UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-22774
| Name of Fund: | BlackRock Multi-Sector Income Trust (BIT) |
| Fund Address: | 100 Bellevue Parkway, Wilmington, DE 19809 |
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Multi-Sector Income Trust, 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 10/31/2021
Date of reporting period: 10/31/2021
Item 1 – Report to Stockholders
(a) The Report to Shareholders is attached herewith.
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OCTOBER 31, 2021 |
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2021 Annual Report
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BlackRock Multi-Sector Income Trust (BIT)
| Not FDIC Insured • May Lose Value • No Bank Guarantee |
Supplemental Information (unaudited)
Section 19(a) Notices
BlackRock Multi-Sector Income Trust’s (BIT) (the “Trust”) amounts and sources of distributions reported are estimates and are being provided to you pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Trust’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Trust will provide a Form 1099-DIV each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.
October 31, 2021
| (a) |
The Trust estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Trust is returned to the shareholder. A return of capital does not necessarily reflect the Trust’s investment performance and should not be confused with “yield” or “income.” When distributions exceed total return performance, the difference will reduce the Trust’s net asset value per share. |
Section 19(a) notices for the Trust, as applicable, are available on the BlackRock website at blackrock.com.
Section 19(b) Disclosure
The Trust, acting pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order and with the approval of the Trust’s Board of Trustees (the “Board”), has adopted a managed distribution plan, consistent with its investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plan, the Trust currently distributes the following fixed amounts per share on a monthly basis:
| Exchange Symbol |
Amount Per
Common Share |
|||
|
BIT |
$ | 0.1237 | ||
The fixed amounts distributed per share are subject to change at the discretion of the Trust’s Board. Under its Plan, the Trust will distribute all available net income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net income and short-term capital gains) is not earned on a monthly basis, the Trust will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, the Trust may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the Investment Company Act of 1940, as amended (the “1940 Act”).
Shareholders should not draw any conclusions about the Trust’s investment performance from the amount of these distributions or from the terms of the Plan. The Trust’s total return performance is presented in its financial highlights table.
The Board may amend, suspend or terminate the Trust’s Plan at any time without prior notice to the Trust’s shareholders if it deems such actions to be in the best interests of the Trust or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Trust’s stock is trading at or above net asset value) or widening an existing trading discount. The Trust is subject to risks that could have an adverse impact on its ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, changes in interest rates, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code.
| 2 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Dear Shareholder,
The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.
Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.
The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.
Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.
Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.
In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
Rob Kapito
President, BlackRock Advisors, LLC
| Total Returns as of October 31, 2021 | ||||
| 6-Month | 12-Month | |||
|
U.S. large cap equities
|
10.91% | 42.91% | ||
|
U.S. small cap equities
|
1.85 | 50.80 | ||
|
International equities (MSCI Europe, Australasia, Far East Index) |
4.14 | 34.18 | ||
|
Emerging market equities
|
(4.87) | 16.96 | ||
|
3-month Treasury
bills
|
0.01 | 0.06 | ||
|
U.S. Treasury securities
|
1.59 | (4.77) | ||
|
U.S. investment grade bonds
|
1.06 | ( 0.48) | ||
|
Tax-exempt municipal
bonds
|
0.33 | 2.76 | ||
|
U.S. high yield bonds
|
2.36 | 10.53 | ||
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | ||||
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T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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Annual Report: |
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Financial Statements: |
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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements |
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| 4 |
| The Benefits and Risks of Leveraging | BlackRock Multi-Sector Income Trust (BIT) |
The Trust may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, its common shares (“Common Shares”). However, there is no guarantee that these objectives can be achieved in all interest rate environments.
In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by the Trust on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of the Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Trust’s shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings (less the leverage liability) is reflected in the per share NAV.
To illustrate these concepts, assume the Trust’s capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Trust’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by the Trust with the proceeds from leverage earn income based on longer-term interest rates. In this case, the Trust’s financing cost of leverage is significantly lower than the income earned on the Trust’s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.
However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed the Trust’s return on assets purchased with leverage proceeds, income to shareholders is lower than if the Trust had not used leverage. Furthermore, the value of the Trust’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the amount of the Trust’s obligations under its leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trust’s NAV positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that the Trust’s intended leveraging strategy will be successful.
The use of leverage also generally causes greater changes in the Trust’s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of the Trust’s shares than if the Trust were not leveraged. In addition, the Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Trust to incur losses. The use of leverage may limit the Trust’s ability to invest in certain types of securities or use certain types of hedging strategies. The Trust incurs expenses in connection with the use of leverage, all of which are borne by shareholders and may reduce income to the shareholders. Moreover, to the extent the calculation of the Trust’s investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Trust’s investment adviser will be higher than if the Trust did not use leverage.
The Trust may utilize leverage through reverse repurchase agreements as described in the Notes to Financial Statements, if applicable.
Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Trust is permitted to issue debt up to 33 1/3% of its total managed assets. The Trust may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act.
If the Trust segregates or designates on its books and records cash or liquid assets having a value not less than the value of the Trust’s obligations under a reverse repurchase agreement (including accrued interest) then such transaction is not considered a senior security and is not subject to the foregoing limitations and requirements imposed by the 1940 Act.
Derivative Financial Instruments
The Trust may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. The Trust’s successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trust’s investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
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T H E B E N E F I T S A N D R I S K S O F L E V E R A G I N G / D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S |
5 |
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BlackRock Multi-Sector Income Trust (BIT)
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Investment Objective
BlackRock Multi-Sector Income Trust’s (BIT) (the “Trust”) primary investment objective is to seek high current income, with a secondary objective of capital appreciation. The Trust seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its assets in loan and debt instruments and other investments with similar economic characteristics. The Trust may invest directly in such securities or synthetically through the use of derivatives. Additionally, as part of the Trust’s investments in loans, the Trust may make loans directly to borrowers either as a sole lender or by acting as a member of a syndicate of original lenders.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information
|
Symbol on New York Stock Exchange |
BIT | |
|
Initial Offering Date |
February 27, 2013 | |
|
Current Distribution Rate on Closing Market Price as of October 31, 2021 ($18.90)(a) |
7.85% | |
|
Current Monthly Distribution per Common Share(b) |
$0.1237 | |
|
Current Annualized Distribution per Common Share(b) |
$1.4844 | |
|
Leverage as of October 31, 2021(c) |
36% | |
| (a) |
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. |
| (b) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
| (c) |
Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
| 10/31/21 | 10/31/20 | Change | High | Low | ||||||||||||||||
|
Closing Market Price |
$ | 18.90 | $ | 15.65 | 20.77 | % | $ | 19.15 | $ | 15.65 | ||||||||||
|
Net Asset Value |
17.98 | 17.66 | 1.81 | 18.62 | 17.66 | |||||||||||||||
TOTAL RETURN BASED ON A $10,000 INVESTMENT
| (a) |
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |
| (b) |
A broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. |
| 6 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
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Trust Summary as of October 31, 2021 (continued)
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BlackRock Multi-Sector Income Trust (BIT)
|
Performance
Returns for the period ended October 31, 2021 were as follows:
| Average Annual Total Returns | ||||||||||||
|
|
|
|||||||||||
| 1 Year | 5 Years |
|
Since
Inception |
(a) |
||||||||
|
Trust at NAV(b)(c) |
10.55 | % | 8.35 | % | 8.46 | % | ||||||
|
Trust at Market Price(b)(c) |
31.13 | 12.11 | 8.51 | |||||||||
|
Lipper General Bond Funds at NAV(d) |
14.43 | 7.35 | 6.67 | (e) | ||||||||
|
Lipper General Bond Funds at Market Price(d) |
22.25 | 9.84 | 7.31 | (e) | ||||||||
|
Bloomberg U.S. Aggregate Bond Index(f)(g) |
(0.48 | ) | 3.10 | 2.89 | ||||||||
| (a) |
The Trust commenced operations on February 27, 2013. |
| (b) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage. |
| (c) |
The Trust moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
| (d) |
Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper. Historical performance shown is calculated based on the composition of the Lipper General Bond Fund category at the time of preparation of this report to shareholders. |
| (e) |
The average annual total returns since inception represents the annualized returns for the period from February 28, 2013 to October 31, 2021. |
| (f) |
A broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. |
| (g) |
The Trust is presenting the performance of a broad-based securities market index (“broad-based index”) to satisfy SEC reporting requirements. The broad-based index is presented only for informational purposes, as the Trust is actively managed and does not seek to track or replicate the performance of the broad-based index or any other index. The Trust changed its reporting benchmark from Lipper General Bond Funds to the Bloomberg U.S. Aggregate Bond Index to satisfy SEC reporting requirements. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Contributors to the Trust’s absolute performance over the reporting period included allocations to both high yield and investment grade corporate bonds. Within securitized assets, holdings of non-agency adjustable-rate mortgage securities (“ARMS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) added to the Trust’s return. Exposure to U.S. Treasuries and floating rate loan interests also contributed to performance.
On the downside, exposure to emerging market bonds and municipal bonds weighed on the Trust’s return. Within securitized assets, holdings of 30-year fixed-rate pass-through mortgage-backed securities (“MBS”) and agency CMOs detracted.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.
Describe recent portfolio activity.
Over the period, the Trust’s exposure to 30-year pass-through MBS and high yield corporate credit was increased, while exposure to municipal bonds, emerging market bonds, non-agency ARMS and CMOs was trimmed.
Describe portfolio positioning at period end.
At period end, the Trust maintained a diversified exposure within non-government spread sectors, including U.S. high yield corporate bonds, non-agency ARMS, CMOs, investment grade corporate bonds, emerging market debt, ABS and commercial MBS.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
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T R U S T S U M M A R Y |
7 |
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Trust Summary as of October 31, 2021 (continued) |
BlackRock Multi-Sector Income Trust (BIT)
|
Overview of the Trust’s Total Investments
PORTFOLIO ALLOCATION
| Asset Type | 10/31/21 | 10/31/20 | ||||||
|
Corporate Bonds |
55 | % | 53 | % | ||||
| U.S. Government Sponsored Agency Securities | 13 | 9 | ||||||
|
Asset-Backed Securities |
7 | 12 | ||||||
| Non-Agency Mortgage-Backed Securities | 7 | 8 | ||||||
|
Preferred Securities |
7 | 9 | ||||||
|
Floating Rate Loan Interests |
5 | 4 | ||||||
|
Short-Term Securities |
3 | 2 | ||||||
|
Foreign Agency Obligations |
3 | 3 | ||||||
|
Other* |
— | (a) | — | (a) | ||||
CREDIT QUALITY ALLOCATION
| Credit Rating(b)(c) | 10/31/21 | 10/31/20 | ||||||
|
AAA/Aaa(d) |
14 | % | 4 | % | ||||
|
AA/Aa |
— | (a) | 6 | |||||
|
A |
3 | 4 | ||||||
|
BBB/Baa |
16 | 19 | ||||||
|
BB/Ba |
26 | 25 | ||||||
|
B |
22 | 20 | ||||||
|
CCC/Caa |
7 | 7 | ||||||
|
CC |
4 | 6 | ||||||
|
C |
2 | — | ||||||
|
D |
— | 1 | ||||||
|
N/R |
6 | (e) | 8 | |||||
| (a) |
Rounds to less than 1% of total investments. |
| (b) |
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (c) |
Excludes common stocks, warrants, short-term securities, options purchased and options written. |
| (d) |
The investment adviser evaluates the credit quality of not-rated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuer. Using this approach, the investment adviser has deemed U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations as AAA/Aaa. |
| (e) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2021, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Trust’s total investments. |
| * |
Includes one or more investment categories that individually represents less than 1% of the Trust’s total investments. Please refer to the Schedule of Investments for details. |
| 8 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
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October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par
(000) |
Value | ||||||||||
|
Asset-Backed Securities |
|
|||||||||||
|
Ajax Mortgage Loan Trust, Series 2017-D, Class B, 0.00%, 12/25/57(a)(b)(c) |
USD | 72 | $ | 57,841 | ||||||||
|
AMMC CLO 19 Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.00%), 7.12%, 10/15/28(b)(c) |
1,000 | 1,000,762 | ||||||||||
|
Anchorage Capital CLO Ltd.(b)(c) |
||||||||||||
|
Series 2014-5RA, Class E, (3 mo. LIBOR US + 5.40%), 5.52%, 01/15/30 |
860 | 846,849 | ||||||||||
|
Series 2015-7A, Class D1R2, (3 mo. LIBOR US + 3.50%), 3.64%, 01/28/31 |
250 | 250,123 | ||||||||||
|
Series 2016-8A, Class DR, (3 mo. LIBOR US + 3.00%), 3.14%, 07/28/28 |
1,000 | 1,000,078 | ||||||||||
|
Argent Securities Trust, Series 2006-W5, Class A1A, (1 mo. LIBOR US + 0.30%), 0.39%, 06/25/36(b) |
4,750 | 3,768,566 | ||||||||||
|
Assurant CLO Ltd., Series 2019-5A, Class E, (3 mo. LIBOR US + 7.34%), 7.46%, 01/15/33(b)(c) |
250 | 250,245 | ||||||||||
|
Bain Capital Credit CLO Ltd., Series 2020-2A, Class DR, (3 mo. LIBOR US + 3.30%), 3.42%, 07/19/34(b)(c) |
250 | 250,138 | ||||||||||
|
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1 mo. LIBOR US + 0.14%), 0.23%, 11/25/36(b) |
1,636 | 1,616,302 | ||||||||||
|
Benefit Street Partners CLO XVIII Ltd., Series 2019- 18A, Class E, (3 mo. LIBOR US + 6.90%), 7.02%, 10/15/32(b)(c) |
500 | 499,731 | ||||||||||
|
Benefit Street Partners CLO XX Ltd., Series 2020- 20A, Class CR, (3 mo. LIBOR US + 2.05%), 2.19%, 07/15/34(b)(c) |
250 | 250,007 | ||||||||||
|
Brookside Mill CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 2.65%), 2.77%, 01/17/28(b)(c) |
250 | 249,881 | ||||||||||
|
Carrington Mortgage Loan Trust(b) |
||||||||||||
|
Series 2006-FRE2, Class A2, (1 mo. LIBOR US + 0.12%), 0.21%, 10/25/36 |
3,408 | 3,177,408 | ||||||||||
|
Series 2006-FRE2, Class A5, (1 mo. LIBOR US + 0.08%), 0.17%, 03/25/35 |
7,021 | 6,518,115 | ||||||||||
|
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 6.57%, 07/20/32(b)(c) |
500 | 493,900 | ||||||||||
|
C-BASS Trust, Series 2006-CB7, Class A4, (1 mo. LIBOR US + 0.16%), 0.25%, 10/25/36(b) |
5,146 | 4,319,773 | ||||||||||
|
CIFC Funding Ltd., Series 2020-1A, Class DR, (3 mo. LIBOR US + 3.10%), 3.22%, 07/15/36(b)(c) |
500 | 499,995 | ||||||||||
|
Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 5.78%, 10/25/36(d) |
381 | 325,301 | ||||||||||
|
Clear Creek CLO, Series 2015-1A, Class DR, (3 mo. LIBOR US + 2.95%), 3.08%, 10/20/30(b)(c) |
250 | 248,685 | ||||||||||
|
Countrywide Asset-Backed Certificates, Series 2006- 26, Class 1A, (1 mo. LIBOR US + 0.14%), 0.23%, 06/25/37(b) |
637 | 608,646 | ||||||||||
|
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1 mo. LIBOR US + 0.14%), 0.23%, 01/15/37(b) |
633 | 607,775 | ||||||||||
|
Fremont Home Loan Trust(b) |
||||||||||||
|
Series 2006-A, Class 2A3, (1 mo. LIBOR US + 0.32%), 0.41%, 05/25/36 |
4,531 | 3,383,983 | ||||||||||
|
Series 2006-D, Class 2A3, (1 mo. LIBOR US + 0.15%), 0.24%, 11/25/36 |
6,763 | 3,249,111 | ||||||||||
|
Galaxy XXI CLO Ltd., Series 2015-21A, Class ER, (3 mo. LIBOR US + 5.25%), 5.38%, 04/20/31(b)(c) |
500 | 487,661 | ||||||||||
|
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1 mo. LIBOR US + 0.17%), 0.26%, 04/25/37(b) |
3,993 | 3,278,892 | ||||||||||
| Security |
Par
(000) |
Value | ||||||||||
|
Asset-Backed Securities (continued) |
|
|||||||||||
|
HPS Loan Management Ltd., Series 8A-2016, Class ER, (3 mo. LIBOR US + 5.50%), 5.63%, 07/20/30(b)(c) |
USD | 1,000 | $ | 953,446 | ||||||||
|
Kayne CLO 6 Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 7.66%, 01/20/33(b)(c) |
500 | 500,797 | ||||||||||
|
Long Beach Mortgage Loan Trust(b) |
||||||||||||
|
Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.16%), 0.25%, 11/25/36 |
10,084 | 4,334,558 | ||||||||||
|
Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.16%), 0.25%, 08/25/36 |
5,510 | 2,920,205 | ||||||||||
|
Madison Park Funding X Ltd.(b)(c) |
||||||||||||
|
Series 2012-10A, Class DR2, (3 mo. LIBOR US + 3.25%), 3.38%, 01/20/29 |
750 | 750,146 | ||||||||||
|
Series 2012-10A, Class ER2, (3 mo. LIBOR US + 6.40%), 6.53%, 01/20/29 |
1,500 | 1,496,274 | ||||||||||
|
Mastr Asset-Backed Securities Trust, Series 2006- HE2, Class A3, (1 mo. LIBOR US + 0.30%), 0.39%, 06/25/36(b) |
8,034 | 4,232,073 | ||||||||||
|
Neuberger Berman CLO Ltd., Series 2015-20A, (3 mo. LIBOR US + 6.50%), 6.62%, 07/15/34(b)(c) |
710 | 713,529 | ||||||||||
|
Neuberger Berman Loan Advisers CLO 37 Ltd., Series 2020-37A, Class CR, (3 mo. LIBOR US + 1.80%), 1.93%, 07/20/31(b)(c) |
400 | 398,867 | ||||||||||
|
Oaktree CLO Ltd., Series 2015-1A,
|
1,000 | 998,813 | ||||||||||
|
Octagon Investment Partners 31 LLC, Series 2017- 1A, Class E, (3 mo. LIBOR US + 6.30%), 6.43%, 07/20/30(b)(c) |
500 | 495,250 | ||||||||||
|
Octagon Investment Partners XXII Ltd., Series 2014- 1A, Class DRR, (3 mo. LIBOR US + 2.75%), 2.88%, 01/22/30(b)(c) |
500 | 495,000 | ||||||||||
|
OZLM XXI Ltd., Series 2017-21A, Class D, (3 mo. LIBOR US + 5.54%), 5.67%, 01/20/31(b)(c) |
250 | 233,860 | ||||||||||
|
Palmer Square Loan Funding Ltd.(b)(c) |
||||||||||||
|
Series 2018-5A, Class D, (3 mo. LIBOR US + 4.25%), 4.38%, 01/20/27 |
500 | 499,531 | ||||||||||
|
Series 2019-2A, Class B, (3 mo. LIBOR US + 2.25%), 2.38%, 04/20/27 |
250 | 250,087 | ||||||||||
|
Series 2019-3A, Class B, (3 mo. LIBOR US + 2.10%), 2.23%, 08/20/27 |
750 | 751,100 | ||||||||||
|
Regional Management Issuance, 3.88%, 10/17/33 |
1,110 | 1,110,000 | ||||||||||
|
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37(d) |
3,794 | 2,182,735 | ||||||||||
|
Rockford Tower CLO Ltd., Series 2017-2A, Class DR, (3 mo. LIBOR US + 2.85%), 2.97%, 10/15/29(b)(c) |
500 | 500,001 | ||||||||||
|
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1 mo. LIBOR US + 0.40%), 0.49%, 09/25/47(b) |
4,731 | 4,628,467 | ||||||||||
|
Scholar Funding Trust, Series 2013-A, Class R, 0.00%, (a) |
— | (e) | 1,604,981 | |||||||||
|
TICP CLO VII Ltd., Series 2017-7A, Class ER, (3 mo. LIBOR US + 7.05%), 7.17%, 04/15/33(b)(c) |
250 | 250,722 | ||||||||||
|
Treman Park CLO Ltd., Series 2015-1A, Class DRR, (3 mo. LIBOR US + 2.65%), 2.78%, 10/20/28(b)(c) |
1,500 | 1,502,280 | ||||||||||
|
TRESTLES CLO Ltd., Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.90%), 3.02%, 04/25/32(b)(c) |
250 | 249,075 | ||||||||||
|
Unique Pub Finance Co. PLC(f) |
||||||||||||
|
Series M, 7.40%, 03/28/24 |
GBP | 2,714 | 3,901,152 | |||||||||
|
Series N, 6.46%, 03/30/32 |
50 | 82,133 | ||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
9 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par
(000) |
Value | ||||||||||
|
Asset-Backed Securities (continued) |
|
|||||||||||
|
WaMu Asset-Backed Certificates Trust, Series 2007- HE3, Class 2A3, (1 mo. LIBOR US + 0.24%), 0.33%, 05/25/37(b) |
USD | 6,757 | $ | 6,366,956 | ||||||||
|
York CLO-2 Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.65%), 5.78%, 01/22/31(b)(c) |
250 | 244,102 | ||||||||||
|
|
|
|||||||||||
|
Total Asset-Backed Securities — 11.8%
|
79,885,908 | |||||||||||
|
|
|
|||||||||||
| Shares | ||||||||||||
|
Common Stocks |
|
|||||||||||
|
Aerospace & Defense — 0.3% |
|
|||||||||||
|
Raytheon Technologies Corp. |
25,650 | 2,279,259 | ||||||||||
|
|
|
|||||||||||
|
Building Products — 0.2% |
|
|||||||||||
|
Carrier Global Corp. |
25,650 | 1,339,699 | ||||||||||
|
|
|
|||||||||||
|
Diversified Telecommunication Services — 0.0% |
|
|||||||||||
|
Liberty Global PLC, Class A(g) |
247 | 7,099 | ||||||||||
|
|
|
|||||||||||
|
Machinery — 0.2% |
|
|||||||||||
|
Otis Worldwide Corp. |
12,825 | 1,029,976 | ||||||||||
|
|
|
|||||||||||
|
Oil, Gas & Consumable Fuels — 0.0% |
|
|||||||||||
|
SM Energy Co. |
6,342 | 217,657 | ||||||||||
|
|
|
|||||||||||
|
Total Common Stocks — 0.7%
|
|
4,873,690 | ||||||||||
|
|
|
|||||||||||
|
Par
(000) |
||||||||||||
|
Corporate Bonds |
|
|||||||||||
| Aerospace & Defense — 2.6% | ||||||||||||
|
Amsted Industries, Inc., 5.63%, 07/01/27(c) |
USD | 185 | 192,400 | |||||||||
|
Bombardier, Inc.(c) |
||||||||||||
|
7.50%, 12/01/24 |
263 | 273,849 | ||||||||||
|
7.50%, 03/15/25(h) |
44 | 45,155 | ||||||||||
|
7.13%, 06/15/26 |
817 | 856,829 | ||||||||||
|
7.88%, 04/15/27(h) |
522 | 542,541 | ||||||||||
|
6.00%, 02/15/28 |
492 | 496,305 | ||||||||||
|
7.45%, 05/01/34 |
100 | 122,000 | ||||||||||
|
BWX Technologies, Inc.(c) |
||||||||||||
|
4.13%, 06/30/28 |
22 | 22,275 | ||||||||||
|
4.13%, 04/15/29 |
221 | 224,260 | ||||||||||
|
Embraer Netherlands Finance BV, 6.95%, 01/17/28(c) |
269 | 298,052 | ||||||||||
|
F-Brasile SpA/F-Brasile US LLC, Series XR, 7.38%, 08/15/26(c) |
464 | 470,960 | ||||||||||
|
Howmet Aerospace, Inc., 5.13%, 10/01/24 |
2 | 2,192 | ||||||||||
|
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25(c)(h) |
448 | 463,120 | ||||||||||
|
Lockheed Martin Corp., 4.09%, 09/15/52(h) |
451 | 565,576 | ||||||||||
|
Raytheon Technologies Corp., 3.75%, 11/01/46(h) |
700 | 791,625 | ||||||||||
|
Rolls-Royce PLC, 5.75%, 10/15/27(c)(h) |
1,145 | 1,267,000 | ||||||||||
|
Spirit AeroSystems, Inc., 5.50%, 01/15/25(c) |
236 | 245,735 | ||||||||||
|
TransDigm, Inc. |
||||||||||||
|
8.00%, 12/15/25(c)(h) |
825 | 877,594 | ||||||||||
|
6.25%, 03/15/26(c)(h) |
6,999 | 7,305,206 | ||||||||||
|
6.38%, 06/15/26 |
113 | 116,814 | ||||||||||
| Security |
Par
(000) |
Value | ||||||||||
| Aerospace & Defense (continued) | ||||||||||||
|
TransDigm, Inc. (continued) |
||||||||||||
|
7.50%, 03/15/27 |
USD | 134 | $ | 140,532 | ||||||||
|
4.63%, 01/15/29 |
347 | 344,831 | ||||||||||
|
4.88%, 05/01/29 |
382 | 383,120 | ||||||||||
|
Triumph Group, Inc., 8.88%, 06/01/24(c)(h) |
1,055 | 1,212,762 | ||||||||||
|
|
|
|||||||||||
| 17,260,733 | ||||||||||||
| Airlines — 2.0% | ||||||||||||
|
Air Canada, 3.88%, 08/15/26(c) |
401 | 406,012 | ||||||||||
|
American Airlines Pass-Through Trust, Series 2013-2, Class A, 4.95%, 07/15/24(h) |
456 | 464,564 | ||||||||||
|
American Airlines, Inc., 11.75%, 07/15/25(c) |
300 | 371,625 | ||||||||||
|
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(c) |
||||||||||||
|
5.50%, 04/20/26 |
976 | 1,024,044 | ||||||||||
|
5.75%, 04/20/29 |
1,017 | 1,095,033 | ||||||||||
|
Avianca Holdings SA, Series IAI, (10.00% Cash or 12.00% PIK), 9.00%, 03/31/22(c)(i) |
295 | 295,389 | ||||||||||
|
Azul Investments LLP |
||||||||||||
|
5.88%, 10/26/24(f) |
200 | 185,163 | ||||||||||
|
7.25%, 06/15/26(c) |
230 | 213,224 | ||||||||||
|
Continental Airlines Pass-Through Trust, Series 2007-1, Class B, 6.90%, 10/19/23 |
16 | 15,676 | ||||||||||
|
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28(c) |
175 | 194,325 | ||||||||||
|
Deutsche Lufthansa AG(f) |
||||||||||||
|
2.00%, 07/14/24 |
EUR | 100 | 115,915 | |||||||||
|
3.75%, 02/11/28 |
100 | 119,299 | ||||||||||
|
3.50%, 07/14/29 |
100 | 116,912 | ||||||||||
|
Gol Finance SA, 8.00%, 06/30/26(c) |
USD | 637 | 619,801 | |||||||||
|
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(c) |
317 | 332,850 | ||||||||||
|
International Consolidated Airlines Group SA(f) |
|
|||||||||||
|
2.75%, 03/25/25 |
EUR | 100 | 115,151 | |||||||||
|
3.75%, 03/25/29 |
100 | 114,812 | ||||||||||
|
Latam Finance Ltd., 6.88%, 04/11/24(c)(g)(j) |
USD | 737 | 665,281 | |||||||||
|
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(c)(h) |
860 | 935,990 | ||||||||||
|
United Airlines Pass-Through Trust |
||||||||||||
|
Series 2015-1, Class A, 3.70%, 06/01/24(h) |
3,570 | 3,652,368 | ||||||||||
|
Series 2020-1, Class A, 5.88%, 04/15/29(h) |
1,042 | 1,166,214 | ||||||||||
|
Series 2020-1, Class B, 4.88%, 07/15/27 |
54 | 56,937 | ||||||||||
|
United Airlines, Inc.(c) |
||||||||||||
|
4.38%, 04/15/26(h) |
588 | 608,268 | ||||||||||
|
4.63%, 04/15/29 |
531 | 547,450 | ||||||||||
|
|
|
|||||||||||
| 13,432,303 | ||||||||||||
| Auto Components — 1.1% | ||||||||||||
|
Aptiv PLC(h) |
||||||||||||
|
4.25%, 01/15/26 |
400 | 440,413 | ||||||||||
|
4.40%, 10/01/46 |
280 | 337,599 | ||||||||||
|
Clarios Global LP/Clarios US Finance Co. |
||||||||||||
|
4.38%, 05/15/26(f) |
EUR | 101 | 119,403 | |||||||||
|
6.25%, 05/15/26(c)(h) |
USD | 1,403 | 1,467,889 | |||||||||
|
8.50%, 05/15/27(c)(h) |
2,965 | 3,149,631 | ||||||||||
|
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(c) |
436 | 453,440 | ||||||||||
|
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/29(c) |
142 | 140,047 | ||||||||||
|
Faurecia SE, 3.75%, 06/15/28(f) |
EUR | 100 | 119,765 | |||||||||
|
Goodyear Tire & Rubber Co. |
||||||||||||
|
5.00%, 07/15/29(c) |
USD | 167 | 176,185 | |||||||||
|
5.25%, 07/15/31(c) |
407 | 433,129 | ||||||||||
| 10 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par
(000) |
Value | ||||||||||
| Auto Components (continued) | ||||||||||||
|
Goodyear Tire & Rubber Co. (continued) |
||||||||||||
|
5.63%, 04/30/33 |
USD | 409 | $ | 439,675 | ||||||||
|
IHO Verwaltungs GmbH, (4.63% PIK), 3.88%, 05/15/27(f)(i) |
EUR | 100 | 118,364 | |||||||||
|
ZF Finance GmbH(f) |
||||||||||||
|
3.00%, 09/21/25 |
100 | 121,027 | ||||||||||
|
2.00%, 05/06/27 |
100 | 115,600 | ||||||||||
|
|
|
|||||||||||
| 7,632,167 | ||||||||||||
| Automobiles — 1.8% | ||||||||||||
|
Allison Transmission, Inc.(c) |
||||||||||||
|
5.88%, 06/01/29 |
USD | 306 | 329,332 | |||||||||
|
3.75%, 01/30/31 |
375 | 360,469 | ||||||||||
|
Asbury Automotive Group, Inc. |
||||||||||||
|
4.50%, 03/01/28 |
168 | 170,940 | ||||||||||
|
4.75%, 03/01/30 |
164 | 167,280 | ||||||||||
|
Carvana Co.(c) |
||||||||||||
|
5.50%, 04/15/27 |
371 | 373,782 | ||||||||||
|
4.88%, 09/01/29 |
286 | 276,705 | ||||||||||
|
Constellation Automotive Financing PLC, 4.88%, 07/15/27(f) |
GBP | 100 | 131,723 | |||||||||
|
Ford Motor Co., 0.00%, 03/15/26(c)(k)(l) |
USD | 282 | 333,574 | |||||||||
|
Ford Motor Credit Co. LLC |
||||||||||||
|
5.13%, 06/16/25(h) |
397 | 430,745 | ||||||||||
|
3.38%, 11/13/25 |
200 | 205,500 | ||||||||||
|
4.39%, 01/08/26(h) |
1,250 | 1,337,500 | ||||||||||
|
2.70%, 08/10/26 |
376 | 375,564 | ||||||||||
|
4.27%, 01/09/27 |
214 | 227,116 | ||||||||||
|
4.13%, 08/17/27 |
320 | 339,600 | ||||||||||
|
3.82%, 11/02/27 |
200 | 207,500 | ||||||||||
|
2.90%, 02/16/28 |
376 | 372,710 | ||||||||||
|
4.00%, 11/13/30(h) |
937 | 977,994 | ||||||||||
|
General Motors Co., 6.25%, 10/02/43(h) |
2,194 | 2,993,530 | ||||||||||
|
General Motors Financial Co., Inc., 4.25%, 05/15/23(h) |
326 | 342,435 | ||||||||||
|
Group 1 Automotive, Inc., 4.00%, 08/15/28(c) |
59 | 59,012 | ||||||||||
|
Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28(f) |
EUR | 100 | 114,952 | |||||||||
|
Ken Garff Automotive LLC, 4.88%, 09/15/28(c) |
USD | 156 | 157,950 | |||||||||
|
LCM Investments Holdings II LLC, 4.88%, 05/01/29(c) |
373 | 383,004 | ||||||||||
|
Lithia Motors, Inc., 3.88%, 06/01/29(c) |
167 | 173,054 | ||||||||||
|
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(c) |
184 | 177,008 | ||||||||||
|
Penske Automotive Group, Inc. |
||||||||||||
|
3.50%, 09/01/25 |
104 | 106,860 | ||||||||||
|
3.75%, 06/15/29 |
87 | 86,522 | ||||||||||
|
Renault SA, 2.38%, 05/25/26(f) |
EUR | 100 | 117,173 | |||||||||
|
Sonic Automotive, Inc.(c) |
||||||||||||
|
4.63%, 11/15/29 |
USD | 121 | 121,351 | |||||||||
|
4.88%, 11/15/31 |
121 | 121,000 | ||||||||||
|
TML Holdings Pte Ltd., 4.35%, 06/09/26(f) |
200 | 202,813 | ||||||||||
|
Wabash National Corp., 4.50%, 10/15/28(c) |
281 | 273,197 | ||||||||||
|
|
|
|||||||||||
| 12,047,895 | ||||||||||||
| Banks — 1.6% | ||||||||||||
|
American Finance Trust, Inc./American Finance Operating Partner LP, 4.50%, 09/30/28(c) |
84 | 84,000 | ||||||||||
|
Banca Monte dei Paschi di Siena SpA, 2.63%, 04/28/25(f) |
EUR | 100 | 116,655 | |||||||||
| Security |
Par
(000) |
Value | ||||||||||
| Banks (continued) | ||||||||||||
|
Banco Bilbao Vizcaya Argentaria SA, (5 year USD Swap + 3.87%), 6.13%(b)(h)(m) |
USD | 2,000 | $ | 2,150,520 | ||||||||
|
Banco BPM SpA, (5 year EUR Swap + 3.17%), 2.88%, 06/29/31(b)(f) |
EUR | 100 | 115,448 | |||||||||
|
Banco GNB Sudameris SA, (5 year CMT + 6.66%), 7.50%, 04/16/31(b)(c) |
USD | 161 | 163,093 | |||||||||
|
Banco Industrial SA, (5 year CMT + 4.44%), 4.88%, 01/29/31(b)(c) |
205 | 204,910 | ||||||||||
|
Bangkok Bank PCL(b)(f) |
||||||||||||
|
(5 year CMT + 1.90%), 3.73%, 09/25/34 |
245 | 248,797 | ||||||||||
|
(5 year CMT + 4.73%), 5.00% |
205 | 211,701 | ||||||||||
|
Bank Leumi Le-Israel BM, (5 year CMT + 1.63%), 3.28%, 01/29/31(b)(c) |
407 | 410,052 | ||||||||||
|
Bank of East Asia Ltd., (5 year CMT + 5.53%), 5.83%(b)(f)(m) |
250 | 261,016 | ||||||||||
|
Bank Tabungan Negara Persero Tbk PT, 4.20%, 01/23/25(f) |
200 | 202,085 | ||||||||||
|
BBK BSC, 5.50%, 07/09/24(f) |
289 | 294,744 | ||||||||||
|
Chong Hing Bank Ltd., (5 year CMT + 3.86%), 5.70%(b)(f)(m) |
250 | 257,234 | ||||||||||
|
Commerzbank AG, (5 year EUR Swap + 6.36%), 6.13%(b)(f)(m) |
EUR | 200 | 250,214 | |||||||||
|
Emirates NBD Bank PJSC, (6 year USD Swap + 3.66%), 6.13%(b)(f)(m) |
USD | 250 | 264,141 | |||||||||
|
Intesa Sanpaolo SpA |
||||||||||||
|
5.02%, 06/26/24(c)(h) |
2,888 | 3,097,212 | ||||||||||
|
(5 year EUR Swap + 5.75%), 5.88%, 03/04/29(b)(f) |
EUR | 100 | 128,023 | |||||||||
|
NBK Tier 1 Financing Ltd., (6 year USD Swap + 2.88%), 3.63%(b)(c)(m) |
USD | 556 | 553,046 | |||||||||
|
Standard Chartered PLC, (5 year USD ICE Swap + 1.97%), 4.87%, 03/15/33(b)(c)(h) |
500 | 546,353 | ||||||||||
|
SVB Financial Group, Series D, (5 year CMT + 3.07%), 4.25%(b)(m) |
1,000 | 1,003,000 | ||||||||||
|
Wells Fargo & Co., (5 year CMT + 3.45%), 3.90%(b)(m) |
465 | 473,719 | ||||||||||
|
|
|
|||||||||||
| 11,035,963 | ||||||||||||
| Beverages — 1.7% | ||||||||||||
|
Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 06/29/28(c) |
200 | 200,750 | ||||||||||
|
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46(h) |
2,160 | 2,754,913 | ||||||||||
|
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(c)(h)(i) |
1,216 | 1,273,760 | ||||||||||
|
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29(c)(h) |
1,346 | 1,338,462 | ||||||||||
|
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(c) |
||||||||||||
|
4.13%, 08/15/26 |
510 | 520,215 | ||||||||||
|
4.75%, 07/15/27 |
GBP | 100 | 138,240 | |||||||||
|
Ball Corp. |
||||||||||||
|
5.25%, 07/01/25 |
USD | 44 | 49,053 | |||||||||
|
2.88%, 08/15/30 |
46 | 44,217 | ||||||||||
|
3.13%, 09/15/31 |
529 | 514,452 | ||||||||||
|
Canpack SA/Canpack US LLC, 3.13%, 11/01/25(c) |
211 | 212,517 | ||||||||||
|
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26 |
45 | 55,350 | ||||||||||
|
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(c)(h) |
1,030 | 1,032,266 | ||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
11 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par
(000) |
Value | ||||||||||
| Beverages (continued) | ||||||||||||
|
OI European Group BV, 2.88%, 02/15/25(f) |
EUR | 100 | $ | 116,030 | ||||||||
|
Silgan Holdings, Inc., 4.13%, 02/01/28 |
USD | 71 | 72,154 | |||||||||
|
Trivium Packaging Finance BV(c)(h) |
||||||||||||
|
5.50%, 08/15/26 |
1,189 | 1,235,050 | ||||||||||
|
8.50%, 08/15/27 |
1,924 | 2,029,070 | ||||||||||
|
|
|
|||||||||||
| 11,586,499 | ||||||||||||
| Biotechnology — 0.2% | ||||||||||||
|
Cidron Aida Finco Sarl, 5.00%, 04/01/28(f) |
EUR | 100 | 113,451 | |||||||||
|
Emergent BioSolutions, Inc., 3.88%, 08/15/28(c) |
USD | 140 | 134,400 | |||||||||
|
Gilead Sciences, Inc., 4.75%, 03/01/46(h) |
700 | 894,097 | ||||||||||
|
|
|
|||||||||||
| 1,141,948 | ||||||||||||
| Building Materials(c) — 0.7% | ||||||||||||
|
Cemex SAB de CV, 3.88%, 07/11/31 |
235 | 234,835 | ||||||||||
|
Cornerstone Building Brands, Inc., 6.13%, 01/15/29(h) |
653 | 677,487 | ||||||||||
|
CP Atlas Buyer, Inc., 7.00%, 12/01/28 |
453 | 438,277 | ||||||||||
|
Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/25(h) |
437 | 465,733 | ||||||||||
|
Jeld-Wen, Inc., 6.25%, 05/15/25 |
189 | 199,159 | ||||||||||
|
Masonite International Corp. |
||||||||||||
|
3.50%, 02/15/30 |
273 | 266,432 | ||||||||||
|
Class C, 5.38%, 02/01/28 |
161 | 169,050 | ||||||||||
|
New Enterprise Stone & Lime Co., Inc. |
||||||||||||
|
5.25%, 07/15/28 |
103 | 103,915 | ||||||||||
|
9.75%, 07/15/28 |
48 | 51,480 | ||||||||||
|
Patrick Industries, Inc., 4.75%, 05/01/29 |
81 | 80,393 | ||||||||||
|
SRM Escrow Issuer LLC, 6.00%, 11/01/28 |
620 | 644,800 | ||||||||||
|
Standard Industries, Inc. |
||||||||||||
|
5.00%, 02/15/27 |
48 | 49,260 | ||||||||||
|
4.75%, 01/15/28 |
68 | 70,125 | ||||||||||
|
4.38%, 07/15/30(h) |
718 | 718,000 | ||||||||||
|
3.38%, 01/15/31(h) |
376 | 348,654 | ||||||||||
|
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 |
227 | 237,782 | ||||||||||
|
Victors Merger Corp., 6.38%, 05/15/29 |
202 | 189,880 | ||||||||||
|
|
|
|||||||||||
| 4,945,262 | ||||||||||||
| Building Products — 0.6% | ||||||||||||
|
Advanced Drainage Systems, Inc., 5.00%, 09/30/27(c) |
310 | 322,400 | ||||||||||
|
Beacon Roofing Supply, Inc., 4.13%, 05/15/29(c) |
128 | 125,920 | ||||||||||
|
Foundation Building Materials, Inc., 6.00%, 03/01/29(c)(h) |
247 | 239,128 | ||||||||||
|
GYP Holdings III Corp., 4.63%, 05/01/29(c) |
300 | 296,250 | ||||||||||
|
LBM Acquisition LLC, 6.25%, 01/15/29(c) |
617 | 599,168 | ||||||||||
|
Lowe’s Cos., Inc., 4.65%, 04/15/42(h) |
400 | 494,595 | ||||||||||
|
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26(c) |
329 | 342,571 | ||||||||||
|
SRS Distribution, Inc.(c) |
||||||||||||
|
4.63%, 07/01/28 |
556 | 568,399 | ||||||||||
|
6.13%, 07/01/29 |
441 | 453,679 | ||||||||||
|
White Cap Buyer LLC, 6.88%, 10/15/28(c)(h) |
540 | 557,550 | ||||||||||
|
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26(c)(i) |
268 | 270,967 | ||||||||||
|
|
|
|||||||||||
| 4,270,627 | ||||||||||||
| Capital Markets — 0.8% | ||||||||||||
|
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%(b)(m) |
1,060 | 1,075,900 | ||||||||||
| Security |
Par
(000) |
Value | ||||||||||
| Capital Markets (continued) | ||||||||||||
|
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(c) |
USD | 273 | $ | 283,920 | ||||||||
|
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
||||||||||||
|
6.25%, 05/15/26 |
498 | 521,655 | ||||||||||
|
5.25%, 05/15/27(h) |
723 | 751,920 | ||||||||||
|
4.38%, 02/01/29 |
261 | 262,154 | ||||||||||
|
Intercorp Peru Ltd., 3.88%, 08/15/29(c) |
470 | 456,711 | ||||||||||
|
NFP Corp.(c) |
||||||||||||
|
4.88%, 08/15/28 |
554 | 562,310 | ||||||||||
|
6.88%, 08/15/28(h) |
647 | 657,315 | ||||||||||
|
Raymond James Financial, Inc., 4.95%, 07/15/46(h) |
400 | 525,564 | ||||||||||
|
XP, Inc., 3.25%, 07/01/26(c) |
335 | 319,883 | ||||||||||
|
|
|
|||||||||||
| 5,417,332 | ||||||||||||
| Chemicals — 2.0% | ||||||||||||
|
Ashland LLC, 3.38%, 09/01/31(c) |
448 | 442,400 | ||||||||||
|
Axalta Coating Systems LLC, 3.38%, 02/15/29(c) |
445 | 423,822 | ||||||||||
|
Braskem Idesa SAPI, 6.99%, 02/20/32(c) |
305 | 311,954 | ||||||||||
|
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81(b)(c) |
537 | 599,527 | ||||||||||
|
Chemours Co., 4.00%, 05/15/26 |
EUR | 200 | 233,242 | |||||||||
|
Diamond (BC) BV, 4.63%, 10/01/29(c) |
USD | 336 | 338,352 | |||||||||
|
Element Solutions, Inc., 3.88%, 09/01/28(c)(h) |
1,693 | 1,691,442 | ||||||||||
|
Equate Petrochemical BV, 2.63%, 04/28/28(c) |
200 | 199,313 | ||||||||||
|
EverArc Escrow Sarl, 5.00%, 10/30/29(c) |
681 | 681,000 | ||||||||||
|
GCP Applied Technologies, Inc., 5.50%, 04/15/26(c) |
199 | 203,776 | ||||||||||
|
HB Fuller Co., 4.25%, 10/15/28 |
125 | 126,719 | ||||||||||
|
Herens Holdco Sarl, 4.75%, 05/15/28(c) |
471 | 467,256 | ||||||||||
|
Herens Midco Sarl, 5.25%, 05/15/29(f) |
EUR | 100 | 107,637 | |||||||||
|
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(c) |
USD | 266 | 287,280 | |||||||||
|
Ingevity Corp., 3.88%, 11/01/28(c) |
105 | 103,157 | ||||||||||
|
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(c) |
144 | 144,114 | ||||||||||
|
Minerals Technologies, Inc., 5.00%, 07/01/28(c) |
218 | 224,527 | ||||||||||
|
Monitchem HoldCo 3 SA, 5.25%, 03/15/25(f) |
EUR | 100 | 116,816 | |||||||||
|
Nobian Finance BV, 3.63%, 07/15/26(f) |
100 | 111,843 | ||||||||||
|
NOVA Chemicals Corp., 4.88%, 06/01/24(c) |
USD | 80 | 83,260 | |||||||||
|
OCP SA, 3.75%, 06/23/31(c) |
280 | 274,400 | ||||||||||
|
Orbia Advance Corp. SAB de CV, 5.50%, 01/15/48(c)(h) |
526 | 615,025 | ||||||||||
|
Sasol Financing USA LLC |
||||||||||||
|
4.38%, 09/18/26 |
200 | 203,000 | ||||||||||
|
6.50%, 09/27/28 |
290 | 321,175 | ||||||||||
|
5.50%, 03/18/31 |
320 | 328,000 | ||||||||||
|
SCIH Salt Holdings, Inc.(c) |
||||||||||||
|
4.88%, 05/01/28 |
147 | 143,693 | ||||||||||
|
6.63%, 05/01/29(h) |
229 | 215,546 | ||||||||||
|
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26(c)(n) |
305 | 307,480 | ||||||||||
|
Scotts Miracle-Gro Co.(c) |
||||||||||||
|
4.00%, 04/01/31 |
334 | 331,278 | ||||||||||
|
4.38%, 02/01/32 |
34 | 34,172 | ||||||||||
|
Sherwin-Williams Co., 4.50%, 06/01/47(h) |
310 | 387,968 | ||||||||||
|
SPCM SA, 3.13%, 03/15/27(c) |
200 | 197,750 | ||||||||||
|
Valvoline, Inc., 3.63%, 06/15/31(c) |
2 | 1,950 | ||||||||||
|
Vedanta Resources Finance II PLC, 9.25%, 04/23/26(f) |
282 | 269,310 | ||||||||||
|
WESCO Distribution, Inc.(c)(h) |
||||||||||||
|
7.13%, 06/15/25 |
830 | 879,800 | ||||||||||
| 12 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par
(000) |
Value | ||||||||||
| Chemicals (continued) | ||||||||||||
|
WESCO Distribution, Inc.(c)(h) (continued) |
||||||||||||
|
7.25%, 06/15/28 |
USD | 547 | $ | 603,292 | ||||||||
|
WR Grace & Co-Conn, 5.63%, 10/01/24(c)(h) |
300 | 321,750 | ||||||||||
|
WR Grace Holdings LLC,
|
1,205 | 1,215,544 | ||||||||||
|
|
|
|||||||||||
| 13,548,570 | ||||||||||||
| Commercial Services & Supplies — 0.9% | ||||||||||||
|
ADT Security Corp. |
||||||||||||
|
4.13%, 06/15/23 |
16 | 16,657 | ||||||||||
|
4.88%, 07/15/32(c)(h) |
445 | 445,022 | ||||||||||
|
