		1,269,570
Icahn Enterprises LP/Icahn Enterprises Finance Corp. (c):
3.50%, 3/15/17			170		168,725
6.00%, 8/01/20			434		407,374
5.88%, 2/01/22			954		852,638
Schaeffler Finance BV, 4.75%, 5/15/21 (b)(c)			1,045		1,045,000
Schaeffler Holding Finance BV, (6.75% Cash), 6.75%, 11/15/22 (b)(i)			850		888,250

					4,631,557
Automobiles — 0.3%
General Motors Co., 6.25%, 10/02/43 (c)			2,194		2,204,077
Banks — 0.9%
CIT Group, Inc.:
5.25%, 3/15/18 (c)			588		607,474
5.50%, 2/15/19 (b)			280		289,100



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	3


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


Corporate Bonds		Par (000)		Value
Banks (continued)
CIT Group, Inc. (continued):
5.00%, 8/01/23	USD		880	$	879,450
Rizal Commercial Banking Corp., 4.25%, 1/22/20			100		104,414
Sberbank of Russia Via SB Capital SA, 5.25%, 5/23/23 (b)			5,000		4,440,000

					6,320,438
Beverages — 0.4%
Anheuser-Busch InBev Finance, Inc., 4.90%, 2/01/46			2,160		2,236,840
Ball Corp.:
4.38%, 12/15/20 (c)			273		282,811
5.00%, 3/15/22			440		455,400

					2,975,051
Building Products — 0.4%
American Builders & Contractors Supply Co., Inc. (b)(c):
5.63%, 4/15/21			375		382,500
5.75%, 12/15/23			173		176,460
Building Materials Corp. of America (b):
5.38%, 11/15/24			140		137,900
6.00%, 10/15/25 (c)			922		940,440
Cemex SAB de CV, 5.88%, 3/25/19 (b)(c)			200		189,340
Masonite International Corp., 5.63%, 3/15/23 (b)(c)			290		297,250
USG Corp., 9.75%, 1/15/18 (c)			572		629,200

					2,753,090
Capital Markets — 0.5%
AE-Rotor Holding BV, 4.97%, 3/28/18			1,600		1,639,950
American Capital Ltd., 6.50%, 9/15/18 (b)(c)			700		719,250
E*Trade Financial Corp. (c):
5.38%, 11/15/22			430		452,575
4.63%, 9/15/23			490		482,650

					3,294,425
Chemicals — 0.5%
Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding BV, 7.38%, 5/01/21 (b)(c)			570		598,141
Huntsman International LLC, 4.88%, 11/15/20 (c)			1,309		1,161,737
NOVA Chemicals Corp., 5.25%, 8/01/23 (b)			40		39,150


Corporate Bonds		Par (000)		Value
Chemicals (continued)
PetroLogistics LP/PetroLogistics Finance Corp., 6.25%, 4/01/20 (c)	USD		246	$	254,748
Platform Specialty Products Corp. (b)(c):
10.38%, 5/01/21			65		60,613
6.50%, 2/01/22			956		750,460
WR Grace & Co-Conn (b):
5.13%, 10/01/21			49		49,245
5.63%, 10/01/24 (c)			300		298,500

					3,212,594
Commercial Services & Supplies — 1.4%
ARAMARK Corp., 5.75%, 3/15/20 (c)			672		697,217
Aviation Capital Group Corp., 6.75%, 4/06/21 (b)(c)			5,000		5,587,500
Iron Mountain, Inc., 6.00%, 10/01/20 (b)(c)			555		591,075
United Rentals North America, Inc.:
8.25%, 2/01/21			140		145,950
7.63%, 4/15/22 (c)			1,909		1,963,884
5.75%, 11/15/24 (c)			800		738,000

					9,723,626
Communications Equipment — 1.0%
Alcatel-Lucent USA, Inc. (c):
8.88%, 1/01/20 (b)			942		1,009,117
6.45%, 3/15/29			1,325		1,371,375
CommScope Technologies Finance LLC, 6.00%, 6/15/25 (b)(c)			610		593,225
CommScope, Inc., 4.38%, 6/15/20 (b)(c)			450		457,875
Nokia OYJ, 6.63%, 5/15/39 (c)			245		248,675
Zayo Group LLC/Zayo Capital, Inc., 10.13%, 7/01/20 (c)			3,257		3,501,275

					7,181,542
Construction & Engineering — 0.2%
BlueLine Rental Finance Corp., 7.00%, 2/01/19 (b)(c)			183		143,655
Safway Group Holding LLC/Safway Finance Corp., 7.00%, 5/15/18 (b)(c)			900		882,000

					1,025,655
Construction Materials — 0.7%
American Tire Distributors, Inc., 10.25%, 3/01/22 (b)(c)			695		576,850
Beacon Roofing Supply, Inc., 6.38%, 10/01/23 (b)(c)			93		95,906
HD Supply, Inc.:
7.50%, 7/15/20 (c)			3,488		3,627,520



4	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016


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


Corporate Bonds		Par (000)		Value
Construction Materials (continued)
HD Supply, Inc. (continued):
5.25%, 12/15/21 (b)	USD		590	$	606,963

					4,907,239
Consumer Finance — 1.6%
Ally Financial, Inc., 8.00%, 11/01/31 (c)			9,315		10,479,375
Navient Corp.:
5.00%, 10/26/20 (c)			370		320,050
5.50%, 1/25/23			30		24,375
6.13%, 3/25/24			30		24,638
5.88%, 10/25/24			45		35,662

					10,884,100
Containers & Packaging — 0.3%
Ardagh Packaging Finance PLC, 9.13%, 10/15/20 (b)			600		601,500
Crown Americas LLC / Crown Americas Capital Corp. IV, 4.50%, 1/15/23 (c)			460		455,400
Reynolds Group Issuer, Inc., 8.50%, 5/15/18			200		193,000
Sealed Air Corp. (b):
4.88%, 12/01/22 (c)			100		100,687
5.13%, 12/01/24			422		422,000
5.50%, 9/15/25 (c)			440		448,800

					2,221,387
Diversified Consumer Services — 0.2%
APX Group, Inc., 6.38%, 12/01/19 (c)			289		276,356
Laureate Education, Inc., 9.25%, 9/01/19 (b)(c)			395		216,263
Service Corp. International, 5.38%, 5/15/24 (c)			860		909,450

					1,402,069
Diversified Financial Services — 1.5%
AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust:
4.63%, 10/30/20 (c)			947		932,795
5.00%, 10/01/21 (c)			780		780,000
4.63%, 7/01/22			410		398,725
Aircastle Ltd., 6.25%, 12/01/19 (c)			2,624		2,768,320
DPL, Inc., 6.50%, 10/15/16 (c)			112		114,240
General Motors Financial Co., Inc., 4.25%, 5/15/23 (c)			326		316,923
Intesa Sanpaolo SpA, 5.02%, 6/26/24 (b)(c)			2,290		2,196,348


Corporate Bonds		Par (000)		Value
Diversified Financial Services (continued)
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 4/01/20 (b)(c)	USD		845	$	705,575
Reynolds Group Issuer, Inc.:
9.00%, 4/15/19 (c)			300		288,750
9.88%, 8/15/19 (c)			979		956,972
5.75%, 10/15/20			346		346,433
8.25%, 2/15/21			130		121,225

					9,926,306
Diversified Telecommunication Services — 2.4%
AT&T, Inc., 4.75%, 5/15/46 (c)			2,545		2,256,611
CenturyLink, Inc. (c):
6.45%, 6/15/21			239		232,877
Series V, 5.63%, 4/01/20			595		583,844
Frontier Communications Corp. (c):
7.13%, 1/15/23			65		54,112
7.63%, 4/15/24			265		221,275
6.88%, 1/15/25			253		201,135
11.00%, 9/15/25 (b)			573		552,229
Level 3 Financing, Inc.:
5.38%, 8/15/22			240		243,600
5.63%, 2/01/23			690		705,525
5.13%, 5/01/23 (c)			1,110		1,115,550
5.38%, 1/15/24 (b)(c)			294		296,940
5.38%, 5/01/25 (c)			1,980		1,992,375
Verizon Communications, Inc., 6.55%, 9/15/43 (c)			6,500		7,588,464
Windstream Corp. (c):
7.75%, 10/15/20			450		372,375
6.38%, 8/01/23			555		400,987

					16,817,899
Electric Utilities — 0.3%
AES Corp., 8.00%, 6/01/20 (c)			280		305,200
Star Energy Geothermal Wayang Windu Ltd., 6.13%, 3/27/20			1,700		1,640,500

					1,945,700
Electronic Equipment, Instruments & Components — 0.3%
CDW LLC/CDW Finance Corp., 6.00%, 8/15/22 (c)			1,010		1,061,763
CDW LLC/CDW Finance Corp., 5.00%, 9/01/23 (c)			920		929,200

					1,990,963
Energy Equipment & Services — 0.0%
Peabody Energy Corp., 6.00%, 11/15/18			506		43,010
Food & Staples Retailing — 0.8%
Diamond Foods, Inc., 7.00%, 3/15/19 (b)(c)			730		755,550



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	5


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


Corporate Bonds	Par (000)			Value
Food & Staples Retailing (continued)
Dollar Tree Inc., 5.75%, 3/01/23 (b)(c)		USD	2,640	$	2,781,900
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.88%, 1/15/24 (b)			75		77,625
Rite Aid Corp. (c):
6.75%, 6/15/21			329		347,917
6.13%, 4/01/23 (b)			1,727		1,821,985

					5,784,977
Food Products — 0.4%
Acosta Inc., 7.75%, 10/01/22 (b)(c)			490		403,025
Aramark Services, Inc., 5.13%, 1/15/24 (b)			483		498,697
Barry Callebaut Services NV, 5.50%, 6/15/23 (b)			363		373,890
Post Holdings, Inc. (b):
6.75%, 12/01/21			270		282,447
7.75%, 3/15/24 (c)			570		607,050
Smithfield Foods, Inc., 5.88%, 8/01/21 (b)(c)			307		311,605
TreeHouse Foods, Inc., 6.00%, 2/15/24 (b)			169		173,859
WhiteWave Foods Co., 5.38%, 10/01/22 (c)			211		224,188

					2,874,761
Forest Products — 0.1%
JBS USA LLC/JBS USA Finance, Inc., 5.75%, 6/15/25 (b)(c)			590		451,350
Health Care Equipment & Supplies — 0.2%
DJO Finance LLC/DJO Finance Corp., 8.13%, 6/15/21 (b)(c)			1,235		1,037,400
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 5.63%, 10/15/23 (b)(c)			351		329,063

					1,366,463
Health Care Providers & Services — 2.4%
Acadia Healthcare Co., Inc., 5.63%, 2/15/23 (c)			218		205,465
Alere, Inc., 7.25%, 7/01/18 (c)			730		754,638
Amsurg Corp., 5.63%, 7/15/22 (c)			1,350		1,355,062
Centene Corp., 4.75%, 5/15/22 (c)			470		451,200
Centene Escrow Corp. (b)(j):
5.63%, 2/15/21			403		410,053
6.13%, 2/15/24			238		244,545
CHS/Community Health Systems, Inc., 6.88%, 2/01/22 (c)			1,018		921,290
DaVita HealthCare Partners, Inc., 5.13%, 7/15/24 (c)			2,500		2,514,062


Corporate Bonds	Par (000)			Value
Health Care Providers & Services (continued)
ExamWorks Group, Inc., 5.63%, 4/15/23 (c)		USD	310	$	311,511
HCA, Inc.:
6.50%, 2/15/20 (c)			1,103		1,216,057
7.50%, 2/15/22			800		888,000
5.88%, 3/15/22 (c)			124		132,990
4.75%, 5/01/23 (c)			161		161,403
5.88%, 5/01/23			90		93,825
5.25%, 4/15/25 (c)			1,500		1,537,500
5.88%, 2/15/26 (c)			508		518,160
HealthSouth Corp. (c):
5.75%, 11/01/24			961		948,593
5.75%, 9/15/25 (b)			316		306,457
Hologic, Inc., 5.25%, 7/15/22 (b)(c)			680		703,800
MEDNAX, Inc., 5.25%, 12/01/23 (b)(c)			239		244,975
Tenet Healthcare Corp. (c):
6.00%, 10/01/20			1,150		1,216,125
8.13%, 4/01/22			1,007		1,009,518

					16,145,229
Hotels, Restaurants & Leisure — 4.0%
Boyd Gaming Corp., 6.88%, 5/15/23 (c)			1,095		1,111,425
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Property, 8.00%, 10/01/20 (c)			2,506		2,330,580
Enterprise Inns PLC, 6.00%, 10/06/23		GBP	3,320		4,647,879
ESH Hospitality, Inc., 5.25%, 5/01/25 (b)(c)		USD	460		443,035
Jarden Corp., 5.00%, 11/15/23 (b)(c)			328		337,020
MGM Resorts International (c):
6.63%, 12/15/21			1,550		1,592,625
6.00%, 3/15/23			520		518,375
New Red Finance, Inc., 6.00%, 4/01/22 (b)(c)			829		865,269
Pinnacle Entertainment, Inc., 6.38%, 8/01/21 (c)			720		763,200
Sabre GLBL, Inc. (b):
5.38%, 4/15/23			295		296,475
5.25%, 11/15/23 (c)			152		150,480
Six Flags Entertainment Corp., 5.25%, 1/15/21 (b)(c)			590		600,797
Station Casinos LLC, 7.50%, 3/01/21 (c)			1,305		1,344,150
Unique Pub Finance Co. PLC:
Series A3, 6.54%, 3/30/21		GBP	2,245		3,279,179
Series M, 7.40%, 3/28/24			6,400		8,982,565

