Edgar Filing: BLACKROCK FLOATING RATE INCOME TRUST

BLACKROCK FLOATING RATE INCOME TRUST

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: 811-21566

Name of Fund: BlackRock Floating Rate Income Trust (BGT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Floating Rate Income Trust, 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 10/31/2018

Date of reporting period: 04/30/2018

Item 1 – Report to Stockholders

APRIL 30, 2018


SEMI-ANNUAL REPORT (UNAUDITED)

BlackRock Credit Allocation Income Trust (BTZ)

BlackRock Floating Rate Income Trust (BGT)

BlackRock Multi-Sector Income Trust (BIT)

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

In the 12 months ended April 30, 2018, the strongest corporate profits in seven years drove the equity market higher, while rising interest rates constrained bond returns. While the market’s appetite for risk remained healthy, risk taking varied by asset class, as bond investors cautiously shifted to higher-quality securities, and stock investors continued to embrace risk by investing abroad.

The largest global economies experienced sustained, synchronized growth for the first time since the financial crisis, leading to strong equity performance worldwide. Emerging markets stocks posted the highest return, as accelerating growth in China, the second-largest economy in the world, improved the outlook for corporate profits in most developing nations.

Short-term U.S. Treasury interest rates rose the fastest, while longer-term rates slightly increased, leading to a substantial flattening of the yield curve. The annual return for the three-month Treasury bill surpassed 1.0%, but remained well below the annual headline inflation rate of 2.5%. In contrast, the ten-year U.S. Treasury — a bellwether of the bond market — posted a negative return, as rising inflation expectations drove yields higher. In credit markets, the investment-grade and high-yield bond markets posted modest returns in a relatively benign credit environment.

Even though it faced rising pressure to boost interest rates in 2017, the U.S. Federal Reserve (the “Fed”) increased short-term interest rates just three times during the reporting period. The Fed also announced plans to reduce its $4.4 trillion balance sheet by $420 billion in 2018, which began the process of gradually reversing its unprecedented stimulus measures after the financial crisis. The economy continued to gain momentum despite the Fed’s modest reduction of economic stimulus, as unemployment dipped below 4.0%, wages increased, and job openings reached a record high. Strong economic performance may justify a more rapid pace of rate hikes in 2018, as the headline inflation rate and investors’ expectations for inflation surpassed the Fed’s target of 2.0%.

By contrast, the European Central Bank (“ECB”) and the Bank of Japan (“BoJ”) continued to expand their balance sheets despite nascent signs of sustained economic growth. Rising global growth, as well as limited bond supply, pressured other central banks to follow in the Fed’s footsteps. In October 2017, the ECB pledged to cut its bond purchases in half for 2018, while the BoJ reiterated its commitment to economic stimulus, even though the size of its balance sheet almost matched the total output of the Japanese economy.

The Fed’s measured pace of stimulus reduction could lead to moderately higher inflation, steadily rising interest rates, and improving real growth in 2018. We continue to believe the primary risks to economic expansion are trade protectionism, rapidly rising interest rates, and geopolitical tension. In particular, we are closely monitoring trade protectionism and the rise of populism in Western nations.

In December 2017, Congress passed a sweeping tax reform bill. The U.S. tax overhaul is likely to accentuate the existing reflationary themes, including corporate spending on stock buybacks, mergers & acquisitions and capital investment, which could extend the economic cycle if inflation and interest rates rise at a relatively modest pace.

In this environment, 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,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of April 30, 2018
	6-month	12-month
U.S. large cap equities (S&P 500^® Index)	3.82%	13.27%
U.S. small cap equities (Russell 2000^® Index)	3.27	11.54
International equities (MSCI Europe, Australasia, Far East Index)	3.41	14.51
Emerging market equities (MSCI Emerging Markets Index)	4.80	21.71
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index)	0.68	1.17
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index)	(3.79)	(3.64)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.87)	(0.32)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(0.76)	1.44
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	(0.17)	3.27
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents


	Page
The Markets in Review		2
Semi-Annual Report:
Trust Summaries		4
The Benefits and Risks of Leveraging		13
Derivative Financial Instruments		13
Financial Statements:
Schedules of Investments		14
Statements of Assets and Liabilities		85
Statements of Operations		86
Statements of Changes in Net Assets		87
Statements of Cash Flows		89
Financial Highlights		90
Notes to Financial Statements		93
Officers and Trustees		106
Additional Information		107
Glossary of Terms Used in this Report		109


			3


Trust Summary as of April 30, 2018		BlackRock Credit Allocation Income Trust

Investment Objective

BlackRock Credit Allocation Income Trust’s (BTZ) (the “Trust”) investment objective is to provide current income, current gains and capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in credit-related securities, including, but not limited to, investment grade corporate bonds, high yield bonds (commonly referred to as “junk” bonds), bank loans, preferred securities or convertible bonds or derivatives with economic characteristics similar to these credit-related securities. The Trust may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Trust’s investment objective will be achieved.

Trust Information


Symbol on New York Stock Exchange (“NYSE”)		BTZ
Initial Offering Date		December 27, 2006
Current Distribution Rate on Closing Market Price as of April 30, 2018 ($12.54)^(a)		6.41%
Current Monthly Distribution per Common Share^(b)		$0.0670
Current Annualized Distribution per Common Share^(b)		$0.8040
Economic Leverage as of April 30, 2018^(c)		32%

^(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 consists of income, net realized gains and/or a return of capital. Past performance does not guarantee 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). For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

Market Price and Net Asset Value Per Share Summary


	04/30/18		10/31/17		Change			High		Low
Market Price	$	12.54	$	13.36		(6.14)	%	$	13.51	$	12.46
Net Asset Value		14.20		14.88		(4.57)			14.92		14.15

Market Price and Net Asset Value History For the Past Five Years

LOGO


4		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of April 30, 2018 (continued)		BlackRock Credit Allocation Income Trust

Performance and Portfolio Management Commentary

Returns for the period ended April 30, 2018 were as follows:


				Average Annual Total Returns
	6 Months			1 Year			3 Years			5 Years
Trust at NAV^(a)(b)		(1.57	)%		3.12	%		4.66	%		5.11	%
Trust at Market Price^(a)(b)		(3.18	)		(0.51	)		4.38			4.29
Reference Benchmark^(c)		(1.81	)		1.62			3.20			3.41
Bloomberg Barclays U.S. Credit Index^(d)		(2.34	)		0.65			2.05			2.27
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index^(e)		(0.17	)		3.27			4.99			4.76
Bloomberg Barclays USD Capital Securities Index^(f)		(2.96	)		1.60			3.36			4.19

^(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage.

^(b)

The Trust’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.

^(c)

The Reference Benchmark is comprised of the Bloomberg Barclays U.S. Credit Index (50.36%), the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index (29.93%), and the Bloomberg Barclays USD Capital Securities Index (19.71%).

^(d)

This unmanaged index measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets.

^(e)

An unmanaged index comprised of issues that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index.

^(f)

This unmanaged index tracks fixed-rate, investment grade capital securities denominated in USD.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

BTZ is presenting the Reference Benchmark to accompany trust performance. The Reference Benchmark is presented for informational purposes only, as the Trust is actively managed and does not seek to track or replicate the performance of the Reference Benchmark or any other index. The portfolio investments of the Trust may differ substantially from the securities that comprise the indices within the Reference Benchmark, which may cause the Trust’s performance to differ materially from that of the Reference Benchmark. The Trust employs leverage as part of its investment strategy, which may change over time at the discretion of BlackRock Advisors, LLC (the “Manager”) as market and other conditions warrant. In contrast, the Reference Benchmark is not adjusted for leverage. Therefore, leverage generally may result in the Trust outperforming the Reference Benchmark in rising markets and underperforming in declining markets. The Board considers additional factors to evaluate the Trust’s performance, such as the performance of the Trust relative to a peer group of funds, a leverage-adjusted benchmark and/or other information provided by the Manager.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of http://www.blackrock.com.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

The Trust’s allocations to bank issues within investment grade corporate bonds and capital securities (dividend-paying securities that combine some features of both corporate bonds and preferred stocks, while generally providing higher yields to compensate for being less senior in the issuer’s capital structure) were the largest detractors from performance. Both segments are generally higher beta (more responsive to market moves in either direction) and performed poorly as credit sold off in the first quarter of 2018.

The Trust’s out-of-benchmark allocation to collateralized loan obligations (“CLOs”) was the largest positive contributor to performance on an absolute basis, as demand for floating rate products remained strong in a rising rate environment.

Describe recent portfolio activity.

The largest shift in the Trust’s positioning was an increase in out-of-benchmark exposure to CLOs as demand for floating rate products in a rising rate environment supported the asset class. Exposure to the energy sector was increased as well as the environment has become more constructive for oil prices. In addition, the Trust’s underweight stance with respect to duration (and sensitivity to interest rate movement) was increased on the view that rates should continue to rise.

During the period, the Trust utilized derivatives through the use of financial futures in order to manage interest rate risk in the portfolio. The use of derivatives had a positive impact on performance.

Describe portfolio positioning at period end.

The Trust was positioned with a constructive view on credit as growth remained strong and corporate fundamentals remained healthy through the first quarter earnings season. The Trust favors high yield over investment grade corporates as the investment grade market faced increased event risk surrounding merger & acquisition activity together with waning overseas demand. From a sector perspective, the Trust continued to favor financials over industrials given that bank balance sheets remain strong and banks are relatively immune from a rise in idiosyncratic risk. The Trust maintained a short duration stance on the view that interest rates should marginally move higher.

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.


TRUST SUMMARY			5


Trust Summary as of April 30, 2018 (continued)		BlackRock Credit Allocation Income Trust

Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION


	04/30/18			10/31/17
Corporate Bonds		69	%		73	%
Preferred Securities		18			19
Asset-Backed Securities		6			3
U.S. Treasury Obligations		4			1
Foreign Agency Obligations		2			2
Municipal Bonds		1			1
Other		—	^(a)		1	^(b)

^(a)

Includes a less than 1% holding in each of the following investment types: U.S. Government Sponsored Agency Securities and Options Purchased.

^(b)

Includes a less than 1% holding in each of the following investment types: Short-Term Securities, U.S. Government Sponsored Agency Securities and Options Purchased.

CREDIT QUALITY ALLOCATION^(c)(d)


	04/30/18			10/31/17
AAA/Aaa^(e)		1	%		2	%
AA/Aa		7			3
A		16			16
BBB/Baa		47			51
BB/Ba		18			19
B		10			8
CCC/Caa		1			1
CC/Ca		—			—	^(f)

^(c)

For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s (“S&P”) or Moody’s Investors Service (“Moody’s”) 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.

^(d)

Excludes Short-Term Securities, Options Purchased and Options Written.

^(e)

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.

^(f)

Represents less than 1% of total investments.


6		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of April 30, 2018		BlackRock Floating Rate Income Trust

Investment Objective

BlackRock Floating Rate Income Trust’s (BGT) (the “Trust”) primary investment objective is to provide a high level of current income. The Trust’s secondary investment objective is to seek the preservation of capital to the extent consistent with its primary objective of high current income. The Trust seeks to achieve its investment objectives by investing primarily, under normal conditions, at least 80% of its assets in floating and variable rate instruments of U.S. and non-U.S. issuers, including a substantial portion of its assets in global floating and variable rate securities including senior secured floating rate loans made to corporate and other business entities. Under normal market conditions, the Trust expects that the average effective duration of its portfolio will be no more than 1.5 years. The Trust may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Trust’s investment objectives will be achieved.

Trust Information


Symbol on NYSE		BGT
Initial Offering Date		August 30, 2004
Current Distribution Rate on Closing Market Price as of April 30, 2018 ($13.79)^(a)		5.07%
Current Monthly Distribution per Common Share^(b)		$0.0583
Current Annualized Distribution per Common Share^(b)		$0.6996
Economic Leverage as of April 30, 2018^(c)		30%

^(a)

^(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 bank borrowings outstanding 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). For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

Market Price and Net Asset Value Per Share Summary


	04/30/18		10/31/17		Change			High		Low
Market Price	$	13.79	$	14.31		(3.63)	%	$	14.32	$	13.52
Net Asset Value		14.44		14.49		(0.35)			14.54		14.35

Market Price and Net Asset Value History For the Past Five Years

LOGO


TRUST SUMMARY			7


Trust Summary as of April 30, 2018 (continued)		BlackRock Floating Rate Income Trust

Performance and Portfolio Management Commentary

Returns for the period ended April 30, 2018 were as follows:


				Average Annual Total Returns
	6 Months			1 Year			3 Years			5 Years
Trust at NAV^(a)(b)		2.19	%		4.69	%		5.02	%		5.28	%
Trust at Market Price^(a)(b)		(1.18	)		(1.25	)		6.33			2.78
S&P/LSTA Leveraged Loan Index^(c)		2.39			4.41			4.03			3.86

^(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage.

^(b)

The Trust’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.

^(c)

This unmanaged market value-weighted index (the “Reference Benchmark”) is designed to measure the performance of the U.S. leveraged loan market based upon market weightings, spreads and interest payments.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

BGT is presenting the Reference Benchmark to accompany trust performance. The Reference Benchmark is presented for informational purposes only, as the Trust is actively managed and does not seek to track or replicate the performance of the Reference Benchmark or any other index. The portfolio investments of the Trust may differ substantially from the securities that comprise the indices within the Reference Benchmark, which may cause the Trust’s performance to differ materially from that of the Reference Benchmark. The Trust employs leverage as part of its investment strategy, which may change over time at the discretion of BlackRock Advisors, LLC (the “Manager”) as market and other conditions warrant. In contrast, the Reference Benchmark is not adjusted for leverage. Therefore, leverage generally may result in the Trust outperforming the Reference Benchmark in rising markets and underperforming in declining markets. The Board considers additional factors to evaluate the Trust’s performance, such as the performance of the Trust relative to a peer group of funds, a leverage-adjusted benchmark and/or other information provided by the Manager.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of http://www.blackrock.com.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

Over the six-month period, the Trust’s tactical out-of-benchmark allocation to high yield bonds positively contributed to performance, as the high yield market outperformed floating rate loan interests (“bank loans”). With respect to the Trust’s core allocation to floating rate bank loans, holdings within the technology, health care, and media & entertainment segments were the largest absolute contributors to performance. By credit rating, B-rated, BB-rated, and CCC-rated positions were the largest contributors.

From a sector perspective, consumer products and wireless were the only two detractors on an absolute basis. There were no absolute detractors by credit rating.

Describe recent portfolio activity.

In terms of credit rating positioning, the majority of the Trust was invested in B-rated bank loans, followed by BB-rated names. Over the course of the period, the Trust increased its B-rated allocation, while reducing positions in higher-rated names. At the sector level, the Trust reduced its exposure to consumer cyclical loans, and in particular gaming and retailer credits. By contrast, the Trust increased its technology allocation over the six-month period. Finally, with the bank loan market increasingly trading above par value, the Trust added to its high yield bond position based on relative valuation.

Describe portfolio positioning at period end.

At period end, the Trust held the majority of its portfolio in floating rate bank loans, with a meaningful position in high yield corporate bonds. The Trust maintained its highest concentration in B-rated loans of select issuers, while limiting exposure to both higher quality loans with less compelling risk/reward profiles and lower-rated loans with more equity-like profiles and greater downside risk, should credit sentiment weaken.

From a sector perspective, the largest overweight positions were within technology, independent energy and health care. By contrast, the Trust was underweight in retail and leisure, where fundamentals have continued to deteriorate. Within energy, holdings were focused on higher-quality issuers within the independent energy segment. More broadly, the Trust remained focused on industries and companies with stable business profiles and consistent cash flows, avoiding areas of the market with secular concerns and/or deteriorating fundamental trends. Top issuer positions included HD Supply (building materials), Level 3 (wirelines), and Centurylink (wirelines).


8		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of April 30, 2018 (continued)		BlackRock Floating Rate Income Trust

Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION


	04/30/18			10/31/17
Floating Rate Loan Interests		91	%		93	%
Corporate Bonds		6			5
Asset-Backed Securities		2			1
Investment Companies		1			—	^(a)
Other		—	^(b)		1	^(b)

^(a)

Represents less than 1% of total investments.

^(b)

Includes a less than 1% holding in each of the following investment types: Common Stocks, Other Interests, Rights, Warrants, Short-Term Securities and Options Purchased.

CREDIT QUALITY ALLOCATION^(c)(d)


	04/30/18			10/31/17
AA/Aa		1	%		—	%
A		—			1
BBB/Baa		9			8
BB/Ba		43			42
B		40			42
CCC/Caa		3			3
N/R		4			4

^(c)

For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P’s or Moody’s 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.

^(d)

Excludes Short-Term Securities and Options Purchased.


TRUST SUMMARY			9


Trust Summary as of April 30, 2018		BlackRock Multi-Sector Income Trust

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 objectives will be achieved.

Trust Information


Symbol on NYSE		BIT
Initial Offering Date		February 27, 2013
Current Distribution Rate on Closing Market Price as of April 30, 2018 ($16.95)^(a)		8.26%
Current Monthly Distribution per Common Share^(b)		$0.1167
Current Annualized Distribution per Common Share^(b)		$1.4004
Economic Leverage as of April 30, 2018^(c)		41%

^(a)

^(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)

Market Price and Net Asset Value Per Share Summary


	04/30/18		10/31/17		Change			High		Low
Market Price	$	16.95	$	18.55		(8.63)	%	$	18.59	$	16.57
Net Asset Value		18.96		20.07		(5.53)			20.09		18.88

Market Price and Net Asset Value History For the Past Five Years

LOGO


10		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of April 30, 2018 (continued)		BlackRock Multi-Sector Income Trust

Performance and Portfolio Management Commentary

Returns for the period ended April 30, 2018 were as follows:


				Average Annual Total Returns
	6 Months			1 Year			3 Years			5 Years
Trust at NAV^(a)(b)		(1.01	)%		7.59	%		8.72	%		8.85	%
Trust at Market Price^(a)(b)		(4.26	)		2.61			8.78			6.86
Lipper General Bond Funds at NAV^(c)		1.85			5.74			6.28			5.63
Lipper General Bond Funds at Market Price^(c)		0.87			5.51			7.97			5.34

^(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage.

^(b)

The Trust’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.

^(c)

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.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of http://www.blackrock.com.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

The Trust’s position within senior loans represented the largest detractor from returns. Allocations to capital securities, sovereign plus securities, investment grade corporate issues and emerging market bonds also detracted from returns.

The Trust’s positions in non-agency mortgage-backed securities (“MBS”) and commercial mortgage-backed securities (“CMBS”) were the largest contributors to returns during the six-month period. Allocations to high yield corporate issues and asset-backed securities (“ABS”) also supported performance.

During the period, the Trust held derivatives as part of its investment strategy. Interest rate swaps were utilized to manage duration (sensitivity to interest rates) and to express the investment adviser’s views on swap spreads. The use of interest rate swaps had a positive impact on performance during the period.

Describe recent portfolio activity.

In light of the fact that credit spreads for most sectors were trading at their narrowest levels since the 2008 financial crisis, and given the investment adviser’s belief that we are entering the late stages of the credit cycle, the Trust’s allocation was rotated toward more liquid fixed-income sectors. In particular, the Trust’s allocations to emerging market debt and foreign sovereign issuers were reduced in order to fund a position in pass-through agency MBS. Agency MBS have lagged the rally seen in other spread sectors, making them relatively attractively valued in the investment adviser’s opinion. In addition, following a bout of market volatility in February, the investment adviser believed that volatility would subside going forward, which would benefit agency MBS performance. With respect to interest rate exposure, the Trust’s duration was reduced on the view that a combination of heavy Treasury issuance and monetary policy tightening by the Fed would push rates higher.

Describe portfolio positioning at period end.

At period end, the Trust maintained diversified exposure across non-government spread sectors. The largest sector allocations were in high yield corporate issues, non-agency MBS, investment grade corporates and ABS. The Trust also held allocations in foreign sovereign issues, emerging market debt and agency MBS.


TRUST SUMMARY			11


Trust Summary as of April 30, 2018 (continued)		BlackRock Multi-Sector Income Trust

Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION


	04/30/18			10/31/17
Corporate Bonds		41	%		42	%
Asset-Backed Securities		17			17
Non-Agency Mortgage-Backed Securities		12			13
Preferred Securities		10			11
Foreign Agency Obligations		9			6
Floating Rate Loan Interests		5			9
U.S. Government Sponsored Agency Securities		5			2
Short-Term Securities		1			—	^(a)
Other		—	^(b)		—	^(b)

^(a)

Represents less than 1% of total investments.

^(b)

Includes a less than 1% holding in each of the following investment types: Common Stocks, Options Purchased, Options Written, and Short-Term Securities.

CREDIT QUALITY ALLOCATION^(c)(d)


	04/30/18			10/31/17
AAA/Aaa^(e)		—			—	^(a)
AA/Aa		6	%		1	%
A		6			5
BBB/Baa		18			16
BB/Ba		21			29
B		17			18
CCC/Caa		15			16
CC/Ca		4			—	^(a)
C		1			4
N/R		12			11

^(c)

^(d)

Excludes Short-Term Securities, Options Purchased and Options Written.

^(e)


12		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

The Benefits and Risks of Leveraging

The Trusts may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, their 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 a Trust on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of the Trusts (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Trusts’ shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage is paid to shareholders in the form of dividends, and the value of these portfolio holdings is reflected in the per share NAV.

To illustrate these concepts, assume a 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, a 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 a Trust with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Trust’s financing cost of leverage is significantly lower than the income earned on a 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 Trusts’ return on assets purchased with leverage proceeds, income to shareholders is lower than if the Trusts had not used leverage. Furthermore, the value of the Trusts’ 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 value of the Trusts’ obligations under their respective leverage arrangements generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trusts’ NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that the Trusts’ intended leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each 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 a Trust’s shares than if the Trust were not leveraged. In addition, each 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 Trusts to incur losses. The use of leverage may limit a Trust’s ability to invest in certain types of securities or use certain types of hedging strategies. Each 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 Trusts’ investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Trusts’ investment adviser will be higher than if the Trusts did not use leverage.

Each Trust may utilize leverage through a credit facility or reverse repurchase agreements as described in the Notes to Financial Statements.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), each Trust is permitted to issue debt up to 33¹⁄₃% of its total managed assets. BIT is permitted to use economic leverage (which includes leverage attributable to reverse repurchase agreements) of up to 50% of its total managed assets. A Trust may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Trust may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by its credit facility, which may be more stringent than those imposed by the 1940 Act.

If a Trust segregates or designates on its books and records cash or liquid assets having a value not less than the value of a Trust’s obligations under the 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 Trusts 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. BIT may use economic leverage up to 100% of its net assets (50% of its total managed assets). The Trusts’ 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 a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.


THE BENEFITS AND RISKS OF LEVERAGING / DERIVATIVE FINANCIAL INSTRUMENTS			13

Schedule of Investments (unaudited)

April 30, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Asset-Backed Securities — 8.0%
Allegro CLO VI Ltd., Series 2017-2A^(a)(b):
Class B, 3.23%, 01/17/31		USD	360	$	361,285
Class C, 3.53%, 01/17/31			2,400		2,382,624
Class D, 4.48%, 01/17/31			1,300		1,301,055
ALM XVII Ltd., Series 2015-17A, Class B1, (3 mo. LIBOR US + 3.40%), 5.75%, 01/15/28^(a)(c)			1,400		1,403,548
AMMC CLO 22, Ltd., Series 2018-22A, Class D, 5.04%, 04/25/31^(a)(b)			1,000		990,579
AMMC CLO XII Ltd., Series 2013-12A, Class CR, 3.71%, 11/10/30^(a)(b)			1,500		1,501,975
Anchorage Capital CLO Ltd.^(a)(b):
Series 2013-1A, Class BR, 4.49%, 10/13/30			1,000		1,001,027
Series 2014-3RA, Class C, 4.21%, 01/28/31			1,000		993,060
Series 2014-3RA, Class D, 4.96%, 01/28/31			1,000		996,385
Series 2015-7A, Class CR, 4.05%, 10/15/27			1,750		1,752,257
Series 2015-7A, Class DR, 5.05%, 10/15/27			1,000		993,610
Apidos CLO XV, Series 2013-15A^(a)(b):
Class CRR, 4.21%, 04/20/31			1,000		1,000,000
Class DRR, 5.06%, 04/20/31			1,000		1,000,000
Apidos CLO XVIII, Series 2014-18A, Class CR, (3 mo. LIBOR US + 3.25%), 5.61%, 07/22/26^(a)(c)			1,300		1,302,889
Ares CLO Ltd.^(a)(b):
3.85%, 10/15/30			1,000		998,398
4.15%, 10/15/30			1,750		1,747,275
ARES XLVII CLO, Ltd., Series 2018-47A, Class D, 5.05%, 04/15/30^(a)(b)(d)			1,500		1,497,750
Atlas Senior Loan Fund X Ltd., Series 2018-10A^(a)(b):
Class B, 3.85%, 01/15/31			500		501,350
Class C, 4.20%, 01/15/31			1,000		995,960
Class D, 5.10%, 01/15/31			1,700		1,680,018
Atrium X, Series 10A, Class DR, (3 mo. LIBOR US + 3.00%), 5.35%, 07/16/25^(a)(c)			1,500		1,501,148
Benefit Street Partners CLO XII Ltd., Series 2017-12A^(a)(b):
Class B, 4.35%, 10/15/30			1,000		995,439
Class C, 5.40%, 10/15/30			2,000		1,995,324
BlueMountain CLO Ltd., Series 2012-2A, Class AR, (3 mo. LIBOR US + 1.42%), 3.30%, 11/20/28^(a)(c)			2,000		2,004,817
Bowman Park CLO Ltd., Series 2014-1A, Class D2R, (3 mo. LIBOR US + 3.35%), 5.27%, 11/23/25^(a)(c)			1,000		1,000,874
Carlyle Global Market Strategies CLO Ltd.:
Series 2013-4A, Class DRR, 5.00%, 01/15/31^(a)(b)			1,000		993,932
Series 2016-1A, Class C, (3 mo. LIBOR US + 4.90%), 7.26%, 04/20/27^(a)(c)			1,000		1,002,461
Series 2016-3A, Class C, (3 mo. LIBOR US + 4.00%), 6.36%, 10/20/29^(a)(c)			1,000		1,007,523
Carlyle US CLO 2017-2, Ltd., Series 2017-2A, Class C, (3 mo. LIBOR US + 3.70%), 6.06%, 07/20/31^(a)(c)			500		502,984
Cent CLO 17, Ltd., Series C17A^(a)(b)(d)(e):
Class BR, 4.20%, 04/30/31			1,000		999,500
Class CR, 5.15%, 04/30/31			1,000		999,500
CIFC Funding Ltd.^(a)(b):
4.82%, 04/18/31			1,200		1,187,960
Series 2013-2A, Class A3LR, 4.31%, 10/18/30			1,000		1,000,555
Series 2013-2A, Class B1LR, 5.41%, 10/18/30			1,000		1,001,679
Series 2014-2A, Class A3LRSeries 2018-1A, Class C, 3.93%, 04/18/31			1,000		992,536
Elevation CLO Ltd., Series 2017-7A, Class C, 3.50%, 07/15/30^(a)(b)			1,500		1,499,934
Galaxy XX CLO, Ltd., Series 2015-20A, Class D1R, 4.96%, 04/20/31^(a)(b)			1,000		991,836