Albion Financing 1 SARL / Aggreko Holdings, Inc. |
||||||||||||
|
5.25%, 10/15/26(f) |
EUR | 100 | 116,042 | |||||||||
|
6.13%, 10/15/26(c) |
USD | 222 | 224,022 | |||||||||
|
APX Group, Inc., 5.75%, 07/15/29(c) |
342 | 339,007 | ||||||||||
|
ASGN, Inc., 4.63%, 05/15/28(c) |
120 | 123,900 | ||||||||||
|
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29(c) |
135 | 142,088 | ||||||||||
|
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28(f) |
EUR | 100 | 115,334 | |||||||||
|
DAE Funding LLC, 3.38%, 03/20/28(c) |
USD | 490 | 499,187 | |||||||||
|
EC Finance PLC, 3.00%, 10/15/26(f) |
EUR | 200 | 233,512 | |||||||||
|
Fortress Transportation & Infrastructure Investors LLC(c) |
||||||||||||
|
6.50%, 10/01/25 |
USD | 97 | 99,818 | |||||||||
|
5.50%, 05/01/28 |
396 | 396,990 | ||||||||||
|
Herc Holdings, Inc., 5.50%, 07/15/27(c) |
455 | 474,337 | ||||||||||
|
Intertrust Group BV, 3.38%, 11/15/25(f) |
EUR | 100 | 116,178 | |||||||||
|
Metis Merger Sub LLC, 6.50%, 05/15/29(c) |
USD | 273 | 270,270 | |||||||||
|
NESCO Holdings II, Inc., 5.50%, 04/15/29(c) |
305 | 308,813 | ||||||||||
|
Prime Security Services Borrower LLC/Prime Finance, Inc.(c) |
||||||||||||
|
5.25%, 04/15/24 |
178 | 189,348 | ||||||||||
|
5.75%, 04/15/26(h) |
416 | 444,974 | ||||||||||
|
3.38%, 08/31/27 |
74 | 70,884 | ||||||||||
|
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(c)(h) |
157 | 159,748 | ||||||||||
|
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(c) |
464 | 474,440 | ||||||||||
|
United Rentals North America, Inc. |
||||||||||||
|
5.50%, 05/15/27 |
345 | 361,601 | ||||||||||
|
5.25%, 01/15/30 |
170 | 184,025 | ||||||||||
|
Verisure Holding AB, 3.25%, 02/15/27(f) |
EUR | 100 | 115,169 | |||||||||
|
|
|
|||||||||||
| 5,921,366 | ||||||||||||
| Communications Equipment — 0.6% | ||||||||||||
|
Avaya, Inc., 6.13%, 09/15/28(c)(h) |
USD | 725 | 754,217 | |||||||||
|
CommScope Technologies LLC, 5.00%, 03/15/27(c)(h) |
159 | 147,526 | ||||||||||
|
CommScope, Inc.(c) |
||||||||||||
|
6.00%, 03/01/26 |
103 | 106,090 | ||||||||||
|
8.25%, 03/01/27 |
487 | 496,224 | ||||||||||
|
7.13%, 07/01/28 |
391 | 385,624 | ||||||||||
|
4.75%, 09/01/29 |
598 | 586,758 | ||||||||||
|
Nokia OYJ(h) |
||||||||||||
|
3.38%, 06/12/22 |
126 | 127,733 | ||||||||||
|
4.38%, 06/12/27 |
177 | 190,275 | ||||||||||
|
ViaSat, Inc.(c)(h) |
||||||||||||
|
5.63%, 04/15/27 |
231 | 240,240 | ||||||||||
|
6.50%, 07/15/28 |
832 | 873,600 | ||||||||||
|
Viavi Solutions, Inc., 3.75%, 10/01/29(c) |
373 | 370,314 | ||||||||||
|
|
|
|||||||||||
| 4,278,601 | ||||||||||||
| Security |
Par
(000) |
Value | ||||||||||
| Construction Materials(c) — 0.3% | ||||||||||||
|
American Builders & Contractors Supply Co., Inc. |
||||||||||||
|
4.00%, 01/15/28(h) |
USD | 444 | $ | 450,105 | ||||||||
|
3.88%, 11/15/29 |
60 | 59,025 | ||||||||||
|
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 |
139 | 137,610 | ||||||||||
|
H&E Equipment Services, Inc., 3.88%, 12/15/28 |
76 | 75,430 | ||||||||||
|
IAA, Inc., 5.50%, 06/15/27 |
443 | 460,166 | ||||||||||
|
Thor Industries, Inc., 4.00%, 10/15/29 |
215 | 212,915 | ||||||||||
|
Williams Scotsman International, Inc., 4.63%, 08/15/28 |
316 | 326,665 | ||||||||||
|
Winnebago Industries, Inc., 6.25%, 07/15/28 |
176 | 190,300 | ||||||||||
|
|
|
|||||||||||
| 1,912,216 | ||||||||||||
| Consumer Discretionary — 1.4% | ||||||||||||
|
APi Escrow Corp., 4.75%, 10/15/29(c) |
128 | 130,240 | ||||||||||
|
APi Group DE, Inc., 4.13%, 07/15/29(c) |
168 | 167,160 | ||||||||||
|
Carnival Corp. |
||||||||||||
|
10.13%, 02/01/26(f) |
EUR | 100 | 132,362 | |||||||||
|
10.50%, 02/01/26(c)(h) |
USD | 846 | 983,052 | |||||||||
|
5.75%, 03/01/27(c)(h) |
788 | 801,790 | ||||||||||
|
9.88%, 08/01/27(c) |
488 | 561,810 | ||||||||||
|
4.00%, 08/01/28(c) |
1,258 | 1,258,000 | ||||||||||
|
6.00%, 05/01/29(c)(n) |
694 | 693,566 | ||||||||||
|
CoreLogic, Inc., 4.50%, 05/01/28(c) |
627 | 619,520 | ||||||||||
|
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/26(c) |
114 | 115,710 | ||||||||||
|
Life Time, Inc.(c) |
||||||||||||
|
5.75%, 01/15/26 |
329 | 337,758 | ||||||||||
|
8.00%, 04/15/26 |
223 | 234,150 | ||||||||||
|
NCL Corp. Ltd., 5.88%, 03/15/26(c) |
303 | 303,757 | ||||||||||
|
NCL Finance Ltd., 6.13%, 03/15/28(c) |
648 | 653,670 | ||||||||||
|
Nielsen Finance LLC/Nielsen Finance Co.(c) |
||||||||||||
|
5.63%, 10/01/28 |
633 | 658,152 | ||||||||||
|
5.88%, 10/01/30 |
242 | 253,326 | ||||||||||
|
4.75%, 07/15/31 |
71 | 69,197 | ||||||||||
|
Royal Caribbean Cruises Ltd.(c) |
||||||||||||
|
10.88%, 06/01/23 |
114 | 127,538 | ||||||||||
|
9.13%, 06/15/23 |
195 | 211,727 | ||||||||||
|
11.50%, 06/01/25 |
154 | 175,271 | ||||||||||
|
5.50%, 08/31/26 |
145 | 147,719 | ||||||||||
|
5.50%, 04/01/28(h) |
496 | 504,680 | ||||||||||
|
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(c) |
233 | 231,252 | ||||||||||
|
|
|
|||||||||||
| 9,371,407 | ||||||||||||
| Consumer Finance — 1.5% | ||||||||||||
|
American Express Co., (5 year CMT + 2.85%), 3.55%(b)(m) |
940 | 944,700 | ||||||||||
|
HealthEquity, Inc., 4.50%, 10/01/29(c) |
514 | 519,782 | ||||||||||
|
Iron Mountain UK PLC, 3.88%, 11/15/25(f) |
GBP | 100 | 137,676 | |||||||||
|
MoneyGram International, Inc., 5.38%, 08/01/26(c) |
USD | 135 | 135,338 | |||||||||
|
MPH Acquisition Holdings LLC, 5.50%, 09/01/28(c) |
415 | 412,109 | ||||||||||
|
Muthoot Finance Ltd. |
||||||||||||
|
6.13%, 10/31/22(c) |
481 | 492,664 | ||||||||||
|
4.40%, 09/02/23(f) |
200 | 203,062 | ||||||||||
|
Navient Corp. |
||||||||||||
|
7.25%, 09/25/23(h) |
153 | 166,579 | ||||||||||
|
6.13%, 03/25/24 |
105 | 112,350 | ||||||||||
|
5.88%, 10/25/24 |
76 | 81,218 | ||||||||||
|
6.75%, 06/15/26 |
40 | 44,150 | ||||||||||
|
5.00%, 03/15/27 |
335 | 341,610 | ||||||||||
|
OneMain Finance Corp. |
||||||||||||
|
6.13%, 05/15/22 |
85 | 86,913 | ||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
13 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par
(000) |
Value | ||||||||||
| Consumer Finance (continued) | ||||||||||||
|
OneMain Finance Corp. (continued) |
||||||||||||
|
6.88%, 03/15/25 |
USD | 263 | $ | 293,574 | ||||||||
|
7.13%, 03/15/26 |
295 | 334,825 | ||||||||||
|
3.50%, 01/15/27 |
389 | 380,247 | ||||||||||
|
6.63%, 01/15/28 |
262 | 294,095 | ||||||||||
|
5.38%, 11/15/29 |
39 | 41,633 | ||||||||||
|
Sabre GLBL, Inc.(c) |
||||||||||||
|
9.25%, 04/15/25 |
311 | 359,410 | ||||||||||
|
7.38%, 09/01/25 |
336 | 357,000 | ||||||||||
|
Shift4 Payments Inc., 0.00%, 12/15/25(c)(k)(l) |
446 | 483,642 | ||||||||||
|
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(c) |
451 | 467,349 | ||||||||||
|
SLM Corp., 3.13%, 11/02/26 |
221 | 219,066 | ||||||||||
|
Square, Inc., 3.50%, 06/01/31(c)(h) |
793 | 812,825 | ||||||||||
|
Verscend Escrow Corp., 9.75%, 08/15/26(c)(h) |
1,936 | 2,050,824 | ||||||||||
|
|
|
|||||||||||
| 9,772,641 | ||||||||||||
| Containers & Packaging — 0.3% | ||||||||||||
|
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 |
513 | 546,668 | ||||||||||
|
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 |
258 | 265,817 | ||||||||||
|
Graphic Packaging International LLC(c) |
||||||||||||
|
4.75%, 07/15/27 |
104 | 111,930 | ||||||||||
|
3.50%, 03/15/28 |
22 | 22,165 | ||||||||||
|
3.50%, 03/01/29 |
78 | 77,220 | ||||||||||
|
Intertape Polymer Group, Inc., 4.38%, 06/15/29(c) |
171 | 171,428 | ||||||||||
|
Klabin Austria GmbH, 3.20%, 01/12/31(c) |
315 | 288,619 | ||||||||||
|
LABL, Inc., 5.88%, 11/01/28(c) |
332 | 333,975 | ||||||||||
|
Sealed Air Corp.(c) |
||||||||||||
|
5.13%, 12/01/24 |
54 | 58,185 | ||||||||||
|
4.00%, 12/01/27 |
92 | 96,140 | ||||||||||
|
6.88%, 07/15/33 |
44 | 56,430 | ||||||||||
|
Suzano Austria GmbH, 3.75%, 01/15/31 |
200 | 199,500 | ||||||||||
|
|
|
|||||||||||
| 2,228,077 | ||||||||||||
| Diversified Consumer Services — 1.6% | ||||||||||||
|
Allied Universal Holdco LLC/Allied Universal Finance Corp.(c)(h) |
||||||||||||
|
6.63%, 07/15/26 |
2,705 | 2,841,954 | ||||||||||
|
9.75%, 07/15/27 |
985 | 1,058,875 | ||||||||||
|
6.00%, 06/01/29 |
655 | 644,608 | ||||||||||
|
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl |
||||||||||||
|
3.63%, 06/01/28(f) |
EUR | 100 | 113,288 | |||||||||
|
4.63%, 06/01/28(c)(h) |
USD | 900 | 892,728 | |||||||||
|
4.63%, 06/01/28(c) |
710 | 703,575 | ||||||||||
|
Ascend Learning LLC, 6.88%, 08/01/25(c)(h) |
1,197 | 1,217,947 | ||||||||||
|
Clarivate Science Holdings Corp.(c) |
||||||||||||
|
3.88%, 07/01/28 |
500 | 494,375 | ||||||||||
|
4.88%, 07/01/29(h) |
745 | 741,796 | ||||||||||
|
Garda World Security Corp.(c) |
||||||||||||
|
4.63%, 02/15/27 |
394 | 391,045 | ||||||||||
|
9.50%, 11/01/27(h) |
204 | 219,810 | ||||||||||
|
Graham Holdings Co., 5.75%, 06/01/26(c) |
135 | 140,630 | ||||||||||
|
Rekeep SpA, 7.25%, 02/01/26(f) |
EUR | 100 | 123,276 | |||||||||
|
Service Corp. International |
||||||||||||
|
5.13%, 06/01/29 |
USD | 107 | 115,533 | |||||||||
|
3.38%, 08/15/30 |
341 | 335,885 | ||||||||||
| Security |
Par
(000) |
Value | ||||||||||
| Diversified Consumer Services (continued) | ||||||||||||
|
Service Corp. International (continued) |
||||||||||||
|
4.00%, 05/15/31 |
USD | 484 | $ | 494,890 | ||||||||
|
Sotheby’s, 7.38%, 10/15/27(c) |
537 | 565,864 | ||||||||||
|
|
|
|||||||||||
| 11,096,079 | ||||||||||||
| Diversified Financial Services — 1.9% | ||||||||||||
|
Acuris Finance US, Inc./Acuris Finance SARL, 5.00%, 05/01/28(c) |
514 | 506,290 | ||||||||||
|
Alfa SAB de CV, 6.88%, 03/25/44(f) |
239 | 312,791 | ||||||||||
|
Arrow Global Finance PLC, 5.13%, 09/15/24(f) |
GBP | 100 | 136,855 | |||||||||
|
ASG Finance Designated Activity Co., 7.88%, 12/03/24(c) |
USD | 262 | 257,087 | |||||||||
|
Barclays PLC, 5.20%, 05/12/26 |
200 | 225,900 | ||||||||||
|
BNP Paribas SA, (5 year CMT + 3.34%), 4.63%(b)(c)(m) |
1,750 | 1,758,750 | ||||||||||
|
Castlelake Aviation Finance DAC, 5.00%, 04/15/27(c) |
95 | 94,733 | ||||||||||
|
Central Garden & Pet Co. |
||||||||||||
|
4.13%, 10/15/30 |
240 | 241,788 | ||||||||||
|
4.13%, 04/30/31(c) |
249 | 249,000 | ||||||||||
|
Citigroup, Inc.(b)(m) |
||||||||||||
|
(5 year CMT + 3.42%), 3.88%(h) |
2,000 | 2,017,500 | ||||||||||
|
Series W, (5 year CMT + 3.60%), 4.00% |
200 | 204,250 | ||||||||||
|
Series Y, (5 year CMT + 3.00%), 4.15% |
630 | 632,205 | ||||||||||
|
Coinbase Global, Inc.(c) |
||||||||||||
|
3.38%, 10/01/28 |
97 | 93,605 | ||||||||||
|
3.63%, 10/01/31 |
46 | 43,815 | ||||||||||
|
doValue SpA, 3.38%, 07/31/26(f) |
EUR | 100 | 116,178 | |||||||||
|
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25(f) |
GBP | 100 | 141,816 | |||||||||
|
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(c)(i) |
USD | 275 | 266,358 | |||||||||
|
Goldman Sachs Group, Inc., Series R, (5 year CMT + 3.22%), 4.95%(b)(h)(m) |
900 | 947,250 | ||||||||||
|
HSBC Holdings PLC |
||||||||||||
|
4.38%, 11/23/26(h) |
370 | 406,823 | ||||||||||
|
(5 year CMT + 3.25%), 4.70%(b)(h)(m) |
465 | 462,721 | ||||||||||
|
(5 year CMT + 3.65%), 4.60%(b)(m) |
200 | 198,726 | ||||||||||
|
Intrum AB, 3.00%, 09/15/27(f) |
EUR | 100 | 111,793 | |||||||||
|
ION Trading Technologies Sarl, 5.75%, 05/15/28(c) |
USD | 246 | 252,150 | |||||||||
|
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28(c) |
415 | 420,627 | ||||||||||
|
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(c) |
||||||||||||
|
4.25%, 02/01/27(h) |
408 | 410,036 | ||||||||||
|
4.75%, 06/15/29 |
174 | 175,305 | ||||||||||
|
Lloyds Banking Group PLC, (5 year CMT + 4.82%), 6.75%(b)(h)(m) |
515 | 588,516 | ||||||||||
|
Manappuram Finance Ltd., 5.90%, 01/13/23(f) |
200 | 204,563 | ||||||||||
|
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25(c) |
501 | 492,483 | ||||||||||
|
Shriram Transport Finance Co. Ltd.(f) |
||||||||||||
|
5.95%, 10/24/22 |
320 | 325,440 | ||||||||||
|
5.10%, 07/16/23 |
200 | 203,063 | ||||||||||
|
Spectrum Brands, Inc.(c) |
||||||||||||
|
5.00%, 10/01/29 |
153 | 163,328 | ||||||||||
|
5.50%, 07/15/30 |
198 | 213,840 | ||||||||||
|
3.88%, 03/15/31 |
59 | 57,820 | ||||||||||
| 14 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par
(000) |
Value | ||||||||||
| Diversified Financial Services (continued) | ||||||||||||
|
UBS Group AG, (5 year CMT + 3.31%), 4.38%(b)(c)(m) |
USD | 210 | $ | 208,583 | ||||||||
|
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/26(c) |
8 | 8,270 | ||||||||||
|
|
|
|||||||||||
| 13,150,258 | ||||||||||||
| Diversified Telecommunication Services — 3.3% | ||||||||||||
|
AT&T, Inc.(h) |
||||||||||||
|
4.65%, 06/01/44 |
111 | 131,533 | ||||||||||
|
4.85%, 07/15/45 |
389 | 475,951 | ||||||||||
|
4.75%, 05/15/46 |
2,545 | 3,097,011 | ||||||||||
|
Axtel SAB de CV, 6.38%, 11/14/24(c) |
454 | 468,131 | ||||||||||
|
Cincinnati Bell, Inc.(c) |
||||||||||||
|
7.00%, 07/15/24(h) |
191 | 194,342 | ||||||||||
|
8.00%, 10/15/25 |
85 | 88,526 | ||||||||||
|
Consolidated Communications, Inc., 6.50%, 10/01/28(c)(h) |
840 | 894,508 | ||||||||||
|
Level 3 Financing, Inc. |
||||||||||||
|
5.38%, 05/01/25 |
146 | 149,431 | ||||||||||
|
4.63%, 09/15/27(c) |
127 | 130,175 | ||||||||||
|
4.25%, 07/01/28(c)(h) |
451 | 445,877 | ||||||||||
|
3.75%, 07/15/29(c) |
235 | 222,075 | ||||||||||
|
Lumen Technologies, Inc. |
||||||||||||
|
5.13%, 12/15/26(c)(h) |
639 | 653,844 | ||||||||||
|
4.00%, 02/15/27(c) |
456 | 458,280 | ||||||||||
|
4.50%, 01/15/29(c)(h) |
635 | 613,569 | ||||||||||
|
5.38%, 06/15/29(c) |
582 | 584,182 | ||||||||||
|
Series P, 7.60%, 09/15/39 |
140 | 154,468 | ||||||||||
|
Series U, 7.65%, 03/15/42 |
386 | 424,600 | ||||||||||
|
Series W, 6.75%, 12/01/23(h) |
620 | 680,456 | ||||||||||
|
Series Y, 7.50%, 04/01/24(h) |
715 | 784,712 | ||||||||||
|
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25(i) |
383 | 344,413 | ||||||||||
|
SoftBank Group Corp.(f) |
||||||||||||
|
4.50%, 04/20/25 |
EUR | 100 | 121,408 | |||||||||
|
2.88%, 01/06/27 |
100 | 112,123 | ||||||||||
|
Sprint Capital Corp.(h) |
||||||||||||
|
6.88%, 11/15/28 |
USD | 1,689 | 2,135,639 | |||||||||
|
8.75%, 03/15/32 |
837 | 1,252,780 | ||||||||||
|
Switch Ltd.(c) |
||||||||||||
|
3.75%, 09/15/28 |
399 | 397,005 | ||||||||||
|
4.13%, 06/15/29 |
725 | 728,625 | ||||||||||
|
Telecom Italia Capital SA |
||||||||||||
|
6.38%, 11/15/33 |
191 | 219,117 | ||||||||||
|
6.00%, 09/30/34(h) |
569 | 633,012 | ||||||||||
|
7.20%, 07/18/36 |
137 | 166,455 | ||||||||||
|
7.72%, 06/04/38 |
71 | 90,525 | ||||||||||
|
Telecom Italia SpA |
||||||||||||
|
4.00%, 04/11/24(f) |
EUR | 100 | 122,495 | |||||||||
|
5.30%, 05/30/24(c)(h) |
USD | 202 | 215,130 | |||||||||
|
2.75%, 04/15/25(f) |
EUR | 100 | 120,132 | |||||||||
|
1.63%, 01/18/29(f) |
100 | 109,675 | ||||||||||
|
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/30(c) |
USD | 185 | 182,687 | |||||||||
|
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28(c) |
449 | 450,758 | ||||||||||
|
Verizon Communications, Inc., 3.70%, 03/22/61(h) |
1,250 | 1,358,564 | ||||||||||
| Security |
Par
(000) |
Value | ||||||||||
| Diversified Telecommunication Services (continued) | ||||||||||||
|
Zayo Group Holdings, Inc.(c)(h) |
||||||||||||
|
4.00%, 03/01/27 |
USD | 1,123 | $ | 1,090,714 | ||||||||
|
6.13%, 03/01/28 |
1,590 | 1,551,896 | ||||||||||
|
|
|
|||||||||||
| 22,054,824 | ||||||||||||
| Electric Utilities — 1.2% | ||||||||||||
|
Duke Energy Corp., 4.80%, 12/15/45(h) |
1,500 | 1,882,140 | ||||||||||
|
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(c) |
309 | 300,271 | ||||||||||
|
Enel Finance International NV, 3.63%, 05/25/27(c)(h) |
1,250 | 1,364,401 | ||||||||||
|
FirstEnergy Corp. |
||||||||||||
|
2.65%, 03/01/30 |
210 | 206,634 | ||||||||||
|
Series B, 4.40%, 07/15/27 |
173 | 187,690 | ||||||||||
|
Series B, 2.25%, 09/01/30 |
27 | 25,962 | ||||||||||
|
Series C, 7.38%, 11/15/31 |
43 | 58,579 | ||||||||||
|
Series C, 5.35%, 07/15/47(h) |
661 | 802,147 | ||||||||||
|
Series C, 3.40%, 03/01/50 |
708 | 702,336 | ||||||||||
|
FirstEnergy Transmission LLC(c) |
||||||||||||
|
5.45%, 07/15/44 |
475 | 601,066 | ||||||||||
|
4.55%, 04/01/49 |
206 | 240,784 | ||||||||||
|
NextEra Energy Operating Partners LP(c) |
||||||||||||
|
4.25%, 07/15/24 |
205 | 217,033 | ||||||||||
|
4.25%, 09/15/24 |
11 | 11,577 | ||||||||||
|
Oryx Funding Ltd., 5.80%, 02/03/31(c) |
200 | 212,000 | ||||||||||
|
Virginia Electric & Power Co., Series A, 6.00%, 05/15/37(h) |
750 | 1,036,733 | ||||||||||
|
|
|
|||||||||||
| 7,849,353 | ||||||||||||
| Electrical Equipment(c) — 0.1% | ||||||||||||
|
Gates Global LLC/Gates Corp., 6.25%, 01/15/26 |
490 | 506,538 | ||||||||||
|
GrafTech Finance, Inc., 4.63%, 12/15/28 |
176 | 177,760 | ||||||||||
|
|
|
|||||||||||
| 684,298 | ||||||||||||
| Electronic Equipment, Instruments & Components — 0.7% | ||||||||||||
|
CDW LLC/CDW Finance Corp., 3.25%, 02/15/29 |
404 | 409,656 | ||||||||||
|
Corning, Inc., 4.38%, 11/15/57(h) |
1,915 | 2,342,001 | ||||||||||
|
Energizer Holdings, Inc., 4.38%, 03/31/29(c) |
24 | 22,998 | ||||||||||
|
Imola Merger Corp., 4.75%, 05/15/29(c)(h) |
785 | 806,548 | ||||||||||
|
Vertiv Group Corp., 4.13%, 11/15/28(c) |
743 | 738,356 | ||||||||||
|
Xerox Corp., 4.80%, 03/01/35 |
240 | 239,400 | ||||||||||
|
|
|
|||||||||||
| 4,558,959 | ||||||||||||
| Energy Equipment & Services — 0.4% | ||||||||||||
|
Archrock Partners LP/Archrock Partners Finance Corp.(c) |
||||||||||||
|
6.88%, 04/01/27 |
202 | 210,585 | ||||||||||
|
6.25%, 04/01/28(h) |
1,057 | 1,093,995 | ||||||||||
|
ChampionX Corp., 6.38%, 05/01/26 |
135 | 141,244 | ||||||||||
|
USA Compression Partners LP/USA Compression Finance Corp.(h) |
||||||||||||
|
6.88%, 04/01/26 |
262 | 270,842 | ||||||||||
|
6.88%, 09/01/27 |
900 | 934,875 | ||||||||||
|
Vallourec SA, 8.50%, 06/30/26(f) |
EUR | 32 | 38,287 | |||||||||
|
Weatherford International Ltd., 6.50%, 09/15/28(c) |
USD | 17 | 17,956 | |||||||||
|
|
|
|||||||||||
| 2,707,784 | ||||||||||||
| Environmental, Maintenance, & Security Service — 0.6% | ||||||||||||
|
Clean Harbors, Inc.(c)(h) |
||||||||||||
|
4.88%, 07/15/27 |
297 | 309,251 | ||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
15 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par
(000) |
Value | ||||||||||
| Environmental, Maintenance, & Security Service (continued) | ||||||||||||
|
Clean Harbors, Inc.(c)(h) (continued) |
||||||||||||
|
5.13%, 07/15/29 |
USD | 205 | $ | 221,913 | ||||||||
|
Covanta Holding Corp., 5.00%, 09/01/30 |
179 | 178,105 | ||||||||||
|
GFL Environmental, Inc.(c) |
||||||||||||
|
3.75%, 08/01/25 |
346 | 356,017 | ||||||||||
|
5.13%, 12/15/26 |
386 | 403,370 | ||||||||||
|
4.00%, 08/01/28 |
535 | 521,625 | ||||||||||
|
3.50%, 09/01/28 |
259 | 257,705 | ||||||||||
|
4.75%, 06/15/29 |
421 | 424,677 | ||||||||||
|
4.38%, 08/15/29 |
173 | 171,343 | ||||||||||
|
Stericycle, Inc., 3.88%, 01/15/29(c) |
210 | 206,850 | ||||||||||
|
Tervita Corp., 11.00%, 12/01/25(c) |
147 | 169,057 | ||||||||||
|
Waste Pro USA, Inc., 5.50%, 02/15/26(c) |
672 | 665,280 | ||||||||||
|
|
|
|||||||||||
| 3,885,193 | ||||||||||||
| Equity Real Estate Investment Trusts (REITs) — 1.4% | ||||||||||||
|
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27(c) |
227 | 221,325 | ||||||||||
|
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28(c) |
208 | 211,120 | ||||||||||
|
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(c) |
183 | 180,868 | ||||||||||
|
Iron Mountain, Inc.(c) |
||||||||||||
|
5.25%, 07/15/30 |
366 | 382,181 | ||||||||||
|
5.63%, 07/15/32(h) |
566 | 602,790 | ||||||||||
|
LMIRT Capital Pte Ltd., 7.25%, 06/19/24(f) |
232 | 239,902 | ||||||||||
|
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. |
||||||||||||
|
5.63%, 05/01/24(h) |
1,312 | 1,423,321 | ||||||||||
|
4.50%, 09/01/26(h) |
665 | 721,359 | ||||||||||
|
5.75%, 02/01/27 |
32 | 36,480 | ||||||||||
|
4.50%, 01/15/28 |
402 | 435,165 | ||||||||||
|
3.88%, 02/15/29(c) |
402 | 425,726 | ||||||||||
|
MPT Operating Partnership LP/MPT Finance Corp.(h) |
||||||||||||
|
5.00%, 10/15/27 |
68 | 71,583 | ||||||||||
|
4.63%, 08/01/29 |
462 | 488,565 | ||||||||||
|
3.50%, 03/15/31 |
1,300 | 1,309,880 | ||||||||||
|
RHP Hotel Properties LP/RHP Finance Corp. |
||||||||||||
|
4.75%, 10/15/27(h) |
971 | 990,420 | ||||||||||
|
4.50%, 02/15/29(c) |
227 | 224,730 | ||||||||||
|
RLJ Lodging Trust LP(c) |
||||||||||||
|
3.75%, 07/01/26 |
173 | 174,730 | ||||||||||
|
4.00%, 09/15/29 |
124 | 123,758 | ||||||||||
|
Starwood Property Trust, Inc., 5.00%, 12/15/21(h) |
116 | 116,145 | ||||||||||
|
Trust Fibra Uno |
||||||||||||
|
5.25%, 01/30/26(c) |
235 | 256,811 | ||||||||||
|
6.95%, 01/30/44(f) |
476 | 577,537 | ||||||||||
|
|
|
|||||||||||
| 9,214,396 | ||||||||||||
| Food & Staples Retailing — 2.0% | ||||||||||||
|
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |
||||||||||||
|
5.75%, 03/15/25 |
15 | 15,216 | ||||||||||
|
3.25%, 03/15/26(c)(h) |
756 | 768,285 | ||||||||||
|
7.50%, 03/15/26(c)(h) |
127 | 136,843 | ||||||||||
|
4.63%, 01/15/27(c)(h) |
972 | 1,017,247 | ||||||||||
|
5.88%, 02/15/28(c) |
377 | 400,562 | ||||||||||
|
4.88%, 02/15/30(c) |
182 | 195,077 | ||||||||||
| Security |
Par
(000) |
Value | ||||||||||
| Food & Staples Retailing (continued) | ||||||||||||
|
Bellis Acquisition Co. PLC, 3.25%, 02/16/26(f) |
GBP | 100 | $ | 130,861 | ||||||||
|
BRF GmbH, 4.35%, 09/29/26(f) |
USD | 200 | 201,975 | |||||||||
|
Casino Guichard Perrachon SA, 5.25%, 04/15/27(f) |
EUR | 100 | 109,618 | |||||||||
|
Cydsa SAB de CV, 6.25%, 10/04/27(c)(h) |
USD | 914 | 927,824 | |||||||||
|
Health & Happiness H&H International Holdings Ltd., 5.63%, 10/24/24(f) |
200 | 202,475 | ||||||||||
|
Kraft Heinz Foods Co. |
||||||||||||
|
4.25%, 03/01/31(h) |
963 | 1,087,636 | ||||||||||
|
5.00%, 07/15/35 |
165 | 202,878 | ||||||||||
|
6.88%, 01/26/39 |
306 | 448,190 | ||||||||||
|
4.63%, 10/01/39 |
138 | 160,690 | ||||||||||
|
6.50%, 02/09/40 |
205 | 292,572 | ||||||||||
|
5.00%, 06/04/42 |
163 | 201,467 | ||||||||||
|
5.20%, 07/15/45 |
356 | 452,776 | ||||||||||
|
4.38%, 06/01/46(h) |
529 | 617,501 | ||||||||||
|
4.88%, 10/01/49(h) |
1,182 | 1,463,677 | ||||||||||
|
5.50%, 06/01/50(h) |
1,584 | 2,122,286 | ||||||||||
|
Lamb Weston Holdings, Inc.(c) |
||||||||||||
|
4.88%, 05/15/28 |
289 | 310,129 | ||||||||||
|
4.13%, 01/31/30(n) |
212 | 212,201 | ||||||||||
|
4.38%, 01/31/32(n) |
205 | 205,303 | ||||||||||
|
Ocado Group PLC, 3.88%, 10/08/26(f) |
GBP | 100 | 133,607 | |||||||||
|
Performance Food Group, Inc., 4.25%, 08/01/29(c) |
USD | 431 | 431,000 | |||||||||
|
Post Holdings, Inc.(c) |
||||||||||||
|
5.75%, 03/01/27 |
120 | 124,500 | ||||||||||
|
5.63%, 01/15/28 |
86 | 89,758 | ||||||||||
|
5.50%, 12/15/29 |
152 | 161,690 | ||||||||||
|
4.63%, 04/15/30 |
224 | 225,120 | ||||||||||
|
4.50%, 09/15/31 |
177 | 173,448 | ||||||||||
|
Premier Foods Finance PLC, 3.50%, 10/15/26(f) |
GBP | 100 | 134,233 | |||||||||
|
US Foods, Inc., 4.75%, 02/15/29(c) |
USD | 384 | 388,520 | |||||||||
|
|
|
|||||||||||
| 13,745,165 | ||||||||||||
| Food Products(c) — 0.8% | ||||||||||||
|
Aramark Services, Inc. |
||||||||||||
|
5.00%, 04/01/25 |
347 | 355,241 | ||||||||||
|
5.00%, 02/01/28(h) |
828 | 846,630 | ||||||||||
|
Chobani LLC/Chobani Finance Corp., Inc. |
||||||||||||
|
7.50%, 04/15/25(h) |
656 | 681,420 | ||||||||||
|
4.63%, 11/15/28 |
311 | 317,998 | ||||||||||
|
Frigorifico Concepcion SA, 7.70%, 07/21/28 |
200 | 203,375 | ||||||||||
|
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28 |
290 | 312,167 | ||||||||||
|
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. |
||||||||||||
|
6.50%, 04/15/29(h) |
734 | 811,987 | ||||||||||
|
3.75%, 12/01/31 |
452 | 462,735 | ||||||||||
|
MHP Lux SA, 6.25%, 09/19/29(h) |
400 | 406,325 | ||||||||||
|
Pilgrim’s Pride Corp., 3.50%, 03/01/32 |
659 | 660,648 | ||||||||||
|
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29 |
364 | 367,640 | ||||||||||
|
|
|
|||||||||||
| 5,426,166 | ||||||||||||
| Gas Utilities — 0.0% | ||||||||||||
|
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(c) |
170 | 174,250 | ||||||||||
|
|
|
|||||||||||
| Health Care Equipment & Supplies(c) — 0.4% | ||||||||||||
|
Avantor Funding, Inc. |
||||||||||||
|
4.63%, 07/15/28(h) |
1,195 | 1,239,753 | ||||||||||
| 16 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par
(000) |
Value | ||||||||||
| Health Care Equipment & Supplies (continued) | ||||||||||||
|
Avantor Funding, Inc. (continued) |
||||||||||||
|
3.88%, 11/01/29 |
USD | 252 | $ | 251,919 | ||||||||
|
Hologic, Inc., 3.25%, 02/15/29 |
112 | 111,090 | ||||||||||
|
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 7.25%, 02/01/28(h) |
1,304 | 1,388,760 | ||||||||||
|
|
|
|||||||||||
| 2,991,522 | ||||||||||||
| Health Care Providers & Services — 4.4% | ||||||||||||
|
180 Medical, Inc., 3.88%, 10/15/29(c) |
200 | 201,128 | ||||||||||
|
Acadia Healthcare Co., Inc., 5.00%, 04/15/29(c) |
180 | 183,600 | ||||||||||
|
AdaptHealth LLC(c) |
||||||||||||
|
6.13%, 08/01/28 |
97 | 102,699 | ||||||||||
|
4.63%, 08/01/29 |
37 | 36,584 | ||||||||||
|
5.13%, 03/01/30 |
64 | 64,320 | ||||||||||
|
AHP Health Partners, Inc., 5.75%, 07/15/29(c) |
375 | 376,875 | ||||||||||
|
Anthem, Inc., 2.75%, 10/15/42(k) |
163 | 1,003,991 | ||||||||||
|
Cano Health LLC, 6.25%, 10/01/28(c) |
159 | 159,909 | ||||||||||
|
Centene Corp. |
||||||||||||
|
4.25%, 12/15/27 |
168 | 175,980 | ||||||||||
|
2.45%, 07/15/28 |
792 | 789,313 | ||||||||||
|
4.63%, 12/15/29(h) |
1,717 | 1,852,214 | ||||||||||
|
3.00%, 10/15/30 |
826 | 839,530 | ||||||||||
|
2.50%, 03/01/31(h) |
1,563 | 1,523,925 | ||||||||||
|
2.63%, 08/01/31 |
538 | 529,241 | ||||||||||
|
CHS/Community Health Systems, Inc.(c) |
||||||||||||
|
6.63%, 02/15/25(h) |
879 | 914,160 | ||||||||||
|
8.00%, 03/15/26(h) |
1,861 | 1,963,355 | ||||||||||
|
5.63%, 03/15/27(h) |
790 | 826,696 | ||||||||||
|
6.00%, 01/15/29(h) |
621 | 653,603 | ||||||||||
|
6.13%, 04/01/30 |
384 | 377,457 | ||||||||||
|
DaVita, Inc., 4.63%, 06/01/30(c) |
13 | 13,064 | ||||||||||
|
Encompass Health Corp. |
||||||||||||
|
4.50%, 02/01/28 |
59 | 60,068 | ||||||||||
|
4.75%, 02/01/30 |
486 | 498,150 | ||||||||||
|
4.63%, 04/01/31 |
270 | 274,725 | ||||||||||
|
HCA, Inc. |
||||||||||||
|
5.38%, 02/01/25(h) |
1,193 | 1,327,212 | ||||||||||
|
5.38%, 09/01/26(h) |
229 | 260,796 | ||||||||||
|
5.63%, 09/01/28(h) |
552 | 646,933 | ||||||||||
|
5.88%, 02/01/29 |
221 | 263,036 | ||||||||||
|
3.50%, 09/01/30(h) |
1,215 | 1,277,755 | ||||||||||
|
Legacy LifePoint Health LLC, 4.38%, 02/15/27(c) |
124 | 122,760 | ||||||||||
|
LifePoint Health, Inc., 5.38%, 01/15/29(c)(h) |
569 | 557,620 | ||||||||||
|
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/29(c) |
213 | 216,657 | ||||||||||
|
ModivCare, Inc., 5.88%, 11/15/25(c) |
91 | 95,550 | ||||||||||
|
Molina Healthcare, Inc.(c) |
||||||||||||
|
4.38%, 06/15/28 |
195 | 201,825 | ||||||||||
|
3.88%, 11/15/30 |
390 | 402,188 | ||||||||||
|
Mozart Debt Merger Sub, Inc.(c) |
||||||||||||
|
3.88%, 04/01/29 |
610 | 606,950 | ||||||||||
|
5.25%, 10/01/29 |
1,322 | 1,341,830 | ||||||||||
|
Northwell Healthcare, Inc., 4.26%, 11/01/47(h) |
686 | 822,087 | ||||||||||
|
Prime Healthcare Services, Inc., 7.25%, 11/01/25(c) |
400 | 426,000 | ||||||||||
|
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26(c)(h) |
129 | 136,095 | ||||||||||
|
Surgery Center Holdings, Inc.(c) |
||||||||||||
|
6.75%, 07/01/25(h) |
782 | 795,685 | ||||||||||
|
10.00%, 04/15/27 |
848 | 910,336 | ||||||||||
|
Teleflex, Inc. |
||||||||||||
|
4.63%, 11/15/27 |
72 | 74,610 | ||||||||||
| Security |
Par
(000) |
Value | ||||||||||
| Health Care Providers & Services (continued) | ||||||||||||
|
Teleflex, Inc. (continued) |
||||||||||||
|
4.25%, 06/01/28(c) |
USD | 325 | $ | 333,921 | ||||||||
|
Tenet Healthcare Corp. |
||||||||||||
|
4.63%, 07/15/24(h) |
104 | 105,300 | ||||||||||
|
4.63%, 09/01/24(c) |
433 | 442,201 | ||||||||||
|
7.50%, 04/01/25(c) |
166 | 176,168 | ||||||||||
|
4.88%, 01/01/26(c)(h) |
1,537 | 1,575,425 | ||||||||||
|
6.25%, 02/01/27(c)(h) |
115 | 119,456 | ||||||||||
|
5.13%, 11/01/27(c)(h) |
795 | 830,775 | ||||||||||
|
6.13%, 10/01/28(c) |
506 | 531,275 | ||||||||||
|
4.25%, 06/01/29(c) |
380 | 384,666 | ||||||||||
|
UnitedHealth Group, Inc., 4.38%, 03/15/42(h) |
750 | 920,881 | ||||||||||
|
Vizient, Inc., 6.25%, 05/15/27(c) |
483 | 506,237 | ||||||||||
|
|
|
|||||||||||
| 29,832,817 | ||||||||||||
| Health Care Technology — 0.7% | ||||||||||||
|
CAB SELAS, 3.38%, 02/01/28(f) |
EUR | 100 | 114,882 | |||||||||
|
Catalent Pharma Solutions, Inc. |
||||||||||||
|
5.00%, 07/15/27(c) |
USD | 341 | 352,082 | |||||||||
|
2.38%, 03/01/28(f) |
EUR | 124 | 143,193 | |||||||||
|
3.13%, 02/15/29(c) |
USD | 230 | 223,388 | |||||||||
|
3.50%, 04/01/30(c) |
595 | 590,537 | ||||||||||
|
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(c)(h) |
810 | 816,075 | ||||||||||
|
Charles River Laboratories International,
|
||||||||||||
|
3.75%, 03/15/29 |
44 | 44,440 | ||||||||||
|
4.00%, 03/15/31 |
125 | 129,219 | ||||||||||
|
Chrome Bidco SASU, 3.50%, 05/31/28(f) |
EUR | 100 | 115,467 | |||||||||
|
IQVIA, Inc.(c) |
||||||||||||
|
5.00%, 10/15/26 |
USD | 548 | 563,043 | |||||||||
|
5.00%, 05/15/27(h) |
717 | 743,221 | ||||||||||
|
MEDNAX, Inc., 6.25%, 01/15/27(c) |
163 | 170,917 | ||||||||||
|
Syneos Health, Inc., 3.63%, 01/15/29(c)(h) |
600 | 592,200 | ||||||||||
|
|
|
|||||||||||
| 4,598,664 | ||||||||||||
| Hotels, Restaurants & Leisure — 3.2% | ||||||||||||
|
1011778 BC ULC/New Red Finance, Inc.(c) |
||||||||||||
|
3.88%, 01/15/28(h) |
701 | 699,304 | ||||||||||
|
4.38%, 01/15/28 |
157 | 157,823 | ||||||||||
|
Affinity Gaming, 6.88%, 12/15/27(c) |
43 | 44,578 | ||||||||||
|
Boyd Gaming Corp.(c) |
||||||||||||
|
8.63%, 06/01/25 |
124 | 133,610 | ||||||||||
|
4.75%, 06/15/31 |
495 | 509,235 | ||||||||||
|
Boyne USA, Inc., 4.75%, 05/15/29(c) |
314 | 321,065 | ||||||||||
|
Caesars Entertainment, Inc.(c) |
||||||||||||
|
6.25%, 07/01/25(h) |
1,916 | 2,015,345 | ||||||||||
|
8.13%, 07/01/27(h) |
1,697 | 1,900,725 | ||||||||||
|
4.63%, 10/15/29 |
608 | 610,918 | ||||||||||
|
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(c)(h) |
623 | 646,362 | ||||||||||
|
Champion Path Holdings Ltd.(f) |
||||||||||||
|
4.50%, 01/27/26 |
250 | 248,203 | ||||||||||
|
4.85%, 01/27/28 |
200 | 196,725 | ||||||||||
|
Churchill Downs, Inc.(c) |
||||||||||||
|
5.50%, 04/01/27(h) |
713 | 737,064 | ||||||||||
|
4.75%, 01/15/28 |
300 | 310,125 | ||||||||||
|
Cirsa Finance International Sarl, 4.75%, 05/22/25(f) |
EUR | 100 | 115,022 | |||||||||
|
Empire Resorts, Inc., 7.75%, 11/01/26(c) |
USD | 200 | 203,964 | |||||||||
|
Everi Holdings, Inc., 5.00%, 07/15/29(c) |
66 | 67,568 | ||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
17 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par
(000) |
Value | ||||||||||
| Hotels, Restaurants & Leisure (continued) | ||||||||||||
|
Fortune Star BVI Ltd.(f) |
||||||||||||
|
5.95%, 01/29/23 |
USD | 200 | $ | 200,062 | ||||||||
|
6.75%, 07/02/23 |
250 | 253,203 | ||||||||||
|
6.85%, 07/02/24 |
362 | 366,638 | ||||||||||
|
5.95%, 10/19/25 |
400 | 399,000 | ||||||||||
|
5.05%, 01/27/27 |
200 | 185,063 | ||||||||||
|
Gamma Bidco SpA, 6.25%, 07/15/25(f) |
EUR | 100 | 119,103 | |||||||||
|
Golden Nugget, Inc., 6.75%, 10/15/24(c)(h) |
USD | 1,273 | 1,276,182 | |||||||||
|
Hilton Domestic Operating Co., Inc. |
||||||||||||
|
4.88%, 01/15/30(h) |
1,033 | 1,102,707 | ||||||||||
|
4.00%, 05/01/31(c) |
306 | 307,464 | ||||||||||
|
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 |
246 | 254,610 | ||||||||||
|
International Game Technology PLC, 3.50%, 06/15/26(f) |
EUR | 100 | 118,308 | |||||||||
|
Melco Resorts Finance Ltd., 5.25%, 04/26/26(f) |
USD | 250 | 246,844 | |||||||||
|
Merlin Entertainments Ltd., 5.75%, 06/15/26(c) |
200 | 207,076 | ||||||||||
|
MGM China Holdings Ltd., 5.88%, 05/15/26(f) |
250 | 249,578 | ||||||||||
|
MGM Resorts International |
||||||||||||
|
7.75%, 03/15/22(h) |
438 | 447,855 | ||||||||||
|
6.00%, 03/15/23 |
494 | 521,279 | ||||||||||
|
5.75%, 06/15/25 |
35 | 37,800 | ||||||||||
|
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(c) |
331 | 333,939 | ||||||||||
|
Penn National Gaming, Inc., 4.13%, 07/01/29(c) |
114 | 111,150 | ||||||||||
|
Powdr Corp., 6.00%, 08/01/25(c) |
461 | 481,745 | ||||||||||
|
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(c) |
||||||||||||
|
5.63%, 09/01/29 |
148 | 150,590 | ||||||||||
|
5.88%, 09/01/31 |
148 | 150,960 | ||||||||||
|
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26(c) |
225 | 227,812 | ||||||||||
|
Scientific Games International, Inc. |
||||||||||||
|
5.00%, 10/15/25(c)(h) |
414 | 426,230 | ||||||||||
|
3.38%, 02/15/26(f) |
EUR | 300 | 349,921 | |||||||||
|
8.25%, 03/15/26(c)(h) |
USD | 692 | 733,520 | |||||||||
|
7.00%, 05/15/28(c) |
190 | 205,285 | ||||||||||
|
7.25%, 11/15/29(c) |
213 | 240,707 | ||||||||||
|
Stonegate Pub Co. Financing PLC, 8.25%, 07/31/25(f) |
GBP | 100 | 141,911 | |||||||||
|
Studio City Finance Ltd., 5.00%, 01/15/29(c) |
USD | 435 | 390,412 | |||||||||
|
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(c) |
204 | 210,742 | ||||||||||
|
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(c)(h) |
268 | 271,685 | ||||||||||
|
Wynn Macau Ltd.(f) |
||||||||||||
|
5.50%, 01/15/26 |
200 | 188,350 | ||||||||||
|
5.50%, 10/01/27 |
200 | 186,563 | ||||||||||
|
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(c)(h) |
808 | 810,020 | ||||||||||
|
Yum! Brands, Inc. |
||||||||||||
|
3.88%, 11/01/23 |
110 | 114,950 | ||||||||||
|
7.75%, 04/01/25(c) |
338 | 359,446 | ||||||||||
|
4.75%, 01/15/30(c) |
159 | 169,733 | ||||||||||
|
3.63%, 03/15/31 |
123 | 121,567 | ||||||||||
|
5.35%, 11/01/43 |
85 | 94,350 | ||||||||||
|
|
|
|||||||||||
| 21,681,996 | ||||||||||||
| Security |
Par
(000) |
Value | ||||||||||
| Household Durables — 0.7% | ||||||||||||
|
Ashton Woods USA LLC/Ashton Woods Finance Co.(c) |
||||||||||||
|
4.63%, 08/01/29 |
USD | 128 | $ | 126,880 | ||||||||
|
4.63%, 04/01/30 |
129 | 126,743 | ||||||||||
|
Brookfield Residential Properties, Inc./Brookfield Residential US LLC(c) |
||||||||||||
|
5.00%, 06/15/29 |
266 | 266,998 | ||||||||||
|
4.88%, 02/15/30 |
539 | 540,110 | ||||||||||
|
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25(c) |
27 | 28,519 | ||||||||||
|
Forestar Group, Inc., 3.85%, 05/15/26(c) |
133 | 132,999 | ||||||||||
|
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26(c) |
398 | 417,900 | ||||||||||
|
KB Home, 4.00%, 06/15/31 |
124 | 125,705 | ||||||||||
|
Mattamy Group Corp., 4.63%, 03/01/30(c) |
257 | 260,683 | ||||||||||
|
Meritage Homes Corp., 5.13%, 06/06/27 |
57 | 62,843 | ||||||||||
|
NCR Corp.(c) |
||||||||||||
|
5.75%, 09/01/27 |
259 | 272,597 | ||||||||||
|
5.00%, 10/01/28 |
143 | 144,788 | ||||||||||
|
5.13%, 04/15/29 |
197 | 201,448 | ||||||||||
|
6.13%, 09/01/29 |
93 | 99,918 | ||||||||||
|
5.25%, 10/01/30 |
145 | 149,350 | ||||||||||
|
Newell Brands, Inc., 6.00%, 04/01/46 |
142 | 178,336 | ||||||||||
|
SWF Escrow Issuer Corp., 6.50%, 10/01/29(c) |
353 | 336,995 | ||||||||||
|
Taylor Morrison Communities, Inc.(c) |
||||||||||||
|
5.88%, 06/15/27 |
287 | 321,081 | ||||||||||
|
5.13%, 08/01/30 |
75 | 79,500 | ||||||||||
|
Tempur Sealy International, Inc.(c) |
||||||||||||
|
4.00%, 04/15/29 |
347 | 352,486 | ||||||||||
|
3.88%, 10/15/31 |
352 | 348,814 | ||||||||||
|
|
|
|||||||||||
| 4,574,693 | ||||||||||||
| Independent Power and Renewable Electricity Producers — 1.2% | ||||||||||||
|
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(f) |
200 | 214,288 | ||||||||||
|
Azure Power Energy Ltd., 3.58%, 08/19/26(c) |
200 | 201,063 | ||||||||||
|
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24(f) |
200 | 209,913 | ||||||||||
|
Calpine Corp.(c) |
||||||||||||
|
5.25%, 06/01/26(h) |
395 | 406,435 | ||||||||||
|
4.50%, 02/15/28(h) |
535 | 541,960 | ||||||||||
|
5.13%, 03/15/28(h) |
1,554 | 1,546,230 | ||||||||||
|
4.63%, 02/01/29 |
219 | 212,430 | ||||||||||
|
5.00%, 02/01/31 |
183 | 179,358 | ||||||||||
|
3.75%, 03/01/31 |
7 | 6,720 | ||||||||||
|
Clearway Energy Operating LLC(c) |
||||||||||||
|
4.75%, 03/15/28 |
55 | 58,190 | ||||||||||
|
3.75%, 01/15/32 |
335 | 333,385 | ||||||||||
|
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27(c) |
248 | 253,785 | ||||||||||
|
Greenko Dutch BV, 3.85%, 03/29/26(f) |
197 | 198,231 | ||||||||||
|
Greenko Mauritius Ltd., 6.25%, 02/21/23(f) |
200 | 204,750 | ||||||||||
|
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26(f) |
200 | 210,813 | ||||||||||
|
India Green Energy Holdings |
||||||||||||
|
5.38%, 04/29/24(c) |
325 | 336,477 | ||||||||||
|
5.38%, 04/29/24(f) |
250 | 258,828 | ||||||||||
|
Investment Energy Resources Ltd., 6.25%, 04/26/29(c) |
230 | 244,950 | ||||||||||
|
NRG Energy, Inc. |
||||||||||||
|
6.63%, 01/15/27(h) |
958 | 992,119 | ||||||||||
|
5.25%, 06/15/29(c)(h) |
347 | 369,555 | ||||||||||
| 18 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par
(000) |
Value | ||||||||||
| Independent Power and Renewable Electricity Producers (continued) | ||||||||||||
|
NRG Energy, Inc. (continued) |
||||||||||||
|
3.63%, 02/15/31(c) |
USD | 365 | $ | 355,236 | ||||||||
|
3.88%, 02/15/32(c) |
452 | 442,960 | ||||||||||
|
ReNew Power Pvt Ltd., 5.88%, 03/05/27(f) |
200 | 209,563 | ||||||||||
|
ReNew Power Synthetic, 6.67%, 03/12/24(f) |
200 | 208,975 | ||||||||||
|
TerraForm Power Operating LLC, 4.75%, 01/15/30(c) |
179 | 185,440 | ||||||||||
|
|
|
|||||||||||
| 8,381,654 | ||||||||||||
| Industrial Conglomerates — 0.1% | ||||||||||||
|
Metalloinvest Finance DAC, 3.38%, 10/22/28(c) |
665 | 663,457 | ||||||||||
|
|
|
|||||||||||
| Insurance — 2.1% | ||||||||||||
|
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29(c) |
295 | 289,469 | ||||||||||
|
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(c) |
||||||||||||
|
4.25%, 10/15/27(h) |
1,472 | 1,471,205 | ||||||||||
|
6.75%, 10/15/27(h) |
1,994 | 2,058,805 | ||||||||||
|
5.88%, 11/01/29(n) |
1,391 | 1,397,816 | ||||||||||
|
Allstate Corp., Series B, (3 mo. LIBOR US + 2.94%), 5.75%, 08/15/53(b)(h) |
2,000 | 2,120,500 | ||||||||||
|
AmWINS Group, Inc., 4.88%, 06/30/29(c) |
340 | 338,939 | ||||||||||
|
Aon PLC, 3.88%, 12/15/25(h) |
1,280 | 1,398,398 | ||||||||||
|
Asahi Mutual Life Insurance Co., (5 year USD Swap + 4.59%), 6.50%(b)(f)(m) |
310 | 331,415 | ||||||||||
|
AssuredPartners, Inc., 5.63%, 01/15/29(c) |
294 | 291,795 | ||||||||||
|
BroadStreet Partners, Inc., 5.88%, 04/15/29(c) |
244 | 239,730 | ||||||||||
|
GTCR AP Finance, Inc., 8.00%, 05/15/27(c) |
351 | 369,428 | ||||||||||
|
HUB International Ltd., 7.00%, 05/01/26(c)(h) |
1,322 | 1,363,312 | ||||||||||
|
Nationwide Building Society, (5 year USD ICE Swap + 1.85%),
4.13%,
|
690 | 744,509 | ||||||||||
|
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47(c)(h) |
700 | 857,848 | ||||||||||
|
Voya Financial, Inc., (3 mo. LIBOR US + 3.58%), 5.65%, 05/15/53(b)(h) |
1,090 | 1,141,775 | ||||||||||
|
|
|
|||||||||||
| 14,414,944 | ||||||||||||
| Interactive Media & Services — 0.6% | ||||||||||||
|
Arches Buyer, Inc., 4.25%, 06/01/28(c) |
143 | 144,152 | ||||||||||
|
Cablevision Lightpath LLC(c) |
||||||||||||
|
3.88%, 09/15/27 |
218 | 212,267 | ||||||||||
|
5.63%, 09/15/28 |
401 | 396,372 | ||||||||||
|
Netflix, Inc. |
||||||||||||
|
5.88%, 11/15/28(h) |
877 | 1,067,484 | ||||||||||
|
6.38%, 05/15/29 |
43 | 54,234 | ||||||||||
|
5.38%, 11/15/29(c)(h) |
648 | 781,605 | ||||||||||
|
4.88%, 06/15/30(c)(h) |
115 | 135,125 | ||||||||||
|
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.(c) |
||||||||||||
|
4.75%, 04/30/27 |
387 | 377,809 | ||||||||||
|
6.00%, 02/15/28(h) |
277 | 265,920 | ||||||||||
|
Twitter, Inc., 3.88%, 12/15/27(c) |
360 | 378,598 | ||||||||||
|
United Group BV(f) |
||||||||||||
|
4.88%, 07/01/24 |
EUR | 100 | 116,852 | |||||||||
|
4.00%, 11/15/27 |
100 | 112,999 | ||||||||||
|
|
|
|||||||||||
| 4,043,417 | ||||||||||||
| Internet & Direct Marketing Retail — 0.0% | ||||||||||||
|
Very Group Funding PLC, 6.50%, 08/01/26(f) |
GBP | 100 | 136,061 | |||||||||
|
|
|
|||||||||||
| Internet Software & Services — 1.2% | ||||||||||||
|
Airbnb, Inc., 0.00%, 03/15/26(c)(k)(l) |
USD | 724 | 708,804 | |||||||||
| Security |
Par
(000) |
Value | ||||||||||
| Internet Software & Services (continued) | ||||||||||||
|
ANGI Group LLC, 3.88%, 08/15/28(c) |
USD | 340 | $ | 332,350 | ||||||||
|
Booking Holdings, Inc., 0.75%, 05/01/25(k) |
485 | 719,494 | ||||||||||
|
Go Daddy Operating Co. LLC/GD Finance Co., Inc.(c) |
||||||||||||
|
5.25%, 12/01/27 |
359 | 372,462 | ||||||||||
|
3.50%, 03/01/29 |
159 | 153,833 | ||||||||||
|
Match Group Holdings II LLC(c) |
||||||||||||
|
5.63%, 02/15/29 |
209 | 223,630 | ||||||||||
|
4.13%, 08/01/30 |
262 | 269,532 | ||||||||||
|
3.63%, 10/01/31 |
139 | 134,933 | ||||||||||
|
Uber Technologies, Inc.(c) |
||||||||||||
|
0.00%, 12/15/25(k)(l) |
2,019 | 1,942,330 | ||||||||||
|
8.00%, 11/01/26(h) |
843 | 897,289 | ||||||||||
|
7.50%, 09/15/27(h) |
1,085 | 1,186,827 | ||||||||||
|
6.25%, 01/15/28 |
260 | 279,188 | ||||||||||
|
4.50%, 08/15/29 |
597 | 600,836 | ||||||||||
|
Zillow Group, Inc., 1.38%, 09/01/26(k) |
70 | 170,363 | ||||||||||
|
|
|
|||||||||||
| 7,991,871 | ||||||||||||
| IT Services — 1.0% | ||||||||||||
|
Ahead DB Holdings LLC, 6.63%, 05/01/28(c) |
140 | 142,800 | ||||||||||
|
Austin BidCo, Inc., 7.13%, 12/15/28(c) |
93 | 96,023 | ||||||||||
|
Booz Allen Hamilton, Inc.(c) |
||||||||||||
|
3.88%, 09/01/28 |
468 | 474,716 | ||||||||||
|
4.00%, 07/01/29 |
530 | 536,625 | ||||||||||
|
CA Magnum Holdings, 5.38%, 10/31/26(c)(n) |