					27,263,054



6	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016


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


Corporate Bonds	Par (000)			Value
Household Durables — 1.1%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 7/01/22 (b)(c)		USD	750	$	658,125
Century Communities, Inc., 6.88%, 5/15/22 (c)			830		749,075
DR Horton, Inc., 4.00%, 2/15/20 (c)			450		455,625
Lennar Corp. (c):
4.50%, 11/15/19			450		462,375
4.75%, 5/30/25			410		391,550
Meritage Homes Corp., 4.50%, 3/01/18 (c)			600		598,500
PulteGroup, Inc., 6.38%, 5/15/33 (c)			600		603,000
Shea Homes LP / Shea Homes Funding Corp., 5.88%, 4/01/23 (b)(c)			440		440,000
Standard Pacific Corp., 8.38%, 1/15/21 (c)			2,000		2,285,000
Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.25%, 4/15/21 (b)(c)			177		166,380
TRI Pointe Holdings, Inc. (c):
4.38%, 6/15/19			415		402,550
5.88%, 6/15/24			280		271,600

					7,483,780
Household Products — 0.2%
Spectrum Brands, Inc.:
6.63%, 11/15/22			710		756,150
6.13%, 12/15/24 (b)			720		748,800

					1,504,950
Independent Power and Renewable Electricity Producers — 1.2%
Calpine Corp.:
6.00%, 1/15/22 (b)(c)			254		263,842
5.38%, 1/15/23			4,000		3,640,000
5.88%, 1/15/24 (b)(c)			240		246,000
Dynegy, Inc., 6.75%, 11/01/19 (c)			1,030		993,950
NRG Energy, Inc.:
7.63%, 1/15/18 (c)			2,735		2,762,350
6.25%, 7/15/22 (c)			112		92,400
6.25%, 5/01/24			50		39,875
NRG Yield Operating LLC, 5.38%, 8/15/24 (c)			130		109,200

					8,147,617
Insurance — 0.3%
CNO Financial Group, Inc., 5.25%, 5/30/25 (c)			346		349,460
HUB International Ltd., 9.25%, 2/15/21 (b)(j)			145		148,263


Corporate Bonds	Par (000)			Value
Insurance (continued)
Trader Corp., 9.88%, 8/15/18 (b)(c)		USD	1,400	$	1,449,000

					1,946,723
Internet Software & Services — 0.3%
Blue Coat Holdings, Inc., 8.38%, 6/01/23 (b)(c)			412		416,120
Equinix, Inc. (c):
4.88%, 4/01/20			144		149,400
5.88%, 1/15/26			721		746,235
Netflix, Inc., 5.75%, 3/01/24 (c)			590		606,225

					1,917,980
IT Services — 1.0%
Ceridian HCM Holding, Inc., 11.00%, 3/15/21 (b)(c)			287		226,730
First Data Corp. (b)(c):
5.38%, 8/15/23			424		432,480
7.00%, 12/01/23			2,584		2,603,380
5.00%, 1/15/24			744		744,000
5.75%, 1/15/24			2,678		2,657,915

					6,664,505
Media — 6.3%
Altice Financing SA, 6.63%, 2/15/23 (b)			560		550,200
Altice US Finance I Corp., 5.38%, 7/15/23 (b)(c)			1,380		1,386,900
Altice US Finance II Corp., 7.75%, 7/15/25 (b)(c)			770		704,550
Altice US Finance SA, 7.75%, 7/15/25 (b)			660		590,700
AMC Networks, Inc., 4.75%, 12/15/22 (c)			344		342,280
Bharti Airtel International Netherlands BV, 5.13%, 3/11/23			3,000		3,085,500
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.25%, 9/30/22			325		329,063
5.13%, 2/15/23 (c)			709		707,228
5.13%, 5/01/23 (b)			300		300,000
5.88%, 5/01/27 (b)(c)			1,010		994,850
CCO Safari II LLC, 6.48%, 10/23/45 (b)(c)			3,000		3,020,214
CCOH Safari LLC, 5.75%, 2/15/26 (b)(c)			995		989,398
Clear Channel International BV, 8.75%, 12/15/20 (b)(c)			508		500,380
Clear Channel Worldwide Holdings, Inc. (c):
6.50%, 11/15/22			2,728		2,526,810
Series B, 7.63%, 3/15/20			5,274		4,351,050



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	7


Consolidated 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 (b)(c)		USD	1,195	$	1,197,987
CSC Holdings LLC, 5.25%, 6/01/24 (c)			540		476,550
DISH DBS Corp.:
5.13%, 5/01/20 (c)			1,052		1,044,110
6.75%, 6/01/21			500		510,000
5.88%, 11/15/24			840		748,650
Gannett Co., Inc., 6.38%, 10/15/23 (c)			1,400		1,477,000
Gray Television, Inc., 7.50%, 10/01/20 (c)			891		918,844
iHeartCommunications, Inc., 9.00%, 12/15/19 (c)			320		219,600
Intelsat Jackson Holdings SA (c):
7.25%, 10/15/20			1,250		1,075,000
5.50%, 8/01/23			2,241		1,787,197
Lamar Media Corp., 5.75%, 2/01/26 (b)			83		85,490
Live Nation Entertainment, Inc., 7.00%, 9/01/20 (b)(c)			199		208,950
Midcontinent Communications & Midcontinent Finance Corp., 6.25%, 8/01/21 (b)(c)			250		252,500
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (b)(c)			629		629,786
Neptune Finco Corp. (b):
10.13%, 1/15/23 (c)			528		558,360
6.63%, 10/15/25 (c)			550		570,625
10.88%, 10/15/25			200		211,500
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 4/15/22 (b)(c)			765		771,694
Numericable Group SA, 6.00%, 5/15/22 (b)(c)			2,995		2,950,075
Outfront Media Capital LLC/Outfront Media Capital Corp. (c):
5.25%, 2/15/22			502		513,295
5.63%, 2/15/24			94		96,115
RCN Telecom Services LLC/RCN Capital Corp., 8.50%, 8/15/20 (b)(c)			350		351,750
Sirius XM Radio, Inc. (b)(c):
4.25%, 5/15/20			994		1,008,910
5.38%, 4/15/25			1,080		1,085,400
Tribune Media Co., 5.88%, 7/15/22 (b)(c)			836		833,910
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 5.50%, 1/15/23 (b)(c)			487		509,197


Corporate Bonds	Par (000)			Value
Media (continued)
Univision Communications, Inc., 5.13%, 5/15/23 (b)(c)		USD	1,360	$	1,319,200
Virgin Media Finance PLC, 6.38%, 4/15/23 (b)(c)			805		825,125
WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 9/01/20 (b)(c)			980		935,900

					43,551,843
Metals & Mining — 1.0%
Alcoa, Inc., 5.87%, 2/23/22 (c)			900		795,938
ArcelorMittal, 6.13%, 6/01/18			314		285,740
Commercial Metals Co., 4.88%, 5/15/23 (c)			984		817,950
Constellium NV (b)(c):
8.00%, 1/15/23			1,500		1,286,250
5.75%, 5/15/24			750		562,500
Freeport-McMoRan, Inc., 2.38%, 3/15/18			34		21,760
Novelis, Inc., 8.75%, 12/15/20 (c)			1,517		1,378,801
Steel Dynamics, Inc., 5.13%, 10/01/21 (c)			970		904,525
Teck Resources Ltd., 3.00%, 3/01/19 (c)			203		127,890
Wise Metals Group LLC/Wise Alloys Finance Corp., 8.75%, 12/15/18 (b)(c)			622		520,925

					6,702,279
Multiline Retail — 0.2%
Neiman Marcus Group Ltd. (b)(c):
8.00%, 10/15/21			1,012		759,000
(8.75% Cash or 9.50% PIK), 8.75%, 10/15/21 (i)			963		611,505

					1,370,505
Offshore Drilling & Other Services — 0.0%
Sensata Technologies BV, 5.00%, 10/01/25 (b)			90		86,625
Oil, Gas & Consumable Fuels — 2.6%
Antero Resources Corp., 5.38%, 11/01/21 (c)			285		241,538
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 (c)			86		33,755
Concho Resources, Inc., 5.50%, 4/01/23 (c)			510		462,565
Continental Resources, Inc., 3.80%, 6/01/24			90		58,151
CrownRock LP/CrownRock Finance, Inc., 7.13%, 4/15/21 (b)(c)			1,121		992,085
Diamondback Energy, Inc., 7.63%, 10/01/21 (c)			572		569,140



8	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016


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


Corporate Bonds	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Energy Transfer Equity LP:
5.88%, 1/15/24		USD	49	$	38,220
5.50%, 6/01/27			49		34,790
MEG Energy Corp., 6.50%, 3/15/21 (b)(c)			3,586		2,035,055
Memorial Resource Development Corp., 5.88%, 7/01/22 (c)			970		727,500
MIE Holdings Corp., 6.88%, 2/06/18			660		221,100
MPLX LP, 4.88%, 6/01/25 (b)(c)			790		617,028
Newfield Exploration Co., 5.63%, 7/01/24 (c)			132		110,550
NGPL PipeCo LLC, 7.77%, 12/15/37 (b)(c)			337		253,592
Noble Energy, Inc., 5.63%, 5/01/21 (c)			1,700		1,700,000
ONEOK, Inc., 7.50%, 9/01/23 (c)			150		121,875
Pertamina Persero PT, 5.63%, 5/20/43 (b)(c)			2,000		1,558,374
Pratama Agung Pte Ltd., 6.25%, 2/24/20			1,600		1,569,925
Range Resources Corp., 5.00%, 8/15/22 (c)			91		70,980
Rockies Express Pipeline LLC, 5.63%, 4/15/20 (b)(c)			630		563,850
Sabine Pass Liquefaction LLC (c):
6.25%, 3/15/22			752		692,780
5.63%, 4/15/23			1,980		1,737,450
Seven Generations Energy Ltd., 8.25%, 5/15/20 (b)(c)			1,550		1,381,437
SM Energy Co., 6.13%, 11/15/22 (c)			1,480		851,000
Whiting Petroleum Corp.:
5.00%, 3/15/19 (c)			648		420,795
1.25%, 4/01/20 (b)			1,582		857,246

					17,920,781
Oil: Crude Producers — 0.1%
RHP Hotel Properties LP / RHP Finance Corp., 5.00%, 4/15/21 (c)			750		759,375
Paper & Forest Products — 0.0%
Unifrax I LLC/Unifrax Holding Co., 7.50%, 2/15/19 (b)(c)			390		312,000
Pharmaceuticals — 1.3%
DPx Holdings BV, 7.50%, 2/01/22 (b)			135		126,394
Endo Finance LLC/Endo Finco, Inc. (b)(c):
5.88%, 1/15/23			620		615,350
6.00%, 7/15/23			1,240		1,246,200


Corporate Bonds	Par (000)			Value
Pharmaceuticals (continued)
Forest Laboratories, Inc., 5.00%, 12/15/21 (b)(c)		USD	718	$	787,049
Grifols Worldwide Operations Ltd., 5.25%, 4/01/22 (c)			544		552,214
Valeant Pharmaceuticals International, Inc. (b)(c):
6.75%, 8/15/18			1,807		1,799,094
6.75%, 8/15/21			1,276		1,237,720
5.63%, 12/01/21			1,182		1,075,620
5.88%, 5/15/23			1,584		1,417,680

					8,857,321
Real Estate Investment Trusts (REITs) — 0.7%
FelCor Lodging LP, 6.00%, 6/01/25 (c)			325		328,250
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.63%, 10/15/21 (c)			865		890,950
Pakuwon Prima Pte, Ltd., 7.13%, 7/02/19			3,350		3,303,767

					4,522,967
Real Estate Management & Development — 3.7%
Caifu Holdings Ltd., 8.75%, 1/24/20			3,000		3,075,843
Lai Sun International Finance 2012 Ltd., 5.70%, 1/18/18			2,000		1,985,920
Lennar Corp., 4.88%, 12/15/23 (c)			266		260,680
Lodha Developers International Ltd., 12.00%, 3/13/20			350		304,500
Northwest Florida Timber Finance LLC, 4.75%, 3/04/29 (b)(c)			4,360		3,896,179
Punch Taverns Finance B Ltd.:
7.37%, 9/30/21		GBP	2,650		3,767,814
Series A6, 5.94%, 9/30/22			6,346		8,693,491
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 12/01/21 (b)(c)		USD	1,209		1,231,669
Sparkle Assets Ltd., 6.88%, 1/30/20			2,000		1,993,488
Vingroup JSC, 11.63%, 5/07/18			250		262,559

					25,472,143
Road & Rail — 0.8%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.13%, 6/01/22 (b)(c)			100		94,440
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.25%, 3/15/25 (b)(c)			640		579,200
Hertz Corp. (c):
4.25%, 4/01/18			400		398,000



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	9


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


Corporate Bonds	Par (000)			Value
Road & Rail (continued)
Hertz Corp. (c) (continued):
7.38%, 1/15/21		USD	825	$	835,312
Lima Metro Line 2 Finance Ltd., 5.88%, 7/05/34 (b)(c)			4,000		3,765,000