Security	Par (000)			Value
Asset-Backed Securities (continued)
Galaxy XXVII CLO, Ltd., Series 2018-27A, Class C, 4.20%, 05/16/31^(a)(b)(d)		USD	1,500	$	1,498,500
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class D, 5.86%, 10/29/26^(b)			1,000		1,002,452
Greenwood Park CLO Ltd., Series 2018-1A, Class D, 4.53%, 04/15/31^(a)(b)(d)			1,000		992,500
Highbridge Loan Management Ltd.^(a):
Series 4A-2014, Class A2R, 3.86%, 01/28/30^(b)			650		652,480
Series 4A-2014, Class BR, 4.21%, 01/28/30^(b)			750		747,837
Series 6A-2015, Class BR, 4.11%, 02/05/31^(b)			1,500		1,488,000
Series 6A-2015, Class CR, 4.86%, 02/05/31^(b)			1,000		980,795
Series 7A-2015, Class CR, 4.00%, 03/15/27^(b)			2,000		1,992,430
Series 7A-2015, Class DR, 4.70%, 03/15/27^(b)			1,000		1,000,086
Series 8A-2016, Class D, (3 mo. LIBOR US + 4.85%), 7.21%, 04/20/27^(c)			500		501,224
LCM XVIII LP, Series 18A, Class C1, (3 mo. LIBOR US + 3.15%), 5.51%, 04/20/27^(a)(c)			1,000		1,000,984
Limerock CLO III LLC, Series 2014-3A, Class C, (3 mo. LIBOR US + 3.60%), 5.96%, 10/20/26^(a)(c)			1,000		1,002,745
Long Point Park CLO Ltd., Series 2017-1A, Class B, 3.39%, 01/17/30^(a)(b)			1,000		989,506
Madison Park Funding Ltd., Series 2018-27A, Class B, 3.85%, 04/20/30^(a)(b)(d)			1,000		1,000,800
Madison Park Funding XIII Ltd., Series 2014-13A, Class CR2, 4.26%, 04/19/30^(a)(b)(d)			1,000		1,000,000
Madison Park Funding XIV Ltd., Series 2014-14A, Class DR, (3 mo. LIBOR US + 3.25%), 5.61%, 07/20/26^(a)(c)			2,000		2,003,391
Madison Park Funding XV Ltd., Series 2014-15A, Class B1R, (3 mo. LIBOR US + 2.20%), 4.57%, 01/27/26^(a)(c)			2,000		2,004,600
Madison Park Funding XXVII Ltd., Series 2018-27A, Class C, 4.65%, 04/20/30^(a)(b)(d)			1,000		989,300
Madison Park Funding XXX Ltd., Series 2018-30A, Class D, 4.84%, 04/15/29^(a)(b)(d)			1,000		1,000,000
Marble Point CLO XI Ltd., Series 2017-2A^(a)(b):
Class A, 3.54%, 12/18/30			1,500		1,502,099
Class B, 3.86%, 12/18/30			1,000		1,003,798
Mill Creek II CLO Ltd., Series 2016-1A, Class D, (3 mo. LIBOR US + 4.85%), 7.21%, 04/20/28^(a)(c)			1,000		1,002,432
MP CLO III Ltd., Series 2013-1A, Class CR, 4.36%, 10/20/30^(a)(b)			1,000		1,005,012
Neuberger Berman CLO XV Ltd., Series 2013-15A, Class CR, 4.40%, 10/15/29^(a)(b)			1,000		1,006,207
Neuberger Berman CLO XXI Ltd., Series 2016-21A^(a)(b):
Class CR, 3.96%, 04/20/27			1,000		1,000,000
Class DR, 4.76%, 04/20/27			1,000		1,000,000
Neuberger Berman Loan Advisers CLO 26 Ltd., Series 2017-26A^(a)(b):
Class A, 3.53%, 10/18/30			2,000		2,009,607
Class B, 3.86%, 10/18/30			1,000		999,802
Class C, 4.11%, 10/18/30			1,500		1,499,493
Neuberger Berman Loan Advisers CLO 27 Ltd., Series 2018-27A, Class D, 4.62%, 01/15/30^(a)(b)			1,000		989,994
Oak Hill Credit Partners XII Ltd., Series 2015-12A, Class C2, (3 mo. LIBOR US + 3.25%), 5.61%, 01/23/27^(a)(c)			1,600		1,603,001
OCP CLO Ltd.^(a)(b):
Series 2015-8A, Class CR, 5.15%, 04/17/27			1,000		994,988
Series 2017-14A, Class B, 3.67%, 11/20/30			1,000		993,329
Octagon Investment Partners Ltd.^(a):
Series 2013-1A, Class BR2, 3.38%, 01/25/31^(b)			1,000		998,012
Series 2013-1A, Class CR2, 3.68%, 01/25/31^(b)			1,000		999,391


14		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Asset-Backed Securities (continued)
Series 2016-1A, Class D, (3 mo. LIBOR US + 4.95%), 7.30%, 04/15/27^(c)		USD	500	$	500,998
Series 2017-1A, Class B1, 3.76%, 01/20/30^(b)			1,000		1,002,000
Series 2017-1A, Class C, 5.11%, 01/20/31^(b)			1,000		995,576
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class CRR, 4.26%, 01/22/30^(a)(b)			900		902,683
OHA Credit Partners XIV Ltd., Series 2017-14A, Class C, 4.16%, 01/21/30^(a)(b)			1,250		1,241,430
OZLM Funding IV Ltd., 4.56%, 10/22/30^(a)(b)			1,000		1,003,977
OZLM VI Ltd., Series 2014-6A, Class CS, 5.48%, 04/17/31^(a)(b)			500		497,995
OZLM XIX Ltd., Series 2017-19A, Class C, 5.45%, 11/22/30^(a)(b)			1,000		1,001,559
OZLM XXI, Series 2017-21A, Class B, 3.65%, 01/20/31^(a)(b)			1,800		1,806,015
Palmer Square CLO Ltd., Series 2018-1A, Class A2, 3.63%, 04/18/31^(a)(b)(d)			1,500		1,500,000
Recette CLO Ltd., Series 2015-1A^(a)(b):
Class CR, 4.06%, 10/20/27			1,500		1,502,437
Class DR, 5.11%, 10/20/27			1,000		1,000,814
Regatta IV Funding Ltd., Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.00%), 4.36%, 07/25/26^(a)(c)			1,500		1,503,213
Regatta V Funding Ltd., Series 2014-1A^(a)(c):
Class BR, (3 mo. LIBOR US + 2.30%), 4.66%, 10/25/26			1,000		1,002,254
Class C, (3 mo. LIBOR US + 3.45%), 5.81%, 10/25/26			1,000		1,002,249
Rockford Tower CLO Ltd., Series 2017-3A^(a)(b):
Class A, 2.86%, 10/20/30			2,000		2,000,096
Class D, 4.32%, 10/20/30			1,000		999,191
Stewart Park CLO Ltd., Series 2015-1A^(a)(b):
Class CR, 4.15%, 01/15/30			1,500		1,493,427
Class DR, 4.95%, 01/15/30			1,500		1,487,544
Symphony CLO XV Ltd., Series 2014-15A^(a)(c):
Class CR, (3 mo. LIBOR US + 2.20%), 4.55%, 10/17/26			2,500		2,498,453
Class DR, (3 mo. LIBOR US + 3.35%), 5.70%, 10/17/26			1,000		1,001,356
Tiaa Clo III Ltd., Series 2017-2A, Class A, 3.50%, 01/16/31^(a)(b)			2,500		2,510,328
Voya CLO 2018-1, Ltd., Series 2018-1A, Class C, 4.94%, 04/19/31^(a)(b)(d)			1,000		1,000,000
Webster Park CLO Ltd., Series 2015-1A, Class B1, (3 mo. LIBOR US + 3.10%), 5.46%, 01/20/27^(a)(c)			4,000		4,006,363
York CLO-2 Ltd., Series 2015-1A^(a)(b):
Class CR, 4.21%, 01/22/31			1,500		1,495,335
Class DR, 4.96%, 01/22/31			1,800		1,802,190

Total Asset-Backed Securities — 8.0% (Cost — $121,101,139)					121,291,325


Corporate Bonds — 99.9%

Aerospace & Defense — 1.6%
Arconic, Inc.:
5.13%, 10/01/24			3,551		3,600,945
5.90%, 02/01/27			2,000		2,066,250
6.75%, 01/15/28			178		193,352
BBA US Holdings, Inc., 5.38%, 05/01/26^(a)			672		675,750
Bombardier, Inc.^(a):
7.75%, 03/15/20			354		377,895
8.75%, 12/01/21			2,320		2,581,766
6.00%, 10/15/22			14		13,930
6.13%, 01/15/23			759		763,744


Security	Par (000)			Value
Aerospace & Defense (continued)
7.50%, 12/01/24		USD	1,355	$	1,426,137
7.50%, 03/15/25			2,803		2,915,120
KLX, Inc., 5.88%, 12/01/22^(a)			2,165		2,259,719
Mexico City Airport Trust, 4.25%, 10/31/26^(a)			1,350		1,265,029
TransDigm, Inc.:
6.00%, 07/15/22			4,360		4,414,500
6.50%, 07/15/24			1,560		1,586,325

					24,140,462
Air Freight & Logistics — 0.1%
XPO Logistics, Inc., 6.50%, 06/15/22^(a)			1,565		1,615,863

Airlines — 0.6%
American Airlines Group, Inc., 4.63%, 03/01/20^(a)			692		697,190
Delta Air Lines Pass-Through Trust, Series 2002-1, Class G-1, 6.72%, 07/02/24			2,728		2,938,257
Turkish Airlines Pass-Through Trust, Series 2015-1 Class A, 4.20%, 09/15/28^(a)			2,482		2,339,828
United Airlines Pass-Through Trust, Series 2014-1, Class B, 4.75%, 10/11/23			3,044		3,074,212
Virgin Australia Trust, Series 2013-1, Class B, 6.00%, 04/23/22^(a)			493		500,037

					9,549,524
Auto Components — 0.3%
Allison Transmission, Inc., 5.00%, 10/01/24^(a)			68		66,790
Goodyear Tire & Rubber Co., 5.00%, 05/31/26			535		509,588
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
6.00%, 08/01/20			3,108		3,174,045
6.38%, 12/15/25			388		388,970
Tesla, Inc., 5.30%, 08/15/25^(a)			1,116		987,660

					5,127,053
Automobiles — 0.5%
Ford Motor Co., 7.45%, 07/16/31			3,660		4,332,795
General Motors Co.:
4.88%, 10/02/23			1,875		1,931,954
6.25%, 10/02/43			940		1,003,963

					7,268,712
Banks — 4.3%
Barclays PLC, 4.84%, 05/09/28^(f)			7,975		7,749,591
CIT Group, Inc.:
5.00%, 08/01/23			370		376,475
5.25%, 03/07/25			925		944,656
City National Corp., 5.25%, 09/15/20			2,900		3,025,693
Cooperatieve Rabobank UA, 3.95%, 11/09/22^(f)			3,775		3,767,227
Credit Suisse Group AG, 6.50%, 08/08/23^(a)			6,000		6,495,000
Discover Bank/Greenwood, 8.70%, 11/18/19			748		803,334
Fifth Third Bancorp(3 mo. LIBOR US + 3.03%), 5.10%^(g)(h)			5,000		4,918,750
HSBC Finance Corp., 6.68%, 01/15/21^(f)			5,150		5,537,842
Intesa Sanpaolo SpA, 5.71%, 01/15/26^(a)			5,840		5,860,426
Royal Bank of Scotland Group PLC, 6.00%, 12/19/23^(f)			10,080		10,705,981
Santander Holdings USA, Inc., 4.40%, 07/13/27			830		813,142
SunTrust Banks, Inc.(3 mo. LIBOR US + 3.10%), 5.05%^(g)(h)			5,270		5,197,801
Wells Fargo & Co.^(f):
4.13%, 08/15/23			4,000		4,010,938
5.61%, 01/15/44			4,119		4,560,068

					64,766,924
Beverages — 0.8%
Anheuser-Busch InBev Finance, Inc., 4.90%, 02/01/46			6,170		6,401,099


SCHEDULES OF INVESTMENTS			15

Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Beverages (continued)
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 04/15/58		USD	4,000	$	3,973,780
Molson Coors Brewing Co., 4.20%, 07/15/46			1,665		1,513,854

					11,888,733
Biotechnology — 0.4%
Amgen, Inc., 4.66%, 06/15/51^(f)			6,709		6,703,000

Building Products — 0.4%
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23^(a)			424		437,123
Beacon Escrow Corp., 4.88%, 11/01/25^(a)			1,481		1,399,545
Building Materials Corp. of America, 6.00%, 10/15/25^(a)			1,832		1,900,700
Masonite International Corp., 5.63%, 03/15/23^(a)			610		628,300
Standard Industries, Inc.^(a):
5.50%, 02/15/23			663		684,548
5.38%, 11/15/24			82		83,076
USG Corp., 4.88%, 06/01/27^(a)			445		445,000

					5,578,292
Capital Markets — 2.5%
Goldman Sachs Group, Inc.:
7.50%, 02/15/19^(f)			5,165		5,359,210
5.25%, 07/27/21			1,175		1,242,945
5.75%, 01/24/22^(f)			5,500		5,918,873
6.25%, 02/01/41^(f)			15,000		18,100,045
Morgan Stanley, 5.63%, 09/23/19^(f)			6,770		7,008,927
NFP Corp., 6.88%, 07/15/25^(a)			222		217,560

					37,847,560
Chemicals — 1.4%
Axalta Coating Systems LLC, 4.88%, 08/15/24^(a)			715		720,363
Basell Finance Co. BV, 8.10%, 03/15/27^(a)(f)			6,000		7,554,841
Chemours Co., 5.38%, 05/15/27			207		204,930
Huntsman International LLC:
4.88%, 11/15/20			72		73,350
5.13%, 11/15/22			2,495		2,588,063
NOVA Chemicals Corp., 4.88%, 06/01/24^(a)			956		924,930
Olin Corp.:
5.13%, 09/15/27			270		264,600
5.00%, 02/01/30			297		282,893
Platform Specialty Products Corp.^(a):
6.50%, 02/01/22			3,006		3,081,150
5.88%, 12/01/25			2,241		2,184,975
PQ Corp., 6.75%, 11/15/22^(a)			935		988,762
WR Grace & Co-Conn, 5.63%, 10/01/24^(a)			1,660		1,713,950

					20,582,807
Commercial Services & Supplies — 3.0%
ADT Corp.:
4.13%, 06/15/23			960		898,205
4.88%, 07/15/32^(a)			1,020		844,050
Aviation Capital Group Corp.^(a):
7.13%, 10/15/20			31,000		33,638,052
6.75%, 04/06/21			7,850		8,548,083
CD&R Waterworks Merger Sub LLC, 6.13%, 08/15/25^(a)			1,061		1,039,780
KAR Auction Services, Inc., 5.13%, 06/01/25^(a)			595		577,150

					45,545,320
Communications Equipment — 0.2%
CommScope Technologies Finance LLC, 6.00%, 06/15/25^(a)			467		479,843
CommScope Technologies LLC, 5.00%, 03/15/27^(a)			659		630,992
CommScope, Inc., 5.50%, 06/15/24^(a)			254		258,445


Security	Par (000)			Value
Communications Equipment (continued)
Zayo Group LLC/Zayo Capital, Inc.:
6.38%, 05/15/25		USD	750	$	776,400
5.75%, 01/15/27^(a)			1,360		1,350,317

					3,495,997
Construction & Engineering — 0.3%
BlueLine Rental Finance Corp., 9.25%, 03/15/24^(a)			2,578		2,741,574
Brand Energy & Infrastructure Services, Inc., 8.50%, 07/15/25^(a)			1,406		1,451,695
Engility Corp., 8.88%, 09/01/24			727		756,080

					4,949,349
Construction Materials — 0.4%
HD Supply, Inc., 5.75%, 04/15/24^(a)			4,965		5,213,250
PulteGroup, Inc., 5.50%, 03/01/26			926		941,001

					6,154,251
Consumer Discretionary — 0.1%
Nielsen Co. Luxembourg SARL, 5.00%, 02/01/25^(a)			72		70,920
Viking Cruises Ltd., 5.88%, 09/15/27^(a)			1,899		1,832,535

					1,903,455
Consumer Finance — 1.0%
Ally Financial, Inc.:
5.13%, 09/30/24			590		603,275
8.00%, 11/01/31^(f)			3,832		4,656,646
Capital One Bank USA NA, 3.38%, 02/15/23^(f)			2,000		1,940,969
Discover Financial Services, 3.85%, 11/21/22			3,252		3,220,013
IHS Markit Ltd.^(a):
4.75%, 02/15/25			452		454,305
4.00%, 03/01/26			318		304,590
Navient Corp.:
6.63%, 07/26/21			461		478,933
6.50%, 06/15/22			434		445,935
7.25%, 09/25/23			996		1,040,820
Total System Services, Inc., 3.80%, 04/01/21			1,630		1,637,595

					14,783,081
Containers & Packaging — 0.7%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.^(a):
4.63%, 05/15/23			760		761,900
7.25%, 05/15/24			200		211,000
6.00%, 02/15/25			2,291		2,316,774
Ball Corp., 4.38%, 12/15/20			681		692,066
Berry Global, Inc., 4.50%, 02/15/26^(a)			126		120,330
BWAY Holding Co., 7.25%, 04/15/25^(a)			675		692,854
Crown Americas LLC/Crown Americas Capital Corp., 4.75%, 02/01/26^(a)			269		259,585
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			282		261,202
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu:
5.75%, 10/15/20			2,778		2,798,294
6.88%, 02/15/21			36		36,887
5.13%, 07/15/23^(a)			900		905,625
7.00%, 07/15/24^(a)			921		958,991
Sealed Air Corp., 6.88%, 07/15/33^(a)			182		202,930

					10,218,438
Diversified Consumer Services — 0.7%
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23^(a)			6,034		6,471,465
Service Corp. International, 4.50%, 11/15/20			4,382		4,392,955

					10,864,420


16		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Diversified Financial Services — 7.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust:
4.63%, 10/30/20		USD	961	$	985,728
3.50%, 05/26/22			5,000		4,910,996
4.63%, 07/01/22			518		530,287
Air Lease Corp., 3.75%, 02/01/22			5,000		5,006,649
Aircastle Ltd., 6.25%, 12/01/19			3,937		4,089,559
Banco Santander SA, 3.13%, 02/23/23			2,200		2,113,035
Bank of America Corp.:
5.00%, 05/13/21^(f)			17,100		17,992,142
4.45%, 03/03/26			1,765		1,774,070
BNP Paribas SA, 4.38%, 03/01/33^(a)(b)			4,000		3,855,600
Citigroup, Inc., 6.68%, 09/13/43^(f)			4,125		5,161,926
Ford Motor Credit Co. LLC, 5.88%, 08/02/21^(f)			9,420		10,023,654
General Motors Financial Co., Inc.:
6.75%, 06/01/18			1,700		1,705,875
4.38%, 09/25/21			2,260		2,310,617
4.25%, 05/15/23			1,681		1,691,197
4.35%, 01/17/27			4,710		4,581,507
ING Bank NV, 5.00%, 06/09/21^(a)(f)			8,000		8,367,563
Intesa Sanpaolo SpA, 5.02%, 06/26/24^(a)			4,000		3,915,299
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 04/01/20^(a)			1,705		1,719,919
Leucadia National Corp., 5.50%, 10/18/23			4,000		4,162,321
Lloyds Banking Group PLC, 4.34%, 01/09/48			3,925		3,567,509
Macquarie Group, Ltd., 4.15%, 03/27/24^(a)(b)			4,000		3,982,633
Resparcs Funding LP I, 8.00%^(h)			4,000		1,482,000
Royal Bank of Scotland Group PLC:
6.10%, 06/10/23			2,500		2,657,470
5.13%, 05/28/24^(f)			5,250		5,331,773
UniCredit SpA(5 year USD ICE Swap + 3.70%), 5.86%, 06/19/32^(a)(g)			4,000		4,000,200
Vantiv LLC/Vanity Issuer Corp., 4.38%, 11/15/25^(a)			464		443,120

					106,362,649
Diversified Telecommunication Services — 6.3%
AT&T, Inc.:
5.00%, 03/01/21^(f)			8,575		8,963,849
6.30%, 01/15/38^(f)			12,000		13,773,888
5.15%, 03/15/42			250		248,521
4.35%, 06/15/45			367		323,010
5.15%, 02/14/50			3,000		3,039,530
CenturyLink, Inc.:
5.63%, 04/01/25			2,110		1,941,200
Series S, 6.45%, 06/15/21			1,176		1,201,725
Series Y, 7.50%, 04/01/24			524		534,480
Frontier Communications Corp.:
10.50%, 09/15/22			430		378,271
7.13%, 01/15/23			242		173,030
6.88%, 01/15/25			1,527		935,288
11.00%, 09/15/25			2,599		1,994,732
Level 3 Financing, Inc.:
5.38%, 08/15/22			2,095		2,105,475
5.13%, 05/01/23			1,183		1,171,170
5.38%, 01/15/24			754		746,460
5.38%, 05/01/25			2,003		1,972,354
5.25%, 03/15/26			320		309,504
Telecom Italia Capital SA, 6.00%, 09/30/34			960		993,600
Telecom Italia SpA, 5.30%, 05/30/24^(a)			720		733,320
Telefonica Emisiones SAU, 5.21%, 03/08/47			6,000		6,253,287
Verizon Communications, Inc.^(f):
5.15%, 09/15/23			8,775		9,435,792
6.40%, 09/15/33			9,475		11,069,097
6.55%, 09/15/43			13,225		15,877,188


Security	Par (000)			Value
Diversified Telecommunication Services (continued)
5.01%, 04/15/49		USD	10,578	$	10,536,587

					94,711,358
Electric Utilities — 5.1%
AES Corp.:
4.50%, 03/15/23			400		402,000
5.50%, 04/15/25			304		310,840
4.88%, 05/15/23			32		32,200
6.00%, 05/15/26			843		880,935
5.13%, 09/01/27			1,095		1,111,425
CMS Energy Corp., 5.05%, 03/15/22^(f)			9,900		10,408,772
DPL, Inc., 7.25%, 10/15/21			94		102,234
Duke Energy Corp., 3.55%, 09/15/21			3,650		3,673,256
Emera, Inc., Series 16-A, (3 mo. LIBOR US + 5.44%), 6.75%, 06/15/76^(g)			7,500		8,115,000
Great Plains Energy, Inc., 5.29%, 06/15/22⁽ⁱ⁾			5,550		5,830,202
Midland Cogeneration Venture LP, 5.25%, 03/15/25^(a)			3,566		3,493,473
NextEra Energy Capital Holdings, Inc., 4.80%, 12/01/77^(b)			5,000		4,762,750
NextEra Energy Operating Partners LP, 4.25%, 09/15/24^(a)			568		548,120
NiSource Finance Corp., 6.80%, 01/15/19			472		484,940
Oncor Electric Delivery Co. LLC^(f):
4.10%, 06/01/22			4,150		4,254,259
5.30%, 06/01/42			2,750		3,270,155
Progress Energy, Inc., 7.00%, 10/30/31^(f)			12,000		15,269,269
Puget Energy, Inc.:
6.00%, 09/01/21			275		295,098
5.63%, 07/15/22			5,550		5,921,109
Southern Co., 4.40%, 07/01/46^(f)			7,500		7,395,233

					76,561,270
Electronic Equipment, Instruments & Components — 0.3%
CDW LLC/CDW Finance Corp.:
5.00%, 09/01/23			306		312,150
5.50%, 12/01/24			2,517		2,606,706
Sanmina Corp., 4.38%, 06/01/19^(a)			1,415		1,429,150

					4,348,006
Energy Equipment & Services — 0.7%
Ensco PLC, 7.75%, 02/01/26			668		629,590
Halliburton Co., 5.00%, 11/15/45^(f)			6,615		7,022,714
Precision Drilling Corp., 7.13%, 01/15/26^(a)			135		136,350
Transocean, Inc., 9.00%, 07/15/23^(a)			670		722,796
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 04/01/26^(a)			855		872,100
Weatherford International Ltd.:
7.75%, 06/15/21			347		341,795
8.25%, 06/15/23			150		141,000
9.88%, 02/15/24			280		269,500
6.50%, 08/01/36			521		395,960

					10,531,805
Environmental, Maintenance, & Security Service — 0.0%
Waste Pro USA, Inc., 5.50%, 02/15/26^(a)			622		615,593

Food & Staples Retailing — 1.2%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC:
6.63%, 06/15/24			775		721,719
5.75%, 03/15/25			1,120		975,800
Dollar Tree, Inc., 5.75%, 03/01/23^(f)			3,938		4,108,121
General Mills, Inc., 4.20%, 04/17/28			620		611,064
H.J. Heinz Finance Co., 7.13%, 08/01/39^(a)			4,415		5,547,816
Wal-Mart Stores, Inc., 5.25%, 09/01/35^(f)			5,150		6,082,449

					18,046,969


SCHEDULES OF INVESTMENTS			17

Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Food Products — 0.5%
Aramark Services, Inc.:
5.13%, 01/15/24		USD	1,470	$	1,495,725
5.00%, 02/01/28^(a)			228		222,015
JBS USA LLC/JBS USA Finance, Inc., 5.75%, 06/15/25^(a)			1,590		1,494,123
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28^(a)			737		707,520
Kraft Heinz Foods Co., 4.38%, 06/01/46			2,475		2,226,813
Pilgrim’s Pride Corp.^(a):
5.75%, 03/15/25			759		741,922
5.88%, 09/30/27			409		390,595
Post Holdings, Inc., 5.63%, 01/15/28^(a)			428		408,740

					7,687,453
Health Care Equipment & Supplies — 1.1%
Avantor, Inc.^(a):
6.00%, 10/01/24^(f)			6,794		6,827,970
9.00%, 10/01/25			960		972,000
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.13%, 06/15/21^(a)			2,065		2,067,581
Mallinckrodt International Finance SA/Mallinckrodt CB LLC^(a):
4.88%, 04/15/20			517		493,735
5.75%, 08/01/22			2,165		1,802,363
5.63%, 10/15/23			216		169,020
5.50%, 04/15/25			125		93,984
Medtronic, Inc., 4.63%, 03/15/45^(f)			4,565		4,824,663

					17,251,316
Health Care Providers & Services — 3.8%
Acadia Healthcare Co., Inc., 5.13%, 07/01/22			191		191,000
Amsurg Corp., 5.63%, 07/15/22			1,313		1,316,282
Centene Corp.:
5.63%, 02/15/21			875		897,969
6.13%, 02/15/24			1,370		1,435,075
CHS/Community Health Systems, Inc., 6.25%, 03/31/23			60		54,750
DaVita, Inc., 5.13%, 07/15/24			761		737,219
HCA, Inc.:
3.75%, 03/15/19			4,364		4,374,910
7.50%, 02/15/22			2,214		2,435,400
5.88%, 03/15/22			9,054		9,540,652
4.75%, 05/01/23			471		474,490
5.88%, 05/01/23			69		71,933
5.00%, 03/15/24			2,767		2,798,129
5.25%, 04/15/25			738		747,225
5.88%, 02/15/26			1,297		1,313,212
5.50%, 06/15/47			2,570		2,428,650
HealthSouth Corp., 5.75%, 11/01/24			637		648,148
MEDNAX, Inc., 5.25%, 12/01/23^(a)			144		142,920
MPH Acquisition Holdings LLC, 7.13%, 06/01/24^(a)			829		845,580
NVA Holdings, Inc., 6.88%, 04/01/26^(a)			835		841,263
Polaris Intermediate Corp., (8.50% Cash), 8.50%, 12/01/22^(a)(j)			2,066		2,096,990
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 05/01/23^(a)			147		154,306
Tenet Healthcare Corp.:
6.00%, 10/01/20			4,102		4,233,469
7.50%, 01/01/22^(a)			394		415,178
8.13%, 04/01/22			2,645		2,754,106
6.75%, 06/15/23			1,561		1,534,658
4.63%, 07/15/24^(a)			903		871,485
THC Escrow Corp. III, 5.13%, 05/01/25^(a)			242		235,345
UnitedHealth Group, Inc., 6.88%, 02/15/38^(f)			10,000		13,459,048

