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: 10/31/2014

Date of reporting period: 01/31/2014

Item 1 – Schedule of Investments

Schedule of Investments January 31, 2014 (Unaudited)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Asset-Backed Securities	Par (000)			Value
ACAS CLO Ltd., Series 2013-1A, Class D, 3.84%, 4/20/25 (a)(b)		USD	2,500	$	2,412,500
Adirondack Park CLO Ltd., Series 2013-1A (a)(b):
Class D, 3.89%, 4/15/24			3,250		3,154,007
Class E, 4.89%, 4/15/24 (c)			2,000		1,832,500
ALM V Ltd., Series 2012-5A, Class C, 4.74%, 2/13/23 (a)(b)			4,000		4,010,154
ALM VII R Ltd., Series 2013-7RA (a)(b):
Class C, 3.69%, 4/24/24 (c)			4,000		3,855,783
Class D, 5.24%, 4/24/24			1,000		956,923
AMMC CLO XII Ltd., Series 2013-12A, Class D1, 3.99%, 5/10/25 (a)(b)			1,000		972,460
Apidos CLO XII, Series 2013-12A, Class D, 3.29%, 4/15/25 (a)(b)			1,000		941,076
Atrium X, Series 10A (a)(b):
Class D, 3.74%, 7/16/25			1,000		963,643
Class E, 4.74%, 7/16/25			2,000		1,843,151
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class C, 3.74%, 7/15/24 (a)(b)			1,000		958,683
Benefit Street Partners CLO Ltd., Series 2012-IA, Class C, 4.74%, 10/15/23 (a)(b)(c)			2,750		2,757,326
BlueMountain CLO Ltd., Series 2013-1A, Class C, 3.64%, 5/15/25 (a)(b)			1,000		959,134
Brookside Mill CLO Ltd., Series 2013-1A, Class D, 3.29%, 4/17/25 (a)(b)			1,250		1,168,692
C-BASS Trust, Series 2006-CB7, Class A4, 0.32%, 10/25/36 (a)			10,540		6,717,484
Carlyle Global Market Strategies CLO Ltd., Class D (a)(b):
Series 2013-2A, 3.99%, 4/18/25			1,250		1,231,262
Series 2012-4A, 4.74%, 1/20/25			1,350		1,361,637
Carrington Mortgage Loan Trust, Series 2006-FRE2 (a):
Class A2, 0.28%, 10/25/36			7,846		3,924,476
Class A5, 0.24%, 10/25/36			8,320		4,143,218
Central Park CLO Ltd., Series 2011-1A, Class D, 3.44%, 7/23/22 (a)(b)			2,250		2,209,509
Chrysler Capital Auto Receivables Trust:
0.27%, 11/17/14			14		3,999,808
Series 2013-AA, Class R, 0.00% (b)			4		1,860,600
Asset-Backed Securities	Par (000)			Value
CIFC Funding Ltd., Class B1L (a)(b):
Series 2012-1A, 5.49%, 8/14/24		USD	2,000	$	2,010,000
Series 2013-2A, 3.84%, 4/21/25			1,000		974,909
Citigroup Mortgage Loan Trust, Inc., Series 2005-HE3, Class M2, 0.64%, 9/25/35 (a)			4,800		3,983,573
Countrywide Asset-Backed Certificates, Series 2007-6, Class 2A2, 0.33%, 9/25/37 (a)(c)			3,242		3,132,560
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B, 2.50%, 1/25/30 (b)			2,303		2,164,381
Dryden XXIII Senior Loan Fund, Series 2012-23A, Class D, 6.24%, 7/17/23 (a)(b)			2,000		2,000,020
ECP CLO Ltd., Series 2013-5A, Class C, 3.74%, 1/20/25 (a)(b)			2,500		2,405,941
Fieldstone Mortgage Investment Trust, Series 2006-3 (a):
Class 2A3, 0.32%, 11/25/36			13,947		7,697,675
Class 2A4, 0.40%, 11/25/36			12,939		7,167,411
Flatiron CLO Ltd., Series 2012-1A, Class C, 4.74%, 10/25/24 (a)(b)			750		760,643
Fremont Home Loan Trust, Class 2A3 (a):
Series 2006-A, 0.32%, 5/25/36 (d)			28,316		14,110,614
Series 2006-D, 0.31%, 11/25/36			26,538		12,218,065
GoldenTree Loan Opportunities VII Ltd., Series 2013-7A, Class D, 3.54%, 4/25/25 (a)(b)			1,250		1,187,092
GSAMP Trust (a):
Series 2007-FM2, Class A2B, 0.25%, 1/25/37			9,843		5,242,654
Series 2005-AHL2, Class A2C, 0.40%, 12/25/35			7,288		6,552,740
Series 2006-FM2, Class A2C, 0.31%, 9/25/36			13,398		5,928,533
Halcyon Loan Advisors Funding Ltd., Series 2013-1A, Class C, 3.74%, 4/15/25 (a)(b)			2,000		1,925,233
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, 0.33%, 4/25/37 (a)			15,940		9,716,067
ING IM CLO Ltd., Series 2013-2A, Class C, 3.74%, 4/25/25 (a)(b)			1,000		969,750
Jamestown CLO I Ltd., Series 2012-1A, Class C, 4.38%, 11/05/24 (a)(b)			2,550		2,527,000



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014	1

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Asset-Backed Securities	Par (000)				Value
Lehman XS Trust (a):
Series 2005-9N, Class 1A1, 0.43%, 2/25/36		USD	5,694		$	5,097,519
Series 2007-1, Class 2A1, 5.81%, 2/25/37			11,103			9,953,022
Madison Park Funding Ltd., Series 2012-8X, Class E, 5.59%, 4/22/22 (a)			3,000			2,938,052
Mastr Asset-Backed Securities Trust (a):
Series 2006-WMC2, Class A5, 0.41%, 4/25/36			10,189			4,376,547
Series 2006-HE2, Class A3, 0.31%, 6/25/36			13,873			7,148,522
Morgan Stanley IXIS Real Estate Capital Trust, Series 2006-2, Class A3, 0.31%, 11/25/36 (a)			16,977			7,939,966
Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, 6.01%, 10/25/36 (e)			4,032			2,277,323
Mountain View CLO Ltd., Series 2013-1A, Class D, 3.54%, 4/12/24 (a)(b)			750			711,198
Octagon Investment Partners XIV Ltd., Series 2012-1A, Class C, 4.24%, 1/15/24 (a)(b)			1,000			999,982
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class D, 3.59%, 7/17/25 (a)(b)			750			720,782
OHA Credit Partners VII Ltd., Series 2012-7A, Class D, 4.24%, 11/20/23 (a)(b)			3,000			2,999,952
OZLM Funding IV Ltd., Series 2013-4A, Class C, 3.44%, 7/22/25 (a)(b)			1,250			1,189,807
OZLM Funding Ltd., Series 2012-2A, Class C, 4.59%, 10/30/23 (a)(b)			2,000			2,005,679
Race Point V CLO Ltd., Series 2011-5A, Class E, 6.74%, 12/15/22 (a)(b)			1,500			1,500,487
Renaissance Home Equity Loan Trust, Series 2007-3 (e):
Class AF2, 7.00%, 9/25/37			4,962			2,990,849
Class AF3, 7.24%, 9/25/37			9,924			5,979,326
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, 0.56%, 9/25/47 (a)			5,000			2,681,140
Scholar Funding Trust, Series 2013-A, Class R, 0.00%, 1/30/45 (b)			—	(f)		4,205,250
Asset-Backed Securities	Par (000)				Value
Tyron Park CLO Ltd., Series 2013-1A (a)(b):
Class C, 3.74%, 7/15/25		USD	1,250		$	1,211,905
Class D, 4.64%, 7/15/25			1,000			898,330
WaMu Asset-Backed Certificates Trust, Series 2007-HE3, Class 2A3, 0.40%, 5/25/47 (a)			11,451			6,894,991
Total Asset-Backed Securities — 29.5%						219,629,516



Corporate Bonds
Airlines — 5.2%
Air Canada Pass-Through Trust, Series 2013-1 (b)(c):
Class B, 5.38%, 11/15/22			3,400			3,400,000
Class C, 6.63%, 5/15/18			761			769,143
American Airlines Pass-Through Trust (b):
Series 2013-1, Class C, 6.13%, 7/15/18 (c)			1,500			1,548,750
Series 2013-2, Class A, 4.95%, 7/15/24 (c)			4,052			4,315,798
Series 2013-2, Class B, 5.60%, 1/15/22			935			963,530
Series 2013-2, Class C, 6.00%, 1/15/17			2,800			2,912,000
Continental Airlines Pass-Through Trust (c):
Series 2003-ERJ1, 7.88%, 1/02/20			7,950			8,606,037
Series 2007-1, Class B, 6.90%, 10/19/23			3,533			3,729,011
Series 2012-1, Class B, 6.25%, 10/11/21			546			575,883
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			2,582			2,885,804
Series 2012-1, 6.88%, 5/07/19 (b)			4,651			5,022,863
US Airways Pass-Through Trust, Series 2013-1, Class B, 5.38%, 5/15/23 (c)			3,100			3,038,000

						38,475,329
Auto Components — 1.2%
Dana Holding Corp., 6.75%, 2/15/21 (c)			1,257			1,357,560



2	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Auto Components (concluded)
Icahn Enterprises LP/Icahn Enterprises Finance Corp. (b):
3.50%, 3/15/17	USD		958	$	959,198
4.88%, 3/15/19			2,111		2,103,084
6.00%, 8/01/20			2,174		2,252,807
5.88%, 2/01/22			1,334		1,322,327
Schaeffler Finance BV, 4.75%, 5/15/21 (b)(c)			1,045		1,039,775

					9,034,751
Automobiles — 0.7%
General Motors Co. (b)(c):
3.50%, 10/02/18			2,669		2,725,716
6.25%, 10/02/43			2,194		2,320,155