					5,671,952
Semiconductors & Semiconductor Equipment — 0.2%
NXP BV/NXP Funding LLC (b)(c):
4.13%, 6/15/20			760		756,200
4.63%, 6/15/22			410		398,725

					1,154,925
Software — 0.2%
ACI Worldwide, Inc., 6.38%, 8/15/20 (b)(c)			580		594,500
Informatica LLC, 7.13%, 7/15/23 (b)(c)			570		510,150
Nuance Communications, Inc., 5.38%, 8/15/20 (b)(c)			335		335,000
Rolta Americas LLC, 8.88%, 7/24/19			200		94,000

					1,533,650
Specialty Retail — 0.4%
Asbury Automotive Group, Inc., 6.00%, 12/15/24 (c)			580		566,950
L Brands, Inc., 6.88%, 11/01/35 (b)(c)			589		608,879
Michaels Stores, Inc., 5.88%, 12/15/20 (b)(c)			440		453,200
Penske Automotive Group, Inc., 5.38%, 12/01/24 (c)			419		406,430
Sally Holdings LLC/Sally Capital, Inc., 5.75%, 6/01/22 (c)			647		675,306

					2,710,765
Technology Hardware, Storage & Peripherals — 0.1%
Pacific Emerald Property Ltd., 9.75%, 7/25/18			1,000		950,000
Textiles, Apparel & Luxury Goods — 0.2%
Levi Strauss & Co., 5.00%, 5/01/25			89		86,775
Springs Industries, Inc., 6.25%, 6/01/21 (c)			1,434		1,412,490
William Carter Co., 5.25%, 8/15/21 (c)			134		138,020

					1,637,285
Thrifts & Mortgage Finance — 0.1%
Radian Group, Inc., 5.25%, 6/15/20 (c)			550		503,250


Corporate Bonds	Par (000)			Value
Tobacco — 0.1%
Reynolds American, Inc., 5.85%, 8/15/45		USD	465	$	515,737
Trading Companies & Distributors — 0.5%
Doric Nimrod Air Alpha Pass-Through Trust, Series 2013-1, Class A, 5.25%, 5/30/25 (b)(c)			2,467		2,509,800
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust, Series 2012-1, Class B, 6.50%, 5/30/21 (b)(c)			618		634,972

					3,144,772
Transportation Infrastructure — 0.1%
Transurban Finance Co., 4.13%, 2/02/26 (b)(c)			520		521,126
Wireless Telecommunication Services — 2.0%
Crown Castle International Corp., 5.25%, 1/15/23 (c)			565		601,725
Digicel Ltd., 6.00%, 4/15/21 (b)(c)			5,000		4,356,250
SBA Communications Corp., 4.88%, 7/15/22 (c)			1,210		1,210,000
Softbank Corp., 4.50%, 4/15/20 (b)(c)			1,500		1,493,430
Sprint Communications, Inc.:
9.00%, 11/15/18 (b)(c)			2,191		2,234,820
7.00%, 8/15/20			305		224,175
Sprint Corp., 7.88%, 9/15/23 (c)			937		667,612
T-Mobile USA, Inc.:
6.63%, 4/28/21 (c)			290		299,788
6.73%, 4/28/22 (c)			945		969,806
6.84%, 4/28/23 (c)			610		628,300
6.50%, 1/15/24			440		444,400
6.50%, 1/15/26 (c)			785		785,000

					13,915,306
Total Corporate Bonds - 51.9%					357,658,382



Floating Rate Loan Interests (a)
Airlines — 0.4%
Delta Air Lines, Inc., 2016 Term Loan B2, 2.68%, 4/18/16			2,910		2,902,725
Auto Components — 0.2%
Gates Global, Inc., Term Loan B, 4.25%, 7/05/21			1,340		1,205,315
Chemicals — 0.0%
Allnex (Luxembourg) & Cy SCA, Term Loan B1, 4.50%, 10/03/19			87		85,488



10	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016


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


Floating Rate Loan Interests (a)	Par (000)			Value
Chemicals (continued)
Allnex USA, Inc., Term Loan B2, 4.50%, 10/03/19		USD	45	$	44,356
MacDermid, Inc., Term Loan B3, 5.50%, 6/07/20			185		171,356

					301,200
Commercial Services & Supplies — 0.1%
ADS Waste Holdings, Inc., Term Loan B2, 3.75%, 10/09/19			359		345,921
Brand Energy & Infrastructure Services, Inc., Term Loan B, 4.75%, 11/26/20			209		194,698

					540,619
Diversified Consumer Services — 0.1%
AssuredPartners, Inc., 2015 1st Lien Term Loan, 5.75%, 10/21/22			195		191,467
Bright Horizons Family Solutions, Inc., Term Loan B, 4.00%, 1/30/20			485		483,181

					674,648
Diversified Financial Services — 1.7%
Aviron Capital LLC, Term Loan, 15.32%, 10/20/16			12,000		12,000,000
Diversified Telecommunication Services — 0.1%
Level 3 Financing, Inc., 2013 Term Loan B, 4.00%, 1/15/20			925		922,687
Electronic Equipment, Instruments & Components — 0.0%
CDW LLC, Term Loan, 3.25%, 4/29/20			292		286,209
Energy Equipment & Services — 0.1%
Dynegy Holdings, Inc., Term Loan B2, 4.00%, 4/23/20			604		581,617
Health Care Equipment & Supplies — 0.2%
Capsugel Holdings US, Inc., Term Loan B, 8.43%, 8/01/18			45		43,909
DJO Finance LLC, 2015 Term Loan, 4.25%, 6/08/20			449		431,667
Immucor, Inc., Refinancing Term Loan B2, 5.00%, 8/17/18			728		667,481

					1,143,057
Health Care Providers & Services — 0.1%
Envision Healthcare Corp., 5.13%, 7/01/22 (b)(c)			205		201,412


Floating Rate Loan Interests (a)	Par (000)			Value
Health Care Providers & Services (continued)
Envision Healthcare Corp., Term Loan, B2, 4.50%, 10/28/22		USD	200	$	198,392

					399,804
Hotels, Restaurants & Leisure — 3.5%
Caesars Entertainment Resort Properties LLC, Term Loan B, 7.00%, 10/11/20			2,065		1,795,489
Hilton Ft. Lauderdale, Mezzanine Term Loan 5, 6.43%, 8/04/19			6,500		6,500,000
Hilton Los Cabos, B-Note, 8.43%, 9/18/18			5,375		5,375,000
Hilton Orlando, Mezzanine A3, 6.12%, 8/01/16			7,250		7,250,000
MGM Resorts International, Term Loan A, 3.18%, 12/20/17			715		708,657
Starwood Schulte, Mezzanine Term Loan, 8.28%, 6/30/17			2,000		1,990,000
Station Casinos LLC, Term Loan B, 4.25%, 3/02/20			246		240,917

					23,860,063
Insurance — 0.6%
Dallas Design District, Mezzanine Term Loan, 7.13%, 11/09/16			4,000		4,000,000
Sedgwick Claims Management Services, Inc., 1st Lien Term Loan, 3.75%, 3/01/21			476		456,722

					4,456,722
IT Services — 0.1%
First Data Corp., 2018 Extended Term Loan, 3.93%, 3/24/18			1,040		1,025,482
Machinery — 0.1%
Silver II US Holdings LLC, Term Loan, 4.00%, 12/13/19			532		441,723
Media — 0.3%
Cengage Learning Acquisitions, Inc., 1st Lien Term Loan, 7.00%, 3/31/20			450		437,909
Clear Channel Communications, Inc., Term Loan D, 7.18%, 1/30/19			1,064		703,038
Intelsat Jackson Holdings SA, Term Loan B2, 3.75%, 6/30/19			124		118,785
Univision Communications, Inc., Term Loan C4, 4.00%, 3/01/20			486		473,678

					1,733,410



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	11


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


Floating Rate Loan Interests (a)	Par (000)			Value
Pharmaceuticals — 0.1%
Jaguar Holding Co. II, 2015 Term Loan B, 4.25%, 8/18/22		USD	499	$	488,667
Valeant Pharmaceuticals International, Inc.:
Series E Term Loan B, 3.75%, 8/05/20			201		192,960
Term Loan B F1, 4.00%, 4/01/22			133		128,146

					809,773
Real Estate Management & Development — 0.7%
680 Madison Avenue, Mezzanine Term Loan, 5.64%, 8/09/17			4,000		4,000,000
Realogy Corp., Term Loan B, 3.75%, 3/05/20			871		863,558

					4,863,558
Road & Rail — 0.1%
Hertz Corp., Term Loan B2, 3.00%, 3/11/18			499		492,110
Semiconductors & Semiconductor Equipment — 0.4%
Avago Technologies Cayman Ltd., 2016 Term Loan B, 4.25%, 2/01/23			1,791		1,761,055
Microsemi Corp., 2015 Term Loan B, 5.25%, 1/15/23			115		114,224
NXP BV, 2015 Term Loan B, 3.75%, 12/07/20			542		540,893

					2,416,172
Specialty Retail — 0.0%
CNT Holdings III Corp., Term Loan B, 7.12%, 1/22/23			214		212,573
Total Floating Rate Loan Interests — 8.9%					61,269,467



Foreign Agency Obligations
Argentina Bonar Bonds:
24.43%, 3/28/17 (a)		ARS	304		22,341
9.00%, 11/29/18			323		335,758
Cyprus Government International Bond, 4.63%, 2/03/20 (b)		EUR	2,950		3,419,438
Development Bank of Mongolia LLC, 5.75%, 3/21/17		USD	1,000		930,769
Dominican Republic International Bond, 6.88%, 1/29/26 (b)(j)			112		113,400
Iceland Government International Bond, 5.88%, 5/11/22			3,415		3,926,225


Foreign Agency Obligations	Par (000)			Value
Indonesia Government International Bond, 4.75%, 1/08/26 (b)		USD	207	$	210,771
Mexican Bonos:
4.75%, 6/14/18		MXN	11		62,006
6.50%, 6/10/21			1,600		92,536
10.00%, 12/05/24		USD	1,600		112,753
Mexican Udibonos:
3.50%, 12/14/17			3,246		185,275
4.00%, 6/13/19			3,246		188,057
Mexico Government International Bond, 4.13%, 1/21/26			340		340,340
Perusahaan Penerbit SBSN Indonesia III, 4.33%, 5/28/25 (b)			312		303,454
Portugal Government International Bond, 5.13%, 10/15/24 (b)			5,430		5,576,610
Russian Federal Bond, 7.00%, 8/16/23		RUB	1,640		18,292
Slovenia Government International Bond:
2.25%, 3/25/22		EUR	922		1,079,304
5.85%, 5/10/23 (b)(c)		USD	766		878,679
Sri Lanka Government International Bond, 5.88%, 7/25/22		USD	3,000		2,710,869
Total Foreign Agency Obligations — 3.0%					20,506,877



Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 26.0%
Alternative Loan Trust:
Series 2005-61, Class 2A1, 0.71%, 12/25/35 (a)			4,227		3,676,308
Series 2005-9CB, Class 1A3, 0.88%, 5/25/35 (a)(c)			5,395		4,359,857
Series 2006-40T1, Class 2A5, 0.83%, 12/25/36 (a)			3,273		1,361,769
Series 2006-7CB, Class 2A1, 6.50%, 5/25/36			3,986		2,938,004
Series 2006-J7, Class 2A1, 2.15%, 11/20/36 (a)			8,582		6,302,943
Series 2006-J8, Class A5, 6.00%, 2/25/37			2,535		1,966,338
Series 2006-OA14, Class 3A1, 1.14%, 11/25/46 (a)			13,324		10,743,703
Series 2006-OA16, Class A2, 0.62%, 10/25/46 (a)			10,365		9,058,868
Series 2006-OA18, Class A1, 0.55%, 12/25/46 (a)			6,341		5,480,248
Series 2006-OA22, Class A1, 0.59%, 2/25/47 (a)			5,483		4,548,203



12	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016


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


Non-Agency Mortgage-Backed Securities	Par (000)			Value
Collateralized Mortgage Obligations (continued)
Alternative Loan Trust (continued):
Series 2006-OA6, Class 1A1A, 0.64%, 7/25/46 (a)		USD	10,519	$	7,920,163
Series 2006-OA8, Class 1A1, 0.62%, 7/25/46 (a)			3,845		3,143,900
Series 2007-12T1, Class A22, 5.75%, 6/25/37 (c)			7,008		5,670,794
Series 2007-12T1, Class A5, 6.00%, 6/25/37			3,401		2,802,746
Series 2007-22, Class 2A16, 6.50%, 9/25/37			11,882		9,210,865
Series 2007-23CB, Class A1, 6.00%, 9/25/37			10,170		8,869,015
Series 2007-4CB, Class 1A3, 0.78%, 4/25/37 (a)			6,452		4,751,303
Series 2007-OA2, Class 1A1, 1.13%, 3/25/47 (a)			6,562		4,949,290
American Home Mortgage Assets Trust, Series 2006-5, Class A1, 1.21%, 11/25/46 (a)			6,671		3,214,769
CHL Mortgage Pass-Through Trust:
Series 2006-3, Class 1A1, 0.67%, 3/25/36 (a)			13,862		11,660,757
Series 2007-J2, Class 2A1, 1.08%, 7/25/37 (a)			5,986		3,698,189
Series 2007-J2, Class 2A8, 6.00%, 7/25/37			3,305		2,703,361
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 2.69%, 11/25/36 (a)			8,593		7,105,855
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, 0.63%, 4/25/46 (a)			10,997		9,639,382
Fannie Mae Connecticut Avenue Securities, Class 1M2 (a):
Series 2014-C02, 3.03%, 5/25/24			10,000		8,457,352
Series 2014-C03, 3.43%, 7/25/24			6,000		5,270,128
GreenPoint Mortgage Funding Trust, Series 2007-AR3, Class A1, 0.65%, 6/25/37 (a)			6,866		5,633,349
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 0.75%, 5/26/37 (a)(b)			17,310		10,905,350
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 5/25/36 (a)			9,657		4,891,259
Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, 1.03%, 8/25/36 (a)			8,180		2,910,216