488 | 500,810 | ||||||||||
|
Camelot Finance SA, 4.50%, 11/01/26(c)(h) |
524 | 544,305 | ||||||||||
|
Castle US Holding Corp., 9.50%, 02/15/28(c) |
330 | 344,850 | ||||||||||
|
Centurion Bidco SpA, 5.88%, 09/30/26(f) |
EUR | 100 | 119,912 | |||||||||
|
Dun & Bradstreet Corp.(c) |
||||||||||||
|
6.88%, 08/15/26(h) |
USD | 555 | 578,587 | |||||||||
|
10.25%, 02/15/27 |
388 | 416,324 | ||||||||||
|
Fair Isaac Corp., 4.00%, 06/15/28(c) |
207 | 209,070 | ||||||||||
|
Gartner, Inc.(c) |
||||||||||||
|
3.63%, 06/15/29 |
287 | 288,435 | ||||||||||
|
3.75%, 10/01/30(h) |
576 | 583,920 | ||||||||||
|
KBR, Inc., 4.75%, 09/30/28(c) |
243 | 247,860 | ||||||||||
|
Rackspace Technology Global, Inc., 5.38%, 12/01/28(c)(h) |
310 | 298,375 | ||||||||||
|
Science Applications International Corp., 4.88%, 04/01/28(c) |
332 | 341,960 | ||||||||||
|
Twilio, Inc., 3.88%, 03/15/31 |
449 | 453,391 | ||||||||||
|
ZoomInfo Technologies LLC/ZoomInfo Finance |
||||||||||||
|
Corp., 3.88%, 02/01/29(c) |
500 | 496,875 | ||||||||||
|
|
|
|||||||||||
| 6,674,838 | ||||||||||||
| Leisure Products — 0.2% | ||||||||||||
|
Mattel, Inc. |
||||||||||||
|
5.88%, 12/15/27(c) |
358 | 384,850 | ||||||||||
|
3.75%, 04/01/29(c) |
131 | 136,083 | ||||||||||
|
6.20%, 10/01/40 |
232 | 295,800 | ||||||||||
|
5.45%, 11/01/41 |
326 | 384,680 | ||||||||||
|
|
|
|||||||||||
| 1,201,413 | ||||||||||||
| Machinery — 0.8% | ||||||||||||
|
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28(c) |
139 | 140,216 | ||||||||||
|
Colfax Corp., 6.38%, 02/15/26(c) |
145 | 150,800 | ||||||||||
|
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(c)(h)(i) |
587 | 622,214 | ||||||||||
|
Madison IAQ LLC(c) |
||||||||||||
|
4.13%, 06/30/28 |
67 | 66,653 | ||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
19 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par
(000) |
Value | ||||||||||
| Machinery (continued) | ||||||||||||
|
Madison IAQ LLC(c) (continued) |
||||||||||||
|
5.88%, 06/30/29 |
USD | 560 | $ | 555,800 | ||||||||
|
Mueller Water Products, Inc., 4.00%, 06/15/29(c) |
177 | 179,876 | ||||||||||
|
OT Merger Corp., 7.88%, 10/15/29(c) |
147 | 144,795 | ||||||||||
|
Renk AG/Frankfurt am Main, 5.75%, 07/15/25(f) |
EUR | 100 | 119,819 | |||||||||
|
Stevens Holding Co., Inc., 6.13%, 10/01/26(c) |
USD | 197 | 212,268 | |||||||||
|
Terex Corp., 5.00%, 05/15/29(c) |
381 | 388,620 | ||||||||||
|
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26(c)(h) |
1,114 | 1,136,447 | ||||||||||
|
TK Elevator Holdco GmbH, 7.63%, 07/15/28(c) |
552 | 585,120 | ||||||||||
|
TK Elevator Midco GmbH, 4.38%, 07/15/27(f) |
EUR | 100 | 118,854 | |||||||||
|
TK Elevator US Newco Inc., 5.25%, 07/15/27(c)(h) |
USD | 908 | 924,163 | |||||||||
|
|
|
|||||||||||
| 5,345,645 | ||||||||||||
| Media — 9.2% | ||||||||||||
|
Altice Financing SA |
||||||||||||
|
3.00%, 01/15/28(f) |
EUR | 100 | 109,531 | |||||||||
|
5.00%, 01/15/28(c) |
USD | 462 | 445,192 | |||||||||
|
5.75%, 08/15/29(c) |
1,234 | 1,213,947 | ||||||||||
|
Altice France Holding SA(c)(h) |
||||||||||||
|
10.50%, 05/15/27 |
1,864 | 2,020,110 | ||||||||||
|
6.00%, 02/15/28 |
497 | 472,150 | ||||||||||
|
AMC Entertainment Holdings, Inc., (10.00% Cash or 12.00% PIK), 12.00%, 06/15/26(c)(i) |
349 | 347,255 | ||||||||||
|
AMC Networks, Inc. |
||||||||||||
|
5.00%, 04/01/24 |
16 | 16,180 | ||||||||||
|
4.75%, 08/01/25 |
331 | 339,275 | ||||||||||
|
4.25%, 02/15/29 |
157 | 154,645 | ||||||||||
|
Block Communications, Inc., 4.88%, 03/01/28(c) |
168 | 171,360 | ||||||||||
|
Cable One, Inc.(c) |
||||||||||||
|
1.13%, 03/15/28(k) |
1,312 | 1,285,050 | ||||||||||
|
4.00%, 11/15/30 |
95 | 93,316 | ||||||||||
|
CCO Holdings LLC/CCO Holdings Capital Corp. |
||||||||||||
|
5.13%, 05/01/27(c)(h) |
861 | 892,211 | ||||||||||
|
5.00%, 02/01/28(c)(h) |
116 | 120,640 | ||||||||||
|
5.38%, 06/01/29(c)(h) |
658 | 707,021 | ||||||||||
|
4.75%, 03/01/30(c) |
169 | 174,493 | ||||||||||
|
4.50%, 08/15/30(c)(h) |
1,623 | 1,652,019 | ||||||||||
|
4.25%, 02/01/31(c)(h) |
902 | 897,941 | ||||||||||
|
4.50%, 05/01/32 |
731 | 734,458 | ||||||||||
|
4.50%, 06/01/33(c) |
332 | 331,170 | ||||||||||
|
4.25%, 01/15/34(c) |
1,311 | 1,271,421 | ||||||||||
|
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45(h) |
3,000 | 4,138,424 | ||||||||||
|
Clear Channel International BV, 6.63%, 08/01/25(c) |
507 | 527,280 | ||||||||||
|
Clear Channel Outdoor Holdings, Inc.(c) |
||||||||||||
|
7.75%, 04/15/28 |
705 | 729,996 | ||||||||||
|
7.50%, 06/01/29(h) |
971 | 993,212 | ||||||||||
|
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27(c)(h) |
2,277 | 2,335,633 | ||||||||||
|
Comcast Corp., 4.60%, 08/15/45(h) |
1,750 | 2,206,114 | ||||||||||
|
Connect Finco Sarl/Connect US Finco LLC, 6.75%, 10/01/26(c)(h) |
2,548 | 2,643,550 | ||||||||||
|
CSC Holdings LLC |
||||||||||||
|
5.25%, 06/01/24 |
633 | 666,232 | ||||||||||
|
6.50%, 02/01/29(c) |
368 | 394,680 | ||||||||||
|
5.75%, 01/15/30(c) |
855 | 843,628 | ||||||||||
|
4.63%, 12/01/30(c)(h) |
893 | 818,211 | ||||||||||
|
3.38%, 02/15/31(c) |
200 | 182,150 | ||||||||||
| Security |
Par
(000) |
Value | ||||||||||
| Media (continued) | ||||||||||||
|
CSC Holdings LLC (continued) |
||||||||||||
|
4.50%, 11/15/31(c)(h) |
USD | 398 | $ | 385,622 | ||||||||
|
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.88%, 08/15/27(c) |
520 | 539,058 | ||||||||||
|
Discovery Communications LLC, 4.95%, 05/15/42(h) |
400 | 472,016 | ||||||||||
|
DISH DBS Corp. |
||||||||||||
|
5.88%, 07/15/22(h) |
999 | 1,023,975 | ||||||||||
|
5.00%, 03/15/23(h) |
303 | 313,605 | ||||||||||
|
7.75%, 07/01/26(h) |
1,272 | 1,413,510 | ||||||||||
|
7.38%, 07/01/28 |
119 | 125,099 | ||||||||||
|
5.13%, 06/01/29 |
733 | 705,512 | ||||||||||
|
DISH Network Corp.(k) |
||||||||||||
|
2.38%, 03/15/24 |
328 | 318,160 | ||||||||||
|
3.38%, 08/15/26 |
1,178 | 1,200,189 | ||||||||||
|
Frontier Communications Holdings LLC(c) |
||||||||||||
|
5.88%, 10/15/27(h) |
592 | 620,120 | ||||||||||
|
5.00%, 05/01/28 |
1,094 | 1,111,777 | ||||||||||
|
6.75%, 05/01/29 |
544 | 559,640 | ||||||||||
|
6.00%, 01/15/30 |
480 | 482,270 | ||||||||||
|
GCI LLC, 4.75%, 10/15/28(c) |
115 | 119,025 | ||||||||||
|
Hughes Satellite Systems Corp., 5.25%, 08/01/26(h) |
166 | 185,298 | ||||||||||
|
iHeartCommunications, Inc. |
||||||||||||
|
6.38%, 05/01/26 |
192 | 199,487 | ||||||||||
|
8.38%, 05/01/27 |
45 | 47,925 | ||||||||||
|
5.25%, 08/15/27(c) |
213 | 217,550 | ||||||||||
|
4.75%, 01/15/28(c) |
96 | 96,600 | ||||||||||
|
Iliad Holding SAS(c) |
||||||||||||
|
6.50%, 10/15/26 |
622 | 640,921 | ||||||||||
|
7.00%, 10/15/28 |
608 | 626,556 | ||||||||||
|
Kaixo Bondco Telecom SA, 5.13%, 09/30/29(f) |
EUR | 100 | 114,423 | |||||||||
|
Lamar Media Corp., 4.00%, 02/15/30 |
USD | 163 | 165,484 | |||||||||
|
LCPR Senior Secured Financing DAC(c) |
||||||||||||
|
6.75%, 10/15/27 |
200 | 210,000 | ||||||||||
|
5.13%, 07/15/29(h) |
670 | 675,025 | ||||||||||
|
Liberty Broadband Corp.(c)(k) |
||||||||||||
|
1.25%, 09/30/50 |
528 | 525,469 | ||||||||||
|
2.75%, 09/30/50 |
1,018 | 1,059,130 | ||||||||||
|
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(c)(i) |
453 | 373,542 | ||||||||||
|
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(c) |
181 | 185,073 | ||||||||||
|
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26(c) |
400 | 415,125 | ||||||||||
|
Live Nation Entertainment, Inc.(c) |
||||||||||||
|
4.88%, 11/01/24 |
40 | 40,450 | ||||||||||
|
6.50%, 05/15/27(h) |
1,411 | 1,545,045 | ||||||||||
|
4.75%, 10/15/27 |
331 | 337,620 | ||||||||||
|
3.75%, 01/15/28 |
195 | 193,050 | ||||||||||
|
Lorca Telecom Bondco SA, 4.00%, 09/18/27(f) |
EUR | 100 | 116,305 | |||||||||
|
Midas OpCo Holdings LLC, 5.63%, 08/15/29(c) |
USD | 129 | 131,406 | |||||||||
|
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27(c) |
209 | 216,838 | ||||||||||
|
Network i2i Ltd., (5 year CMT +
4.27%),
|
250 | 264,188 | ||||||||||
|
News Corp., 3.88%, 05/15/29(c) |
158 | 160,370 | ||||||||||
|
Outfront Media Capital LLC/Outfront Media Capital Corp.(c) |
||||||||||||
|
5.00%, 08/15/27 |
392 | 399,840 | ||||||||||
|
4.25%, 01/15/29 |
154 | 150,920 | ||||||||||
|
Pinewood Finance Co. Ltd., 3.25%, 09/30/25(f) |
GBP | 100 | 136,906 | |||||||||
| 20 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par
(000) |
Value | ||||||||||
| Media (continued) | ||||||||||||
|
Radiate Holdco LLC/Radiate Finance,
|
||||||||||||
|
4.50%, 09/15/26 |
USD | 597 | $ | 606,576 | ||||||||
|
6.50%, 09/15/28 |
2,155 | 2,155,000 | ||||||||||
|
Sable International Finance Ltd. |
||||||||||||
|
5.75%, 09/07/27(f) |
479 | 498,759 | ||||||||||
|
5.75%, 09/07/27(c) |
200 | 208,250 | ||||||||||
|
Scripps Escrow II, Inc., 3.88%, 01/15/29(c) |
114 | 113,430 | ||||||||||
|
Sinclair Television Group, Inc., 4.13%, 12/01/30(c) |
333 | 317,183 | ||||||||||
|
Sirius XM Radio, Inc.(c) |
||||||||||||
|
3.13%, 09/01/26 |
627 | 627,784 | ||||||||||
|
4.00%, 07/15/28 |
652 | 656,694 | ||||||||||
|
5.50%, 07/01/29 |
435 | 469,256 | ||||||||||
|
4.13%, 07/01/30(h) |
221 | 220,014 | ||||||||||
|
3.88%, 09/01/31 |
861 | 827,102 | ||||||||||
|
Summer BC Holdco B Sarl, 5.75%, 10/31/26(f) |
EUR | 100 | 120,571 | |||||||||
|
TEGNA, Inc., 5.50%, 09/15/24(c) |
USD | 33 | 33,371 | |||||||||
|
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28(c) |
400 | 417,200 | ||||||||||
|
Telesat Canada/Telesat LLC, 4.88%, 06/01/27(c) |
177 | 158,146 | ||||||||||
|
Terrier Media Buyer, Inc., 8.88%,
|
997 | 1,054,327 | ||||||||||
|
Univision Communications, Inc., 5.13%, 02/15/25(c) |
110 | 111,650 | ||||||||||
|
UPC Broadband Finco BV, 4.88%, 07/15/31(c)(h) |
574 | 583,557 | ||||||||||
|
UPCB Finance VII Ltd., 3.63%, 06/15/29(f) |
EUR | 100 | 117,618 | |||||||||
|
ViacomCBS, Inc., 5.85%, 09/01/43(h) |
USD | 645 | 877,761 | |||||||||
|
Videotron Ltd.(c) |
||||||||||||
|
5.13%, 04/15/27(h) |
345 | 356,644 | ||||||||||
|
3.63%, 06/15/29 |
462 | 464,310 | ||||||||||
|
Virgin Media Secured Finance PLC, 4.50%, 08/15/30(c)(h) |
399 | 398,501 | ||||||||||
|
VTR Comunicaciones SpA, 4.38%, 04/15/29(c) |
290 | 291,541 | ||||||||||
|
WMG Acquisition Corp., 2.25%, 08/15/31(f) |
EUR | 100 | 115,311 | |||||||||
|
Ziggo Bond Co. BV(c)(h) |
||||||||||||
|
6.00%, 01/15/27 |
USD | 638 | 658,735 | |||||||||
|
5.13%, 02/28/30 |
295 | 298,540 | ||||||||||
|
Ziggo BV(c) |
||||||||||||
|
5.50%, 01/15/27(h) |
313 | 320,825 | ||||||||||
|
4.88%, 01/15/30 |
217 | 220,662 | ||||||||||
|
|
|
|||||||||||
| 62,047,937 | ||||||||||||
| Metals & Mining — 2.5% | ||||||||||||
|
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24(f) |
450 | 490,500 | ||||||||||
|
Allegheny Technologies, Inc. |
||||||||||||
|
4.88%, 10/01/29 |
129 | 128,910 | ||||||||||
|
5.13%, 10/01/31 |
145 | 144,449 | ||||||||||
|
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 |
200 | 201,500 | ||||||||||
|
Arconic Corp.(c) |
||||||||||||
|
6.00%, 05/15/25 |
361 | 377,696 | ||||||||||
|
6.13%, 02/15/28 |
443 | 466,811 | ||||||||||
|
BHP Billiton Finance USA Ltd., 4.13%, 02/24/42(h) |
250 | 296,804 | ||||||||||
|
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(c)(h) |
1,258 | 1,366,503 | ||||||||||
|
Constellium SE(c) |
||||||||||||
|
5.88%, 02/15/26(h) |
1,443 | 1,466,809 | ||||||||||
|
3.75%, 04/15/29 |
895 | 865,510 | ||||||||||
|
Freeport-McMoRan, Inc. |
||||||||||||
|
4.38%, 08/01/28 |
366 | 381,087 | ||||||||||
|
5.40%, 11/14/34 |
39 | 47,642 | ||||||||||
|
5.45%, 03/15/43 |
1,355 | 1,704,590 | ||||||||||
|
HTA Group Ltd., 7.00%, 12/18/25(c) |
410 | 426,733 | ||||||||||
|
JSW Steel Ltd., 5.95%, 04/18/24(f) |
200 | 211,750 | ||||||||||
| Security |
Par
(000) |
Value | ||||||||||
| Metals & Mining (continued) | ||||||||||||
|
Kaiser Aluminum Corp.(c) |
||||||||||||
|
4.63%, 03/01/28 |
USD | 115 | $ | 116,403 | ||||||||
|
4.50%, 06/01/31 |
164 | 160,736 | ||||||||||
|
Metinvest BV, 8.50%, 04/23/26(f) |
302 | 339,712 | ||||||||||
|
Mongolian Mining Corp/Energy Resources LLC, 9.25%, 04/15/24(f) |
200 | 177,663 | ||||||||||
|
New Gold, Inc., 7.50%, 07/15/27(c)(h) |
900 | 972,000 | ||||||||||
|
Nexa Resources SA, 5.38%, 05/04/27(c)(h) |
657 | 697,159 | ||||||||||
|
Novelis Corp.(c) |
||||||||||||
|
3.25%, 11/15/26 |
532 | 530,670 | ||||||||||
|
4.75%, 01/30/30 |
994 | 1,033,760 | ||||||||||
|
3.88%, 08/15/31 |
767 | 748,822 | ||||||||||
|
Periama Holdings LLC, 5.95%, 04/19/26(f) |
276 | 298,425 | ||||||||||
|
Rio Tinto Finance USA PLC, 4.75%, 03/22/42(h) |
400 | 514,442 | ||||||||||
|
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29(c) |
155 | 157,906 | ||||||||||
|
thyssenkrupp AG(f) |
||||||||||||
|
1.88%, 03/06/23 |
EUR | 43 | 49,813 | |||||||||
|
2.88%, 02/22/24 |
100 | 117,351 | ||||||||||
|
United States Steel Corp., 6.88%, 03/01/29 |
USD | 628 | 671,960 | |||||||||
|
Vale Overseas Ltd., 3.75%, 07/08/30 |
295 | 300,900 | ||||||||||
|
Vedanta Resources Finance II PLC |
||||||||||||
|
8.00%, 04/23/23(f) |
313 | 307,288 | ||||||||||
|
13.88%, 01/21/24(f) |
200 | 216,250 | ||||||||||
|
8.95%, 03/11/25(c) |
595 | 600,950 | ||||||||||
|
|
|
|||||||||||
| 16,589,504 | ||||||||||||
| Multi-line Retail — 0.2% | ||||||||||||
|
Bath & Body Works, Inc. |
||||||||||||
|
6.88%, 11/01/35(h) |
478 | 580,741 | ||||||||||
|
6.75%, 07/01/36 |
79 | 94,832 | ||||||||||
|
InRetail Consumer, 3.25%, 03/22/28(c) |
200 | 195,913 | ||||||||||
|
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26(c) |
506 | 531,452 | ||||||||||
|
|
|
|||||||||||
| 1,402,938 | ||||||||||||
| Offshore Drilling & Other Services — 0.0% | ||||||||||||
|
Entegris, Inc., 3.63%, 05/01/29(c) |
124 | 124,930 | ||||||||||
|
|
|
|||||||||||
| Oil, Gas & Consumable Fuels — 11.7% | ||||||||||||
|
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(c)(h) |
1,007 | 1,081,729 | ||||||||||
|
Antero Midstream Partners LP/Antero Midstream Finance Corp.(c) |
||||||||||||
|
7.88%, 05/15/26 |
211 | 230,781 | ||||||||||
|
5.75%, 03/01/27 |
289 | 298,392 | ||||||||||
|
5.75%, 01/15/28 |
75 | 78,469 | ||||||||||
|
5.38%, 06/15/29 |
263 | 274,822 | ||||||||||
|
Antero Resources Corp.(c) |
||||||||||||
|
7.63%, 02/01/29(o) |
350 | 387,625 | ||||||||||
|
5.38%, 03/01/30 |
56 | 59,276 | ||||||||||
|
Apache Corp. |
||||||||||||
|
4.25%, 01/15/30 |
308 | 327,250 | ||||||||||
|
5.10%, 09/01/40(h) |
870 | 974,965 | ||||||||||
|
5.25%, 02/01/42 |
114 | 128,250 | ||||||||||
|
4.75%, 04/15/43(h) |
800 | 876,000 | ||||||||||
|
Arcosa, Inc., 4.38%, 04/15/29(c) |
477 | 486,869 | ||||||||||
|
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(c) |
||||||||||||
|
9.00%, 11/01/27(h) |
778 | 1,063,915 | ||||||||||
|
8.25%, 12/31/28 |
17 | 18,488 | ||||||||||
|
5.88%, 06/30/29 |
579 | 586,110 | ||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
21 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par
(000) |
Value | ||||||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||||||
|
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(f)(l) |
USD | 354 | $ | 262,725 | ||||||||
|
Brand Industrial Services, Inc., 8.50%, 07/15/25(c)(h) |
406 | 403,462 | ||||||||||
|
Buckeye Partners LP |
||||||||||||
|
4.13%, 03/01/25(c) |
345 | 353,625 | ||||||||||
|
5.85%, 11/15/43 |
182 | 179,434 | ||||||||||
|
5.60%, 10/15/44 |
232 | 225,040 | ||||||||||
|
Callon Petroleum Co. |
||||||||||||
|
6.13%, 10/01/24 |
161 | 158,835 | ||||||||||
|
9.00%, 04/01/25(c)(h) |
1,257 | 1,351,275 | ||||||||||
|
8.00%, 08/01/28(c) |
720 | 725,400 | ||||||||||
|
Cellnex Telecom SA, Series CLNX,
|
EUR | 200 | 226,349 | |||||||||
|
Cenovus Energy, Inc., 5.40%, 06/15/47 |
USD | 104 | 130,059 | |||||||||
|
Centennial Resource Production LLC |
||||||||||||
|
6.88%, 04/01/27(c) |
296 | 302,660 | ||||||||||
|
3.25%, 04/01/28(k) |
610 | 841,751 | ||||||||||
|
Cheniere Energy Partners LP |
||||||||||||
|
4.50%, 10/01/29(h) |
469 | 500,742 | ||||||||||
|
4.00%, 03/01/31(c) |
638 | 663,530 | ||||||||||
|
3.25%, 01/31/32(c) |
626 | 620,491 | ||||||||||
|
Cheniere Energy, Inc., 4.63%, 10/15/28 |
1,979 | 2,075,377 | ||||||||||
|
Chesapeake Energy Corp., 5.88%, 02/01/29(c) |
53 | 56,313 | ||||||||||
|
Citgo Holding, Inc., 9.25%, 08/01/24(c) |
407 | 413,105 | ||||||||||
|
Civitas Resources, Inc., 5.00%, 10/15/26(c) |
113 | 114,153 | ||||||||||
|
CNX Midstream Partners LP, 4.75%, 04/15/30(c) |
118 | 118,148 | ||||||||||
|
CNX Resources Corp. |
||||||||||||
|
2.25%, 05/01/26(k) |
637 | 862,550 | ||||||||||
|
6.00%, 01/15/29(c) |
84 | 88,620 | ||||||||||
|
Colgate Energy Partners III LLC(c) |
||||||||||||
|
7.75%, 02/15/26 |
342 | 365,085 | ||||||||||
|
5.88%, 07/01/29(h) |
394 | 403,357 | ||||||||||
|
Comstock Resources, Inc.(c) |
||||||||||||
|
7.50%, 05/15/25 |
117 | 121,388 | ||||||||||
|
6.75%, 03/01/29(h) |
652 | 700,900 | ||||||||||
|
5.88%, 01/15/30 |
438 | 455,432 | ||||||||||
|
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(c) |
469 | 487,760 | ||||||||||
|
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(c)(h) |
1,307 | 1,336,407 | ||||||||||
|
DCP Midstream Operating LP |
||||||||||||
|
6.45%, 11/03/36(c)(h) |
254 | 327,660 | ||||||||||
|
6.75%, 09/15/37(c)(h) |
418 | 558,904 | ||||||||||
|
5.60%, 04/01/44 |
7 | 8,400 | ||||||||||
|
DT Midstream, Inc.(c) |
||||||||||||
|
4.13%, 06/15/29 |
553 | 556,954 | ||||||||||
|
4.38%, 06/15/31 |
717 | 726,436 | ||||||||||
|
Dycom Industries, Inc., 4.50%, 04/15/29(c) |
130 | 131,950 | ||||||||||
|
Ecopetrol SA, 4.63%, 11/02/31(n) |
435 | 431,737 | ||||||||||
|
eG Global Finance PLC |
||||||||||||
|
6.75%, 02/07/25(c) |
452 | 462,735 | ||||||||||
|
6.25%, 10/30/25(f) |
EUR | 142 | 166,237 | |||||||||
|
8.50%, 10/30/25(c) |
USD | 299 | 309,465 | |||||||||
|
Enbridge, Inc.(b) |
||||||||||||
|
(3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78 |
1,865 | 2,058,250 | ||||||||||
|
Series 20-A, (5 year CMT + 5.31%), 5.75%, 07/15/80 |
690 | 775,560 | ||||||||||
|
Endeavor Energy Resources LP/EER Finance, Inc.(c) |
||||||||||||
|
6.63%, 07/15/25 |
32 | 33,745 | ||||||||||
|
5.75%, 01/30/28 |
567 | 595,350 | ||||||||||
| Security |
Par
(000) |
Value | ||||||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||||||
|
Energean Israel Finance Ltd., 4.88%, 03/30/26(c)(f) |
USD | 260 | $ | 263,900 | ||||||||
|
Energy Transfer LP |
||||||||||||
|
6.13%, 12/15/45(h) |
500 | 641,427 | ||||||||||
|
5.30%, 04/15/47(h) |
350 | 415,013 | ||||||||||
|
Series H, (5 year CMT + 5.69%), 6.50%(b)(m) |
820 | 848,700 | ||||||||||
|
EnLink Midstream LLC |
||||||||||||
|
5.63%, 01/15/28(c) |
226 | 239,635 | ||||||||||
|
5.38%, 06/01/29 |
98 | 101,430 | ||||||||||
|
EnLink Midstream Partners LP |
||||||||||||
|
4.40%, 04/01/24 |
281 | 293,645 | ||||||||||
|
4.15%, 06/01/25 |
68 | 70,984 | ||||||||||
|
4.85%, 07/15/26 |
160 | 166,400 | ||||||||||
|
5.60%, 04/01/44 |
237 | 232,473 | ||||||||||
|
5.05%, 04/01/45 |
39 | 37,148 | ||||||||||
|
Enterprise Products Operating LLC, (3 mo. LIBOR US + 2.57%), 5.38%, 02/15/78(b) |
420 | 431,418 | ||||||||||
|
EQM Midstream Partners LP |
||||||||||||
|
4.13%, 12/01/26 |
131 | 134,766 | ||||||||||
|
4.50%, 01/15/29(c) |
223 | 229,411 | ||||||||||
|
4.75%, 01/15/31(c)(h) |
1,258 | 1,302,439 | ||||||||||
|
EQT Corp. |
||||||||||||
|
1.75%, 05/01/26(k) |
544 | 850,170 | ||||||||||
|
3.13%, 05/15/26(c) |
226 | 227,695 | ||||||||||
|
3.90%, 10/01/27 |
197 | 210,297 | ||||||||||
|
5.00%, 01/15/29 |
41 | 45,549 | ||||||||||
|
7.50%, 02/01/30 |
158 | 202,272 | ||||||||||
|
3.63%, 05/15/31(c) |
64 | 65,360 | ||||||||||
|
Genesis Energy LP/Genesis Energy Finance Corp. |
||||||||||||
|
6.50%, 10/01/25(h) |
53 | 52,242 | ||||||||||
|
7.75%, 02/01/28 |
144 | 142,235 | ||||||||||
|
Geopark Ltd., 5.50%, 01/17/27(c) |
215 | 213,629 | ||||||||||
|
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27(f) |
200 | 193,500 | ||||||||||
|
Great Western Petroleum LLC/Great Western Finance Corp., 12.00%, 09/01/25(c) |
214 | 217,210 | ||||||||||
|
Harvest Midstream I LP, 7.50%, 09/01/28(c) |
78 | 81,900 | ||||||||||
|
Hess Corp., 4.30%, 04/01/27(h) |
750 | 822,574 | ||||||||||
|
Hess Midstream Operations LP, 4.25%, 02/15/30(c) |
325 | 325,000 | ||||||||||
|
Hilong Holding Ltd., 9.75%, 11/18/24(f) |
407 | 343,991 | ||||||||||
|
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26(f) |
200 | 207,313 | ||||||||||
|
Impulsora Pipeline LLC, 6.05%, 01/01/43(a) |
1,587 | 1,536,662 | ||||||||||
|
Independence Energy Finance LLC, 7.25%, 05/01/26(c)(h) |
602 | 626,080 | ||||||||||
|
ITT Holdings LLC, 6.50%, 08/01/29(c) |
437 | 438,092 | ||||||||||
|
Kinder Morgan Energy Partners LP, 4.25%, 09/01/24(h) |
2,500 | 2,697,652 | ||||||||||
|
Leviathan Bond Ltd., 5.75%, 06/30/23(c)(f) |
328 | 338,862 | ||||||||||
|
Matador Resources Co., 5.88%, 09/15/26(h) |
1,263 | 1,304,186 | ||||||||||
|
MC Brazil Downstream Trading Sarl, 7.25%, 06/30/31(c) |
320 | 311,600 | ||||||||||
|
Medco Bell Pte Ltd., 6.38%, 01/30/27(f) |
250 | 255,000 | ||||||||||
|
MEG Energy Corp., 6.50%, 01/15/25(c)(h) |
1,020 | 1,044,225 | ||||||||||
|
MPLX LP, 4.25%, 12/01/27 |
235 | 261,984 | ||||||||||
|
Murphy Oil Corp. |
||||||||||||
|
5.75%, 08/15/25 |
27 | 27,675 | ||||||||||
|
6.38%, 12/01/42 |
35 | 35,540 | ||||||||||
|
Murphy Oil USA, Inc., 4.75%, 09/15/29 |
171 | 180,140 | ||||||||||
|
Nabors Industries Ltd.(c) |
||||||||||||
|
7.25%, 01/15/26 |
70 | 67,900 | ||||||||||
|
7.50%, 01/15/28 |
131 | 124,450 | ||||||||||
|
Neptune Energy Bondco PLC, 6.63%, 05/15/25(c) |
200 | 204,500 | ||||||||||
| 22 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par
(000) |
Value | ||||||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||||||
|
New Fortress Energy, Inc.(c)(h) |
||||||||||||
|
6.75%, 09/15/25 |
USD | 1,201 | $ | 1,169,468 | ||||||||
|
6.50%, 09/30/26 |
1,103 | 1,071,940 | ||||||||||
|
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(c)(h) |
470 | 476,613 | ||||||||||
|
NGPL PipeCo LLC, 7.77%, 12/15/37(c)(h) |
270 | 388,083 | ||||||||||
|
Northern Oil and Gas, Inc., 8.13%, 03/01/28(c)(h) |
611 | 656,825 | ||||||||||
|
NuStar Logistics LP |
||||||||||||
|
6.00%, 06/01/26 |
234 | 248,625 | ||||||||||
|
6.38%, 10/01/30 |
30 | 32,879 | ||||||||||
|
Occidental Petroleum Corp. |
||||||||||||
|
6.95%, 07/01/24 |
81 | 91,125 | ||||||||||
|
5.50%, 12/01/25 |
130 | 143,000 | ||||||||||
|
5.55%, 03/15/26 |
48 | 52,980 | ||||||||||
|
8.88%, 07/15/30 |
49 | 66,395 | ||||||||||
|
6.20%, 03/15/40 |
816 | 988,637 | ||||||||||
|
4.50%, 07/15/44(h) |
2,268 | 2,290,680 | ||||||||||
|
4.63%, 06/15/45 |
141 | 145,935 | ||||||||||
|
4.40%, 04/15/46 |
558 | 564,565 | ||||||||||
|
4.10%, 02/15/47 |
510 | 497,250 | ||||||||||
|
4.20%, 03/15/48 |
565 | 550,609 | ||||||||||
|
Odebrecht Offshore Drilling Finance Ltd., (7.72% PIK), 7.72%, 12/01/26(c)(i) |
— | (e) | 142 | |||||||||
|
Oil and Gas Holding Co., 7.63%, 11/07/24(f) |
273 | 295,318 | ||||||||||
|
OQ SAOC, 5.13%, 05/06/28(c) |
300 | 306,750 | ||||||||||
|
Ovintiv Exploration, Inc., 5.38%, 01/01/26 |
42 | 46,775 | ||||||||||
|
Ovintiv, Inc. |
||||||||||||
|
7.38%, 11/01/31 |
97 | 131,349 | ||||||||||
|
6.50%, 08/15/34 |
63 | 85,015 | ||||||||||
|
PDC Energy, Inc. |
||||||||||||
|
6.13%, 09/15/24(o) |
89 | 90,224 | ||||||||||
|
6.25%, 12/01/25 |
144 | 146,880 | ||||||||||
|
5.75%, 05/15/26 |
292 | 300,395 | ||||||||||
|
Pertamina Persero PT, 3.65%, 07/30/29(f) |
446 | 472,983 | ||||||||||
|
Petrobras Global Finance BV |
||||||||||||
|
5.30%, 01/27/25 |
101 | 109,522 | ||||||||||
|
6.00%, 01/27/28(h) |
115 | 125,063 | ||||||||||
|
Petroleos Mexicanos |
||||||||||||
|
6.50%, 03/13/27(h) |
689 | 731,890 | ||||||||||
|
5.95%, 01/28/31 |
678 | 665,457 | ||||||||||
|
6.35%, 02/12/48 |
273 | 231,709 | ||||||||||
|
Pioneer Natural Resources Co., 0.25%, 05/15/25(k) |
361 | 637,984 | ||||||||||
|
Puma International Financing SA, 5.13%, 10/06/24(c) |
483 | 486,170 | ||||||||||
|
Range Resources Corp. |
||||||||||||
|
5.88%, 07/01/22 |
57 | 57,428 | ||||||||||
|
5.00%, 08/15/22(h) |
312 | 316,783 | ||||||||||
|
5.00%, 03/15/23 |
145 | 149,050 | ||||||||||
|
4.88%, 05/15/25 |
18 | 18,765 | ||||||||||
|
9.25%, 02/01/26 |
79 | 85,320 | ||||||||||
|
Rockcliff Energy II LLC, 5.50%, 10/15/29(c) |
392 | 402,192 | ||||||||||
|
Saudi Arabian Oil Co., 2.25%, 11/24/30(c)(h) |
745 | 720,462 | ||||||||||
|
Shell International Finance BV, 4.38%, 05/11/45(h) |
450 | 564,375 | ||||||||||
|
SM Energy Co. |
||||||||||||
|
10.00%, 01/15/25(c)(h) |
1,129 | 1,256,012 | ||||||||||
|
5.63%, 06/01/25 |
72 | 72,180 | ||||||||||
|
6.75%, 09/15/26 |
127 | 130,175 | ||||||||||
|
6.50%, 07/15/28 |
110 | 115,500 | ||||||||||
|
Southwestern Energy Co. |
||||||||||||
|
4.10%, 03/15/22 |
272 | 272,000 | ||||||||||
| Security |
Par
(000) |
Value | ||||||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||||||
|
Southwestern Energy Co. (continued) |
||||||||||||
|
8.38%, 09/15/28 |
USD | 145 | $ | 161,675 | ||||||||
|
5.38%, 02/01/29(c) |
411 | 433,605 | ||||||||||
|
Stoneway Capital Corp.(g)(j) |
||||||||||||
|
10.00%, 03/01/27(c) |
940 | 249,289 | ||||||||||
|
10.00%, 03/01/27(f) |
333 | 88,344 | ||||||||||
|
Suncor Energy, Inc., 6.50%, 06/15/38(h) |
800 | 1,111,417 | ||||||||||
|
Sunoco LP/Sunoco Finance Corp. |
||||||||||||
|
6.00%, 04/15/27 |
75 | 78,563 | ||||||||||
|
5.88%, 03/15/28 |
147 | 155,608 | ||||||||||
|
Tap Rock Resources LLC, 7.00%, 10/01/26(c) |
934 | 961,404 | ||||||||||
|
Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
||||||||||||
|
5.88%, 04/15/26(h) |
312 | 325,750 | ||||||||||
|
5.38%, 02/01/27 |
2 | 2,070 | ||||||||||
|
6.50%, 07/15/27 |
258 | 276,382 | ||||||||||
|
6.88%, 01/15/29(h) |
673 | 753,760 | ||||||||||
|
5.50%, 03/01/30 |
489 | 537,431 | ||||||||||
|
4.88%, 02/01/31 |
359 | 387,085 | ||||||||||
|
Transocean, Inc., 11.50%, 01/30/27(c) |
195 | 198,900 | ||||||||||
|
Venture Global Calcasieu Pass LLC(c) |
||||||||||||
|
3.88%, 08/15/29 |
1,000 | 1,017,500 | ||||||||||
|
4.13%, 08/15/31 |
893 | 924,210 | ||||||||||
|
Vine Energy Holdings LLC, 6.75%, 04/15/29(c)(h) |
751 | 806,386 | ||||||||||
|
Vivo Energy Investments BV, 5.13%, 09/24/27(c) |
549 | 579,126 | ||||||||||
|
Western Midstream Operating LP |
||||||||||||
|
5.45%, 04/01/44(h) |
934 | 1,096,012 | ||||||||||
|
5.30%, 03/01/48 |
24 | 27,960 | ||||||||||
|
5.50%, 08/15/48 |
82 | 97,890 | ||||||||||
|
6.50%, 02/01/50(h) |
983 | 1,176,631 | ||||||||||
|
Williams Cos, Inc., 4.50%, 11/15/23(h) |
1,750 | 1,860,188 | ||||||||||
|
|
|
|||||||||||
| 79,391,234 | ||||||||||||
| Personal Products(f) — 0.0% | ||||||||||||
|
Coty, Inc. |
||||||||||||
|
4.00%, 04/15/23 |
EUR | 100 | 115,610 | |||||||||
|
3.88%, 04/15/26 |
100 | 117,623 | ||||||||||
|
|
|
|||||||||||
| 233,233 | ||||||||||||
| Pharmaceuticals — 2.4% | ||||||||||||
|
AbbVie, Inc.(h) |
||||||||||||
|
4.75%, 03/15/45 |
USD | 500 | 627,335 | |||||||||
|
4.45%, 05/14/46 |
1,000 | 1,222,308 | ||||||||||
|
Bausch Health Americas, Inc.(c) |
||||||||||||
|
9.25%, 04/01/26 |
61 | 64,813 | ||||||||||
|
8.50%, 01/31/27(h) |
853 | 905,246 | ||||||||||
|
Bausch Health Cos., Inc.(c) |
||||||||||||
|
9.00%, 12/15/25 |
351 | 368,224 | ||||||||||
|
5.75%, 08/15/27 |
249 | 260,699 | ||||||||||
|
5.00%, 01/30/28 |
223 | 205,833 | ||||||||||
|
4.88%, 06/01/28 |
56 | 57,669 | ||||||||||
|
5.00%, 02/15/29(h) |
675 | 619,313 | ||||||||||
|
7.25%, 05/30/29(h) |
664 | 672,971 | ||||||||||
|
5.25%, 01/30/30 |
271 | 244,584 | ||||||||||
|
5.25%, 02/15/31 |
51 | 45,838 | ||||||||||
|
Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27(f) |
EUR | 100 | 115,520 | |||||||||
|
CVS Health Corp., 5.05%, 03/25/48(h) |
USD | 1,110 | 1,459,344 | |||||||||
|
Elanco Animal Health, Inc., 5.90%, 08/28/28 |
316 | 369,297 | ||||||||||
|
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 9.50%, 07/31/27(c)(h) |
875 | 868,437 | ||||||||||
|
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc., 6.13%, 04/01/29(c)(h) |
615 | 605,775 | ||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
23 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||||||
| Pharmaceuticals (continued) | ||||||||||||
|
Gruenenthal GmbH, 4.13%, 05/15/28(f) |
EUR | 100 | $ | 119,704 | ||||||||
|
Jaguar Holding Co. II/PPD Development LP,
|
USD | 962 | 1,031,745 | |||||||||
|
Jazz Securities DAC, 4.38%, 01/15/29(c) |
506 | 519,915 | ||||||||||
|
Nidda BondCo GmbH, 7.25%, 09/30/25(f) |
EUR | 100 | 117,189 | |||||||||
|
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24(f) |
100 | 113,752 | ||||||||||
|
Option Care Health, Inc., 4.38%, 10/31/29(c) |
USD | 170 | 171,663 | |||||||||
|
Organon & Co./Organon Foreign Debt Co-Issuer BV(c) |
||||||||||||
|
4.13%, 04/30/28 |
953 | 966,104 | ||||||||||
|
5.13%, 04/30/31 |
931 | 960,261 | ||||||||||
|
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25(c) |
339 | 347,051 | ||||||||||
|
Par Pharmaceutical, Inc.,
|
931 | 939,146 | ||||||||||
|
PRA Health Sciences, Inc., 2.88%, 07/15/26(c) |
563 | 566,519 | ||||||||||
|
Prestige Brands, Inc., 3.75%, 04/01/31(c) |
190 | 183,573 | ||||||||||
|
Rossini Sarl, 6.75%, 10/30/25(f) |
EUR | 166 | 198,462 | |||||||||
|
Teva Pharmaceutical Finance Netherlands II BV, 6.00%, 01/31/25 |
100 | 124,183 | ||||||||||
|
Teva Pharmaceutical Finance Netherlands III BV, 7.13%, 01/31/25 |
USD | 200 | 213,688 | |||||||||
|
Utah Acquisition Sub, Inc., 3.95%, 06/15/26(h) |
650 | 706,960 | ||||||||||
|
|
|
|||||||||||
| 15,993,121 | ||||||||||||
| Producer Durables: Miscellaneous — 0.0% | ||||||||||||
|
Oracle Corp., 3.60%, 04/01/50 |
250 | 255,231 | ||||||||||
|
|
|
|||||||||||
| Real Estate Management & Development — 2.9% | ||||||||||||
|
Adler Group SA, 2.75%, 11/13/26(f) |
EUR | 200 | 206,917 | |||||||||
|
Agile Group Holdings Ltd.(f) |
||||||||||||
|
5.75%, 01/02/25 |
USD | 224 | 170,240 | |||||||||
|
6.05%, 10/13/25 |
200 | 150,000 | ||||||||||
|
(5 year CMT + 11.08%), 7.75%(b)(m) |
200 | 108,000 | ||||||||||
|
(5 year CMT + 11.29%), 7.88%(b)(m) |
200 | 112,000 | ||||||||||
|
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(c) |
525 | 547,477 | ||||||||||
|
Canary Wharf Group Investment Holdings PLC, 1.75%, 04/07/26(f) |
EUR | 100 | 116,816 | |||||||||
|
Central China Real Estate Ltd.(f) |
||||||||||||
|
6.88%, 08/08/22 |
USD | 200 | 136,000 | |||||||||
|
7.65%, 08/27/23 |
245 | 129,927 | ||||||||||
|
7.90%, 11/07/23 |
230 | 117,300 | ||||||||||
|
CFLD Cayman Investment Ltd.(f)(g)(j) |
||||||||||||
|
8.63%, 02/28/21 |
200 | 68,063 | ||||||||||
|
6.90%, 01/13/23 |
400 | 140,575 | ||||||||||
|
8.60%, 04/08/24 |
200 | 70,288 | ||||||||||
|
China Aoyuan Group Ltd.(f) |
||||||||||||
|
6.35%, 02/08/24 |
435 | 174,000 | ||||||||||
|
5.98%, 08/18/25 |
200 | 78,000 | ||||||||||
|
China Evergrande Group(f)(g)(j) |
||||||||||||
|
8.25%, 03/23/22 |
450 | 123,750 | ||||||||||
|
9.50%, 04/11/22 |
200 | 51,000 | ||||||||||
|
11.50%, 01/22/23 |
450 | 106,875 | ||||||||||
|
12.00%, 01/22/24 |
250 | 59,375 | ||||||||||
|
China SCE Group Holdings Ltd.(f) |
||||||||||||
|
7.25%, 04/19/23 |
200 | 176,000 | ||||||||||
|
7.38%, 04/09/24 |
650 | 563,875 | ||||||||||
|
7.00%, 05/02/25 |
200 | 158,000 | ||||||||||
|
CIFI Holdings Group Co. Ltd.(f) |
||||||||||||
|
6.55%, 03/28/24 |
200 | 194,000 | ||||||||||
|
6.45%, 11/07/24 |
200 | 194,000 | ||||||||||
|
6.00%, 07/16/25 |
400 | 387,125 | ||||||||||
| Security |
Par (000) |
Value | ||||||||||
| Real Estate Management & Development (continued) | ||||||||||||
|
CIFI Holdings Group Co. Ltd.(f) (continued) |
||||||||||||
|
5.95%, 10/20/25 |
USD | 200 | $ | 192,062 | ||||||||
|
5.25%, 05/13/26 |
215 | 202,637 | ||||||||||
|
Country Garden Holdings Co. Ltd.(f) |
||||||||||||
|
6.50%, 04/08/24 |
200 | 200,500 | ||||||||||
|
6.15%, 09/17/25 |
200 | 200,020 | ||||||||||
|
5.13%, 01/14/27 |
200 | 194,562 | ||||||||||
|
Dexin China Holdings Co. Ltd., 11.88%, 04/23/22(f) |
200 | 180,062 | ||||||||||
|
DIC Asset AG, 2.25%, 09/22/26(f) |
EUR | 100 | 111,441 | |||||||||
|
Easy Tactic Ltd.(f) |
||||||||||||
|
5.88%, 02/13/23 |
USD | 200 | 118,000 | |||||||||
|
8.13%, 02/27/23 |
200 | 118,000 | ||||||||||
|
11.75%, 08/02/23 |
200 | 120,000 | ||||||||||
|
8.63%, 02/27/24 |
200 | 106,000 | ||||||||||
|
Fantasia Holdings Group Co. Ltd.(f)(g)(j) |
||||||||||||
|
11.75%, 04/17/22 |
430 | 135,450 | ||||||||||
|
12.25%, 10/18/22 |
200 | 63,000 | ||||||||||
|
11.88%, 06/01/23 |
200 | 63,000 | ||||||||||
|
9.25%, 07/28/23 |
400 | 126,000 | ||||||||||
|
Fastighets AB Balder, (5 year EUR Swap + 3.19%), 2.87%, 06/02/81(b)(f) |
EUR | 100 | 110,398 | |||||||||
|
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(c)(h) |
USD | 265 | 275,732 | |||||||||
|
Global Prime Capital Pte Ltd., 5.50%, 10/18/23(f) |
200 | 201,850 | ||||||||||
|
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(c) |
120 | 121,950 | ||||||||||
|
Haimen Zhongnan Investment Development International Co. Ltd., 12.00%, 06/08/22(f) |
200 | 156,062 | ||||||||||
|
Heimstaden Bostad AB, (5 year EUR Swap + 3.15%), 2.63%(b)(f)(m) |
EUR | 100 | 109,255 | |||||||||
|
Howard Hughes Corp.(c) |
||||||||||||
|
5.38%, 08/01/28 |
USD | 237 | 248,554 | |||||||||
|
4.13%, 02/01/29 |
189 | 189,191 | ||||||||||
|
4.38%, 02/01/31 |
226 | 226,050 | ||||||||||
|
Jingrui Holdings Ltd., 12.00%, 07/25/22(f) |
200 | 128,878 | ||||||||||
|
Kaisa Group Holdings Ltd.(f) |
||||||||||||
|
11.95%, 10/22/22 |
200 | 68,000 | ||||||||||
|
11.50%, 01/30/23 |
400 | 120,000 | ||||||||||
|
10.88%, 07/23/23 |
400 | 120,000 | ||||||||||
|
9.75%, 09/28/23 |
248 | 76,880 | ||||||||||
|
11.95%, 11/12/23 |
200 | 57,100 | ||||||||||
|
11.70%, 11/11/25 |
200 | 56,000 | ||||||||||
|
Kennedy-Wilson, Inc., 4.75%, 02/01/30 |
174 | 175,087 | ||||||||||
|
KWG Group Holdings Ltd.(f) |
||||||||||||
|
7.88%, 09/01/23 |
200 | 163,500 | ||||||||||
|
7.40%, 03/05/24 |
710 | 571,772 | ||||||||||
|
Logan Group Co. Ltd.(f) |
||||||||||||
|
6.50%, 07/16/23 |
200 | 190,000 | ||||||||||
|
6.90%, 06/09/24 |
200 | 188,000 | ||||||||||
|
5.75%, 01/14/25 |
200 | 184,500 | ||||||||||
|
5.25%, 10/19/25 |
200 | 178,500 | ||||||||||
|
MAF Sukuk Ltd., 4.64%, 05/14/29(f)(h) |
525 | 590,231 | ||||||||||
|
Modern Land China Co. Ltd., 9.80%,
|
200 | 44,000 | ||||||||||
|
New Metro Global Ltd.(f) |
||||||||||||
|
6.80%, 08/05/23 |
200 | 185,000 | ||||||||||
|
4.80%, 12/15/24 |
200 | 174,000 | ||||||||||
|
Powerlong Real Estate Holdings Ltd.(f) |
||||||||||||
|
7.13%, 11/08/22 |
200 | 189,000 | ||||||||||
|
6.95%, 07/23/23 |
330 | 306,900 | ||||||||||
| 24 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||||||
| Road & Rail — 0.5% | ||||||||||||
|
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42(h) |
USD | 500 | $ | 619,499 | ||||||||
|
Danaos Corp., 8.50%, 03/01/28(c) |
100 | 109,600 | ||||||||||
|
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(c)(h) |
2,001 | 2,305,540 | ||||||||||
|
Seaspan Corp., 5.50%, 08/01/29(c) |
444 | 448,400 | ||||||||||
|
|
|
|||||||||||
| 3,483,039 | ||||||||||||
| Semiconductors & Semiconductor Equipment — 1.3% | ||||||||||||
|
ams AG, 6.00%, 07/31/25(f) |
EUR | 100 | 122,027 | |||||||||
|
Atkore, Inc., 4.25%, 06/01/31(c) |
USD | 210 | 212,100 | |||||||||
|
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27(h) |
2,600 | 2,818,493 | ||||||||||
|
Broadcom, Inc., 3.46%, 09/15/26(h) |
688 | 734,377 | ||||||||||
|
Microchip Technology, Inc. |
||||||||||||
|
0.13%, 11/15/24(k) |
411 | 459,293 | ||||||||||
|
1.63%, 02/15/25(k) |
102 | 322,659 | ||||||||||
|
4.25%, 09/01/25(h) |
1,374 | 1,429,127 | ||||||||||
|
ON Semiconductor Corp., 3.88%, 09/01/28(c) |
429 | 433,826 | ||||||||||
|
QUALCOMM, Inc., 4.65%, 05/20/35(h) |
400 | 494,461 | ||||||||||
|
Sensata Technologies BV(c) |
||||||||||||
|
5.00%, 10/01/25 |
368 | 403,115 | ||||||||||
|
4.00%, 04/15/29 |
408 | 414,389 | ||||||||||
|
Sensata Technologies, Inc.(c) |
||||||||||||
|
4.38%, 02/15/30(h) |
513 | 541,412 | ||||||||||
|
3.75%, 02/15/31 |
44 | 43,395 | ||||||||||
|
Synaptics, Inc., 4.00%, 06/15/29(c) |
243 | 245,430 | ||||||||||
|
|
|
|||||||||||
| 8,674,104 | ||||||||||||
| Software — 1.5% | ||||||||||||
|
ACI Worldwide, Inc., 5.75%, 08/15/26(c)(h) |
510 | 532,950 | ||||||||||
|
Black Knight InfoServ LLC, 3.63%, 09/01/28(c) |
501 | 498,495 | ||||||||||
|
Boxer Parent Co., Inc. |
||||||||||||
|
6.50%, 10/02/25(f) |
EUR | 100 | 121,171 | |||||||||
|
7.13%, 10/02/25(c)(h) |
USD | 749 | 797,685 | |||||||||
|
9.13%, 03/01/26(c) |
194 | 202,730 | ||||||||||
|
Cedacri Mergeco SpA, (3 mo. EURIBOR + 4.63%), 4.63%, 05/15/28(b)(f) |
EUR | 100 | 116,178 | |||||||||
|
Crowdstrike Holdings, Inc., 3.00%, 02/15/29 |
USD | 357 | 352,537 | |||||||||
|
Elastic NV, 4.13%, 07/15/29(c) |
481 | 478,540 | ||||||||||
|
Helios Software Holdings, Inc./ION Corporate Solutions Finance Sarl, 4.63%, 05/01/28(c) |
400 | 395,000 | ||||||||||
|
MicroStrategy, Inc., 6.13%, 06/15/28(c) |
409 | 419,687 | ||||||||||
|
MSCI, Inc.(c) |
||||||||||||
|
4.00%, 11/15/29 |
99 | 103,455 | ||||||||||
|
3.63%, 09/01/30 |
197 | 201,925 | ||||||||||
|
3.88%, 02/15/31(h) |
454 | 468,345 | ||||||||||
|
3.63%, 11/01/31 |
164 | 168,920 | ||||||||||
|
3.25%, 08/15/33 |
233 | 233,902 | ||||||||||
|
Open Text Corp., 3.88%, 02/15/28(c) |
179 | 180,343 | ||||||||||
|
Open Text Holdings, Inc., 4.13%, 02/15/30(c) |
340 | 345,644 | ||||||||||
|
Playtika Holding Corp., 4.25%, 03/15/29(c) |
529 | 530,481 | ||||||||||
|
PTC, Inc., 4.00%, 02/15/28(c) |
242 | 245,327 | ||||||||||
|
Rocket Software, Inc., 6.50%, 02/15/29(c) |
525 | 501,375 | ||||||||||
|
SS&C Technologies, Inc., 5.50%, 09/30/27(c)(h) |
1,589 | 1,672,422 | ||||||||||
|
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(c)(h) |
1,247 | 1,292,204 | ||||||||||
|
|
|
|||||||||||
| 9,859,316 | ||||||||||||
| Specialty Retail — 0.7% | ||||||||||||
|
Arko Corp., 5.13%, 11/15/29(c) |
232 | 226,455 | ||||||||||
|
National Vision Holdings, Inc., 2.50%, 05/15/25(k) |
311 | 640,507 | ||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
25 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||||||
| Specialty Retail (continued) | ||||||||||||
|
PetSmart, Inc./PetSmart Finance Corp.(c) |
||||||||||||
|
4.75%, 02/15/28 |
USD | 436 | $ | 447,990 | ||||||||
|
7.75%, 02/15/29(h) |
1,824 | 1,971,234 | ||||||||||
|
Staples, Inc.(c) |
||||||||||||
|
7.50%, 04/15/26(h) |
894 | 903,646 | ||||||||||
|
10.75%, 04/15/27 |
257 | 245,435 | ||||||||||
|
Tendam Brands SAU, (3 mo. EURIBOR + 5.25%), 5.25%, 09/15/24(b)(f) |
EUR | 100 | 115,051 | |||||||||
|
|
|
|||||||||||
| 4,550,318 | ||||||||||||
| Technology Hardware, Storage & Peripherals — 0.1% | ||||||||||||
|
Dell International LLC/EMC Corp., 7.13%, 06/15/24(c)(h) |
USD | 756 | 768,240 | |||||||||
|
|
|
|||||||||||
| Textiles, Apparel & Luxury Goods(c) — 0.1% | ||||||||||||
|
Crocs, Inc. |
||||||||||||
|
4.25%, 03/15/29 |
199 | 201,487 | ||||||||||
|
4.13%, 08/15/31 |
252 | 253,575 | ||||||||||
|
Levi Strauss & Co., 3.50%, 03/01/31 |
141 | 141,705 | ||||||||||
|
William Carter Co., 5.63%, 03/15/27 |
28 | 29,015 | ||||||||||
|
Wolverine World Wide, Inc., 4.00%, 08/15/29 |
129 | 127,363 | ||||||||||
|
|
|
|||||||||||
| 753,145 | ||||||||||||
| Thrifts & Mortgage Finance — 0.2% | ||||||||||||
|
Home Point Capital, Inc., 5.00%, 02/01/26(c) |
269 | 241,667 | ||||||||||
|
Jerrold Finco PLC, 5.25%, 01/15/27(f) |
GBP | 100 | 139,250 | |||||||||
|
MGIC Investment Corp., 5.25%, 08/15/28 |
USD | 216 | 229,809 | |||||||||
|
Nationstar Mortgage Holdings, Inc.(c) |
||||||||||||
|
6.00%, 01/15/27 |
323 | 337,535 | ||||||||||
|
5.50%, 08/15/28 |
242 | 248,050 | ||||||||||
|
5.13%, 12/15/30 |
180 | 181,413 | ||||||||||
|
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/26(c) |
241 | 239,343 | ||||||||||
|
|
|
|||||||||||
| 1,617,067 | ||||||||||||
| Tobacco(h) — 0.4% | ||||||||||||
|
Altria Group, Inc., 4.50%, 05/02/43 |
750 | 801,336 | ||||||||||
|
Philip Morris International, Inc., 4.38%, 11/15/41 |
900 | 1,035,484 | ||||||||||
|
Reynolds American, Inc., 5.85%, 08/15/45 |
715 | 875,069 | ||||||||||
|
|
|
|||||||||||
| 2,711,889 | ||||||||||||
| Transportation — 0.0% | ||||||||||||
|
Autostrade per l’Italia SpA, 2.00%, 12/04/28(f) |
EUR | 100 | 121,207 | |||||||||
|
|
|
|||||||||||
| Transportation Infrastructure — 0.4% | ||||||||||||
|
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61(c) |
USD | 320 | 333,460 | |||||||||
|
DP World Salaam, (5 year CMT + 5.75%), 6.00%(b)(f)(m) |
256 | 280,560 | ||||||||||
|
FedEx Corp.(h) |
||||||||||||
|
3.90%, 02/01/35 |
500 | 557,925 | ||||||||||
|
4.75%, 11/15/45 |
500 | 621,324 | ||||||||||
|
Heathrow Finance PLC, 4.63%, 09/01/29(d)(f) |
GBP | 100 | 138,052 | |||||||||
|
Mexico City Airport Trust, 5.50%, 07/31/47(f) |
USD | 308 | 311,234 | |||||||||
|
Transurban Finance Co. Pty Ltd., 4.13%, 02/02/26(c)(h) |
520 | 569,393 | ||||||||||
|
|
|
|||||||||||
| 2,811,948 | ||||||||||||
| Utilities — 1.9% | ||||||||||||
|
Centrais Eletricas Brasileiras SA(c) |
||||||||||||
|
3.63%, 02/04/25 |
424 | 424,609 | ||||||||||
|
4.63%, 02/04/30 |
233 | 227,583 | ||||||||||
|
Consensus Cloud Solutions, Inc.(c) |
||||||||||||
|
6.00%, 10/15/26 |
91 | 92,934 | ||||||||||
| Security |
Par (000) |
Value | ||||||||||
| Utilities (continued) | ||||||||||||
|
Consensus Cloud Solutions, Inc.(c) (continued) |
|
|||||||||||
|
6.50%, 10/15/28 |
USD | 83 | $ | 86,320 | ||||||||
|
Electricite de France SA, (10 year USD Swap + 3.71%), 5.25%(b)(c)(h)(m) |
7,500 | 7,762,500 | ||||||||||
|
FEL Energy VI Sarl, 5.75%, 12/01/40(f) |
306 | 301,747 | ||||||||||
|
Genneia SA, 8.75%, 09/02/27(c)(h) |
497 | 472,709 | ||||||||||
|
India Cleantech Energy, 4.70%, 08/10/26(c) |
250 | 250,313 | ||||||||||
|
Inkia Energy Ltd., 5.88%, 11/09/27(c)(h) |