					5,045,871
Building Products — 0.8%
American Builders & Contractors Supply Co., Inc., 5.63%, 4/15/21 (b)(c)			375		378,750
Builders FirstSource, Inc., 7.63%, 6/01/21 (b)(c)			1,100		1,160,500
Building Materials Corp. of America, 6.75%, 5/01/21 (b)(c)			3,125		3,355,469
Cemex SAB de CV, 5.88%, 3/25/19 (b)			200		200,000
USG Corp., 9.75%, 1/15/18 (c)			572		680,680

					5,775,399
Capital Markets — 0.9%
AE-Rotor Holding BV, 4.97%, 3/28/18			2,500		2,503,750
American Capital Ltd., 6.50%, 9/15/18 (b)(c)			700		729,750
Credit Suisse Group AG, 7.50% (a)(b)(c)(g)			2,851		3,000,678
KCG Holdings, Inc., 8.25%, 6/15/18 (b)			202		215,130

					6,449,308
Chemicals — 0.7%
Celanese US Holdings LLC, 6.63%, 10/15/18 (c)			1,555		1,644,413
PetroLogistics LP/PetroLogistics Finance Corp., 6.25%, 4/01/20 (b)			246		247,845
Rockwood Specialties Group, Inc., 4.63%, 10/15/20 (c)			3,392		3,442,880

					5,335,138
Corporate Bonds		Par (000)		Value
Commercial Banks — 3.2%
CIT Group, Inc., 5.25%, 3/15/18 (c)	USD		9,558	$	10,179,270
Fifth Third Bancorp, 5.10% (a)(c)(g)			5,000		4,412,500
Lloyds Bank PLC, 12.00% (a)(b)(c)(g)			3,500		4,786,250
Sberbank of Russia Via SB Capital SA, 5.25%, 5/23/23 (b)(c)			5,000		4,625,000

					24,003,020
Commercial Services & Supplies — 2.3%
The ADT Corp., 6.25%, 10/15/21 (b)(c)			721		745,478
ARAMARK Corp., 5.75%, 3/15/20 (b)(c)			672		697,200
Aviation Capital Group Corp., 6.75%, 4/06/21 (b)(c)			5,000		5,484,725
Brand Energy & Infrastructure Services, Inc., 8.50%, 12/01/21 (b)			406		412,090
Catalent Pharma Solutions, Inc., 7.88%, 10/15/18 (c)			1,000		1,016,250
United Rentals North America, Inc. (c):
8.25%, 2/01/21			4,204		4,718,990
7.63%, 4/15/22			2,440		2,745,000
West Corp., 8.63%, 10/01/18 (c)			1,346		1,451,997

					17,271,730
Communications Equipment — 1.0%
Alcatel-Lucent USA, Inc., 8.88%, 1/01/20 (b)(c)			942		1,043,265
Avaya, Inc., 7.00%, 4/01/19 (b)(c)			691		682,362
Zayo Group LLC/Zayo Capital, Inc., 10.13%, 7/01/20 (c)			5,000		5,787,500

					7,513,127
Computers & Peripherals — 0.1%
Pacific Emerald Property Ltd., 9.75%, 7/25/18			1,000		1,012,500
Construction & Engineering — 0.3%
Alam Synergy Property Ltd., 6.95%, 3/27/20			2,000		1,725,000
BlueLine Rental Finance Corp., 7.00%, 2/01/19 (b)			183		189,176
Safway Group Holding LLC/Safway Finance Corp., 7.00%, 5/15/18 (b)(c)			290		305,950

					2,220,126



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014	3

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)			Value
Construction Materials — 1.7%
HD Supply, Inc. (c):
8.13%, 4/15/19		USD	2,292	$	2,548,417
11.00%, 4/15/20			2,900		3,443,750
7.50%, 7/15/20			6,388		6,819,190

					12,811,357
Distributors — 0.1%
VWR Funding, Inc., 7.25%, 9/15/17 (c)			652		694,380
Diversified Consumer Services — 0.4%
APX Group, Inc.:
6.38%, 12/01/19 (c)			679		682,395
8.75%, 12/01/20 (c)			968		984,940
8.75%, 12/01/20 (b)			460		466,900
Laureate Education, Inc., 9.25%, 9/01/19 (b)(c)			624		670,800

					2,805,035
Diversified Financial Services — 4.8%
Aircastle Ltd., 6.25%, 12/01/19 (c)			624		671,580
Ally Financial, Inc., 8.00%, 11/01/31 (c)			9,315		11,201,287
DPL, Inc., 6.50%, 10/15/16 (c)			638		685,850
General Motors Financial Co., Inc. (b)(c):
3.25%, 5/15/18			235		236,763
4.25%, 5/15/23			326		312,145
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 4/01/20 (b)(c)			845		885,138
Jefferies LoanCore LLC/JLC Finance Corp., 6.88%, 6/01/20 (b)(c)			958		958,000
Macquarie Bank Ltd., 10.25%, 6/20/57 (a)			10,000		11,255,000
Reynolds Group Issuer, Inc. (c):
9.88%, 8/15/19			3,278		3,622,190
5.75%, 10/15/20			4,941		5,052,172
8.25%, 2/15/21			1,124		1,194,250

					36,074,375
Diversified Telecommunication Services — 3.9%
CenturyLink, Inc., Series V, 5.63%, 4/01/20 (c)			834		842,340
Cequel Communications Escrow 1 LLC/Cequel Capital Corp., 6.38%, 9/15/20 (b)(c)			662		676,895
Consolidated Communications Finance Co., 10.88%, 6/01/20 (c)			1,264		1,459,920
Level 3 Communications, Inc., 8.88%, 6/01/19 (c)			1,234		1,351,230
Corporate Bonds	Par (000)			Value
Diversified Telecommunication Services (concluded)
Level 3 Financing, Inc., 8.13%, 7/01/19 (c)		USD	7,722	$	8,474,895
Verizon Communications, Inc., 6.55%, 9/15/43 (c)			12,500		15,004,250
Windstream Corp. (c):
7.75%, 10/15/20			535		567,100
6.38%, 8/01/23			470		437,100

					28,813,730
Electric Utilities — 0.6%
Star Energy Geothermal Wayang Windu Ltd., 6.13%, 3/27/20			5,000		4,612,500
Electrical Equipment — 0.1%
General Cable Corp., 6.50%, 10/01/22 (b)(c)			657		650,430
Energy Equipment & Services — 1.6%
CGG SA, 6.50%, 6/01/21 (c)			2,564		2,608,870
MEG Energy Corp., 6.50%, 3/15/21 (b)(c)			1,586		1,649,440
Peabody Energy Corp. (c):
6.00%, 11/15/18			176		187,440
6.25%, 11/15/21			1,625		1,641,250
Transocean, Inc., 7.35%, 12/15/41 (c)			5,000		6,060,750

					12,147,750
Food & Staples Retailing — 0.1%
Rite Aid Corp., 6.75%, 6/15/21 (c)			506		533,830
Food Products — 0.4%
Barry Callebaut Services NV, 5.50%, 6/15/23 (b)			1,200		1,220,796
Pinnacle Foods Finance LLC, 4.88%, 5/01/21 (c)			395		373,275
Post Holdings, Inc., 6.75%, 12/01/21 (b)(c)			460		481,850
Sun Merger Sub, Inc. (b)(c):
5.25%, 8/01/18			596		620,585
5.88%, 8/01/21			307		311,605

					3,008,111
Health Care Equipment & Supplies — 1.2%
Biomet, Inc. (c):
6.50%, 8/01/20			5,795		6,178,919
6.50%, 10/01/20			2,904		3,012,900

					9,191,819
Health Care Providers & Services — 4.2%
Aviv Healthcare Properties LP / Aviv Healthcare Capital Corp., 6.00%, 10/15/21 (c)			871		892,775



4	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)			Value
Health Care Providers & Services (concluded)
CHS/Community Health Systems, Inc. (b):
5.13%, 8/01/21		USD	328	$	330,050
6.88%, 2/01/22			548		561,700
HCA, Inc., 6.50%, 2/15/20 (c)			10,643		11,733,907
Hologic, Inc., 6.25%, 8/01/20 (c)			3,216		3,356,700
LifePoint Hospitals, Inc., 5.50%, 12/01/21 (b)(c)			527		536,223
Tenet Healthcare Corp. (c):
6.25%, 11/01/18			6,087		6,726,135
8.00%, 8/01/20			2,969		3,243,632
6.00%, 10/01/20 (b)			1,150		1,210,375
8.13%, 4/01/22			2,562		2,795,783

					31,387,280
Hotels, Restaurants & Leisure — 3.8%
Caesars Entertainment Operating Co., Inc., 9.00%, 2/15/20 (c)			2,499		2,421,530
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Property, 8.00%, 10/01/20 (b)(c)			2,773		2,876,987
Diamond Resorts Corp., 12.00%, 8/15/18 (c)			620		681,225
Enterprise Inns PLC, 6.50%, 12/06/18		GBP	3,320		5,703,342
PNK Finance Corp., 6.38%, 8/01/21 (b)(c)		USD	490		502,250
The Unique Pub Finance Co. PLC:
Series A3, 6.54%, 3/30/21		GBP	2,922		5,043,646
Series M, 7.40%, 3/28/24			6,400		10,415,742
Wynn Macau Ltd., 5.25%, 10/15/21 (b)(c)		USD	765		765,000

					28,409,722
Household Durables — 0.4%
Standard Pacific Corp., 8.38%, 1/15/21 (c)			2,000		2,342,500
Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.25%, 4/15/21 (b)(c)			357		347,183

					2,689,683
Independent Power Producers & Energy Traders — 1.9%
Calpine Corp. (b):
6.00%, 1/15/22			254		262,890
5.88%, 1/15/24			240		238,200
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 10.00%, 12/01/20 (c)			10,336		10,930,320
Corporate Bonds	Par (000)			Value
Independent Power Producers & Energy Traders (concluded)
NRG Energy, Inc., 7.63%, 1/15/18 (c)		USD	2,735	$	3,076,875