Non-Agency Mortgage-Backed Securities	Par (000)			Value
Collateralized Mortgage Obligations (continued)
WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 1A, 1.06%, 5/25/47 (a)		USD	6,041	$	5,016,415

					178,860,699
Commercial Mortgage-Backed Securities — 12.5%
Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2013-DSMZ, Class M, 6.12%, 9/15/18 (a)(b)			7,500		7,499,925
BXHTL Mortgage Trust, Series 2015-JWRZ (a)(b):
Class DR3, 4.32%, 5/15/29			2,000		1,865,470
Class GL3, 4.00%, 5/15/29			2,510		2,327,931
CD Commercial Mortgage Trust, Series 2007-CD5, Class C, 6.32%, 11/15/44 (a)(c)			3,372		3,458,845
CDGJ Commercial Mortgage Trust, Series 2014-BXCH, Class EPA, 4.68%, 12/15/27 (a)(b)			5,000		4,735,002
CG-CCRE Commercial Mortgage Trust, Series 2014-FL1 (a)(b):
Class D, 3.18%, 6/15/31			3,000		2,950,911
Class E, 5.08%, 6/15/31			1,931		1,922,699
Commercial Mortgage Pass-Through Certificates (a):
Series 2007-C9, Class E, 5.99%, 12/10/49 (c)			5,000		5,079,275
Series 2013-LC13, Class D, 5.21%, 8/10/46 (b)			2,650		2,415,607
Series 2014-FL5, Class HFL1, 3.68%, 7/15/31 (b)			6,057		5,808,001
Series 2014-KYO, Class F, 3.92%, 6/11/27 (b)(c)			8,500		8,404,637
Series 2014-LC15, Class D, 5.11%, 4/10/47 (b)(c)			3,000		2,577,260
Series 2014-PAT, Class E, 3.57%, 8/13/27 (b)			1,000		965,532
Series 2014-PAT, Class F, 2.87%, 8/13/27 (b)			3,000		2,831,728
Series 2014-PAT, Class G, 2.02%, 8/13/27 (b)			2,000		1,846,520
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C3, Class B, 4.88%, 7/15/37			2,000		1,998,399
GAHR Commericial Mortgage Trust, Series 2015-NRF, Class GFX, 3.49%, 12/15/19 (a)(b)			2,500		2,270,273
Goldman Sachs Mortgage Securities Trust, Series 2014-GSFL (a)(b):
Class D, 4.33%, 7/15/31			1,325		1,316,546



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	13


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


Non-Agency Mortgage-Backed Securities	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
Goldman Sachs Mortgage Securities Trust, Series 2014-GSFL (a)(b) (continued):
Class E, 6.38%, 7/15/31		USD	1,000	$	990,071
Great Wolf Trust, Series 2015-WFMZ, Class M, 7.41%, 5/15/32 (a)(b)			3,300		3,237,564
JPMorgan Chase Commercial Mortgage Securities Trust (a)(b):
Series 2014-CBMZ, Class M, 6.65%, 10/15/19			2,000		1,940,340
Series 2014-DSTY, Class E, 3.93%, 6/10/27			5,000		4,569,031
London & Regional Debt Securitisation No. 2 PLC, Series 2, Class A, 3.59%, 10/15/18 (a)		GBP	1,461		2,077,065
Madison Avenue Trust, Series 2013-650M, Class E, 4.17%, 10/12/32 (a)(b)		USD	5,000		4,939,152
New York Mortgage Securitization Trust, Series 2013-1, Class A, 5.68%, 8/27/24 (a)(b)			5,000		5,025,000
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AJ, 6.15%, 2/15/51 (a)(c)			2,680		2,699,448

					85,752,232
Total Non-Agency Mortgage-Backed Securities — 38.5%					264,612,931



Preferred Securities

Capital Trusts
Banks — 4.6%
BNP Paribas SA, 7.20% (a)(b)(c)(k)			7,500		8,437,500
Capital One Financial Corp., Series E, 5.55% (a)(c)(k)			3,500		3,480,312
Credit Suisse Group AG, 7.50% (a)(b)(c)(k)			2,851		2,926,780
Fifth Third Bancorp, Series J, 4.90% (a)(c)(k)			3,000		2,715,000
HSBC Holdings PLC, 6.38% (a)(c)(k)			3,700		3,565,357
Wells Fargo & Co. (a)(c)(k):
Series S, 5.90%			8,800		8,877,000
Series U, 5.88%			1,280		1,349,248

					31,351,197


Capital Trusts	Par (000)			Value
Capital Markets — 1.3%
Credit Suisse Group AG, 6.25% (a)(b)(c)(k)		USD	1,035	$	1,010,332
Goldman Sachs Group, Inc., Series L, 5.70% (a)(c)(k)			1,300		1,282,125
Morgan Stanley, Series H, 5.45% (a)(c)(k)			5,104		4,925,360
State Street Corp., Series F, 5.25% (a)(c)(k)			1,875		1,884,375

					9,102,192
Diversified Financial Services — 6.9%
Bank of America Corp. (a)(k)
Series AA, 6.10% (c)			2,865		2,912,845
Series U, 5.20% (c)			1,750		1,636,250
Series V, 5.13%			1,100		1,042,250
Series X, 6.25% (c)			4,425		4,425,000
Bank of New York Mellon Corp., Series D (a)(c)(k)			6,067		5,491,242
Citigroup, Inc. (a)(c)(k):
5.90%			2,250		2,216,250
Series D, 5.95%			3,700		3,590,110
Series R, 6.13%			1,935		1,946,475
JPMorgan Chase & Co. (a)(c)(k):
Series Q, 5.15%			5,500		5,239,300
Series V, 5.00%			3,500		3,283,437
Macquarie Bank Ltd., 10.25%, 6/20/57 (a)			10,000		10,731,640
Societe Generale SA, 6.00% (a)(b)(c)(k)			5,540		5,075,859

					47,590,658
Electric Utilities — 1.0%
Electricite de France SA, 5.25% (a)(b)(c)(k)			7,500		6,721,875
Industrial Conglomerates — 0.9%
General Electric Co., Series D, 5.00% (a)(k)			5,921		6,083,827
Insurance — 3.1%
Allstate Corp, 5.75%, 8/15/53 (a)(c)			2,000		2,037,500
Liberty Mutual Group, Inc., 7.80%, 3/07/87 (b)(c)			10,760		12,266,400
Prudential Financial, Inc., 5.63%, 6/15/43 (a)(c)			6,000		6,067,500
Voya Financial, Inc., 5.65%, 5/15/53 (a)(c)			1,090		1,057,300

					21,428,700
Oil, Gas & Consumable Fuels — 0.4%
Enterprise Products Operating LLC, Series A, 8.38%, 8/01/66 (a)(c)			3,248		2,598,400



14	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016


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


Capital Trusts		Par (000)		Value
Real Estate Investment Trusts (REITS) — 1.8%
Firstar Realty LLC, 8.88% (b)(k)			10	$	12,393,750
Total Capital Trusts — 20.0%					137,270,599



Preferred Stocks		Shares
Aerospace & Defense — 0.3%
United Technologies Corp., 7.50%			25,650		2,249,248
Capital Markets — 1.9%
Goldman Sachs Group, Inc., Series J, 5.50% (a)(k)			395,017		9,863,575
Morgan Stanley, 6.88% (a)(k)			100,000		2,804,000
SCE Trust III, 5.75% (a)(k)			23,730		631,455

					13,299,030
Diversified Financial Services — 0.3%
Citigroup, Inc., Series K, 6.88% (a)(k)			75,000		2,060,250
Real Estate Investment Trusts (REITs) — 0.3%
SunTrust Real Estate Investment Corp., 9.00% (b)(k)			15		1,833,459
Total Preferred Stocks — 2.8%					19,441,987
Total Preferred Securities — 22.8%					156,712,586



U.S. Treasury Obligations — 5.2%		Par (000)
U.S. Treasury Notes, 2.25%, 11/15/25 (c)	USD		34,500		35,485,148


Warrants	Shares		Value
Diversified Financial Services — 0.0%
Aviron Capital LLC (Expires 10/20/16) (l)		10		—
Total Long-Term Investments (Cost — $1,164,146,797) — 165.0%			$	1,133,628,833


Short-Term Securities — 5.1%
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.32% (m)(n)		35,007,969		35,007,969
Total Short-Term Securities (Cost — $35,007,969) — 5.1%				35,007,969
Options Purchased (Cost — $286,218) — 0.0%				275,362
Total Investments Before Options Written *(Cost — $1,199,440,984) — 170.1%**				1,168,912,164
Options Written (Premiums Received — $211,816) — (0.0)%				(123,592	)
Total Investments, Net of Options Written (Cost — $1,199,229,168) — 170.1%				1,168,788,572
Liabilities in Excess of Other Assets — (70.1)%				(481,530,995	)

Net Assets —100.0%			$	687,257,577

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


Tax cost	$	1,191,551,763

Gross unrealized appreciation	$	16,810,939
Gross unrealized depreciation		(39,450,538	)

Net unrealized depreciation	$	(22,639,599	)

Notes to Schedule of Investments

(a)

Variable rate security. Rate as of period end.

(b)

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

(c)

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

(d)

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

(e)

Security is eligible to receive residual cash flows.

(f)

Zero-coupon bond.

(g)

Amount is less than $500.

(h)

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 0.05% of its net assets.

(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.



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	15


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

(j)

When-issued security.

(k)

Perpetual security with no stated maturity date.

(l)

All or a portion of security is held by a wholly owned subsidiary.

(m)

During the period ended January 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 January 31, 2016		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		6,140,532		28,867,437		35,007,969	$	18,557

(n)

Current yield as of period end.


Portfolio Abbreviations


ABS		Asset-Backed Security
ADS		American Depositary Shares
ARS		Argentine Peso
ARS		Auction Rate Securities
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CLO		Collateralized Loan Obligation
CNY		Chinese Renminbi
COP		Certificates of Participation
CR		Custodian Receipt
EUR		Euro
GBP		British Pound
IDR		Indonesian Rupiah
ISDA		International Swaps and Derivatives Association, Inc.
JPY		Japanese Yen
JSC		Joint Stock Company
KRW		South Korean Won
KLIBOR		Kuala Lumpur Interbank Offered Rate
LIBOR		London Interbank Offered Rate
MXIBTIIE		Mexico Interbank TIIE 28 Day
MXN		Mexican Peso
MYR		Malaysian Ringgit
NZD		New Zealand Dollar
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 advisor. These definitions may not apply for purposes of this report, which may combine such industry subclassifications for reporting ease.



16	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016


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

Reverse Repurchase Agreements


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest		Type of Underlying Collateral	Remaining Contractual Maturity of the Agreements
UBS Ltd.		0.70	%	4/16/15	Open	$	1,792,500	$	1,802,608	Corporate Bonds	Open/Demand¹
UBS Ltd.		0.80	%	6/3/15	Open		158,000		158,850	Corporate Bonds	Open/Demand¹
UBS Ltd.		0.85	%	6/3/15	Open		920,000		925,257	Corporate Bonds	Open/Demand¹
UBS Ltd.		0.85	%	6/3/15	Open		232,500		233,828	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.65	%	8/12/15	Open		500,000		501,553	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.75	%	8/12/15	Open		2,577,000		2,583,772	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.75	%	8/12/15	Open		10,165,000		10,191,711	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.75	%	8/12/15	Open		5,320,000		5,333,980	Corporate Bonds	Open/Demand¹
UBS Ltd.		0.80	%	9/8/15	Open		343,943		345,051	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.65	%	9/21/15	Open		1,208,291		1,211,171	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.65	%	9/21/15	Open		2,125,000		2,130,065	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.65	%	9/21/15	Open		2,400,350		2,406,071	Corporate Bonds	Open/Demand¹
UBS Ltd.		0.70	%	11/10/15	Open		5,117,775		5,126,035	Foreign Agency Obligations	Open/Demand¹
UBS Ltd.		0.75	%	12/2/15	Open		465,238		465,819	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		747,338		748,201	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		541,325		541,951	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		1,213,650		1,215,052	Capital Trusts	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		440,735		441,244	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		387,100		387,547	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		253,575		253,868	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		878,088		879,102	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		450,215		450,735	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		3,230,760		3,234,493	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		486,675		487,237	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		539,850		540,474	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		708,038		708,856	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		238,631		238,907	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		542,430		543,057	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		537,000		537,621	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		980,100		981,233	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		405,950		406,419	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		789,750		790,663	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		419,475		419,960	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		535,088		535,706	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		723,450		724,286	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		698,063		698,869	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		688,750		689,546	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		755,535		756,408	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		549,750		550,385	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		2,095,144		2,097,565	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		535,088		535,706	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		781,200		782,103	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		652,438		653,191	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		553,500		554,140	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		642,950		643,693	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		680,600		681,386	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		634,480		635,213	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		545,200		545,830	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/9/15	Open		383,050		383,493	Corporate Bonds	Open/Demand¹