455 | 468,167 | ||||||||||
|
Mong Doung Finacial Holdings BV, 5.13%, 05/07/29(f) |
250 | 248,484 | ||||||||||
|
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(c)(h) |
687 | 711,045 | ||||||||||
|
Solaris Midstream Holdings LLC, 7.63%, 04/01/26(c) |
92 | 97,032 | ||||||||||
|
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38(c) |
535 | 592,613 | ||||||||||
|
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33(f) |
336 | 374,438 | ||||||||||
|
Thames Water Kemble Finance PLC, 4.63%, 05/19/26(f) |
GBP | 168 | 238,082 | |||||||||
|
Vistra Operations Co. LLC(c) |
||||||||||||
|
5.63%, 02/15/27 |
USD | 254 | 261,701 | |||||||||
|
4.38%, 05/01/29 |
290 | 287,100 | ||||||||||
|
|
|
|||||||||||
| 12,897,377 | ||||||||||||
| Wireless Telecommunication Services — 2.7% | ||||||||||||
|
Altice France SA |
||||||||||||
|
5.88%, 02/01/27(f) |
EUR | 100 | 120,848 | |||||||||
|
8.13%, 02/01/27(c)(h) |
USD | 780 | 838,500 | |||||||||
|
5.50%, 01/15/28(c) |
357 | 357,892 | ||||||||||
|
4.13%, 01/15/29(f) |
EUR | 100 | 113,721 | |||||||||
|
5.13%, 01/15/29(c) |
USD | 201 | 194,970 | |||||||||
|
5.13%, 07/15/29(c)(h) |
1,606 | 1,564,132 | ||||||||||
|
4.25%, 10/15/29(f) |
EUR | 100 | 114,444 | |||||||||
|
5.50%, 10/15/29(c) |
USD | 610 | 597,934 | |||||||||
|
Kenbourne Invest SA(c) |
||||||||||||
|
6.88%, 11/26/24 |
529 | 552,805 | ||||||||||
|
4.70%, 01/22/28 |
200 | 199,000 | ||||||||||
|
Matterhorn Telecom SA, 4.00%, 11/15/27(f) |
EUR | 100 | 117,239 | |||||||||
|
Millicom International Cellular SA |
||||||||||||
|
5.13%, 01/15/28(f) |
USD | 463 | 481,191 | |||||||||
|
4.50%, 04/27/31(c) |
400 | 410,200 | ||||||||||
|
SBA Communications Corp.(h) |
||||||||||||
|
4.88%, 09/01/24 |
956 | 967,950 | ||||||||||
|
3.88%, 02/15/27 |
939 | 968,372 | ||||||||||
|
Sprint Corp. |
||||||||||||
|
7.88%, 09/15/23 |
206 | 228,403 | ||||||||||
|
7.13%, 06/15/24(h) |
333 | 376,290 | ||||||||||
|
7.63%, 03/01/26(h) |
816 | 978,302 | ||||||||||
|
T-Mobile USA, Inc. |
||||||||||||
|
4.75%, 02/01/28(h) |
626 | 660,430 | ||||||||||
|
2.63%, 02/15/29 |
471 | 466,879 | ||||||||||
|
2.88%, 02/15/31(h) |
573 | 569,419 | ||||||||||
|
3.50%, 04/15/31 |
507 | 524,694 | ||||||||||
|
3.50%, 04/15/31(c) |
462 | 478,124 | ||||||||||
|
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29(c)(h) |
577 | 583,685 | ||||||||||
|
VEON Holdings BV, 4.00%, 04/09/25(c) |
200 | 207,250 | ||||||||||
|
VICI Properties LP/VICI Note Co.,
|
||||||||||||
|
3.50%, 02/15/25 |
503 | 511,802 | ||||||||||
|
4.25%, 12/01/26(h) |
1,187 | 1,229,530 | ||||||||||
|
3.75%, 02/15/27 |
534 | 548,685 | ||||||||||
| 26 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||||||
|
Wireless Telecommunication Services (continued) |
|
|||||||||||
|
VICI Properties LP/VICI Note Co., Inc.(c) (continued) |
|
|||||||||||
|
4.63%, 12/01/29(h) |
USD | 640 | $ | 682,800 | ||||||||
|
4.13%, 08/15/30(h) |
1,191 | 1,250,550 | ||||||||||
|
Vmed O2 UK Financing I PLC |
||||||||||||
|
4.00%, 01/31/29(f) |
GBP | 100 | 135,144 | |||||||||
|
4.50%, 07/15/31(f) |
100 | 137,197 | ||||||||||
|
4.75%, 07/15/31(c) |
USD | 962 | 966,810 | |||||||||
|
VTR Comunicaciones SpA, 5.13%, 01/15/28(c) |
178 | 184,931 | ||||||||||
|
|
|
|||||||||||
| 18,320,123 | ||||||||||||
|
|
|
|||||||||||
|
Total Corporate Bonds — 89.4%
|
604,949,985 | |||||||||||
|
|
|
|||||||||||
|
Floating Rate Loan Interests(b) |
||||||||||||
| Aerospace & Defense — 0.3% | ||||||||||||
|
Peraton Holding Corp. |
||||||||||||
|
2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 8.50%, 02/01/29 |
370 | 377,400 | ||||||||||
|
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/01/28 |
1,086 | 1,087,206 | ||||||||||
|
Spirit Aerosystems, Inc. |
||||||||||||
|
2020 Term Loan B, (3 mo. LIBOR + 5.25%), 6.00%, 01/15/25 |
235 | 235,810 | ||||||||||
|
2021 Term Loan B, 0.00%, 01/15/25(p) |
22 | 22,055 | ||||||||||
|
|
|
|||||||||||
| 1,722,471 | ||||||||||||
| Air Freight & Logistics — 0.0% | ||||||||||||
|
AIT Worldwide Logistics, Inc, 2021 Term Loan, (3 mo. LIBOR + 4.75%), 5.50%, 03/31/28 |
90 | 90,113 | ||||||||||
|
|
|
|||||||||||
| Airlines — 0.4% | ||||||||||||
|
AAdvantage Loyalty IP Ltd./American Airlines, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%), 5.50%, 04/20/28 |
786 | 818,451 | ||||||||||
|
Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 4.25%, 08/11/28 |
449 | 453,396 | ||||||||||
|
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/21/27 |
223 | 237,357 | ||||||||||
|
SkyMiles IP Ltd., 2020 Skymiles Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/20/27 |
381 | 405,552 | ||||||||||
|
United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 4.50%, 04/21/28 |
826 | 836,908 | ||||||||||
|
|
|
|||||||||||
| 2,751,664 | ||||||||||||
| Auto Components — 0.0% | ||||||||||||
|
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.34%, 04/30/26 |
286 | 283,722 | ||||||||||
|
|
|
|||||||||||
| Banks — 0.1% | ||||||||||||
|
Directv Financing LLC, (3 mo. LIBOR + 5.00%, 0.75% Floor), 5.75%, 08/02/27 |
642 | 642,308 | ||||||||||
|
|
|
|||||||||||
| Security |
Par (000) |
Value | ||||||||||
| Building Products — 0.1% | ||||||||||||
|
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 4.25%, 11/23/27 |
USD | 118 | $ | 117,628 | ||||||||
|
CPG International, Inc., 2017 Term Loan, (3 mo. LIBOR + 2.50%), 3.25%, 05/05/24 |
129 | 128,527 | ||||||||||
|
Standard Industries, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.50%), 3.00%, 09/22/28 |
228 | 227,674 | ||||||||||
|
TPG VIII Elf Purchaser LLC, 2021 Term Loan B, 0.00%, 11/06/28(a)(p) |
193 | 192,805 | ||||||||||
|
|
|
|||||||||||
| 666,634 | ||||||||||||
| Capital Markets — 0.1% | ||||||||||||
|
AQGEN Ascensus, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%), 7.00%, 08/02/29 |
171 | 169,717 | ||||||||||
|
Deerfield Dakota Holding LLC |
||||||||||||
|
2020 USD Term Loan B, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 04/09/27 |
104 | 104,510 | ||||||||||
|
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 7.50%, 04/07/28 |
274 | 281,708 | ||||||||||
|
|
|
|||||||||||
| 555,935 | ||||||||||||
| Chemicals — 0.3% | ||||||||||||
|
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%), 5.50%, 08/27/26 |
490 | 494,246 | ||||||||||
|
Atotech BV, 2021 USD Term Loan B, (3 mo. LIBOR + 2.50%), 3.00%, 03/18/28 |
588 | 586,670 | ||||||||||
|
Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.59%, 06/30/27 |
164 | 163,643 | ||||||||||
|
Invictus Technical Solutions LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 6.82%, 03/30/26 |
54 | 54,114 | ||||||||||
|
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.34%, 05/15/24 |
261 | 260,060 | ||||||||||
|
New Arclin U.S. Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 3.75%), 4.25%, 09/30/28 |
209 | 208,750 | ||||||||||
|
W.R. Grace & Co.-Conn., 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 4.25%, 09/22/28 |
404 | 404,909 | ||||||||||
|
|
|
|||||||||||
| 2,172,392 | ||||||||||||
| Commercial Services & Supplies — 0.2% | ||||||||||||
|
Asurion LLC, 2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 3.34%, 12/23/26 |
94 | 92,751 | ||||||||||
|
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.34%, 12/12/25 |
93 | 93,291 | ||||||||||
|
GFL Environmental, Inc., 2020 Term Loan, (3 mo. LIBOR + 3.00%), 3.50%, 05/30/25 |
115 | 115,346 | ||||||||||
|
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.38%, 09/19/26(a) |
66 | 63,867 | ||||||||||
|
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 4.09%, 08/27/25 |
1,253 | 1,254,636 | ||||||||||
|
|
|
|||||||||||
| 1,619,891 | ||||||||||||
| Construction & Engineering — 0.4% | ||||||||||||
|
Brand Industrial Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/21/24 |
2,420 | 2,397,545 | ||||||||||
|
|
|
|||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
27 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||||||
| Construction Materials — 0.0% | ||||||||||||
|
Forterra Finance LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/25/23 |
USD | 112 | $ | 112,081 | ||||||||
|
|
|
|||||||||||
| Containers & Packaging — 0.1% | ||||||||||||
|
BWAY Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 3.34%, 04/03/24 |
611 | 593,870 | ||||||||||
|
Charter NEX US, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%), 4.50%, 12/01/27 |
217 | 217,768 | ||||||||||
|
|
|
|||||||||||
| 811,638 | ||||||||||||
| Diversified Consumer Services — 0.1% | ||||||||||||
|
Amentum Government Services Holdings LLC, Term Loan B, (1 mo. LIBOR + 3.50%), 3.59%, 01/29/27 |
80 | 79,521 | ||||||||||
|
Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 07/12/24 |
112 | 111,751 | ||||||||||
|
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%), 5.00%, 01/15/27 |
223 | 222,990 | ||||||||||
|
TruGreen Limited Partnership, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.50%), 9.50%, 11/02/28(a) |
201 | 203,010 | ||||||||||
|
|
|
|||||||||||
| 617,272 | ||||||||||||
| Diversified Financial Services — 0.6% | ||||||||||||
|
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 4.59%, 07/31/26 |
120 | 119,865 | ||||||||||
|
Credito Real SAB de CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%), 3.88%, 02/17/23(a) |
56 | 51,912 | ||||||||||
|
Delta TopCo, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%), 4.50%, 12/01/27 |
521 | 520,085 | ||||||||||
|
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (1 Week LIBOR + 4.00%), 4.50%, 02/16/28 |
124 | 124,933 | ||||||||||
|
KKR Apple Bidco LLC |
||||||||||||
|
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.75%), 6.25%, 09/21/29 |
34 | 34,453 | ||||||||||
|
2021 Term Loan, (1 mo. LIBOR + 3.00%), 3.50%, 09/22/28 |
210 | 209,475 | ||||||||||
|
LBM Acquisition LLC, Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.75%, 12/18/27 |
61 | 59,790 | ||||||||||
|
Milano Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%), 4.75%, 10/01/27 |
972 | 973,299 | ||||||||||
|
Radiate Holdco LLC, 2021 Term Loan B, 0.00%, 09/25/26(p) |
75 | 74,779 | ||||||||||
|
Veritas US, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.00%, 09/01/25 |
1,047 | 1,049,659 | ||||||||||
|
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 3.09%, 02/28/27 |
93 | 92,088 | ||||||||||
|
White Cap Buyer LLC, Term Loan B, (1 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 10/19/27 |
671 | 672,516 | ||||||||||
|
|
|
|||||||||||
| 3,982,854 | ||||||||||||
| Diversified Telecommunication Services — 0.4% | ||||||||||||
|
Frontier Communications Corp., 2021 DIP Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 05/01/28 |
372 | 371,386 | ||||||||||
|
Intelsat Jackson Holdings SA |
||||||||||||
|
2017 Term Loan B3, (PRIME + 4.75%), 8.00%, 11/27/23 |
107 | 107,992 | ||||||||||
| Security |
Par (000) |
Value | ||||||||||
| Diversified Telecommunication Services (continued) | ||||||||||||
|
Intelsat Jackson Holdings SA (continued) |
||||||||||||
|
2017 Term Loan B4, (PRIME + 5.50%), 8.75%, 01/02/24 |
USD | 330 | $ | 333,257 | ||||||||
|
2017 Term Loan B5, (Fixed + 8.62%), 8.63%, 01/02/24 |
1,841 | 1,861,440 | ||||||||||
|
Northwest Fiber LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%), 3.83%, 04/30/27 |
44 | 43,669 | ||||||||||
|
|
|
|||||||||||
| 2,717,744 | ||||||||||||
| Entertainment — 0.1% | ||||||||||||
|
MSG National Properties LLC, Term Loan,
|
485 | 495,039 | ||||||||||
|
|
|
|||||||||||
| Health Care Equipment & Supplies — 0.2% | ||||||||||||
|
Chamberlain Group, Inc., Term Loan B, 0.00%, 11/03/28(p) |
473 | 472,016 | ||||||||||
|
Ortho-Clinical Diagnostics SA |
||||||||||||
|
2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.08%, 06/30/25 |
100 | 100,179 | ||||||||||
|
EUR Term Loan B, (EURIBOR + 3.50%), 3.50%, 06/30/25 |
EUR | 913 | 1,053,866 | |||||||||
|
|
|
|||||||||||
| 1,626,061 | ||||||||||||
| Health Care Providers & Services — 0.3% | ||||||||||||
|
Da Vinci Purchaser Corp., 2019 Term Loan, (2 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 01/08/27 |
USD | 230 | 231,095 | |||||||||
|
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.84%, 10/10/25 |
786 | 649,157 | ||||||||||
|
LifePoint Health, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 3.84%, 11/16/25 |
146 | 145,339 | ||||||||||
|
Quorum Health Corp., 2020 Term Loan, (3 mo. LIBOR + 7.00%, 1.00% Floor), 8.00%, 04/29/25 |
300 | 300,038 | ||||||||||
|
Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%), 3.25%, 12/11/26 |
489 | 486,961 | ||||||||||
|
|
|
|||||||||||
| 1,812,590 | ||||||||||||
| Health Care Services — 0.0% | ||||||||||||
|
Medical Solutions LLC, 2021 2nd Lien Term Loan, 0.00%, 10/01/29(a)(p) |
149 | 148,255 | ||||||||||
|
|
|
|||||||||||
| Health Care Technology — 0.1% | ||||||||||||
|
Athenahealth, Inc., 2021 Term Loan B1, (3 mo. LIBOR + 4.25%), 4.38%, 02/11/26 |
157 | 157,603 | ||||||||||
|
Polaris Newco LLC, USD Term Loan B, (3 mo. LIBOR + 4.00%), 4.50%, 06/02/28 |
479 | 479,920 | ||||||||||
|
|
|
|||||||||||
| 637,523 | ||||||||||||
| Hotels, Restaurants & Leisure — 0.1% | ||||||||||||
|
Golden Nugget LLC, 2017 Incremental Term Loan B, (3 mo. LIBOR + 2.50%), 3.25%, 10/04/23 |
212 | 211,157 | ||||||||||
|
Great Canadian Gaming Corp., Term Loan,
|
71 | 71,320 | ||||||||||
|
IRB Holding Corp., 2020 Fourth Amendment Incremental Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/15/27 |
464 | 464,160 | ||||||||||
| 28 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||||||
| IT Services (continued) | ||||||||||||
|
Banff Merger Sub, Inc. (continued) |
||||||||||||
|
2021 USD Term Loan, (3 mo. LIBOR + 3.75%), 3.88%, 10/02/25 |
USD | 348 | $ | 345,327 | ||||||||
|
Camelot Finance SA, Term Loan B, (1 mo. LIBOR + 3.00%), 3.09%, 10/30/26 |
202 | 201,181 | ||||||||||
|
Greeneden US Holdings II LLC, 2020 USD Term Loan B, (1 mo. LIBOR + 4.00%), 4.75%, 12/01/27 |
337 | 337,956 | ||||||||||
|
Peak 10 Holding Corp. |
||||||||||||
|
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.59%, 08/01/24 |
171 | 164,153 | ||||||||||
|
2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.33%, 08/01/25 |
75 | 69,125 | ||||||||||
|
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 3.59%, 02/12/27 |
214 | 209,623 | ||||||||||
|
TierPoint LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%), 4.50%, 05/05/26 |
168 | 167,983 | ||||||||||
|
|
|
|||||||||||
| 2,030,299 | ||||||||||||
| Life Sciences Tools & Services — 0.1% | ||||||||||||
|
ICON Luxembourg Sarl |
||||||||||||
|
LUX Term Loan, (3 mo. LIBOR + 2.50%), 3.00%, 07/03/28 |
500 | 499,583 | ||||||||||
|
US Term Loan, (3 mo. LIBOR + 2.50%), 3.00%, 07/03/28 |
124 | 124,250 | ||||||||||
|
Parexel International Corp., Term Loan B,
|
125 | 124,923 | ||||||||||
|
|
|
|||||||||||
| 748,756 | ||||||||||||
| Machinery — 0.4% | ||||||||||||
|
Filtration Group Corp., 2021 Incremental Term Loan, (3 mo. LIBOR + 3.50%), 4.00%, 10/21/28 |
291 | 290,491 | ||||||||||
|
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 1.84%, 03/01/27 |
104 | 102,876 | ||||||||||
|
Madison IAQ LLC, Term Loan, (6 mo. LIBOR + 3.25%), 3.75%, 06/21/28 |
127 | 126,366 | ||||||||||
|
MHI Holdings LLC, Term Loan B, (1 mo. LIBOR + 5.00%), 5.09%, 09/21/26 |
515 | 517,669 | ||||||||||
|
Titan Acquisition Ltd., 2018 Term Loan B,
|
1,591 | 1,562,189 | ||||||||||
|
|
|
|||||||||||
| 2,599,591 | ||||||||||||
| Media — 0.4% | ||||||||||||
|
Altice Financing SA, 2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 2.87%, 07/15/25 |
44 | 42,902 | ||||||||||
|
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 4.12%, 08/14/26 |
206 | 204,778 | ||||||||||
|
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 3.63%, 08/21/26 |
872 | 858,052 | ||||||||||
|
Connect Finco Sarl, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/11/26 |
234 | 234,196 | ||||||||||
|
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23 |
90 | 85,996 | ||||||||||
|
MH Sub I LLC, 2021 2nd Lien Term Loan,
|
66 | 66,846 | ||||||||||
|
Radiate Holdco LLC, 2020 Term Loan, (1 mo. LIBOR + 3.50%), 4.25%, 09/25/26 |
46 | 45,829 | ||||||||||
|
Zayo Group Holdings, Inc., USD Term Loan,
|
1,507 | 1,482,603 | ||||||||||
|
|
|
|||||||||||
| 3,021,202 | ||||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
29 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par
(000) |
Value | ||||||||||
| Software (continued) | ||||||||||||
|
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.34%, 05/30/25 |
USD | 18 | $ | 17,814 | ||||||||
|
Sabre GLBL, Inc. |
||||||||||||
|
2021 Term Loan B1, (1 mo. LIBOR + 3.50%), 4.00%, 12/17/27 |
205 | 204,021 | ||||||||||
|
2021 Term Loan B2, (1 mo. LIBOR + 3.50%), 4.00%, 12/17/27 |
326 | 325,222 | ||||||||||
|
Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 3.63%, 10/07/27 |
985 | 985,381 | ||||||||||
|
Sovos Compliance LLC, 2021 Term Loan,
|
192 | 193,083 | ||||||||||
|
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.84%, 04/16/25 |
71 | 70,126 | ||||||||||
|
SS&C Technologies, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 1.84%, 04/16/25 |
104 | 102,971 | ||||||||||
|
Tempo Acquisition LLC, 2020 Extended Term Loan, (1 mo. LIBOR + 3.25%), 3.75%, 11/02/26 |
40 | 39,925 | ||||||||||
|
Tibco Software Inc., 2021 Term Loan, 0.00%, 06/30/26(p) |
744 | 731,598 | ||||||||||
|
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.34%, 03/03/28 |
232 | 232,406 | ||||||||||
|
Ultimate Software Group, Inc., Term Loan B, (1 mo. LIBOR + 3.75%), 3.84%, 05/04/26 |
305 | 305,513 | ||||||||||
|
|
|
|||||||||||
| 8,559,869 | ||||||||||||
| Specialty Retail — 0.1% | ||||||||||||
|
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 4.50%, 02/11/28 |
731 | 731,431 | ||||||||||
|
Staples, Inc., 7 Year Term Loan, (3 mo. LIBOR + 5.00%), 5.13%, 04/16/26 |
183 | 175,759 | ||||||||||
|
|
|
|||||||||||
| 907,190 | ||||||||||||
| Trading Companies & Distributors — 0.0% | ||||||||||||
|
Foundation Building Materials Holding Company LLC, 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 01/31/28 |
130 | 129,147 | ||||||||||
|
|
|
|||||||||||
|
Total Floating Rate Loan Interests — 7.9%
|
53,277,978 | |||||||||||
|
|
|
|||||||||||
|
Foreign Agency Obligations |
||||||||||||
| Argentina — 0.0% | ||||||||||||
|
Argentine Republic Government International Bond, 2.50%, 07/09/41(d) |
802 | 274,798 | ||||||||||
|
|
|
|||||||||||
| Bahrain — 0.2% | ||||||||||||
|
Bahrain Government International Bond |
||||||||||||
|
7.00%, 01/26/26(f) |
301 | 333,790 | ||||||||||
|
6.75%, 09/20/29(f) |
265 | 285,836 | ||||||||||
|
5.25%, 01/25/33(c) |
205 | 195,839 | ||||||||||
|
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25(f) |
230 | 261,625 | ||||||||||
|
|
|
|||||||||||
| 1,077,090 | ||||||||||||
| Colombia — 0.3% | ||||||||||||
|
Colombia Government International Bond |
||||||||||||
|
8.13%, 05/21/24 |
385 | 443,905 | ||||||||||
|
4.50%, 01/28/26(h) |
542 | 579,703 | ||||||||||
| 30 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||||||
| Colombia (continued) | ||||||||||||
|
Colombia Government International |
||||||||||||
|
Bond (continued) |
||||||||||||
|
3.88%, 04/25/27(h) |
USD | 277 | $ | 287,699 | ||||||||
|
3.13%, 04/15/31 |
580 | 544,221 | ||||||||||
|
4.13%, 05/15/51(h) |
200 | 174,788 | ||||||||||
|
|
|
|||||||||||
| 2,030,316 | ||||||||||||
| Dominican Republic — 0.3% | ||||||||||||
|
Dominican Republic International Bond |
||||||||||||
|
5.95%, 01/25/27(f) |
831 | 925,786 | ||||||||||
|
4.50%, 01/30/30(c) |
593 | 599,227 | ||||||||||
|
4.88%, 09/23/32(c) |
350 | 355,534 | ||||||||||
|
6.40%, 06/05/49(f) |
271 | 287,226 | ||||||||||
|
|
|
|||||||||||
| 2,167,773 | ||||||||||||
| Egypt — 0.5% | ||||||||||||
|
Egypt Government International Bond |
||||||||||||
|
5.75%, 05/29/24(c) |
450 | 462,938 | ||||||||||
|
5.88%, 06/11/25(f) |
803 | 821,318 | ||||||||||
|
7.60%, 03/01/29(f) |
968 | 969,210 | ||||||||||
|
6.38%, 04/11/31(c) |
EUR | 130 | 140,324 | |||||||||
|
8.50%, 01/31/47(c) |
USD | 502 | 461,840 | |||||||||
|
7.50%, 02/16/61(c) |
200 | 169,000 | ||||||||||
|
|
|
|||||||||||
| 3,024,630 | ||||||||||||
| Ghana — 0.2% | ||||||||||||
|
Ghana Government International Bond |
||||||||||||
|
6.38%, 02/11/27(f) |
353 | 314,170 | ||||||||||
|
7.75%, 04/07/29(c) |
416 | 368,160 | ||||||||||
|
8.63%, 04/07/34(c) |
525 | 459,375 | ||||||||||
|
|
|
|||||||||||
| 1,141,705 | ||||||||||||
| Guatemala — 0.0% | ||||||||||||
|
Guatemala Government Bond, 4.65%, 10/07/41(c) |
200 | 203,063 | ||||||||||
|
|
|
|||||||||||
| Iceland — 0.5% | ||||||||||||
|
Iceland Government International Bond, 5.88%, 05/11/22(f)(h) |
3,415 | 3,492,915 | ||||||||||
|
|
|
|||||||||||
| Indonesia — 0.2% | ||||||||||||
|
Indonesia Government International Bond(h) |
||||||||||||
|
4.10%, 04/24/28 |
717 | 797,797 | ||||||||||
|
5.35%, 02/11/49 |
295 | 378,001 | ||||||||||
|
|
|
|||||||||||
| 1,175,798 | ||||||||||||
| Mexico — 0.0% | ||||||||||||
|
Mexico Government International Bond, 3.75%, 01/11/28(h) |
200 | 216,413 | ||||||||||
|
|
|
|||||||||||
| Mongolia — 0.0% | ||||||||||||
|
Mongolia Government International Bond, 5.13%, 04/07/26(f) |
250 | 259,403 | ||||||||||
|
|
|
|||||||||||
| Morocco — 0.1% | ||||||||||||
|
Morocco Government International Bond(c) |
||||||||||||
|
3.00%, 12/15/32 |
586 | 555,418 | ||||||||||
|
4.00%, 12/15/50 |
220 | 197,794 | ||||||||||
|
|
|
|||||||||||
| 753,212 | ||||||||||||
| Security |
Par (000) |
Value | ||||||||||
| Oman — 0.1% | ||||||||||||
|
Oman Government International Bond(f) |
||||||||||||
|
6.50%, 03/08/47 |
USD | 309 | $ | 305,871 | ||||||||
|
6.75%, 01/17/48 |
309 | 314,466 | ||||||||||
|
|
|
|||||||||||
| 620,337 | ||||||||||||
| Panama — 0.2% | ||||||||||||
|
Panama Government International Bond(h) |
||||||||||||
|
3.16%, 01/23/30 |
978 | 1,009,357 | ||||||||||
|
4.50%, 04/16/50 |
407 | 448,158 | ||||||||||
|
|
|
|||||||||||
| 1,457,515 | ||||||||||||
| Paraguay — 0.2% | ||||||||||||
|
Paraguay Government International Bond |
||||||||||||
|
4.70%, 03/27/27(f) |
305 | 335,271 | ||||||||||
|
4.95%, 04/28/31(c) |
220 | 246,372 | ||||||||||
|
5.40%, 03/30/50(c) |
569 | 642,188 | ||||||||||
|
|
|
|||||||||||
| 1,223,831 | ||||||||||||
| Peru — 0.1% | ||||||||||||
|
Peruvian Government International Bond(h) |
||||||||||||
|
2.78%, 01/23/31 |
233 | 232,607 | ||||||||||
|
1.86%, 12/01/32 |
373 | 338,800 | ||||||||||
|
|
|
|||||||||||
| 571,407 | ||||||||||||
| Portugal — 0.6% | ||||||||||||
|
Portugal Government International Bond, 5.13%, 10/15/24(c)(h) |
3,680 | 4,115,334 | ||||||||||
|
|
|
|||||||||||
| Qatar — 0.2% | ||||||||||||
|
Qatar Government International Bond |
||||||||||||
|
4.00%, 03/14/29(c)(h) |
878 | 988,847 | ||||||||||
|
4.40%, 04/16/50(f) |
200 | 244,000 | ||||||||||
|
|
|
|||||||||||
| 1,232,847 | ||||||||||||
| Romania — 0.1% | ||||||||||||
|
Romanian Government International Bond, 3.00%, 02/14/31(c) |
538 | 540,791 | ||||||||||
|
|
|
|||||||||||
| Russia — 0.1% | ||||||||||||
|
Russian Foreign Bond - Eurobond(f) |
||||||||||||
|
4.75%, 05/27/26 |
200 | 224,412 | ||||||||||
|
4.25%, 06/23/27 |
600 | 665,400 | ||||||||||
|
|
|
|||||||||||
| 889,812 | ||||||||||||
| Saudi Arabia — 0.2% | ||||||||||||
|
Saudi Government International Bond |
||||||||||||
|
4.38%, 04/16/29(c) |
200 | 228,600 | ||||||||||
|
4.50%, 04/17/30(f)(h) |
762 | 884,682 | ||||||||||
|
|
|
|||||||||||
| 1,113,282 | ||||||||||||
| Sri Lanka — 0.1% | ||||||||||||
|
Sri Lanka Government International Bond(f) |
||||||||||||
|
6.85%, 03/14/24 |
400 | 261,200 | ||||||||||
|
7.85%, 03/14/29 |
400 | 251,825 | ||||||||||
|
|
|
|||||||||||
| 513,025 | ||||||||||||
| Ukraine — 0.2% | ||||||||||||
|
Ukraine Government International Bond |
||||||||||||
|
7.75%, 09/01/23(f) |
221 | 235,683 | ||||||||||
|
8.99%, 02/01/24(f) |
424 | 463,008 | ||||||||||
|
7.75%, 09/01/24(f) |
280 | 301,402 | ||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
31 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par
(000) |
Value | ||||||||||
| Ukraine (continued) | ||||||||||||
|
Ukraine Government International Bond (continued) |
|
|||||||||||
|
7.75%, 09/01/25(f) |
USD | 226 | $ | 243,911 | ||||||||
|
7.25%, 03/15/33(c) |
371 | 377,098 | ||||||||||
|
|
|
|||||||||||
| 1,621,102 | ||||||||||||
| Uruguay — 0.0% | ||||||||||||
|
Uruguay Government International Bond, 4.98%, 04/20/55 |
198 | 253,305 | ||||||||||
|
|
|
|||||||||||
|
Total Foreign Agency Obligations — 4.4%
|
29,969,704 | |||||||||||
|
|
|
|||||||||||
|
Municipal Bonds |
||||||||||||
| California — 0.0% | ||||||||||||
|
California County Tobacco Securitization Agency, Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/55(l) |
1,230 | 245,800 | ||||||||||
|
|
|
|||||||||||
| Illinois — 0.2% | ||||||||||||
|
State of Illinois, GO, 5.10%, 06/01/33 |
800 | 929,878 | ||||||||||
|
|
|
|||||||||||
|
Total Municipal Bonds — 0.2%
|
1,175,678 | |||||||||||
|
|
|
|||||||||||
|
Non-Agency Mortgage-Backed Securities |
|
|||||||||||
| Collateralized Mortgage Obligations — 10.3% | ||||||||||||
|
American Home Mortgage Assets Trust, Series 2006-5, Class A1, (12 mo. MTA + 0.92%), 1.01%, 11/25/46(b) |
4,586 | 1,865,400 | ||||||||||
|
CHL Mortgage Pass-Through Trust |
||||||||||||
|
Series 2007-J2, Class 2A1, (1 mo. LIBOR US + 0.65%), 0.74%, 07/25/37(b) |
2,852 | 873,376 | ||||||||||
|
Series 2007-J2, Class 2A8, 6.00%, 07/25/37 |
1,575 | 869,219 | ||||||||||
|
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 2.61%, 11/25/36(b) |
1,472 | 1,417,502 | ||||||||||
|
COLT Mortgage Loan Trust(b)(c) |
||||||||||||
|
Series 2020-2, Class M1, 5.25%, 03/25/65 |
2,550 | 2,602,018 | ||||||||||
|
Series 2020-3, Class M1, 3.36%, 04/27/65 |
2,850 | 2,884,441 | ||||||||||
|
Countrywide Alternative Loan Trust |
||||||||||||
|
Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.45%), 0.54%, 05/25/35(b) |
1,664 | 1,542,005 | ||||||||||
|
Series 2006-40T1, Class 2A5, (1 mo. LIBOR US + 0.40%), 0.49%, 12/25/36(b) |
2,296 | 218,817 | ||||||||||
|
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36 |
1,823 | 1,321,432 | ||||||||||
|
Series 2006-J7, Class 2A1, (11th District Cost of Funds + 1.50%), 1.74%, 11/20/46(b) |
3,603 | 2,753,960 | ||||||||||
|
Series 2006-J8, Class A5, 6.00%, 02/25/37 |
1,996 | 1,245,199 | ||||||||||
|
Series 2006-OA14, Class 3A1, (12 mo. MTA + 0.85%), 0.94%, 11/25/46(b) |
5,270 | 4,810,657 | ||||||||||
|
Series 2006-OA16, Class A2, (1 mo. LIBOR US + 0.38%), 0.47%, 10/25/46(b) |
3,585 | 3,502,833 | ||||||||||
|
Series 2006-OA18, Class A1, (1 mo. LIBOR US + 0.24%), 0.33%, 12/25/46(b) |
2,126 | 2,067,634 | ||||||||||
|
Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.42%), 0.51%, 07/25/46(b) |
4,042 | 3,204,626 | ||||||||||
|
Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.38%), 0.47%, 07/25/46(b) |
1,436 | 1,312,342 | ||||||||||
|
Series 2007-12T1, Class A22, 5.75%, 06/25/37 |
3,723 | 2,515,663 | ||||||||||
|
Series 2007-12T1, Class A5, 6.00%, 06/25/37 |
1,807 | 1,256,348 | ||||||||||
|
Series 2007-19, Class 1A1, 6.00%, 08/25/37 |
592 | 420,344 | ||||||||||
|
Series 2007-22, Class 2A16, 6.50%, 09/25/37 |
7,382 | 4,192,249 | ||||||||||
| Security |
Par
(000) |
Value | ||||||||||
| Collateralized Mortgage Obligations (continued) | ||||||||||||
|
Countrywide Alternative Loan Trust (continued) |
|
|||||||||||
|
Series 2007-23CB, Class A1, 6.00%, 09/25/37 |
USD | 4,512 | $ | 3,304,570 | ||||||||
|
Series 2007-4CB, Class 1A3, (1 mo. LIBOR US + 0.35%), 0.44%, 04/25/37(b) |
2,098 | 1,656,987 | ||||||||||
|
Series 2007-OA2, Class 1A1, (12 mo. MTA + 0.84%), 0.93%, 03/25/47(b) |
2,485 | 2,260,586 | ||||||||||
|
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.40%), 0.49%, 04/25/46(b) |
5,406 | 5,111,537 | ||||||||||
|
CSMC(b)(c) |
||||||||||||
|
Series 2011-4R, Class 1A2, (1 mo. LIBOR US + 1.50%), 1.59%, 09/27/37 |
1,660 | 1,540,495 | ||||||||||
|
Series 2021-NQM2, Class M1, 2.28%, 02/25/66 |
1,500 | 1,492,399 | ||||||||||
|
Ellington Financial Mortgage Trust, Series 2020-1, Class M1, 5.24%, 05/25/65(b)(c) |
500 | 514,986 | ||||||||||
|
MFA Trust, Series 2021-NQM1, Class M1, 2.31%, 04/25/65(b)(c) |
2,000 | 1,985,373 | ||||||||||
|
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 0.53%, 05/26/37(c)(d) |
5,434 | 5,485,865 | ||||||||||
|
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36(b) |
7,074 | 2,244,045 | ||||||||||
|
Residential Asset Securitization Trust, Series 2006- A8, Class 2A5, (1 mo. LIBOR US + 0.60%), 0.69%, 08/25/36(b) |
6,356 | 702,947 | ||||||||||
|
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65(b)(c) |
1,750 | 1,736,239 | ||||||||||
|
Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65(b)(c) |
1,057 | 1,067,066 | ||||||||||
|
|
|
|||||||||||
| 69,979,160 | ||||||||||||
| Commercial Mortgage-Backed Securities(c) — 0.7% | ||||||||||||
|
American Homes 4 Rent Trust, Series 2014-SFR2, Class E, 6.23%, 10/17/36 |
2,000 | 2,173,475 | ||||||||||
|
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1 mo. LIBOR US + 0.27%), 0.36%, 07/25/37(b) |
1,699 | 1,638,134 | ||||||||||
|
Extended Stay America Trust, Series 2021-ESH, Class D, (1 mo. LIBOR US + 2.25%), 2.34%, 07/15/38(b) |
328 | 329,114 | ||||||||||
|
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-1A, Class B, (1 mo. LIBOR US + 1.00%), 1.09%, 04/25/31(b) |
512 | 503,840 | ||||||||||
|
|
|
|||||||||||
| 4,644,563 | ||||||||||||
|
|
|
|||||||||||
|
Total Non-Agency Mortgage-Backed
|
|
74,623,723 | ||||||||||
|
|
|
|||||||||||
|
Preferred Securities |
||||||||||||
| Capital Trusts — 6.8% | ||||||||||||
| Automobiles — 0.1% | ||||||||||||
|
General Motors Financial Co., Inc., Series C, 5.70%(b)(m) |
395 | 455,237 | ||||||||||
|
|
|
|||||||||||
| Banks(b) — 2.2% | ||||||||||||
|
Al Ahli Bank of Kuwait KSCP, 7.25%(f)(m) |
200 | 211,037 | ||||||||||
|
Banco Davivienda SA, 6.65%(c)(m) |
200 | 208,663 | ||||||||||
|
Bank of East Asia Ltd., 5.88%(f)(m) |
250 | 260,047 | ||||||||||
|
BBVA Bancomer SA, 5.13%, 01/18/33(f) |
782 | 806,633 | ||||||||||
|
Burgan Bank SAK, 5.75%(f)(m) |
250 | 253,641 | ||||||||||
|
CaixaBank SA, 6.38%(f)(m) |
EUR | 200 | 248,540 | |||||||||
| 32 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| Security |
Par
(000) |
Value | ||||||||||
| Banks (continued) | ||||||||||||
|
CIT Group, Inc., Series A, 5.80%(h)(m) |
USD | 282 | $ | 286,935 | ||||||||
|
Industrial & Commercial Bank of China Ltd., 3.20%(f)(m) |
210 | 211,480 | ||||||||||
|
ING Groep NV, 3.88%(m) |
1,750 | 1,684,375 | ||||||||||
|
Kasikornbank PCL, 5.28%(f)(m) |
246 | 255,655 | ||||||||||
|
Nanyang Commercial Bank Ltd., 5.00%(f)(m) |
200 | 202,438 | ||||||||||
|
Nordea Bank Abp, 3.75%(c)(m) |
560 | 541,800 | ||||||||||
|
Rizal Commercial Banking Corp., 6.50%(f)(m) |
200 | 208,475 | ||||||||||
|
TMBThanachart Bank PCL, 4.90%(f)(m) |
250 | 249,969 | ||||||||||
|
Wells Fargo & Co., Series S, 5.90%(h)(m) |
8,800 | 9,382,208 | ||||||||||
|
|
|
|||||||||||
| 15,011,896 | ||||||||||||
| Diversified Financial Services(b)(m) — 3.8% | ||||||||||||
|
Banco Santander SA, 4.38%(f) |
EUR | 200 | 238,460 | |||||||||
|
Bank of America Corp.(h) |
||||||||||||
|
Series AA, 6.10% |
USD | 2,880 | 3,168,000 | |||||||||
|
Series X, 6.25% |
5,535 | 6,033,150 | ||||||||||
|
Barclays PLC, 4.38% |
585 | 575,523 | ||||||||||
|
Credit Suisse Group AG, 6.38%(c) |
358 | 389,773 | ||||||||||
|
HSBC Holdings PLC, 6.00%(h) |
695 | 754,506 | ||||||||||
|
JPMorgan Chase & Co. |
||||||||||||
|
Series FF, 5.00%(h) |
1,025 | 1,060,875 | ||||||||||
|
Series HH, 4.60% |
320 | 327,317 | ||||||||||
|
Series R, 6.00% |
174 | 181,743 | ||||||||||
|
Morgan Stanley, Series H, 3.73%(h) |
3,244 | 3,260,676 | ||||||||||
|
Natwest Group PLC, 6.00%(h) |
1,185 | 1,309,935 | ||||||||||
|
Societe Generale SA(c)(h) |
||||||||||||
|
5.38% |
3,000 | 3,187,500 | ||||||||||
|
6.75% |
3,000 | 3,345,000 | ||||||||||
|
UBS Group AG, 3.88%(c) |
1,750 | 1,738,187 | ||||||||||
|
Woori Bank, 4.25%(f) |
250 | 257,469 | ||||||||||
|
|
|
|||||||||||
| 25,828,114 | ||||||||||||
| Diversified Telecommunication Services(b)(f)(m) — 0.1% | ||||||||||||
|
Koninklijke KPN NV, 2.00% |
EUR | 100 | 116,209 | |||||||||
|
Telefonica Europe BV |
||||||||||||
|
5.88% |
100 | 127,323 | ||||||||||
|
4.38% |
100 | 124,265 | ||||||||||
|
|
|
|||||||||||
| 367,797 | ||||||||||||
| Electric Utilities — 0.4% | ||||||||||||
|
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79(b)(h) |
USD | 2,500 | 2,902,356 | |||||||||
|
|
|
|||||||||||
| Electronic Equipment, Instruments & Components — 0.0% | ||||||||||||
|
Belden, Inc., 4.13%, 10/15/26(f) |
EUR | 100 | 118,052 | |||||||||
|
|
|
|||||||||||
| Insurance — 0.0% | ||||||||||||
|
Heungkuk Life Insurance Co. Ltd.,
|
USD | 200 | 200,975 | |||||||||
|
|
|
|||||||||||
| Oil, Gas & Consumable Fuels(b)(f)(m) — 0.1% | ||||||||||||
|
Abertis Infraestructuras Finance BV, 3.25% |
EUR | 100 | 118,069 | |||||||||
|
Repsol International Finance BV, 4.25% |
100 | 124,878 | ||||||||||
|
|
|
|||||||||||
| 242,947 | ||||||||||||
| Real Estate Management & Development(b)(f)(m) — 0.1% | ||||||||||||
|
Aroundtown SA, 3.38%. |
100 | 119,814 | ||||||||||
|
Citycon OYJ, 4.50% |
100 | 117,767 | ||||||||||
|
Heimstaden Bostad AB, 3.00% |
100 | 110,373 | ||||||||||
|
|
|
|||||||||||
| 347,954 | ||||||||||||
| Security |
Par
(000) |
Value | ||||||||||
| Transportation Infrastructure — 0.0% | ||||||||||||
|
Poste Italiane SpA, 2.63%(b)(f)(m) |
EUR | 100 | $ | 112,276 | ||||||||
|
|
|
|||||||||||
| Utilities — 0.0% | ||||||||||||
|
Electricite de France SA, 3.00%(b)(f)(m) |
200 | 237,464 | ||||||||||
|
|
|
|||||||||||
|
Total Capital Trusts — 6.8% |
45,825,068 | |||||||||||
|
|
|
|||||||||||
| Shares | ||||||||||||
| Preferred Stocks — 3.8%(m) | ||||||||||||
| Capital Markets(b) — 2.3% | ||||||||||||
|
Goldman Sachs Group, Inc., Series J, 5.50% |
395,017 | 10,618,057 | ||||||||||
|
Morgan Stanley |
||||||||||||
|
Series F, 6.88% |
100,000 | 2,825,000 | ||||||||||
|
Series K, 5.85% |
60,125 | 1,771,283 | ||||||||||
|
|
|
|||||||||||
| 15,214,340 | ||||||||||||
| Equity Real Estate Investment Trusts (REITs) — 1.5% | ||||||||||||
|
Firstar Realty LLC, 8.88%(c) |
10,000 | 10,375,000 | ||||||||||
|
|
|
|||||||||||
|
Total Preferred Stocks — 3.8% |
25,589,340 | |||||||||||
|
|
|
|||||||||||
|
Total Preferred Securities — 10.6%
|
71,414,408 | |||||||||||
|
|
|
|||||||||||
|
Par (000) |
||||||||||||
|
U.S. Government Sponsored Agency Securities |
|
|||||||||||
| Agency Obligations — 0.1% | ||||||||||||
|
Peruvian Government International Bond, 3.00%, 01/15/34 |
USD | 308 | 304,612 | |||||||||
|
|
|
|||||||||||
| Collateralized Mortgage Obligations — 1.0% | ||||||||||||
|
Government National Mortgage Association, Series 2017-136, Class GB, 3.00%, 03/20/47 |
1,192 | 1,217,926 | ||||||||||
|
Uniform Mortgage-Backed Securities, Series 4480, Class ZX, 4.00%, 11/15/44 |
5,398 | 5,839,839 | ||||||||||
|
|
|
|||||||||||
| 7,057,765 | ||||||||||||
| Mortgage-Backed Securities — 20.7% | ||||||||||||
|
Uniform Mortgage-Backed Securities |
||||||||||||
|
4.50%, 11/01/23 - 07/01/55(h)(q) |
23,567 | 26,126,007 | ||||||||||
|
4.00%, 02/01/34 - 04/01/56(h) |
23,856 | 26,307,181 | ||||||||||
|
2.00%, 11/01/50 - 06/01/51(h) |
27,835 | 27,850,639 | ||||||||||
|
2.50%, 11/10/51(q) |
58,000 | 59,566,680 | ||||||||||
|
|
|
|||||||||||
| 139,850,507 | ||||||||||||
|
|
|
|||||||||||
|
Total U.S. Government Sponsored Agency
|
|
147,212,884 | ||||||||||
|
|
|
|||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
33 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| (a) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (b) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (c) |
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. |
| (d) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| (e) |
Rounds to less than 1,000. |
| (f) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (g) |
Non-income producing security. |
| (h) |
All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements. |
| (i) |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (j) |
Issuer filed for bankruptcy and/or is in default. |
| (k) |
Convertible security. |
| (l) |
Zero-coupon bond. |
| (m) |
Perpetual security with no stated maturity date. |
| (n) |
When-issued security. |
| (o) |
All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. |
| (p) |
Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. |
| (q) |
Represents or includes a TBA transaction. |
| (r) |
Affiliate of the Trust. |
| (s) |
Annualized 7-day yield as of period end. |
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer |
Value at
10/31/20 |
Purchases
at Cost |
Proceeds
from Sales |
Net
Realized Gain (Loss) |
Change in
Unrealized Appreciation (Depreciation) |
Value at
10/31/21 |
Shares
Held at 10/31/21 |
Income |
Capital Gain
Distributions from Underlying Funds |
|||||||||||||||||||||||||||||||||
|
BlackRock Liquidity Funds, T-Fund, Institutional Class |
$ | 17,576,490 | $ | 18,635,925 | (a) | $ | — | $ | — | $ | — | $ | 36,212,415 | 36,212,415 | $ | 2,381 | $ | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| 34 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
Reverse Repurchase Agreements
|
|
||||||||||||||||||||||||||
|
Counterparty |
|
Interest
Rate |
|
|
Trade
Date |
|
|
Maturity
Date |
(a) |
Face Value |
|
Face Value
Including Accrued Interest |
|
Type of Non-Cash Underlying Collateral |
|
Remaining
Contractual Maturity of the Agreements |
(a) |
|||||||||
|
|
||||||||||||||||||||||||||
|
BNP Paribas S.A |
0.65 | %(b) | 05/19/21 | Open | $ | 748,294 | $ 750,415 | Corporate Bonds | Open/Demand | |||||||||||||||||
|
RBC Capital Markets LLC |
0.85 | (b) | 05/19/21 | Open | 97,606 | 97,968 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.27 | (b) | 05/28/21 | Open | 218,729 | 218,980 | Foreign Agency Obligations | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.55 | (b) | 06/02/21 | Open | 127,635 | 127,939 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.55 | (b) | 06/02/21 | Open | 573,530 | 574,909 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.55 | (b) | 06/02/21 | Open | 405,300 | 406,265 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.55 | (b) | 06/02/21 | Open | 786,097 | 787,970 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.60 | (b) | 06/02/21 | Open | 543,206 | 544,573 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.60 | (b) | 06/02/21 | Open | 292,110 | 292,867 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.60 | (b) | 06/02/21 | Open | 251,940 | 252,574 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.60 | (b) | 06/02/21 | Open | 335,723 | 336,567 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.60 | (b) | 06/02/21 | Open | 806,310 | 808,430 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 06/02/21 | Open | 2,895,220 | 2,903,113 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 06/02/21 | Open | 1,138,467 | 1,141,571 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 06/02/21 | Open | 1,974,239 | 1,979,621 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 06/02/21 | Open | 563,040 | 564,575 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 06/02/21 | Open | 715,365 | 717,315 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 06/02/21 | Open | 413,400 | 414,527 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 06/02/21 | Open | 941,162 | 943,728 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.68 | (b) | 06/02/21 | Open | 355,980 | 356,995 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.80 | (b) | 06/02/21 | Open | 36,025 | 36,146 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.55 | (b) | 06/03/21 | Open | 4,011,200 | 4,020,716 | Foreign Agency Obligations | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.60 | (b) | 06/03/21 | Open | 1,463,040 | 1,466,698 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.60 | (b) | 06/03/21 | Open | 703,972 | 705,732 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.60 | (b) | 06/03/21 | Open | 815,797 | 817,837 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.63 | (b) | 06/03/21 | Open | 1,027,055 | 1,029,751 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 06/03/21 | Open | 1,803,527 | 1,808,412 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 06/03/21 | Open | 875,617 | 877,989 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 06/03/21 | Open | 1,358,224 | 1,361,902 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 06/03/21 | Open | 640,628 | 642,363 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 06/03/21 | Open | 987,806 | 990,482 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 06/03/21 | Open | 374,303 | 375,316 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.68 | (b) | 06/03/21 | Open | 889,080 | 891,599 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.68 | (b) | 06/03/21 | Open | 785,826 | 788,053 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.68 | (b) | 06/03/21 | Open | 64,940 | 65,124 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.68 | (b) | 06/03/21 | Open | 237,015 | 237,687 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.68 | (b) | 06/03/21 | Open | 1,106,560 | 1,109,695 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.69 | (b) | 06/03/21 | Open | 824,722 | 827,094 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.69 | (b) | 06/03/21 | Open | 688,905 | 690,886 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.69 | (b) | 06/03/21 | Open | 706,869 | 708,901 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.69 | (b) | 06/03/21 | Open | 699,279 | 701,289 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.69 | (b) | 06/03/21 | Open | 1,051,121 | 1,054,143 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.70 | (b) | 06/03/21 | Open | 2,312,310 | 2,319,054 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.72 | (b) | 06/03/21 | Open | 768,560 | 770,866 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.75 | (b) | 06/03/21 | Open | 846,875 | 849,521 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.55 | (b) | 06/04/21 | Open | 1,066,007 | 1,068,402 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.55 | (b) | 06/04/21 | Open | 413,229 | 414,157 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.58 | (b) | 06/04/21 | Open | 568,488 | 569,834 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.58 | (b) | 06/04/21 | Open | 654,439 | 655,989 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.60 | (b) | 06/04/21 | Open | 971,827 | 974,208 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.60 | (b) | 06/04/21 | Open | 1,537,069 | 1,540,835 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 06/04/21 | Open | 493,870 | 495,181 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.68 | (b) | 06/04/21 | Open | 1,123,875 | 1,126,996 | Capital Trusts | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 06/07/21 | Open | 318,553 | 319,398 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.30 | (b) | 06/08/21 | Open | 1,111,993 | 1,113,336 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 768,281 | 769,828 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 851,200 | 852,914 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 1,713,319 | 1,716,769 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 1,246,087 | 1,248,597 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 548,885 | 549,990 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 638,691 | 639,978 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