					57,049,392


Security	Par (000)			Value
Health Care Technology — 0.0%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25^(a)		USD	624	$	609,960

Hotels, Restaurants & Leisure — 1.2%
Churchill Downs, Inc., 4.75%, 01/15/28^(a)			190		179,075
CRC Escrow Issuer LLC/CRC Finco, Inc., 5.25%, 10/15/25^(a)			1,114		1,063,870
ESH Hospitality, Inc., 5.25%, 05/01/25^(a)			1,278		1,249,245
IRB Holding Corp., 6.75%, 02/15/26^(a)			156		150,540
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC^(a):
5.00%, 06/01/24			600		600,000
5.25%, 06/01/26			650		653,250
4.75%, 06/01/27			817		780,235
Melco Resorts Finance Ltd., 4.88%, 06/06/25^(a)			444		415,039
MGM Resorts International:
6.75%, 10/01/20			149		158,312
6.63%, 12/15/21			4,805		5,141,350
New Red Finance, Inc.^(a):
4.25%, 05/15/24			1,577		1,500,121
5.00%, 10/15/25			2,910		2,799,973
Sabre GLBL, Inc.,^(a)
5.38%, 04/15/23			594		599,762
5.25%, 11/15/23			294		296,573
Scientific Games International, Inc., 5.00%, 10/15/25^(a)			914		882,878
Station Casinos LLC, 5.00%, 10/01/25^(a)			1,200		1,149,000
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26^(a)			453		456,398
Wyndham Worldwide Corp.:
4.15%, 04/01/24			732		727,020
5.10%, 10/01/25			108		111,754
4.50%, 04/01/27			43		42,556

					18,956,951
Household Durables — 1.0%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 07/01/22^(a)			1,647		1,675,823
Lennar Corp.:
2.95%, 11/29/20^(a)			520		506,329
8.38%, 01/15/21^(a)			3,015		3,339,113
4.75%, 11/15/22			1,805		1,806,931
4.88%, 12/15/23			466		467,165
Newell Brands, Inc.:
3.85%, 04/01/23^(f)			5,085		5,044,797
4.20%, 04/01/26			955		937,738
TRI Pointe Group, Inc./TRI Pointe Homes, Inc.:
4.38%, 06/15/19			920		921,150
5.88%, 06/15/24			625		633,594

					15,332,640
Household Products — 0.2%
Spectrum Brands, Inc.:
6.63%, 11/15/22			1,110		1,148,850
6.13%, 12/15/24			231		234,465
5.75%, 07/15/25			1,002		1,001,048

					2,384,363
Independent Power and Renewable Electricity Producers — 0.9%
Calpine Corp.:
6.00%, 01/15/22^(a)			1,858		1,899,805
5.38%, 01/15/23			472		452,530
5.88%, 01/15/24^(a)			823		827,629
5.25%, 06/01/26^(a)			2,719		2,601,743
Dynegy, Inc.:
6.75%, 11/01/19			1,471		1,495,860
8.00%, 01/15/25^(a)			319		345,716


18		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Independent Power and Renewable Electricity Producers (continued)
NRG Energy, Inc.:
6.63%, 01/15/27		USD	2,746	$	2,824,948
5.75%, 01/15/28^(a)			650		643,500
QEP Resources, Inc., 5.38%, 10/01/22			1,927		1,927,000
TerraForm Power Operating LLC^(a):
4.25%, 01/31/23			470		448,850
5.00%, 01/31/28			470		437,100

					13,904,681
Industrial Conglomerates — 0.0%
Vertiv Group Corp., 9.25%, 10/15/24^(a)			623		629,230

Insurance — 3.5%
American International Group, Inc., 6.40%, 12/15/20^(f)			8,710		9,387,126
Aon Corp., 5.00%, 09/30/20^(f)			7,700		8,002,292
Aon PLC, 4.25%, 12/12/42^(f)			6,500		6,029,189
Forethought Financial Group, Inc., 8.63%, 04/15/21^(a)			3,400		3,829,110
HUB International Ltd., 7.00%, 05/01/26^(a)			1,373		1,374,716
Nationwide Building Society, 4.13%, 10/18/32^(a)^(b)			2,520		2,363,023
Northwestern Mutual Life Insurance Co., 6.06%, 03/30/40^(a)^(f)			12,000		15,067,177
Progressive Corp., Series B, 5.38%^(b)^(h)			5,000		5,018,750
Radian Group, Inc., 5.25%, 06/15/20			271		276,420
Wayne Merger Sub LLC, 8.25%, 08/01/23^(a)			1,040		1,078,355

					52,426,158
Internet Software & Services — 0.7%
Alibaba Group Holding Ltd., 4.20%, 12/06/47			1,470		1,383,338
Equinix, Inc., 5.88%, 01/15/26			1,061		1,098,135
Netflix, Inc.:
5.50%, 02/15/22			563		584,113
4.38%, 11/15/26			905		845,894
5.88%, 11/15/28^(a)			1,550		1,546,125
Priceline Group, Inc., 3.55%, 03/15/28			3,375		3,210,982
Rackspace Hosting, Inc., 8.63%, 11/15/24^(a)			1,078		1,092,822
Symantec Corp., 5.00%, 04/15/25^(a)			347		348,590

					10,109,999
IT Services — 1.1%
Ceridian HCM Holding, Inc., 11.00%, 03/15/21^(a)			1,755		1,807,650
Fidelity National Information Services, Inc., 5.00%, 10/15/25			538		568,061
First Data Corp.^(a):
5.38%, 08/15/23			1,509		1,538,878
7.00%, 12/01/23			4,908		5,135,633
5.75%, 01/15/24			5,700		5,771,250
Gartner, Inc., 5.13%, 04/01/25^(a)			399		399,878
WEX, Inc., 4.75%, 02/01/23^(a)			760		764,750

					15,986,100
Life Sciences Tools & Services — 0.8%
Life Technologies Corp., 6.00%, 03/01/20^(f)			12,000		12,575,456

Machinery — 0.1%
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25^(a)			558		538,470
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26^(a)			1,324		1,319,035

					1,857,505
Media — 8.9%
21st Century Fox America, Inc., 6.15%, 03/01/37^(f)			9,575		11,806,872
A&E Television Networks LLC, 3.11%, 08/22/19^(d)			5,000		4,966,500
Altice Financing SA^(a):
6.63%, 02/15/23			400		400,000
7.50%, 05/15/26			1,772		1,745,420
Altice France SA^(a) 6.00%, 05/15/22			4,544		4,478,657
7.38%, 05/01/26			4,546		4,403,937


Security	Par (000)			Value
Media (continued)
Altice Luxembourg SA, 7.75%, 05/15/22^(a)		USD	6,326	$	6,041,330
Altice US Finance I Corp.^(a):
5.38%, 07/15/23			2,919		2,922,649
5.50%, 05/15/26			1,211		1,183,753
AMC Networks, Inc.:
4.75%, 12/15/22			685		688,425
5.00%, 04/01/24			432		422,280
4.75%, 08/01/25			546		518,700
CCO Holdings LLC/CCO Holdings Capital Corp.^(a):
4.00%, 03/01/23			1,216		1,173,440
5.13%, 05/01/27			5,664		5,306,998
5.00%, 02/01/28			1,116		1,030,492
Cequel Communications Holdings I LLC/Cequel Capital Corp., 7.50%, 04/01/28^(a)			1,200		1,216,500
Charter Communications Operating LLC/Charter Communications Operating Capital:
6.38%, 10/23/35			479		522,590
6.48%, 10/23/45			9,584		10,272,907
5.38%, 05/01/47			1,500		1,411,999
6.83%, 10/23/55			3,540		3,949,413
Cinemark USA, Inc., 5.13%, 12/15/22			349		354,671
Clear Channel Worldwide Holdings, Inc.:
6.50%, 11/15/22			2,758		2,813,160
6.50%, 11/15/22^(f)			7,431		7,607,486
Cox Communications, Inc.^(a):
8.38%, 03/01/39^(f)			5,000		6,764,040
4.60%, 08/15/47			625		588,116
CSC Holdings LLC:
8.63%, 02/15/19			4,005		4,167,883
5.25%, 06/01/24			1,054		987,466
6.63%, 10/15/25^(a)			1,072		1,105,500
10.88%, 10/15/25^(a)			620		726,950
Discovery Communications LLC:
3.95%, 03/20/28^(f)			8,515		8,088,137
4.88%, 04/01/43			4,000		3,771,576
DISH DBS Corp.:
5.88%, 11/15/24			338		287,723
7.75%, 07/01/26			1,957		1,779,647
Grupo Televisa SAB, 5.00%, 05/13/45^(f)			3,345		3,013,293
Hughes Satellite Systems Corp., 5.25%, 08/01/26			1,017		994,118
Intelsat Jackson Holdings SA:
5.50%, 08/01/23			44		36,960
9.75%, 07/15/25^(a)			1,526		1,497,387
Interpublic Group of Cos., Inc., 3.75%, 02/15/23^(f)			6,025		5,967,889
MDC Partners, Inc., 6.50%, 05/01/24^(a)			1,036		1,019,165
Meredith Corp., 6.88%, 02/01/26^(a)			396		400,435
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 08/01/18^(a)			1,471		1,471,294
Sirius XM Radio, Inc., 5.00%, 08/01/27^(a)			597		568,643
TEGNA, Inc., 5.50%, 09/15/24^(a)			351		357,143
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28^(a)			800		764,000
Time Warner Cable, Inc., 6.55%, 05/01/37			3,519		3,885,573
Time Warner, Inc.:
4.65%, 06/01/44			28		26,818
4.85%, 07/15/45			97		94,951
Tribune Media Co., 5.88%, 07/15/22			1,308		1,324,350
Univision Communications, Inc.^(a):
5.13%, 05/15/23			5,293		5,028,350
5.13%, 02/15/25			375		346,875
UPCB Finance IV Ltd., 5.38%, 01/15/25^(a)			420		410,550
Viacom, Inc., 5.85%, 09/01/43			1,300		1,383,164
Videotron Ltd., 5.13%, 04/15/27^(a)			1,099		1,077,020


SCHEDULES OF INVESTMENTS			19

Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Media (continued)
Virgin Media Secured Finance PLC, 5.50%, 08/15/26^(a)		USD	487	$	468,738
Ziggo Secured Finance BV, 5.50%, 01/15/27^(a)			150		141,375

					133,783,308
Metals & Mining — 2.6%
Alcoa Nederland Holding BV, 7.00%, 09/30/26^(a)			291		317,190
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/22			5,000		5,119,667
Commercial Metals Co., 4.88%, 05/15/23			2,194		2,161,266
Constellium NV:
4.63%, 05/15/21		EUR	490		597,582
6.63%, 03/01/25^(a)		USD	356		360,895
5.88%, 02/15/26^(a)			1,451		1,429,235
First Quantum Minerals Ltd.^(a):
7.25%, 05/15/22			912		917,654
6.50%, 03/01/24			311		295,823
FMG Resources August 2006 Property Ltd., 9.75%, 03/01/22^(a)			77		85,296
Freeport-McMoRan, Inc.:
4.00%, 11/14/21			500		497,500
3.55%, 03/01/22			236		227,740
3.88%, 03/15/23			6,250		5,992,187
5.40%, 11/14/34			2,250		2,075,625
5.45%, 03/15/43			1,410		1,283,100
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23^(a)			725		765,781
Novelis Corp.^(a):
6.25%, 08/15/24			2,862		2,915,663
5.88%, 09/30/26			3,411		3,385,417
Southern Copper Corp., 5.88%, 04/23/45			3,870		4,329,152
Steel Dynamics, Inc.:
5.13%, 10/01/21			1,105		1,124,669
5.25%, 04/15/23			309		313,635
5.50%, 10/01/24			240		246,600
4.13%, 09/15/25			1,808		1,725,519
5.00%, 12/15/26			35		34,650
Teck Resources Ltd.:
4.50%, 01/15/21			370		373,700
8.50%, 06/01/24^(a)			1,623		1,811,674
United States Steel Corp., 6.25%, 03/15/26			813		806,903

					39,194,123
Multi-Utilities — 0.0%
NGL Energy Partners LP/NGL Energy Finance Corp., 6.88%, 10/15/21			386		386,483

Oil, Gas & Consumable Fuels — 17.2%
Aker BP ASA, 5.88%, 03/31/25^(a)			570		591,375
Andeavor:
4.75%, 12/15/23			1,230		1,284,794
5.13%, 12/15/26			937		989,142
Andeavor Logistics LP, Series A, 6.88%^(b)(h)			5,000		5,082,500
California Resources Corp., 8.00%, 12/15/22^(a)			1,065		915,900
Calumet Specialty Products Partners LP/Calumet Finance Corp., 6.50%, 04/15/21			252		248,850
Carrizo Oil & Gas, Inc.:
6.25%, 04/15/23			279		285,975
8.25%, 07/15/25			364		390,394
Cheniere Corpus Christi Holdings LLC:
7.00%, 06/30/24			1,916		2,095,644
5.13%, 06/30/27			2,516		2,453,100
Cheniere Energy Partners LP, 5.25%, 10/01/25^(a)			1,157		1,130,967
Chesapeake Energy Corp., 8.00%, 12/15/22^(a)			1,670		1,770,200
CNX Resources Corp., 5.88%, 04/15/22^(f)			8,704		8,747,520
Concho Resources, Inc., 4.88%, 10/01/47			815		828,640


Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
CONSOL Energy, Inc., 11.00%, 11/15/25^(a)		USD	328	$	344,400
Continental Resources, Inc.:
5.00%, 09/15/22^(f)			7,519		7,641,184
4.50%, 04/15/23			795		804,938
4.38%, 01/15/28^(a)			115		113,059
4.90%, 06/01/44			201		196,980
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25^(a)			365		366,825
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(a)			2,880		2,844,000
DCP Midstream LLC, 6.75%, 09/15/37^(a)			1,527		1,654,886
Denbury Resources, Inc., 9.25%, 03/31/22^(a)			1,136		1,185,700
Devon Energy Corp., 5.85%, 12/15/25			4,000		4,453,357
El Paso LLC:
7.80%, 08/01/31			197		243,898
7.75%, 01/15/32			4,586		5,730,073
El Paso Natural Gas Co. LLC, 8.63%, 01/15/22			2,345		2,706,446
El Paso Pipeline Partners Operating Co. LLC, 6.50%, 04/01/20^(f)			5,075		5,361,442
Enbridge Energy Partners LP, 9.88%, 03/01/19^(f)			6,000		6,333,609
Enbridge, Inc., 6.25%, 03/01/78^(b)			5,000		4,878,605
Endeavor Energy Resources LP/EER Finance, Inc., 5.50%, 01/30/26^(a)			320		321,600
Energy Transfer Equity LP:
7.50%, 10/15/20			598		640,608
4.25%, 03/15/23			553		533,645
5.88%, 01/15/24			3,366		3,437,527
5.50%, 06/01/27			406		406,000
Energy Transfer LP:
5.20%, 02/01/22^(f)			10,200		10,599,217
6.13%, 12/15/45			3,579		3,663,904
Enterprise Products Operating LLC:
4.90%, 05/15/46^(f)			5,375		5,598,896
Series E, 5.25%, 08/16/77^(b)			4,800		4,627,152
Series N, 6.50%, 01/31/19^(f)			12,000		12,314,702
EP Energy LLC/Everest Acquisition Finance, Inc.^(a):
9.38%, 05/01/24			367		280,755
8.00%, 11/29/24^(f)			673		696,555
Extraction Oil & Gas, Inc., 5.63%, 02/01/26^(a)			611		594,381
Gulfport Energy Corp.:
6.00%, 10/15/24			210		199,500
6.38%, 05/15/25			487		467,369
Hess Corp., 5.80%, 04/01/47			3,000		3,107,808
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.63%, 02/15/26^(a)			749		756,490
Indigo Natural Resources LLC, 6.88%, 02/15/26^(a)			300		288,000
Jagged Peak Energy LLC, 5.88%, 05/01/26^(a)(e)			388		389,455
Kinder Morgan Energy Partners LP:
6.85%, 02/15/20^(f)			12,000		12,721,919
4.25%, 09/01/24			2,170		2,165,682
5.40%, 09/01/44			3,615		3,565,728
Matador Resources Co., 6.88%, 04/15/23			71		74,195
MEG Energy Corp.^(a):
7.00%, 03/31/24			1,643		1,474,592
6.50%, 01/15/25			1,409		1,409,282
Midcontinent Express Pipeline LLC, 6.70%, 09/15/19^(a)			3,500		3,549,000
MPLX LP:
4.13%, 03/01/27			825		804,979
5.20%, 03/01/47			3,500		3,579,406
4.70%, 04/15/48			5,000		4,732,052
Murphy Oil Corp., 6.88%, 08/15/24			752		796,180
Nabors Industries, Inc., 5.75%, 02/01/25^(a)			395		374,263


20		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Newfield Exploration Co.:
5.63%, 07/01/24		USD	78	$	82,680
5.38%, 01/01/26			830		860,087
Nexen Energy ULC, 6.40%, 05/15/37			2,000		2,432,164
NGPL PipeCo LLC^(a):
4.38%, 08/15/22			509		506,455
7.77%, 12/15/37			2,304		2,776,320
Noble Energy, Inc.:
5.63%, 05/01/21			1,784		1,813,970
5.05%, 11/15/44			3,500		3,626,526
Noble Holding International Ltd.:
7.75%, 01/15/24^(f)			1,093		1,024,687
7.95%, 04/01/25			232		207,640
7.88%, 02/01/26^(a)			1,427		1,437,702
Oasis Petroleum, Inc., 6.88%, 01/15/23			57		58,496
ONEOK Partners LP, 8.63%, 03/01/19^(f)			10,000		10,455,613
Parsley Energy LLC/Parsley Finance Corp.^(a):
5.25%, 08/15/25			780		778,050
5.63%, 10/15/27			649		657,113
Petroleos Mexicanos:
3.50%, 01/30/23^(f)			5,000		4,732,500
4.63%, 09/21/23			3,965		3,913,336
4.88%, 01/18/24^(f)			2,000		1,984,000
Pioneer Natural Resources Co., 6.88%, 05/01/18			1,665		1,665,000
Plains All American Pipeline LP, Series B, 6.13%^(b)(f)(h)			2,215		2,154,087
Plains All American Pipeline LP/PAA Finance Corp.:
4.70%, 06/15/44			1,498		1,338,983
4.90%, 02/15/45			2,102		1,943,496
QEP Resources, Inc., 5.63%, 03/01/26			160		153,200
Range Resources Corp.:
5.00%, 08/15/22			32		31,440
4.88%, 05/15/25			259		239,737
Rockies Express Pipeline LLC^(a):
5.63%, 04/15/20			295		305,416
6.88%, 04/15/40			580		669,900
RSP Permian, Inc., 6.63%, 10/01/22			789		822,532
Ruby Pipeline LLC, 6.00%, 04/01/22^(a)(f)			8,939		9,252,851
Sabine Pass Liquefaction LLC:
5.63%, 02/01/21			405		425,112
5.63%, 04/15/23^(f)			10,510		11,200,612
5.75%, 05/15/24			2,575		2,764,354
5.88%, 06/30/26			1,481		1,608,380
Sanchez Energy Corp.:
7.75%, 06/15/21			982		910,805
6.13%, 01/15/23			847		611,703
Seven Generations Energy Ltd., 5.38%, 09/30/25^(a)			1,110		1,079,475
SM Energy Co.:
6.50%, 01/01/23			177		177,443
5.00%, 01/15/24			297		282,893
5.63%, 06/01/25^(f)			350		337,750
6.75%, 09/15/26			46		46,805
Southwestern Energy Co.:
6.45%, 01/23/25			676		662,480
7.50%, 04/01/26			1,098		1,128,195
Sunoco LP/Sunoco Finance Corp.^(a):
4.88%, 01/15/23			1,071		1,054,367
5.88%, 03/15/28			317		307,886
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.50%, 01/15/28^(a)			1,298		1,294,755
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.25%, 05/01/23			37		36,908
6.75%, 03/15/24			184		192,280
5.88%, 04/15/26^(a)			848		841,810


Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
5.00%, 01/15/28^(a)		USD	1,009	$	933,325
TransCanada PipeLines Ltd., 4.88%, 01/15/26^(f)			4,485		4,770,841
Western Gas Partners LP, 5.38%, 06/01/21^(f)			5,125		5,302,906
Whiting Petroleum Corp., 6.63%, 01/15/26^(a)			400		410,000
Williams Cos., Inc.:
3.70%, 01/15/23			2,245		2,171,364
4.55%, 06/24/24			527		525,024
8.75%, 03/15/32			2,478		3,264,765
5.75%, 06/24/44			685		714,113
Williams Partners LP, 5.10%, 09/15/45			5,075		4,995,141
WPX Energy, Inc.:
6.00%, 01/15/22			72		75,060
5.25%, 09/15/24			22		22,165

					259,917,943
Paper & Forest Products — 1.8%
International Paper Co.^(f):
7.50%, 08/15/21			7,209		8,098,928
8.70%, 06/15/38			4,000		5,690,951
7.30%, 11/15/39			10,000		13,033,401

					26,823,280
Pharmaceuticals — 3.5%
AbbVie, Inc.:
2.90%, 11/06/22^(f)			5,675		5,524,665
4.70%, 05/14/45			3,255		3,232,564
Actavis Funding SCS:
3.85%, 06/15/24			6,000		5,845,239
4.75%, 03/15/45			485		458,332
Charles River Laboratories International, Inc., 5.50%, 04/01/26^(a)			317		322,452
CVS Health Corp.:
4.75%, 12/01/22			289		300,947
5.00%, 12/01/24			183		192,029
5.13%, 07/20/45			3,879		4,028,992
5.05%, 03/25/48			5,705		5,795,690
Endo Finance LLC/Endo Finco, Inc., 6.00%, 07/15/23^(a)			1,514		1,101,435
Forest Laboratories LLC, 5.00%, 12/15/21^(a)			1,631		1,691,055
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24^(a)			297		315,563
Merck & Co., Inc., 6.50%, 12/01/33^(f)			6,420		8,268,453
Mylan NV, 3.95%, 06/15/26^(f)			7,500		7,125,691
Valeant Pharmaceuticals International, Inc.^(a):
7.50%, 07/15/21			108		109,755
6.75%, 08/15/21			349		351,181
5.63%, 12/01/21			643		622,103
6.50%, 03/15/22			829		860,087
7.25%, 07/15/22			19		19,164
5.50%, 03/01/23			2,365		2,134,412
5.88%, 05/15/23			780		716,625
7.00%, 03/15/24			1,303		1,374,665
6.13%, 04/15/25			1,121		1,011,108
5.50%, 11/01/25			963		958,185

					52,360,392
Real Estate Investment Trusts (REITs) — 1.7%
American Tower Corp.:
5.05%, 09/01/20			500		518,426
5.90%, 11/01/21^(f)			3,770		4,057,277
AvalonBay Communities, Inc., 6.10%, 03/15/20^(f)			10,000		10,530,996
Hilton Domestic Operating Co., Inc.:
4.25%, 09/01/24			1,133		1,088,756
5.13%, 05/01/26^(a)			1,185		1,185,000
Host Hotels & Resorts LP, 3.75%, 10/15/23^(f)			3,600		3,516,854


SCHEDULES OF INVESTMENTS			21

Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Real Estate Investment Trusts (REITs) (continued)
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.:
5.63%, 05/01/24		USD	627	$	639,553
4.50%, 09/01/26			2,750		2,585,000
Starwood Property Trust, Inc.:
5.00%, 12/15/21			627		634,505
4.75%, 03/15/25^(a)			212		204,050

					24,960,417
Real Estate Management & Development — 0.4%
Greystar Real Estate Partners LLC, 5.75%, 12/01/25^(a)			460		455,400
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29^(a)(f)			4,485		4,243,931
Realogy Group LLC/Realogy Co-Issuer Corp.^(a):
4.50%, 04/15/19			803		811,191
5.25%, 12/01/21			344		348,300
4.88%, 06/01/23			222		214,574

					6,073,396
Road & Rail — 1.2%
Norfolk Southern Corp., 6.00%, 03/15/2105			12,700		14,637,083
United Rentals North America, Inc.:
4.63%, 07/15/23			1,616		1,640,240
4.63%, 10/15/25			1,034		1,002,990
4.88%, 01/15/28			877		830,958
5.88%, 09/15/26			274		285,645

					18,396,916
Semiconductors & Semiconductor Equipment — 0.9%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27^(f)			7,500		7,160,926
Micron Technology, Inc., 5.50%, 02/01/25			40		41,600
NXP BV/NXP Funding LLC^(a):
4.13%, 06/15/20			951		955,755
4.13%, 06/01/21			1,461		1,464,652
4.63%, 06/15/22			490		493,675
4.63%, 06/01/23			204		205,403
QUALCOMM, Inc., 3.25%, 05/20/27^(f)			2,500		2,300,788
Sensata Technologies BV^(a):
5.63%, 11/01/24			695		721,063
5.00%, 10/01/25			772		770,070

					14,113,932
Software — 1.0%
Genesys Telecommunications Laboratories Inc/Greeneden Lux 3 Sarl/Greeneden US Holdings LLC, 10.00%, 11/30/24^(a)			690		762,450
Infor US, Inc., 6.50%, 05/15/22			3,585		3,638,775
Informatica LLC, 7.13%, 07/15/23^(a)			1,599		1,599,000
Nuance Communications, Inc., 5.38%, 08/15/20^(a)			1,901		1,910,505
Oracle Corp., 2.65%, 07/15/26^(f)			4,890		4,521,582
PTC, Inc., 6.00%, 05/15/24			313		327,867
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24^(a)			2,040		2,269,500
Sophia LP/Sophia Finance, Inc., 9.00%, 09/30/23^(a)			740		778,850

					15,808,529
Specialty Retail — 0.4%
L Brands, Inc.:
7.00%, 05/01/20			3,050		3,233,000
6.88%, 11/01/35			1,119		1,051,860
Penske Automotive Group, Inc., 5.50%, 05/15/26			1,160		1,125,200

					5,410,060
Technology Hardware, Storage & Peripherals — 0.5%
Dell International LLC/EMC Corp.^(a):
5.88%, 06/15/21			615		632,733


Security	Par (000)			Value
Technology Hardware, Storage & Peripherals (continued)
7.13%, 06/15/24		USD	747	$	795,555
8.35%, 07/15/46			2,355		2,899,703
Western Digital Corp., 4.75%, 02/15/26			2,466		2,429,010

					6,757,001
Textiles, Apparel & Luxury Goods — 0.2%
Levi Strauss & Co., 5.00%, 05/01/25			699		702,495
Springs Industries, Inc., 6.25%, 06/01/21			304		308,180
William Carter Co., 5.25%, 08/15/21			1,406		1,428,848