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	17


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

Reverse Repurchase Agreements


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest		Type of Underlying Collateral	Remaining Contractual Maturity of the Agreements
UBS Securities LLC		0.75	%	12/10/15	Open	$	832,500	$	833,388	Capital Trusts	Open/Demand¹
UBS Securities LLC		0.80	%	12/10/15	Open		1,111,500		1,112,686	Capital Trusts	Open/Demand¹
UBS Securities LLC		0.80	%	12/10/15	Open		1,504,800		1,506,405	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	12/10/15	Open		1,244,650		1,245,978	Capital Trusts	Open/Demand¹
Barclays Bank PLC		0.65	%	12/17/15	Open		2,677,500		2,679,675	Corporate Bonds	Open/Demand¹
Barclays Bank PLC		0.75	%	12/17/15	Open		3,504,644		3,507,929	Foreign Agency Obligations	Open/Demand¹
Barclays Bank PLC		0.80	%	12/17/15	Open		947,031		947,978	Corporate Bonds	Open/Demand¹
Barclays Bank PLC		0.85	%	12/17/15	Open		1,387,625		1,389,099	Corporate Bonds	Open/Demand¹
Barclays Bank PLC		1.15	%	12/17/15	Open		2,516,250		2,519,867	Corporate Bonds	Open/Demand¹
Barclays Capital, Inc.		0.60	%	12/17/15	Open		5,887,500		5,891,916	Capital Trusts	Open/Demand¹
Barclays Capital, Inc.		0.80	%	12/17/15	Open		975,550		976,526	Capital Trusts	Open/Demand¹
Barclays Capital, Inc.		0.80	%	12/17/15	Open		654,225		654,879	Capital Trusts	Open/Demand¹
Barclays Capital, Inc.		0.80	%	12/17/15	Open		644,875		645,520	Corporate Bonds	Open/Demand¹
Barclays Capital, Inc.		0.80	%	12/17/15	Open		160,849		161,010	Corporate Bonds	Open/Demand¹
Barclays Capital, Inc.		0.80	%	12/17/15	Open		1,988,438		1,990,426	Capital Trusts	Open/Demand¹
Barclays Capital, Inc.		0.80	%	12/17/15	Open		230,313		230,543	Corporate Bonds	Open/Demand¹
Barclays Capital, Inc.		0.80	%	12/17/15	Open		840,000		840,840	Corporate Bonds	Open/Demand¹
Barclays Capital, Inc.		0.80	%	12/17/15	Open		867,300		868,167	Corporate Bonds	Open/Demand¹
Barclays Capital, Inc.		0.80	%	12/17/15	Open		970,313		971,283	Corporate Bonds	Open/Demand¹
Barclays Capital, Inc.		0.80	%	12/17/15	Open		908,268		909,176	Corporate Bonds	Open/Demand¹
Barclays Capital, Inc.		0.80	%	12/17/15	Open		522,856		523,379	Corporate Bonds	Open/Demand¹
Barclays Capital, Inc.		0.80	%	12/17/15	Open		651,544		652,195	Corporate Bonds	Open/Demand¹
Barclays Capital, Inc.		0.80	%	12/17/15	Open		459,635		460,095	Corporate Bonds	Open/Demand¹
Barclays Capital, Inc.		0.80	%	12/17/15	Open		739,594		740,334	Corporate Bonds	Open/Demand¹
Barclays Capital, Inc.		0.80	%	12/17/15	Open		702,406		703,109	Corporate Bonds	Open/Demand¹
Barclays Capital, Inc.		0.85	%	12/17/15	Open		467,370		467,867	Corporate Bonds	Open/Demand¹
Barclays Capital, Inc.		0.85	%	12/17/15	Open		920,805		921,784	Corporate Bonds	Open/Demand¹
Barclays Capital, Inc.		0.95	%	12/17/15	Open		3,224,398		3,228,227	Corporate Bonds	Open/Demand¹
Credit Suisse Securities (USA) LLC		0.70	%	12/17/15	Open		814,036		814,749	Corporate Bonds	Open/Demand¹
Credit Suisse Securities (USA) LLC		1.10	%	12/17/15	Open		802,750		803,854	Corporate Bonds	Open/Demand¹
Credit Suisse Securities (USA) LLC		1.15	%	12/17/15	Open		577,213		578,042	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		0.80	%	12/17/15	Open		789,000		789,789	Foreign Agency Obligations	Open/Demand¹
Deutsche Bank Securities, Inc.		0.80	%	12/17/15	Open		2,427,000		2,429,428	Capital Trusts	Open/Demand¹
Deutsche Bank Securities, Inc.		0.80	%	12/17/15	Open		2,450,000		2,452,451	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		0.80	%	12/17/15	Open		1,836,000		1,837,837	Capital Trusts	Open/Demand¹
Deutsche Bank Securities, Inc.		0.80	%	12/17/15	Open		1,751,000		1,752,752	Capital Trusts	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		104,000		104,130	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		2,515,000		2,517,515	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		631,000		631,789	Corporate Bonds	Open/Demand¹



18	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016


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

Reverse Repurchase Agreements


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest		Type of Underlying Collateral	Remaining Contractual Maturity of the Agreements
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open	$	250,000	$	250,313	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		331,000		331,414	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		1,661,000		1,663,077	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		598,000		598,748	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		406,000		406,508	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		1,358,000		1,359,698	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		762,000		762,953	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		1,092,000		1,093,366	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		586,000		586,733	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		2,074,000		2,076,594	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		598,000		598,748	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		238,000		238,298	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		189,000		189,236	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		1,293,000		1,294,617	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		603,000		603,754	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		906,000		907,133	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		2,633,000		2,636,293	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		345,000		345,431	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		309,000		309,386	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		870,000		871,088	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		145,000		145,181	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		637,000		637,797	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		95,000		95,119	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		830,000		831,038	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		223,000		223,279	Corporate Bonds	Open/Demand¹



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	19


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

Reverse Repurchase Agreements


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest		Type of Underlying Collateral	Remaining Contractual Maturity of the Agreements
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open	$	300,000	$	300,375	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		1,428,000		1,429,786	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		2,839,000		2,842,551	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		637,000		637,797	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		262,000		262,328	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		5,150,000		5,156,441	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		367,000		367,459	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		87,000		87,109	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		792,000		792,991	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		121,000		121,151	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		1,135,000		1,136,420	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		312,000		312,390	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		291,000		291,364	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		1,304,000		1,305,631	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		697,000		697,872	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		399,000		399,499	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		640,000		640,800	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		367,000		367,459	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		291,000		291,364	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		1,078,000		1,079,348	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		2,688,000		2,691,360	Capital Trusts	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		930,000		931,163	Capital Trusts	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		1,520,000		1,521,900	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		4,594,000		4,599,743	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		2,521,000		2,524,151	Capital Trusts	Open/Demand¹



20	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016


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

Reverse Repurchase Agreements


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest		Type of Underlying Collateral	Remaining Contractual Maturity of the Agreements
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open	$	1,480,000	$	1,481,850	Capital Trusts	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		2,842,000		2,845,553	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		1,335,000		1,336,670	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		705,000		705,882	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		553,000		553,692	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		250,000		250,313	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		287,000		287,359	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		2,209,000		2,211,763	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		1,933,000		1,935,418	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		1,888,000		1,890,361	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		1,325,000		1,326,657	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		178,000		178,223	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		3,320,000		3,324,152	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		291,000		291,364	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		2,465,000		2,468,083	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		904,000		905,130	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		635,000		635,794	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		866,000		867,083	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		135,000		135,169	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		155,000		155,194	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		981,000		982,227	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		1,034,000		1,035,293	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		2,110,000		2,112,639	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		3,102,000		3,105,880	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		1,883,000		1,885,355	Capital Trusts	Open/Demand¹



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	21


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

Reverse Repurchase Agreements


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest		Type of Underlying Collateral	Remaining Contractual Maturity of the Agreements
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open	$	2,572,000	$	2,575,217	Capital Trusts	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		2,188,000		2,190,737	Capital Trusts	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		181,000		181,226	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		1,800,000		1,802,251	Capital Trusts	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	12/17/15	Open		1,467,000		1,468,835	Capital Trusts	Open/Demand¹
HSBC Securities (USA), Inc.		0.65	%	12/17/15	Open		2,685,000		2,687,182	Capital Trusts	Open/Demand¹
HSBC Securities (USA), Inc.		0.65	%	12/17/15	Open		3,456,000		3,458,808	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.64	%	12/17/15	Open		424,625		424,965	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.64	%	12/17/15	Open		484,900		485,288	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.64	%	12/17/15	Open		244,155		244,350	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.90	%	12/17/15	Open		202,125		202,352	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.90	%	12/17/15	Open		2,100,000		2,102,363	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.90	%	12/17/15	Open		97,948		98,058	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.90	%	12/17/15	Open		388,220		388,657	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.90	%	12/17/15	Open		123,488		123,626	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		449,805		450,339	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		376,875		377,323	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		758,345		759,246	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		369,000		369,438	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		737,200		738,075	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		715,950		716,800	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		1,973,420		1,975,763	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		315,900		316,275	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		233,250		233,527	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		179,878		180,091	Corporate Bonds	Open/Demand¹



22	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016


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

Reverse Repurchase Agreements


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest		Type of Underlying Collateral	Remaining Contractual Maturity of the Agreements
RBC Capital Markets LLC		0.95	%	12/17/15	Open	$	240,160	$	240,445	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		267,638		267,955	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		1,121,250		1,122,581	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		277,500		277,830	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		310,780		311,149	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		275,200		275,527	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		167,860		168,059	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		188,125		188,348	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		462,075		462,624	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		235,935		236,215	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		448,800		449,333	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		487,398		487,976	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		344,500		344,909	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		619,200		619,935	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		467,775		468,330	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/17/15	Open		463,375		463,925	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		2,149,075		2,151,761	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		364,100		364,555	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		193,590		193,832	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		249,550		249,862	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		103,500		103,629	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		323,900		324,305	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		124,000		124,155	Floating Rate Loan Interests	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		120,080		120,230	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		181,640		181,867	Corporate Bonds	Open/Demand¹



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	23


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

Reverse Repurchase Agreements


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest		Type of Underlying Collateral	Remaining Contractual Maturity of the Agreements
RBC Capital Markets LLC		1.00	%	12/17/15	Open	$	358,875	$	359,324	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		622,500		623,278	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		495,600		496,220	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		368,000		368,460	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		152,220		152,410	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		720,225		721,125	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		767,350		768,309	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		443,620		444,175	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		414,050		414,568	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		1,083,375		1,084,729	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		267,138		267,471	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		1,962,250		1,964,703	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		1,178,000		1,179,473	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		1,156,320		1,157,765	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		734,825		735,744	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		2,054,280		2,056,848	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		628,000		628,785	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		598,600		599,348	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		492,900		493,516	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		398,475		398,973	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		835,275		836,319	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		1,096,200		1,097,570	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		378,200		378,673	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		492,800		493,416	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		134,460		134,628	Corporate Bonds	Open/Demand¹



24	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016


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

Reverse Repurchase Agreements


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest		Type of Underlying Collateral	Remaining Contractual Maturity of the Agreements
RBC Capital Markets LLC		1.00	%	12/17/15	Open	$	245,700	$	246,007	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		138,750		138,923	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		80,250		80,350	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		270,100		270,438	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		214,130		214,398	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		194,375		194,618	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		78,500		78,598	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		88,400		88,511	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		323,900		324,305	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		242,150		242,453	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		48,000		48,060	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		54,925		54,994	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		241,425		241,727	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		138,400		138,573	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		367,875		368,335	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		192,625		192,866	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		303,750		304,130	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		45,390		45,447	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		78,680		78,778	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		45,338		45,394	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		51,680		51,745	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		364,100		364,555	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		373,500		373,967	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		243,000		243,304	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/17/15	Open		76,958		77,054	Corporate Bonds	Open/Demand¹