35 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
Reverse Repurchase Agreements (continued)
|
|
||||||||||||||||||||||||||
|
Counterparty |
|
Interest
Rate |
|
|
Trade
Date |
|
|
Maturity
Date |
(a) |
Face Value |
|
Face Value
Including Accrued Interest |
|
Type of Non-Cash Underlying Collateral |
|
Remaining
Contractual Maturity of the Agreements |
(a) |
|||||||||
|
|
||||||||||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | %(b) | 06/08/21 | Open | $ | 1,234,494 | $ 1,236,980 | Corporate Bonds | Open/Demand | |||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 568,215 | 569,359 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 730,412 | 731,883 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 590,550 | 591,739 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 186,900 | 187,276 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 724,066 | 725,524 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 556,140 | 557,260 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 561,720 | 562,851 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 540,940 | 542,029 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 737,100 | 738,584 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 602,950 | 604,164 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 508,500 | 509,524 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 876,437 | 878,203 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 771,192 | 772,746 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/08/21 | Open | 1,240,035 | 1,242,550 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Credit Suisse Securities (USA) LLC |
0.30 | (b) | 06/08/21 | Open | 195,122 | 195,358 | Foreign Agency Obligations | Open/Demand | ||||||||||||||||||
|
Credit Suisse Securities (USA) LLC |
0.30 | (b) | 06/08/21 | Open | 322,288 | 322,677 | Foreign Agency Obligations | Open/Demand | ||||||||||||||||||
|
Credit Suisse Securities (USA) LLC |
0.75 | (b) | 06/08/21 | Open | 656,906 | 658,891 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 512,031 | 512,862 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 447,435 | 448,161 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 367,031 | 367,627 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 513,523 | 514,356 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 503,815 | 504,632 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 376,188 | 376,798 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 607,104 | 608,089 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 369,075 | 369,674 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 132,076 | 132,289 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 646,121 | 647,162 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 606,365 | 607,342 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 1,082,812 | 1,084,557 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 544,620 | 545,497 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 43,394 | 43,464 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 853,979 | 855,355 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 316,350 | 316,860 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 291,094 | 291,563 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 1,617,724 | 1,620,330 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 1,260,682 | 1,262,714 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/08/21 | Open | 399,630 | 400,274 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.25 | (b) | 06/09/21 | Open | 377,319 | 377,696 | Foreign Agency Obligations | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.30 | (b) | 06/09/21 | Open | 1,881,487 | 1,883,745 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.30 | (b) | 06/09/21 | Open | 3,030,812 | 3,034,449 | Foreign Agency Obligations | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.50 | (b) | 06/09/21 | Open | 8,250,000 | 8,266,500 | Capital Trusts | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.50 | (b) | 06/09/21 | Open | 6,562,500 | 6,575,625 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/09/21 | Open | 689,081 | 690,459 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/09/21 | Open | 593,583 | 594,770 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/09/21 | Open | 182,239 | 182,603 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/09/21 | Open | 726,250 | 727,703 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.28 | (b) | 06/09/21 | Open | 711,220 | 712,017 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/09/21 | Open | 457,714 | 458,446 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/09/21 | Open | 255,278 | 255,686 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/09/21 | Open | 195,428 | 195,740 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/09/21 | Open | 145,991 | 146,225 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/09/21 | Open | 158,415 | 158,668 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.45 | (b) | 06/09/21 | Open | 650,000 | 651,170 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.30 | (b) | 06/11/21 | Open | 3,001,087 | 3,004,589 | Capital Trusts | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.30 | (b) | 06/11/21 | Open | 1,071,250 | 1,072,500 | Capital Trusts | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.30 | (b) | 06/11/21 | Open | 3,192,922 | 3,196,647 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.35 | (b) | 06/11/21 | Open | 4,020,000 | 4,025,472 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.50 | (b) | 06/11/21 | Open | 1,832,500 | 1,836,063 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.50 | (b) | 06/11/21 | Open | 2,538,750 | 2,543,686 | Capital Trusts | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.50 | (b) | 06/11/21 | Open | 507,919 | 508,906 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.50 | (b) | 06/11/21 | Open | 1,732,500 | 1,735,869 | Corporate Bonds | Open/Demand | ||||||||||||||||||
| 36 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
Reverse Repurchase Agreements (continued)
|
|
||||||||||||||||||||||||||
|
Counterparty |
|
Interest
Rate |
|
|
Trade
Date |
|
|
Maturity
Date |
(a) |
Face Value |
|
Face Value
Including Accrued Interest |
|
Type of Non-Cash Underlying
Collateral |
|
Remaining
Contractual Maturity of the Agreements |
(a) |
|||||||||
|
|
||||||||||||||||||||||||||
|
Barclays Bank PLC |
0.55 | %(b) | 06/11/21 | Open | $ | 728,113 | $ 729,670 | Corporate Bonds | Open/Demand | |||||||||||||||||
|
Barclays Bank PLC |
0.55 | (b) | 06/11/21 | Open | 383,906 | 384,727 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/11/21 | Open | 359,599 | 360,298 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/11/21 | Open | 1,402,992 | 1,405,721 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/11/21 | Open | 323,549 | 324,178 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.28 | (b) | 06/11/21 | Open | 1,795,937 | 1,797,893 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.28 | (b) | 06/11/21 | Open | 605,625 | 606,284 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.28 | (b) | 06/11/21 | Open | 384,125 | 384,543 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.28 | (b) | 06/11/21 | Open | 2,625,000 | 2,627,858 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 06/11/21 | Open | 266,050 | 266,464 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/18/21 | Open | 89,700 | 89,869 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 06/18/21 | Open | 1,228,580 | 1,231,530 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/23/21 | Open | 852,825 | 854,377 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.30 | (b) | 06/29/21 | Open | 205,275 | 205,487 | Capital Trusts | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.30 | (b) | 06/29/21 | Open | 1,309,800 | 1,311,153 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.30 | (b) | 06/29/21 | Open | 4,236,937 | 4,241,316 | Capital Trusts | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.30 | (b) | 06/29/21 | Open | 691,145 | 691,859 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.30 | (b) | 06/29/21 | Open | 1,992,500 | 1,994,559 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.45 | (b) | 06/29/21 | Open | 644,425 | 645,424 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.50 | (b) | 06/29/21 | Open | 2,583,750 | 2,588,200 | Capital Trusts | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.50 | (b) | 06/29/21 | Open | 2,879,050 | 2,884,008 | Capital Trusts | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.50 | (b) | 06/29/21 | Open | 880,175 | 881,691 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.50 | (b) | 06/29/21 | Open | 1,030,950 | 1,032,726 | Capital Trusts | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
0.55 | (b) | 06/29/21 | Open | 601,976 | 603,117 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/29/21 | Open | 527,088 | 527,995 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/29/21 | Open | 1,718,640 | 1,721,600 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/29/21 | Open | 661,458 | 662,597 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/29/21 | Open | 941,332 | 942,954 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/29/21 | Open | 793,760 | 795,127 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/29/21 | Open | 1,215,982 | 1,218,077 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/29/21 | Open | 662,905 | 664,047 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 06/29/21 | Open | 763,875 | 765,191 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/06/21 | Open | 1,655,280 | 1,657,432 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/06/21 | Open | 1,171,970 | 1,173,494 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/06/21 | Open | 1,066,155 | 1,067,541 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/09/21 | Open | 1,094,919 | 1,096,622 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.55 | (b) | 07/09/21 | Open | 346,750 | 347,343 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 07/09/21 | Open | 388,643 | 389,428 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 07/12/21 | Open | 1,404,434 | 1,407,248 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.60 | (b) | 07/13/21 | Open | 804,151 | 805,626 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/13/21 | Open | 575,456 | 576,160 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.45 | (b) | 07/14/21 | Open | 1,089,485 | 1,090,969 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.50 | (b) | 07/14/21 | Open | 1,122,367 | 1,124,067 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.29 | (b) | 07/15/21 | Open | 845,487 | 846,223 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.43 | (b) | 07/15/21 | Open | 877,200 | 878,332 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.45 | (b) | 07/15/21 | Open | 538,750 | 539,477 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.45 | (b) | 07/15/21 | Open | 580,731 | 581,515 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.55 | (b) | 07/15/21 | Open | 159,980 | 160,244 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.68 | (b) | 07/15/21 | Open | 762,187 | 763,742 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.95 | (b) | 07/15/21 | Open | 566,224 | 567,837 | Foreign Agency Obligations | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 596,250 | 596,697 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 2,901,565 | 2,903,741 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 1,749,375 | 1,750,687 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 861,000 | 861,646 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 2,121,875 | 2,123,466 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 458,000 | 458,343 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 369,675 | 369,952 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 1,078,000 | 1,078,809 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 757,750 | 758,318 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 808,500 | 809,106 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 530,438 | 530,835 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 853,012 | 853,652 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
37 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
Reverse Repurchase Agreements (continued)
|
|
||||||||||||||||||||||||||
|
Counterparty |
|
Interest
Rate |
|
|
Trade
Date |
|
|
Maturity
Date |
(a) |
Face Value |
|
Face Value
Including Accrued Interest |
|
Type of Non-Cash Underlying
Collateral |
|
Remaining
Contractual Maturity of the Agreements |
(a) |
|||||||||
|
|
||||||||||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | %(b) | 07/15/21 | Open | $ | 124,875 | $ 124,969 | Corporate Bonds | Open/Demand | |||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 447,836 | 448,172 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 425,500 | 425,819 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 2,710,500 | 2,712,533 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 897,187 | 897,860 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 538,945 | 539,349 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 1,007,812 | 1,008,568 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 678,438 | 678,946 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 721,912 | 722,454 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 480,500 | 480,860 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 492,500 | 492,869 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 508,000 | 508,381 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 485,000 | 485,364 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 1,017,000 | 1,017,763 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 780,937 | 781,523 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 554,375 | 554,791 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 2,949,019 | 2,951,231 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 555,100 | 555,516 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 1,304,687 | 1,305,666 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 394,975 | 395,271 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 293,125 | 293,345 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 595,000 | 595,446 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 2,646,000 | 2,647,985 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 1,161,250 | 1,162,121 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 1,340,800 | 1,341,806 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/15/21 | Open | 318,150 | 318,389 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.47 | (b) | 07/16/21 | Open | 743,437 | 744,457 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.47 | (b) | 07/16/21 | Open | 679,655 | 680,587 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.47 | (b) | 07/16/21 | Open | 718,275 | 719,260 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Bank PLC |
(0.25 | )(b) | 07/19/21 | Open | 177,500 | 177,372 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.75 | (b) | 07/20/21 | Open | 500,894 | 501,969 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/20/21 | Open | 464,846 | 465,378 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/20/21 | Open | 492,769 | 493,333 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/20/21 | Open | 532,703 | 533,312 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/20/21 | Open | 504,175 | 504,752 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/20/21 | Open | 462,070 | 462,599 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/20/21 | Open | 486,570 | 487,127 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/20/21 | Open | 523,933 | 524,532 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Credit Suisse Securities (USA) LLC |
(0.50 | )(b) | 07/21/21 | Open | 684,687 | 683,718 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Credit Suisse Securities (USA) LLC |
0.00 | (b) | 07/21/21 | Open | 161,000 | 161,000 | Foreign Agency Obligations | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 07/22/21 | Open | 1,114,296 | 1,116,328 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 07/22/21 | Open | 607,050 | 608,157 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 07/22/21 | Open | 1,104,327 | 1,106,341 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 07/22/21 | Open | 1,240,720 | 1,242,983 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.68 | (b) | 07/22/21 | Open | 680,024 | 681,321 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.69 | (b) | 07/22/21 | Open | 403,133 | 403,913 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.69 | (b) | 07/22/21 | Open | 561,229 | 562,315 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.70 | (b) | 07/22/21 | Open | 6,216,852 | 6,229,062 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.72 | (b) | 07/22/21 | Open | 731,737 | 733,216 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.75 | (b) | 07/22/21 | Open | 681,150 | 682,583 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.80 | (b) | 07/22/21 | Open | 811,325 | 813,146 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.80 | (b) | 07/22/21 | Open | 1,327,450 | 1,330,429 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.80 | (b) | 07/22/21 | Open | 1,346,754 | 1,349,776 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.80 | (b) | 07/22/21 | Open | 551,103 | 552,339 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.80 | (b) | 07/22/21 | Open | 787,800 | 789,568 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.25 | (b) | 07/22/21 | Open | 327,630 | 327,860 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 147,900 | 148,066 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 646,380 | 647,105 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 315,563 | 315,917 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 187,208 | 187,418 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 167,580 | 167,768 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 886,559 | 887,554 | Corporate Bonds | Open/Demand | ||||||||||||||||||
| 38 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
Reverse Repurchase Agreements (continued)
|
|
||||||||||||||||||||||||||
| Counterparty |
|
Interest
Rate |
|
|
Trade
Date |
|
|
Maturity
Date |
(a) |
Face Value |
|
Face Value
Including Accrued Interest |
|
Type of Non-Cash Underlying Collateral |
|
Remaining
Contractual Maturity of the Agreements |
(a) |
|||||||||
|
|
||||||||||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | %(b) | 07/22/21 | Open | $ | 452,078 | $ 452,585 | Corporate Bonds | Open/Demand | |||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 249,851 | 250,132 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 114,180 | 114,308 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 402,720 | 403,172 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 1,366,540 | 1,368,074 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 1,132,115 | 1,133,385 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 843,526 | 844,473 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 515,235 | 515,813 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 372,300 | 372,718 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 194,618 | 194,836 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 176,245 | 176,443 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 3,416,250 | 3,420,084 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 502,226 | 502,790 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 1,146,360 | 1,147,646 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 81,875 | 81,967 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 420,090 | 420,561 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 829,170 | 830,101 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 103,320 | 103,436 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 178,094 | 178,294 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 137,318 | 137,472 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 270,300 | 270,603 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 378,000 | 378,424 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/22/21 | Open | 99,325 | 99,436 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.34 | (b) | 07/23/21 | Open | 756,845 | 757,546 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.34 | (b) | 07/23/21 | Open | 620,800 | 621,375 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.35 | (b) | 07/23/21 | Open | 610,435 | 611,017 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.35 | (b) | 07/23/21 | Open | 577,969 | 578,519 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.35 | (b) | 07/23/21 | Open | 603,838 | 604,413 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.37 | (b) | 07/23/21 | Open | 590,388 | 590,982 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.37 | (b) | 07/23/21 | Open | 565,756 | 566,326 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Credit Suisse Securities (USA) LLC |
(3.00 | )(b) | 07/26/21 | Open | 47,818 | 47,431 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/27/21 | Open | 660,935 | 661,640 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.30 | (b) | 07/29/21 | Open | 908,406 | 909,118 | Capital Trusts | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.30 | (b) | 07/29/21 | Open | 13,744 | 13,755 | Capital Trusts | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.30 | (b) | 07/29/21 | Open | 415,013 | 415,338 | Capital Trusts | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.40 | (b) | 07/29/21 | Open | 1,022,805 | 1,023,873 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 251,590 | 251,918 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 845,575 | 846,679 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 981,776 | 983,058 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 904,812 | 905,994 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 498,438 | 499,088 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 129,060 | 129,228 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 612,763 | 613,562 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 1,780,120 | 1,782,444 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 895,747 | 896,917 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 29,800 | 29,839 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 163,445 | 163,658 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 1,342,120 | 1,343,872 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 261,184 | 261,525 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 232,298 | 232,601 | Capital Trusts | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 522,675 | 523,357 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 388,068 | 388,574 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 891,800 | 892,964 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 118,140 | 118,294 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 1,085,256 | 1,086,673 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
39 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
Reverse Repurchase Agreements (continued)
|
|
||||||||||||||||||||||||||
| Counterparty |
|
Interest
Rate |
|
|
Trade
Date |
|
|
Maturity
Date |
(a) |
Face Value |
|
Face Value
Including Accrued Interest |
|
Type of Non-Cash Underlying Collateral |
|
Remaining
Contractual Maturity of the Agreements |
(a) |
|||||||||
|
|
||||||||||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | %(b) | 07/29/21 | Open | $ | 223,355 | $ 223,647 | Corporate Bonds | Open/Demand | |||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 07/29/21 | Open | 673,344 | 674,223 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.25 | (b) | 07/29/21 | Open | 1,231,250 | 1,232,054 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.25 | (b) | 07/29/21 | Open | 863,917 | 864,481 | Foreign Agency Obligations | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.25 | (b) | 07/29/21 | Open | 572,500 | 572,874 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.27 | (b) | 07/29/21 | Open | 391,738 | 392,014 | Foreign Agency Obligations | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.27 | (b) | 07/29/21 | Open | 953,550 | 954,222 | Foreign Agency Obligations | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.27 | (b) | 07/29/21 | Open | 310,989 | 311,208 | Foreign Agency Obligations | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.27 | (b) | 07/29/21 | Open | 553,875 | 554,265 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.30 | (b) | 07/29/21 | Open | 1,477,500 | 1,478,657 | Capital Trusts | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.32 | (b) | 07/29/21 | Open | 672,645 | 673,207 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 07/29/21 | Open | 863,651 | 864,553 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 08/03/21 | Open | 1,298,400 | 1,300,005 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 08/03/21 | Open | 531,019 | 531,675 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 08/03/21 | Open | 320,070 | 320,466 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 08/03/21 | Open | 1,312,905 | 1,314,203 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 08/03/21 | Open | 324,370 | 324,691 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 08/04/21 | Open | 192,270 | 192,505 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 08/04/21 | Open | 387,603 | 387,981 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.50 | (b) | 08/09/21 | Open | 1,701,976 | 1,703,938 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
(3.00 | )(b) | 08/13/21 | Open | 204,600 | 203,287 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.47 | (b) | 08/13/21 | Open | 472,699 | 473,174 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.34 | (b) | 08/13/21 | Open | 408,288 | 408,584 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.37 | (b) | 08/19/21 | Open | 567,665 | 568,097 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 08/23/21 | Open | 845,325 | 845,982 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 08/25/21 | Open | 266,438 | 266,685 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.65 | (b) | 09/14/21 | Open | 371,794 | 372,109 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 09/15/21 | Open | 94,105 | 94,154 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.34 | (b) | 09/16/21 | Open | 464,310 | 464,507 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.15 | (b) | 09/17/21 | Open | 251,585 | 251,441 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 09/20/21 | Open | 750,120 | 750,547 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 09/20/21 | Open | 707,000 | 707,403 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 09/22/21 | Open | 261,750 | 261,866 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.47 | (b) | 10/01/21 | Open | 504,875 | 505,060 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.50 | (b) | 10/06/21 | Open | 907,705 | 908,033 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 10/12/21 | Open | 1,648,211 | 1,648,646 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.63 | (b) | 10/12/21 | Open | 1,022,351 | 1,022,691 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 10/12/21 | Open | 875,506 | 875,691 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 45,220 | 45,222 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 44,946 | 44,948 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 276,369 | 276,380 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 58,836 | 58,838 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 2,060,409 | 2,060,492 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 41,429 | 41,431 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
| 40 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
Reverse Repurchase Agreements (continued)
|
|
||||||||||||||||||||||||||
| Counterparty |
|
Interest
Rate |
|
|
Trade
Date |
|
|
Maturity
Date |
(a) |
Face Value |
|
Face Value
Including Accrued Interest |
|
Type of Non-Cash Underlying Collateral |
|
Remaining
Contractual Maturity of the Agreements |
(a) |
|||||||||
|
|
||||||||||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | % | 10/13/21 | 11/10/21 | $ | 34,125 | $ 34,126 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 423,908 | 423,925 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 2,282,556 | 2,282,647 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 1,663,621 | 1,663,688 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 630,203 | 630,228 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 2,222,495 | 2,222,584 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 198,411 | 198,419 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 1,080,718 | 1,080,761 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 1,316,140 | 1,316,193 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 3,828,180 | 3,828,333 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 183,466 | 183,473 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 314,933 | 314,945 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 37,267 | 37,269 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 209,292 | 209,301 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 43,934 | 43,936 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 4,050,334 | 4,050,496 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 2,317,979 | 2,318,072 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 5,042,747 | 5,042,949 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
BofA Securities, Inc. |
0.08 | 10/13/21 | 11/10/21 | 750,305 | 750,335 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.08 | 10/13/21 | 11/10/21 | 7,307,582 | 7,307,874 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.08 | 10/13/21 | 11/10/21 | 6,602,572 | 6,602,837 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.08 | 10/13/21 | 11/10/21 | 9,004,100 | 9,004,461 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
Credit Agricole Corporate & Investment Bank |
0.08 | 10/13/21 | 11/10/21 | 5,372,343 | 5,372,558 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
Royal Bank of Canada |
0.08 | 10/13/21 | 11/10/21 | 3,129,932 | 3,130,057 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
Royal Bank of Canada |
0.08 | 10/13/21 | 11/10/21 | 10,124,037 | 10,124,442 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
Royal Bank of Canada |
0.08 | 10/13/21 | 11/10/21 | 7,105,576 | 7,105,861 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
|
Barclays Bank PLC |
0.50 | (b) | 10/18/21 | Open | 326,500 | 326,559 |
Corporate Bonds |
Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.33 | (b) | 10/18/21 | Open | 763,605 | 763,696 |
Foreign Agency Obligations |
Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.50 | (b) | 10/18/21 | Open | 278,731 | 278,782 |
Foreign Agency Obligations |
Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.45 | (b) | 10/20/21 | Open | 557,583 | 557,666 |
Foreign Agency Obligations |
Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
(0.60 | )(b) | 10/20/21 | Open | 203,524 | 203,486 |
Corporate Bonds |
Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 10/22/21 | Open | 811,125 | 811,204 |
Corporate Bonds |
Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 10/22/21 | Open | 414,775 | 414,815 |
Corporate Bonds |
Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.69 | (b) | 10/22/21 | Open | 986,425 | 986,614 |
Corporate Bonds |
Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 10/22/21 | Open | 1,053,026 | 1,053,108 |
Corporate Bonds |
Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 10/22/21 | Open | 881,125 | 881,194 |
Corporate Bonds |
Open/Demand | ||||||||||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
41 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
Reverse Repurchase Agreements (continued)
|
|
||||||||||||||||||||||||||
| Counterparty |
|
Interest
Rate |
|
|
Trade
Date |
|
|
Maturity
Date |
(a) |
Face Value |
|
Face Value
Including Accrued Interest |
|
Type of Non-Cash Underlying Collateral |
|
Remaining
Contractual Maturity of the Agreements |
(a) |
|||||||||
|
|
||||||||||||||||||||||||||
|
Barclays Bank PLC |
0.55 | %(b) | 10/26/21 | Open | $ | 472,142 | $ 472,186 | Corporate Bonds | Open/Demand | |||||||||||||||||
|
BNP Paribas S.A. |
0.45 | (b) | 10/27/21 | Open | 795,375 | 795,415 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.55 | (b) | 10/27/21 | Open | 482,588 | 482,617 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
Barclays Capital, Inc. |
0.50 | (b) | 10/28/21 | Open | 121,181 | 121,186 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.10 | (b) | 10/28/21 | Open | 433,613 | 433,616 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.11 | (b) | 10/28/21 | Open | 239,951 | 239,953 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.15 | (b) | 10/28/21 | Open | 881,182 | 881,194 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.15 | (b) | 10/28/21 | Open | 270,663 | 270,666 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.15 | (b) | 10/28/21 | Open | 127,065 | 127,067 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.15 | (b) | 10/28/21 | Open | 904,162 | 904,174 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.15 | (b) | 10/28/21 | Open | 488,700 | 488,706 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.15 | (b) | 10/28/21 | Open | 132,368 | 132,369 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.15 | (b) | 10/28/21 | Open | 497,164 | 497,170 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.15 | (b) | 10/28/21 | Open | 413,131 | 413,136 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.15 | (b) | 10/28/21 | Open | 366,420 | 366,425 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.15 | (b) | 10/28/21 | Open | 547,515 | 547,522 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.15 | (b) | 10/28/21 | Open | 209,950 | 209,953 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.47 | (b) | 10/28/21 | Open | 458,495 | 458,513 | Foreign Agency Obligations | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.55 | (b) | 10/28/21 | Open | 1,305,390 | 1,305,450 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
BNP Paribas S.A. |
0.60 | (b) | 10/28/21 | Open | 715,230 | 715,266 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
RBC Capital Markets LLC |
0.40 | (b) | 10/28/21 | Open | 150,023 | 150,036 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||
| $ | 386,361,124 | $ 386,819,640 | ||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||
| (a) |
Certain agreements have no stated maturity and can be terminated by either party at any time. |
| (b) |
Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
Long Contracts |
||||||||||||||||
|
Euro Bund |
8 | 12/08/21 | $ | 1,555 | $ | (42,270 | ) | |||||||||
|
90-Day Eurodollar |
419 | 12/18/23 | 103,189 | (520,105 | ) | |||||||||||
|
|
|
|||||||||||||||
| (562,375 | ) | |||||||||||||||
|
|
|
|||||||||||||||
|
Short Contracts |
||||||||||||||||
|
10-Year U.S. Treasury Note |
919 | 12/21/21 | 120,073 | 1,206,069 | ||||||||||||
|
10-Year U.S. Ultra Long Treasury Note |
330 | 12/21/21 | 47,845 | 1,015,863 | ||||||||||||
|
U.S. Long Bond |
30 | 12/21/21 | 4,824 | 47,111 | ||||||||||||
|
Ultra U.S. Treasury Bond |
321 | 12/21/21 | 63,056 | (548,535 | ) | |||||||||||
|
2-Year U.S. Treasury Note |
808 | 12/31/21 | 177,129 | 82,583 | ||||||||||||
|
5-Year U.S. Treasury Note |
1,138 | 12/31/21 | 138,489 | 1,289,693 | ||||||||||||
|
90-Day Eurodollar |
477 | 12/16/24 | 117,276 | 328,641 | ||||||||||||
|
|
|
|||||||||||||||
| 3,421,425 | ||||||||||||||||
|
|
|
|||||||||||||||
| $ | 2,859,050 | |||||||||||||||
|
|
|
|||||||||||||||
Forward Foreign Currency Exchange Contracts
| Currency Purchased | Currency Sold | Counterparty | Settlement Date |
Unrealized
Appreciation (Depreciation) |
||||||||||||||||||||||||
|
USD |
6,754,089 | EUR | 5,694,500 | Bank of America N.A. | 12/15/21 | $ | 164,425 | |||||||||||||||||||||
|
USD |
116,882 | EUR | 101,000 | BNP Paribas SA | 12/15/21 | 5 | ||||||||||||||||||||||
|
USD |
6,745,283 | EUR | 5,694,500 | BNP Paribas SA | 12/15/21 | 155,619 | ||||||||||||||||||||||
|
USD |
106,181 | EUR | 91,000 | JPMorgan Chase Bank N.A. | 12/15/21 | 876 | ||||||||||||||||||||||
|
USD |
2,256,760 | GBP | 1,629,000 | Natwest Markets PLC | 12/15/21 | 27,058 | ||||||||||||||||||||||
| 42 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
Forward Foreign Currency Exchange Contracts (continued)
|
Currency Purchased |
Currency Sold | Counterparty | Settlement Date |
Unrealized
Appreciation (Depreciation) |
||||||||||||||||||||||||
|
USD |
4,142,241 | GBP | 2,990,000 | Natwest Markets PLC | 12/15/21 | $ | 49,664 | |||||||||||||||||||||
|
USD |
151,134 | EUR | 130,000 | State Street Bank and Trust Co. | 01/20/22 | 546 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
| 398,193 | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
USD |
77,850 | CAD | 98,000 | Bank of America N.A. | 12/15/21 | (1,341 | ) | |||||||||||||||||||||
|
USD |
1,157 | EUR | 1,000 | BNP Paribas SA | 12/15/21 | — | ||||||||||||||||||||||
|
USD |
115,871 | GBP | 85,000 | State Street Bank and Trust Co. | 12/15/21 | (473 | ) | |||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
| (1,814 | ) | |||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
| $ | 396,379 | |||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
Exchange-Traded Options Purchased
| Description |
Number of Contracts |
Expiration Date |
Exercise Price |
Notional Amount (000) |
Value | |||||||||||||||||||||||
|
Call |
||||||||||||||||||||||||||||
|
10-Year U.S. Treasury Note Future |
4 | 11/26/21 | USD | 133.00 | USD | 523 | $ | 250 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Put |
||||||||||||||||||||||||||||
|
10-Year U.S. Treasury Note Future |
47 | 11/26/21 | USD | 133.00 | USD | 6,141 | 110,891 | |||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
| $ | 111,141 | |||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
OTC Interest Rate Swaptions Purchased
| Paid by the Trust | Received by the Trust | |||||||||||||||||||||||||||||||||
| Description | Rate | Frequency | Rate | Frequency | Counterparty |
Expiration Date |
Exercise Rate |
Notional Amount (000) |
Value | |||||||||||||||||||||||||
|
Call |
||||||||||||||||||||||||||||||||||
|
5-Year Interest Rate Swap, 03/30/27 |
|
3-Month
LIBOR, 0.13 |
% |
Quarterly | 1.31% | Semi-Annual |
Barclays Bank PLC |
03/28/22 | 1.31 | % | USD | 10,560 | $ | 89,270 | ||||||||||||||||||||
|
5-Year Interest Rate Swap, 04/07/27 |
|
3-Month
LIBOR, 0.13 |
% |
Quarterly | 1.53% | Semi-Annual |
JPMorgan Chase Bank N.A. |
04/05/22 | 1.53 | USD | 5,710 | 84,995 | ||||||||||||||||||||||
|
5-Year Interest Rate Swap, 04/10/27 |
|
3-Month
LIBOR, 0.13 |
% |
Quarterly | 1.39% | Semi-Annual |
Morgan Stanley & Co. International PLC |
04/08/22 | 1.39 | USD | 11,220 | 119,181 | ||||||||||||||||||||||
|
5-Year Interest Rate Swap, 04/30/27 |
|
3-Month
LIBOR, 0.13 |
% |
Quarterly | 1.20% | Semi-Annual |
Bank of America N.A. |
04/28/22 | 1.20 | USD | 15,640 | 101,383 | ||||||||||||||||||||||
|
5-Year Interest Rate Swap, 07/03/27 |
|
3-Month
LIBOR, 0.13 |
% |