					2,439,523
Thrifts & Mortgage Finance — 0.1%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(a):
5.25%, 03/15/22			639		639,000
5.25%, 10/01/25			268		255,270

					894,270
Tobacco — 2.0%
Altria Group, Inc., 10.20%, 02/06/39^(f)			13,392		22,327,942
BAT Capital Corp., 4.54%, 08/15/47^(a)			5,000		4,760,014
Reynolds American, Inc.:
4.85%, 09/15/23			1,120		1,172,392
5.85%, 08/15/45			2,335		2,627,146

					30,887,494
Trading Companies & Distributors — 0.2%
Doric Nimrod Air Alpha Ltd. Pass-Through Trust, Series 2013-1^(a):
Class A, 5.25%, 05/30/25			1,885		1,933,679
Class B, 6.13%, 11/30/21			1,477		1,504,328

					3,438,007
Transportation Infrastructure — 0.9%
CEVA Group PLC, (9.00% Cash or 3.00% PIK), 9.00%, 09/01/20^(a)(j)			1,876		1,942,038
Penske Truck Leasing Co. LP/PTL Finance Corp., 4.88%, 07/11/22^(a)(f)			10,500		10,965,940

					12,907,978
Wireless Telecommunication Services — 1.6%
Crown Castle International Corp., 5.25%, 01/15/23			6,380		6,730,516
CyrusOne LP/CyrusOne Finance Corp.:
5.00%, 03/15/24			277		277,693
5.38%, 03/15/27			129		129,000
Digicel Group Ltd., 8.25%, 09/30/20^(a)			200		178,750
Digicel Ltd., 6.00%, 04/15/21^(a)			1,285		1,222,356
Frontier Communications Corp., 8.50%, 04/01/26^(a)			995		967,638
SBA Communications Corp.:
4.00%, 10/01/22^(a)			1,045		995,362
4.88%, 09/01/24			1,658		1,593,752
Sprint Capital Corp., 8.75%, 03/15/32			1,994		2,284,376
Sprint Communications, Inc.^(a):
9.00%, 11/15/18			1,576		1,620,325
7.00%, 03/01/20			389		409,423
Sprint Corp.:
7.13%, 06/15/24			3,456		3,581,280
7.63%, 02/15/25			146		153,665
7.63%, 03/01/26			1,688		1,778,730
T-Mobile USA, Inc.:
4.50%, 02/01/26			815		784,438
4.75%, 02/01/28			1,341		1,290,444

					23,997,748

Total Corporate Bonds — 99.9% (Cost — $1,460,135,124)					1,509,472,895


22		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Foreign Agency Obligations — 2.3%
Argentine Republic Government International Bond, 5.63%, 01/26/22		USD	6,485	$	6,540,122
Brazilian Government International Bond, 5.00%, 01/27/45			6,525		5,644,125
Colombia Government International Bond, 5.63%, 02/26/44			4,000		4,288,000
Indonesia Government International Bond, 5.88%, 01/15/24^(a)			4,400		4,779,993
Mexico Government International Bond:
4.75%, 03/08/44			5,800		5,452,000
4.60%, 02/10/48			5,000		4,577,500
Uruguay Government International Bond, 5.10%, 06/18/50			3,500		3,438,750

Total Foreign Agency Obligations — 2.3% (Cost — $35,087,795)					34,720,490


Municipal Bonds — 1.2%
City of Chicago Illinois, Refunding ARB, O’Hare International Airport, General 3rd Lien, Build America Bonds, Series B, 6.85%, 01/01/38			5,000		5,313,000
Metropolitan Transportation Authority, RB, Build America Bonds, Series B-1, 6.55%, 11/15/31			10,000		12,387,400

Total Municipal Bonds — 1.2% (Cost — $14,849,709)					17,700,400


Preferred Securities — 26.4%

Capital Trusts — 21.9%
Auto Components — 0.2%
General Motors Financial Co., Inc., Series A, 5.75%^(b)(h)			3,000		2,958,000

Banks — 5.2%
BNP Paribas SA^(a)(g)(h):
7.20%			5,000		5,487,500
7.38%			4,535		4,943,150
Capital One Financial Corp., Series E, 5.55%^(g)(h)			5,000		5,150,000
CIT Group, Inc., Series A, 5.80%^(g)(h)			3,000		2,985,000
Citigroup, Inc.^(g)(h):
5.90%			2,210		2,258,344
Series P, 5.95%			7,000		7,087,500
Credit Suisse Group AG^(a)(g)(h):
6.25%			7,255		7,429,381
7.50%			3,250		3,522,252
HSBC Capital Funding LP, 10.18%^(a)(g)(h)			11,835		18,410,763
Macquarie Bank Ltd., 6.13%^(a)(g)(h)			1,885		1,814,312
Nordea Bank AB, 6.13%^(a)(g)(h)			5,540		5,685,425
U.S. Bancorp, Series J, 5.30%^(g)(h)			10,415		10,519,150
Wells Fargo & Co.^(g)(h):
Series K, 5.89%			809		818,101
Series S, 5.90%			281		285,918
Series U, 5.88%			2,655		2,747,925

					79,144,721
Capital Markets — 2.4%
Charles Schwab Corp., Series E, 4.63%^(g)(h)			6,805		6,811,805
Goldman Sachs Group, Inc., Series L, 5.70%^(g)(h)			2,950		3,016,375
Morgan Stanley, Series H, 5.45%^(g)(h)			8,675		8,815,969
State Street Corp.:
3.12%, 06/01/77^(c)(f)			17,845		16,176,492
Series F, 5.25%^(g)(h)			1,855		1,906,013

					36,726,654
Commercial Services & Supplies — 0.4%
AerCap Global Aviation Trust, 6.50%^(a)(g)			5,000		5,300,000


Security	Par (000)			Value
Consumer Finance — 0.3%
American Express Co., Series C, 4.90%^(g)(h)		USD	4,510	$	4,521,275

Diversified Financial Services — 5.3%
Bank of America Corp.^(g)(h):
Series AA, 6.10%			8,630		8,942,837
Series K, 5.99%			775		778,875
Series U, 5.20%			5,785		5,741,613
Barclays PLC, 6.63%^(g)(h)			7,385		7,542,300
BNP Paribas SA, 6.75%^(a)(g)(h)			5,000		5,243,750
Credit Agricole SA, 8.13%^(a)(g)(h)			5,000		5,681,250
HSBC Holdings PLC^(g)(h):
6.00%			1,550		1,530,935
6.50%			2,615		2,654,513
JPMorgan Chase & Co.^(g)(h):
Series 1, 5.83%			3,650		3,677,375
Series Q, 5.15%			4,000		3,960,000
Series R, 6.00%			14,130		14,372,753
Series S, 6.75%			9,775		10,593,656
Royal Bank of Scotland Group PLC^(g)(h):
8.00%			970		1,060,938
8.63%			5,135		5,622,825
Societe Generale SA, 7.38%^(a)(g)(h)			1,980		2,098,800

					79,502,420
Electric Utilities — 0.5%
PPL Capital Funding, Inc., Series A, 4.97%^(g)			8,300		8,280,080

Industrial Conglomerates — 0.5%
General Electric Co., Series D, 5.00%^(g)(h)			7,502		7,426,980

Insurance — 3.3%
ACE Capital Trust II, 9.70%, 04/01/30			7,000		10,010,000
Allstate Corp., 5.75%, 08/15/53^(g)			5,000		5,162,500
American International Group, Inc., 8.18%, 05/15/68^(g)			3,755		4,919,050
Bank One Capital III, 8.75%, 09/01/30			2,000		2,766,116
Equitable of Iowa Cos. Capital Trust II, Series B, 8.42%, 04/01/27			5,000		5,439,410
Farmers Exchange Capital II, 6.15%, 11/01/53^(a)(g)			4,890		5,330,100
Great-West Life & Annuity Insurance Capital LP II, 4.39%, 05/16/46^(a)(g)			500		500,000
Hartford Financial Services Group, Inc., 8.13%, 06/15/68^(g)			5,050		5,062,625
MetLife, Inc., 6.40%, 12/15/66			5,000		5,450,000
Principal Financial Group, Inc., 4.70%, 05/15/55^(g)			5,000		5,012,500

					49,652,301
Media — 0.5%
NBCUniversal Enterprise, Inc., 5.25%^(a)(h)			5,600		5,754,000
Viacom, Inc., 5.88%^(g)			2,111		2,132,110

					7,886,110
Oil, Gas & Consumable Fuels — 2.3%
Enbridge, Inc., Series 16-A, 6.00%, 01/15/77^(g)			5,880		5,710,950
Energy Transfer Partners LP, Series B, 6.63%^(b)(h)			5,000		4,728,500
Enterprise Products Operating LLC^(g):
4.78%, 06/01/67			2,500		2,472,295
Series A, 6.07%, 08/01/66			9,325		9,361,927
TransCanada PipeLines Ltd., 4.05%, 05/15/67^(g)			9,400		9,035,938
TransCanada Trust, 5.48%, 05/20/75^(g)			2,755		2,816,987

					34,126,597
Real Estate Investment Trusts (REITs) — 0.5%
Sovereign Real Estate Investment Trust, 12.00%^(a)(h)			7		8,225,000

Road & Rail — 0.5%
BNSF Funding Trust I, 6.61%, 12/15/55^(g)			6,125		6,951,875

Total Capital Trusts — 21.9% (Cost — $319,626,994)					330,702,013


SCHEDULES OF INVESTMENTS			23

Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Shares		Value
Preferred Stocks — 4.0%
Banks — 1.8%
Citigroup, Inc., Series K, 6.88%^(g)(h)			488,324	$	13,438,566
Wells Fargo & Co., Series Q, 5.85%^(g)(h)			550,504		14,202,900

					27,641,466
Capital Markets — 0.7%
Goldman Sachs Group, Inc., Series J, 5.50%^(g)(h)			162,453		4,174,965
SCE Trust III, Series H, 5.75%^(g)(h)			31,652		837,143
State Street Corp., Series D, 5.90%^(g)(h)			220,498		5,818,863

					10,830,971
Electric Utilities — 0.2%
Entergy Louisiana LLC, 5.25%, 07/01/52			90,008		2,236,500

Real Estate Investment Trusts (REITs) — 0.2%
Ventas Realty LP/Ventas Capital Corp., 5.45%, 03/15/43			75,004		1,873,500
Vornado Realty Trust, Series K, 5.70%^(h)			50,004		1,195,000

					3,068,500
Wireless Telecommunication Services — 1.1%
Centaur Funding Corp., 9.08%, 04/21/20^(a)			15,151		16,922,302

Total Preferred Stocks — 4.0% (Cost — $59,247,356)					60,699,739


Trust Preferred — 0.5%

Diversified Financial Services — 0.5%
GMAC Capital Trust I, Series 2, 7.62%, 02/15/40^(d)(g)			300,181		7,980,749

Total Trust Preferred — 0.5% (Cost — $7,299,341)					7,980,749

Total Preferred Securities — 26.4% (Cost — $ 386,173,691)					399,382,501


		Par (000)
U.S. Government Sponsored Agency Securities — 0.2%

Agency Obligations — 0.2%
Fannie Mae, 0.00%, 10/09/19^(f)(k)	USD		3,945		3,801,508

U.S. Treasury Obligations — 6.1%
U.S. Treasury Notes^(f):
2.25%, 02/15/21			54,000		53,485,313
2.75%, 11/15/47			25,195		23,508,209


Security	Par (000)			Value
U.S. Treasury Obligations (continued)
US Treasury Bond, 3.00%, 02/15/48^(f)		USD	15,390	$	15,105,339

Total U.S. Treasury Obligations — 6.1% (Cost — $92,249,638)					92,098,861

Total Long-Term Investments — 144.1% (Cost — $2,113,311,586)					2,178,467,980

Options Purchased — 0.1% (Cost — $1,143,668)					872,326


Total Investments — 144.2% (Cost — $2,114,455,254)					2,179,340,306
Liabilities in Excess of Other Assets — (44.2)%					(667,714,150	)

Net Assets — 100.0%				$	1,511,626,156

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

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

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

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

^(e)	When-issued security.

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

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

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

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

^(j)	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.

^(k)	Zero-coupon bond.


Affiliated	Shares Held at 10/31/17		Net Activity			Shares Held at 04/30/18		Value at 04/30/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		9,139,477		(9,139,477	)		—	$	—	$	57,332	$	32	$	—

^(a)

Includes net capital gain distributions, if applicable.

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


24		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Credit Allocation Income Trust (BTZ)

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)

Deutsche Bank Securities, Inc.

2.00

02/07/17

Open

3,757,000

3,811,225

U.S. Government Sponsored Agency Securities

Open/Demand

BNP Paribas S.A.

2.11

06/15/17

Open

4,720,000

4,791,817

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.11

06/15/17

Open

2,007,000

2,037,538

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.11

06/15/17

Open

3,130,000

3,177,625

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

06/21/17

Open

7,710,000

7,824,937

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

06/21/17

Open

3,727,813

3,783,385

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

06/21/17

Open

6,012,500

6,102,131

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

06/29/17

Open

8,853,688

8,980,780

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

08/24/17

Open

4,765,312

4,822,881

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

08/24/17

Open

9,276,150

9,388,214

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

08/24/17

Open

18,600,000

18,824,704

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

08/24/17

Open

10,325,000

10,449,735

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

08/24/17

Open

5,405,437

5,470,739

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

10/02/17

Open

13,380,000

13,519,185

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

10/11/17

Open

10,867,500

10,976,229

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

10/19/17

Open

15,540,000

15,689,987

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

10/26/17

Open

12,330,000

12,445,193

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

11/21/17

Open

6,846,525

6,902,627

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

11/21/17

Open

5,904,500

5,952,882

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

11/30/17

Open

12,179,213

12,282,398

Capital Trusts

Open/Demand

UBS Securities LLC

2.00

12/14/17

Open

8,300,000

8,357,178

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

12/14/17

Open

5,397,425

5,434,607

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

12/14/17

Open

3,079,839

3,101,083

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.11

12/15/17

Open

3,050,000

3,071,342

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

12/19/17

Open

12,540,000

12,627,477

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

12/19/17

Open

1,925,000

1,938,428

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

12/19/17

Open

5,857,500

5,898,361

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

12/20/17

Open

10,000,000

10,069,758

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

(0.10

)

01/08/18

Open

205,755

205,681

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(1.50

)

01/25/18

Open

830,680

827,392

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.39

02/14/18

Open

7,287,156

7,321,748

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.39

02/14/18

Open

7,847,700

7,884,953

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.39

02/14/18

Open

7,022,295

7,055,629

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.39

02/14/18

Open

8,051,200

8,089,419

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.39

02/14/18

Open

7,067,860

7,101,411

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

02/21/18

Open

7,065,494

7,091,309

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

02/28/18

Open

5,025,000

5,042,075

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

02/28/18

Open

7,320,000

7,344,874

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

03/01/18

Open

5,000,000

5,016,479

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

03/01/18

Open

4,675,000

4,690,408

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.45

03/01/18

Open

4,112,500

4,128,522

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.45

03/01/18

Open

4,687,500

4,705,762

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

1.85

03/08/18

Open

53,797,500

53,922,131

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

2.25

03/14/18

Open

7,000,000

7,020,271

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.44

03/14/18

Open

6,225,003

6,244,606

Corporate Bonds

Open/Demand

Citigroup Global Markets, Inc.

(1.25

)

03/14/18

Open

267,750

267,313

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

03/29/18

Open

2,250,000

2,254,311

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

03/29/18

Open

7,960,800

7,976,052

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

03/29/18

Open

3,878,930

3,886,361

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.45

03/29/18

Open

3,851,160

3,859,809

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.11

04/10/18

Open

5,107,000

5,112,987

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.11

04/10/18

Open

5,162,000

5,168,051

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.11

04/10/18

Open

10,083,000

10,094,820

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.11

04/10/18

Open

3,168,000

3,171,714

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.11

04/10/18

Open

9,068,000

9,078,630

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.11

04/10/18

Open

6,706,000

6,713,861

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.00

04/10/18

Open

13,162,500

13,177,125

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.00

04/10/18

Open

3,772,173

3,776,364

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.00

04/10/18

Open

5,356,969

5,362,921

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.00

04/10/18

Open

4,388,775

4,393,651

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.00

04/10/18

Open

3,107,500

3,110,953

Corporate Bonds

Open/Demand


SCHEDULES OF INVESTMENTS			25

Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Credit Allocation Income Trust (BTZ)

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)

Credit Suisse Securities (USA) LLC

2.05

04/10/18

Open

4,704,499

4,709,857

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.05

04/10/18

Open

3,244,625

3,248,320

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.11

04/11/18

Open

10,763,115

10,775,101

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.11

04/11/18

Open

5,935,375

5,941,985

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.11

04/11/18

Open

15,539,375

15,556,680

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.11

04/11/18

Open

5,777,563

5,783,996

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

04/11/18

Open

10,437,500

10,449,344

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

04/11/18

Open

10,050,000

10,061,404

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.17

04/11/18

Open

10,011,375

10,022,841

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.18

04/11/18

Open

9,679,050

9,690,186

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

04/11/18

Open

4,098,125

4,102,645

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

04/11/18

Open

7,421,063

7,429,248

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

04/11/18

Open

7,565,250

7,573,595

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

04/11/18

Open

3,980,438

3,984,828

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

04/11/18

Open

5,560,000

5,566,133

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

04/11/18

Open

3,393,000

3,396,743

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

04/11/18

Open

4,713,363

4,718,562

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

04/11/18

Open

3,840,000

3,844,236

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

04/11/18

Open

6,030,000

6,036,651

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

04/11/18

Open

9,180,000

9,190,126

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

04/11/18

Open

3,404,500

3,408,255

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

04/11/18

Open

14,370,000

14,385,851

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

04/11/18

Open

21,393,720

21,417,318

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

04/11/18

Open

17,313,750

17,332,848

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

04/11/18

Open

11,730,000

11,742,939

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.09

04/26/18

Open

6,975,000

6,977,025

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.80

04/30/18

5/01/18

5,902,500

5,902,795

U.S. Treasury Obligations

Up to 30 Days

Barclays Capital, Inc.

0.75

04/30/18

Open

1,799,688

1,801,412

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

04/30/18

Open

1,657,500

1,671,658

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

0.97

04/30/18

Open

26,285,000

26,285,708

U.S. Treasury Obligations

Open/Demand

698,753,976

701,838,329

^(a)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
5-Year U.S. Treasury Note		521		06/29/18	$	59,138	$	(343,721	)

Short Contracts:
10-Year U.S. Treasury Note		2,527		06/20/18		302,292		1,577,875
10-Year U.S. Ultra Long Treasury Bond		170		06/20/18		26,711		(290,746	)
10-Year U.S. Ultra Long Treasury Note		348		06/20/18		44,506		29,931
Long U.S. Treasury Bond		491		06/20/18		70,627		(848,286	)
2-Year U.S. Treasury Note		560		06/29/18		118,746		200,292

								669,066

							$	325,345


26		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Credit Allocation Income Trust (BTZ)

OTC Interest Rate Swaptions Purchased

Description

Paid by the Trust

Received by the Trust

Counterparty

Expiration
Date

Exercise
Rate

Notional
Amount (000)

Value

Rate

Frequency

Rate

Frequency

Put

30-Year Interest Rate Swap,
06/08/49

3.50

Semi-annual

3-Month LIBOR,
2.35

Quarterly

JPMorgan Chase Bank N.A.

06/06/19

3.50

USD 22,700

412,280

30-Year Interest Rate Swap,
06/08/49

3.50

Semi-annual

3-Month LIBOR,
2.35

Quarterly

Goldman Sachs Bank USA

06/06/19

3.50

USD 25,330

460,046

872,326

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)
Markit CDX North America High Yield Index, Series 30, Version 1		1.00	%		Quarterly		06/20/23		USD	100,000	$	1,970,066	$	1,731,640	$	238,426

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	Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
3-Month LIBOR, 2.35%	Quarterly	1.79%	Semi-annual		01/04/18			09/30/19	USD	100,370	$	(1,239,857	)	$	346	$	(1,240,203	)
3-Month LIBOR, 2.35%	Quarterly	2.68	Semi-annual		07/05/18	^(a)		03/31/20	USD	123,880		(193,143	)		588		(193,731	)

											$	(1,433,000	)	$	934	$	(1,433,934	)

^(a)

Forward swap.

OTC Credit Default Swaps — Buy Protection


Reference Obligation/Index	Financing Rate Paid by the Trust			Payment Frequency	Counterparty	Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Citigroup, Inc.		1.00	%	Quarterly	Deutsche Bank AG		03/20/19		USD	16,700		(137,824	)	$	(13,163	)	$	(124,661	)
Prudential Financial, Inc.		1.00		Quarterly	Citibank N.A.		06/20/21		USD	1,920		(41,161	)		17,615			(58,776	)
Prudential Financial, Inc.		1.00		Quarterly	Goldman Sachs International		06/20/21		USD	1,155		(24,761	)		11,271			(36,032	)
Prudential Financial, Inc.		1.00		Quarterly	JPMorgan Chase Bank N.A.		06/20/21		USD	9,500		(203,662	)		76,268			(279,930	)
Frontier Communications Corp.		5.00		Quarterly	Barclays Bank PLC		06/20/23		USD	610		193,396			209,847			(16,451	)

											$	(214,012	)	$	301,838		$	(515,850	)

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)
Bank of America Corp.		1.00	%		Quarterly		Deutsche Bank AG		03/20/19	A-		USD	16,700	$	139,002		$	23,468		$	115,534
American Tower Corp.		1.00			Quarterly		Morgan Stanley & Co. International PLC		06/20/21	NR		USD	10,000		(54,133	)		(259,845	)		205,712

														$	84,869		$	(236,377	)	$	321,246

^(a)

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

^(b)

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


SCHEDULES OF INVESTMENTS			27

Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Credit Allocation Income Trust (BTZ)

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Derivatives


	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps^(a)	$	1,732,574	$	—		$	238,426	$	(1,433,934	)
OTC Derivatives		338,469		(273,008	)		321,246		(515,850	)

^(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 Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	—	$	—	$	—	$	—	$	1,808,098	$	—	$	1,808,098
Options purchased
Investments at value unaffiliated^(b)		—		—		—		—		872,326		—		872,326
Swaps — centrally cleared
Net unrealized appreciation^(a)		—		238,426		—		—		—		—		238,426
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		659,715		—		—		—		—		659,715

	$	—	$	898,141	$	—	$	—	$	2,680,424	$	—	$	3,578,565

Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation^(a)	$	—	$	—	$	—	$	—	$	1,482,753	$	—	$	1,482,753
Swaps — centrally cleared
Net unrealized depreciation^(a)		—		—		—		—		1,433,934		—		1,433,934
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		788,858		—		—		—		—		788,858

	$	—	$	788,858	$	—	$	—	$	2,916,687	$	—	$	3,705,545

^(a)

Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

^(b)

Includes options purchased at value as reported in the Schedule of Investments.

For the six months ended April 30, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:


			Credit Contracts			Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—		$	—	$	—	$	11,764,125		$	—	$	11,764,125
Options purchased		—		—			—		—		(54,576	)		—		(54,576	)
Swaps		—		(45,467	)		—		—		36,490			—		(8,977	)

	$	—	$	(45,467	)	$	—	$	—	$	11,746,039		$	—	$	11,700,572

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$	—	$	—	$	(1,282,881	)	$	—	$	(1,282,881	)
Options purchased		—		—			—		—		52,820			—		52,820
Swaps		—		282,168			—		—		(1,330,704	)		—		(1,048,536	)

	$	—	$	282,168		$	—	$	—	$	(2,560,765	)	$	—	$	(2,278,597	)


28		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Credit Allocation Income Trust (BTZ)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	29,568,785
Average notional value of contracts — short	$	442,004,450
Options:
Average market value of option contracts purchased	$	—	^(a)
Average notional value of swaption contracts purchased	$	48,030,000
Credit default swaps:
Average notional value — buy protection	$	29,579,755
Average notional value — sell protection	$	78,212,500
Interest rate swaps:
Average notional value — receives fixed rate	$	162,310,000

^(a)

Derivative not held at quarter-end. The amount shown in the Statements of Operations reflect the results of activity during the period.

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


	Assets			Liabilities
Futures contracts	$	41,312		$	827,219
Options		872,326	^(a)		—
Swaps — Centrally cleared		—			71,055
Swaps — OTC^(b)		659,715			788,858

Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	1,573,353		$	1,687,132
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(41,312	)		(898,274	)

Total derivative assets and liabilities subject to an MNA	$	1,532,041		$	788,858

^(a)

Includes options purchased at value which is included in Investments at value — unaffiliated in the Statements 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 Statements 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^(b)		Cash Collateral Received^(b)			Net Amount of Derivative Assets^(c)(e)
Barclays Bank PLC	$	209,847	$	(16,451	)	$	—	$	—		$	193,396
Citibank N.A.		17,615		(17,615	)		—		—			—
Deutsche Bank AG		139,002		(137,824	)		—		—			1,178
Goldman Sachs Bank USA		460,046		—			—		(460,046	)		—
Goldman Sachs International		11,271		(11,271	)		—		—			—
JPMorgan Chase Bank N.A.		488,548		(279,930	)		—		(208,618	)		—
Morgan Stanley & Co. International PLC		205,712		(205,712	)		—		—			—

	$	1,532,041	$	(668,803	)	$	—	$	(668,664	)	$	194,574


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)			Non-cash Collateral Pledged^(d)		Cash Collateral Pledged^(d)			Net Amount of Derivative Liabilities^(c)(e)
Barclays Bank PLC	$	16,451	$	(16,451	)	$	—	$	—		$	—
Citibank N.A.		58,776		(17,615	)		—		(41,161	)		—
Deutsche Bank AG		137,824		(137,824	)		—		—			—
Goldman Sachs International		36,032		(11,271	)		—		—			24,761
JPMorgan Chase Bank N.A.		279,930		(279,930	)		—		—			—
Morgan Stanley & Co. International PLC		259,845		(205,712	)		—		—			54,133

	$	788,858	$	(668,803	)	$	—	$	(41,161	)	$	78,894

^(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)

Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(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 may also include forward foreign currency exchange contracts that are not required to be collateralized.


SCHEDULES OF INVESTMENTS			29

Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Credit Allocation Income Trust (BTZ)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

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


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	$	—		$	108,813,475		$	12,477,850	$	121,291,325
Corporate Bonds		—			1,504,506,395			4,966,500		1,509,472,895
Foreign Agency Obligations		—			34,720,490			—		34,720,490
Municipal Bonds		—			17,700,400			—		17,700,400
Preferred Securities		43,777,437			347,624,315			—		391,401,752
Trust Preferred		7,980,749			—			—		7,980,749
U.S. Government Sponsored Agency Securities		—			3,801,508			—		3,801,508
U.S. Treasury Obligations		—			92,098,861			—		92,098,861
Options Purchased:
Interest rate contracts		—			872,326			—		872,326

	$	51,758,186		$	2,110,137,770		$	17,444,350	$	2,179,340,306

Derivative Financial Instruments^(a)
Assets:
Credit contracts	$	—		$	559,672		$	—	$	559,672
Interest rate contracts		1,808,098			—			—		1,808,098
Liabilities:
Credit contracts		—			(515,850	)		—		(515,850	)
Interest rate contracts		(1,482,753	)		(1,433,934	)		—		(2,916,687	)

	$	325,345		$	(1,390,112	)	$	—	$	(1,064,767	)

^(a)

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

The Trust may hold 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 $ 701,838,329 are categorized as Level 2 within the disclosure hierarchy.