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	25


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

Reverse Repurchase Agreements


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest		Type of Underlying Collateral	Remaining Contractual Maturity of the Agreements
RBC Capital Markets LLC		1.05	%	12/17/15	Open	$	45,150	$	45,209	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.05	%	12/17/15	Open		1,247,750		1,249,388	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.05	%	12/17/15	Open		133,200		133,375	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.05	%	12/17/15	Open		245,700		246,022	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.05	%	12/17/15	Open		227,250		227,548	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.05	%	12/17/15	Open		64,080		64,164	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.10	%	12/18/15	Open		2,036,000		2,038,613	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.75	%	12/18/15	Open		1,073,573		1,074,512	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.75	%	12/18/15	Open		1,680,725		1,682,301	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.90	%	12/18/15	Open		222,495		222,729	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.90	%	12/18/15	Open		482,850		483,357	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.90	%	12/18/15	Open		245,050		245,307	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/18/15	Open		406,400		406,850	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/18/15	Open		367,400		367,807	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	12/18/15	Open		1,050,000		1,051,313	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.05	%	12/18/15	Open		200,515		200,761	Corporate Bonds	Open/Demand¹
Barclays Capital, Inc.		0.85	%	12/21/15	Open		856,980		857,810	Corporate Bonds	Open/Demand¹
BNP Paribas Securities Corp.		0.75	%	12/21/15	Open		7,317,000		7,323,250	Corporate Bonds	Open/Demand¹
BNP Paribas Securities Corp.		1.04	%	12/21/15	Open		273,000		273,323	Corporate Bonds	Open/Demand¹
BNP Paribas Securities Corp.		1.04	%	12/21/15	Open		3,127,000		3,130,704	Corporate Bonds	Open/Demand¹
BNP Paribas Securities Corp.		1.04	%	12/21/15	Open		619,000		619,733	Corporate Bonds	Open/Demand¹
BNP Paribas Securities Corp.		1.04	%	12/21/15	Open		1,414,000		1,415,675	Corporate Bonds	Open/Demand¹
BNP Paribas Securities Corp.		1.04	%	12/21/15	Open		1,350,000		1,351,599	Corporate Bonds	Open/Demand¹
BNP Paribas Securities Corp.		1.04	%	12/21/15	Open		1,093,000		1,094,295	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		0.80	%	12/21/15	Open		1,069,000		1,069,998	Capital Trusts	Open/Demand¹
UBS Ltd.		1.00	%	12/21/15	Open		1,464,000		1,465,667	Corporate Bonds	Open/Demand¹
UBS Ltd.		1.00	%	12/21/15	Open		9,175,000		9,185,449	Capital Trusts	Open/Demand¹



26	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016


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

Reverse Repurchase Agreements


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest		Type of Underlying Collateral	Remaining Contractual Maturity of the Agreements
UBS Securities LLC		0.75	%	12/21/15	Open	$	4,963,750	$	4,967,990	Capital Trusts	Open/Demand¹
UBS Securities LLC		0.75	%	12/21/15	Open		7,068,750		7,074,788	Capital Trusts	Open/Demand¹
UBS Securities LLC		0.75	%	12/21/15	Open		3,540,000		3,543,024	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.75	%	12/21/15	Open		5,125,000		5,129,378	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.75	%	12/21/15	Open		8,206,000		8,213,009	Capital Trusts	Open/Demand¹
UBS Securities LLC		1.00	%	12/21/15	Open		14,735,000		14,751,782	Capital Trusts	Open/Demand¹
UBS Securities LLC		1.00	%	12/21/15	Open		7,743,750		7,752,569	Capital Trusts	Open/Demand¹
UBS Securities LLC		1.00	%	12/21/15	Open		2,385,000		2,387,716	Foreign Agency Obligations	Open/Demand¹
UBS Securities LLC		1.00	%	12/21/15	Open		2,132,000		2,134,428	Corporate Bonds	Open/Demand¹
UBS Securities LLC		1.00	%	12/21/15	Open		3,062,500		3,065,988	Capital Trusts	Open/Demand¹
UBS Securities LLC		1.00	%	12/21/15	Open		3,135,750		3,139,321	Capital Trusts	Open/Demand¹
UBS Securities LLC		1.00	%	12/21/15	Open		4,071,000		4,075,636	Capital Trusts	Open/Demand¹
UBS Securities LLC		1.00	%	12/21/15	Open		3,348,500		3,352,314	Capital Trusts	Open/Demand¹
UBS Securities LLC		1.00	%	12/21/15	Open		4,819,800		4,825,289	Capital Trusts	Open/Demand¹
UBS Securities LLC		1.00	%	12/21/15	Open		3,812,500		3,816,842	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.65	%	12/22/15	Open		52,981		53,020	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/22/15	Open		1,003,470		1,004,556	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/22/15	Open		616,875		617,542	Corporate Bonds	Open/Demand¹
UBS Securities LLC		1.00	%	12/22/15	Open		409,275		409,730	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	12/23/15	Open		507,642		508,178	Corporate Bonds	Open/Demand¹
UBS Securities LLC		1.00	%	12/28/15	Open		1,042,335		1,043,348	Corporate Bonds	Open/Demand¹
JPMorgan Securities LLC		1.67	%	1/4/16	2/02/16		2,535,000		2,538,298	Asset-Backed Securities	Up to 30 Days
JPMorgan Securities LLC		1.77	%	1/4/16	2/02/16		3,590,000		3,594,949	Asset-Backed Securities	Up to 30 Days
Morgan Stanley Co., Inc.		1.50	%	1/5/16	2/04/16		5,333,500		5,339,500	Asset-Backed Securities	Up to 30 Days
RBC Capital Markets LLC		1.77	%	1/6/16	2/08/16		1,958,000		1,960,310	Non-Agency Mortgage-Backed Securities	Up to 30 Days
Barclays Capital, Inc.		1.92	%	1/7/16	2/08/16		2,324,994		2,327,975	Non-Agency Mortgage-Backed Securities	Up to 30 Days
Barclays Capital, Inc.		1.92	%	1/7/16	2/08/16		3,500,000		3,504,488	Non-Agency Mortgage-Backed Securities	Up to 30 Days
Barclays Capital, Inc.		1.92	%	1/7/16	2/08/16		3,939,471		3,944,523	Non-Agency Mortgage-Backed Securities	Up to 30 Days
Barclays Capital, Inc.		1.92	%	1/7/16	2/08/16		4,998,000		5,004,409	Non-Agency Mortgage-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.37	%	1/7/16	2/08/16		1,121,000		1,122,026	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.37	%	1/7/16	2/08/16		823,000		823,754	Asset-Backed Securities	Up to 30 Days



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	27


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

Reverse Repurchase Agreements


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest		Type of Underlying Collateral	Remaining Contractual Maturity of the Agreements
BNP Paribas Securities Corp.		1.37	%	1/7/16	2/08/16	$	842,000	$	842,771	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.37	%	1/7/16	2/08/16		848,000		848,776	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.37	%	1/7/16	2/08/16		819,000		819,750	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		2,412,000		2,414,369	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		970,000		970,953	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		1,634,000		1,635,605	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		1,934,000		1,935,900	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		744,000		744,731	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		1,120,000		1,121,100	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		759,000		759,746	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		1,692,000		1,693,662	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		953,000		953,936	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		787,000		787,773	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		813,000		813,799	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		757,000		757,744	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		793,000		793,779	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		1,307,000		1,308,284	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		1,061,000		1,062,042	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		782,000		782,768	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		1,651,000		1,652,622	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		998,000		998,980	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		2,020,000		2,021,984	Asset-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.47	%	1/7/16	2/08/16		776,000		776,762	Asset-Backed Securities	Up to 30 Days
RBC Capital Markets LLC		0.90	%	1/7/16	Open		381,150		381,388	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	1/7/16	Open		469,040		469,366	Corporate Bonds	Open/Demand¹



28	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016


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

Reverse Repurchase Agreements


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest		Type of Underlying Collateral	Remaining Contractual Maturity of the Agreements
Barclays Capital, Inc.		1.93	%	1/13/16	2/16/16	$	6,698,731	$	6,705,180	Non-Agency Mortgage-Backed Securities	Up to 30 Days
BNP Paribas Securities Corp.		1.04	%	1/13/16	Open		1,104,000		1,104,542	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	1/13/16	Open		1,595,051		1,595,851	Corporate Bonds	Open/Demand¹
UBS Securities LLC		0.80	%	1/13/16	Open		971,856		972,266	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	1/14/16	Open		174,000		174,082	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	1/14/16	Open		549,000		549,259	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	1/14/16	Open		57,000		57,027	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	1/14/16	Open		404,000		404,191	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	1/14/16	Open		125,000		125,059	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	1/14/16	Open		497,000		497,235	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.95	%	1/14/16	Open		335,200		335,350	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		0.40	%	1/15/16	Open		35,276,250		35,282,913	U.S. Treasury Obligations	Open/Demand¹
RBC Capital Markets LLC		1.00	%	1/15/16	Open		174,400		174,463	Corporate Bonds	Open/Demand¹
Citigroup Global Markets, Inc.		2.08	%	1/20/16	2/22/16		3,465,703		3,467,901	Asset-Backed Securities	Up to 30 Days
RBC Capital Markets LLC		1.00	%	1/20/16	Open		1,585,700		1,586,185	Corporate Bonds	Open/Demand¹
UBS Securities LLC		1.00	%	1/20/16	Open		432,863		432,995	Corporate Bonds	Open/Demand¹
BNP Paribas Securities Corp.		1.33	%	1/21/16	2/22/16		1,235,000		1,235,455	Asset-Backed Securities	Up to 30 Days
RBC Capital Markets LLC		1.83	%	1/21/16	2/25/16		4,334,000		4,335,542	Corporate Bonds	Up to 30 Days
UBS Securities LLC		0.60	%	1/21/16	Open		1,587,375		1,587,666	Corporate Bonds	Open/Demand¹
UBS Securities LLC		1.00	%	1/21/16	Open		937,595		937,855	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	1/22/16	Open		479,550		479,643	Corporate Bonds	Open/Demand¹
UBS Securities LLC		1.00	%	1/22/16	Open		531,375		531,478	Corporate Bonds	Open/Demand¹
UBS Securities LLC		1.00	%	1/22/16	Open		536,750		536,854	Corporate Bonds	Open/Demand¹
UBS Securities LLC		1.00	%	1/22/16	Open		386,975		387,050	Corporate Bonds	Open/Demand¹
BNP Paribas Securities Corp.		1.04	%	1/26/16	Open		1,248,000		1,248,216	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		0.90	%	1/26/16	Open		88,075		88,088	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	1/26/16	Open		965,520		965,681	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	1/26/16	Open		845,975		846,116	Corporate Bonds	Open/Demand¹



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	29


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

Reverse Repurchase Agreements


Counterparty	Interest Rate			Trade Date	Maturity Date¹	Face Value		Face Value Including Accrued Interest		Type of Underlying Collateral	Remaining Contractual Maturity of the Agreements
RBC Capital Markets LLC		1.00	%	1/26/16	Open	$	260,000	$	260,043	Corporate Bonds	Open/Demand¹
UBS Securities LLC		1.00	%	1/26/16	Open		501,663		501,746	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	1/27/16	Open		504,000		504,070	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	1/27/16	Open		764,000		764,106	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	1/27/16	Open		132,000		132,018	Corporate Bonds	Open/Demand¹
RBC Capital Markets LLC		1.00	%	1/27/16	Open		316,520		316,555	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	1/28/16	Open		795,488		795,576	Corporate Bonds	Open/Demand¹
Deutsche Bank Securities, Inc.		1.00	%	1/28/16	Open		1,249,951		1,250,101	Corporate Bonds	Open/Demand¹
Total						$	498,363,552	$	498,917,762

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

Financial Futures Contracts


Contracts Short	Issue	Expiration	Notional Value		Unrealized Depreciation
(158)	2-Year U.S. Treasury Note	March 2016	USD	34,542,750	$	(148,214	)
(146)	5-Year U.S. Treasury Note	March 2016	USD	17,618,094		(305,792	)
(276)	10-Year U.S. Treasury Note	March 2016	USD	35,763,562		(969,466	)
(10)	Euro BOBL Futures	March 2016	USD	1,434,615		(16,149	)
(10)	Ultra U.S. Treasury Bond	March 2016	USD	1,661,875		(74,700	)
(3)	90-Day Euro Dollar	June 2017	USD	742,537		(955	)
Total					$	(1,515,276	)

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	1,850,318	USD	449,652	BNP Paribas S.A.		2/02/16	$	12,951
BRL	270,725	USD	66,965	BNP Paribas S.A.		2/02/16		720
BRL	274,399	USD	67,873	Deutsche Bank AG		2/02/16		730
BRL	166,328	USD	41,142	Goldman Sachs International		2/02/16		442
BRL	651,828	USD	161,232	Goldman Sachs International		2/02/16		1,733
BRL	192,096	USD	48,000	Goldman Sachs International		2/02/16		26
BRL	178,810	USD	44,229	The Royal Bank of Scotland PLC		2/02/16		475
BRL	182,625	USD	45,173	The Royal Bank of Scotland PLC		2/02/16		486
BRL	195,091	USD	48,256	The Royal Bank of Scotland PLC		2/02/16		519
BRL	321,629	USD	79,556	UBS AG		2/02/16		855