Quarterly | 1.32% | Semi-Annual |
JPMorgan Chase Bank N.A. |
07/01/22 | 1.32 | USD | 12,400 | 120,197 | ||||||||||||||||||||||
|
10-Year Interest Rate Swap, 06/26/34 |
|
3-Month
LIBOR, 0.13 |
% |
Quarterly | 1.97% | Semi-Annual |
Goldman Sachs International |
06/24/24 | 1.97 | USD | 1,940 | 96,558 | ||||||||||||||||||||||
|
10-Year Interest Rate Swap, 06/30/34 |
|
3-Month
LIBOR, 0.13 |
% |
Quarterly | 2.00% | Semi-Annual |
Goldman Sachs International |
06/28/24 | 2.00 | USD | 1,940 | 99,672 | ||||||||||||||||||||||
|
10-Year Interest Rate Swap, 07/24/34 |
|
3-Month
LIBOR, 0.13 |
% |
Quarterly | 1.68% | Semi-Annual |
Goldman Sachs International |
07/22/24 | 1.68 | USD | 1,970 | 71,743 | ||||||||||||||||||||||
|
10-Year Interest Rate Swap, 07/31/34 |
|
3-Month
LIBOR, 0.13 |
% |
Quarterly | 1.55% | Semi-Annual |
Bank of America N.A. |
07/29/24 | 1.55 | USD | 3,360 | 106,208 | ||||||||||||||||||||||
|
10-Year Interest Rate Swap, 08/04/34 |
|
3-Month
LIBOR, 0.13 |
% |
Quarterly | 1.68% | Semi-Annual |
Wells Fargo Bank, National Association |
08/02/24 | 1.68 | USD | 2,010 | 73,922 | ||||||||||||||||||||||
|
10-Year Interest Rate Swap, 08/09/35 |
|
3-Month
LIBOR, 0.13 |
% |
Quarterly | 0.91% | Semi-Annual |
Morgan Stanley & Co. International PLC |
08/07/25 | 0.91 | USD | 2,220 | 40,127 | ||||||||||||||||||||||
|
10-Year Interest Rate Swap, 08/09/35 |
|
3-Month
LIBOR, 0.13 |
% |
Quarterly | 0.91% | Semi-Annual |
Morgan Stanley & Co. International PLC |
08/07/25 | 0.91 | USD | 1,480 | 26,751 | ||||||||||||||||||||||
|
10-Year Interest Rate Swap, 04/09/36 |
|
3-Month
LIBOR, 0.13 |
% |
Quarterly | 2.60% | Semi-Annual |
Deutsche Bank AG |
04/07/26 | 2.60 | USD | 2,920 | 266,264 | ||||||||||||||||||||||
|
10-Year Interest Rate Swap, 08/09/40 |
|
3-Month
LIBOR, 0.13 |
% |
Quarterly | 1.05% | Semi-Annual |
Morgan Stanley & Co. International PLC |
08/07/30 | 1.05 | USD | 1,640 | 54,862 | ||||||||||||||||||||||
|
10-Year Interest Rate Swap, 08/09/50 |
|
3-Month
LIBOR, 0.13 |
% |
Quarterly | 0.91% | Semi-Annual |
Morgan Stanley & Co. International PLC |
08/07/40 | 0.91 | USD | 1,250 | 54,261 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
| 1,405,394 | ||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
43 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
OTC Interest Rate Swaptions Purchased (continued)
| Paid by the Trust | Received by the Trust |
Expiration Date |
Exercise Rate |
Notional Amount (000) |
||||||||||||||||||||||||||||||||
| Description | Rate | Frequency | Rate | Frequency | Counterparty | Value | ||||||||||||||||||||||||||||||
|
Put |
||||||||||||||||||||||||||||||||||||
|
5-Year Interest Rate Swap, 03/30/27 |
1.31% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Barclays Bank PLC |
03/28/22 | 1.31 | % | USD | 10,560 | $ | 118,958 | ||||||||||||||||||||||||
|
5-Year Interest Rate Swap, 04/07/27 |
1.53% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
JPMorgan Chase Bank N.A. |
04/05/22 | 1.52 | USD | 5,710 | 41,732 | ||||||||||||||||||||||||||
|
5-Year Interest Rate Swap, 04/10/27 |
1.39% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Morgan Stanley & Co. International PLC |
04/08/22 | 1.39 | USD | 11,220 | 112,952 | ||||||||||||||||||||||||||
|
10-Year Interest Rate Swap, 04/23/32 |
1.90% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Deutsche Bank AG |
04/21/22 | 1.90 | USD | 18,815 | 212,482 | ||||||||||||||||||||||||||
|
5-Year Interest Rate Swap, 07/03/27 |
1.32% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
JPMorgan Chase Bank N.A. |
07/01/22 | 1.32 | USD | 12,400 | 193,855 | ||||||||||||||||||||||||||
|
5-Year Interest Rate Swap, 07/08/27 |
1.45% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
JPMorgan Chase Bank N.A. |
07/06/22 | 1.45 | USD | 12,400 | 159,436 | ||||||||||||||||||||||||||
|
5-Year Interest Rate Swap, 07/17/27 |
1.25% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Bank of America N.A. |
07/15/22 | 1.25 | USD | 13,390 | 244,332 | ||||||||||||||||||||||||||
|
10-Year Interest Rate Swap, 06/26/34 |
1.97% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Goldman Sachs International |
06/24/24 | 1.97 | USD | 1,940 | 78,848 | ||||||||||||||||||||||||||
|
10-Year Interest Rate Swap, 06/30/34 |
2.00% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Goldman Sachs International |
06/28/24 | 2.00 | USD | 1,940 | 76,812 | ||||||||||||||||||||||||||
|
10-Year Interest Rate Swap, 07/24/34 |
1.68% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Goldman Sachs International |
07/22/24 | 1.68 | USD | 1,970 | 106,956 | ||||||||||||||||||||||||||
|
Wells Fargo Bank, |
||||||||||||||||||||||||||||||||||||
|
10-Year Interest Rate Swap, 08/04/34 |
1.68% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
National Association |
08/02/24 | 1.68 | USD | 2,010 | 109,196 | ||||||||||||||||||||||||||
|
10-Year Interest Rate Swap, 08/07/34 |
1.80% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Deutsche Bank AG |
08/05/24 | 1.80 | USD | 4,760 | 232,107 | ||||||||||||||||||||||||||
|
10-Year Interest Rate Swap, 08/09/35 |
0.91% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Morgan Stanley & Co. International PLC |
08/07/25 | 0.91 | USD | 1,480 | 158,418 | ||||||||||||||||||||||||||
|
10-Year Interest Rate Swap, 08/09/35 |
0.91% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Morgan Stanley & Co. International PLC |
08/07/25 | 0.91 | USD | 2,220 | 237,627 | ||||||||||||||||||||||||||
|
10-Year Interest Rate Swap, 04/09/36 |
2.60% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Deutsche Bank AG |
04/07/26 | 2.60 | USD | 2,920 | 94,612 | ||||||||||||||||||||||||||
|
10-Year Interest Rate Swap, 08/09/40 |
1.05% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Morgan Stanley & Co. International PLC |
08/07/30 | 1.05 | USD | 1,640 | 178,928 | ||||||||||||||||||||||||||
|
10-Year Interest Rate Swap, 08/09/50 |
0.91% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Morgan Stanley & Co. International PLC |
08/07/40 | 0.91 | USD | 1,250 | 123,897 | ||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||
| 2,481,148 | ||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||
| $ | 3,886,542 | |||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||
Exchange-Traded Options Written
| Description |
Number of Contracts |
Expiration Date |
Exercise Price |
Notional Amount (000) |
Value | |||||||||||||||||||||
| Call | ||||||||||||||||||||||||||
|
10-Year U.S. Treasury Note Future |
47 | 11/26/21 | USD | 136.00 | USD | 6,141 | $ | (734 | ) | |||||||||||||||||
|
10-Year U.S. Treasury Note Future |
4 | 11/26/21 | USD | 134.50 | USD | 523 | (63 | ) | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||||
| (797 | ) | |||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||
| Put | ||||||||||||||||||||||||||
|
10-Year U.S. Treasury Note Future |
94 | 11/26/21 | USD | 131.00 | USD | 12,282 | (73,437 | ) | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||||
| $ | (74,234 | ) | ||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||
OTC Interest Rate Swaptions Written
| Description | Paid by the Trust | Received by the Trust | Counterparty |
Expiration
Date |
Exercise
Rate |
Notional
Amount (000) |
Value | |||||||||||||||||||||||||||||
| Rate | Frequency | Rate | Frequency | |||||||||||||||||||||||||||||||||
|
Call |
||||||||||||||||||||||||||||||||||||
|
10-Year Interest Rate Swap, 11/06/31 |
1.00% | Semi-Annual |
|
3-Month
LIBOR, 0.13% |
|
Quarterly | Deutsche Bank AG | 11/04/21 | 1.00 | % | USD | 4,760 | $ | — | ||||||||||||||||||||||
| 44 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
OTC Interest Rate Swaptions Written (continued)
| Description | Paid by the Trust |
Received by the Trust |
Counterparty |
Expiration
Date |
Exercise
Rate |
Notional
Amount (000) |
Value | |||||||||||||||||||||||||
| Rate | Frequency | Rate | Frequency | |||||||||||||||||||||||||||||
|
Call (continued) |
||||||||||||||||||||||||||||||||
|
10-Year Interest Rate Swap, 11/14/31 |
1.30% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Deutsche Bank AG |
11/12/21 | 1.30 | % | USD | 4,960 | $ | (781 | ) | |||||||||||||||||||
|
2-Year Interest Rate Swap, 01/12/24 |
0.51% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Morgan Stanley & Co. International PLC |
01/10/22 | 0.51 | USD | 31,490 | (19,482 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 01/29/32 |
1.00% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Deutsche Bank AG |
01/27/22 | 1.00 | USD | 3,040 | (3,090 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 01/29/32 |
1.25% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Bank of America N.A. |
01/27/22 | 1.25 | USD | 2,790 | (8,850 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 02/20/32 |
1.62% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Bank of America N.A. |
02/18/22 | 1.62 | USD | 2,680 | (41,765 | ) | |||||||||||||||||||||
|
2-Year Interest Rate Swap, 03/03/24 |
0.51% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Deutsche Bank AG |
03/01/22 | 0.51 | USD | 27,330 | (22,891 | ) | |||||||||||||||||||||
|
2-Year Interest Rate Swap, 03/05/24 |
0.52% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Citibank N.A. |
03/03/22 | 0.52 | USD | 13,980 | (12,229 | ) | |||||||||||||||||||||
|
2-Year Interest Rate Swap, 03/23/24 |
0.56% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Deutsche Bank AG |
03/21/22 | 0.56 | USD | 13,980 | (15,654 | ) | |||||||||||||||||||||
|
2-Year Interest Rate Swap, 03/25/24 |
0.57% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Deutsche Bank AG |
03/23/22 | 0.57 | USD | 27,410 | (31,638 | ) | |||||||||||||||||||||
|
2-Year Interest Rate Swap, 04/03/24 |
0.61% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
JPMorgan Chase Bank N.A. |
04/01/22 | 0.61 | USD | 37,640 | (50,667 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 04/23/32 |
1.25% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Deutsche Bank AG |
04/21/22 | 1.25 | USD | 18,815 | (116,694 | ) | |||||||||||||||||||||
|
5-Year Interest Rate Swap, 04/24/27 |
0.90% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Bank of America N.A. |
04/22/22 | 0.90 | USD | 7,820 | (18,036 | ) | |||||||||||||||||||||
|
5-Year Interest Rate Swap, 04/30/27 |
0.90% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Bank of America N.A. |
04/28/22 | 0.90 | USD | 23,470 | (55,429 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 06/09/32 |
1.40% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
JPMorgan Chase Bank N.A. |
06/07/22 | 1.40 | USD | 3,615 | (41,262 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 08/10/32 |
0.72% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Deutsche Bank AG |
08/08/22 | 0.72 | USD | 1,150 | (2,708 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 09/03/32 |
1.53% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Morgan Stanley & Co. International PLC |
09/01/22 | 1.53 | USD | 5,650 | (101,641 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 10/09/32 |
1.80% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Deutsche Bank AG |
10/07/22 | 1.80 | USD | 2,840 | (89,117 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 10/13/32 |
1.06% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Deutsche Bank AG |
10/11/22 | 1.06 | USD | 2,145 | (14,790 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 10/15/32 |
1.80% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Deutsche Bank AG |
10/13/22 | 1.80 | USD | 2,840 | (88,665 | ) | |||||||||||||||||||||
|
2-Year Interest Rate Swap, 10/27/24 |
1.24% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Morgan Stanley & Co. International PLC |
10/25/22 | 1.24 | USD | 13,510 | (83,046 | ) | |||||||||||||||||||||
|
2-Year Interest Rate Swap, 10/27/24 |
1.24% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Morgan Stanley & Co. International PLC |
10/25/22 | 1.24 | USD | 9,010 | (55,128 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 12/18/32 |
1.23% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Goldman Sachs International |
12/16/22 | 1.23 | USD | 1,980 | (22,734 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 12/18/32 |
1.25% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Goldman Sachs International |
12/16/22 | 1.24 | USD | 1,980 | (23,325 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 01/01/33 |
1.25% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Citibank N.A. |
12/30/22 | 1.25 | USD | 2,180 | (26,782 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 01/11/33 |
1.44% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Barclays Bank PLC |
01/09/23 | 1.44 | USD | 3,990 | (71,037 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 03/03/33 |
2.01% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Bank of America N.A. |
03/01/23 | 2.01 | USD | 4,170 | (189,359 | ) | |||||||||||||||||||||
|
30-Year Interest Rate Swap, 09/19/54 |
1.85% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Deutsche Bank AG |
09/17/24 | 1.85 | USD | 1,330 | (154,118 | ) | |||||||||||||||||||||
|
30-Year Interest Rate Swap, 10/02/54 |
2.00% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
Barclays Bank PLC |
09/30/24 | 2.00 | USD | 930 | (126,491 | ) | |||||||||||||||||||||
|
30-Year Interest Rate Swap, 10/21/56 |
1.98% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly |
JPMorgan Chase Bank N.A. |
10/19/26 | 1.97 | USD | 540 | (83,382 | ) | |||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||
| (1,570,791 | ) | |||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
45 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
OTC Interest Rate Swaptions Written (continued)
| Description |
Paid by the Trust |
Received by the Trust | Counterparty |
Expiration
Date |
Exercise
Rate |
Notional
Amount (000) |
Value | |||||||||||||||||||||||||
| Rate | Frequency | Rate | Frequency | |||||||||||||||||||||||||||||
|
Put |
||||||||||||||||||||||||||||||||
|
10-Year Interest Rate Swap, 11/14/31 |
3-Month LIBOR, 0.13% | Quarterly | 1.50% | Semi-Annual |
Deutsche Bank AG |
11/12/21 | 1.50 | % | USD | 4,960 | $ | (48,508 | ) | |||||||||||||||||||
|
2-Year Interest Rate Swap, 12/08/23 |
3-Month LIBOR, 0.13% | Quarterly | 0.50% | Semi-Annual |
Barclays Bank PLC |
12/06/21 | 0.50 | USD | 11,710 | (59,787 | ) | |||||||||||||||||||||
|
2-Year Interest Rate Swap, 12/12/23 |
3-Month LIBOR, 0.13% | Quarterly | 0.45% | Semi-Annual |
Deutsche Bank AG |
12/10/21 | 0.45 | USD | 11,609 | (72,173 | ) | |||||||||||||||||||||
|
2-Year Interest Rate Swap, 01/12/24 |
3-Month LIBOR, 0.13% | Quarterly | 0.51% | Semi-Annual |
Morgan Stanley & Co. International PLC |
01/10/22 | 0.51 | USD | 31,490 | (204,559 | ) | |||||||||||||||||||||
|
2-Year Interest Rate Swap, 01/21/24 |
3-Month LIBOR, 0.13% | Quarterly | 0.50% | Semi-Annual |
Deutsche Bank AG |
01/19/22 | 0.50 | USD | 8,010 | (56,379 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 01/29/32 |
3-Month LIBOR, 0.13% | Quarterly | 1.25% | Semi-Annual |
Bank of America N.A. |
01/27/22 | 1.25 | USD | 2,790 | (105,235 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 01/29/32 |
3-Month LIBOR, 0.13% | Quarterly | 1.50% | Semi-Annual |
Deutsche Bank AG |
01/27/22 | 1.50 | USD | 3,040 | (61,101 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 02/09/32 |
3-Month LIBOR, 0.13% | Quarterly | 1.60% | Semi-Annual |
Deutsche Bank AG |
02/07/22 | 1.60 | USD | 3,700 | (59,120 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 02/20/32 |
3-Month LIBOR, 0.13% | Quarterly | 1.62% | Semi-Annual |
Bank of America N.A. |
02/18/22 | 1.62 | USD | 2,680 | (43,335 | ) | |||||||||||||||||||||
|
2-Year Interest Rate Swap, 02/27/24 |
3-Month LIBOR, 0.13% | Quarterly | 0.75% | Semi-Annual |
Deutsche Bank AG |
02/25/22 | 0.75 | USD | 43,910 | (222,713 | ) | |||||||||||||||||||||
|
2-Year Interest Rate Swap, 03/03/24 |
3-Month LIBOR, 0.13% | Quarterly | 0.51% | Semi-Annual |
Deutsche Bank AG |
03/01/22 | 0.51 | USD | 27,330 | (232,162 | ) | |||||||||||||||||||||
|
2-Year Interest Rate Swap, 03/05/24 |
3-Month LIBOR, 0.13% | Quarterly | 0.52% | Semi-Annual |
Citibank N.A. |
03/03/22 | 0.52 | USD | 13,980 | (117,775 | ) | |||||||||||||||||||||
|
2-Year Interest Rate Swap, 03/23/24 |
3-Month LIBOR, 0.13% | Quarterly | 0.56% | Semi-Annual |
Deutsche Bank AG |
03/21/22 | 0.56 | USD | 13,980 | (117,196 | ) | |||||||||||||||||||||
|
2-Year Interest Rate Swap, 03/25/24 |
3-Month LIBOR, 0.13% | Quarterly | 0.57% | Semi-Annual |
Deutsche Bank AG |
03/23/22 | 0.57 | USD | 27,410 | (228,170 | ) | |||||||||||||||||||||
|
2-Year Interest Rate Swap, 04/03/24 |
3-Month LIBOR, 0.13% | Quarterly | 0.61% | Semi-Annual |
JPMorgan Chase Bank N.A. |
04/01/22 | 0.61 | USD | 37,640 | (305,850 | ) | |||||||||||||||||||||
|
2-Year Interest Rate Swap, 04/08/24 |
3-Month LIBOR, 0.13% | Quarterly | 0.74% | Semi-Annual |
JPMorgan Chase Bank N.A. |
04/06/22 | 0.74 | USD | 37,640 | (244,169 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 06/09/32 |
3-Month LIBOR, 0.13% | Quarterly | 2.40% | Semi-Annual |
JPMorgan Chase Bank N.A. |
06/07/22 | 2.40 | USD | 3,615 | (18,168 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 08/10/32 |
3-Month LIBOR, 0.13% | Quarterly | 0.72% | Semi-Annual |
Deutsche Bank AG |
08/08/22 | 0.72 | USD | 1,150 | (109,031 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 09/03/32 |
3-Month LIBOR, 0.13% | Quarterly | 1.53% | Semi-Annual |
Morgan Stanley & Co. International PLC |
09/01/22 | 1.53 | USD | 5,650 | (203,388 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 10/09/32 |
3-Month LIBOR, 0.13% | Quarterly | 1.80% | Semi-Annual |
Deutsche Bank AG |
10/07/22 | 1.80 | USD | 2,840 | (71,225 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 10/13/32 |
3-Month LIBOR, 0.13% | Quarterly | 1.06% | Semi-Annual |
Deutsche Bank AG |
10/11/22 | 1.06 | USD | 2,145 | (148,409 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 10/15/32 |
3-Month LIBOR, 0.13% | Quarterly | 1.80% | Semi-Annual |
Deutsche Bank AG |
10/13/22 | 1.80 | USD | 2,840 | (72,725 | ) | |||||||||||||||||||||
|
5-Year Interest Rate Swap, 10/21/27 |
3-Month LIBOR, 0.13% | Quarterly | 1.81% | Semi-Annual |
Morgan Stanley & Co. International PLC |
10/19/22 | 1.81 | USD | 3,820 | (39,482 | ) | |||||||||||||||||||||
|
2-Year Interest Rate Swap, 10/27/24 |
3-Month LIBOR, 0.13% | Quarterly | 1.24% | Semi-Annual |
Morgan Stanley & Co. International PLC |
10/25/22 | 1.24 | USD | 13,510 | (94,048 | ) | |||||||||||||||||||||
|
2-Year Interest Rate Swap, 10/27/24 |
3-Month LIBOR, 0.13% | Quarterly | 1.24% | Semi-Annual |
Morgan Stanley & Co. International PLC |
10/25/22 | 1.24 | USD | 9,010 | (62,911 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 12/18/32 |
3-Month LIBOR, 0.13% | Quarterly | 1.23% | Semi-Annual |
Goldman Sachs International |
12/16/22 | 1.23 | USD | 1,980 | (119,467 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 12/18/32 |
3-Month LIBOR, 0.13% | Quarterly | 1.25% | Semi-Annual |
Goldman Sachs International |
12/16/22 | 1.24 | USD | 1,980 | (117,760 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 01/01/33 |
3-Month LIBOR, 0.13% | Quarterly | 1.25% | Semi-Annual |
Citibank N.A. |
12/30/22 | 1.25 | USD | 2,180 | (129,885 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 01/11/33 |
3-Month LIBOR, 0.13% | Quarterly | 1.44% | Semi-Annual |
Barclays Bank PLC |
01/09/23 | 1.44 | USD | 3,990 | (192,519 | ) | |||||||||||||||||||||
|
10-Year Interest Rate Swap, 03/03/33 |
3-Month LIBOR, 0.13% | Quarterly | 2.01% | Semi-Annual |
Bank of America N.A. |
03/01/23 | 2.01 | USD | 4,170 | (101,545 | ) | |||||||||||||||||||||
| 46 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
OTC Interest Rate Swaptions Written (continued)
| Description |
Paid by the Trust |
Received by the Trust | Counterparty |
Expiration
Date |
Exercise
Rate |
Notional
Amount (000) |
Value | |||||||||||||||||||||||||
| Rate | Frequency | Rate | Frequency | |||||||||||||||||||||||||||||
|
Put (continued) |
||||||||||||||||||||||||||||||||
|
10-Year Interest Rate Swap, 05/17/33 |
6-Month EURIBOR, (0.53%) | Semi-Annual | 0.70% | Annual |
Barclays Bank PLC |
05/15/23 | 0.70 | % | EUR | 4,980 | $ | (135,437 | ) | |||||||||||||||||||
|
30-Year Interest Rate Swap, 09/19/54 |
3-Month
LIBOR, 0.13% |
Quarterly | 1.85% | Semi-Annual |
Deutsche Bank AG |
09/17/24 | 1.85 | USD | 1,330 | (140,371 | ) | |||||||||||||||||||||
|
30-Year Interest Rate Swap, 10/02/54 |
3-Month
LIBOR, 0.13% |
Quarterly | 2.00% | Semi-Annual |
Barclays Bank PLC |
09/30/24 | 2.00 | USD | 930 | (84,023 | ) | |||||||||||||||||||||
|
30-Year Interest Rate Swap, 10/21/56 |
3-Month
LIBOR, 0.13% |
Quarterly | 1.98% | Semi-Annual |
JPMorgan Chase Bank N.A. |
10/19/26 | 1.97 | USD | 540 | (61,534 | ) | |||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||
| (4,080,160 | ) | |||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||
| $ | (5,650,951 | ) | ||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||
Centrally Cleared Credit Default Swaps — Buy Protection
| Reference Obligation/Index |
Financing Rate Paid by the Trust |
Payment Frequency |
Termination Date |
Notional Amount (000) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
|
CDX.NA.HY.37.V1 |
5.00 | % | Quarterly | 12/20/26 | USD | 8,140 | $ | (774,442 | ) | $ | (771,630 | ) | $ | (2,812 | ) | |||||||||||||
|
CDX.NA.IG.37.V1 |
1.00 | Quarterly | 12/20/26 | USD | 39,470 | (986,028 | ) | (915,995 | ) | (70,033 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||
| $ | (1,760,470 | ) | $ | (1,687,625 | ) | $ | (72,845 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||
Centrally Cleared Interest Rate Swaps
|
Paid by the Trust |
Received by the Trust |
Effective Date |
Termination
Date |
Notional Amount (000) |
Value |
Upfront
Premium Paid (Received) |
Unrealized
Appreciation (Depreciation) |
|||||||||||||||||||||||
| Rate | Frequency | Rate | Frequency | |||||||||||||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 0.62% | Semi-Annual | 01/05/22 | (a) | 09/30/23 | USD | 21,320 | $ | (26,439 | ) | $ | (111 | ) | $ | (26,328 | ) | |||||||||||||
| 0.47% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 10/14/23 | USD | 6,070 | 20,781 | 26 | 20,755 | ||||||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 0.34% | Semi-Annual | 12/13/21 | (a) | 12/13/23 | USD | 6,220 | (50,409 | ) | 28 | (50,437 | ) | |||||||||||||||||
| 0.65% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 01/18/22 | (a) | 01/18/24 | USD | 6,960 | 22,943 | 31 | 22,912 | |||||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 0.38% | Semi-Annual | 02/07/22 | (a) | 02/07/24 | USD | 4,750 | (44,532 | ) | 21 | (44,553 | ) | |||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 0.40% | Semi-Annual | 02/08/22 | (a) | 02/08/24 | USD | 9,620 | (87,107 | ) | 42 | (87,149 | ) | |||||||||||||||||
| 0.64% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 02/15/22 | (a) | 02/15/24 | USD | 5,750 | 26,103 | 26 | 26,077 | |||||||||||||||||||
| 0.56% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 03/24/22 | (a) | 03/24/24 | USD | 6,870 | 49,996 | 30 | 49,966 | |||||||||||||||||||
| 0.61% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 03/28/22 | (a) | 03/28/24 | USD | 8,940 | 57,938 | 39 | 57,899 | |||||||||||||||||||
| 0.63% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 03/29/22 | (a) | 03/29/24 | USD | 3,350 | 19,946 | 15 | 19,931 | |||||||||||||||||||
| 0.64% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 03/29/22 | (a) | 03/29/24 | USD | 7,550 | 44,314 | 33 | 44,281 | |||||||||||||||||||
| 0.62% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 03/31/22 | (a) | 03/31/24 | USD | 4,310 | 26,800 | 19 | 26,781 | |||||||||||||||||||
| 0.63% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 03/31/22 | (a) | 03/31/24 | USD | 3,680 | 22,355 | 16 | 22,339 | |||||||||||||||||||
| 0.64% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/08/22 | (a) | 04/08/24 | USD | 12,520 | 77,874 | 56 | 77,818 | |||||||||||||||||||
| 0.65% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/11/22 | (a) | 04/11/24 | USD | 6,830 | 41,647 | 30 | 41,617 | |||||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 0.66% | Semi-Annual | 04/11/22 | (a) | 04/11/24 | USD | 3,525 | (21,075 | ) | 16 | (21,091 | ) | |||||||||||||||||
| 0.66% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/11/22 | (a) | 04/11/24 | USD | 3,140 | 18,555 | 14 | 18,541 | |||||||||||||||||||
| 0.66% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/12/22 | (a) | 04/12/24 | USD | 10,920 | 65,668 | 49 | 65,619 | |||||||||||||||||||
| 0.69% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/12/22 | (a) | 04/12/24 | USD | 6,870 | 36,965 | 31 | 36,934 | |||||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 0.69% | Semi-Annual | 04/12/22 | (a) | 04/12/24 | USD | 3,435 | (18,476 | ) | 15 | (18,491 | ) | |||||||||||||||||
| 0.74% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/14/22 | (a) | 04/14/24 | USD | 7,570 | 34,317 | 34 | 34,283 | |||||||||||||||||||
| 0.79% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/14/22 | (a) | 04/14/24 | USD | 6,850 | 23,975 | 30 | 23,945 | |||||||||||||||||||
| 0.80% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/14/22 | (a) | 04/14/24 | USD | 6,850 | 22,790 | 30 | 22,760 | |||||||||||||||||||
| 0.78% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/19/22 | (a) | 04/19/24 | USD | 10,140 | 39,581 | 45 | 39,536 | |||||||||||||||||||
| 0.83% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/20/22 | (a) | 04/20/24 | USD | 3,390 | 9,796 | 15 | 9,781 | |||||||||||||||||||
| 0.83% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/20/22 | (a) | 04/20/24 | USD | 6,790 | 19,553 | 30 | 19,523 | |||||||||||||||||||
| 0.85% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/20/22 | (a) | 04/20/24 | USD | 3,390 | 8,717 | 15 | 8,702 | |||||||||||||||||||
| 0.90% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/20/22 | (a) | 04/20/24 | USD | 3,405 | 5,335 | 15 | 5,320 | |||||||||||||||||||
| 0.92% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/20/22 | (a) | 04/20/24 | USD | 3,405 | 3,777 | 15 | 3,762 | |||||||||||||||||||
| 0.93% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/25/22 | (a) | 04/25/24 | USD | 6,850 | 7,697 | 30 | 7,667 | |||||||||||||||||||
| 0.93% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/25/22 | (a) | 04/25/24 | USD | 10,280 | 11,144 | 46 | 11,098 | |||||||||||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
47 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
Centrally Cleared Interest Rate Swaps (continued)
|
Paid by the Trust |
Received by the Trust |
Effective Date |
Termination
Date |
Notional Amount (000) |
Value |
Upfront
Premium Paid (Received) |
Unrealized
Appreciation (Depreciation) |
|||||||||||||||||||||||
| Rate | Frequency | Rate | Frequency | |||||||||||||||||||||||||||
|
0.98% |
Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/26/22 | (a) | 04/26/24 | USD | 3,435 | $ | 98 | $ | 15 | $ | 83 | ||||||||||||||||
| 0.98% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/26/22 | (a) | 04/26/24 | USD | 3,435 | 609 | 15 | 594 | |||||||||||||||||||
| 1.00% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/26/22 | (a) | 04/26/24 | USD | 3,435 | (737 | ) | 15 | (752 | ) | |||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 0.93% | Semi-Annual | 04/27/22 | (a) | 04/27/24 | USD | 7,296 | (8,452 | ) | 32 | (8,484 | ) | |||||||||||||||||
| 1.00% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 04/29/22 | (a) | 04/29/24 | USD | 3,420 | (508 | ) | 15 | (523 | ) | |||||||||||||||||
| 1.01% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 05/03/22 | (a) | 05/03/24 | USD | 10,255 | (1,788 | ) | 46 | (1,834 | ) | |||||||||||||||||
| 1.01% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 05/03/22 | (a) | 05/03/24 | USD | 10,255 | (2,703 | ) | 46 | (2,749 | ) | |||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 1.01% | Semi-Annual | 05/03/22 | (a) | 05/03/24 | USD | 2,630 | 720 | 12 | 708 | |||||||||||||||||||
| 1.03% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 05/03/22 | (a) | 05/03/24 | USD | 1,160 | (663 | ) | 5 | (668 | ) | |||||||||||||||||
| 0.73% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 06/21/22 | (a) | 06/21/24 | USD | 5,760 | 40,615 | 26 | 40,589 | |||||||||||||||||||
| 0.74% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 08/12/22 | (a) | 08/12/24 | USD | 9,030 | 76,177 | 39 | 76,138 | |||||||||||||||||||
| 0.78% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 08/15/22 | (a) | 08/15/24 | USD | 4,695 | 36,392 | 21 | 36,371 | |||||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 0.45% | Semi-Annual | N/A | 11/12/25 | USD | 7,620 | (192,742 | ) | 96 | (192,838 | ) | ||||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 0.48% | Semi-Annual | N/A | 01/21/26 | USD | 3,970 | (106,902 | ) | 31 | (106,933 | ) | ||||||||||||||||||
| 0.99% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 01/05/22 | (a) | 02/28/26 | USD | 19,320 | 173,313 | 179 | 173,134 | |||||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 0.93% | Semi-Annual | N/A | 09/17/26 | USD | 7,360 | (97,154 | ) | 66 | (97,220 | ) | ||||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 1.28% | Semi-Annual | 03/31/22 | (a) | 03/31/27 | USD | 150 | (727 | ) | 1 | (728 | ) | |||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 1.35% | Semi-Annual | 07/08/22 | (a) | 07/08/27 | USD | 5,220 | (28,395 | ) | 48 | (28,443 | ) | |||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 1.19% | Semi-Annual | 07/19/22 | (a) | 07/19/27 | USD | 2,170 | (29,586 | ) | 20 | (29,606 | ) | |||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 1.58% | Semi-Annual | 07/27/22 | (a) | 07/27/27 | USD | 970 | 4,704 | 9 | 4,695 | |||||||||||||||||||
| 1-Year SOFR, 0.05% | Annual | 1.30% | Annual | 07/28/22 | (a) | 07/28/27 | USD | 1,210 | 5,199 | 11 | 5,188 | |||||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 1.48% | Semi-Annual | 08/01/22 | (a) | 08/01/27 | USD | 4,205 | (190 | ) | 39 | (229 | ) | |||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 1.49% | Semi-Annual | 08/01/22 | (a) | 08/01/27 | USD | 4,205 | 1,953 | 39 | 1,914 | |||||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 1.22% | Semi-Annual | 08/16/22 | (a) | 08/16/27 | USD | 1,410 | (18,429 | ) | 13 | (18,442 | ) | |||||||||||||||||
| 1.27% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 02/15/28 | USD | 3,650 | 13,115 | 45 | 13,070 | ||||||||||||||||||||
| 1.10% | Annual | 1-Year SOFR, 0.05% | Annual | 12/31/21 | (a) | 08/15/28 | USD | 12,650 | 64,328 | 164 | 64,164 | |||||||||||||||||||
| 1.16% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 02/04/31 | USD | 500 | 16,222 | 8 | 16,214 | ||||||||||||||||||||
| 1.58% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 03/12/31 | USD | 500 | (1,587 | ) | 8 | (1,595 | ) | ||||||||||||||||||
| 1-Year SOFR, 0.05% | Annual | 1.11% | Annual | 12/31/21 | (a) | 05/15/31 | USD | 4,510 | (84,117 | ) | 72 | (84,189 | ) | |||||||||||||||||
| 1.14% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 09/10/31 | USD | 480 | 6,847 | 8 | 6,839 | ||||||||||||||||||||
| 1.19% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 09/21/31 | USD | 960 | 9,338 | 15 | 9,323 | ||||||||||||||||||||
| 1.20% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 09/21/31 | USD | 1,050 | 9,502 | 17 | 9,485 | ||||||||||||||||||||
| 1.43% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 09/21/31 | USD | 2,120 | 29,125 | 34 | 29,091 | ||||||||||||||||||||
| 1.39% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 09/22/31 | USD | 2,120 | 36,819 | 34 | 36,785 | ||||||||||||||||||||
| 1.52% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 09/24/31 | USD | 4,590 | 23,870 | 73 | 23,797 | ||||||||||||||||||||
| 1.33% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/08/31 | USD | 710 | (1,890 | ) | 11 | (1,901 | ) | ||||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 1.55% | Semi-Annual | N/A | 10/08/31 | USD | 28,600 | (103,647 | ) | 462 | (104,109 | ) | ||||||||||||||||||
| 1-Year SOFR, 0.05% | Annual | 1.33% | Annual | N/A | 10/12/31 | USD | 1,410 | 3,154 | 23 | 3,131 | ||||||||||||||||||||
| 1.40% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/13/31 | USD | 710 | (6,722 | ) | 11 | (6,733 | ) | ||||||||||||||||||
| 1.40% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/13/31 | USD | 1,410 | (13,280 | ) | 23 | (13,303 | ) | ||||||||||||||||||
| 1.78% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 10/18/31 | USD | 2,440 | (42,933 | ) | 39 | (42,972 | ) | ||||||||||||||||||
| 1.38% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/20/31 | USD | 1,910 | (12,928 | ) | 31 | (12,959 | ) | ||||||||||||||||||
| 2.10% | Semi-Annual | 3-Month CAD BA, 0.48% | Semi-Annual | N/A | 10/22/31 | CAD | 6,910 | 51,593 | 3,851 | 47,742 | ||||||||||||||||||||
| 1.45% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/25/31 | USD | 1,130 | (15,401 | ) | 18 | (15,419 | ) | ||||||||||||||||||
| 1.45% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/25/31 | USD | 400 | (5,286 | ) | 6 | (5,292 | ) | ||||||||||||||||||
| 1.46% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/26/31 | USD | 340 | (4,772 | ) | 5 | (4,777 | ) | ||||||||||||||||||
| 1.61% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 03/28/22 | (a) | 03/28/32 | USD | 10,600 | 62,977 | 170 | 62,807 | |||||||||||||||||||
| 0.83% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | 08/15/22 | (a) | 08/15/32 | USD | 5,790 | 491,965 | 35,013 | 456,952 | |||||||||||||||||||
| 0.44% | Annual | 6-Month EURIBOR, (0.53%) | Semi-Annual | 05/16/23 | (a) | 05/16/33 | EUR | 1,760 | (1,642 | ) | 38 | (1,680 | ) | |||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 1.67% | Semi-Annual | 08/06/24 | (a) | 08/06/34 | USD | 1,900 | (41,521 | ) | 30 | (41,551 | ) | |||||||||||||||||
| 1.73% | Semi-Annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 10/08/36 | USD | 32,800 | (84,437 | ) | 655 | (85,092 | ) | ||||||||||||||||||
| 1-Year SOFR, 0.05% | Annual | 1.43% | Annual | 12/31/21 | (a) | 02/15/47 | USD | 2,180 | (23,179 | ) | 60 | (23,239 | ) | |||||||||||||||||
| 1.45% | Annual | 1-Year SOFR, 0.05% | Annual | 12/31/21 | (a) | 02/15/47 | USD | 8,620 | 59,172 | (26,388 | ) | 85,560 | ||||||||||||||||||
| 1.54% | Annual | 1-Year SOFR, 0.05% | Annual | 12/31/21 | (a) | 02/15/47 | USD | 1,020 | (12,628 | ) | 28 | (12,656 | ) | |||||||||||||||||
| 1-Year SOFR, 0.05% | Annual | 1.60% | Annual | 12/31/21 | (a) | 02/15/47 | USD | 2,320 | 55,928 | 65 | 55,863 | |||||||||||||||||||
| 1.66% | Annual | 1-Year SOFR, 0.05% | Annual | 12/31/21 | (a) | 02/15/47 | USD | 970 | (37,562 | ) | 27 | (37,589 | ) | |||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 0.99% | Semi-Annual | N/A | 08/21/50 | USD | 175 | (31,305 | ) | 4 | (31,309 | ) | ||||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 1.00% | Semi-Annual | N/A | 08/21/50 | USD | 175 | (30,869 | ) | 4 | (30,873 | ) | ||||||||||||||||||
| 3-Month LIBOR, 0.13% | Quarterly | 1.84% | Semi-Annual | N/A | 10/08/51 | USD | 11,500 | 239,868 | 360 | 239,508 | ||||||||||||||||||||
| 48 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
Centrally Cleared Interest Rate Swaps (continued)
|
|
|
|
|
|
Upfront |
|
||||||||||||||||||||||||
|
|
|
|
|
|
Premium | Unrealized | ||||||||||||||||||||||||
|
Paid by the Trust |
Received by the Trust |
Effective | Termination | Notional |
|
Paid | Appreciation | |||||||||||||||||||||||
| Rate | Frequency | Rate | Frequency | Date | Date | Amount (000) | Value | (Received) | (Depreciation) | |||||||||||||||||||||
|
3-Month LIBOR, 0.13% |
Quarterly | 1.93% | Semi-Annual | N/A | 10/22/51 | USD | 2,840 | $ | 123,737 | $ | 89 | $ | 123,648 | |||||||||||||||||
|
3-Month LIBOR, 0.13% |
Quarterly | 1.92% | Semi-Annual | N/A | 10/27/51 | USD | 1,420 | 57,636 | 45 | 57,591 | ||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| $ | 1,120,823 | $ | 16,728 | $ | 1,104,095 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| (a) |
Forward Swap. |
OTC Credit Default Swaps — Buy Protection
OTC Credit Default Swaps — Sell Protection
| Reference Obligation/Index |
|
Financing
Rate Received by the Trust |
|
Payment Frequency |
Counterparty |
|
Termination
Date |
|
|
Credit
Rating |
(a) |
|
Notional Amount (000)(b) |
|
Value |
|
Upfront
Premium Paid (Received |
) |
|
Unrealized
Appreciation (Depreciation |
) |
|||||||||||||||||||||
|
|
Morgan Stanley & Co. | |||||||||||||||||||||||||||||||||||||||||
|
Adler Real Estate AG |
5.00 | % | Quarterly | International PLC | 12/20/25 | BB+ | EUR | 20 | $ | 271 | $ | 2,861 | $ | (2,590 | ) | |||||||||||||||||||||||||||
|
Virgin Media Finance PLC |
5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | B | EUR | 20 | 2,891 | 2,210 | 681 | ||||||||||||||||||||||||||||||||
|
Adler Real Estate AG |
5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/26 | N/R | EUR | 10 | 178 | 962 | (784 | ) | |||||||||||||||||||||||||||||||
|
Adler Real Estate AG |
5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/26 | N/R | EUR | 10 | 177 | 1,080 | (903 | ) | |||||||||||||||||||||||||||||||
|
CMA CGM SA |
5.00 | Quarterly | Credit Suisse International | 06/20/26 | BB- | EUR | 10 | 1,216 | 479 | 737 | ||||||||||||||||||||||||||||||||
|
Trust Fibrauno |
1.00 | Quarterly | Citibank N.A. | 06/20/26 | N/R | USD | 676 | (47,327 | ) | (69,938 | ) | 22,611 | ||||||||||||||||||||||||||||||
|
Trust Fibrauno |
1.00 | Quarterly | Citibank N.A. | 06/20/26 | N/R | USD | 190 | (13,302 | ) | (19,695 | ) | 6,393 | ||||||||||||||||||||||||||||||
|
CMBX.NA.7 |
3.00 | Monthly | Barclays Bank PLC | 01/17/47 | C | USD | 10,000 | (1,892,617 | ) | (484,665 | ) | (1,407,952 | ) | |||||||||||||||||||||||||||||
|
CMBX.NA.7 |
3.00 | Monthly | Barclays Bank PLC | 01/17/47 | C | USD | 5,000 | (946,309 | ) | (242,053 | ) | (704,256 | ) | |||||||||||||||||||||||||||||
|
CMBX.NA.7 |
3.00 | Monthly | Barclays Bank PLC | 01/17/47 | C | USD | 10,000 | (1,892,616 | ) | (239,794 | ) | (1,652,822 | ) | |||||||||||||||||||||||||||||
|
CMBX.NA.9 |
2.00 | Monthly | Credit Suisse International | 09/17/58 | N/R | USD | 2,500 | (1,482 | ) | (330,862 | ) | 329,380 | ||||||||||||||||||||||||||||||
| Morgan Stanley & Co. | ||||||||||||||||||||||||||||||||||||||||||
|
CMBX.NA.9 |
2.00 | Monthly | International PLC | 09/17/58 | N/R | USD | 2,500 | (1,482 | ) | (327,667 | ) | 326,185 | ||||||||||||||||||||||||||||||
| Morgan Stanley & Co. | ||||||||||||||||||||||||||||||||||||||||||
|
CMBX.NA.9 |
2.00 | Monthly | International PLC | 09/17/58 | N/R | USD | 5,000 | (2,963 | ) | (649,231 | ) | 646,268 | ||||||||||||||||||||||||||||||
| Morgan Stanley & Co. | ||||||||||||||||||||||||||||||||||||||||||
|
CMBX.NA.9 |
3.00 | Monthly | International PLC | 09/17/58 | N/R | USD | 2,500 | (209,492 | ) | (529,570 | ) | 320,078 | ||||||||||||||||||||||||||||||
| Morgan Stanley & Co. | ||||||||||||||||||||||||||||||||||||||||||
|
CMBX.NA.9 |
3.00 | Monthly | International PLC | 09/17/58 | N/R | USD | 5,000 | (418,985 | ) | (523,652 | ) | 104,667 | ||||||||||||||||||||||||||||||
| Morgan Stanley & Co. | ||||||||||||||||||||||||||||||||||||||||||
|
CMBX.NA.9 |
3.00 | Monthly | International PLC | 09/17/58 | N/R | USD | 972 | (81,451 | ) | (106,975 | ) | 25,524 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| $ | (5,503,293 | ) | $ | (3,516,510 | ) | $ | (1,986,783 | ) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| (a) |
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
| (b) |
The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. |
Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written
| Description |
Swap Premiums Paid |
Swap Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
Value | |||||||||||||
|
Centrally Cleared Swaps(a) |
$ 43,227 | $ (1,714,124) | $ | 2,398,831 | $ | (1,367,581 | ) | $ | — | |||||||||
|
OTC Swaps |
1,735,325 | (3,524,102) | 4,786,332 | (3,769,307 | ) | — | ||||||||||||
|
Options Written |
N/A | N/A | 1,147,983 | (1,903,397 | ) | (5,725,185 | ) | |||||||||||
| (a) |
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
|
S C H E D U L E O F I N V E S T M E N T S |
49 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
| (b) |
Includes options purchased at value as reported in the Schedule of Investments. |
For the period ended October 31, 2021, the effect of derivative financial instruments in the Statement of Operations was as follows:
| (a) |
Options purchased are included in net realized gain (loss) from investments — unaffiliated. |
| (b) |
Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated. |
| 50 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts: |
||||
|
Average notional value of contracts — long |
$ | 31,951,669 | ||
|
Average notional value of contracts — short |
$ | 647,772,020 | ||
|
Forward foreign currency exchange contracts: |
||||
|
Average amounts purchased — in USD |
$ | 38,936,443 | ||
|
Average amounts sold — in USD |
$ | 15,936,942 | ||
|
Options: |
||||
|
Average value of option contracts purchased |
$ | 126,423 | ||
|
Average value of option contracts written |
$ | 153,089 | ||
|
Average notional value of swaption contracts purchased |
$ | 226,251,160 | ||
|
Average notional value of swaption contracts written |