					14,508,285
Insurance — 5.1%
A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub LLC, 7.88%, 12/15/20 (b)(c)			680		719,100
The Allstate Corp., 5.75%, 8/15/53 (a)(c)			2,000		2,026,000
American International Group, Inc., 8.18%, 5/15/68 (a)(c)			4,500		5,591,250
Genworth Holdings, Inc., 6.50%, 6/15/34 (c)			5,500		6,043,840
ING US, Inc., 5.65%, 5/15/53 (a)(c)			1,090		1,046,400
Liberty Mutual Group, Inc., 7.80%, 3/07/87 (b)(c)			14,000		15,050,000
MPL 2 Acquisition Canco, Inc., 9.88%, 8/15/18 (b)(c)			1,400		1,484,000
Prudential Financial, Inc., 5.63%, 6/15/43 (a)(c)			6,000		6,001,200

					37,961,790
Internet Software & Services — 0.1%
Equinix, Inc., 4.88%, 4/01/20			144		144,720
VeriSign, Inc., 4.63%, 5/01/23 (c)			575		550,563

					695,283
IT Services — 2.6%
Ceridian Corp., 8.88%, 7/15/19 (b)(c)			2,007		2,280,454
Ceridian HCM Holding, Inc., 11.00%, 3/15/21 (b)(c)			742		843,098
Epicor Software Corp., 8.63%, 5/01/19 (c)			425		461,125
First Data Corp. (b)(c):
7.38%, 6/15/19			5,071		5,413,292
6.75%, 11/01/20			4,788		5,039,370
SunGard Data Systems, Inc., 6.63%, 11/01/19 (c)			5,003		5,240,642

					19,277,981
Media — 6.3%
Bharti Airtel International Netherlands BV, 5.13%, 3/11/23			3,000		2,778,750
Cablevision Systems Corp., 5.88%, 9/15/22 (c)			700		685,125
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. (b):
5.25%, 2/15/22			117		117,585



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014	5

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)			Value
Media (concluded)
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. (b) (concluded):
5.63%, 2/15/24		USD	94	$	94,705
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 2/15/23 (c)			7,029		6,677,550
Clear Channel Communications, Inc., 9.00%, 12/15/19 (c)			700		714,000
Clear Channel Worldwide Holdings, Inc. (c):
7.63%, 3/15/20			5,274		5,564,070
6.50%, 11/15/22			2,573		2,643,757
DISH DBS Corp. (c):
4.25%, 4/01/18			1,000		1,020,000
5.13%, 5/01/20			5,500		5,500,000
Gannett Co., Inc., 6.38%, 10/15/23 (b)(c)			1,400		1,435,000
Gray Television, Inc., 7.50%, 10/01/20 (c)			891		951,142
Intelsat Jackson Holdings SA (c):
7.25%, 10/15/20			1,250		1,356,250
5.50%, 8/01/23 (b)			1,271		1,213,805
Intelsat Luxembourg SA, 6.75%, 6/01/18 (b)(c)			3,000		3,187,500
Live Nation Entertainment, Inc., 7.00%, 9/01/20 (b)			199		215,915
Midcontinent Communications & Midcontinent Finance Corp., 6.25%, 8/01/21 (b)(c)			250		256,875
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (b)(c)			629		652,588
Radio One, Inc., 9.25%, 2/15/20 (b)(h)			685		698,700
RCN Telecom Services LLC/RCN Capital Corp., 8.50%, 8/15/20 (b)(c)			630		637,875
Sirius XM Holdings, Inc. (b)(c):
4.25%, 5/15/20			994		928,148
4.63%, 5/15/23			488		435,540
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 5.50%, 1/15/23 (b)(c)			5,287		5,287,000
Univision Communications, Inc., 5.13%, 5/15/23 (b)(c)			2,093		2,082,535
Virgin Media Finance PLC, 6.38%, 4/15/23 (b)(c)			805		821,100
WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 9/01/20 (b)(c)			980		1,033,900

					46,989,415
Corporate Bonds	Par (000)			Value
Metals & Mining — 1.6%
ArcelorMittal, 6.13%, 6/01/18 (c)		USD	1,900	$	2,066,250
Commercial Metals Co., 4.88%, 5/15/23 (c)			984		924,960
Novelis, Inc., 8.75%, 12/15/20 (c)			7,164		7,952,040
Wise Metals Group LLC/Wise Alloys Finance Corp., 8.75%, 12/15/18 (b)			1,140		1,208,400

					12,151,650
Multiline Retail — 0.4%
Dollar General Corp., 4.13%, 7/15/17 (c)			643		693,820
The Neiman Marcus Group, Inc. (b)(c):
8.00%, 10/15/21			927		971,033
8.75%, 10/15/21 (i)			963		1,011,150

					2,676,003
Oil, Gas & Consumable Fuels — 2.7%
Antero Resources Finance Corp., 5.38%, 11/01/21 (b)			284		286,130
Athlon Holdings LP/Athlon Finance Corp., 7.38%, 4/15/21 (b)			254		266,065
Aurora USA Oil & Gas, Inc. (b):
9.88%, 2/15/17			190		206,150
7.50%, 4/01/20			224		232,960
Bonanza Creek Energy, Inc., 6.75%, 4/15/21			99		103,455
Chesapeake Energy Corp., 5.75%, 3/15/23 (c)			1,145		1,192,231
Continental Resources, Inc., 4.50%, 4/15/23 (c)			283		289,999
CrownRock LP/CrownRock Finance, Inc., 7.13%, 4/15/21 (b)(c)			383		396,405
DCP Midstream LLC, 5.85%, 5/21/43 (a)(b)(c)			5,020		4,643,500
Kinder Morgan, Inc., 5.63%, 11/15/23 (b)(c)			486		478,594
Memorial Production Partners LP/Memorial Production Finance Corp., 7.63%, 5/01/21 (c)			334		345,690
MIE Holdings Corp., 6.88%, 2/06/18 (d)			2,000		1,942,500
Oasis Petroleum, Inc., 6.88%, 3/15/22 (b)(c)			529		560,740
Offshore Group Investment Ltd., 7.13%, 4/01/23			62		62,000
Pacific Drilling SA, 5.38%, 6/01/20 (b)(c)			669		667,328
Pertamina Persero PT, 5.63%, 5/20/43 (b)(c)			2,000		1,535,000



6	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)			Value
Oil, Gas & Consumable Fuels (concluded)
Range Resources Corp.:
5.75%, 6/01/21 (c)		USD	2,874	$	3,046,440
5.00%, 8/15/22			91		90,204
5.00%, 3/15/23			211		208,626
Regency Energy Partners LP / Regency Energy Finance Corp., 4.50%, 11/01/23			297		270,641
RKI Exploration & Production LLC/RKI Finance Corp., 8.50%, 8/01/21 (b)(c)			218		231,080
Rosetta Resources, Inc., 5.63%, 5/01/21 (c)			286		285,285
Sabine Pass Liquefaction LLC, 6.25%, 3/15/22 (b)(c)			752		753,880
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 7.50%, 7/01/21 (b)(c)			703		748,695
Whiting Petroleum Corp., 5.00%, 3/15/19 (c)			878		902,145

					19,745,743
Paper & Forest Products — 0.1%
Ainsworth Lumber Co., Ltd., 7.50%, 12/15/17 (b)(c)			385		411,950
Pharmaceuticals — 1.0%
Endo Finance Co., 5.75%, 1/15/22 (b)(c)			951		948,622
Forest Laboratories, Inc. (b):
4.38%, 2/01/19			585		587,194
5.00%, 12/15/21 (c)			718		714,410
Salix Pharmaceuticals Ltd., 6.00%, 1/15/21 (b)			308		321,090
Valeant Pharmaceuticals International (b)(c):
6.75%, 8/15/18			1,807		1,980,924
6.75%, 8/15/21			1,276		1,362,130
5.63%, 12/01/21			1,182		1,223,370

					7,137,740
Real Estate Investment Trusts (REITs) — 0.2%
Felcor Lodging LP, 6.75%, 6/01/19 (c)			1,261		1,355,575
Real Estate Management & Development — 3.8%
Caifu Holdings Ltd., 8.75%, 1/24/20 (d)			3,000		2,940,000
Gemdale International Investment Ltd., 7.13%, 11/16/17			2,000		2,020,000
Kaisa Group Holdings Ltd., 10.25%, 1/08/20 (c)			2,000		1,972,500
Lai Sun International Finance 2012 Ltd., 5.70%, 1/18/18			2,000		1,935,000
Corporate Bonds	Par (000)			Value
Real Estate Management & Development (concluded)
Punch Taverns Finance B Ltd.:
7.37%, 6/30/22		GBP	3,269	$	5,643,326
Series A6, 5.94%, 12/30/24			6,346		10,067,054
The Realogy Group LLC/Sunshine Group Florida Ltd., 3.38%, 5/01/16 (b)(c)		USD	454		457,405
Shea Homes LP/Shea Homes Funding Corp., 8.63%, 5/15/19 (c)			1,505		1,655,500
Sparkle Assets Ltd., 6.88%, 1/30/20			2,000		1,881,474

					28,572,259
Road & Rail — 0.5%
The Hertz Corp. (c):
4.25%, 4/01/18			400		407,000
7.38%, 1/15/21			3,075		3,344,063

					3,751,063
Semiconductors & Semiconductor Equipment — 0.1%
NXP BV/NXP Funding LLC, 3.75%, 6/01/18 (b)(c)			1,065		1,065,000
Software — 0.9%
Activision Blizzard, Inc. (b)(c):
5.63%, 9/15/21			997		1,031,895
6.13%, 9/15/23			348		362,790
Infor US, Inc., 9.38%, 4/01/19 (c)			2,400		2,700,000
Nuance Communications, Inc., 5.38%, 8/15/20 (b)(c)			1,605		1,568,887
Sophia LP/Sophia Finance, Inc., 9.75%, 1/15/19 (b)(c)			1,220		1,351,150

					7,014,722
Specialty Retail — 0.2%
Party City Holdings, Inc., 8.88%, 8/01/20 (c)			623		693,088
Sally Holdings LLC/Sally Capital, Inc., 5.75%, 6/01/22 (c)			647		656,705