During the period ended April 30, 2018, there were no transfers between Level 1 and Level 2.

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:


	Asset-Backed Securities			Corporate Bonds			Total
Assets:
Opening Balance, as of October 31, 2017	$	7,500,000		$	5,007,000		$	12,507,000
Transfers into Level 3^(a)		—			—			—
Transfers out of Level 3^(b)		(7,500,000	)					(7,500,000	)
Accrued discounts (premiums)		—			—			—
Net realized gain (loss)		—			—			—
Net change in unrealized appreciation (depreciation)^(c)(d)		(22,150	)		(40,500	)		(62,650	)
Purchases		12,500,000			—			12,500,000
Sales

Closing Balance, as of April 30, 2018	$	12,477,850		$	4,966,500		$	17,444,350

Net change in unrealized appreciation (depreciation) on investments still held at April 30, 2018^(d)	$	(22,150	)	$	(40,500	)	$	(62,650	)

^(a)

As of October 31, 2017, the Trust used observable inputs in determining the value of certain investments. As of April 30, 2018, 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, 2017, the Trust used significant unobservable inputs in determining the value of certain investments. As of April 30, 2018, 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 Statements of Operations.

^(d)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at April 30, 2018 is generally due to derivative financial investments no longer held or categorized as Level 3 at period end.

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

See notes to financial statements.


30		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

April 30, 2018

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Shares/Par (000)		Value
Common Stocks — 0.2%

Health Care Management Services — 0.0%
New Millennium HoldCo, Inc.^(a)			9,198	$	193

Hotels, Restaurants & Leisure — 0.1%
Caesars Entertainment Corp.^(a)			11,679		132,477

Household Durables — 0.0%
Berkline Benchcraft Equity LLC^(a)(b)			6,162		—

Internet Software & Services — 0.0%
New Holdings LLC^(a)			371		120,450

Metals & Mining — 0.0%
Ameriforge Group, Inc.^(a)			838		49,920

Specialty Retail — 0.0%
Things Remembered, Inc.^(a)(b)			551,059		6

Utilities — 0.1%
Texgen LLC^(a)(b)			10,400		342,969

Total Common Stocks — 0.2% (Cost — $986,989)					646,015


Asset-Backed Securities — 2.5%
ALM VII R Ltd., Series 2013-7RA, Class BR, (3 mo. LIBOR US + 2.70%), 5.05%, 10/15/28^(c)(d)	USD		250		253,757
ALM XVII Ltd., Series 2015-17A, Class C1, (3 mo. LIBOR US + 4.15%), 6.50%, 01/15/28^(c)(d)			250		250,940
AMMC CLO Ltd., Series 2014-15A, Class D, (3 mo. LIBOR US + 4.20%), 6.26%, 12/09/26^(c)(d)			250		252,192
Ares XXXIII CLO Ltd., Series 2015-1A, Class A2R, (3 mo. LIBOR US + 1.95%), 3.97%, 12/05/25^(c)(d)			300		301,618
Atlas Senior Loan Fund X Ltd., Series 2018-10A, Class B, (3 mo. LIBOR US + 1.50%), 3.85%, 01/15/31^(d)(e)			500		501,350
Benefit Street Partners CLO XII Ltd., Series 2017-12A, Class C, 5.40%, 10/15/30^(d)(e)			250		249,416
Cedar Funding II CLO, Ltd., Series 2013-1A, Class A1R, (3 mo. LIBOR US + 1.23%), 3.29%, 06/09/30^(c)(d)			500		502,976
CIFC Funding Ltd.^(d):
Series 2014-2A, Class A3LRSeries 2018-1A, Class C, 3.91%, 04/18/31^(e)			375		372,201
Series 2014-2A, Class A3LR, (3 mo. LIBOR US + 2.25%), 4.19%, 05/24/26^(c)			275		274,874
Series 2018-1A, Class B, 3.56%, 04/18/31^(e)			375		371,855
Galaxy CLO Ltd., Series 2015-21A, Class AR, 3.38%, 04/20/31^(d)(e)			250		249,949
GoldentTree Loan Management US CLO 1 Ltd., Series 2017-1A, Class C, (3 mo. LIBOR US + 2.20%), 4.56%, 04/20/29^(c)(d)			250		250,466
Highbridge Loan Management Ltd., Series 2013-2A, Class CR, 5.26%, 10/20/29^(d)(e)			250		249,166
LCM XVIII LP, Series 18A, Class INC, 0.00%, 04/20/31^(d)(e)			1,000		650,000
Octagon Investment Partners Ltd., Series 2013-1A^(d)(e):
Class A1R2, 2.98%, 01/25/31			250		250,263
Class BR2, 3.38%, 01/25/31			350		349,304
Class CR2, 3.68%, 01/25/31			350		349,787
Class ER2, 6.98%, 01/25/31			250		239,560
Palmer Square CLO Ltd., Series 2018-1A^(b)(d)(e):
Class A1, 3.21%, 04/18/31			250		250,100
Class A2, 3.63%, 04/18/31			250		250,000
Class B, 3.93%, 04/18/31			250		250,000
Class D, 7.33%, 04/18/31			250		250,000


Security		Par (000)		Value
Asset-Backed Securities (continued)
TCI-Cent CLO Ltd., Series 2016-1A, Class A2, (3 mo. LIBOR US + 2.20%), 4.57%, 12/21/29^(c)(d)	USD		250	$	251,437
Treman Park CLO Ltd., Series 2015-1A, Class D, (3 mo. LIBOR US + 3.86%), 6.22%, 04/20/27^(c)(d)			700		702,727
Voya CLO Ltd., Series 2013-3A, Class A2R, (3 mo. LIBOR US + 1.50%), 3.86%, 01/18/26^(c)(d)			250		250,210
Webster Park CLO Ltd., Series 2015-1A^(c)(d):
Class B1, (3 mo. LIBOR US + 3.10%), 5.46%, 01/20/27			250		250,398
Class C, (3 mo. LIBOR US + 4.05%), 6.41%, 01/20/27			250		250,525

Total Asset-Backed Securities — 2.5% (Cost — $8,714,855)					8,625,071


Corporate Bonds — 9.0%

Aerospace & Defense — 0.5%
Bombardier, Inc.^(d):
7.75%, 03/15/20			940		1,003,450
7.50%, 03/15/25			713		741,520

					1,744,970
Airlines — 0.5%
US Airways Pass-Through Trust, Series 2012-2, Class C, 5.45%, 06/03/18			1,585		1,586,981

Capital Markets — 0.3%
Blackstone CQP Holdco LP^(d):
6.50%, 03/20/21			941		945,705
6.00%, 08/18/21			153		153,383

					1,099,088
Chemicals — 0.4%
Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25^(d)			527		533,588
Momentive Performance Materials, Inc., 3.88%, 10/24/21			665		701,575

					1,235,163
Construction Materials — 0.7%
HD Supply, Inc., 5.75%, 04/15/24^(d)			2,313		2,428,650

Containers & Packaging — 0.7%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 7.25%, 05/15/24^(d)			200		211,000
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (3 mo. LIBOR US + 3.50%), 5.85%, 07/15/21^(c)(d)			2,330		2,362,037

					2,573,037
Diversified Consumer Services — 0.4%
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23^(d)			1,251		1,341,697

Diversified Financial Services — 0.1%
Travelport Corporate Finance PLC, 6.00%, 03/15/26^(d)			369		377,303

Diversified Telecommunication Services — 0.5%
Level 3 Financing, Inc.:
6.13%, 01/15/21			337		341,212
5.25%, 03/15/26			1,328		1,284,442

					1,625,654
Electric Utilities — 0.0%
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 11.50%, 10/01/20^(b)			654		—

Energy Equipment & Services — 0.1%
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 04/01/26^(d)			435		443,700


SCHEDULES OF INVESTMENTS			31

Schedule of Investments (continued)

April 30, 2018

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Environmental, Maintenance, & Security Service — 0.1%
Tervita Escrow Corp., 7.63%, 12/01/21^(d)	USD		330	$	336,600

Health Care Providers & Services — 0.1%
NVA Holdings, Inc., 6.88%, 04/01/26^(d)			225		226,688

Health Care Services — 0.0%
Aveta Inc. Escrow, 7.00%, 04/01/19^(b)			827		—

Hotels, Restaurants & Leisure — 0.2%
New Red Finance, Inc., 5.00%, 10/15/25^(d)			600		577,314

Household Durables — 0.0%
Berkline/Benchcraft LLC, 4.50%, 06/01/18^(b)^(h)			400		—

IT Services — 0.2%
First Data Corp., 5.75%, 01/15/24^(d)			740		749,250

Media — 1.1%
Altice Financing SA^(d):
6.63%, 02/15/23			335		335,000
7.50%, 05/15/26			525		517,125
Altice France SA^(d)
6.00%, 05/15/22			512		504,637
7.38%, 05/01/26			378		366,187
Altice US Finance I Corp., 5.50%, 05/15/26^(d)			200		195,500
Clear Channel Worldwide Holdings, Inc.:
6.50%, 11/15/22			752		769,860
Series B, 7.63%, 03/15/20			335		335,838
CSC Holdings LLC, 10.88%, 10/15/25^(d)			640		750,400

					3,774,547
Metals & Mining — 0.9%
Constellium NV, 6.63%, 03/01/25^(d)			250		253,438
Freeport-McMoRan, Inc., 3.88%, 03/15/23			375		359,531
Novelis Corp., 6.25%, 08/15/24^(d)			611		622,456
Teck Resources Ltd., 3.75%, 02/01/23			1,875		1,813,462

					3,048,887
Oil, Gas & Consumable Fuels — 1.0%
Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/24			415		453,911
CNX Resources Corp., 5.88%, 04/15/22			2,180		2,190,900
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21^(d)			615		633,450
Halcon Resources Corp., Series WI, 6.75%, 02/15/25			175		174,781

					3,453,042
Pharmaceuticals — 0.3%
Valeant Pharmaceuticals International, Inc., 5.50%, 11/01/25^(d)			1,150		1,144,250

Real Estate Investment Trusts (REITs) — 0.0%
VICI Properties 1 LLC/VICI FC, Inc., 8.00%, 10/15/23			29		31,760

Software — 0.8%
Infor US, Inc., 6.50%, 05/15/22			720		730,800
Informatica LLC, 7.13%, 07/15/23^(d)			405		405,000
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24^(d)			1,329		1,478,512

					2,614,312
Wireless Telecommunication Services — 0.1%
Frontier Communications Corp., 8.50%, 04/01/26^(d)			195		189,638
Sprint Communications, Inc., 7.00%, 08/15/20			200		210,774

					400,412

Total Corporate Bonds — 9.0% (Cost — $30,784,401)					30,813,305


Security		Par (000)		Value
Floating Rate Loan Interests (f) — 133.9%

Aerospace & Defense — 1.6%
Accudyne Industries LLC, 2017 Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.15%, 08/18/24	USD		2,134	$	2,147,315
DAE Aviation Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.75% 1.00% Floor), 5.65%, 07/07/22			313		315,693
Pelican Products, Inc., 2018 1st Lien Term Loan, 4.50%, 04/19/25			430		433,225
TransDigm, Inc., 2017 Extended Term Loan F, (1 mo. LIBOR + 2.75%), 4.65%, 06/09/23			2,400		2,409,161
WP CPP Holdings LLC, 2018 Term Loan, 04/24/25^(b)(g)			170		170,425

					5,475,819
Air Freight & Logistics — 0.8%
Avolon TLB Borrower 1 (Luxembourg) Sarl, Term Loan B2, (1 mo. LIBOR + 2.25%), 4.15%, 04/03/22			515		516,075
CEVA Group PLC, Letter of Credit, (3 mo. LIBOR + 5.50%), 6.50%, 03/19/21^(b)			447		444,060
CEVA Intercompany BV, Dutch Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 7.86%, 03/19/21			452		449,115
CEVA Logistics Canada ULC, Canadian Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 7.86%, 03/19/21			81		79,892
CEVA Logistics US Holdings, Inc., Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 7.86%, 03/19/21			603		598,146
Livingston International, Inc., Term Loan B3, (3 mo. LIBOR + 5.75%), 8.05%, 03/20/20			325		324,009
XPO Logistics, Inc., 2018 Term Loan B, (3 mo. LIBOR + 2.00%), 3.92%, 02/24/25			332		333,485

					2,744,782
Airlines — 0.0%
Northwest Airlines, Inc., Term Loan, (6 mo. LIBOR + 1.23%), 3.30%, 09/10/18^(b)			72		71,782

Auto Components — 0.5%
Dayco Products LLC, 2017 Term Loan B, (3 mo. LIBOR + 5.00%), 6.98%, 05/19/23^(b)			635		636,788
GPX International Tire Corp., Term Loan^(b)(h):
12.25%, 12/31/49			274		—
PIK, 13.00%, 12/31/49			5		—
USI, Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 5.30%, 05/16/24			981		984,267

					1,621,055
Auto Parts — 0.3%
Mavis Tire Express Services Corp.^(b):
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.15%, 03/20/25			878		877,092
2018 Delayed Draw Term Loan, (1 mo. LIBOR + 3.25%), 5.15%, 03/20/25			141		4,201

					881,293
Automobiles — 0.3%
CH Hold Corp.:
1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.90%, 02/01/24			787		791,654
2nd Lien Term Loan, (1 mo. LIBOR + 7.25% 1.00% Floor), 9.15%, 02/01/25^(b)			150		152,250

					943,904
Banks — 0.3%
Capri Finance LLC, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 5.61%, 11/01/24			1,002		1,002,067


32		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2018

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Building Materials — 0.3%
Allied Universal HoldCo LLC, 2015 Term Loan, (3 mo. LIBOR + 3.75% 1.00% Floor), 6.05%, 07/28/22	USD		512	$	501,932
USAGM HoldCo LLC, 2015 2nd Lien Term Loan, (1 mo. LIBOR + 8.50% 1.00% Floor), 10.40%, 07/28/23			395		388,581

					890,513
Building Products — 1.4%
Continental Building Products LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.25%), 4.15%, 08/18/23			240		242,083
CPG International, Inc., 2017 Term Loan, (6 mo. LIBOR + 3.75% 1.00% Floor), 5.59%, 05/03/24			1,191		1,198,757
Jeld-Wen, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.00%), 4.30%, 12/14/24			993		996,860
Ply Gem Industries, Inc., 2018 Term Loan, (3 mo. LIBOR + 3.75%), 6.09%, 04/12/25			866		873,774
Wilsonart LLC, 2017 Term Loan B, (OR + 3.25% 1.00% Floor), 5.56%, 12/19/23			1,620		1,628,843

					4,940,317
Capital Markets — 1.7%
Duff & Phelps Corp., 2017 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.55%, 02/13/25			530		530,440
EIG Management Company LLC, 2018 Term Loan B, (OR + 3.75% 1.00% Floor), 5.65%, 01/30/25			1,048		1,054,179
FinCo I LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 4.65%, 12/27/22			899		907,569
Greenhill & Co., Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.62%, 10/12/22			959		963,657
GreenSky Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.61%, 03/29/25			660		661,650
RPI Finance Trust, Term Loan B6, (3 mo. LIBOR + 2.00%), 4.30%, 03/27/23			1,634		1,641,556

					5,759,051
Chemicals — 4.0%
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00% 1.00% Floor), 5.30%, 01/31/24			625		629,339
Axalta Coating Systems US Holdings, Inc., Term Loan, (3 mo. LIBOR + 1.75%), 4.05%, 06/01/24			2,193		2,200,736
Charter NEX US Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.90%, 05/16/24			888		889,620
Chemours Co. (The), 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.66%, 03/21/25			555		556,676
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (OR + 3.50% 1.00% Floor), 5.80%, 06/28/24			379		381,734
Encapsys LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.15%, 11/07/24			640		644,800
Evergreen Acqco 1 LP, Term Loan, (3 mo. LIBOR + 3.75%), 6.11%, 07/09/19			270		261,119
Invictus US LLC:
1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.90%, 01/24/25			1,011		1,018,667
2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 8.65%, 01/23/26			265		266,987
MacDermid, Inc.:
Term Loan B6, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.90%, 06/07/23			800		805,040
Term Loan B7, (1 mo. LIBOR + 2.50% 1.00% Floor), 4.40%, 06/07/20			1,178		1,183,244
Oxea Holding Drei GmbH, 2017 Term Loan B2, (3 mo. LIBOR + 3.50%), 5.88%, 10/11/24			2,308		2,309,449
PQ Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.40%, 02/08/25			1,751		1,758,892


Security		Par (000)		Value
Chemicals (continued)
Tata Chemicals North America, Inc., Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 5.06%, 08/07/20	USD		254	$	254,544
Vectra Co., 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 5.15%, 03/08/25			685		685,856

					13,846,703
Commercial Services & Supplies — 7.2%
Advanced Disposal Services, Inc., Term Loan B3, (1 Week LIBOR + 2.25%), 4.00%, 11/10/23			1,989		2,000,911
Aramark Services, Inc., 2017 Term Loan B1, (1 mo. LIBOR + 2.00%), 3.90%, 03/11/25			180		181,387
Asurion LLC:
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.90%, 08/04/25			606		622,362
2017 Term Loan B4, (1 mo. LIBOR + 2.75%), 4.65%, 08/04/22			1,173		1,180,983
2018 Term Loan B6, (1 mo. LIBOR + 2.75%), 4.65%, 11/03/23			1,848		1,860,331
Camelot UK Holdco Ltd., 2017 Repriced Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.15%, 10/03/23			2,372		2,387,459
Casella Waste Systems, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 4.40%, 10/17/23			573		576,691
Catalent Pharma Solutions, Inc., Term Loan B, (1 mo. LIBOR + 2.25% 1.00% Floor), 4.15%, 05/20/24			2,227		2,235,321
Clean Harbors, Inc., 2017 Term Loan B, (1 mo. LIBOR + 1.75%), 3.65%, 06/27/24			402		403,470
Creative Artists Agency LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.90%, 02/15/24			1,880		1,891,236
Dealer Tire LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.56%, 12/22/21			754		750,121
DG Investment Intermediate Holdings 2, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 5.30%, 02/03/25^(b)			358		357,788
Garda World Security Corp., 2017 Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.51%, 05/24/24			564		569,491
Harland Clarke Holdings Corp., Term Loan B7, (3 mo. LIBOR + 4.75% 1.00% Floor), 7.05%, 11/03/23			576		580,606
KAR Auction Services, Inc., Term Loan B5, (3 mo. LIBOR + 2.50%), 4.81%, 03/09/23			1,545		1,551,073
Prime Security Services Borrower LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.65%, 05/02/22			1,708		1,718,467
US Security Associates Holdings, Inc., 2016 Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.80%, 07/14/23			1,475		1,484,662
West Corp., 2017 Term Loan, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.90%, 10/10/24			2,060		2,074,247
Wrangler Buyer Corp., Term Loan B, (1 mo. LIBOR + 3.00%), 4.90%, 09/27/24			2,210		2,219,151

					24,645,757
Commercial Services & Supplies — 0.2%
Employbridge LLC, 2018 Term Loan B, 6.25%, 04/10/25			355		358,106
Learning Care Group, Inc., 2018 1st Lien Term Loan, (OR + 3.25% 1.00% Floor), 5.16%, 03/13/25^(b)			375		376,875

					734,981
Communications Equipment — 1.0%
Avantor, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.90%, 11/21/24			1,714		1,731,768
Avaya, Inc., Exit Term Loan B, (OR + 4.75% 1.00% Floor), 6.65%, 12/15/24			900		908,702
CommScope, Inc., Term Loan B5, (1 mo. LIBOR + 2.00%), 3.90%, 12/29/22			397		398,902


SCHEDULES OF INVESTMENTS			33

Schedule of Investments (continued)

April 30, 2018

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Communications Equipment (continued)
Securus Technologies Holdings, Inc., 2017 1st Lien Term Loan, (OR + 4.50% 1.00% Floor), 6.40%, 11/01/24	USD		401	$	406,321

					3,445,693
Construction & Engineering — 2.0%
AECOM, Term Loan B, (1 mo. LIBOR + 1.75%), 3.65%, 02/22/25			490		491,225
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25% 1.00% Floor), 6.61%, 06/21/24			4,046		4,082,641
CNT Holdings III Corp., 2017 Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.16%, 01/22/23			247		240,598
Engility Corp.:
Term Loan B1, (1 mo. LIBOR + 2.25%), 4.15%, 08/12/20			128		128,268
Term Loan B2, (PRIME + 1.75%), 4.65%, 08/12/23			591		591,029
Pike Corp., 2018 Term Loan B, (OR + 3.50% 1.00% Floor), 5.41%, 03/23/25			712		720,103
USIC Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.80%, 12/08/23			566		567,596

					6,821,460
Construction Materials — 1.8%
Core & Main LP, 2017 Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 5.01%, 08/01/24^(b)			1,702		1,709,957
Filtration Group Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 5.30%, 03/29/25			3,025		3,052,104
GYP Holdings III Corp., 2017 Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 5.36%, 04/01/23			1,356		1,358,413

					6,120,474
Containers & Packaging — 1.5%
Berlin Packaging LLC, 2017 Term Loan B, (1 Week LIBOR + 3.25% 1.00% Floor), 5.14%, 10/01/21			358		357,702
Berry Global, Inc., Term Loan Q, (1 mo. LIBOR + 2.00%), 3.90%, 10/01/22			2,899		2,916,361
BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 5.59%, 04/03/24			1,095		1,100,398
Plastipak Holdings, Inc., Term Loan B, (PRIME + 2.75%), 6.50%, 10/14/24			542		544,141
Proampac PG Borrower LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.39%, 11/18/23			336		338,715

					5,257,317
Distributors — 1.0%
American Builders & Contractors Supply Co., Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 3.90%, 10/31/23			1,777		1,779,641
American Tire Distributors Holdings, Inc., 2015 Term Loan, (2 mo. LIBOR + 4.25% 1.00% Floor), 6.24%, 09/01/21			229		199,206
TriMark USA LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.38%, 08/28/24			1,397		1,405,067

					3,383,914
Diversified Consumer Services — 4.4%
AI Aqua Merger Sub, Inc., 2017 Incremental Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.15%, 12/13/23			1,284		1,289,968
Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.90%, 07/12/24			711		713,652
Bright Horizons Family Solutions, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.90%, 11/07/23			1,990		2,003,747
CHG PPC Parent LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 4.65%, 03/31/25^(b)			430		432,150


Security		Par (000)		Value
Diversified Consumer Services (continued)
Equian LLC, Add on Term Loan B, (3 mo. LIBOR + 3.25%), 5.15%, 05/20/24	USD		1,372	$	1,379,905
J.D. Power and Associates, 1st Lien Term Loan, (3 mo. LIBOR + 4.25% 1.00% Floor), 6.55%, 09/07/23			858		861,376
Nomad Foods Europe Midco Ltd., 2017 Term Loan B4, (1 mo. LIBOR + 2.25%), 4.15%, 05/15/24			849		850,061
Serta Simmons Bedding LLC:
1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.81%, 11/08/23			1,713		1,545,217
2nd Lien Term Loan, (3 mo. LIBOR + 8.00% 1.00% Floor), 10.33%, 11/08/24			591		468,220
ServiceMaster Co., 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 4.40%, 11/08/23			1,493		1,502,459
Spin Holdco, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.08%, 11/14/22			716		720,764
Uber Technologies, 2018 Term Loan, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.89%, 04/04/25			800		806,664
Wand Intermediate I LP, 2017 1st Lien Term Loan, (2 mo. LIBOR + 3.00% 1.00% Floor), 4.99%, 09/17/21			782		787,839
Weight Watchers International, Inc., 2017 Term Loan B, (3 mo. LIBOR + 4.75%), 7.06%, 11/29/24			1,698		1,717,617

					15,079,639
Diversified Financial Services — 1.7%
AlixPartners LLP, 2017 Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 5.05%, 04/04/24			1,872		1,880,270
Clipper Acquisitions Corp., 2017 Term Loan B, (3 mo. LIBOR + 2.00% 1.00% Floor), 4.02%, 12/27/24			409		410,848
CVS Holdings I LP, 2018 1st Lien Term Loan, (OR + 3.00% 1.00% Floor), 4.79%, 02/06/25			635		629,844
EG Finco Ltd., 2018 Term Loan, 06/30/25^(g)			1,215		1,214,392
Kingpin Intermediate Holdings LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 4.25% 1.00% Floor), 6.15%, 06/28/24^(b)			1,013		1,027,839
Oryx Southern Delaware Holdings LLC, Term Loan, (OR + 3.25% 1.00% Floor), 5.15%, 02/09/25			740		740,925

					5,904,118
Diversified Telecommunication Services — 6.1%
CenturyLink, Inc.:
2017 Term Loan A, (1 mo. LIBOR + 2.75%), 4.65%, 11/01/22			642		639,468
2017 Term Loan B, (1 mo. LIBOR + 2.75%), 4.65%, 01/31/25			5,644		5,556,660
Consolidated Communications, Inc., 2016 Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.91%, 10/04/23			255		253,721
Frontier Communications Corp., Delayed Draw Term Loan A, (1 mo. LIBOR + 2.75%), 4.66%, 03/31/21			1,092		1,072,933
Hargray Communications Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.90%, 05/16/24			923		925,619
Level 3 Financing, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.15%, 02/22/24			4,291		4,308,893
MTN Infrastructure TopCo, Inc, 1st Lien Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.15%, 11/15/24			1,191		1,195,797
Sprint Communications, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 2.50%), 4.44%, 02/02/24			1,767		1,771,568
Telenet Financing USD LLC, Term Loan AL, (1 mo. LIBOR + 2.50%), 4.40%, 03/01/26			2,855		2,866,791
Telesat Canada, Term Loan B4, (3 mo. LIBOR + 2.50%), 4.41%, 11/17/23			504		505,558
Virgin Media Investment Holdings Ltd., GBP Term Loan L, (LIBOR — GBP + 3.25%), 3.78%, 01/15/27	GBP		600		824,400


34		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2018

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Diversified Telecommunication Services (continued)
Zayo Group LLC:
2017 Incremental Term Loan, (1 mo. LIBOR + 2.25% 1.00% Floor), 4.15%, 01/19/24	USD		175	$	176,148
2017 Term Loan B1, (1 mo. LIBOR + 2.00%), 3.90%, 01/19/21			693		696,001

					20,793,557
Electric Utilities — 0.6%
Dayton Power & Light Company (The), Term Loan B, (1 mo. LIBOR + 2.00%), 3.91%, 08/24/22			317		318,745
TEX Operations Co. LLC:
Exit Term Loan B, (1 mo. LIBOR + 2.50%), 4.40%, 08/04/23			1,251		1,259,512
Exit Term Loan C, (1 mo. LIBOR + 2.50%), 4.40%, 08/04/23			222		222,978
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., Term Loan, 1.00%, 11/10/18^(b)(h)			1,050		—
Vistra Operations Co. LLC, 2016 Term Loan B2, (1 mo. LIBOR + 2.25%), 4.15%, 12/14/23			226		226,893

					2,028,128
Electrical Equipment — 1.0%
EXC Holdings III Corp., 2017 1st Lien Term Loan, (6 mo. LIBOR + 3.50% 1.00% Floor), 5.16%, 12/02/24			574		575,713
Gates Global LLC, 2017 Repriced Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 5.05%, 04/01/24			2,451		2,463,934
Generac Power Systems, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 2.00%), 4.31%, 05/31/23			252		253,447