$ | 592,846,547 | ||
|
Credit default swaps: |
||||
|
Average notional value — buy protection |
$ | 72,801,000 | ||
|
Average notional value — sell protection |
$ | 44,394,256 | ||
|
Interest rate swaps: |
||||
|
Average notional value — pays fixed rate |
$ | 169,845,832 | ||
|
Average notional value — receives fixed rate |
$ | 76,376,257 | ||
For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:
| Assets | Liabilities | |||||||
|
Derivative Financial Instruments |
||||||||
|
Futures contracts |
$ | 140,658 | $ | 342,849 | ||||
|
Forward foreign currency exchange contracts |
398,193 | 1,814 | ||||||
|
Options |
3,997,683 | (a) | 5,725,185 | |||||
|
Swaps — centrally cleared |
74,491 | — | ||||||
|
Swaps — OTC(b) |
6,521,657 | 7,293,409 | ||||||
|
|
|
|
|
|||||
|
Total derivative assets and liabilities in the Statement of Assets and Liabilities |
11,132,682 | 13,363,257 | ||||||
|
|
|
|
|
|||||
|
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
(326,290 | ) | (417,083 | ) | ||||
|
|
|
|
|
|||||
|
Total derivative assets and liabilities subject to an MNA |
$ | 10,806,392 | $ | 12,946,174 | ||||
|
|
|
|
|
|||||
| (a) |
Includes options purchased at value which is included in Investments at value — unaffiliated in the Statement of Assets and Liabilities and reported in the Schedule of Investments. |
| (b) |
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statement of Assets and Liabilities. |
The following table presents the Trust’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received (and pledged) by the Trust:
|
Counterparty |
|
Derivative
Assets Subject to an MNA by Counterparty |
|
|
Derivatives
Available for Offset |
(a) |
|
Non-Cash
Collateral Received |
|
|
Cash
Collateral Received |
|
|
Net Amount
of Derivative Assets |
(b)(c) |
|||||
|
Bank of America N.A |
$ | 616,348 | $ | (564,895 | ) | $ | — | $ | — | $ | 51,453 | |||||||||
|
Barclays Bank PLC |
208,228 | (208,228 | ) | — | — | — | ||||||||||||||
|
BNP Paribas SA |
155,624 | — | — | — | 155,624 | |||||||||||||||
|
Citibank N.A |
29,004 | (29,004 | ) | — | — | — | ||||||||||||||
|
Credit Suisse International |
330,596 | (330,596 | ) | — | — | — | ||||||||||||||
|
Deutsche Bank AG |
5,537,006 | (2,179,429 | ) | — | (3,350,000 | ) | 7,577 | |||||||||||||
|
Goldman Sachs International |
530,589 | (283,286 | ) | — | — | 247,303 | ||||||||||||||
|
JPMorgan Chase Bank N.A. |
606,024 | (606,024 | ) | — | — | — | ||||||||||||||
|
Morgan Stanley & Co. International PLC |
2,532,587 | (2,532,587 | ) | — | — | — | ||||||||||||||
|
Natwest Markets PLC |
76,722 | — | — | — | 76,722 | |||||||||||||||
|
State Street Bank and Trust Co |
546 | (473 | ) | — | — | 73 | ||||||||||||||
|
Wells Fargo Bank, National Association |
183,118 | — | — | — | 183,118 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | 10,806,392 | $ | (6,734,522 | ) | $ | — | $ | (3,350,000 | ) | $ | 721,870 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
51 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
|
Counterparty |
|
Derivative
Liabilities Subject to an MNA by Counterparty |
|
|
Derivatives
Available for Offset |
(a) |
|
Non-Cash
Collateral Pledged |
|
|
Cash
Collateral Pledged |
(d) |
|
Net Amount
of Derivative Liabilities |
(b)(e) |
|||||
|
Bank of America N.A. |
$ | 564,895 | $ | (564,895 | ) | $ | — | $ | — | $ | — | |||||||||
|
Barclays Bank PLC |
5,400,836 | (208,228 | ) | — | (5,140,000 | ) | 52,608 | |||||||||||||
|
Citibank N.A. |
376,304 | (29,004 | ) | — | (310,000 | ) | 37,300 | |||||||||||||
|
Credit Suisse International |
330,862 | (330,596 | ) | — | — | 266 | ||||||||||||||
|
Deutsche Bank AG |
2,179,429 | (2,179,429 | ) | — | — | — | ||||||||||||||
|
Goldman Sachs International |
283,286 | (283,286 | ) | — | — | — | ||||||||||||||
|
JPMorgan Chase Bank N.A. |
806,719 | (606,024 | ) | — | — | 200,695 | ||||||||||||||
|
Morgan Stanley & Co. International PLC |
3,003,370 | (2,532,587 | ) | — | (420,000 | ) | 50,783 | |||||||||||||
|
State Street Bank and Trust Co |
473 | (473 | ) | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | 12,946,174 | $ | (6,734,522 | ) | $ | — | $ | (5,870,000 | ) | $ | 341,652 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (a) |
The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA. |
| (b) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
| (c) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
| (d) |
Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |
| (e) |
Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statement of Assets and Liabilities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
Asset-Backed Securities |
$ | — | $ | 78,223,086 | $ | 1,662,822 | $ | 79,885,908 | ||||||||
|
Common Stocks |
4,873,690 | — | — | 4,873,690 | ||||||||||||
|
Corporate Bonds |
||||||||||||||||
|
Aerospace & Defense |
— | 17,260,733 | — | 17,260,733 | ||||||||||||
|
Airlines |
— | 13,432,303 | — | 13,432,303 | ||||||||||||
|
Auto Components |
— | 7,632,167 | — | 7,632,167 | ||||||||||||
|
Automobiles |
— | 12,047,895 | — | 12,047,895 | ||||||||||||
|
Banks |
— | 11,035,963 | — | 11,035,963 | ||||||||||||
|
Beverages |
— | 11,586,499 | — | 11,586,499 | ||||||||||||
|
Biotechnology |
— | 1,141,948 | — | 1,141,948 | ||||||||||||
|
Building Materials |
— | 4,945,262 | — | 4,945,262 | ||||||||||||
|
Building Products |
— | 4,270,627 | — | 4,270,627 | ||||||||||||
|
Capital Markets |
— | 5,417,332 | — | 5,417,332 | ||||||||||||
|
Chemicals |
— | 13,548,570 | — | 13,548,570 | ||||||||||||
|
Commercial Services & Supplies |
— | 5,921,366 | — | 5,921,366 | ||||||||||||
|
Communications Equipment |
— | 4,278,601 | — | 4,278,601 | ||||||||||||
|
Construction Materials |
— | 1,912,216 | — | 1,912,216 | ||||||||||||
|
Consumer Discretionary |
— | 9,371,407 | — | 9,371,407 | ||||||||||||
|
Consumer Finance |
— | 9,772,641 | — | 9,772,641 | ||||||||||||
|
Containers & Packaging |
— | 2,228,077 | — | 2,228,077 | ||||||||||||
|
Diversified Consumer Services |
— | 11,096,079 | — | 11,096,079 | ||||||||||||
|
Diversified Financial Services |
— | 13,150,258 | — | 13,150,258 | ||||||||||||
|
Diversified Telecommunication Services |
— | 22,054,824 | — | 22,054,824 | ||||||||||||
|
Electric Utilities |
— | 7,849,353 | — | 7,849,353 | ||||||||||||
|
Electrical Equipment |
— | 684,298 | — | 684,298 | ||||||||||||
|
Electronic Equipment, Instruments & Components |
— | 4,558,959 | — | 4,558,959 | ||||||||||||
|
Energy Equipment & Services |
— | 2,707,784 | — | 2,707,784 | ||||||||||||
|
Environmental, Maintenance, & Security Service |
— | 3,885,193 | — | 3,885,193 | ||||||||||||
|
Equity Real Estate Investment Trusts (REITs) |
— | 9,214,396 | — | 9,214,396 | ||||||||||||
|
Food & Staples Retailing |
— | 13,745,165 | — | 13,745,165 | ||||||||||||
| 52 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
Fair Value Hierarchy as of Period End (continued)
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
Corporate Bonds (continued) |
||||||||||||||||
|
Food Products |
$ | — | $ | 5,426,166 | $ | — | $ | 5,426,166 | ||||||||
|
Gas Utilities |
— | 174,250 | — | 174,250 | ||||||||||||
|
Health Care Equipment & Supplies |
— | 2,991,522 | — | 2,991,522 | ||||||||||||
|
Health Care Providers & Services |
— | 29,832,817 | — | 29,832,817 | ||||||||||||
|
Health Care Technology |
— | 4,598,664 | — | 4,598,664 | ||||||||||||
|
Hotels, Restaurants & Leisure |
— | 21,681,996 | — | 21,681,996 | ||||||||||||
|
Household Durables |
— | 4,574,693 | — | 4,574,693 | ||||||||||||
|
Independent Power and Renewable Electricity Producers |
— | 8,381,654 | — | 8,381,654 | ||||||||||||
|
Industrial Conglomerates |
— | 663,457 | — | 663,457 | ||||||||||||
|
Insurance |
— | 14,414,944 | — | 14,414,944 | ||||||||||||
|
Interactive Media & Services |
— | 4,043,417 | — | 4,043,417 | ||||||||||||
|
Internet & Direct Marketing Retail |
— | 136,061 | — | 136,061 | ||||||||||||
|
Internet Software & Services |
— | 7,991,871 | — | 7,991,871 | ||||||||||||
|
IT Services |
— | 6,674,838 | — | 6,674,838 | ||||||||||||
|
Leisure Products |
— | 1,201,413 | — | 1,201,413 | ||||||||||||
|
Machinery |
— | 5,345,645 | — | 5,345,645 | ||||||||||||
|
Media |
— | 62,047,937 | — | 62,047,937 | ||||||||||||
|
Metals & Mining |
— | 16,589,504 | — | 16,589,504 | ||||||||||||
|
Multi-line Retail |
— | 1,402,938 | — | 1,402,938 | ||||||||||||
|
Offshore Drilling & Other Services |
— | 124,930 | — | 124,930 | ||||||||||||
|
Oil, Gas & Consumable Fuels |
226,349 | 77,628,223 | 1,536,662 | 79,391,234 | ||||||||||||
|
Personal Products |
— | 233,233 | — | 233,233 | ||||||||||||
|
Pharmaceuticals |
— | 15,993,121 | — | 15,993,121 | ||||||||||||
|
Producer Durables: Miscellaneous |
— | 255,231 | — | 255,231 | ||||||||||||
|
Real Estate Management & Development |
— | 19,460,760 | — | 19,460,760 | ||||||||||||
|
Road & Rail |
— | 3,483,039 | — | 3,483,039 | ||||||||||||
|
Semiconductors & Semiconductor Equipment |
— | 8,674,104 | — | 8,674,104 | ||||||||||||
|
Software |
— | 9,859,316 | — | 9,859,316 | ||||||||||||
|
Specialty Retail |
— | 4,550,318 | — | 4,550,318 | ||||||||||||
|
Technology Hardware, Storage & Peripherals |
— | 768,240 | — | 768,240 | ||||||||||||
|
Textiles, Apparel & Luxury Goods |
— | 753,145 | — | 753,145 | ||||||||||||
|
Thrifts & Mortgage Finance |
— | 1,617,067 | — | 1,617,067 | ||||||||||||
|
Tobacco |
— | 2,711,889 | — | 2,711,889 | ||||||||||||
|
Transportation |
— | 121,207 | — | 121,207 | ||||||||||||
|
Transportation Infrastructure |
— | 2,811,948 | — | 2,811,948 | ||||||||||||
|
Utilities |
— | 12,897,377 | — | 12,897,377 | ||||||||||||
|
Wireless Telecommunication Services |
— | 18,320,123 | — | 18,320,123 | ||||||||||||
|
Floating Rate Loan Interests |
— | 50,688,175 | 2,589,803 | 53,277,978 | ||||||||||||
|
Foreign Agency Obligations |
— | 29,969,704 | — | 29,969,704 | ||||||||||||
|
Municipal Bonds |
— | 1,175,678 | — | 1,175,678 | ||||||||||||
|
Non-Agency Mortgage-Backed Securities |
— | 74,623,723 | — | 74,623,723 | ||||||||||||
|
Preferred Securities |
||||||||||||||||
|
Capital Trusts |
— | 45,825,068 | — | 45,825,068 | ||||||||||||
|
Preferred Stocks |
25,589,340 | — | — | 25,589,340 | ||||||||||||
|
U.S. Government Sponsored Agency Securities |
— | 147,212,884 | — | 147,212,884 | ||||||||||||
|
Warrants |
— | — | — | — | ||||||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
36,212,415 | — | — | 36,212,415 | ||||||||||||
|
Options Purchased |
||||||||||||||||
|
Interest Rate Contracts |
111,141 | 3,886,542 | — | 3,997,683 | ||||||||||||
|
Unfunded Floating Rate Loan Interests(a) |
— | 258 | — | 258 | ||||||||||||
|
Liabilities |
||||||||||||||||
|
Investments |
||||||||||||||||
|
TBA Sale Commitments |
— | (62,692 | ) | — | (62,692 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 67,012,935 | $ | 1,034,729,400 | $ | 5,789,287 | $ | 1,107,531,622 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(b) |
||||||||||||||||
|
Assets |
||||||||||||||||
|
Credit Contracts |
$ | — | $ | 4,786,332 | $ | — | $ | 4,786,332 | ||||||||
|
Foreign Currency Exchange Contracts |
— | 398,193 | — | 398,193 | ||||||||||||
|
Interest Rate Contracts |
3,969,960 | 2,398,831 | — | 6,368,791 | ||||||||||||
|
Liabilities |
||||||||||||||||
|
Credit Contracts |
— | (3,842,152 | ) | — | (3,842,152 | ) | ||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
53 |
|
Schedule of Investments (continued) October 31, 2021 |
BlackRock Multi-Sector Income Trust (BIT)
|
Fair Value Hierarchy as of Period End (continued)
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Liabilities (continued) |
||||||||||||||||
|
Foreign Currency Exchange Contracts |
$ | — | $ | (1,814 | ) | $ | — | $ | (1,814 | ) | ||||||
|
Interest Rate Contracts |
(1,185,144 | ) | (6,945,687 | ) | — | (8,130,831 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 2,784,816 | $ | (3,206,297 | ) | $ | — | $ | (421,481 | ) | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |
| (b) |
Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $386,819,640 are categorized as Level 2 within the fair value hierarchy.
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the year 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 |
Common Stocks |
Corporate Bonds |
Floating Rate Loan Interests |
Warrants |
Non-Agency
Mortgage-Backed
|
Preferred Stocks |
Total | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
Assets |
||||||||||||||||||||||||||||||||
|
Opening balance, as of October 31, 2020 |
$ | 2,173,228 | $ | 35,260 | $ | 2,153,350 | $ | 437,783 | $ | — | $ | 7,370,850 | $ | 1,571,250 | $ | 13,741,721 | ||||||||||||||||
|
Transfers into Level 3(a) |
— | — | — | 252,817 | — | — | — | 252,817 | ||||||||||||||||||||||||
|
Transfers out of Level 3(b) |
— | — | — | (91,192 | ) | — | (7,370,850 | ) | — | (7,462,042 | ) | |||||||||||||||||||||
|
Accrued discounts/premiums |
16,323 | — | 23,887 | 6,495 | — | — | — | 46,705 | ||||||||||||||||||||||||
|
Net realized gain (loss) |
133,558 | — | 96,297 | 99 | — | — | (354,375 | ) | (124,421 | ) | ||||||||||||||||||||||
|
Net change in unrealized appreciation (depreciation)(c)(d) |
512,567 | (23,157 | ) | (137,175 | ) | 284,809 | — | — | 283,125 | 920,169 | ||||||||||||||||||||||
|
Purchases |
4,147 | — | 22,422 | 1,727,331 | — | — | — | 1,753,900 | ||||||||||||||||||||||||
|
Sales |
(1,177,001 | ) | (12,103 | ) | (622,119 | ) | (28,339 | ) | — | — | (1,500,000 | ) | (3,339,562 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Closing balance, as of October 31, 2021 |
$ | 1,662,822 | $ | — | $ | 1,536,662 | $ | 2,589,803 | $ | — | $ | — | $ | — | $ | 5,789,287 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net change in unrealized appreciation (depreciation) on investments still held at October 31, 2021(c) |
$ | 509,461 | $ | — | $ | (146,962 | ) | $ | 284,809 | $ | — | $ | — | $ | — | $ | 647,308 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| (a) |
As of October 31, 2020, the Trust used observable inputs in determining the value of certain investments. As of October 31, 2021, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy. |
| (b) |
As of October 31, 2020, the Trust used significant unobservable inputs in determining the value of certain investments. As of October 31, 2021, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy. |
| (c) |
Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. |
| (d) |
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at October 31, 2021 is generally due to investments no longer held or categorized as Level 3 at period end. |
The Trust’s financial instruments 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 financial instruments.
See notes to financial statements.
| 54 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statement of Assets and Liabilities
October 31, 2021
| BIT | ||||
|
|
||||
|
ASSETS |
||||
|
Investments, at value — unaffiliated(a) |
$ | 1,071,381,641 | ||
|
Investments, at value — affiliated(b) |
36,212,415 | |||
|
Cash pledged: |
||||
|
Collateral — reverse repurchase agreements |
4,018,000 | |||
|
Collateral — OTC derivatives |
6,220,025 | |||
|
Futures contracts |
5,461,560 | |||
|
Centrally cleared swaps |
3,605,000 | |||
|
Foreign currency, at value(c) |
881,902 | |||
|
Receivables: |
||||
|
Investments sold |
5,962,688 | |||
|
Reverse repurchase agreements |
1,629,941 | |||
|
TBA sale commitments |
62,808 | |||
|
Dividends — unaffiliated |
138,928 | |||
|
Dividends — affiliated |
158 | |||
|
Interest — unaffiliated |
9,719,783 | |||
|
Variation margin on futures contracts |
140,658 | |||
|
Variation margin on centrally cleared swaps |
74,491 | |||
|
Swap premiums paid |
1,735,325 | |||
|
Unrealized appreciation on: |
||||
|
Forward foreign currency exchange contracts |
398,193 | |||
|
OTC swaps |
4,786,332 | |||
|
Unfunded floating rate loan interests |
258 | |||
|
|
|
|||
|
Total assets |
1,152,430,106 | |||
|
|
|
|||
|
LIABILITIES |
||||
|
Bank overdraft |
75,593 | |||
|
Cash received: |
||||
|
Collateral — reverse repurchase agreements |
525,900 | |||
|
Collateral — OTC derivatives |
3,350,000 | |||
|
Options written, at value(d) |
5,725,185 | |||
|
TBA sale commitments, at value(e) |
62,692 | |||
|
Reverse repurchase agreements, at value |
386,819,640 | |||
|
Payables: |
||||
|
Investments purchased |
68,514,854 | |||
|
Reverse repurchase agreements |
1,545,204 | |||
|
Accounting services fees |
164,500 | |||
|
Custodian fees |
109,179 | |||
|
Investment advisory fees |
726,350 | |||
|
Trustees’ and Officer’s fees |
195,883 | |||
|
Other accrued expenses |
122,752 | |||
|
Principal payups |
177,473 | |||
|
Professional fees |
255,876 | |||
|
Transfer agent fees |
29,568 | |||
|
Variation margin on futures contracts |
342,849 | |||
|
Swap premiums received |
3,524,102 | |||
|
Unrealized depreciation on: |
||||
|
Forward foreign currency exchange contracts |
1,814 | |||
|
OTC swaps |
3,769,307 | |||
|
|
|
|||
|
Total liabilities |
476,038,721 | |||
|
|
|
|||
|
NET ASSETS |
$ | 676,391,385 | ||
|
|
|
|||
|
F I N A N C I A L S T A T E M E N T S |
55 |
Statement of Assets and Liabilities (continued)
October 31, 2021
| BIT | ||||
|
|
||||
|
NET ASSETS CONSIST OF |
|
|||
|
Paid-in capital(f)(g)(h) |
$ | 670,151,556 | ||
|
Accumulated earnings |
6,239,829 | |||
|
|
|
|||
|
NET ASSETS |
$ | 676,391,385 | ||
|
|
|
|||
|
Net asset value |
$ | 17.98 | ||
|
|
|
|||
|
(a) Investments, at cost — unaffiliated |
$ | 1,053,633,889 | ||
|
(b) Investments, at cost — affiliated |
$ | 36,212,415 | ||
|
(c) Foreign currency, at cost |
$ | 885,951 | ||
|
(d) Premiums received |
$ | 4,969,771 | ||
|
(e) Proceeds from TBA sale commitments |
$ | 62,808 | ||
|
(f) Shares outstanding |
37,611,624 | |||
|
(g) Shares authorized |
Unlimited | |||
|
(h) Par value |
$ | 0.001 | ||
See notes to financial statements.
| 56 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Year Ended October 31, 2021
| BIT | ||||
|
|
||||
|
INVESTMENT INCOME |
||||
|
Dividends — unaffiliated |
$ | 2,201,057 | ||
|
Dividends — affiliated |
2,381 | |||
|
Interest — unaffiliated |
51,766,086 | |||
|
Other income — unaffiliated |
48,924 | |||
|
|
|
|||
|
Total investment income |
54,018,448 | |||
|
|
|
|||
|
EXPENSES |
||||
|
Investment advisory |
8,705,347 | |||
|
Professional |
598,087 | |||
|
Accounting services |
144,080 | |||
|
Custodian |
95,999 | |||
|
Transfer agent |
85,506 | |||
|
Trustees and Officer |
84,781 | |||
|
Registration |
12,988 | |||
|
Miscellaneous |
69,751 | |||
|
|
|
|||
|
Total expenses excluding interest expense |
9,796,539 | |||
|
Interest expense |
1,894,977 | |||
|
|
|
|||
|
Total expenses |
11,691,516 | |||
|
Less: |
||||
|
Fees waived and/or reimbursed by the Manager |
(7,175 | ) | ||
|
|
|
|||
|
Total expenses after fees waived and/or reimbursed |
11,684,341 | |||
|
|
|
|||
|
Net investment income |
42,334,107 | |||
|
|
|
|||
|
REALIZED AND UNREALIZED GAIN (LOSS) |
||||
|
Net realized gain (loss) from: |
||||
|
Investments — unaffiliated |
14,325,251 | |||
|
Forward foreign currency exchange contracts |
(735,498 | ) | ||
|
Foreign currency transactions |
(181,824 | ) | ||
|
Futures contracts |
8,450,664 | |||
|
Options written |
(1,965,423 | ) | ||
|
Swaps |
1,150,451 | |||
|
|
|
|||
| 21,043,621 | ||||
|
|
|
|||
|
Net change in unrealized appreciation (depreciation) on: |
||||
|
Investments — unaffiliated |
1,694,250 | |||
|
Forward foreign currency exchange contracts |
498,251 | |||
|
Foreign currency translations |
181,178 | |||
|
Futures contracts |
416,067 | |||
|
Options written |
(649,519 | ) | ||
|
Swaps |
2,411,223 | |||
|
Unfunded floating rate loan interests |
258 | |||
|
|
|
|||
| 4,551,708 | ||||
|
|
|
|||
|
Net realized and unrealized gain |
25,595,329 | |||
|
|
|
|||
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 67,929,436 | ||
|
|
|
|||
See notes to financial statements.
|
F I N A N C I A L S T A T E M E N T S |
57 |
Statements of Changes in Net Assets
| (a) |
Consolidated Statement of Changes in Net Assets. |
| (b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
| 58 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Year Ended October 31, 2021
|
F I N A N C I A L S T A T E M E N T S |
59 |
Statement of Cash Flows (continued)
Year Ended October 31, 2021
| BIT | ||||
|
|
||||
|
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENT OF ASSETS AND LIABILITIES |
||||
|
Cash pledged |
||||
|
Collateral — reverse repurchase agreements |
$ | 4,018,000 | ||
|
Collateral — OTC derivatives |
6,220,025 | |||
|
Futures contracts |
5,461,560 | |||
|
Centrally cleared swaps |
3,605,000 | |||
|
Foreign currency at value |
881,902 | |||
|
|
|
|||
| $ | 20,186,487 | |||
|
|
|
|||
See notes to financial statements.
| 60 |
2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
See notes to financial statements.
|
F I N A N C I A L H I G H L I G H T S |
61 |
| 1. |
ORGANIZATION |
BlackRock Multi-Sector Income Trust (BIT) (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is registered as a diversified, closed-end management investment company. The Trust is organized as a Delaware statutory trust. The Trust determines and makes available for publication the net asset value (“NAV”) of its Common Shares on a daily basis.
The Trust, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, is included in a complex of non-index fixed-income mutual funds and all BlackRock-advised closed-end funds referred to as the BlackRock Fixed-Income Complex.
Basis of Consolidation: The accompanying consolidated financial statements of the Trust include the account of BIT Subsidiary, LLC (the “Taxable Subsidiary”). Effective December 20, 2019, the Taxable Subsidiary, which was wholly-owned by the Trust, was dissolved. The Taxable Subsidiary enabled the Trust to hold an investment in an operating partnership and satisfy Regulated Investment Company (“RIC”) tax requirements. Income earned and gains realized on the investment held by the Taxable Subsidiary were taxable to such subsidiary. There was no tax provision required for income or realized gains during the period.
| 2. |
SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Trust is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.
Foreign Currency Translation: The Trust’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
The Trust does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Trust reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Segregation and Collateralization: In cases where the Trust enters into certain investments (e.g., dollar rolls, futures contracts, forward foreign currency exchange contracts, options written and swaps) or certain borrowings (e.g., reverse repurchase transactions) that would be treated as “senior securities” for 1940 Act purposes, the Trust may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments or borrowings. Doing so allows the investment or borrowings to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Trust may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.
Distributions: Distributions paid by the Trust are recorded on the ex-dividend dates. Subject to the Trust’s managed distribution plan, the Trust intends to make monthly cash distributions to shareholders, which may consist of net investment income, and net realized and unrealized gains on investments and/or return of capital.
The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds the Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a non-taxable return of capital.
Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by the Board of Trustees of the Trust (the “Board”), the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.
The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust, as applicable. Deferred compensation liabilities, if any, are included in the Trustees’ and Officer’s fees payable in the Statement of Assets and Liabilities and will remain as a liability of the Trust until such amounts are distributed in accordance with the Plan.
| 62 |
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Notes to Financial Statements (continued)
Indemnifications: In the normal course of business, the Trust enters into contracts that contain a variety of representations that provide general indemnification. The Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust, which cannot be predicted with any certainty.
Other: Expenses directly related to the Trust are charged to the Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
| 3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: The Trust’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Trust is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Trust’s assets and liabilities:
| • |
Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price. |
| • |
Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value. |
| • |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
| • |
Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
| • |
Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies. |
| • |
Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments. |
| • |
Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. |
| • |
Repurchase agreements are valued at amortized cost, which approximates market value. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Trust uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that the Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
63 |
Notes to Financial Statements (continued)
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Global Valuation Committee and third-party pricing services utilize one or a combination of, but not limited to, the following inputs.
| Standard Inputs Generally Considered By Third-Party Pricing Services | ||
|
Market approach |
(i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; |
|
|
(ii) recapitalizations and other transactions across the capital structure; and |
||
|
(iii) market multiples of comparable issuers. |
||
|
Income approach |
(i) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; |
|
|
(ii) quoted prices for similar investments or assets in active markets; and |
||
|
(iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. |
||
|
Cost approach |
(i) audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; |
|
|
(ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; |
||
|
(iii) relevant news and other public sources; and |
||
|
(iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company. |
||
Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by the Trust. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date the Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Trust could receive upon the sale of the investment.
Fair Value Hierarchy: Various inputs are used in determining the fair value of 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); and |
| • |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
| 4. |
SECURITIES AND OTHER INVESTMENTS |
Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.
For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities
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Notes to Financial Statements (continued)
issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.
Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.
Collateralized Debt Obligations: Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.
Inflation-Indexed Bonds: Inflation-indexed bonds (other than municipal inflation-indexed and certain corporate inflation-indexed bonds) are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed and certain corporate inflation-indexed bonds) will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond is included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. With regard to municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, the inflation adjustment is typically reflected in the semi-annual coupon payment. As a result, the principal value of municipal inflation-indexed bonds and such corporate inflation-indexed bonds does not adjust according to the rate of inflation.
Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or mortgage pass-through securities (the “Mortgage Assets”). The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund’s initial investment in the IOs may not fully recoup.
Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.
Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
65 |
Notes to Financial Statements (continued)
Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the London Interbank Offered Rate (“LIBOR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.
When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.
Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.
In connection with floating rate loan interests, the Trust may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, the fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statement of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities and Statement of Operations. As of period end, the Trust had the following unfunded floating rate loan interests:
|
|
||||||||||||||||||
| Trust Name | Borrower | Par |
Commitment
Amount |
Value |
Unrealized
Appreciation (Depreciation) |
|||||||||||||
|
|
||||||||||||||||||
|
BIT |
New Arclin U.S. Holding Corp. | $ | 30,545 | $ | 30,393 | $ | 30,474 | $ | 81 | |||||||||
| Sovos Compliance LLC | 33,168 | 33,167 | 33,344 | 177 | ||||||||||||||
|
|
||||||||||||||||||
Forward Commitments, When-Issued and Delayed Delivery Securities: The Trust may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trust may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Trust may be required to pay more at settlement than the security is worth. In addition, the Trust is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Trust assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Trust’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.
TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.
In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an “MSFTA”). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedule of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.
Mortgage Dollar Roll Transactions: The Trust may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest
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2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (continued)
and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.
Reverse Repurchase Agreements: Reverse repurchase agreements are agreements with qualified third-party broker dealers in which a fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.
Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statement of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund to the counterparties are recorded as a component of interest expense in the Statement of Operations. In periods of increased demand for the security, a fund may receive a fee for the use of the security by the counterparty, which may result in interest income to a fund.
For the year ended October 31, 2021, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Trust were $400,010,601 and 0.47%, respectively.
Reverse repurchase transactions are entered into by a fund under Master Repurchase Agreements (each, an “MRA”), which permit a fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a fund. With reverse repurchase transactions, typically a fund and counterparty under an MRA are permitted to sell, re-pledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a fund receives or posts securities and cash as collateral with a market value in excess of the repurchase price to be paid or received by a fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.
As of period end, the following table is a summary of the Trust’s open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis:
| Counterparty |
|
Reverse Repurchase
Agreements |
|
|
Fair Value of
Non-Cash Collateral Pledged Including Accrued Interest |
(a) |
|
Cash Collateral
Pledged/Received |
(a) |
Net Amount | ||||||
|
Barclays Bank PLC |
$ | (57,231,801 | ) | $ | 57,231,801 | $ | — | $ | — | |||||||
|
Barclays Capital, Inc. |
(53,444,895 | ) | 53,444,895 | — | — | |||||||||||
|
BNP Paribas S.A. |
(94,889,957 | ) | 94,889,957 | — | — | |||||||||||
|
BofA Securities, Inc. |
(29,158,991 | ) | 29,158,991 | — | — | |||||||||||
|
Credit Agricole Corporate & Investment Bank |
(41,311,058 | ) | 41,311,058 | — | — | |||||||||||
|
Credit Suisse Securities (USA) LLC |
(2,069,075 | ) | 2,069,075 | — | — | |||||||||||
|
RBC Capital Markets LLC |
(88,353,503 | ) | 88,353,503 | — | — | |||||||||||
|
Royal Bank of Canada |
(20,360,360 | ) | 20,360,360 | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | (386,819,640 | ) | $ | 386,819,640 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Net collateral, including accrued interest, with a value of $435,134,283 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged to the individual counterparty is not shown for financial reporting purposes. |
In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund’s use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a fund’s obligation to repurchase the securities.
| 5. |
DERIVATIVE FINANCIAL INSTRUMENTS |
The Trust engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Trust and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or OTC.
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Trust and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Trust is required to deposit initial margin with the broker in the form of cash or securities in an
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N O T E S T O F I N A N C I A L S T A T E M E N T S |
67 |
Notes to Financial Statements (continued)
amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Trust agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Trust are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statement of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statement of Assets and Liabilities. A Trust’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Trust.
Options: The Trust may purchase and write call and put options to increase or decrease its exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.
A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.
Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Statement of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statement of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statement of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trust writes a call option, such option is typically “covered,” meaning that it holds the underlying instrument subject to being called by the option counterparty. When the Trust writes a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statement of Assets and Liabilities.
| • |
Swaptions — The Trust may purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Trust’s holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option. |
In purchasing and writing options, the Trust bears the risk of an unfavorable change in the value of the underlying instrument or the risk that it may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trust purchasing or selling a security when it otherwise would not, or at a price different from the current market value.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Trust and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Trust’s counterparty on the swap. The Trust is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Trust is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Trust agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation
| 68 |
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Notes to Financial Statements (continued)
margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.
| • |
Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk). |
The Trust may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Trust will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Trust will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.
| • |
Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk). |
Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.
| • |
Forward swaps — The Trust may enter into forward interest rate swaps and forward total return swaps. In a forward swap, the Trust and the counterparty agree to make periodic net payments beginning on a specified date or a net payment at termination. |
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Trust may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trust and the counterparty.
Cash collateral that has been pledged to cover obligations of the Trust and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trust, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trust. Any additional required collateral is delivered to/pledged by the Trust on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Trust generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trust from the counterparties are not fully collateralized, the Trust bears the risk of loss from counterparty non-performance. Likewise, to the extent the Trust has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Trust bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Trust does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.
| 6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory: The Trust entered into an Investment Advisory Agreement with the Manager, the Trust’s investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of the Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Trust.
For such services, the Trust pays the Manager a monthly fee at an annual rate equal to 0.80% of the average daily value of the Trust’s managed assets.
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69 |
Notes to Financial Statements (continued)
The Manager entered into a sub-advisory agreement with BlackRock (Singapore) Limited (“BRS”) and BlackRock International Limited (“BIL”) (collectively, the “Sub-Advisers”), each an affiliate of the Manager. The Manager pays BRS and BIL, for services they provide for that portion of the Trust for which BRS and BIL, as applicable, acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Trust to the Manager.
Expense Waivers: The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2023. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Trust. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended October 31, 2021, the amount waived was $7,175.
The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Trust’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2023. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trust’s Independent Trustees. For the year ended October 31, 2021, there were no fees waived by the Manager pursuant to this arrangement.
Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Trust reimburses the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Trustees and Officer in the Statement of Operations.
Other Transactions: The Trust may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the year ended October 31, 2021, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:
|
|
||||||||||||
| Trust Name | Purchases | Sales |
Net Realized Gain (Loss) |
|||||||||
|
|
||||||||||||
|
BIT |
$ | 2,931,958 | $ | 345,644 | $ | (130,555 | ) | |||||
|
|
||||||||||||
| 7. |
PURCHASES AND SALES |
For the year ended October 31, 2021, purchases and sales of investments, including paydowns/payups, excluding short-term investments, were $851,434,666 and $800,773,859, respectively.
For the year ended October 31, 2021, purchases and sales related to mortgage dollar rolls were $180,132,116 and $180,482,924, respectively.
| 8. |
INCOME TAX INFORMATION |
It is the Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
The Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Trust’s U.S. federal tax returns generally remains open for a period of three fiscal years after they are filed. The statutes of limitations on the Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Trust as of October 31, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trust’s financial statements.
The tax character of distributions paid was as follows:
|
|
||||||||
| Trust Name |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
||||||
|
|
||||||||
|
BIT |
||||||||
|
Ordinary income |
$ | 41,784,318 | $ | 37,301,244 | ||||
|
Return of Capital |
13,963,431 | 18,419,563 | ||||||
|
|
|
|
|
|||||
| $ | 55,747,749 | $ | 55,720,807 | |||||
|
|
|
|
|
|||||
As of October 31, 2021, the tax components of accumulated earnings (loss) were as follows:
|
|
||||||||||||
| Trust Name |
Non-Expiring Capital Loss Carryforwards(a) |
Net Unrealized Gains (Losses)(b) |
Total | |||||||||
|
|
||||||||||||
|
BIT |
$ | (27,546,345 | ) | $ | 33,786,174 | $ | 6,239,829 | |||||
|
|
||||||||||||
| (a) |
Amounts available to offset future realized capital gains. |
| (b) |
The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, the realization for tax purposes of unrealized gains/losses on certain futures, options and foreign currency exchange contracts, amortization methods for premiums and discounts on fixed income securities, the accrual of income on securities in default, the timing and recognition of partnership income, the accounting for swap agreements and the classification of investments. |
During the year ended October 31, 2021, the Fund utilized $29,847,749 of its capital loss carryforward.