					1,349,793
Textiles, Apparel & Luxury Goods — 0.3%
SIWF Merger Sub, Inc., 6.25%, 6/01/21 (b)(c)			1,434		1,448,340
The William Carter Co., 5.25%, 8/15/21 (b)(c)			604		611,550

					2,059,890
Thrifts & Mortgage Finance — 0.4%
National Savings Bank, 8.88%, 9/18/18			3,000		3,207,832



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014	7

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)			Value
Trading Companies & Distributors — 0.2%
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust, Series 2012-1, Class B, 6.50%, 5/30/21 (b)(c)		USD	1,329	$	1,403,273
Wireless Telecommunication Services — 3.6%
Crown Castle International Corp., 5.25%, 1/15/23 (c)			6,565		6,507,556
Digicel Ltd., 6.00%, 4/15/21 (b)(c)			5,000		4,850,000
Softbank Corp., 4.50%, 4/15/20 (b)(c)			1,500		1,475,625
Sprint Communications, Inc., 9.00%, 11/15/18 (b)(c)			8,131		9,818,182
Sprint Corp., 7.88%, 9/15/23 (b)(c)			1,922		2,051,735
T-Mobile USA, Inc. (c):
6.63%, 4/28/21			820		863,050
6.73%, 4/28/22			945		992,250
6.84%, 4/28/23			610		636,688

					27,195,086
Total Corporate Bonds — 71.7%					534,496,634



Floating Rate Loan Interests (a)
Airlines — 0.4%
Delta Air Lines, Inc., New Term Loan B2, 3.25%, 4/18/16			2,970		2,976,089
Auto Components — 0.2%
Federal-Mogul Corp. :
Term Loan B, 2.11%, 12/29/14			1,136		1,127,539
Term Loan C, 2.11%, 12/28/15			669		663,549

					1,791,088
Chemicals — 0.1%
Allnex USA, Inc. :
Term Loan B1, 4.50%, 10/03/19			88		88,881
Term Loan B2, 4.50%, 10/03/19			46		46,116
Tronox Pigments (Netherlands) BV, 2013 Term Loan, 4.50%, 3/19/20			249		251,424

					386,421
Commercial Services & Supplies — 0.2%
ADS Waste Holdings, Inc., New Term Loan B, 4.25%, 10/09/19			644		645,308
Floating Rate Loan Interests (a)	Par (000)			Value
Commercial Services & Supplies (concluded)
ARAMARK Corp., Term Loan D, 4.00%, 9/09/19		USD	450	$	452,695
AWAS Finance Luxembourg Sarl, Term Loan B, 3.50%, 6/10/16			115		115,734
Spin Holdco, Inc., New Term Loan B, 4.25%, 11/14/19			279		281,627

					1,495,364
Communications Equipment — 0.3%
Alcatel-Lucent USA, Inc., Term Loan C, 5.75%, 1/30/19			1,485		1,497,622
Zayo Group LLC, Term Loan B, 4.00%, 7/02/19			990		994,675

					2,492,297
Construction Materials — 0.1%
HD Supply, Inc., Senior Debt B, 4.50%, 10/12/17			495		496,826
Distributors — 0.1%
ABC Supply Co., Inc., Term Loan, 3.50%, 4/16/20			599		600,673
Diversified Consumer Services — 0.2%
Bright Horizons Family Solutions, Inc., New Term Loan B, 4.00%, 1/30/20			495		497,267
ServiceMaster Co., New Term Loan, 4.25%, 1/31/17			426		424,457
Weight Watchers International, Inc., Term Loan B2, 3.75%, 4/02/20			496		442,764

					1,364,488
Diversified Financial Services — 0.3%
Kasima LLC, New Term Loan B, 3.25%, 5/17/21			2,260		2,259,051
Diversified Telecommunication Services — 0.3%
Level 3 Financing, Inc., 2020 Term Loan B, 4.00%, 1/15/20			2,275		2,288,741
Electronic Equipment, Instruments & Components — 0.0%
CDW LLC, New Term Loan, 3.25%, 4/29/20			298		297,843
Energy Equipment & Services — 0.2%
Dynegy Holdings, Inc., Term Loan B2, 4.00%, 4/23/20			1,632		1,638,947
Food Products — 0.1%
Pinnacle Foods Finance LLC, Term Loan G, 3.25%, 4/29/20			496		496,801



8	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (a)	Par (000)			Value
Health Care Equipment & Supplies — 0.2%
Capital Safety North America Holding, Inc., Term Loan, 4.50%, 1/21/19		USD	549	$	549,450
Immucor, Inc., Refinancing Term Loan B2, 5.00%, 8/17/18			743		747,757

					1,297,207
Health Care Providers & Services — 0.1%
American Renal Holdings, Inc., 1st Lien Term Loan, 4.50%, 9/20/19			476		476,400
inVentiv Health, Inc., Combined Term Loan, 7.50%, 8/04/16			500		498,000

					974,400
Hotels, Restaurants & Leisure — 3.0%
Caesars Entertainment Resort Properties, LLC, Term Loan B, 7.00%, 10/12/20			1,835		1,855,423
Hilton Fort Lauderdale, Mezzanine Term Loan, 7.36%, 2/22/16			10,000		10,000,000
Hilton Los Cabos, B-Note, 8.16%, 9/18/18			5,375		5,375,000
Hilton Worldwide Finance, LLC, Term Loan B2, 3.75%, 10/26/20			2,781		2,797,508
MGM resorts International, Term Loan A, 2.91%, 12/20/17			1,238		1,237,500
Station Casinos, Inc., New Term Loan B, 5.00%, 3/02/20			993		1,001,929

					22,267,360
Independent Power Producers & Energy Traders — 0.4%
La Frontera Generation LLC, Term Loan, 4.50%, 9/30/20			2,737		2,761,799
IT Services — 0.0%
SunGard Data Systems, Inc., Term Loan E, 4.00%, 3/09/20			258		259,209
Machinery — 0.3%
Generac Power Systems, Inc., Term Loan B, 3.50%, 5/31/20			955		956,566
Silver II US Holdings LLC, Term Loan, 4.00%, 12/13/19			1,219		1,223,414

					2,179,980
Media — 0.3%
Clear Channel Communications, Inc. :
Term Loan B, 3.81%, 1/29/16			75		72,954
Term Loan D, 6.91%, 1/30/19			675		654,711
Floating Rate Loan Interests (a)	Par (000)			Value
Media (concluded)
Univision Communications, Inc., Term Loan C4, 4.00%, 3/01/20		USD	496	$	498,885
Virgin Media Investment Holdings Ltd., Term Loan B, 3.50%, 6/08/20			700		701,400

					1,927,950
Metals & Mining — 0.2%
Constellium Holdco BV, Term Loan B, 6.00%, 3/25/20			412		421,155
FMG Resources August 2006 Property Ltd., New Term Loan B, 4.25%, 6/28/19			1,325		1,338,764

					1,759,919
Multiline Retail — 0.1%
JC Penney Corp., Inc., 1st Lien Term Loan, 6.00%, 5/22/18			716		694,163
Oil, Gas & Consumable Fuels — 0.5%
Chesapeake Energy Corp., New Unsecured Term Loan, 5.75%, 12/01/17			2,025		2,070,319
Offshore Group Investment Ltd., Term Loan B, 5.75%, 3/28/19			1,191		1,208,365
PowerTeam Services LLC :
1st Lien Term Loan, 4.25%, 5/06/20			690		689,867
Delayed Draw Term Loan, 4.25%, 5/06/20			38		37,701

					4,006,252
Pharmaceuticals — 0.1%
Par Pharmaceutical Cos., Inc., Refinancing Term Loan B, 4.25%, 9/30/19			743		744,126
Real Estate Investment Trusts (REITs) — 1.0%
BRE Select Holdings LP, Mezzanine Term Loan, 4.19%, 12/15/15			7,000		7,000,000
iStar Financial, Inc., Term Loan, 4.50%, 10/16/17			565		568,185

					7,568,185
Real Estate Management & Development — 0.1%
Realogy Corp., Extended Term Loan, 4.50%, 3/05/20			888		894,061
Semiconductors & Semiconductor Equipment — 0.1%
Freescale Semiconductor, Inc., Term Loan B4, 5.00%, 2/28/20			496		499,972



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014	9

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (a)	Par (000)			Value
Specialty Retail — 0.2%
Party City Holdings, Inc., Refinancing Term Loan B, 4.25%, 7/29/19		USD	990	$	995,257
Sprouts Farmers Markets Holdings LLC, New Term Loan, 4.00%, 4/23/20			81		81,758
SRAM LLC, New Term Loan B, 5.25%, 4/10/20			140		140,003

					1,217,018
Total Floating Rate Loan Interests — 9.1%					67,636,230


Foreign Agency Obligations
Slovenia Government International Bond:
5.85%, 5/10/23 (b)(c)			766		780,355
Series RS65, 4.38%, 4/02/14		EUR	2,650		3,588,707
Sri Lanka Government International Bond, 5.88%, 7/25/22 (c)		USD	3,000		2,850,000
Total Foreign Agency Obligations — 1.0%					7,219,062


Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 31.8%
Alternative Loan Trust:
Series 2005-61, Class 2A1, 0.44%, 12/25/35 (a)(c)			4,872		4,302,613
Series 2005-86CB, Class A8, 5.50%, 2/25/36 (c)			3,058		2,826,779
Series 2005-9CB, Class 1A3, 0.61%, 5/25/35 (a)(c)			7,883		6,311,048
Series 2006-40T1, Class 2A5, 0.56%, 12/25/36 (a)			3,981		1,729,572
Series 2006-4CB, Class 2A6, 5.50%, 4/25/36			5,040		4,646,720
Series 2006-7CB, Class 2A1, 6.50%, 5/25/36			5,364		3,689,323
Series 2006-J8, Class A5, 6.00%, 2/25/37			3,200		2,391,677
Series 2006-OA10, Class 2A1, 0.35%, 8/25/46 (a)			4,883		3,646,229
Series 2006-OA14, Class 3A1, 0.98%, 11/25/46 (a)			18,430		12,992,873
Series 2006-OC2, Class 2A3, 0.45%, 2/25/36 (a)			6,557		4,362,102
Series 2007-12T1, Class A22, 5.75%, 6/25/37			9,106		7,558,001
Series 2007-12T1, Class A5, 6.00%, 6/25/37			4,419		3,726,027
Non-Agency Mortgage-Backed Securities	Par (000)			Value
Collateralized Mortgage Obligations (continued)
Alternative Loan Trust (concluded):
Series 2007-22, Class 2A16, 6.50%, 9/25/37		USD	14,347	$	11,409,371
Series 2007-23CB, Class A1, 6.00%, 9/25/37			13,904		12,260,016
Series 2007-4CB, Class 1A3, 0.51%, 4/25/37 (a)			8,731		6,411,659
American Home Mortgage Assets Trust, Series 2006-5, Class A1, 1.06%, 11/25/46 (a)			7,585		3,992,364
American Home Mortgage Investment Trust, Series 2007-1, Class GA1C, 0.35%, 5/25/47 (a)			5,399		3,846,524
AyT Hipotecario Mixto III Fondo de Titulizacion de Activos, Series M3, Class A, 0.42%, 3/21/38 (a)		EUR	9,229		10,950,972
Banc of America Funding Trust, Series 2006-G (a):
Class 2A1, 0.38%, 7/20/36		USD	3,192		2,945,344
Class 2A4, 0.45%, 7/20/36			9,500		8,415,214
Bear Stearns ARM Trust, Series 2006-1, Class A1, 2.38%, 2/25/36 (a)			5,378		5,319,346
CHL Mortgage Pass-Through Trust:
Series 2005-HYB9, Class 2A1, 2.42%, 2/20/36 (a)			11,301		9,591,862
Series 2006-13, Class 1A19, 6.25%, 9/25/36			6,512		6,060,659
Series 2006-9, Class A2, 6.00%, 5/25/36			3,713		3,375,619
Series 2007-2, Class A16, 6.00%, 3/25/37			5,864		5,403,962
Series 2007-3, Class A30, 5.75%, 4/25/37			5,236		4,738,474
Series 2007-J2, Class 2A1, 0.81%, 7/25/37 (a)			8,595		5,978,976
Series 2007-J2, Class 2A8, 6.00%, 7/25/37			4,746		3,926,019
Citigroup Mortgage Loan Trust:
Series 2005-9, Class 21A2, 5.50%, 11/25/35			7,576		6,816,920
Series 2006-AR7, Class 2A3A, 2.59%, 11/25/36 (a)			10,525		7,982,932
Credit Suisse First Boston Mortgage Trust, Series 2008-2R, Class 1A1, 6.00%, 7/25/37 (b)			4,299		3,680,484
GSR Mortgage Loan Trust (a):
Series 2005-AR3, Class 5A1, 2.85%, 5/25/35			4,521		4,409,585
Series 2005-AR6, Class 2A1, 2.65%, 9/25/35 (c)			3,241		3,262,855



10	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Non-Agency Mortgage-Backed Securities		Par (000)		Value
Collateralized Mortgage Obligations (concluded)
Hilton USA Trust, Series 2013-HLT, Class EFX, 4.45%, 11/05/30 (a)(b)(c)	USD		5,000	$	5,099,405
Madison Avenue Trust, Series 2013-650M, Class E, 4.03%, 10/12/32 (a)(b)			5,000		4,708,789
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 0.43%, 5/26/37 (a)(b)			21,287		13,102,014
Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, 0.76%, 8/25/36 (a)			9,285		4,387,475
Structured Asset Mortgage Investments II Trust, Series 2006-AR1, Class 3A1, 0.39%, 2/25/36 (a)			4,696		3,712,444
WaMu Mortgage Pass-Through Certificates (a):
Series 2005-AR1, Class A1A, 0.48%, 1/25/45 (c)			4,448		4,363,986
Series 2005-AR17, Class A1A1, 0.43%, 12/25/45 (c)			3,659		3,416,349
Series 2006-AR19, Class 1A, 0.88%, 1/25/47			3,699		2,965,718
Series 2007-OA4, Class 1A, 0.91%, 5/25/47			7,234		6,311,887

					237,030,188
Commercial Mortgage-Backed Securities — 15.6%
Banc of America Commercial Mortgage Trust, Series 2008-1, Class AJ, 6.26%, 2/10/51 (a)			5,000		5,230,560
Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2013-DSMZ, Class M, 5.85%, 9/15/18 (a)(b)			7,500		7,500,000
CD Commercial Mortgage Trust, Series 2007-CD5, Class C, 6.12%, 11/15/44 (a)			3,372		3,440,846
Commercial Mortgage Pass-Through Certificates (a)(b):
Series 2013-CR11, Class D, 5.17%, 10/10/46			2,000		1,835,424
Series 2013-FL3, Class MMHP, 3.76%, 10/13/28 (c)			4,000		4,032,044
Series 2013-LC13, Class D, 5.05%, 8/10/46 (c)			2,650		2,450,251
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C3, Class B, 4.88%, 7/15/37			2,000		1,892,594
Non-Agency Mortgage-Backed Securities		Par (000)		Value
Commercial Mortgage-Backed Securities (concluded)
Del Coronado Trust, Series 2013-HDMZ, Class M, 5.16%, 3/15/18 (a)(b)	USD		6,000	$	6,019,800
GS Mortgage Securities Trust, Series 2006-GG6, Class AJ, 5.59%, 4/10/38 (a)(c)			5,000		5,043,120
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-CB20 (a)(c):
Class AJ, 6.07%, 2/12/51			5,000		5,268,385
Class B, 6.17%, 2/12/51 (b)			1,000		998,484
LB-UBS Commercial Mortgage Trust:
Series 2006-C4, Class AJ, 5.86%, 6/15/38 (a)(c)			5,000		5,295,465
Series 2007-C1, Class AJ, 5.48%, 2/15/40			2,000		2,049,282
Series 2007-C1, Class B, 5.51%, 2/15/40			436		421,288
Series 2007-C2, Class AM, 5.49%, 2/15/40 (a)			5,000		5,322,865
Series 2007-C7, Class AJ, 6.26%, 9/15/45 (a)			5,000		5,120,700
London & Regional Debt Securitisation No. 2 PLC, Series 2, Class A, 3.52%, 10/15/18 (a)	GBP		4,551		7,609,593
Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A1, 0.34%, 4/25/37 (a)	USD		8,453		7,667,404
ML-CFC Commercial Mortgage Trust, Series 2006-1, Class AJ, 5.57%, 2/12/39 (a)(c)			6,000		6,208,872
Morgan Stanley Capital I Trust, Class AJ (a):
Series 2007-HQ11, 5.51%, 2/12/44			5,000		5,335,190
Series 2007-T25, 5.57%, 11/12/49			5,000		5,066,480
New York Mortgage Securitization Trust, Series 2013-1, Class A, 5.41%, 8/27/24 (a)(b)			5,000		5,000,000
RBSSP Resecuritization Trust, Series 2013-5, Class 3A1, 0.52%, 1/26/36 (a)(b)			2,345		1,993,250
Talisman Finance PLC, Series 6, Class A, 0.48%, 10/22/16 (a)	EUR		6,631		8,517,913
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AJ, 5.92%, 2/15/51 (a)	USD		7,000		7,139,797

					116,459,607
Total Non-Agency Mortgage-Backed Securities — 47.4%					353,489,795



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014	11

Schedule of Investments (continued)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Preferred Securities	Par (000)			Value
Capital Trusts
Capital Markets — 0.4%
The Bank of New York Mellon Corp., Series D, 4.50% (a)(c)(g)		USD	3,067	$	2,767,967
Commercial Banks — 3.9%
BNP Paribas SA, 7.20% (a)(b)(c)(g)			7,500		7,968,750
BPCE SA, 12.50% (a)(b)(c)(g)			5,100		6,744,750
Northgroup Preferred Capital Corp., 6.38% (a)(b)(c)(g)			5,000		5,050,000
Wachovia Capital Trust III, 5.57% (a)(c)(g)			10,000		9,350,000

					29,113,500
Diversified Financial Services — 1.8%
Citigroup, Inc., Series D, 5.35% (a)(c)(g)			3,700		3,276,350
General Electric Capital Corp., Series B, 6.25% (a)(c)(g)			5,000		5,212,500
JPMorgan Chase & Co., Series Q, 5.15% (a)(c)(g)			5,500		4,998,125

					13,486,975
Electric Utilities — 1.0%
Electricite de France SA, 5.25% (a)(b)(c)(g)			7,500		7,246,875
Insurance — 4.2%
AXA SA, 6.46% (a)(b)(c)(g)			10,000		10,250,000
Genworth Holdings, Inc., 6.15%, 11/15/66 (a)(c)			10,000		8,937,500
Sompo Japan Insurance, Inc., 5.33%, 3/28/73 (a)(b)(c)			6,000		6,170,430
XL Group PLC, Series E, 6.50% (a)(c)(g)			6,500		6,370,000

					31,727,930
Oil, Gas & Consumable Fuels — 0.5%
Enterprise Products Operating LLC, Series A, 8.38%, 8/01/66 (a)(c)			3,248		3,613,400
Total Capital Trusts — 11.8%					87,956,647

Preferred Stocks	Shares			Value
Aerospace & Defense — 0.4%
United Technologies Corp., 7.50% (j)			50,000	$	3,221,500
Capital Markets — 0.5%
The Goldman Sachs Group, Inc., Series J, 5.50% (a)			160,000		3,699,200
Real Estate Investment Trusts (REITs) — 1.9%
Firstar Realty LLC, 8.88% (a)(b)			10,000		12,328,125
Suntrust Real Estate Investment Corp., 9.00% (b)			15		1,815,607

					14,143,732
Total Preferred Stocks — 2.8%					21,064,432
Total Preferred Securities – 14.6%					109,021,079
Total Long-Term Investments (Cost — $1,278,141,213) — 173.3%					1,291,492,316



Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (k)(l)			11,141,379		11,141,379
Total Short-Term Securities (Cost — $11,141,379) — 1.5%					11,141,379
Total Investments *(Cost — $1,289,282,592) — 174.8%**					1,302,633,695
Liabilities in Excess of Other Assets — (74.8)%					(557,349,122	)

Net Assets — 100.0%				$	745,284,573

* As of January 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
Tax cost				$	1,285,482,129

Gross unrealized appreciation				$	35,605,347
Gross unrealized depreciation					(18,453,781	)

Net unrealized appreciation				$	17,151,566



12	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014


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

Notes to Schedule of Investments

(a)

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

(b)

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

(c)

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

(d)

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

(e)

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

(f)

Amount is less than $500.