30	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016


Consolidated 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)
BRL	182,963	USD	44,965	UBS AG		2/02/16	$	778
JPY	266,395,545	NZD	3,528,979	Citibank, N.A.		2/02/16		(84,757	)
MXN	2,908,639	USD	157,572	Goldman Sachs International		2/02/16		2,792
NZD	4,200,000	JPY	322,274,400	HSBC Bank USA, N.A.		2/02/16		57,716
USD	65,000	BRL	270,725	BNP Paribas S.A.		2/02/16		(2,685	)
USD	457,682	BRL	1,850,318	BNP Paribas S.A.		2/02/16		(4,920	)
USD	67,000	BRL	274,399	Deutsche Bank AG		2/02/16		(1,603	)
USD	40,200	BRL	166,328	Goldman Sachs International		2/02/16		(1,384	)
USD	157,572	BRL	651,828	Goldman Sachs International		2/02/16		(5,393	)
USD	47,516	BRL	192,096	Goldman Sachs International		2/02/16		(511	)
USD	42,880	BRL	178,810	The Royal Bank of Scotland PLC		2/02/16		(1,825	)
USD	44,965	BRL	182,625	The Royal Bank of Scotland PLC		2/02/16		(694	)
USD	48,000	BRL	195,091	The Royal Bank of Scotland PLC		2/02/16		(775	)
USD	77,000	BRL	321,629	UBS AG		2/02/16		(3,411	)
USD	45,256	BRL	182,963	UBS AG		2/02/16		(487	)
USD	3,641,026	EUR	3,352,000	Morgan Stanley & Co. International PLC		2/03/16		9,717
USD	107,655	EUR	100,000	State Street Bank and Trust Co.		2/03/16		(678	)
USD	32,976,653	GBP	22,400,000	UBS AG		2/03/16		1,058,877
USD	382,094	JPY	44,837,000	UBS AG		2/03/16		11,733
EUR	98,000	USD	105,422	Citibank, N.A.		2/08/16		756
MXN	913,573	USD	49,800	Bank Of America, N.A.		2/08/16		552
MXN	1,744,552	USD	94,800	Deutsche Bank AG		2/08/16		1,351
MXN	1,165,280	USD	63,000	Deutsche Bank AG		2/08/16		1,225
MXN	2,305,531	USD	126,000	JPMorgan Chase Bank, N.A.		2/08/16		1,070
MXN	809,695	USD	44,250	JPMorgan Chase Bank, N.A.		2/08/16		376
MXN	823,141	USD	45,000	Morgan Stanley & Co. International PLC		2/08/16		368
MXN	3,147,768	USD	180,000	State Street Bank and Trust Co.		2/08/16		(6,510	)
MXN	1,929,915	USD	108,000	State Street Bank and Trust Co.		2/08/16		(1,632	)
USD	106,103	EUR	98,000	Citibank, N.A.		2/08/16		(75	)
USD	268,500	MXN	4,795,585	Bank Of America, N.A.		2/08/16		4,191
RUB	4,355,235	USD	62,047	BNP Paribas S.A.		2/09/16		(4,456	)
USD	87,182	RUB	6,119,559	BNP Paribas S.A.		2/09/16		6,261
KRW	95,816,000	USD	80,000	Deutsche Bank AG		2/11/16		(737	)
USD	77,600	KRW	94,369,360	HSBC Bank USA, N.A.		2/11/16		(466	)
USD	77,659	KRW	92,569,504	HSBC Bank USA, N.A.		2/11/16		1,081
USD	110,000	KRW	131,802,000	JPMorgan Chase Bank, N.A.		2/11/16		968
JPY	11,444,186	USD	97,000	JPMorgan Chase Bank, N.A.		2/12/16		(2,455	)
JPY	11,424,621	USD	97,000	JPMorgan Chase Bank, N.A.		2/12/16		(2,616	)
KRW	116,918,950	USD	97,000	HSBC Bank USA, N.A.		2/12/16		(282	)
TRY	491,909	USD	162,000	BNP Paribas S.A.		2/12/16		3,914
USD	2,200	ARS	31,240	BNP Paribas S.A.		2/12/16		(39	)
USD	35,000	JPY	4,239,352	Deutsche Bank AG		2/12/16		(23	)
USD	95,400	JPY	11,333,632	Morgan Stanley & Co. International PLC		2/12/16		1,768
USD	63,600	JPY	7,566,433	Morgan Stanley & Co. International PLC		2/12/16		1,091
USD	97,000	KRW	117,234,200	Morgan Stanley & Co. International PLC		2/12/16		21
USD	32,400	TRY	98,907	Citibank, N.A.		2/12/16		(960	)



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	31


Consolidated 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	48,600	TRY	148,817	Citibank, N.A.		2/12/16	$	(1,594	)
USD	81,000	TRY	248,165	Morgan Stanley & Co. International PLC		2/12/16		(2,703	)
USD	88,500	ZAR	1,454,147	Citibank, N.A.		2/12/16		(2,867	)
CAD	137,598	USD	96,000	Standard Chartered Bank		2/16/16		2,221
RUB	2,899,567	USD	34,600	BNP Paribas S.A.		2/16/16		3,674
RUB	13,399,066	USD	173,000	JPMorgan Chase Bank, N.A.		2/16/16		3,865
TWD	3,373,785	USD	100,500	JPMorgan Chase Bank, N.A.		2/16/16		234
TWD	3,364,740	USD	100,500	Standard Chartered Bank		2/16/16		(36	)
USD	31,140	RUB	2,456,323	BNP Paribas S.A.		2/16/16		(1,283	)
USD	51,900	RUB	4,244,901	Deutsche Bank AG		2/16/16		(4,132	)
USD	100,500	TWD	3,372,780	JPMorgan Chase Bank, N.A.		2/16/16		(204	)
USD	100,500	TWD	3,363,735	Standard Chartered Bank		2/16/16		66
EUR	131,000	PLN	588,290	Goldman Sachs International		2/19/16		(2,176	)
JPY	9,278,191	USD	79,500	Morgan Stanley & Co. International PLC		2/19/16		(2,839	)
PLN	291,069	EUR	65,500	Morgan Stanley & Co. International PLC		2/19/16		334
USD	48,000	COP	156,120,000	BNP Paribas S.A.		2/19/16		508
USD	79,500	JPY	9,394,992	BNP Paribas S.A.		2/19/16		1,874
CAD	4,826,199	NZD	5,265,000	Royal Bank of Canada		2/22/16		39,632
USD	33,333	COP	112,449,655	Credit Suisse International		2/22/16		(863	)
MXN	1,154,241	USD	62,000	Goldman Sachs International		2/25/16		1,541
MXN	1,480,811	USD	80,000	Goldman Sachs International		2/25/16		1,519
USD	142,000	MXN	2,611,090	Morgan Stanley & Co. International PLC		2/25/16		(1,741	)
MXN	1,312,554	USD	71,000	Goldman Sachs International		2/26/16		1,251
MYR	138,446	USD	31,754	HSBC Bank USA, N.A.		2/26/16		1,677
RUB	1,247,799	EUR	14,000	BNP Paribas S.A.		2/26/16		1,254
TRY	209,840	USD	69,600	Citibank, N.A.		2/26/16		895
USD	71,000	MXN	1,306,548	UBS AG		2/26/16		(921	)
USD	31,754	MYR	132,349	HSBC Bank USA, N.A.		2/26/16		(205	)
USD	116,000	TRY	353,374	Credit Suisse International		2/26/16		(2,716	)
BRL	198,438	USD	48,500	The Royal Bank of Scotland PLC		3/02/16		685
MXN	2,612,180	USD	142,000	Morgan Stanley & Co. International PLC		3/02/16		1,741
MXN	2,899,317	USD	157,572	State Street Bank and Trust Co.		3/02/16		1,970
MXN	1,306,999	USD	71,000	UBS AG		3/02/16		921
USD	449,652	BRL	1,865,516	BNP Paribas S.A.		3/02/16		(12,733	)
USD	48,500	BRL	198,947	Goldman Sachs International		3/02/16		(811	)
USD	64,000	BRL	258,048	Goldman Sachs International		3/02/16		40
USD	3,401,672	EUR	3,113,000	UBS AG		3/03/16		26,955
USD	31,904,901	GBP	22,334,000	UBS AG		3/03/16		79,996
USD	5,583	ARS	80,109	BNP Paribas S.A.		3/11/16		(81	)
USD	2,800	ARS	40,320	BNP Paribas S.A.		3/14/16		(45	)
AUD	1,500,332	EUR	975,000	Goldman Sachs International		3/15/16		2,403
IDR	1,108,749,200	USD	79,000	HSBC Bank USA, N.A.		3/21/16		1,363
USD	79,000	IDR	1,125,908,000	HSBC Bank USA, N.A.		3/21/16		(2,606	)
RUB	4,114,530	EUR	49,000	Deutsche Bank AG		4/04/16		482
USD	5,846	ARS	85,059	BNP Paribas S.A.		4/08/16		(51	)



32	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016


Consolidated 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	5,846	ARS	85,059	BNP Paribas S.A.		4/08/16	$	(51	)
PLN	1,153,642	USD	281,085	JPMorgan Chase Bank, N.A.		4/15/16		1,336
PLN	1,163,745	USD	282,116	Royal Bank of Canada		4/15/16		2,778
USD	1,040,274	EUR	953,876	State Street Bank and Trust Co.		4/15/16		4,888
USD	615,229	PLN	2,465,009	HSBC Bank USA, N.A.		4/15/16		11,775
EUR	93,420	RUB	8,477,865	Deutsche Bank AG		4/21/16		(8,788	)
MXN	1,844,422	USD	102,103	JPMorgan Chase Bank, N.A.		4/21/16		(965	)
USD	54,111	EUR	50,000	State Street Bank and Trust Co.		4/21/16		(171	)
USD	50,846	EUR	46,880	State Street Bank and Trust Co.		4/21/16		(49	)
USD	321,937	MXN	5,814,423	State Street Bank and Trust Co.		4/21/16		3,106
USD	95,803	MXN	1,717,841	BNP Paribas S.A.		7/06/16		2,111
USD	96,588	MXN	1,731,917	BNP Paribas S.A.		7/06/16		2,129
USD	90,752	MXN	1,646,422	UBS AG		7/06/16		956
USD	90,094	MXN	1,634,214	State Street Bank and Trust Co.		7/08/16		976
Total							$	1,212,694

OTC Options Purchased

Description

Put/
Call

Counterparty

Expiration
Date

Strike
Price

Notional
Amount
(000)

Value

EUR Currency

Call

Deutsche Bank AG

02/05/2016

USD

1.09

EUR

3,130

8,850

USD Currency

Call

J.P. Morgan Chase Bank N.A.

02/10/2016

MXN

18.00

USD

158

2,357

USD Currency

Call

J.P. Morgan Chase Bank N.A.

02/18/2016

JPY

118.00

USD

159

4,445

USD Currency

Call

Citibank N.A.

03/03/2016

SEK

8.75

USD

6,870

32,873

USD Currency

Call

J.P. Morgan Chase Bank N.A.

03/07/2016

CAD

1.35

USD

192

7,924

USD Currency

Call

J.P. Morgan Chase Bank N.A.

03/10/2016

KRW

1,225.00

USD

250

2,460

EUR Currency

Call

Deutsche Bank AG

03/11/2016

AUD

1.60

EUR

3,410

28,127

EUR Currency

Call

Credit Suisse International

03/11/2016

AUD

1.53

EUR

3,410

78,580

USD Currency

Put

Goldman Sachs International

02/03/2016

MXN

18.10

USD

236

1,170

EUR Currency

Put

Deutsche Bank AG

02/05/2016

USD

1.08

EUR

3,130

8,850

USD Currency

Put

Citibank N.A.

02/09/2016

JPY

121.50

USD

159

1,482

USD Currency

Put

Deutsche Bank AG

02/29/2016

RUB

75.00

USD

265

6,779

USD Currency

Put

Citibank N.A.

03/03/2016

SEK

8.46

USD

6,870

46,682

EUR Currency

Put

Deutsche Bank AG

03/10/2016

RUB

80.00

EUR

154

3,768

EUR Currency

Put

Deutsche Bank AG

03/11/2016

AUD

1.44

EUR

3,410

5,914

EUR Currency

Put

Deutsche Bank AG

04/20/2016

RUB

90.00

EUR

173

19,745

Total

260,006



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	33


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

OTC Options Written

Description

Put/
Call

Counterparty

Expiration
Date

Strike
Price

Notional
Amount
(000)

Value

USD Currency

Call

J.P. Morgan Chase Bank N.A.

03/09/2016

ZAR

16.30

USD

(2,189

)

USD Currency

Call

J.P. Morgan Chase Bank N.A.

03/10/2016

KRW

1,265.00

USD

366

(1,223

)

EUR Currency

Call

Deutsche Bank AG

03/11/2016

AUD

1.53

EUR

3,410

(78,580

)

EUR Currency

Put

Deutsche Bank AG

03/10/2016

RUB

76.00

EUR

154

(1,375

)

EUR Currency

Put

Credit Suisse International

03/11/2016

AUD

1.44

EUR

3,410

(5,914

)

EUR Currency

Put

Deutsche Bank AG

03/11/2016

AUD

1.48

EUR

3,410

(18,060

)

USD Currency

Put

Deutsche Bank AG

03/31/2016

RUB

71.00

USD

265

(3,294

)

Total

(110,635

)

Exchange-Traded Options Purchased

Description

Put/
Call

Counterparty

Expiration
Date

Strike
Price

Contracts

Value

90-Day Euro-Dollar

Call

CitiGroup Global Markets, Inc.

06/10/2016

USD

99.38

USD

3,281

90-Day Euro-Dollar

Put

CitiGroup Global Markets, Inc.

06/10/2016

USD

98.75

USD

173

12,075

Total

15,356

Exchange-Traded Options Written

Description

Put/
Call

Counterparty

Expiration
Date

Strike
Price

Contracts

Value

90-Day Euro-Dollar

Call

CitiGroup Global Markets, Inc.

06/10/2016

USD

99.25

USD

(11,644

)

90-Day Euro-Dollar

Put

CitiGroup Global Markets, Inc.