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Notes to Financial Statements (continued)
As of October 31, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
|
|
||||||||||||||||
| Trust Name | Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized
Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
|
|
||||||||||||||||
|
BIT |
$ | 1,074,736,692 | $ | 64,819,580 | $ | (30,615,121 | ) | $ | 34,204,459 | |||||||
|
|
||||||||||||||||
| 9. |
PRINCIPAL RISKS |
In the normal course of business, the Trust invests in securities or other instruments and may enter into certain transactions, and such activities subject the Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trust and its investments.
The Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.
Market Risk: The Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Trust to reinvest in lower yielding securities. The Trust may also be exposed to reinvestment risk, which is the risk that income from the Trust’s portfolio will decline if the Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Trust portfolio’s current earnings rate.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Trust may invest in illiquid investments. An illiquid investment is any investment that the Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Trust may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Trust’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Trust may lose value, regardless of the individual results of the securities and other instruments in which the Trust invests.
The price the Trust could receive upon the sale of any particular portfolio investment may differ from the Trust’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Trust’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Trust, and the Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The Trust’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Trust may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trust manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trust to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trust’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Trust.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
For OTC options purchased, the Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Trust should the counterparty fail to perform under the contracts. Options written by the Trust do not typically give rise to counterparty credit risk, as options written generally obligate the Trust, and not the counterparty, to perform. The Trust may be exposed to counterparty credit risk with respect to options written to the extent the Trust deposits collateral with its counterparty to a written option.
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71 |
Notes to Financial Statements (continued)
With exchange-traded options purchased and exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Trust since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trust.
Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Trust’s portfolio are disclosed in its Schedule of Investments.
The Trust invests a significant portion of its assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
The Trust invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Trust may be subject to a greater risk of rising interest rates due to the current period of historically low rates.
The Trust invests a significant portion of its assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a Trust concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.
LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Trust may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Trust is uncertain.
| 10. |
CAPITAL SHARE TRANSACTIONS |
The Trust is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.
Common Shares
For the years shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:
|
|
||||||||
| Year Ended | ||||||||
|
|
|
|||||||
| Trust Name | 10/31/21 | 10/31/20 | ||||||
|
|
||||||||
|
BIT |
74,028 | — | ||||||
|
|
||||||||
The Trust participates in an open market share repurchase program (the “Repurchase Program”). From December 1, 2020 through November 30, 2021, the Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2020, subject to certain conditions. There is no assurance that the Trust will purchase shares in any particular amounts. For the year ended October 31, 2021, the Trust did not repurchase any shares.
| 11. |
SUBSEQUENT EVENTS |
Management’s evaluation of the impact of all subsequent events on the Trust’s financial statements was completed through the date the financial statements were issued and the following items were noted:
The Trust declared and paid or will pay distributions to Common Shareholders as follows:
| Trust Name |
Declaration Date |
Record Date |
Payable/ Paid Date |
Dividend Per Common Share |
||||||||||
|
BIT |
||||||||||||||
| 11/01/21 | 11/15/21 | 11/30/21 | $ 0.123700 | |||||||||||
| 12/03/21 | 12/15/21 | 12/22/21 | 0.123700 | |||||||||||
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2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of BlackRock Multi-Sector Income Trust:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of BlackRock Multi-Sector Income Trust (the “Fund”), including the schedule of investments, as of October 31, 2021, the related statement of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. The presented statements of changes in net assets and financial highlights were consolidated through October 30, 2020. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodians, brokers, and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Deloitte & Touche LLP
Boston, Massachusetts
December 21, 2021
We have served as the auditor of one or more BlackRock investment companies since 1992.
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Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended October 31, 2021:
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| Trust Name |
Qualified Dividend Income |
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BIT |
$ | 4,998,857 | ||
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The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended October 31, 2021 that qualified for the dividends-received deduction for corporate shareholders:
| Trust Name |
Dividends-Received Deduction |
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BIT |
8.90 | % | ||
The Trust hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a section 163(j) interest dividend for the fiscal year ended October 31, 2021:
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| Trust Name |
Interest Dividend |
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BIT |
$ | 37,357,902 | ||
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The Trust hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2021:
| Trust Name |
Interest Related Dividends |
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|
BIT |
$ 25,263,467 | |
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2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements
The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock Multi-Sector Income Trust (the “Fund”) met on May 4, 2021 (the “May Meeting”) and June 8-9, 2021 (the “June Meeting”) to consider the approval to continue the investment advisory agreement (the “Advisory Agreement”) between the Fund and BlackRock Advisors, LLC (the “Manager”), the Fund’s investment advisor. The Board also considered the approval to continue the sub-advisory agreements (the “Sub-Advisory Agreements”) between (1) the Manager, BlackRock International Limited (“BIL”) and the Fund and (2) the Manager, BlackRock (Singapore) Limited (“BRS” and together with BIL, the “Sub-Advisors”) and the Fund. The Manager and the Sub-Advisors are referred to herein as “BlackRock.” The Advisory Agreement and the Sub-Advisory Agreements are referred to herein as the “Agreements.”
The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for the Fund on an annual basis. The Board members whom are not “interested persons” of the Fund, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to the Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each typically extending for two days, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had a fifth one-day meeting to consider specific information surrounding the renewal of the Agreements. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.
During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to the Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of the Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock’s and the Fund’s adherence to applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock’s implementation of the Fund’s valuation and liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; (n) periodic updates on BlackRock’s business; and (o) the Fund’s market discount/premium compared to peer funds.
Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on Lipper classifications, regarding the Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of the Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock’s and the Fund’s operations.
At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting.
At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Fund; and (g) other factors deemed relevant by the Board Members.
The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.
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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)
A. Nature, Extent and Quality of the Services Provided by BlackRock
The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by the Fund’s portfolio management team discussing the Fund’s performance, investment strategies and outlook.
The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and the Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to the Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of the Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, the Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans, including in light of the ongoing COVID-19 pandemic.
B. The Investment Performance of the Fund and BlackRock
The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of the Fund’s performance as of December 31, 2020, as compared to its Performance Peers. The performance information is based on net asset value (NAV), and utilizes Lipper data. Lipper’s methodology calculates a fund’s total return assuming distributions are reinvested on the ex-date at a fund’s ex-date NAV. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers and a custom peer group of funds as defined by BlackRock (“Customized Peer Group”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.
In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.
The Board noted that for the one-, three- and five-year periods reported, the Fund ranked in the first, third and third quartiles, respectively, against its Customized Peer Group. The Board noted that BlackRock believes that the Customized Peer Group is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund’s underperformance relative to its Customized Peer Group during the applicable periods.
C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund
The Board, including the Independent Board Members, reviewed the Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund’s accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).
The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock’s estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2020 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes
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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)
managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.
The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.
The Board noted that the Fund’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio each ranked in the fourth quartile, relative to the Expense Peers. The Board also noted, however, that given the comparability limitations of the Expense Peers, BlackRock provided the Board a supplemental peer group consisting of funds that are generally similar to the Fund. The Board noted that the Fund’s actual management fee rate and total expense ratio each ranked in the second quartile relative to the supplemental peer group.
D. Economies of Scale
The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Fund increase. The Board also considered the extent to which the Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Fund to more fully participate in these economies of scale. The Board considered the Fund’s asset levels and whether the current fee was appropriate.
Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund’s inception.
E. Other Factors Deemed Relevant by the Board Members
The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Fund, including for administrative, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.
In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.
The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.
Conclusion
The Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Fund for a one-year term ending June 30, 2022, and the Sub-Advisory Agreements among the Manager, the Sub-Advisors and the Fund for a one-year term ending June 30, 2022. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.
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Investment Objectives, Policies and Risks
Recent Changes
The following information is a summary of certain changes since October 31, 2020. This information may not reflect all of the changes that have occurred since you purchased the Trust.
During the Trust’s most recent fiscal year, there were no material changes in the Trust’s investment objectives or policies that have not been approved by shareholders or in the principal risk factors associated with investment in the Trust.
Investment Objectives and Policies
The Trust’s primary investment objective is to seek high current income, with a secondary objective of capital appreciation. The Trust’s investment objectives may be changed by the Board of Trustees of the Trust (the “Board,” and each member, a “Trustee”) without prior shareholder approval.
In investing the Trust’s assets, BlackRock Advisors, LLC, the Trust’s investment adviser (the “Manager”), and BlackRock International Limited (the “Sub-Advisor” and, together with the Manager, the “Managers”), expect to allocate capital across multiple sectors of the fixed-income securities market by evaluating portfolio risk in light of the available investment opportunities and prevailing risks in the fixed-income market, with the goal of delivering attractive risk-adjusted returns. In doing so, the Managers seek to find the appropriate balance between risk mitigation and opportunism. The Managers do not manage the Trust to a benchmark, which provides flexibility to allocate and rotate the Trust’s assets across various sectors within the fixed-income universe. This strategy seeks to provide exposure to those segments of the fixed-income market that the Managers anticipate will provide value while attempting to minimize exposure to those segments that the Managers anticipate will not provide value. If the Managers’ perception of the value of a segment of the fixed-income market or an individual security is incorrect, your investment in the Trust may lose value.
Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in loan and debt instruments and other investments with similar economic characteristics (collectively “fixed-income securities”). “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes). Fixed-income securities in which the Trust may invest include:
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mortgage related securities, including mortgage-backed securities (“MBS”), which are structured debt obligations collateralized by pools of commercial mortgages (commercial mortgage-backed securities or “CMBS”) or residential mortgages (residential mortgage-backed securities or “RMBS”), including agency RMBS issued or guaranteed by U.S. federal agencies or government related guarantors and non-agency RMBS issued by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other non-governmental issuers; collateralized mortgage obligations (“CMOs”); Real Estate Mortgage Investment Conduits (“REMICs”), including resecuritizations of REMICs; stripped mortgage-backed securities, including interest-only (“IO”) and principal-only (“PO”) classes; delegated underwriting and servicing bonds; MBS credit default swaps and other mortgage related derivative instruments; inverse floating rate instruments which are derivative interests in MBS; repurchase agreements supported by MBS; and interests in real estate investment trusts (“REITs”) that invest the majority of their assets in real property mortgages or MBS, including debt and preferred stock issued by mortgage REITs; |
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asset-backed securities (“ABS”); |
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U.S. Government and agency securities; |
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loans and loan participations, including senior secured floating rate and fixed rate loans or debt (“Senior Loans”) and second lien or other subordinated or unsecured floating rate and fixed rate loans or debt (“Second Lien Loans”); |
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bonds or other debt securities issued by U.S. or foreign (non-U.S.) corporations or other business entities, which may include fixed, variable and floating rate bonds, debentures, notes and other similar types of debt instrument (collectively referred to herein as “corporate bonds”), of any quality, rated or unrated, including those that are rated below investment grade quality; |
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collateralized loan obligations (“CLOs”); |
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preferred securities; |
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convertible securities, including synthetic convertible securities; |
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sovereign debt, including obligations of foreign governments or their sub-divisions, agencies and government sponsored enterprises and obligations of international agencies and supranational entities; |
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municipal securities, including taxable municipal securities such as Build America Bonds (“BABs”); and |
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structured instruments, including structured notes, hybrid or indexed securities, event-linked securities, credit-linked notes (“CLNs”), equity-linked notes and structured credit products. |
The Trust may invest in fixed-income securities of any type, including those with fixed, floating or variable interest rates, those with interest rates that change based on multiples of changes in a specified reference interest rate or index of interest rates and those with interest rates that change inversely to changes in interest rates, as well as those that do not bear interest. The Trust may hold securities of any duration or maturity and does not maintain set policies with respect to the average duration or maturity of the Trust’s portfolio.
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Investment Objectives, Policies and Risks (continued)
The Trust may invest in securities of any quality, rated or unrated, including those that are rated below investment grade quality (rated Ba/BB or below by Moody’s Investor’s Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”), or Fitch Ratings, Inc. (“Fitch”)) or securities that are unrated but judged to be of comparable quality by the Managers. Such securities, sometimes referred to as “high yield” or “junk” bonds, are predominantly speculative with respect to the capacity to pay interest and repay principal in accordance with the terms of the security and generally involve greater price volatility than securities in higher rating categories. Under normal market conditions, the Trust will not invest more than 20% of its Managed Assets in securities, other than mortgage related and other asset-backed securities, that are, at the time of investment, rated CCC+ or lower by S&P or Fitch or Caa1 or lower by Moody’s, or that are unrated but judged to be of comparable quality by the Managers. For purposes of applying the foregoing policy, in the case of securities with split ratings (i.e., a security receiving two different ratings from two different rating agencies), the Trust will apply the higher of the applicable ratings. The Trust may invest in mortgage related and other asset backed securities of any quality, rated or unrated, without limitation.
Under normal market conditions, the Trust will not invest more than 10% of its Managed Assets in CLOs.
Under normal market conditions, the Trust will invest at least 25% of its total assets in mortgage related securities. The Trust’s investment in mortgage related securities may consist entirely of privately issued securities, which are issued by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other non-governmental issuers. The Securities and Exchange Commission (the “SEC”) informed the Trust that it is the view of the SEC staff that privately issued MBS constitute an “industry” for purposes of a fund’s industry concentration policy. On July 8, 2013, the Trust obtained formal “no-action” relief from the staff of the SEC that the staff would not recommend any enforcement action in connection with the Trust’s policy to concentrate its investments in the group of industries constituting mortgage related securities (including privately issued MBS and agency MBS).
Under normal market conditions, the Trust may invest up to 20% of its Managed Assets in securities other than fixed-income securities, including common stocks, warrants, depositary receipts and other equity securities.
The Trust may invest without limitation in securities of U.S. issuers and non-U.S. issuers located in countries throughout the world, including in developed and emerging markets. Foreign securities in which the Trust may invest may be U.S. dollar-denominated or non-U.S. dollar-denominated. The Trust may invest in securities of issuers of any market capitalization size, including small- and mid-cap companies, and of issuers that operate in any sector or industry.
The Trust may also invest in securities of other open- or closed-end investment companies, including exchange-traded funds (“ETFs”), subject to applicable regulatory limits, that invest primarily in securities of the types in which the Trust may invest directly. The Trust treats its investments in open- or closed-end investment companies that invest substantially all of their assets in fixed-income securities as investments in fixed-income securities.
The Trust may make short sales of securities. The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of its Managed Assets or the Trust’s aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class.
During temporary defensive periods, and in order to keep the Trust’s cash fully invested, the Trust may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Trust may not achieve its investment objectives under these circumstances.
The Trust’s investment policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The Trust’s policy to invest at least 80% of its Managed Assets in fixed-income securities may be changed by the Board; however, if this policy changes, the Trust will provide shareholders at least 60 days’ written notice before implementation of the change.
The percentage limitations applicable to the Trust’s portfolio apply only at the time of initial investment and the Trust will not be required to sell investments due to subsequent changes in the value of investments that it owns.
Leverage: The Trust currently intends to use leverage to seek to achieve its investment objectives. The Trust currently anticipates that it will use leverage through reverse repurchase agreements, subject to the Trust’s investment restrictions, and/or dollar rolls and the Trust may also borrow funds from banks or other financial institutions and/or issue preferred shares. The Trust intends to use economic leverage, which includes leverage attributable to reverse repurchase agreements, dollar rolls, borrowings and any issuance of preferred shares, of up to 50% of its Managed Assets (100% of its net assets).
The Trust may enter into derivative securities transactions that have economic leverage embedded in them.
The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.
Risk Factors
This section contains a discussion of the general risks of investing in the Trust. The net asset value and market price of, and dividends paid on, the common shares will fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that the Trust will meet its investment objective or that the Trust’s performance will be positive for any period of time.
Investment and Market Discount Risk: An investment in the Trust’s common shares is subject to investment risk, including the possible loss of the entire amount that you invest. As with any stock, the price of the Trust’s common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or less than the original investment. Common shares are designed for long-term investors and the Trust should not be treated as a trading vehicle. Shares of closed-end management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Trust’s net asset value could decrease as a result of its investment activities. At any point in time an investment in the Trust’s common shares may be worth less than the original amount invested, even after taking into account distributions paid by the Trust. During periods in which the Trust may use leverage, the Trust’s investment, market discount and certain other risks will be magnified.
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Concentration Risk: The Fund’s strategy of concentrating in mortgage related securities means that its performance will be closely tied to the performance of a particular market segment. The Fund’s concentration in these securities may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these securities would have a larger impact on the Fund than on a mutual fund that does not concentrate in such securities. At times, the performance of these securities will lag the performance of other industries or the broader market as a whole.
Debt Securities Risk: Debt securities, such as bonds, involve interest rate risk, credit risk, extension risk, and prepayment risk, among other things.
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Interest Rate Risk — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. |
The Trust may be subject to a greater risk of rising interest rates due to the current period of historically low rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Trust’s investments would be expected to decrease by 10%. The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Trust’s investments will not affect interest income derived from instruments already owned by the Trust, but will be reflected in the Trust’s net asset value. The Trust may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Trust management.
To the extent the Trust invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Trust) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Trust to the extent that it invests in floating rate debt securities.
These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change.
A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Trust to sell assets at inopportune times or at a loss or depressed value and could hurt the Trust’s performance.
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Credit Risk — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Trust’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. |
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Extension Risk — When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall. |
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Prepayment Risk — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Trust may have to invest the proceeds in securities with lower yields. |
Mortgage- and Asset-Backed Securities Risks: Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.
REIT Investment Risk: Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended, which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders.
U.S. Government Obligations Risk: Certain securities in which the Trust may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.
Senior Loans Risk: There is less readily available, reliable information about most senior loans than is the case for many other types of securities. An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. Moreover, any specific collateral used to secure a senior loan may decline in value or become illiquid, which would adversely affect the senior loan’s value. No active trading market may exist for certain senior loans, which may impair the ability of the Trust to realize full value in the event of the need to sell a senior loan and which may make it difficult to value senior loans. Although senior loans in which the Trust will invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. To the extent that a senior loan is collateralized by stock in the borrower or its subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the borrower. Uncollateralized senior loans involve a greater risk of loss.
Second Lien Loans Risk: Second lien loans generally are subject to similar risks as those associated with investments in senior loans. Because second lien loans are subordinated or unsecured and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower.
CLO Risk: In addition to the general risks associated with fixed-income securities discussed herein, CLOs carry additional risks, including: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the CLO
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securities are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. The credit quality of CLOs depends primarily upon the quality of the underlying assets and the level of credit support and/or enhancement provided. The underlying assets (e.g., loans) of CLOs are subject to prepayments, which shorten the weighted average maturity and may lower the return of the securities issued by the CLOs. The value of CLO securities also may change because of changes in the market’s perception of the creditworthiness of the servicing agent for the pool, the originator of the pool, or the financial institution or fund providing the credit support or enhancement. Furthermore, the leveraged nature of each subordinated class may magnify the adverse impact on such class of changes in the value of the assets, changes in the distributions on the assets, defaults and recoveries on the assets, capital gains and losses on the assets, prepayment on assets and availability, price and interest rates of assets. CLOs are typically privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CLOs may be characterized by the Trust as illiquid securities; however, an active dealer market may exist which would allow such securities to be considered liquid in some circumstances. Finally, CLOs are limited recourse and may not be paid in full and may be subject to up to 100% loss.
Preferred Securities Risk: Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies.
Convertible Securities Risk: The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.
Sovereign Debt Risk: Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.
Municipal Securities Risks: Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. These risks include:
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General Obligation Bonds Risks — Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. |
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Revenue Bonds Risks — These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source. |
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Private Activity Bonds Risks — Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its faith, credit and taxing power for repayment. The Trust’s investments may consist of private activity bonds that may subject certain shareholders to an alternative minimum tax. |
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Moral Obligation Bonds Risks — Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality. |
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Municipal Notes Risks — Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Trust may lose money. |
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Municipal Lease Obligations Risks — In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. |
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Tax-Exempt Status Risk — The Trust and its investment manager will rely on the opinion of issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of interest on municipal bonds and payments under derivative securities. Neither the Trust nor its investment manager will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Trust and its shareholders to substantial tax liabilities. |
Structured Products Risk: Holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Trust may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. Certain structured products may be thinly traded or have a limited trading market. In addition to the general risks associated with debt securities discussed herein, structured products carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured products are subordinate to other classes. Structured notes are based upon the movement of one or more factors, including currency exchange rates, interest rates, reference bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured note to be reduced to zero.
Derivatives Risk: The Trust’s use of derivatives may increase its costs, reduce the Trust’s returns and/or increase volatility. Derivatives involve significant risks, including:
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Volatility Risk — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Trust’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets. |
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Counterparty Risk — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. |
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Market and Illiquidity Risk — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Trust to sell or otherwise close a derivatives position could expose the Trust to losses and could make derivatives more difficult for the Trust to value accurately. |
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Valuation Risk — Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them. |
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Hedging Risk — Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Trust’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences. |
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Tax Risk — Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Trust realizes from its investments. |
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Regulatory Risk — Derivative contracts, including, without limitation, swaps, currency forwards and non-deliverable forwards, are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Under the Dodd-Frank Act, certain derivatives are subject to margin requirements and swap dealers are required to collect margin from the Trust with respect to such derivatives. Specifically, regulations are now in effect that require swap dealers to post and collect variation margin (comprised of specified liquid instruments and subject to a required haircut) in connection with trading of OTC swaps with the Trust. Shares of investment companies (other than certain money market funds) may not be posted as collateral under these regulations. Requirements for posting of initial margin in connection with OTC swaps will be phased-in through at least 2021. In addition, regulations adopted by global prudential regulators that are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Trust, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as regulations under the Dodd-Frank Act regarding clearing, mandatory trading and margining of other derivatives, may increase the costs and risks to the Trust of trading in these instruments and, as a result, may affect returns to investors in the Trust. |
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Trust will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the Investment Company Act of 1940, as amended (the “Investment Company Act”), treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Junk Bonds Risk: Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal losses for the Trust.
Unrated Securities Risk: Because the Trust may purchase securities that are not rated by any rating organization, the Managers may, after assessing their credit quality, internally assign ratings to certain of those securities in categories similar to those of rating organizations. Some unrated securities may not have an active trading market or may be difficult to value, which means the Trust might have difficulty selling them promptly at an acceptable price. To the extent that the Trust invests in unrated securities, the Trust’s ability to achieve its investment objectives will be more dependent on the Managers’ credit analysis than would be the case when the Trust invests in rated securities.
Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.
Small and Mid-Capitalization Company Risk: Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.
Foreign Securities Risk: Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Trust will lose money. These risks include:
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The Trust generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. |
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Changes in foreign currency exchange rates can affect the value of the Trust’s portfolio. |
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The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. |
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The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer currency, securities, derivatives or other assets. |
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Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. |
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Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. |
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The Trust’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Trust’s net asset value for such refunds may be written down partially or in full, which will adversely affect the Trust’s net asset value. |
Emerging Markets Risk: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.
Investment Companies and ETFs Risk: Subject to the limitations set forth in the Investment Company Act, or as otherwise limited by the SEC, the Trust may acquire shares in other investment companies and in exchange-traded funds (“ETFs”), some of which may be affiliated investment companies. The market value of the shares of other investment companies and ETFs may differ from their net asset value. As an investor in investment companies and ETFs, the Trust would bear its ratable share of that entity’s expenses, including its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses (to the extent not offset by the Manager through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and ETFs (to the extent not offset by the Manager through waivers).
The securities of other investment companies and ETFs in which the Trust may invest may be leveraged. As a result, the Trust may be indirectly exposed to leverage through an investment in such securities. An investment in securities of other investment companies and ETFs that use leverage may expose the Trust to higher volatility in the market value of such securities and the possibility that the Trust’s long-term returns on such securities (and, indirectly, the long-term returns of shares of the Trust) will be diminished.
As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. To the extent the Trust is held by an affiliated fund, the ability of the Trust itself to hold other investment companies may be limited.
Illiquid Investments Risk: The Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust’s net asset value and ability to make dividend distributions. The financial markets in general, and certain segments of the mortgage-related securities markets in particular, have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.
Inverse Floater and Related Securities Risk: Investments in inverse floaters, residual interest tender option bonds and similar instruments expose the Trust to the same risks as investments in fixed-income securities and derivatives, as well as other risks, including those associated with leverage and increased volatility. An investment in these securities typically will involve greater risk than an investment in a fixed rate security. Distributions on inverse floaters, residual interest tender option bonds and similar instruments will typically bear an inverse relationship to short term interest rates and typically will be reduced or, potentially, eliminated as interest rates rise. Inverse floaters, residual interest tender option bonds and similar instruments will underperform the market for fixed rate securities in a rising interest rate environment. Inverse floaters may be considered to be leveraged to the extent that their interest rates vary by a magnitude that exceeds the magnitude of the change in a reference rate of interest (typically a short term interest rate). The leverage inherent in inverse floaters is associated with greater volatility in their market values. Investments in inverse floaters, residual interest tender option bonds and similar instruments that have fixed-income securities underlying them will expose the Trust to the risks associated with those fixed-income securities and the values of those investments may be especially sensitive to changes in prepayment rates on the underlying fixed-income securities.
Repurchase Agreements and Purchase and Sale Contracts Risk: If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Trust may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Trust may lose money.
Short Sales Risk: Because making short sales in securities that it does not own exposes the Trust to the risks associated with those securities, such short sales involve speculative exposure risk. The Trust will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Trust replaces the security sold short.
Leverage Risk: The Trust utilizes leverage for investment purposes by entering into reverse repurchase agreements, dollar rolls and derivative instruments with leverage embedded in them. The Trust’s use of leverage may increase or decrease from time to time in its discretion and the Trust may, in the future, determine not to use leverage.
The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Trust cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Trust employs may not be successful.
Leverage involves risks and special considerations for common shareholders, including:
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the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage; |
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the risk that fluctuations in interest rates or dividend rates on any leverage that the Trust must pay will reduce the return to the common shareholders; |
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the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Trust were not leveraged, which may result in a greater decline in the market price of the common shares; |
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leverage may increase operating costs, which may reduce total return. |
Any decline in the net asset value of the Trust’s investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Trust’s portfolio declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Trust were not leveraged. This greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares.
Reverse Repurchase Agreements Risk: Reverse repurchase agreements involve the sale of securities held by the Trust with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Trust could lose money if it is unable to recover the securities and the value of the collateral held by the Trust, including the value of the investments made with cash collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the Trust. In addition, reverse repurchase agreements involve the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.
Dollar Rolls Risk: Dollar rolls involve the risk that the market value of the securities that the Trust is committed to buy may decline below the price of the securities the Trust has sold. These transactions may involve leverage.
Market Risk and Selection Risk: Market risk is the risk that one or more markets in which the Trust invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Trust and its investments. Selection risk is the risk that the securities selected by Trust management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
A recent outbreak of an infectious coronavirus has developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time.
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Automatic Dividend Reinvestment Plan
Pursuant to BIT’s Dividend Reinvestment Plan (the “Reinvestment Plan”), Common Shareholders are automatically enrolled to have all distributions of dividends and capital gains and other distributions reinvested by Computershare Trust Company, N.A. (the “Reinvestment Plan Agent”) in the Trust’s Common Shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street name or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent for the shareholders in administering the Reinvestment Plan.
After BIT declares a dividend or determines to make a capital gain or other distribution, the Reinvestment Plan Agent will acquire shares for the participants’ accounts, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by purchase of outstanding shares on the open market or on the Trust’s primary exchange (“open-market purchases”). If, on the dividend payment date, the net asset value (“NAV”) per share is equal to or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market premium”), the Reinvestment Plan Agent will invest the dividend amount in newly issued shares acquired on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend payment date, the NAV is greater than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market discount”), the Reinvestment Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Reinvestment Plan Agent is unable to invest the full dividend amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent will invest any un-invested portion in newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the dividend payment date.
You may elect not to participate in the Reinvestment Plan and to receive all dividends in cash by contacting the Reinvestment Plan Agent, at the address set forth below.
Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.
The Reinvestment Plan Agent’s fees for the handling of the reinvestment of distributions will be paid by the Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Reinvestment Plan Agent’s open-market purchases in connection with the reinvestment of all distributions. The automatic reinvestment of all distributions will not relieve participants of any U.S. federal, state or local income tax that may be payable on such dividends or distributions.
The Trust reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, the Trust reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants in that request a sale of shares are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission fee. All correspondence concerning the Reinvestment Plan should be directed to Computershare Trust Company, N.A. through the internet at computershare.com/blackrock, or in writing to Computershare, P.O. Box 505000, Louisville, KY 40233, Telephone: (800) 699-1236. Overnight correspondence should be directed to the Reinvestment Plan Agent at Computershare, 462 South 4th Street, Suite 1600, Louisville, KY 40202.
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Trustee and Officer Information
| Independent Trustees(a) | ||||||||
|
Name Year of Birth(b) |
Position(s) Held (Length of Service)(c) |
Principal Occupation(s) During Past Five Years |
Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past Five Years |
||||
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Richard E. Cavanagh 1946 |
Co-Chair of the Board and Trustee (Since 2013) |
Director, The Guardian Life Insurance Company of America since 1998; Board Chair, Volunteers of America (a not-for-profit organization) from 2015 to 2018 (board member since 2009); Director, Arch Chemicals (chemical and allied products) from 1999 to 2011; Trustee, Educational Testing Service from 1997 to 2009 and Chairman thereof from 2005 to 2009; Senior Advisor, The Fremont Group since 2008 and Director thereof since 1996; Faculty Member/Adjunct Lecturer, Harvard University since 2007 and Executive Dean from 1987 to 1995; President and Chief Executive Officer, The Conference Board, Inc. (global business research organization) from 1995 to 2007. | 74 RICs consisting of 103 Portfolios | None | ||||
|
Karen P. Robards 1950 |
Co-Chair of the Board and Trustee (Since 2013) |
Principal of Robards & Company, LLC (consulting and private investing) since 1987; Co-founder and Director of the Cooke Center for Learning and Development (a not-for-profit organization) since 1987; Director of Enable Injections, LLC (medical devices) since 2019; Investment Banker at Morgan Stanley from 1976 to 1987. | 74 RICs consisting of 103 Portfolios | Greenhill & Co., Inc.; AtriCure, Inc. (medical devices) from 2000 until 2017. | ||||
|
Michael J. Castellano 1946 |
Trustee (Since 2013) |
Chief Financial Officer of Lazard Group LLC from 2001 to 2011; Chief Financial Officer of Lazard Ltd from 2004 to 2011; Director, Support Our Aging Religious (non-profit) from 2009 to June 2015 and from 2017 to September 2020; Director, National Advisory Board of Church Management at Villanova University since 2010; Trustee, Domestic Church Media Foundation since 2012; Director, CircleBlack Inc. (financial technology company) from 2015 to July 2020. | 74 RICs consisting of 103 Portfolios | None | ||||
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Cynthia L. Egan 1955 |
Trustee (Since 2016) |
Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services, for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007. | 74 RICs consisting of 103 Portfolios | Unum (insurance); The Hanover Insurance Group (Board Chair) (insurance); Huntsman Corporation (chemical products); Envestnet (investment platform) from 2013 until 2016. | ||||
|
Frank J. Fabozzi(d) 1948 |
Trustee (Since 2013) |
Editor of The Journal of Portfolio Management since 1986; Professor of Finance, EDHEC Business School (France) since 2011; Visiting Professor, Princeton University for the 2013 to 2014 academic year and Spring 2017 semester; Professor in the Practice of Finance, Yale University School of Management from 1994 to 2011 and currently a Teaching Fellow in Yale’s Executive Programs; Board Member, BlackRock Equity-Liquidity Funds from 2014 to 2016; affiliated professor Karlsruhe Institute of Technology from 2008 to 2011; Visiting Professor, Rutgers University for the Spring 2019 semester; Visiting Professor, New York University for the 2019 academic year; Adjunct Professor of Finance, Carnegie Mellon University in fall 2020 semester. | 76 RICs consisting of 105 Portfolios | None | ||||
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Trustee and Officer Information (continued)
| Independent Trustees(a) (continued) | ||||||||
|
Name Year of Birth(b) |
Position(s) Held (Length of Service)(c) |
Principal Occupation(s) During Past Five Years |
Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past Five Years |
||||
|
Lorenzo A. Flores 1964 |
Trustee (Since 2021) |
Vice Chairman, Kioxia, Inc. since 2019; Chief Financial Officer, Xilinx, Inc. from 2016 to 2019; Corporate Controller, Xilinx, Inc. from 2008 to 2016. | 74 RICs consisting of 103 Portfolios | None | ||||
|
Stayce D. Harris 1959 |
Trustee (Since 2021) |
Lieutenant General, Inspector General, Office of the Secretary of the United States Air Force from 2017 to 2019; Lieutenant General, Assistant Vice Chief of Staff and Director, Air Staff, United States Air Force from 2016 to 2017; Major General, Commander, 22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia from 2014 to 2016; Pilot, United Airlines from 1990 to 2020. | 74 RICs consisting of 103 Portfolios | The Boeing Company since 2021. | ||||
|
J. Phillip Holloman 1955 |
Trustee (Since 2021) |
President and Chief Operating Officer, Cintas Corporation from 2008 to 2018. | 74 RICs consisting of 103 Portfolios | PulteGroup, Inc. (home construction); Rockwell Automation Inc. (industrial automation). | ||||
|
R. Glenn Hubbard 1958 |
Trustee (Since 2013) |
Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988. | 74 RICs consisting of 103 Portfolios | ADP (data and information services) 2004-2020; Metropolitan Life Insurance Company (insurance); KKR Financial Corporation (finance) from 2004 until 2014. | ||||
|
W. Carl Kester(d) 1951 |
Trustee (Since 2013) |
George Fisher Baker Jr. Professor of Business Administration, Harvard Business School since 2008; Deputy Dean for Academic Affairs from 2006 to 2010; Chairman of the Finance Unit, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981. | 76 RICs consisting of 105 Portfolios | None | ||||
|
Catherine A. Lynch(d) 1961 |
Trustee (Since 2016) |
Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from 1999 to 2003; Assistant Treasurer, Episcopal Church of America from 1995 to 1999. | 76 RICs consisting of 105 Portfolios | None | ||||
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87 |
Trustee and Officer Information (continued)
Neal J. Andrews retired as the Chief Financial Officer effective December 31, 2020, and Trent Walker was elected as the Chief Financial Officer effective January 1, 2021.
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Trustee and Officer Information (continued)
Effective June 10, 2021, Stayce D. Harris and J. Phillip Holloman were each appointed to serve as a Trustee of the Trust. Effective July 30, 2021, Lorenzo A. Flores was appointed to serve as a Trustee of the Trust.
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89 |
Proxy Results
The Annual Meeting of Shareholders was held on July 29, 2021 for shareholders of record on June 1, 2021, to elect trustee nominees for the Trust. There were no broker non-votes with regard to the Trust.
Shareholders elected the Class II Trustees as follows:
|
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||||||||||||||||||||||||||||||||||||||
| J. Phillip Holloman | Catherine A. Lynch | Karen P. Robards | Frank J. Fabozzi | |||||||||||||||||||||||||||||||||||
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| Trust Name | Votes For | Votes Withheld | Votes For | Votes Withheld | Votes For | Votes Withheld | Votes For | Votes Withheld | ||||||||||||||||||||||||||||||
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BIT |
29,698,950 | 492,296 | 29,706,900 | 484,346 | 29,671,418 | 519,828 | 29,679,577 | 511,669 | ||||||||||||||||||||||||||||||
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For the Trust listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Michael J. Castellano, Richard E. Cavanagh, Cynthia L. Egan, Robert Fairbairn, Stayce Harris, R. Glenn Hubbard, John M. Perlowski and W. Carl Kester. Lorenzo A. Flores was appointed as a Trustee effective July 30, 2021.
Trust Certification
The Trust is listed for trading on the NYSE and has filed with the NYSE its annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trust filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Trust will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Environmental, Social and Governance (“ESG”) Integration
Although a Trust does not seek to implement a specific ESG, impact or sustainability strategy unless otherwise disclosed, Trust management will consider ESG characteristics as part of the investment process for actively managed Trusts. These considerations will vary depending on a Trust’s particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. Trust management will consider those ESG characteristics it deems relevant or additive when making investment decisions for a Trust. The ESG characteristics utilized in a Trust’s investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. ESG characteristics are not the sole considerations when making investment decisions for a Trust. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, a Trust may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect a Trust’s exposure to certain companies or industries and a Trust may forego certain investment opportunities. While Trust management views ESG considerations as having the potential to contribute to a Trust’s long-term performance, there is no guarantee that such results will be achieved.
Dividend Policy
The Trust’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, the Trust employs a managed distribution plan (the “Plan”), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of the Trust.
The distributions paid by the Trust for any particular month may be more or less than the amount of net investment income earned by the Trust during such month. Furthermore, the final tax characterization of distributions is determined after the year-end of the Trust and is reported in the Trust’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. The Trust’s taxable net investment income and net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital.
A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.
Such distributions, under certain circumstances, may exceed the Trust’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Trust’s total assets and net asset value per share (“NAV”) and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the amount of assets the Trust has available for long term investment.
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Additional Information (continued)
General Information
The Trust does not make available copies of its Statement of Additional Information because the Trust’s shares are not continuously offered, which means that the Statement of Additional Information of the Trust has not been updated after completion of the Trust’s offerings and the information contained in the Trust’s Statement of Additional Information may have become outdated.
The following information is a summary of certain changes since October 31, 2020. This information may not reflect all of the changes that have occurred since you purchased the Trust.
Except if noted otherwise herein, there were no changes to the Trust’s charter or by-laws that would delay or prevent a change of control of the Trust that were not approved by the shareholders. Except if noted otherwise herein, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trust’s portfolios.
In accordance with Section 23(c) of the Investment Company Act of 1940, the Trust may from time to time purchase shares of its common stock in the open market or in private transactions.
On December 17, 2019, the Trust filed a lawsuit against Aviron Capital, LLC (“Aviron”) and its principal officer relating to a loan on which Aviron defaulted. On December 19, 2019, the Trust obtained a court order removing Aviron’s principal officer and replacing him with a chief restructuring officer chosen by BIT. The lawsuit is currently pending and the outcome is uncertain.
Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trust may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trust and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports by enrolling in the electronic delivery program. Electronic copies of shareholder reports are available on BlackRock’s website.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.
Householding
The Trust will mail only one copy of shareholder documents, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trust at (800) 882-0052.
Availability of Quarterly Schedule of Investments
The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Form N-PORT is available on the SEC’s website at sec.gov. Additionally, the Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.
Availability of Proxy Voting Policies, Procedures and Voting Records
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities and information about how the Trust voted proxies relating to securities held in the Trust’s portfolio during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.
Availability of Trust Updates
BlackRock will update performance and certain other data for the Trust on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trust. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trust and does not, and is not intended to, incorporate BlackRock’s website in this report.
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91 |
Additional Information (continued)
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
Trust and Service Providers
Investment Adviser
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Adviser
BlackRock International Limited
Edinburgh, EH3 8BL
United Kingdom
BlackRock (Singapore) Limited
079912 Singapore
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02111
Transfer Agent
Computershare Trust Company, N.A.
Canton, MA 02021
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02116
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Address of the Trust
100 Bellevue Parkway
Wilmington, DE 19809
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Glossary of Terms Used in this Report
| Currency Abbreviation | ||
| CAD | Canadian Dollar | |
| EUR | Euro | |
| GBP | British Pound | |
| USD | United States Dollar | |
| Portfolio Abbreviation | ||
| CAB | Capital Appreciation Bonds | |
| CLO | Collateralized Loan Obligation | |
| CMT | Constant Maturity Treasury | |
| CR | Custodian Receipt | |
| DAC | Designated Activity Company | |
| DIP | Debtor-In-Possession | |
| EURIBOR | Euro Interbank Offered Rate | |
| GO | General Obligation Bonds | |
| LIBOR | London Interbank Offered Rate | |
| MSCI | Morgan Stanley Capital International | |
| PCL | Public Company Limited | |
| PIK | Payment-in-Kind | |
| PJSC | Public Joint Stock Company | |
| RB | Revenue Bond | |
| REIT | Real Estate Investment Trust | |
| REMIC | Real Estate Mortgage Investment Conduit | |
| SAB | Special Assessment Bonds | |
| SOFR | Secured Overnight Financing Rate | |
| TBA | To-Be-Announced | |
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G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T |
93 |
Want to know more?
blackrock.com | 800-882-0052
This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.
BIT-10/21-AR
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(b) Not Applicable
| Item 3 – |
Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent: |
Michael Castellano
Frank J. Fabozzi
Lorenzo A. Flores
Catherine A. Lynch
Karen P. Robards
The registrant’s board of directors has determined that Karen P. Robards qualifies as an audit committee financial expert pursuant to Item 3(c)(4) of Form N-CSR.
Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results. Ms. Robards has over 30 years of experience analyzing financial statements. She also is a member of the audit committee of one publicly held company and a non-profit organization.
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
| Item 4 – |
Principal Accountant Fees and Services |
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
2
| (a) Audit Fees | (b) Audit-Related Fees1 | (c) Tax Fees2 | (d) All Other Fees | |||||||||||||
| Entity Name |
Current Fiscal Year End |
Previous Fiscal Year End |
Current Fiscal Year End |
Previous Fiscal Year End |
Current Fiscal Year End |
Previous Fiscal Year End |
Current Fiscal Year End |
Previous Fiscal Year End |
||||||||
| BlackRock Multi-Sector Income Trust | $63,731 | $65,688 | $207 | $0 | $20,900 | $14,900 | $0 | $0 | ||||||||
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors LLC (“Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
| Current Fiscal Year End | Previous Fiscal Year End | |||
| (b) Audit-Related Fees1 | $0 | $0 | ||
| (c) Tax Fees2 | $0 | $0 | ||
| (d) All Other Fees4 | $2,032,000 | 1,984,000 |
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3 Includes fees for the Fund and the Fund’s subsidiary.
4 Non-audit fees of $2,032,000 and 1,984,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved
3
subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
| Entity Name |
Current Fiscal Year End |
Previous Fiscal Year End |
||||
| BlackRock Multi-Sector Income Trust | $21,107 | $14,900 |
1 Includes fees for the Fund and the Fund’s subsidiary.
Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
|
Current Fiscal Year End |
Previous Fiscal Year End |
|
| $2,032,000 | 1,984,000 |
These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser, and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
| Item 5 – |
Audit Committee of Listed Registrant |
| (a) |
The following individuals are members of the registrant’s separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)): |
|
Michael Castellano |
|
Frank J. Fabozzi |
|
Lorenzo A. Flores |
4
|
J. Phillip Holloman |
|
Catherine A. Lynch |
|
Karen P. Robards |
| (b) |
Not Applicable |
| Item 6 – |
Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
| Item 7 – |
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The board of directors has delegated the voting of proxies for the Fund’s portfolio securities to the Investment Adviser pursuant to the Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL, a copy of the Fund’s Global Corporate Governance & Engagement Principles are attached as Exhibit 99.GLOBAL.CORP.GOV and a copy of the Fund’s Corporate Governance and Proxy Voting Guidelines for U.S. Securities are attached as Exhibit 99.US.CORP.GOV. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at http://www.sec.gov. |
| Item 8 – |
Portfolio Managers of Closed-End Management Investment Companies |
(a)(1) As of the date of filing this Report:
The Fund is managed by a team of investment professionals comprised of Scott MacLellan, Director at BlackRock, Samir Lakhani, Managing Director at BlackRock and Akiva Dickstein, Managing Director at BlackRock. Messrs. MacLellan, Lakhani and Dickstein are
5
the Fund’s portfolio managers and are responsible for the day-to-day management of the Fund’s portfolio and the selection of its investments. Mr. MacLellan has been a member of the Fund’s portfolio management team since 2018. Messrs. Lakhani and Dickstein have been members of the Fund’s portfolio management team since 2020.
| Portfolio Manager | Biography | |
| Akiva Dickstein | Managing Director of BlackRock since 2009; Managing Director of Merrill Lynch Investment Managers, L.P. from 2003 to 2009 and Head of the U.S. Rates & Structured Credit Research Group. | |
| Samir Lakhani | Managing Director of BlackRock, Inc. since 2014; Director of BlackRock, Inc. from 2010 to 2013. | |
| Scott MacLellan | Director of BlackRock, Inc. since 2010; Vice President of BlackRock, Inc. from 2007 to 2009. |
(a)(2) As of October 31, 2021:
|
(ii) Number of Other Accounts Managed and Assets by Account Type |
(iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based |
|||||||||||
|
(i) Name of Portfolio Manager |
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts |
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts |
||||||
|
Akiva Dickstein
|
23 | 26 | 260 | 0 | 0 | 5 | ||||||
|
$30.45 Billion
|
$9.84 Billion | $101.4 Billion | $0 | $0 | $1.64 Billion | |||||||
|
Samir Lakhani |
5
|
11
|
6
|
0
|
1
|
0
|
||||||
|
$3.39 Billion
|
$4.02 Billion | $3.30 Billion | $0 | $338.5 Million | $0 | |||||||
|
Scott MacLellan |
13
|
16
|
131
|
0
|
0
|
2
|
||||||
|
$16.87 Billion
|
$4.22 Billion | $59.04 Billion | $0 | $0 | $752.7 Million | |||||||
(iv) Portfolio Manager Potential Material Conflicts of Interest
BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any
6
officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Messrs. Dickstein, Lakhani and MacLellan may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Dickstein, Lakhani and MacLellan may therefore be entitled to receive a portion of any incentive fees earned on such accounts.
As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.
(a)(3) As of October 31, 2021:
Portfolio Manager Compensation Overview
The discussion below describes the portfolio managers’ compensation as of October 31, 2021.
BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.
Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.
Discretionary Incentive Compensation
Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured.
7
Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are:
| Portfolio Manager | Benchmark | |
| Akiva Dickstein |
A combination of market-based indices (e.g. Bloomberg US Aggregate Index, Bloomberg US Universal Index and Bloomberg Intermediate Aggregate Index), certain customized indices and certain fund industry peer groups. |
|
| Samir Lakhani | A combination of market-based CMBS and ABS indices, certain customized indices and certain fund industry peer groups. | |
| Scott MacLellan | A combination of market-based indices (e.g., Bank of America Merrill Lynch U.S. Corporate & Government Index, 1-3 Years), certain customized indices and certain fund industry peer groups. |
Distribution of Discretionary Incentive Compensation.
Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.
Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.
For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.
Other Compensation Benefits. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:
8
Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($290,000 for 2021). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.
(a)(4) Beneficial Ownership of Securities – As of October 31, 2021.
| Portfolio Manager |
Dollar Range of Equity Securities of the Fund Beneficially Owned |
|
|
Akiva Dickstein |
$100,001 - $500,000 | |
|
Samir Lakhani |
$100,001 - $500,000 | |
|
Scott MacLellan |
$50,001 - $100,000 |
(b) Not Applicable
| Item 9 – |
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report. |
| Item 10 – |
Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. |
| Item 11 – |
Controls and Procedures |
(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.
(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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
| Item 12 – |
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies -- Not Applicable |
9
| Item 13 – |
Exhibits attached hereto |
(a)(1) Code of Ethics – See Item 2
(a)(2) Section 302 Certifications are attached
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
10
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: January 4, 2022
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: January 4, 2022
| By: |
/s/ Trent Walker |
|||
| Trent Walker | ||||
| Chief Financial Officer (principal financial officer) of | ||||
| BlackRock Multi-Sector Income Trust |
Date: January 4, 2022
11