(g)

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

(h)

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


Counterparty	Value		Unrealized Appreciation/ (Depreciation)
Credit Suisse Securities (USA) LLC	$	652,800	$	12,800
Robert W. Bard Co., Inc.	$	45,900	$	(112	)

(i)

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

(j)

Convertible security.

(k)

Investments in issuers considered to be an affiliate of the Trust during the period ended January 31, 2014, 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, 2013		Net Activity		Shares Held at January 31, 2014		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		10,668,292		473,087		11,141,379	$	1,429

(l)

Represents the current yield as of report date.


Portfolio Abbreviations


To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:	ABS	Asset-Backed Security
	CLO	Collateralized Loan Obligation
	EUR	Euro
	GBP	British Pound
	OTC	Over-the-Counter
	REMIC	Real Estate Mortgage Investment Conduit
	USD	US Dollar



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014	13


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

Reverse repurchase agreements outstanding as of January 31, 2014 were as follows:


Counterparty	Interest Rate			Trade Date		Maturity Date	Face Value		Face Value Including Accrued Interest
Barclays Capital, Inc.		0.45	%		4/1/13	Open	$	9,562,500	$	9,598,957
UBS Securities LLC		0.45	%		4/1/13	Open		7,068,750		7,095,700
Barclays Capital, Inc.		0.45	%		4/2/13	Open		5,250,000		5,269,950
Barclays Capital, Inc.		0.45	%		4/2/13	Open		5,692,500		5,714,132
Barclays Capital, Inc.		0.45	%		4/2/13	Open		9,387,500		9,423,173
UBS Securities LLC		0.40	%		4/4/13	Open		4,606,250		4,621,707
UBS Securities LLC		0.50	%		4/4/13	Open		7,059,375		7,088,985
UBS Securities LLC		0.55	%		4/4/13	Open		1,776,500		1,784,697
UBS Securities LLC		0.60	%		4/4/13	Open		2,800,781		2,814,878
Deutsche Bank Securities, Inc.		0.55	%		4/5/13	Open		647,000		649,985
Deutsche Bank Securities, Inc.		0.55	%		4/5/13	Open		662,000		665,054
Deutsche Bank Securities, Inc.		0.55	%		4/5/13	Open		176,000		176,812
Deutsche Bank Securities, Inc.		0.55	%		4/5/13	Open		623,000		625,874
UBS Securities LLC		0.55	%		4/5/13	Open		9,127,890		9,170,005
UBS Securities LLC		0.55	%		4/5/13	Open		9,086,393		9,128,317
UBS Securities LLC		0.55	%		4/5/13	Open		4,857,431		4,879,843
Deutsche Bank Securities, Inc.		0.55	%		4/9/13	Open		10,878,000		10,927,525
Deutsche Bank Securities, Inc.		0.55	%		4/9/13	Open		4,963,000		4,985,595
UBS Securities LLC		0.50	%		4/9/13	Open		6,041,348		6,066,352
UBS Securities LLC		0.50	%		4/9/13	Open		8,025,000		8,058,215
Deutsche Bank Securities, Inc.		0.40	%		4/11/13	Open		4,551,000		4,565,968
Deutsche Bank Securities, Inc.		0.55	%		4/11/13	Open		3,111,000		3,125,069
Deutsche Bank Securities, Inc.		0.55	%		4/11/13	Open		3,121,125		3,135,192
Deutsche Bank Securities, Inc.		0.55	%		4/11/13	Open		5,036,670		5,059,370
Deutsche Bank Securities, Inc.		0.45	%		4/26/13	Open		5,280,000		5,298,546
Deutsche Bank Securities, Inc.		0.45	%		4/26/13	Open		1,470,000		1,475,163
Deutsche Bank Securities, Inc.		0.55	%		4/30/13	Open		2,782,500		2,794,275
Deutsche Bank Securities, Inc.		0.55	%		5/6/13	Open		3,380,875		3,394,873
UBS Securities LLC		0.55	%		5/6/13	Open		10,722,823		10,767,218
Barclays Capital, Inc.		0.60	%		5/7/13	Open		6,425,494		6,454,409
Deutsche Bank Securities, Inc.		0.55	%		5/7/13	Open		2,535,155		2,545,613
Deutsche Bank Securities, Inc.		0.55	%		5/7/13	Open		2,496,000		2,506,296
Deutsche Bank Securities, Inc.		0.55	%		5/8/13	Open		4,625,000		4,644,007
Deutsche Bank Securities, Inc.		0.55	%		5/9/13	Open		4,435,220		4,453,380
Deutsche Bank Securities, Inc.		0.55	%		5/9/13	Open		4,692,240		4,711,452
Deutsche Bank Securities, Inc.		0.55	%		5/9/13	Open		2,130,040		2,138,761
Deutsche Bank Securities, Inc.		0.55	%		5/9/13	Open		4,780,418		4,799,991
Deutsche Bank Securities, Inc.		0.32	%		5/10/13	Open		708,550		710,232
Barclays Capital, Inc.		0.40	%		5/13/13	Open		6,306,250		6,324,678
Barclays Capital, Inc.		0.40	%		5/13/13	Open		6,277,500		6,295,914
Barclays Capital, Inc.		0.40	%		5/13/13	Open		6,105,000		6,122,908
Barclays Capital, Inc.		0.40	%		5/13/13	Open		5,962,500		5,979,990
Deutsche Bank Securities, Inc.		0.55	%		5/13/13	Open		3,123,750		3,136,349
Deutsche Bank Securities, Inc.		0.55	%		5/13/13	Open		7,895,745		7,927,591
Deutsche Bank Securities, Inc.		0.55	%		5/13/13	Open		5,882,500		5,906,226
Deutsche Bank Securities, Inc.		0.55	%		5/13/13	Open		5,562,500		5,584,935
Deutsche Bank Securities, Inc.		0.55	%		5/13/13	Open		9,200,000		9,237,107
Deutsche Bank Securities, Inc.		0.55	%		5/15/13	Open		1,127,825		1,132,339
Deutsche Bank Securities, Inc.		0.55	%		5/15/13	Open		1,498,669		1,504,668
Deutsche Bank Securities, Inc.		0.55	%		5/15/13	Open		1,271,215		1,276,303



14	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014


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

Reverse repurchase agreements outstanding as of January 31, 2014 were as follows (continued):


Counterparty	Interest Rate			Trade Date		Maturity Date	Face Value		Face Value Including Accrued Interest
Deutsche Bank Securities, Inc.		0.55	%		5/15/13	Open	$	2,385,000	$	2,394,547
Credit Suisse Securities (USA) LLC		0.40	%		5/16/13	Open		2,764,134		2,772,119
Deutsche Bank Securities, Inc.		0.55	%		5/16/13	Open		3,787,000		3,802,043
Deutsche Bank Securities, Inc.		0.55	%		5/16/13	Open		4,500,000		4,517,875
Deutsche Bank Securities, Inc.		0.55	%		5/16/13	Open		5,865,000		5,888,387
Deutsche Bank Securities, Inc.		0.55	%		5/16/13	Open		2,165,051		2,173,684
Barclays Capital, Inc.		0.60	%		5/17/13	Open		3,196,700		3,210,552
Barclays Capital, Inc.		0.60	%		5/17/13	Open		2,869,790		2,882,226
Barclays Capital, Inc.		0.60	%		5/17/13	Open		2,202,110		2,211,652
Barclays Capital, Inc.		0.60	%		5/17/13	Open		2,496,390		2,507,208
Barclays Capital, Inc.		0.60	%		5/17/13	Open		1,538,020		1,544,685
Barclays Capital, Inc.		0.60	%		5/17/13	Open		1,272,380		1,277,894
Barclays Capital, Inc.		0.60	%		5/17/13	Open		1,263,960		1,269,437
Barclays Capital, Inc.		0.60	%		5/17/13	Open		1,379,520		1,385,498
Barclays Capital, Inc.		0.60	%		5/17/13	Open		1,383,100		1,389,093
Barclays Capital, Inc.		0.60	%		5/17/13	Open		1,261,640		1,267,107
Barclays Capital, Inc.		0.60	%		5/17/13	Open		1,268,800		1,274,298
Barclays Capital, Inc.		0.60	%		5/17/13	Open		797,000		800,454
Barclays Capital, Inc.		0.60	%		5/17/13	Open		798,870		802,332
Barclays Capital, Inc.		0.60	%		5/17/13	Open		807,840		811,341
Barclays Capital, Inc.		0.60	%		5/17/13	Open		824,620		828,193
Barclays Capital, Inc.		0.60	%		5/17/13	Open		885,770		889,608
Barclays Capital, Inc.		0.60	%		5/17/13	Open		952,260		956,386
Barclays Capital, Inc.		0.60	%		5/17/13	Open		952,150		956,276
Deutsche Bank Securities, Inc.		0.58	%		5/17/13	Open		654,000		656,740
Deutsche Bank Securities, Inc.		0.58	%		5/17/13	Open		639,000		641,677
Deutsche Bank Securities, Inc.		0.58	%		5/17/13	Open		640,000		642,681
Deutsche Bank Securities, Inc.		0.58	%		5/17/13	Open		637,000		639,668
Deutsche Bank Securities, Inc.		0.58	%		5/17/13	Open		636,000		638,664
Deutsche Bank Securities, Inc.		0.58	%		5/17/13	Open		630,000		632,639
Deutsche Bank Securities, Inc.		0.58	%		5/17/13	Open		703,000		705,945
Deutsche Bank Securities, Inc.		0.58	%		5/17/13	Open		546,000		548,287
Deutsche Bank Securities, Inc.		0.58	%		5/17/13	Open		613,000		615,568
Deutsche Bank Securities, Inc.		0.58	%		5/17/13	Open		641,000		643,685
Deutsche Bank Securities, Inc.		0.58	%		5/17/13	Open		613,000		615,568
Deutsche Bank Securities, Inc.		0.58	%		5/17/13	Open		625,000		627,618
Deutsche Bank Securities, Inc.		0.58	%		5/20/13	Open		358,000		359,482
Deutsche Bank Securities, Inc.		0.58	%		5/20/13	Open		1,219,000		1,224,047
Deutsche Bank Securities, Inc.		0.58	%		5/20/13	Open		415,000		416,718
Deutsche Bank Securities, Inc.		0.58	%		5/20/13	Open		876,000		879,627
Deutsche Bank Securities, Inc.		0.58	%		5/20/13	Open		1,564,000		1,570,476
Deutsche Bank Securities, Inc.		0.58	%		5/20/13	Open		432,000		433,789
Deutsche Bank Securities, Inc.		0.58	%		5/20/13	Open		408,000		409,689
Deutsche Bank Securities, Inc.		0.58	%		5/20/13	Open		2,894,000		2,905,983
Deutsche Bank Securities, Inc.		0.58	%		5/20/13	Open		2,732,000		2,743,312
Deutsche Bank Securities, Inc.		0.58	%		5/20/13	Open		958,000		961,967
Deutsche Bank Securities, Inc.		0.58	%		5/20/13	Open		349,000		350,445
Barclays Capital, Inc.		0.60	%		5/21/13	Open		4,392,500		4,411,241
Barclays Capital, Inc.		0.60	%		5/21/13	Open		1,891,549		1,899,620
Deutsche Bank Securities, Inc.		0.58	%		5/21/13	Open		4,484,375		4,502,871