					3,293,094
Energy Equipment & Services — 1.3%
Gavilan Resources LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 6.00% 1.00% Floor), 7.90%, 03/01/24			1,567		1,559,165
GrafTech Finance, Inc., 2018 Term Loan B, (OR + 3.50% 1.00% Floor), 5.40%, 02/12/25^(b)			1,115		1,119,181
Ocean Rig UDW Inc., Term Loan, (Fixed + 8.00%), 8.00%, 09/20/24			63		65,834
Pioneer Energy Services Corp., Term Loan, (OR + 7.75% 1.00% Floor), 9.65%, 11/08/22^(b)			520		539,500
Seadrill Partners Finco LLC, Term Loan B, (3 mo. LIBOR + 6.00% 1.00% Floor), 8.30%, 02/21/21			401		342,966
Weatherford International Ltd., Term Loan, (1 mo. LIBOR + 2.30%), 4.21%, 07/13/20			764		753,330

					4,379,976
Food & Staples Retailing — 1.3%
Albertsons LLC, 2017 Term Loan B4, (1 mo. LIBOR + 2.75%), 4.65%, 08/25/21			519		513,846
BJ’s Wholesale Club, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.39%, 02/03/24			1,132		1,136,621
Hostess Brands LLC, 2017 Repriced Term Loan, (1 mo. LIBOR + 2.25%), 4.15%, 08/03/22			1,684		1,696,116
US Foods, Inc., 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 4.40%, 06/27/23			988		996,089

					4,342,672
Food Products — 2.9%
CFSP Acquisition Corp.:
2018 1st Lien Term Loan, 03/21/25^(g)			331		331,515
2018 Delayed Draw Term Loan, 03/06/25^(g)			75		74,778
Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.40%, 10/10/23			1,668		1,674,806
Dole Food Co., Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.63%, 04/06/24			638		640,364
JBS USA LLC, 2017 Term Loan B, (3 mo. LIBOR + 2.50%), 4.68%, 10/30/22			2,765		2,761,311


Security		Par (000)		Value
Food Products (continued)
Pinnacle Foods Finance LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.64%, 02/02/24	USD		682	$	686,430
Reddy Ice Corp.:
1st Lien Term Loan, (PRIME + 5.50%), 7.88%, 05/01/19			955		951,073
2nd Lien Term Loan, (3 mo. LIBOR + 9.50%), 11.83%, 11/01/19			328		306,024
Reynolds Group Holdings, Inc., 2017 Term Loan, (1 mo. LIBOR + 2.75%), 4.65%, 02/05/23			1,699		1,709,328
Sigma Bidco BV, 2018 Term Loan B, 02/23/25^(g)			810		811,823

					9,947,452
Health Care Equipment & Supplies — 3.5%
Cotiviti Corp., Term Loan B, (3 mo. LIBOR + 2.25%), 4.56%, 09/28/23^(b)			1,034		1,039,180
CryoLife, Inc., Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 6.30%, 11/14/24^(b)			1,127		1,138,447
DJO Finance LLC, 2015 Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.15%, 06/08/20			3,803		3,818,269
Immucor, Inc., Extended Term Loan B, (3 mo. LIBOR + 5.00% 1.00% Floor), 7.30%, 06/15/21			2,194		2,240,259
Mallinckrodt International Finance SA, Term Loan B, (3 mo. LIBOR + 2.75%), 5.20%, 09/24/24			897		889,609
Ortho-Clinical Diagnostics SA, Term Loan B, (1 mo. LIBOR + 3.75% 1.00% Floor), 5.27%, 06/30/21			2,719		2,736,159

					11,861,923
Health Care Providers & Services — 6.5%
Acadia Healthcare Co., Inc.:
2018 Term Loan B3, (1 mo. LIBOR + 2.50%), 4.40%, 02/11/22			278		280,200
2018 Term Loan B4, (1 mo. LIBOR + 2.50%), 4.40%, 02/16/23			1,264		1,275,823
Air Medical Group Holdings, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 4.25% 1.00% Floor), 6.15%, 03/14/25			888		897,026
Auris Luxembourg III Sarl, 2017 Term Loan B7, (3 mo. LIBOR + 3.00% 1.00% Floor), 5.30%, 01/17/22			1,487		1,493,689
CHG Healthcare Services, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 5.06%, 06/07/23			2,068		2,084,336
Community Health Systems, Inc., Term Loan G, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.98%, 12/31/19			437		429,825
Concentra Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.53%, 06/01/22			1,164		1,173,696
Curo Health Services Holdings, Inc., 2015 1st Lien Term Loan, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.81%, 02/07/22			488		488,912
DaVita HealthCare Partners, Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 4.65%, 06/24/21			509		512,851
Diplomat Pharmacy, Inc., 2017 Term Loan B, (OR + 4.50% 1.00% Floor), 6.41%, 12/20/24			479		482,970
DuPage Medical Group, Ltd.:
2018 Term Loan, (1 mo. LIBOR + 2.75%), 4.65%, 08/15/24			526		526,199
2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 8.90%, 08/15/25			245		245,613
Envision Healthcare Corp., 2016 Term Loan B, (1 mo. LIBOR + 3.00%), 4.91%, 12/01/23			1,940		1,946,109
Explorer Holdings, Inc., 2016 Term Loan B, (2 mo. LIBOR + 3.75% 1.00% Floor), 5.81%, 05/02/23			660		664,912
HC Group Holdings III, Inc., Term Loan B, (1 mo. LIBOR + 5.00% 1.00% Floor), 6.90%, 04/07/22			873		882,862
HCA, Inc.:
2018 Term Loan B10, (1 mo. LIBOR + 2.00%), 3.90%, 03/13/25			595		601,033


SCHEDULES OF INVESTMENTS			35

Schedule of Investments (continued)

April 30, 2018

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Health Care Providers & Services (continued)
Term Loan B11, (1 mo. LIBOR + 1.75%), 3.65%, 03/18/23	USD		1,394	$	1,401,169
MPH Acquisition Holdings LLC, 2016 Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 5.05%, 06/07/23			1,357		1,368,614
National Mentor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.00%), 5.30%, 01/31/21			292		293,943
nThrive, Inc., 2016 1st Lien Term Loan, (1 mo. LIBOR + 4.50% 1.00% Floor), 6.40%, 10/20/22			1,099		1,104,180
NVA Holdings, Inc., Term Loan B3, (3 mo. LIBOR + 2.75% 1.00% Floor), 5.05%, 02/02/25			1,117		1,121,467
Team Health Holdings, Inc., 1st Lien Term Loan, (OR + 2.75% 1.00% Floor), 4.65%, 02/06/24^(b)			1,306		1,264,129
Vizient, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.65%, 02/13/23			377		378,955
WP CityMD Bidco LLC, 1st Lien Term Loan, (3 mo. LIBOR + 4.00% 1.00% Floor), 6.30%, 06/07/24			577		578,543
Zotec Partners LLC, 2018 Term Loan, (OR + 5.00% 1.00% Floor), 6.90%, 02/06/25^(b)			755		760,663

					22,257,719
Health Care Services — 0.3%
Ivory Merger Sub, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%), 5.61%, 03/07/25			895		893,881

Health Care Technology — 1.2%
Change Healthcare Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.65%, 03/01/24			2,212		2,220,390
Press Ganey Holdings, Inc.:
2018 1st Lien Term Loan, (OR + 2.75% 1.00% Floor), 4.65%, 10/21/23			1,180		1,186,992
2nd Lien Term Loan, (OR + 6.50% 1.00% Floor), 8.40%, 10/21/24^(b)			139		140,720
Quintiles IMS, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 4.30%, 03/07/24			679		682,913

					4,231,015
Hotels, Restaurants & Leisure — 7.0%
Aristocrat Leisure Ltd., 2017 Incremental Term Loan, (3 mo. LIBOR + 2.00%), 4.36%, 10/19/24			868		872,164
Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.50%), 4.24%, 09/15/23			1,132		1,137,498
Bronco Midstream Funding LLC, Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.37%, 08/15/20^(b)			1,282		1,294,787
Burger King Newco Unlimited Liability Co., Term Loan B3, (1 mo. LIBOR + 2.25% 1.00% Floor), 4.15%, 02/16/24			4,442		4,452,890
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 4.65%, 12/22/24			2,726		2,747,759
CCM Merger, Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 4.65%, 08/08/21			758		762,207
CEC Entertainment, Inc., Term Loan B, (OR + 3.25% 1.00% Floor), 5.15%, 02/14/21			357		318,672
Crown Finance US, Inc., 2018 Term Loan, (1 mo. LIBOR + 2.50%), 4.40%, 02/28/25			752		750,827
Cyan Blue Holdco 3 Ltd., 2017 Term Loan B, (3 mo. LIBOR + 2.75%), 5.05%, 08/23/24			934		936,238
ESH Hospitality, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.15%, 08/30/23			1,878		1,886,167
Four Seasons Hotels Ltd., 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 3.90%, 11/30/23			138		139,114
Gateway Casinos & Entertainment Ltd., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 5.47%, 12/01/23			95		95,654
GVC Holdings PLC, 2018 Term Loan, 4.90%, 03/15/24			580		580,481
Hilton Worldwide Finance LLC, Term Loan B2, (1 mo. LIBOR + 1.75%), 3.65%, 10/25/23			962		969,949


Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
IRB Holding Corp., 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.25%, 02/05/25^(g)	USD		985	$	995,450
La Quinta Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 5.35%, 04/14/21			499		499,399
Lakeland Tours LLC, 2017 1st Lien Term Loan B, (OR + 4.00% 1.00% Floor), 6.12%, 12/15/24			575		580,470
Playa Resorts Holding BV, 2017 Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.15%, 04/29/24			1,017		1,022,088
Sabre GLBL, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 3.90%, 02/22/24			1,562		1,567,546
Scientific Games International, Inc., 2018 Term Loan B5, (2 mo. LIBOR + 2.75%), 4.74%, 08/14/24			2,394		2,408,026

					24,017,386
Household Products — 0.8%
Mastronardi Produce Ltd., Term Loan B, 3.75%, 04/18/25			360		361,350
Spectrum Brands, Inc., 2017 Term Loan B, (2 mo. LIBOR + 2.00%), 3.79%, 06/23/22			2,340		2,334,575

					2,695,925
Independent Power and Renewable Electricity Producers — 3.1%
AES Corp., 2018 Term Loan B, (3 mo. LIBOR + 1.75%), 3.69%, 05/24/22			649		649,124
Aria Energy Operating LLC, Term Loan, (1 mo. LIBOR + 4.50% 1.00% Floor), 6.40%, 05/27/22^(b)			669		675,782
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 4.40%, 01/15/25			773		774,422
Calpine Corp., Term Loan B6, (3 mo. LIBOR + 2.50% 1.00% Floor), 4.81%, 01/15/23			1,126		1,131,005
Compass Power Generation LLC, 2017 Term Loan B, (OR + 3.75% 1.00% Floor), 6.05%, 12/20/24			728		735,231
Dynegy, Inc., 2017 Term Loan C2, (1 mo. LIBOR + 2.50% 1.00% Floor), 4.40%, 02/07/24			1,944		1,956,213
EIF Channelview Cogeneration LLC, 2018 Term Loan B, 1.00%, 04/11/25			290		292,900
Granite Acquisition, Inc.:
Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.81%, 12/19/21			1,963		1,983,701
Term Loan C, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.80%, 12/19/21			331		299,320
Nautilus Power LLC, Term Loan B, (1 mo. LIBOR + 4.25% 1.00% Floor), 6.15%, 05/16/24			1,358		1,373,914
Terra-Gen Finance Co. LLC, Term Loan B, (1 mo. LIBOR + 4.25% 1.00% Floor), 6.15%, 12/09/21^(b)			784		705,688

					10,577,300
Industrial Conglomerates — 1.1%
Apergy Corp., 2018 1st Lien Term Loan, 4.86%, 04/20/25			430		432,150
Cortes NP Acquisition Corp., 2017 Term Loan B, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.89%, 11/30/23			2,317		2,312,900
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (3 mo. LIBOR + 5.00% 1.00% Floor), 7.07%, 11/28/21			953		964,020

					3,709,070
Insurance — 3.2%
Alliant Holdings I, Inc., 2015 Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.15%, 08/12/22			1,835		1,844,616
AmWINS Group, Inc.:
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75% 1.00% Floor), 8.65%, 01/25/25			505		509,737
2017 Term Loan B, (OR + 2.75% 1.00% Floor), 4.65%, 01/25/24			1,141		1,147,269
AssuredPartners, Inc., 2017 1st Lien Add-On Term Loan, (1 mo. LIBOR + 3.25%), 5.15%, 10/22/24			798		801,370


36		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2018

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Insurance (continued)
Davis Vision Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.90%, 12/02/24	USD		1,133	$	1,128,559
Genworth Financial, Inc., Term Loan, (OR + 4.50% 1.00% Floor), 6.40%, 02/22/23^(b)			75		76,219
Hub International Ltd., 2018 Term Loan B, 5.36%, 04/18/25			1,440		1,448,395
Sedgwick Claims Management Services, Inc.:
1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.65%, 03/01/21			1,943		1,943,396
2nd Lien Term Loan, (1 mo. LIBOR + 5.75% 1.00% Floor), 7.65%, 02/28/22			1,595		1,606,963
Stratose Intermediate Holdings II LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.15%, 06/22/23			511		515,512

					11,022,036
Internet & Direct Marketing Retail — 0.3%
Harbor Freight Tools USA, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.40%, 08/18/23			903		906,901

Internet Software & Services — 2.3%
Go Daddy Operating Company LLC, 2017 Repriced Term Loan, (1 mo. LIBOR + 2.25%), 4.15%, 02/15/24			2,299		2,309,235
GTT Communications, Inc.:
2017 Add on Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.19%, 01/09/24			220		220,006
2018 Term Loan B, 5.19%, 04/26/25			600		594,750
Inmar Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.40%, 05/01/24			645		649,564
Intralinks, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 5.91%, 11/11/24			694		696,153
Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.79%, 11/03/23			2,030		2,024,200
TierPoint LLC, 2017 1st Lien Term Loan, (OR + 3.75% 1.00% Floor), 5.65%, 05/06/24			1,297		1,252,265

					7,746,173
IT Services — 7.6%
Access CIG LLC:
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.65%, 02/27/25			302		304,829
2018 2nd Lien Delayed Draw Term loan, (UNFND + 3.87%), 9.65%, 02/27/26			23		15,775
2018 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%), 9.65%, 02/27/26			125		125,049
2018 Delayed Draw Term Loan, (UNFND + 3.75%), 5.65%, 02/27/25			63		22,780
Altran Technologies SA, 1st Lien Term Loan, 2.75%, 03/20/25			415		418,457
Cologix, Inc., 2017 1st Lien Term Loan, (OR + 3.00% 1.00% Floor), 4.90%, 03/20/24			1,074		1,073,484
First Data Corp.:
2024 Term Loan, (1 mo. LIBOR + 2.25%), 4.15%, 04/26/24			6,296		6,317,317
Term Loan A, (1 mo. LIBOR + 1.75%), 3.65%, 06/02/20			373		373,556
Greeneden US Holdings II LLC, 2018 Term Loan B, 5.55%, 12/01/23			757		761,519
Help/Systems Holdings, Inc, 2018 1st Lien Term Loan, 03/28/25^(g)			725		725,225
Optiv Security, Inc.:
1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.13%, 02/01/24			2,253		2,181,544


Security		Par (000)		Value
IT Services (continued)
2nd Lien Term Loan, (1 mo. LIBOR + 7.25% 1.00% Floor), 9.13%, 02/01/25	USD		480	$	457,950
Peak 10 Holding Corp.:
2017 1st Lien Term Loan, (OR + 3.50% 1.00% Floor), 5.80%, 08/01/24			836		834,337
2nd Lien Term Loan, (OR + 7.25% 1.00% Floor), 9.02%, 08/01/25			995		999,477
TKC Holdings, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 4.25% 1.00% Floor), 6.16%, 02/01/23			1,414		1,424,792
2017 2nd Lien Term Loan, (1 mo. LIBOR + 8.00% 1.00% Floor), 9.91%, 02/01/24			985		992,880
Trans Union LLC, Term Loan B3, (1 mo. LIBOR + 2.00%), 3.90%, 04/10/23			2,990		2,994,760
Vantiv LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.90%, 10/14/23			666		670,289
VF Holding Corp., Reprice Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.15%, 06/30/23			2,921		2,942,429
WEX, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.25%), 4.15%, 06/30/23			2,409		2,423,302

					26,059,751
Leisure Products — 0.2%
MND Holdings III Corp., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.75% 1.00% Floor), 6.05%, 06/19/24^(b)			641		646,140

Life Sciences Tools & Services — 0.5%
Albany Molecular Research, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.15%, 08/30/24			342		344,441
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.00% 1.00% Floor), 8.90%, 08/30/25			240		242,700
Parexel International Corp., Term Loan B, (1 mo. LIBOR + 2.75%), 4.65%, 09/27/24			1,016		1,019,075

					1,606,216
Machinery — 2.7%
Clark Equipment Co., 2018 Term Loan B, (3 mo. LIBOR + 2.00%), 4.30%, 05/18/24			687		687,383
Columbus McKinnon Corp., 2018 Term Loan B, (3 mo. LIBOR + 2.50% 1.00% Floor), 4.80%, 01/31/24^(b)			120		120,426
Gardner Denver, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.75%), 5.05%, 07/30/24			1,683		1,692,352
Hayward Industries, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.40%, 08/05/24			1,001		1,006,925
Infiltrator Systems, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 5.30%, 05/27/22			1,199		1,205,612
Mueller Water Products, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 4.40%, 11/25/21			484		487,301
Rexnord LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.15%, 08/21/24			665		669,820
Tecomet, Inc., 2017 Repriced Term Loan, (PRIME + 3.50%), 5.28%, 05/01/24			1,199		1,205,832
Titan Acquisition Ltd., 2018 Term Loan B, (2 mo. LIBOR + 3.00%), 5.06%, 03/28/25			2,185		2,186,486

					9,262,137
Media — 11.1%
Altice Financing SA:
2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 5.10%, 01/31/26^(g)			429		423,304
2017 Term Loan B, (3 mo. LIBOR + 2.75%), 5.10%, 07/15/25			167		164,915
Altice US Finance I Corp., 2017 Term Loan, (1 mo. LIBOR + 2.25%), 4.15%, 07/28/25			3,472		3,466,931


SCHEDULES OF INVESTMENTS			37

Schedule of Investments (continued)

April 30, 2018

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Media (continued)
CBS Radio, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.75%), 4.62%, 11/17/24	USD		527	$	529,083
Charter Communications Operating LLC:
2017 Term Loan A2, (1 mo. LIBOR + 1.50%), 3.41%, 03/31/23^(g)			1,751		1,749,821
2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.91%, 04/30/25			2,105		2,113,447
CSC Holdings LLC:
2017 1st Lien Term Loan, (1 mo. LIBOR + 2.25%), 4.15%, 07/17/25			2,598		2,588,789
2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.40%, 01/25/26			1,045		1,045,000
DHX Media Ltd., Term Loan B, (1 mo. LIBOR + 3.75% 1.00% Floor), 5.65%, 12/29/23			481		483,769
Getty Images, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 5.80%, 10/18/19			252		238,896
Gray Television, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.14%, 02/07/24			395		396,315
Hemisphere Media Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%), 5.40%, 02/08/24			959		948,993
Houghton Mifflin Harcourt Publishing Co., 2015 Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.90%, 05/31/21			274		253,430
Hubbard Radio LLC, 2015 Term Loan B, 5.56%, 03/28/25			145		145,635
iHeartCommunications, Inc.:
Extended Term Loan E, 9.70%, 07/30/19			315		249,795
Term Loan D, 8.71%, 01/30/19			2,569		2,041,463
Intelsat Jackson Holdings SA, 2017 Term Loan B4, (3 mo. LIBOR + 4.50% 1.00% Floor), 6.46%, 01/02/24			1,123		1,161,995
Lamar Media Corp., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.69%, 03/14/25^(b)			445		447,225
Learfield Communications LLC^(b):
2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.16%, 12/01/23			1,159		1,170,115
2017 1st Lien Term Loan, 4.25%, 12/01/23^(g)			387		389,739
Live Nation Entertainment, Inc., Term Loan B3, (1 mo. LIBOR + 1.75%), 3.69%, 10/31/23			291		293,068
MCC Iowa LLC, Term Loan N, (1 Week LIBOR + 1.75%), 3.50%, 02/15/24			492		493,486
MH Sub I LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.65%, 09/13/24			519		518,479
Mission Broadcasting, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.50%), 4.39%, 01/17/24			103		102,905
Nexstar Broadcasting, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.50%), 4.39%, 01/17/24			798		801,333
Numericable Group SA, Term Loan B12, (3 mo. LIBOR + 3.00%), 5.35%, 01/31/26			336		331,003
PSAV Holdings LLC, 2018 1st Lien Term Loan, (OR + 3.25% 1.00% Floor), 5.26%, 03/01/25			540		540,508
Radiate Holdco LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.90%, 02/01/24			629		621,678
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 3.90%, 04/11/25			2,641		2,647,514
Sinclair Television Group, Inc.:
2017 Term Loan B, 2.50%, 12/12/24^(g)			755		758,148
Term Loan B2, (1 mo. LIBOR + 2.25%), 4.16%, 01/03/24			626		627,877
Stars Group Holdings BV (The), 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 5.32%, 04/06/25			2,060		2,066,146
Trader Corp., 2017 Term Loan B, (OR + 3.00% 1.00% Floor), 5.30%, 09/28/23			884		884,069
Tribune Media Co., Term Loan C, (1 mo. LIBOR + 3.00%), 4.90%, 01/27/24			2,255		2,257,683


Security		Par (000)		Value
Media (continued)
Unitymedia Finance LLC, Term Loan B, (1 mo. LIBOR + 2.25%), 4.15%, 09/30/25	USD		1,245	$	1,242,821
Virgin Media Bristol LLC, 2017 Term Loan, (1 mo. LIBOR + 2.50%), 4.40%, 01/15/26			2,416		2,426,316
William Morris Endeavor Entertainment LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.16%, 05/06/21			148		149,014
Ziggo Secured Finance Partnership, Term Loan E, (1 mo. LIBOR + 2.50%), 4.40%, 04/15/25			1,150		1,144,135

					37,914,843
Metals & Mining — 0.3%
AMG Advanced Metallurgical Group NV, 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 5.30%, 01/29/25^(b)(g)			748		748,125
WireCo WorldGroup, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 7.48%, 09/30/23			453		455,651

					1,203,776
Multiline Retail — 0.7%
Eyemart Express LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.94%, 08/04/24			602		604,612
Hudson’s Bay Co., 2015 Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.15%, 09/30/22			1,360		1,288,469
Neiman Marcus Group, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.14%, 10/25/20			747		656,724

					2,549,805
Oil & Gas Equipment & Services — 0.2%
McDermott Technology Americas, Inc, 2018 1st Lien Term Loan, 6.00%, 03/27/25			812		805,658

Oil, Gas & Consumable Fuels — 3.8%
BCP Raptor LLC, Term Loan B, (2 mo. LIBOR + 4.25% 1.00% Floor), 6.31%, 06/24/24			1,077		1,086,285
California Resources Corp.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 4.75%), 6.65%, 12/31/22			1,492		1,522,303
Second Out Term Loan, (1 mo. LIBOR + 10.37%), 12.27%, 12/31/21			1,328		1,490,090
Chesapeake Energy Corp., Term Loan, (3 mo. LIBOR + 7.50% 1.00% Floor), 9.44%, 08/23/21			1,642		1,736,447
CONSOL Energy, Inc.:
1st Lien Term Loan A, (3 mo. LIBOR + 4.50%), 6.49%, 11/26/21^(b)(g)			208		207,990
1st Lien Term Loan B, (3 mo. LIBOR + 6.00% 1.00% Floor), 7.99%, 10/26/22			1,054		1,080,710
EG Group Ltd., 2018 Term Loan B, 6.31%, 02/06/25			495		494,752
EWT Holdings III Corp., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 5.30%, 12/20/24			893		899,421
Lucid Energy Group II LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.90%, 02/17/25^(b)			1,040		1,038,700
Medallion Midland Acquisition LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.15%, 10/30/24^(b)			961		961,793
MEG Energy Corp., 2017 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.81%, 12/31/23			267		268,497
Ultra Resources, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.90%, 04/12/24			470		439,282
Vine Oil & Gas LP, Term Loan B, (1 mo. LIBOR + 6.88% 1.00% Floor), 8.78%, 12/12/21			740		741,850
Woodford Express LLC, 2018 Term Loan B, (OR + 5.00% 1.00% Floor), 6.90%, 01/17/25^(g)			925		894,937

					12,863,057


38		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2018

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Personal Products — 1.0%
Clover Merger Sub, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.40%, 09/26/24	USD		2,358	$	2,033,905
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.75% 1.00% Floor), 9.65%, 09/26/25			1,075		834,920
Prestige Brands, Inc., Term Loan B4, (1 mo. LIBOR + 2.00%), 3.90%, 01/26/24			683		686,064

					3,554,889
Pharmaceuticals — 3.4%
Akorn, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 6.19%, 04/16/21^(b)			1,623		1,590,795
Amneal Pharmaceuticals LLC, 2018 Term Loan B, 4.25%, 03/07/25			2,120		2,127,950
Endo Luxembourg Finance Company I Sarl, 2017 Term Loan B, (1 mo. LIBOR + 4.25%), 6.19%, 04/29/24			1,329		1,320,208
Grifols Worldwide Operations USA, Inc., 2017 Acquisition Term Loan, (1 Week LIBOR + 2.25%), 3.99%, 01/31/25			2,492		2,504,843
Jaguar Holding Company II, 2018 Term Loan, (1 mo. LIBOR + 2.50% 1.00% Floor), 4.40%, 08/18/22			2,384		2,395,720
Valeant Pharmaceuticals International, Inc., Series F4 Term Loan B, (1 mo. LIBOR + 3.50%), 5.39%, 04/01/22			1,609		1,626,153

					11,565,669
Professional Services — 1.4%
Cast and Crew Payroll LLC, 2017 1st Lien Term Loan B, (3 mo. LIBOR + 2.75%), 5.06%, 09/27/24			1,501		1,500,384
Information Resources, Inc., 1st Lien Term Loan, (OR + 4.25% 1.00% Floor), 6.19%, 01/18/24			475		478,911
ON Assignment, Inc., 2018 Term Loan B, 2.00%, 02/21/25			721		724,199
PricewaterhouseCoopers LLP, 2018 Term Loan, 03/15/25^(b)(g)			585		587,194
SIRVA Worldwide, Inc., 2016 Term Loan, (OR + 6.50% 1.00% Floor), 8.81%, 11/14/22^(b)			463		465,422
Sterling Infosystems, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.40%, 06/20/22^(b)			1,167		1,168,524

					4,924,634
Real Estate Investment Trusts (REITs) — 2.5%
Capital Automotive LP, 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.50% 1.00% Floor), 4.41%, 03/24/24			468		470,055
MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, (1 mo. LIBOR + 2.00%), 3.90%, 04/25/23			2,824		2,838,700
RHP Hotel Properties LP, 2017 Term Loan B, (3 mo. LIBOR + 2.25%), 4.07%, 05/11/24			832		835,966
VICI Properties 1 LLC, Replacement Term Loan B, (1 mo. LIBOR + 2.00%), 3.90%, 12/20/24			3,293		3,304,256
Wyndham Hotels & Resorts, Inc., Term Loan B, 4.30%, 03/28/25			970		977,158