06/10/2016

USD

98.38

USD

(1,313

)

Total

(12,957

)

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

3,544

2.27%²

3-month LIBOR

N/A

9/11/25

USD

(3,040

)

Total

504

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

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



34	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016


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

OTC Interest Rate Swaps


Fixed Rate	Floating Rate	Counterparty	Effective Date	Expiration Date		Notional Amount (000)			Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
14.65%¹	1-Day BZOVER	Citibank N.A.	N/A		1/02/17		BRL	3,614	$	804		$	(25	)	$	829
14.73%¹	1-Day BZOVER	Bank of America N.A.	N/A		1/02/17		BRL	3,567		1,332			(29	)		1,361
1.67%¹	3-month KRWCD	Bank of America N.A.	N/A		6/08/17		KRW	1,146,756		1,945			3			1,942
1.69%¹	3-month KRWCD	Deutsche Bank AG	N/A		11/10/17		KRW	911,735		(2,449	)		—			(2,449	)
1.92%¹	3-month KRWCD	Deutsche Bank AG	N/A		11/10/17		KRW	911,735		5,500			2,038			3,462
2.26%¹	7-day CNRR	Deutsche Bank AG	N/A		11/12/17		CNY	2,670		646			—			646
15.46%¹	1-Day BZOVER	Bank of America N.A.	N/A		1/02/18		BRL	1,945		2,623			(35	)		2,658
15.51%¹	1-Day BZOVER	Bank of America N.A.	N/A		1/02/18		BRL	1,783		2,780			(33	)		2,813
1.51%¹	3-month KLIBOR	Bank of America N.A.	1/23/17²		1/23/18		KRW	987,495		230			—			230
1.53%¹	3-month KLIBOR	Bank of America N.A.	1/23/17²		1/23/18		KRW	1,201,110		475			—			475
1.55%¹	3-month KLIBOR	Citibank N.A.	1/23/17²		1/23/18		KRW	1,966,005		1,018			—			1,018
1.56%¹	3-month KLIBOR	Bank of America N.A.	1/23/17²		1/23/18		KRW	1,969,570		1,301			—			1,301
1.52%¹	3-month KLIBOR	HSBC Bank PLC	1/23/17²		1/25/18		KRW	1,045,110		327			—			327
1.54%¹	3-month KLIBOR	Bank of America N.A.	1/23/17²		1/26/18		KRW	1,371,710		652			—			652
4.55%³	3-month KLIBOR	Citibank N.A.	N/A		9/11/20		MYR	1,275		(9,544	)		—			(9,544	)
4.34%³	3-month KLIBOR	Bank of America N.A.	N/A		9/18/20		MYR	1,277		(6,789	)		5			(6,794	)
6.32%¹	1-month MXIBTIIE	Morgan Stanley Capital Services LLC	N/A		7/17/25		MXN	5,813		9,392			(398	)		9,790
6.33%¹	1-month MXIBTIIE	Citibank N.A.	N/A		7/17/25		MXN	2,897		4,739			(15	)		4,754
6.32%¹	1-month MXIBTIIE	Goldman Sachs International	N/A		8/06/25		MXN	8,688		13,891			(43	)		13,934
6.31%³	1-month MXIBTIIE	Deutsche Bank AG	N/A		8/11/25		MXN	6,393		(9,825	)		—			(9,825	)
6.31%³	1-month MXIBTIIE	Bank of America N.A.	N/A		8/11/25		MXN	1,723		(2,667	)		—			(2,667	)
6.31%³	1-month MXIBTIIE	Bank of America N.A.	N/A		8/11/25		MXN	1,723		(2,667	)		—			(2,667	)
Total									$	13,714		$	1,468		$	12,246

¹ Trust pays the floating rate and receives the fixed rate.
² Forward swap.
³ 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)			Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Markit CMBX North America, Series 7		1.00	%	Barclays Bank PLC	1/17/47		USD	10,000	$	(1,307,803	)	$	(266,809	)	$	(1,040,994	)
Markit CMBX North America, Series 7		1.00	%	Barclays Bank PLC	1/17/47		USD	5,000		(653,902	)		(274,777	)		(379,125	)
Markit CMBX North America, Series 7		1.00	%	Barclays Bank PLC	1/17/47		USD	10,000		(1,307,803	)		(550,194	)		(757,609	)
Markit CMBX North America, Series 8		1.00	%	Credit Suisse Securities (USA) LLC	10/17/57		USD	5,000		(1,066,060	)		(525,903	)		(540,157	)
Markit CMBX North America, Series 8		1.00	%	Goldman Sachs & Co.	10/17/57		USD	10,000		(2,132,120	)		(1,116,572	)		(1,015,548	)
United Mexican States		1.00	%	Bank of America N.A.	9/20/20		USD	604		(20,620	)		(5,402	)		(15,218	)
United Mexican States		1.00	%	Citibank N.A.	9/20/20		USD	604		(23,414	)		(6,641	)		(16,773	)
Republic of Indonesia		1.00	%	Barclays Bank PLC	12/20/20		USD	306		(17,864	)		(18,694	)		830
Republic of Indonesia		1.00	%	Barclays Bank PLC	12/20/20		USD	149		(8,729	)		(8,895	)		166



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	35


Consolidated 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)			Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Republic of Indonesia		1.00	%	Barclays Bank PLC	12/20/20		USD	149	$	(8,729	)	$	(8,771	)	$	42
Republic of Indonesia		1.00	%	Barclays Bank PLC	12/20/20		USD	149		(8,729	)		(8,833	)		104
Republic of Indonesia		1.00	%	Citibank N.A.	12/20/20		USD	94		(5,487	)		(4,576	)		(912	)
Republic of Indonesia		1.00	%	Citibank N.A.	12/20/20		USD	189		(11,064	)		(9,067	)		(1,997	)
Republic of Indonesia		1.00	%	Citibank N.A.	12/20/20		USD	95		(5,532	)		(4,613	)		(919	)
Republic of Indonesia		1.00	%	Citibank N.A.	12/20/20		USD	99		(5,779	)		(4,934	)		(845	)
Republic of Indonesia		1.00	%	Barclays Bank PLC	12/20/20		USD	102		(5,939	)		(5,070	)		(869	)
Republic of Indonesia		1.00	%	HSBC Bank PLC	12/20/20		USD	108		(6,320	)		(5,395	)		(925	)
Republic of Indonesia		1.00	%	Barclays Bank PLC	12/20/20		USD	76		(4,454	)		(3,892	)		(562	)
Republic of Indonesia		1.00	%	Barclays Bank PLC	12/20/20		USD	48		(2,810	)		(2,189	)		(620	)
Republic of Indonesia		1.00	%	Barclays Bank PLC	12/20/20		USD	48		(2,810	)		(2,230	)		(580	)
Republic of Indonesia		1.00	%	Barclays Bank PLC	12/20/20		USD	44		(2,554	)		(2,153	)		(400	)
Republic of Indonesia		1.00	%	Barclays Bank PLC	12/20/20		USD	48		(2,810	)		(2,268	)		(542	)
United Mexican States		1.00	%	Barclays Bank PLC	12/20/20		USD	77		(3,332	)		(2,891	)		(442	)
United Mexican States		1.00	%	Barclays Bank PLC	12/20/20		USD	77		(3,332	)		(2,891	)		(442	)
United Mexican States		1.00	%	Barclays Bank PLC	12/20/20		USD	77		(3,332	)		(2,924	)		(408	)
United Mexican States		1.00	%	Barclays Bank PLC	12/20/20		USD	129		(5,583	)		(5,013	)		(570	)
Total									$	(6,626,911	)	$	(2,851,597	)	$	(3,775,315	)

OTC Credit Default Swaps — Sell Protection


Issuer/Index	Receive Fixed Rate			Counterparty	Expiration Date	Credit Rating¹			Notional Amount (000)²		Market Value		Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Dow Jones CDX North America Investment Grade, Series 9		1.00	%	Bank of America N.A.	12/20/17		BBB	USD		10,000	$	268,444	$	(326,822	)	$	595,266
Federation of Malaysia		1.00	%	Bank of America N.A.	12/20/20		A-	USD		113		4,119		5,975			(1,856	)
Federation of Malaysia		1.00	%	Citibank N.A.	12/20/20		A-	USD		90		3,288		4,737			(1,449	)
Federation of Malaysia		1.00	%	Barclays Bank PLC	12/20/20		A-	USD		104		3,808		5,219			(1,411	)
Federation of Malaysia		1.00	%	Citibank N.A.	12/20/20		A-	USD		80		2,922		4,110			(1,188	)
Republic of Phillipines		1.00	%	Citibank N.A.	12/20/20		BBB	USD		85		933		(39	)		972
Republic of Phillipines		1.00	%	Citibank N.A.	12/20/20		BBB	USD		86		940		(40	)		980
Republic of Phillipines		1.00	%	Citibank N.A.	12/20/20		BBB	USD		172		1,881		(238	)		2,119
Republic of South Africa		1.00	%	HSBC Bank PLC	12/20/20		BBB-	USD		161		17,214		15,401			1,813
Republic of South Africa		1.00	%	Barclays Bank PLC	12/20/20		BBB-	USD		155		16,574		15,642			932
Republic of South Africa		1.00	%	Bank of America N.A.	12/20/20		BBB-	USD		80		8,554		8,041			513
United Mexican States		1.00	%	Citibank N.A.	6/20/20		BBB+	USD		604		20,621		5,120			15,501
United Mexican States		1.00	%	Bank of America N.A.	9/20/20		BBB+	USD		604		23,414		7,003			16,411
Total											$	372,712	$	(255,891	)	$	628,603

¹Using Standard & Poor’s rating 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.



36	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016


Consolidated 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		—	$	182,130,950	$	55,251,931	$	237,382,881
Common Stocks		—		—		561		561
Corporate Bonds		—		357,658,382		—		357,658,382
Floating Rate Loan Interests		—		20,154,467		41,115,000		61,269,467
Foreign Agency Obligations		—		20,506,877		—		20,506,877
Non-Agency Mortgage-Backed Securities		—		238,681,179		25,931,752		264,612,931
Preferred Securities	$	17,608,528		137,270,599		1,833,459		156,712,586
U.S. Treasury Obligations		—		35,485,148		—		35,485,148
Warrants		—		—		—		—
Short-Term Securities		35,007,969		—		—		35,007,969
Options Purchased:
Currency contracts		15,356		260,006		—		275,362

Total	$	52,631,853	$	992,147,608	$	124,132,703	$	1,168,912,164



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	37


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


	Level 1				Level 2				Level 3		Total
Derivative Financial Instruments¹
Assets:
Credit contracts			—			$	635,649			—		$	635,649
Foreign currency exchange contracts			—				1,392,699			—			1,392,699
Interest rate contracts			—				49,736			—			49,736
Liabilities:
Credit contracts			—				(3,782,361	)		—			(3,782,361	)
Foreign currency exchange contracts		$	(12,957	)			(290,640	)		—			(303,597	)
Interest rate contracts			(1,515,276	)			(36,986	)		—			(1,552,262	)

Total		$	(1,528,233	)		$	(2,031,903	)		—		$	(3,560,136	)

¹ Derivative financial instruments are swaps, financial futures contracts, forward foreign currency exchange contracts and options written. Swaps, financial futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.
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		$	39,060				—			—		$	39,060
Cash pledged for centrally cleared swaps			2,590				—			—			2,590
Cash pledged for financial futures contracts			683,400				—			—			683,400
Foreign currency at value			2,460,132				—			—			2,460,132
Cash pledged as collateral for reverse repurchase agreements			520,000				—			—			520,000
Cash pledged as collateral for OTC derivatives			5,950,000				—			—			5,950,000
Liabilities:
Reverse repurchase agreements			—			$	(498,917,762	)		—			(498,917,762	)
Cash received as collateral for OTC derivatives			—				(660,000	)		—			(660,000	)

Total		$	9,655,182			$	(499,577,762	)		—		$	(489,922,580	)

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



38	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016


Consolidated Schedule of Investments (concluded)		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		$	26,217,945		$	1,833,459		—		$	134,992,891
Transfers into Level 3¹		3,957,160			—			—			—			—		—			3,957,160
Transfers out of Level 3²		(4,643,232	)		(515,294	)		(131,751	)		—			—		—			(5,290,277	)
Accrued discounts/premiums		7,175			—			(12,057	)		67,411			—		—			62,529
Net realized gain (loss)		626,193			—			—			100,985			—		—			727,178
Net change in unrealized Appreciation (depreciation)³		(410,971	)		—			(17,942	)		(129,009	)		—		(8,074	)		(565,996	)
Purchases		—			—			30,000			—			—		8,635			38,635
Sales		(9,463,837	)		—			—			(325,580	)		—		—			(9,789,417	)

Closing Balance, as of January 31, 2016	$	55,251,931			—		$	41,115,000		$	25,931,752		$	1,833,459	$	561		$	124,132,703

Net change in unrealized appreciation (depreciation) on investments still held at January 31, 2016³	$	(487,291	)		—		$	(17,942	)	$	(128,932	)		—	$	(8,074	)	$	(642,239	)

As of January 31, 2016, the Trust used observable inputs in determining the value of certain investments. As of January 31, 2016, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $3,957,160 were transferred from Level 2 to Level 3 in the disclosure hierarchy.

As January 31, 2016, the Trust used significant unobservable inputs in determining the value of certain investments. As of January 31, 2016, the Trust used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $5,290,277 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 at January 31, 2016 is generally due to investments no longer held or categorized as Level 3 at period end.

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



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2016	39

Item 2 – Controls and Procedures


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

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

Item 3 – Exhibits

Certifications – Attached hereto

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

BlackRock Multi-Sector Income Trust


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

Date: March 22, 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: March 22, 2016


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

Date: March 22, 2016