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014	15


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

Reverse repurchase agreements outstanding as of January 31, 2014 were as follows (continued):


Counterparty	Interest Rate			Trade Date	Maturity Date	Face Value		Face Value Including Accrued Interest
Barclays Capital, Inc.		0.60	%	5/24/13	Open	$	1,278,230	$	1,283,620
Deutsche Bank Securities, Inc.		0.58	%	5/29/13	Open		635,700		638,240
Barclays Capital, Inc.		0.50	%	5/30/13	Open		4,162,500		4,176,780
Deutsche Bank Securities, Inc.		0.55	%	5/30/13	Open		999,000		1,002,770
Deutsche Bank Securities, Inc.		0.55	%	5/31/13	Open		7,513,245		7,541,482
Barclays Capital, Inc.		0.60	%	6/3/13	Open		653,366		656,001
Barclays Capital, Inc.		0.60	%	6/3/13	Open		326,209		327,525
Deutsche Bank Securities, Inc.		0.55	%	6/3/13	Open		595,000		597,209
Deutsche Bank Securities, Inc.		0.55	%	6/3/13	Open		209,000		209,776
Deutsche Bank Securities, Inc.		0.55	%	6/3/13	Open		286,000		287,062
Barclays Capital, Inc.		0.75	%	6/12/13	Open		4,412,701		4,434,213
UBS Securities LLC		0.55	%	6/12/13	Open		2,728,163		2,737,874
UBS Securities LLC		0.55	%	6/12/13	Open		1,417,813		1,422,859
Deutsche Bank Securities, Inc.		0.55	%	6/24/13	Open		5,490,763		5,509,386
Deutsche Bank Securities, Inc.		0.55	%	6/25/13	Open		3,151,000		3,161,639
Deutsche Bank Securities, Inc.		0.58	%	7/15/13	Open		602,000		603,949
Deutsche Bank Securities, Inc.		0.55	%	7/16/13	Open		264,000		264,807
Deutsche Bank Securities, Inc.		0.55	%	7/18/13	Open		2,483,000		2,490,511
Barclays Capital, Inc.		0.60	%	7/30/13	Open		4,812,979		4,827,899
Barclays Capital, Inc.		0.60	%	7/31/13	Open		305,249		306,190
Barclays Capital, Inc.		0.60	%	8/8/13	Open		1,032,000		1,035,044
Deutsche Bank Securities, Inc.		0.50	%	8/12/13	Open		1,805,000		1,809,337
Deutsche Bank Securities, Inc.		0.58	%	8/12/13	Open		3,185,000		3,193,877
Barclays Capital, Inc.		0.60	%	8/13/13	Open		997,357		1,000,207
Deutsche Bank Securities, Inc.		0.58	%	8/13/13	Open		5,883,000		5,899,113
Deutsche Bank Securities, Inc.		0.58	%	8/13/13	Open		1,534,000		1,538,201
Deutsche Bank Securities, Inc.		0.58	%	8/13/13	Open		1,481,000		1,485,056
Deutsche Bank Securities, Inc.		0.58	%	8/14/13	Open		371,000		372,022
Deutsche Bank Securities, Inc.		0.58	%	8/19/13	Open		1,280,000		1,283,423
UBS Securities LLC		0.55	%	8/27/13	Open		878,178		880,298
Barclays Capital, Inc.		0.60	%	8/30/13	Open		437,575		438,705
Deutsche Bank Securities, Inc.		0.55	%	9/3/13	Open		4,475,000		4,485,324
Deutsche Bank Securities, Inc.		0.58	%	9/3/13	Open		1,794,000		1,798,364
Deutsche Bank Securities, Inc.		0.58	%	9/3/13	Open		566,000		567,377
Deutsche Bank Securities, Inc.		0.58	%	9/3/13	Open		279,000		279,679
Deutsche Bank Securities, Inc.		0.58	%	9/3/13	Open		558,000		559,358
Deutsche Bank Securities, Inc.		0.58	%	9/3/13	Open		852,000		854,073
Deutsche Bank Securities, Inc.		0.58	%	9/3/13	Open		641,000		642,559
Deutsche Bank Securities, Inc.		0.60	%	9/5/13	Open		575,535		576,964
Deutsche Bank Securities, Inc.		0.60	%	9/5/13	Open		562,275		563,671
Barclays Capital, Inc.		0.65	%	9/16/13	Open		806,663		808,672
Barclays Capital, Inc.		0.65	%	9/16/13	Open		907,853		910,114
Barclays Capital, Inc.		0.65	%	9/16/13	Open		1,992,060		1,997,024
Deutsche Bank Securities, Inc.		0.60	%	9/19/13	Open		902,285		904,315
Deutsche Bank Securities, Inc.		0.60	%	9/19/13	Open		318,420		319,136
Deutsche Bank Securities, Inc.		0.60	%	9/19/13	Open		251,322		251,887
Deutsche Bank Securities, Inc.		0.60	%	9/19/13	Open		269,700		270,307
Barclays Capital, Inc.		0.60	%	9/20/13	Open		3,061,280		3,068,117
Barclays Capital, Inc.		0.60	%	9/20/13	Open		612,500		613,868
Deutsche Bank Securities, Inc.		0.55	%	9/26/13	Open		2,755,000		2,760,388



16	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014


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

Reverse repurchase agreements outstanding as of January 31, 2014 were as follows (continued):