					8,426,135
Real Estate Management & Development — 1.3%
CityCenter Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 4.40%, 04/18/24			2,204		2,213,563
Realogy Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.15%, 02/08/25			1,464		1,471,845
SMG Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.15%, 01/23/25			595		599,956

					4,285,364


Security		Par (000)		Value
Restaurants — 0.3%
KFC Holding Co., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.64%, 04/03/25	USD		887	$	891,811

Road & Rail — 0.9%
PODS LLC, Term Loan B3, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.90%, 12/06/24			2,289		2,305,664
Road Infrastructure Investment LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.40%, 06/13/23			758		760,346

					3,066,010
Semiconductors & Semiconductor Equipment — 0.5%
Cavium, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.15%, 08/16/22^(b)			499		501,643
MaxLinear, Inc., Term Loan B, (1 mo. LIBOR + 2.50%), 4.40%, 05/12/24^(b)			206		206,536
Microsemi Corp., 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.00%), 3.90%, 01/15/23			238		237,853
ON Semiconductor Corp., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 3.90%, 03/31/23			333		335,179
Versum Materials, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 4.30%, 09/29/23			581		584,422

					1,865,633
Software — 13.5%
Almonde, Inc.:
1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.48%, 06/13/24			1,224		1,222,602
2nd Lien Term Loan, (3 mo. LIBOR + 7.25% 1.00% Floor), 9.23%, 06/13/25			266		263,117
Applied Systems, Inc.:
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.55%, 09/19/24			1,280		1,290,228
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.00% 1.00% Floor), 9.30%, 09/19/25			302		310,847
Aptean, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 4.25% 1.00% Floor), 6.56%, 12/20/22			673		674,041
Barracuda Networks, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.06%, 02/12/25			595		596,672
BMC Software Finance, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.15%, 09/10/22			982		985,287
Cypress Intermediate Holdings III, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.91%, 04/27/24			562		564,311
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75% 1.00% Floor), 8.65%, 04/27/25			496		501,952
Dell, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 3.91%, 09/07/23			1,531		1,535,420
Digicel International Finance Ltd., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 5.61%, 05/28/24			1,337		1,334,499
DTI Holdco, Inc., 2018 Term Loan B, (OR + 4.75% 1.00% Floor), 6.71%, 10/02/23			887		889,225
Flexera Software LLC, 2018 1st Lien Term Loan, (OR + 3.25% 1.00% Floor), 5.16%, 02/26/25^(g)			380		381,520
Hyland Software, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.14%, 07/01/22			939		947,033
2017 2nd Lien Term Loan, (PRIME + 7.00%), 8.89%, 07/07/25			415		418,631
Infor (US), Inc., Term Loan B6, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.65%, 02/01/22			2,276		2,284,607
Informatica Corp., 2018 Term Loan, (1 mo. LIBOR + 3.25%), 5.15%, 08/05/22			1,726		1,737,445
IQOR US, Inc., Term Loan B, (3 mo. LIBOR + 5.00% 1.00% Floor), 7.31%, 04/01/21^(b)			789		793,187


SCHEDULES OF INVESTMENTS			39

Schedule of Investments (continued)

April 30, 2018

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Software (continued)
Kronos, Inc.:
2017 Term Loan B, (OR + 3.00% 1.00% Floor), 4.88%, 11/01/23	USD		2,807	$	2,830,448
2nd Lien Term Loan, (3 mo. LIBOR + 8.25% 1.00% Floor), 10.02%, 11/01/24			1,045		1,081,251
MA FinanceCo. LLC, Term Loan B3, (1 mo. LIBOR + 2.75%), 4.65%, 06/21/24			160		159,421
McAfee LLC, 2017 Term Loan B, (1 mo. LIBOR + 4.50% 1.00% Floor), 6.40%, 09/30/24			1,144		1,158,370
Mitchell International, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.15%, 11/29/24			2,437		2,435,118
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 9.15%, 11/20/25			785		785,785
Project Alpha Intermediate Holding, Inc., 2017 Term Loan B, (6 mo. LIBOR + 3.50% 1.00% Floor), 5.99%, 04/26/24			1,245		1,240,580
Project Leopard Holdings, Inc., 2018 Term Loan, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.90%, 07/07/23^(b)			532		537,652
Seattle Spinco, Inc., Term Loan B3, (1 mo. LIBOR + 2.75%), 4.65%, 06/21/24			1,080		1,076,608
SolarWinds Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.90%, 02/05/24			2,788		2,804,267
Solera LLC, Term Loan B, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.65%, 03/03/23			2,433		2,440,682
Sophia LP, 2017 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.55%, 09/30/22			2,723		2,735,528
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, 4.40%, 04/16/25			1,223		1,230,201
SS&C Technologies, Inc.:
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 4.15%, 07/08/22			1,874		1,889,261
2017 Term Loan B2, (1 mo. LIBOR + 2.25%), 4.15%, 07/08/22			13		13,326
2018 Term Loan B3, 4.56%, 04/16/25			3,305		3,325,191
Tempo Acquisition LLC, Term Loan, (1 mo. LIBOR + 3.00%), 4.90%, 05/01/24			2,035		2,045,653
Tibco Software, Inc., Repriced Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.41%, 12/04/20			1,480		1,488,078
Veritas Bermuda Ltd., Repriced Term Loan B, (3 mo. LIBOR + 4.50% 1.00% Floor), 6.80%, 01/27/23			152		149,701

					46,157,745
Specialty Retail — 2.0%
Academy Ltd., 2015 Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.89%, 07/01/22			852		672,397
Belron Finance US LLC, Term Loan B, (3 mo. LIBOR + 2.50%), 4.29%, 11/07/24			1,506		1,512,506
Leslie’s Poolmart, Inc., 2016 Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.40%, 08/16/23			485		489,702
Michaels Stores, Inc., 2016 Term Loan B1, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.65%, 01/30/23			787		791,239
National Vision, Inc., 2017 Repriced Term Loan, (1 mo. LIBOR + 2.75%), 4.65%, 11/20/24			238		240,222
Party City Holdings, Inc., 2018 Term Loan B, (2 mo. LIBOR + 2.75%), 4.75%, 08/19/22			545		548,329
Petco Animal Supplies, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.61%, 01/26/23			530		362,509
PetSmart, Inc., Term Loan B2, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.89%, 03/11/22			111		87,341
Research Now Group, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 7.86%, 12/20/24			778		760,544
Staples, Inc., 2017 Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.79%, 09/12/24			519		512,566


Security		Par (000)		Value
Specialty Retail (continued)
TruGreen LP, 2017 Term Loan, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.90%, 04/13/23	USD		710	$	715,905

					6,693,260
Technology Hardware, Storage & Peripherals — 0.7%
Western Digital Corp., 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.90%, 04/29/23			2,520		2,533,071

Textiles, Apparel & Luxury Goods — 0.5%
Ascend Performance Materials Operations LLC, Term Loan B, (1 mo. LIBOR + 5.25% 1.00% Floor), 7.15%, 08/12/22			1,471		1,474,308
Varsity Brands, Inc., 2017 Term Loan B, (OR + 3.50% 1.00% Floor), 5.40%, 12/15/24			329		331,561

					1,805,869
Thrifts & Mortgage Finance — 0.5%
IG Investment Holdings LLC, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.80%, 10/29/21			1,676		1,691,130

Trading Companies & Distributors — 1.4%
Beacon Roofing Supply, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.13%, 01/02/25			1,981		1,991,618
HD Supply, Inc.:
Term Loan B3, (3 mo. LIBOR + 2.25%), 4.55%, 08/13/21			1,457		1,466,157
Term Loan B4, (3 mo. LIBOR + 2.50%), 4.80%, 10/17/23			617		621,068
Nexeo Solutions LLC, 2017 Repriced Term Loan, (3 mo. LIBOR + 3.25%), 5.55%, 06/09/23			152		153,636
Oxbow Carbon LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 3.75%), 5.65%, 01/04/23^(b)(g)			173		174,541
Pro Mach Group, Inc., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 5.03%, 03/07/25			465		465,581

					4,872,601
Transportation — 0.7%
Direct ChassisLink, Inc., 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.90%, 06/15/23^(b)			430		436,450
Gruden Acquisition, Inc., 2017 Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 7.80%, 08/18/22			479		483,055
Prometric Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.90%, 01/29/25			240		242,201
Safe Fleet Acquisition, Corp.^(g):
2018 1st Lien Term Loan, (OR + 3.00% 1.00% Floor), 4.78%, 02/01/25			800		800,504
2018 2nd Lien Term Loan, (OR + 6.75% 1.00% Floor), 8.53%, 02/01/26			325		328,250

					2,290,460
Utilities — 0.1%
ExGen Renewables IV LLC, Term Loan B, (OR + 3.00% 1.00% Floor), 4.99%, 11/28/24			304		306,331

Wireless Telecommunication Services — 1.6%
GEO Group, Inc., 2017 Term Loan B, (1 Week LIBOR + 2.25%), 3.75%, 03/22/24			1,232		1,233,172
Ligado Networks LLC, PIK Exit Term Loan (9.75% PIK), 10.81%, 12/07/20			4,099		3,309,038
Xplornet Communications, Inc., Term Loan B, 6.31%, 09/09/21			820		823,020

					5,365,230

Total Floating Rate Loan Interests — 133.9% (Cost — $457,667,971)					457,482,072


40		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2018

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Shares/ Beneficial Interests (000)		Value
Investment Companies — 1.3%

United States — 1.3%
SPDR Bloomberg Barclays Short Term High Yield Bond ETF			158,653	$	4,348,977

Total Investment companies — 1.3% (Cost — $4,385,297)					4,348,977


Other Interests⁽ⁱ⁾ — 0.0%

Afghanistan — 0.0%
Lear Corp. Escrow^(b)	USD		500		5

United States — 0.0%
Millennium Corp.^(b)			991		—
Millennium Lender Claims^(b)			930		—

					—

Total Other Interests — 0.0% (Cost — $0)					5


Rights — 0.0%

Electric Utilities — 0.0%
Vistra Energy^(a)(b)			28,754		21,530

Total Rights — 0.0% (Cost — $0)					21,530


Warrants — 0.0%

Chemicals — 0.0%
British Vita Holdings Co. (Non-Expiring)^(b)			181		—

Metals & Mining — 0.0%
AFGlobal Corp. (Expires12/20/20)^(b)			2,658		—

Software — 0.0%
Bankruptcy Management Solutions, Inc., (Expires 07/01/19)^(b)			199		—
Bankruptcy Management Solutions, Inc., (Expires 07/01/20)^(b)			296		—
Bankruptcy Management Solutions, Inc., (Expires 07/02/18)^(b)			184		—


Security		Par (000)		Value
Software (continued)
HMH Holdings/EduMedia (Issued/exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27)^(b)	USD		1,505	$	—

					—

Total Warrants — 0.0% (Cost — $50,055)					—


Total Long-Term Investments — 146.9% (Cost — $502,589,568)					501,936,975


		Shares
Short-Term Securities — 0.0%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.56%^(j)(k)			88,421		88,421

Total Short-Term Securities — 0.0% (Cost — $88,421)					88,421

Options Purchased — 0.0% (Cost — $94,045)					71,407


Total Investments — 146.9% (Cost — $502,772,034)					502,096,803
Liabilities in Excess of Other Assets — (46.9)%					(160,409,816	)

Net Assets — 100.0%				$	341,686,987

^(a)	Non-income producing security.

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

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

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

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

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

^(g)	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.

^(h)	Issuer filed for bankruptcy and/or is in default.

⁽ⁱ⁾	Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

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

^(k)	During the period ended April 30, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:


Affiliated Persons and/or Related Parties	Shares Held at 10/31/17		Shares Purchased		Shares Sold			Shares Held at 04/30/18		Value at 04/30/18		Income		Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		1,895,053		—		(1,806,632	)^(b)		88,421	$	88,421	$	17,703	$	8		$	—
iShares iBoxx USD High Yield Corporate Bond ETF		19,000		70,000		(89,000	)		—		—		60,813		(42,986	)		(1,766	)

										$	88,421	$	78,516	$	(42,978	)	$	(1,766	)

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares sold.


SCHEDULES OF INVESTMENTS			41

Schedule of Investments (continued)

April 30, 2018

BlackRock Floating Rate Income Trust (BGT)

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
GBP	618,000	USD	849,503	BNP Paribas S.A.		05/02/18	$	1,297
USD	873,671	GBP	620,000	Toronto-Dominion Bank		05/02/18		20,117

								21,414

USD	850,746	GBP	618,000	BNP Paribas S.A.		06/04/18		(1,290	)

							$	20,124

OTC Interest Rate Swaptions Purchased

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, 07/13/28

3-Month LIBOR, 2.35

Semi-annual

3.00

Quarterly

JPMorgan Chase Bank N.A.

07/11/18

3.00

USD

10,800

71,407

OTC Options Purchased

Description

Counterparty

Number of
Contracts

Expiration
Date

Exercise
Price

Notional
Amount (000)

Value

Call

Marsico Parent Superholdco LLC

Goldman Sachs & Co.

12/14/19

USD

942.86

USD

—

OTC Credit Default Swaps — Buy Protection


Reference Obligation/Index	Financing Rate Paid by the Trust			Payment Frequency		Counterparty		Termination Date		Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CenturyLink, Inc.		1.00	%		Quarterly		JPMorgan Chase Bank N.A.		12/20/22	USD	385	$	37,353	$	47,114	$	(9,761	)
CenturyLink, Inc.		1.00			Quarterly		Goldman Sachs Bank USA		12/20/22	USD	394		38,226		49,479		(11,253	)

												$	75,579	$	96,593	$	(21,014	)

Balances Reported in the Statements of Assets and Liabilities for OTC Derivatives


	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Derivatives	$	96,593	$	—	$	—	$	(21,014	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	21,414	$	—	$	—	$	21,414
Options purchased
Investments at value — unaffiliated^(a)		—		—		—		—		71,407		—		71,407
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		96,593		—		—		—		—		96,593

	$	—	$	96,593	$	—	$	21,414	$	71,407	$	—	$	189,414


42		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2018

BlackRock Floating Rate Income Trust (BGT)


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	1,290	$	—	$	—	$	1,290
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		21,014		—		—		—		—		21,014

	$	—	$	21,014	$	—	$	1,290	$	—	$	—	$	22,304

^(a)

Includes options purchased at value as reported in the Schedule of Investments.

For the period ended April 30, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(4,648	)	$	—	$	—	$	(4,648	)
Options purchased^(a)		—		—		—		—			138,817		—		138,817
Swaps		—		25,652		—		—			—		—		25,652

	$	—	$	25,652	$	—	$	(4,648	)	$	138,817	$	—	$	159,821

Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	11,581		$	—	$	—	$	11,581
Options purchased^(b)		—		—		—		—			10,584		—		10,584
Swaps		—		15,723		—		—			—		—		15,723

	$	—	$	15,723	$	—	$	11,581		$	10,584	$	—	$	37,888

^(a)

Options purchased are included in net realized gain (loss) from investments.

^(b)

Options purchased are included in net change in unrealized appreciation (depreciation) on investments.

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	1,728,281
Average amounts sold — in USD	$	424,751
Options:
Average notional value of swaption contracts purchased	$	11,550,000
Credit default swaps:
Average notional value-buy protection	$	1,164,500
Average notional value-sell protection	$	—	^(a)

^(a)

Derivative not held at quarter-end. The amount shown in the Statements of Operations reflect the results of activity during the period.

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
Forward foreign currency exchange contracts	$	21,414		$	1,290
Options		71,407	^(a)		—
Swaps — OTC^(b)		96,593			21,014

Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	189,414		$	22,304
Derivatives not subject to an Master Netting Agreement or similar agreement (“MNA”)		—			—

Total derivative assets and liabilities subject to an MNA	$	189,414		$	22,304

^(a)

Includes options purchased at value which is included in Investments at value — unaffiliated in the Statements 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 Statements of Assets and Liabilities.


SCHEDULES OF INVESTMENTS			43

Schedule of Investments (continued)

April 30, 2018

BlackRock Floating Rate Income Trust (BGT)

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)
BNP Paribas S.A	$	1,297	$	(1,290	)	$	—	$	—		$	7
Goldman Sachs Bank USA		49,479		(11,253	)		—		—			38,226
JPMorgan Chase Bank N.A.		118,521		(9,761	)		—		(108,760	)		—
Toronto-Dominion Bank		20,117		—			—		—			20,117

	$	189,414	$	(22,304	)	$	—	$	(108,760	)	$	58,350


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)			Non-cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities^(c)
BNP Paribas S.A	$	1,290	$	(1,290	)	$	—	$	—	$	—
Goldman Sachs Bank USA		11,253		(11,253	)		—		—		—
JPMorgan Chase Bank N.A.		9,761		(9,761	)		—		—		—

	$	22,304	$	(22,304	)	$	—	$	—	$	—

^(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 represents the net amount receivable from the counterparty in the event of default.

^(c)

Net amount represents the net amount payable due to counterparty in the event of default.

Fair Value Hierarchy as of Period End

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


	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	$	—	$	7,624,971		$	1,000,100	$	8,625,071
Common Stocks		132,477		170,563			342,975		646,015
Corporate Bonds		—		30,813,305			—		30,813,305
Floating Rate Loan Interests		—		429,524,251			27,957,821		457,482,072
Investment Companies		4,348,977		—			—		4,348,977
Other Interests		—		—			5		5
Rights		—		—			21,530		21,530
Short-Term Securities		88,421		—			—		88,421
Options Purchased:
Interest Rate Contracts		—		71,407			—		71,407
Unfunded Floating Rate Loan Interests^(a)		—		1,840			559		2,399

	$	4,569,875	$	468,206,337		$	29,322,990	$	502,099,202

Derivative Financial Instruments^(b)
Assets:
Forward foreign currency contracts	$	—	$	21,414		$	—	$	21,414
Liabilities:
Credit contracts		—		(21,014	)		—		(21,014	)
Forward foreign currency contracts		—		(1,290	)		—		(1,290	)

	$	—	$	(890	)	$	—	$	(890	)

^(a)

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

^(b)

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


44		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2018

BlackRock Floating Rate Income Trust (BGT)

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $145,000,000 are categorized as Level 2 within the disclosure hierarchy.

During the period ended April 30, 2018, there were no transfers between Level 1 and Level 2.


	Asset-Backed Securities		Common Stocks		Floating Rate Loan Interests			Rights			Other Interests		Unfunded Floating Rate Loan Interests		Warrants			Total
Assets:
Opening balance, as of October 31, 2017	$	—	$	6	$	17,889,778		$	27,272		$	5	$	—	$	45		$	17,917,106
Transfers into Level 3^(a)		—		—		9,956,099			—			—		—		—			9,956,099
Transfers out of Level 3^(b)		—		—		(5,423,153	)		—			—		—		—			(5,423,153	)
Accrued discounts/premiums		—		—		46,254			—			—		—		—			46,254
Net realized gain (loss)		—		—		(400,051	)		—			—		—		—			(400,051	)
Net change in unrealized appreciation (depreciation)^(c)(d)		100		15,361		408,811			(5,741	)		—		559		(45	)		419,045
Purchases		1,000,000		327,608		13,830,891			—			—		—		—			15,158,499
Sales		—		—		(8,350,809	)		—			—		—		—			(8,350,809	)

Closing Balance, as of April 30, 2018	$	1,000,100	$	342,975	$	27,957,820		$	21,531		$	5	$	559	$	—		$	29,322,990

Net change in unrealized appreciation (depreciation) on investments still held at April 30, 2018^(d)	$	100	$	15,361	$	408,811		$	(5,741	)		—	$	559	$	(45	)	$	419,045

^(a)

^(b)

^(c)

Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

^(d)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at April 30, 2018 is generally due to investments no longer held or categorized as Level 3 at period end.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			45

Consolidated Schedule of Investments (unaudited)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Shares/Par (000)		Value
Common Stocks — 0.4%

Aerospace & Defense — 0.4%
United Technologies Corp.			25,647	$	3,081,848

Asset-Backed Securities — 28.1%
ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class A2D, (1 mo. LIBOR US + 0.30%), 2.20%, 02/25/36^(a)	USD		5,210		5,177,731
Ajax Mortgage Loan Trust, Series 2017-D^(b)(c):
Class A, 3.75%, 12/25/57			3,669		3,669,035
Class B, 0.00%, 12/25/57^(d)			956		588,663
ALM VI Ltd. Series 2012-6A^(a)(c):
Class B2RR, (3 mo. LIBOR US + 2.05%), 3.77%, 07/15/26			1,200		1,201,878
Class CRR, (3 mo. LIBOR US + 3.20%), 4.92%, 07/15/26			1,010		1,011,486
American Homes 4 Rent Trust, Series 2014-SFR2, Class E, 6.23%, 10/17/36^(c)			2,000		2,196,374
AMMC CLO 18 Ltd., Series 2016-18A, Class E2, (3 mo. LIBOR US + 7.25%), 9.19%, 05/26/28^(a)(c)			1,000		1,005,231
AMMC CLO 19 Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.00%), 9.35%, 10/15/28^(a)(c)			1,000		1,011,976
AMMC CLO Ltd., Series 2016-18A, Class E1, (3 mo. LIBOR US + 6.67%), 8.61%, 05/26/28^(a)(c)			500		502,171
Anchorage Capital CLO Ltd.^(c):
Series 2014-3RA, Class C, 4.21%, 01/28/31^(d)			1,000		993,060
Series 2014-5RA, Class E, 7.75%, 01/15/30^(d)			1,140		1,141,008
Series 2015-6A, Class DR, (3 mo. LIBOR US + 3.55%), 5.90%, 07/15/30^(a)			1,000		1,006,438
Ares CLO Ltd.^(a)(c):
Series 2015-1A, Class D, (3 mo. LIBOR US + 6.23%), 8.25%, 12/05/25			1,000		1,018,844
Series 2016-41A, Class D, (3 mo. LIBOR US + 4.20%), 6.55%, 01/15/29			900		912,033
Ares XL CLO Ltd., Series 2016-40A, Class D, (3 mo. LIBOR US + 6.60%), 8.95%, 10/15/27^(a)(c)			500		506,171
Atrium X, Series 10A^(a)(c):
Class DR, (3 mo. LIBOR US + 3.00%), 5.35%, 07/16/25			1,000		1,000,766
Class E, (3 mo. LIBOR US + 4.50%), 6.85%, 07/16/25			2,000		2,003,000
Battalion CLO XI Ltd., Series 2017-11A, Class E, 8.34%, 10/24/29^(c)(d)			1,175		1,173,448
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1 mo. LIBOR US + 0.14%), 2.04%, 11/25/36^(a)			3,257		3,164,554
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class CR, (3 mo. LIBOR US + 3.70%), 6.05%, 07/15/29^(a)(c)			1,750		1,764,313
Benefit Street Partners CLO VI Ltd., Series 2015-VIA^(c)(d):
Class BR, 4.76%, 10/18/29			1,000		1,004,597
Class CR, 5.81%, 10/18/29			1,000		1,004,582
Benefit Street Partners CLO XII Ltd., Series 2017-12A, Class D, 8.76%, 10/15/30^(c)(d)			500		503,328
Betony CLO Ltd., Series 2015-1A, Class D, (3 mo. LIBOR US + 3.60%), 5.95%, 04/15/27^(a)(c)			1,000		1,002,845
C-BASS Trust, Series 2006-CB7, Class A4, (1 mo. LIBOR US + 0.16%), 2.06%, 10/25/36^(a)			7,512		5,417,982
Carrington Mortgage Loan Trust, Series 2006-FRE2^(a):
Class A2, (1 mo. LIBOR US + 0.12%), 2.02%, 10/25/36			5,127		3,741,914
Class A5, (1 mo. LIBOR US + 0.08%), 1.98%, 10/25/36			10,562		7,674,187


Security		Par (000)		Value
Asset-Backed Securities (continued)
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44^(c)	USD		3,558	$	3,538,438
Elevation CLO Ltd.^(a)(c):
Series 2013-1A, Class CR, (3 mo. LIBOR + 4.68%), 6.52%, 11/15/28			800		808,430
Series 2016-5A, Class E, (3 mo. LIBOR US + 6.95%), 9.30%, 07/15/28			1,000		1,005,609
Fremont Home Loan Trust^(a):
Series 2006-A, Class 2A3, (1 mo. LIBOR US + 0.16%), 2.06%, 05/25/36			24,228		15,967,798
Series 2006-D, Class 2A3, (1 mo. LIBOR US + 0.15%), 2.05%, 11/25/36			21,726		10,642,927
Galaxy CLO Ltd., Series 2015-21A, 7.61%, 04/20/31^(c)(d)			500		466,886
GoldenTree Loan Opportunities VII Ltd., Series 2013-7A, Class D, (3 mo. LIBOR US + 3.30%), 5.66%, 04/25/25^(a)(c)			1,250		1,252,303
GSAMP Trust^(a):
Series 2006-FM2, Class A2C, (1 mo. LIBOR US + 0.15%), 2.05%, 09/25/36			10,955		5,433,372
Series 2007-FM2, Class A2B, (1 mo. LIBOR US + 0.09%), 1.99%, 01/25/37			7,287		4,617,759
Highbridge Loan Management Ltd.^(c):
Series 4A-2014, Class BR, 4.21%, 01/28/30^(d)			1,750		1,744,953
Series 8A-2016, Class E, (3 mo. LIBOR US + 7.90%), 10.26%, 04/20/27^(a)			1,000		1,002,689
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1 mo. LIBOR US + 0.17%), 2.07%, 04/25/37^(a)			11,732		8,717,841
HPS Loan Management Ltd., Series 10A-16^(a)(c):
Class C, (3 mo. LIBOR US + 3.65%), 5.39%, 01/20/28			2,500		2,516,501
Class D, (3 mo. LIBOR US + 6.50%), 8.24%, 01/20/28			1,000		1,008,499
Invitation Homes Trust, Series 2018-SFR2, Class E, 3.90%, 06/17/37^(c)(d)(e)			3,000		3,009,150
Jay Park CLO Ltd., Series 2016-1A, Class D, (3 mo. LIBOR US + 7.00%), 9.36%, 10/20/27^(a)(c)			1,000		1,015,942
Lendmark Funding Trust, Series 2017-2A, Class A, 2.80%, 05/20/26^(c)			2,700		2,676,220
Long Beach Mortgage Loan Trust^(a):
Series 2006-1, Class 1A, (1 mo. LIBOR US + 0.22%), 2.12%, 02/25/36			4,449		4,308,362
Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.16%), 2.06%, 11/25/36			12,415		5,703,810
Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.16%), 2.06%, 08/25/36			6,864		3,725,482
Madison Park Funding X Ltd., Series 2012-10A, Class ER, (3 mo. LIBOR US + 7.62%), 9.98%, 01/20/29^(a)(c)			1,500		1,540,172
Madison Park Funding XI Ltd., Series 2013-11A, Class ER, 8.81%, 07/23/29^(c)(d)			750		754,470
Madison Park Funding XVI Ltd., Series 2015-16A, Class C, (3 mo. LIBOR US + 3.70%), 6.06%, 04/20/26^(a)(c)(f)			1,000		1,003,338
Mastr Asset-Backed Securities Trust^(a):
Series 2006-HE2, Class A3, (1 mo. LIBOR US + 0.15%), 2.05%, 06/25/36			10,474		6,046,910
Series 2006-WMC2, Class A5, (1 mo. LIBOR US + 0.25%), 2.15%, 04/25/36			7,852		3,229,358
Morgan Stanley IXIS Real Estate Capital Trust, Series 2006-2, Class A3, (1 mo. LIBOR US + 0.15%), 2.05%, 11/25/36^(a)			13,418		6,841,640