Counterparty	Interest Rate			Trade Date	Maturity Date	Face Value		Face Value Including Accrued Interest
Deutsche Bank Securities, Inc.		0.60	%	9/27/13	Open	$	1,952,000	$	1,956,132
Deutsche Bank Securities, Inc.		0.60	%	9/27/13	Open		2,390,000		2,395,059
Deutsche Bank Securities, Inc.		0.60	%	9/27/13	Open		1,062,000		1,064,248
Deutsche Bank Securities, Inc.		0.58	%	10/9/13	Open		499,000		499,925
Deutsche Bank Securities, Inc.		0.58	%	10/9/13	Open		504,000		504,934
Deutsche Bank Securities, Inc.		0.58	%	10/9/13	Open		664,000		665,230
Deutsche Bank Securities, Inc.		0.60	%	10/9/13	Open		1,293,000		1,295,478
Barclays Capital, Inc.		0.60	%	10/11/13	Open		223,750		224,171
Barclays Capital, Inc.		0.60	%	10/11/13	Open		2,481,830		2,486,509
Deutsche Bank Securities, Inc.		0.56	%	10/11/13	Open		754,000		755,325
Deutsche Bank Securities, Inc.		0.60	%	10/15/13	Open		463,623		464,464
Credit Suisse Securities (USA) LLC		0.65	%	10/16/13	Open		571,875		572,990
Credit Suisse Securities (USA) LLC		0.65	%	10/16/13	Open		770,800		772,303
Credit Suisse Securities (USA) LLC		0.65	%	10/16/13	Open		791,131		792,674
Deutsche Bank Securities, Inc.		0.58	%	10/17/13	Open		2,935,599		2,940,660
Deutsche Bank Securities, Inc.		0.58	%	10/17/13	Open		508,875		509,752
Deutsche Bank Securities, Inc.		0.59	%	10/21/13	Open		695,000		696,173
Deutsche Bank Securities, Inc.		0.59	%	10/21/13	Open		893,000		894,507
Deutsche Bank Securities, Inc.		0.59	%	10/21/13	Open		856,000		857,445
Barclays Capital, Inc.		0.60	%	10/25/13	Open		201,000		201,332
Deutsche Bank Securities, Inc.		0.58	%	10/28/13	Open		627,000		627,970
Deutsche Bank Securities, Inc.		0.55	%	10/30/13	Open		594,000		594,853
Deutsche Bank Securities, Inc.		0.59	%	11/7/13	Open		465,000		465,655
Deutsche Bank Securities, Inc.		0.59	%	11/7/13	Open		1,479,000		1,481,085
Bak of New York/Barclay’s London		0.60	%	11/8/13	Open		13,877,500		13,897,160
Deutsche Bank Securities, Inc.		0.55	%	11/20/13	Open		877,000		877,978
Deutsche Bank Securities, Inc.		0.58	%	11/20/13	Open		365,000		365,429
Deutsche Bank Securities, Inc.		0.60	%	11/20/13	Open		1,081,000		1,082,297
Deutsche Bank Securities, Inc.		0.60	%	11/20/13	Open		924,000		925,109
Deutsche Bank Securities, Inc.		0.58	%	11/21/13	Open		635,000		635,737
Deutsche Bank Securities, Inc.		0.60	%	11/22/13	Open		6,155,000		6,162,283
Deutsche Bank Securities, Inc.		0.60	%	11/22/13	Open		2,523,000		2,525,986
Deutsche Bank Securities, Inc.		0.59	%	11/25/13	Open		10,362,000		10,373,548
Deutsche Bank Securities, Inc.		0.60	%	12/13/13	Open		2,678,000		2,680,098
Deutsche Bank Securities, Inc.		0.60	%	12/13/13	Open		1,077,000		1,077,844
Deutsche Bank Securities, Inc.		0.60	%	12/13/13	Open		648,000		648,508
Deutsche Bank Securities, Inc.		0.59	%	12/16/13	Open		859,000		859,662
Barclays Capital, Inc.		1.42	%	1/3/14	2/06/14		32,727,261		32,760,706
Credit Suisse Securities (USA) LLC		1.45	%	1/6/14	2/05/14		4,830,000		4,835,058
Deutsche Bank Securities, Inc.		0.59	%	1/9/14	Open		481,000		481,181
Deutsche Bank Securities, Inc.		0.59	%	1/9/14	Open		682,000		682,257
Deutsche Bank Securities, Inc.		0.59	%	1/9/14	Open		436,000		436,164
Deutsche Bank Securities, Inc.		0.59	%	1/9/14	Open		863,000		863,325
Credit Suisse Securities (USA) LLC		1.45	%	1/13/14	2/12/14		2,656,675		2,658,708
Morgan Stanley & Co. LLC		1.00	%	1/13/14	2/12/14		3,541,000		3,542,869
Barclays Capital, Inc.		1.42	%	1/14/14	2/18/14		12,541,000		12,549,380
Bak of New York/Barclay’s London		0.70	%	1/14/14	Open		2,493,750		2,494,526
Barclays Capital, Inc.		0.60	%	1/14/14	Open		1,337,858		1,338,258
Barclays Capital, Inc.		0.60	%	1/14/14	Open		892,500		892,768
Barclays Capital, Inc.		0.85	%	1/14/14	Open		1,565,000		1,565,591



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014	17


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

Reverse repurchase agreements outstanding as of January 31, 2014 were as follows (concluded):


Counterparty	Interest Rate			Trade Date		Maturity Date	Face Value		Face Value Including Accrued Interest
BNP Paribas Securities Corp.		0.34	%		1/14/14	Open	$	13,719,000	$	13,721,332
Deutsche Bank Securities, Inc.		0.59	%		1/14/14	Open		414,000		414,122
Deutsche Bank Securities, Inc.		0.59	%		1/14/14	Open		646,000		646,191
Deutsche Bank Securities, Inc.		0.59	%		1/14/14	Open		527,000		527,155
Barclays Capital, Inc.		1.41	%		1/15/14	2/18/14		3,881,000		3,883,430
Citigroup Global Markets, Inc.		1.56	%		1/17/14	2/18/14		7,094,500		7,099,103
Barclays Capital, Inc.		1.41	%		1/17/14	2/20/14		15,053,000		15,059,472
JPMorgan Chase & Co.		1.41	%		1/17/14	2/21/14		2,902,000		2,903,248
Deutsche Bank Securities, Inc.		0.59	%		1/21/14	Open		284,000		284,051
Deutsche Bank Securities, Inc.		0.58	%		1/29/14	Open		344,000		344,017
Total							$	577,994,759	$	579,705,178

Financial futures contracts outstanding as of January 31, 2014 were as follows:

Contracts
Sold

Issue

Exchange

Expiration

Notional
Value

Unrealized
Depreciation

(111

)

Long US Treasury Bond

Chicago Board of Trade

March 2014

USD14,828,906

(324,477

)

Foreign currency exchange contracts outstanding as of January 31, 2014 were as follows:


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation/ (Depreciation)
USD	27,478,786	EUR	20,222,000	Bank of America N.A.		4/22/14	$	204,308
USD	39,676,419	GBP	24,183,000	Bank of America N.A.		4/22/14		(54,887	)
Total							$	149,421

Centrally cleared credit default swaps — buy protection outstanding as of January 31, 2014 were as follows:

Issuer

Pay
Fixed
Rate

Clearinghouse

Expiration
Date

Credit
Rating¹

Notional
Amount
(000)²

Market
Value

Premiums
Paid
(Received)

Unrealized
Depreciation

Dow Jones CDX North America High Yield Index, Series 20, Version 1

5.00

Chicago Mercantile

6/20/18

B+

USD

5,000

(379,016

)

(193,451

)



18	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014


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

Over-the-counter credit default swaps — sold protection outstanding as of January 31, 2014 were as follows:


Issuer/Index	Receive Fixed Rate			Counterparty	Expiration Date	Credit Rating¹		Notional Amount (000)²			Market Value			Premiums Paid (Received)			Unrealized Appreciation
Rosneft Oil Co.		1.50	%	HSBC Securities (USA) LLC	6/12/14		BBB		USD	3,500	$	(3,654	)	$	(13,001	)	$	9,347
Dow Jones CDX North America Investment Grade, Series 9		5.00	%	Bank of America N.A.	12/20/17		BBB+		USD	10,000		422,348			(671,472	)		1,093,820
Total											$	418,694		$	(684,473	)	$	1,103,167

¹ Using Standard & Poor’s rating of the underlying securities of the index.
² The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.

Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes 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.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, please refer to the Trust’s most recent financial statements as contained in its annual report.



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014	19


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

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of January 31, 2014:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		—		$	200,246,147		$	19,383,369	$	219,629,516
Corporate Bonds		—			534,496,634			—		534,496,634
Floating Rate Loan Interests		—			44,533,662			23,102,568		67,636,230
Foreign Agency Obligations		—			7,219,062			—		7,219,062
Non-Agency Mortgage-Backed Securities		—			325,894,531			27,595,264		353,489,795
Preferred Securities	$	6,920,700			102,100,379			—		109,021,079
Short-Term Securities		11,141,379			—			—		11,141,379
Unfunded Loan Comittments		—			—			223		223

Total	$	18,062,079		$	1,214,490,415		$	70,081,424	$	1,302,633,918


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Assets:
Credit contracts		—		$	1,103,167			—	$	1,103,167
Foreign currency exchange contracts		—			204,308			—		204,308
Liabilities:
Credit contracts		—			(193,451	)		—		(193,451	)
Foreign currency exchange contracts		—			(54,887	)		—		(54,887	)
Interest rate contracts	$	(324,477	)		—			—		(324,477	)

	$	(324,477	)	$	1,059,137			—	$	734,660

¹Derivative financial instruments are swaps, financial futures contracts and foreign currency exchange contracts. Swaps, financial futures contracts and foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument.



20	BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014


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

The carrying amount or face value including accrued interest for certain of the Trust’s assets and/or liabilities approximates fair value for financial reporting purposes. As of January 31, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:


	Level 1		Level 2			Level 3		Total
Assets:
Foreign currency at value	$	6,134,979		—			—	$	6,134,979
Cash pledged for financial futures contracts		333,000		—			—		333,000
Cash received as collateral for centrally cleared swaps		465,000		—			—		465,000
Cash received as collateral for OTC derivatives		3,057,750		—			—		3,057,750
Cash pledged as collateral for reverse repurchase agreements		324,000		—			—		324,000
Liabilities:
Bank overdraft		—		(3,738,708	)		—		(3,738,708	)
Reverse repurchase agreements including accrued interest		—		(579,705,178	)		—		(579,705,178	)

Total	$	10,314,729	$	(583,443,886	)		—	$	(573,129,157	)

There were no transfers between level 1 and level 2 during the period ended January 31, 2014.

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			Floating Rate Loan Interests			Non-Agency Mortgage-Backed Securities			Unfunded Loan Commitments Assets/(Liabilities)			Total
Assets:
Opening Balance, as of October 31, 2013	$	67,811,145		$	18,805,204		$	16,556,311		$	(1,224	)	$	103,171,436
Transfers into Level 3		—			—			—			—			—
Transfers out of Level 3¹		(52,552,889	)		(2,719,136	)		(4,688,500	)		—			(59,960,525	)
Accrued discounts/premiums		7,595			4,622			72,922			—			85,139
Net realized gain (loss)		8,570			8			(93,291	)		—			(84,713	)
Net change in unrealized appreciation/depreciation		209,353			13,603			1,491,166			1,447			1,715,569
Purchases		3,999,808			7,000,000			14,493,250			—			25,493,058
Sales		(100,213	)		(1,733	)		(236,594	)		—			(338,540	)

Closing Balance, January 31, 2014	$	19,383,369		$	23,102,568		$	27,595,264		$	223		$	70,081,424

Net change in unrealized appreciation/depreciation on investments held as of January 31, 2014	$	209,353		$	13,603		$	1,491,166		$	1,447		$	1,715,569

¹ As of October 31, 2013, the Trust used significant unobservable inputs in determining the value of certain investments. As of January 31, 2014, the Trust used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $59,960,525 transferred from Level 3 to Level 2 in the disclosure hierarchy.

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 inputs could result in a significantly lower or higher value of such Level 3 investments.



BLACKROCK MULTI-SECTOR INCOME TRUST	JANUARY 31, 2014	21

Item 2 – Controls and Procedures


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

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

Item 3 – Exhibits

Certifications – Attached hereto

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

BlackRock Multi-Sector Income Trust


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

Date: March 25, 2014

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


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

Date: March 25, 2014


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

Date: March 25, 2014