46		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)			Value
Asset-Backed Securities (continued)
Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class DR, (3 mo. LIBOR US + 7.75%), 9.58%, 11/14/27^(a)(c)	USD		1,000		$	1,025,565
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ER, 7.35%, 01/15/28^(c)(d)			1,250			1,241,589
Oaktree CLO Ltd., 7.56%, 10/20/27^(c)(d)			1,000			1,000,953
Octagon Investment Partners LLC, Series 2017-1A, Class E, (3 mo. LIBOR US + 6.30%), 8.66%, 07/20/30^(a)(c)			500			505,321
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class C, (3 mo. LIBOR US + 3.65%), 5.48%, 11/14/26^(a)(c)			1,000			999,957
OHA Credit Partners XIII Ltd., Series 2016-13A, Class E, (3 mo. LIBOR US + 7.15%), 9.51%, 01/21/30^(a)(c)			405			410,445
OneMain Financial Issuance Trust, Series 2015-2A, Class C, 4.32%, 07/18/25^(c)			5,000			4,986,605
OZLM Funding II Ltd., Series 2012-2A^(a)(c):
Class CR, (3 mo. LIBOR US + 4.00%), 6.36%, 10/30/27			1,250			1,252,745
Class DR, (3 mo. LIBOR US + 7.30%), 9.66%, 10/30/27			1,250			1,255,535
OZLM XIX Ltd., Series 2017-19A, Class D, 8.95%, 11/22/30^(c)(d)			500			507,385
OZLM XV Ltd., Series 2016-15A, Class D, (3 mo. LIBOR US + 7.15%), 9.51%, 01/20/29^(a)(c)			1,000			1,013,425
OZLM XXI, Series 2017-21A, Class D, 7.29%, 01/20/31^(c)(d)			500			490,663
Park Avenue Institutional Advisers CLO Ltd., Series 2017-1A, Class D, 7.63%, 11/14/29^(c)(d)			1,750			1,755,992
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37			4,327			2,382,665
Rockford Tower CLO Ltd., Series 2017-2A, Class D, (3 mo. LIBOR US + 3.45%), 5.80%, 10/15/29^(a)(c)			500			500,989
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1 mo. LIBOR US + 0.40%), 2.30%, 09/25/47^(a)			5,000			4,696,366
Scholar Funding Trust, Series 2013-A, Class R, 0.00%^(b)			—	^(g)		1,827,465
SMB Private Education Loan Trust, Series 2015-C, Class C, 4.50%, 09/17/46^(c)			4,100			4,093,844
Sound Point CLO X Ltd., Series 2015-3A, Class E, (3 mo. LIBOR US + 6.75%), 9.11%, 01/20/28^(a)(c)			1,000			1,001,907
Sound Point CLO XIV Ltd., Series 2016-3A, Class E, (3 mo. LIBOR US + 6.65%), 9.01%, 01/23/29^(a)(c)			1,000			1,009,691
Symphony CLO XV Ltd., Series 2014-15A, Class DR, (3 mo. LIBOR US + 3.35%), 5.70%, 10/17/26^(a)(c)			3,500			3,504,746
Thayer Park CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 6.10%), 8.46%, 04/20/29^(a)(c)			500			504,163
TICP CLO VII Ltd., Series 2017-7A, Class E, (3 mo. LIBOR US + 6.51%), 8.86%, 07/15/29^(a)(c)			500			502,745
Treman Park CLO Ltd., Series 2015-1A, Class D, (3 mo. LIBOR US + 3.86%), 6.22%, 04/20/27^(a)(c)			1,500			1,505,843
Venture XXVI CLO Ltd., Series 2017-26A, Class E, (3 mo. LIBOR US + 6.80%), 9.16%, 01/20/29^(a)(c)			500			506,322


Security		Par (000)		Value
Asset-Backed Securities (continued)
Vibrant CLO III Ltd., Series 2015-3A^(a)(c):
Class A2R, (3 mo. LIBOR US + 2.05%), 4.41%, 04/20/26	USD		1,000	$	1,001,944
Class BR, (3 mo. LIBOR US + 2.95%), 5.31%, 04/20/26			1,500		1,501,516
Voya CLO Ltd., Series 2016-3A, Class D, (3 mo. LIBOR US + 6.85%), 9.21%, 10/18/27^(a)(c)			385		390,829
WaMu Asset-Backed Certificates Trust, Series 2007-HE3, Class 2A3, (1 mo. LIBOR US + 0.24%), 2.14%, 05/25/47^(a)			9,679		8,130,788
Wellfleet CLO Ltd., Series 2017-3A, Class B, 3.68%, 01/17/31^(c)(d)			500		500,158
Westvue Mortgage Loan Trust, Series 2015-1A, Class A, 7.50%, 09/25/20^(c)			271		271,521
York CLO Ltd., Series 2015-1A, Class ER, 8.01%, 01/22/31^(c)(d)			750		746,578
York CLO-3 Ltd., Series 2016-1A, Class ER, (3 mo. LIBOR US + 6.40%), 8.76%, 10/20/29^(a)(c)			1,000		1,006,624

Total Asset-Backed Securities — 28.1% (Cost — $191,894,674)					202,009,358


Corporate Bonds — 67.9%

Aerospace — 0.1%
Axtel SAB de C.V., 6.38%, 11/14/24^(c)(f)			525		522,375
SoftBank Group Corp., 4.00%, 04/20/23	EUR		100		122,850

					645,225
Aerospace & Defense — 1.7%
Arconic, Inc.:
5.87%, 02/23/22^(f)	USD		1,065		1,114,255
5.13%, 10/01/24^(f)			554		561,792
5.90%, 02/01/27			120		123,975
6.75%, 01/15/28			40		43,450
5.95%, 02/01/37			105		106,017
BBA US Holdings, Inc., 5.38%, 05/01/26^(c)			322		323,797
Bombardier, Inc.^(c):
7.75%, 03/15/20			204		217,770
8.75%, 12/01/21^(f)			738		821,269
6.00%, 10/15/22^(f)			25		24,875
6.13%, 01/15/23^(f)			996		1,002,225
7.50%, 12/01/24^(f)			729		767,272
7.50%, 03/15/25^(f)			1,067		1,109,680
7.45%, 05/01/34			209		211,090
EnPro Industries, Inc., 5.88%, 09/15/22			132		135,960
Harris Corp., 3.83%, 04/27/25^(f)			750		746,206
KLX, Inc., 5.88%, 12/01/22^(c)(f)			935		975,906
Koppers, Inc., 6.00%, 02/15/25^(c)(f)			267		271,673
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25^(c)(f)			236		245,098
Lockheed Martin Corp., 4.09%, 09/15/52^(f)			451		428,968
Pioneer Holdings LLC/Pioneer Finance Corp., 9.00%, 11/01/22^(c)(f)			277		285,310
TransDigm, Inc.:
6.00%, 07/15/22^(f)			1,166		1,180,575
6.50%, 07/15/24^(f)			343		348,788
6.50%, 05/15/25			114		115,995
6.38%, 06/15/26^(f)			174		174,870
United Technologies Corp., 3.75%, 11/01/46^(f)			700		611,074

					11,947,890
Air Freight & Logistics — 0.3%
FedEx Corp.^(f):
3.90%, 02/01/35			500		475,557
4.75%, 11/15/45			500		505,895


CONSOLIDATED SCHEDULES OF INVESTMENTS			47

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Air Freight & Logistics (continued)
XPO Logistics, Inc., 6.50%, 06/15/22^(c)(f)	USD		892	$	920,990

					1,902,442
Airlines — 2.8%
Air Canada Pass-Through Trust, Series 2013-1, Class B, 5.38%, 11/15/22^(c)(f)			2,355		2,407,459
American Airlines Pass-Through Trust:
Series 2013-1, Class C, 6.13%, 07/15/18^(c)(f)			525		527,306
Series 2013-2, Class A, 4.95%, 07/15/24^(f)			1,745		1,800,025
Series 2017-1, Class B, 4.95%, 08/15/26			1,620		1,660,559
Avianca Holdings SA/Avianca Leasing LLC/Grupo Taca Holdings Ltd., 8.38%, 05/10/20			865		880,138
Continental Airlines Pass-Through Trust^(f):
Series 2003-ERJ1, 7.88%, 01/02/20			35		35,329
Series 2007-1, Class B, 6.90%, 10/19/23			209		217,386
Series 2012-1, Class B, 6.25%, 10/11/21			283		293,197
Delta Air Lines Pass-Through Trust, Class B^(f):
Series 2007-1, 8.02%, 02/10/24			1,439		1,590,930
Series 2012-1, 6.88%, 05/07/19^(c)			2,486		2,547,816
Latam Finance Ltd., 6.88%, 04/11/24^(c)(f)			737		758,299
United Airlines Pass-Through Trust^(f):
Series 2014-2, Class B, 4.63%, 03/03/24			2,103		2,115,416
Series 2015-1, Class A, 3.70%, 06/01/24			3,570		3,546,081
US Airways Pass-Through Trust, Series 2011-1, Class B, 9.75%, 04/22/20^(f)			1,887		1,924,994

					20,304,935
Auto Components — 0.5%
Adient Global Holdings Ltd., 3.50%, 08/15/24	EUR		111		135,712
Allison Transmission, Inc., 5.00%, 10/01/24^(c)	USD		38		37,324
Aptiv PLC^(f):
4.25%, 01/15/26			400		401,693
4.40%, 10/01/46			280		264,498
Gestamp Funding Luxembourg SA, 3.50%, 05/15/23	EUR		100		125,186
Goodyear Tire & Rubber Co., 5.00%, 05/31/26	USD		77		73,343
HP Pelzer Holding GmbH, 4.13%, 04/01/24	EUR		100		123,290
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
6.00%, 08/01/20	USD		115		117,444
6.25%, 02/01/22^(f)			341		347,820
6.75%, 02/01/24^(f)			392		400,820
6.38%, 12/15/25^(f)			284		284,710
IHO Verwaltungs GmbH^(h):
(2.75% Cash or 3.50% PIK), 2.75%, 09/15/21	EUR		100		123,006
(3.25% Cash or 4.00% PIK), 3.25%, 09/15/23			100		124,519
(3.75% Cash or 4.50% PIK), 3.75%, 09/15/26			100		126,798
(4.13% Cash or 4.88% PIK), 4.13%, 09/15/21^(c)(f)	USD		214		214,626
(4.50% Cash or 5.25% PIK), 4.50%, 09/15/23^(c)(f)			229		224,992
Tesla, Inc., 5.30%, 08/15/25^(c)(f)			588		520,380
Volvo Car AB, 2.00%, 01/24/25	EUR		100		120,480

					3,766,641
Automobiles — 0.3%
General Motors Co., 6.25%, 10/02/43^(f)	USD		2,194		2,343,292

Banks — 1.3%
Allied Irish Banks PLC(5 year EUR Swap + 3.95%), 4.13%, 11/26/25⁽ⁱ⁾	EUR		100		129,455
Banco BPM SpA, 1.75%, 04/24/23			100		120,783
Banco Popolare, 2.75%, 07/27/20			100		125,817
Bank of Ireland(5 year EUR Swap + 3.55%), 4.25%, 06/11/24⁽ⁱ⁾			100		125,439


Security		Par (000)		Value
Banks (continued)
Bankia SA⁽ⁱ⁾:
(5 year EUR Swap + 3.17%), 4.00%, 05/22/24	EUR		200	$	249,973
(5 year EUR Swap + 3.35%), 3.38%, 03/15/27			100		128,095
Barclays PLC:
4.38%, 09/11/24	USD		720		702,634
5.20%, 05/12/26			200		199,888
CaixaBank SA(5 year EUR Swap + 3.35%), 3.50%, 02/15/27⁽ⁱ⁾	EUR		100		129,735
CIT Group, Inc.:
5.00%, 08/01/23^(f)	USD		847		861,823
5.25%, 03/07/25			209		213,441
6.13%, 03/09/28			116		120,060
HSBC Holdings PLC, 4.38%, 11/23/26^(f)			370		366,812
Inversiones Atlantida SA, 8.25%, 07/28/22^(c)(f)			441		461,396
Sberbank of Russia Via SB Capital SA, 5.25%, 05/23/23^(c)			5,000		4,962,500
Standard Chartered PLC, 4.87%, 03/15/33^(c)(d)			500		498,932

					9,396,783
Beverages — 0.5%
Anheuser-Busch InBev Finance, Inc., 4.90%, 02/01/46^(f)			2,160		2,240,903
Central American Bottling Corp., 5.75%, 01/31/27^(c)(f)			637		652,543
Horizon Parent Holdings Sarl, (8.25% Cash or 9.00% PIK), 8.25%, 02/15/22^(h)	EUR		100		127,100
OI European Group BV, 4.00%, 03/15/23^(c)(f)	USD		319		303,050

					3,323,596
Biotechnology — 0.3%
Amgen, Inc., 4.40%, 05/01/45^(f)			1,100		1,070,211
Gilead Sciences, Inc., 4.75%, 03/01/46^(f)			700		724,343
Illumina, Inc., 0.50%, 06/15/21^(j)			359		448,240
Senvion Holding GmbH, 3.88%, 10/25/22	EUR		100		110,289

					2,353,083
Building Materials — 0.0%
American Woodmark Corp., Co. GUAR 144A 03/26 4.875, 4.88%, 03/15/26^(c)	USD		115		110,975
Jeld-Wen, Inc., 4.63%, 12/15/25^(c)			110		105,325
Titan Global Finance PLC, 3.50%, 06/17/21	EUR		100		126,904

					343,204
Building Products — 0.4%
American Builders & Contractors Supply Co., Inc.^(c):
5.63%, 04/15/21^(f)	USD		177		178,991
5.75%, 12/15/23			155		159,797
Beacon Escrow Corp., 4.88%, 11/01/25^(c)(f)			498		470,610
Building Materials Corp. of America, 6.00%, 10/15/25^(c)(f)			247		256,263
Jeld-Wen, Inc., 4.88%, 12/15/27^(c)			78		73,515
Masonite International Corp., 5.63%, 03/15/23^(c)(f)			469		483,070
Standard Industries, Inc.^(c):
5.50%, 02/15/23			142		146,615
5.38%, 11/15/24			66		66,866
USG Corp.^(c)(f):
5.50%, 03/01/25			299		312,455
4.88%, 06/01/27			366		366,000

					2,514,182
Cable Television Services — 0.0%
CB Escrow Corp., 8.00%, 10/15/25^(c)(f)			173		164,350

Capital Markets — 0.5%
Blackstone CQP Holdco LP^(c):
6.50%, 03/20/21^(f)			2,427		2,439,135
6.00%, 08/18/21			395		395,988


48		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Capital Markets (continued)
Lions Gate Capital Holdings LLC, 5.88%, 11/01/24^(c)	USD		101	$	103,399
NFP Corp., 6.88%, 07/15/25^(c)			102		99,960
Raymond James Financial, Inc., 4.95%, 07/15/46^(f)			400		418,492

					3,456,974
Chemicals — 1.9%
Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25^(c)(f)			1,100		1,113,750
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25	EUR		100		127,074
Axalta Coating Systems LLC, 4.88%, 08/15/24^(c)(f)	USD		265		266,987
Blue Cube Spinco, Inc.^(f):
9.75%, 10/15/23			502		577,300
10.00%, 10/15/25			344		403,340
CF Industries, Inc.:
7.13%, 05/01/20			71		75,704
5.15%, 03/15/34			110		100,513
4.95%, 06/01/43			217		181,737
Chemours Co.:
6.63%, 05/15/23^(f)			332		349,015
7.00%, 05/15/25			66		71,033
5.38%, 05/15/27^(f)			309		305,910
Cydsa SAB de C.V., 6.25%, 10/04/27^(c)(f)			914		878,582
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC, 7.50%, 05/01/25^(c)(e)			256		262,400
Hexion, Inc., 10.38%, 02/01/22^(c)(f)			220		213,950
Huntsman International LLC:
4.88%, 11/15/20^(f)			365		371,844
5.13%, 11/15/22			165		171,155
INEOS Finance PLC, 4.00%, 05/01/23	EUR		115		141,667
Mexichem SAB de CV, 5.50%, 01/15/48^(c)(f)	USD		526		479,317
Momentive Performance Materials, Inc., 3.88%, 10/24/21^(f)			1,305		1,376,775
NOVA Chemicals Corp., 4.88%, 06/01/24^(c)(f)			319		308,632
Olin Corp., 5.00%, 02/01/30			135		128,588
Platform Specialty Products Corp.^(c)(f):
6.50%, 02/01/22			2,176		2,230,400
5.88%, 12/01/25			750		731,250
PQ Corp.^(c)(f):
6.75%, 11/15/22			437		462,127
5.75%, 12/15/25			484		479,160
PSPC Escrow Corp., 6.00%, 02/01/23	EUR		153		192,144
Sherwin-Williams Co., 4.50%, 06/01/47^(f)	USD		310		303,721
Tronox Finance PLC, 5.75%, 10/01/25^(c)			112		108,920
Venator Finance Sarl/Venator Materials LLC, 5.75%, 07/15/25^(c)(f)			176		175,120
Versum Materials, Inc., 5.50%, 09/30/24^(c)			140		143,108
WR Grace & Co-Conn^(c)(f):
5.13%, 10/01/21			277		284,559
5.63%, 10/01/24			300		309,750

					13,325,532
Commercial Services & Supplies — 1.5%
ADT Corp.^(f):
6.25%, 10/15/21			234		243,945
3.50%, 07/15/22			375		350,391
4.13%, 06/15/23			224		209,581
4.88%, 07/15/32^(c)			561		464,227
Advanced Disposal Services, Inc., 5.63%, 11/15/24^(c)(f)			191		192,910
Aviation Capital Group Corp., 6.75%, 04/06/21^(c)(f)			5,000		5,444,638
Booz Allen Hamilton, Inc., 5.13%, 05/01/25^(c)(f)			241		237,988
CD&R Waterworks Merger Sub LLC, 6.13%, 08/15/25^(c)(f)			485		475,300


Security		Par (000)		Value
Commercial Services & Supplies (continued)
Harland Clarke Holdings Corp., 8.38%, 08/15/22^(c)(f)	USD		488	$	498,980
KAR Auction Services, Inc., 5.13%, 06/01/25^(c)(f)			359		348,230
La Financiere Atalian SAS:
4.00%, 05/15/24	EUR		100		117,288
5.13%, 05/15/25^(e)			100		122,119
Mobile Mini, Inc., 5.88%, 07/01/24^(f)	USD		585		604,012
Paprec Holding SA, 4.00%, 03/31/25	EUR		100		122,119
Park Aerospace Holdings Ltd.^(c):
3.63%, 03/15/21	USD		269		259,585
5.25%, 08/15/22^(f)			438		435,262
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25^(c)(f)			188		187,060
United Rentals North America, Inc.:
5.75%, 11/15/24^(f)			342		353,115
5.88%, 09/15/26			72		75,060
Wrangler Buyer Corp., 6.00%, 10/01/25^(c)			221		217,685

					10,959,495
Communications Equipment — 0.4%
CommScope Technologies Finance LLC, 6.00%, 06/15/25^(c)			5		5,138
CommScope Technologies LLC, 5.00%, 03/15/27^(c)			96		91,920
CommScope, Inc.^(c)(f):
5.00%, 06/15/21			170		171,275
5.50%, 06/15/24			530		539,275
Nokia OYJ^(f):
3.38%, 06/12/22			126		121,653
4.38%, 06/12/27			177		164,167
6.63%, 05/15/39			245		255,412
Zayo Group LLC/Zayo Capital, Inc.^(f):
6.38%, 05/15/25			206		213,251
5.75%, 01/15/27^(c)			1,486		1,475,420

					3,037,511
Construction & Engineering — 0.7%
Aeropuertos Argentina 2000 SA, 6.88%, 02/01/27^(c)(f)			1,061		1,103,970
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29^(c)(f)			1,061		1,141,901
BlueLine Rental Finance Corp., 9.25%, 03/15/24^(c)(f)			1,331		1,415,452
Brand Energy & Infrastructure Services, Inc., 8.50%, 07/15/25^(c)(f)			459		473,918
Engility Corp., 8.88%, 09/01/24^(f)			298		309,920
SPIE SA, 3.13%, 03/22/24	EUR		100		121,992
Tutor Perini Corp., 6.88%, 05/01/25^(c)(f)	USD		260		266,422
Weekley Homes LLC/Weekley Finance Corp., 6.63%, 08/15/25^(c)			73		70,810

					4,904,385
Construction Materials — 0.5%
American Tire Distributors, Inc., 10.25%, 03/01/22^(c)(f)			210		110,775
Beacon Roofing Supply, Inc., 6.38%, 10/01/23			163		170,743
HD Supply, Inc., 5.75%, 04/15/24^(c)(f)			2,226		2,337,300
LKQ Italia Bondco SpA, 3.88%, 04/01/24	EUR		102		129,950
Navistar International Corp., 6.63%, 11/01/25^(c)(f)	USD		319		330,962
New Enterprise Stone & Lime Co., Inc., 10.13%, 04/01/22^(c)			190		202,350
PulteGroup, Inc., 6.00%, 02/15/35			48		49,020
Rexel SA, 3.50%, 06/15/23	EUR		223		279,393
Williams Scotsman International, Inc., 7.88%, 12/15/22^(c)	USD		129		134,160

					3,744,653


CONSOLIDATED SCHEDULES OF INVESTMENTS			49

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Consumer Discretionary — 0.2%
Arch Merger Sub, Inc., 8.50%, 09/15/25^(c)(f)	USD		241	$	225,335
Elis SA, 1.88%, 02/15/23	EUR		100		120,760
Nielsen Co. Luxembourg SARL, 5.00%, 02/01/25^(c)(f)	USD		90		88,650
Silversea Cruise Finance Ltd., 7.25%, 02/01/25^(c)			66		69,815
Viking Cruises Ltd.^(c):
6.25%, 05/15/25			270		271,350
5.88%, 09/15/27^(f)			673		649,445

					1,425,355
Consumer Finance — 0.8%
Ally Financial, Inc., 8.00%, 11/01/31^(f)			1,617		1,964,978
Credivalores-Crediservicios SAS, 9.75%, 07/27/22^(c)(f)			457		463,855
IHS Markit Ltd.^(c):
4.75%, 02/15/25			198		199,010
4.00%, 03/01/26			144		137,928
Navient Corp.:
5.00%, 10/26/20^(f)			370		371,850
6.63%, 07/26/21^(f)			141		146,485
6.50%, 06/15/22^(f)			460		472,650
5.50%, 01/25/23			162		159,521
7.25%, 09/25/23^(f)			306		319,770
6.13%, 03/25/24			50		50,062
5.88%, 10/25/24			138		135,240
6.75%, 06/25/25^(f)			212		214,120
5.63%, 08/01/33			105		90,300
OneMain Financial Holdings LLC, 7.25%, 12/15/21^(c)			124		128,340
Springleaf Finance Corp.:
6.13%, 05/15/22			85		87,019
5.63%, 03/15/23			21		20,790
6.88%, 03/15/25^(f)			430		434,300

					5,396,218
Containers & Packaging — 1.5%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
6.00%, 06/30/21^(c)			200		203,502
4.63%, 05/15/23^(c)(f)			936		938,340
6.75%, 05/15/24	EUR		156		205,280
7.25%, 05/15/24^(c)(f)	USD		1,809		1,908,495
6.00%, 02/15/25^(c)(f)			222		224,497
4.75%, 07/15/27^(c)	GBP		100		134,400
4.75%, 07/15/27			100		134,400
Ball Corp.:
5.00%, 03/15/22^(f)	USD		440		455,950
4.00%, 11/15/23			50		49,000
Berry Global, Inc., 4.50%, 02/15/26^(c)			118		112,690
BWAY Holding Co.^(c)(f):
5.50%, 04/15/24			842		846,210
7.25%, 04/15/25			440		451,638
Crown Americas LLC/Crown Americas Capital Corp., 4.75%, 02/01/26^(c)			184		177,560
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			114		105,593
Horizon Holdings I SASU, 7.25%, 08/01/23	EUR		100		126,305
JH-Holding Finance SA, (8.25% PIK), 8.25%, 12/01/22^(h)			102		128,183
Mercer International, Inc.:
6.50%, 02/01/24	USD		134		139,360
5.50%, 01/15/26^(c)			139		136,567
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu:
5.75%, 10/15/20^(f)			906		912,912


Security		Par (000)		Value
Containers & Packaging (continued)
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (continued):
(3 mo. LIBOR US + 3.50%), 5.85%, 07/15/21^(a)(c)(f)	USD		624	$	632,580
5.13%, 07/15/23^(c)			194		195,212
7.00%, 07/15/24^(c)(f)			848		882,980
Sappi Papier Holding GmbH, 4.00%, 04/01/23	EUR		200		250,456
Sealed Air Corp.:
4.88%, 12/01/22^(c)(f)	USD		268		272,020
4.50%, 09/15/23	EUR		100		136,140
6.88%, 07/15/33^(c)	USD		44		49,060
Signode Industrial Group Lux SA/Signode Industrial Group US, Inc., 6.38%, 05/01/22^(c)(f)			564		581,992
Silgan Holdings, Inc., 3.25%, 03/15/25	EUR		100		123,302
Verallia Packaging SASU, 5.13%, 08/01/22			100		124,776

					10,639,400
Diversified Consumer Services — 0.5%
APX Group, Inc.^(f):
6.38%, 12/01/19	USD		171		170,145
8.75%, 12/01/20			321		316,586
7.88%, 12/01/22			210		211,575
Ascend Learning LLC, 6.88%, 08/01/25^(c)(f)			354		360,195
Laureate Education, Inc., 8.25%, 05/01/25^(c)			138		148,350
Matthews International Corp., 5.25%, 12/01/25^(c)			72		70,560
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23^(c)(f)			1,626		1,743,885
ServiceMaster Co. LLC, 5.13%, 11/15/24^(c)(f)			288		280,512

					3,301,808
Diversified Financial Services — 1.5%
Aircastle Ltd.:
6.25%, 12/01/19^(f)			784		814,380
5.50%, 02/15/22			82		85,690
Banca IFIS SpA, 4.50%, 10/17/27^(d)	EUR		100		122,424
Cabot Financial Luxembourg SA, 7.50%, 10/01/23	GBP		100		146,114
Docuformas SAPI de C.V., 9.25%, 10/11/22^(c)(f)	USD		508		477,520
FBM Finance, Inc., 8.25%, 08/15/21^(c)			155		163,137
Ford Motor Credit Co. LLC, 4.39%, 01/08/26^(f)			1,250		1,230,770
Garfunkelux Holdco 3 SA, 4.50%, 09/01/23^(d)	EUR		100		114,360
General Motors Financial Co., Inc., 4.25%, 05/15/23^(f)	USD		326		327,977
Gilex Holding Sarl, 8.50%, 05/02/23^(c)(e)			406		409,045
HSBC Holdings PLC, 6.25%^(d)(f)(k)			820		831,283
Intesa Sanpaolo SpA, 5.02%, 06/26/24^(c)(f)			2,888		2,826,846
Intrum Justitia AB(3 mo. Euribor + 2.63%), 2.63%, 07/15/22^(a)	EUR		100		120,885
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 04/01/20^(c)(f)	USD		845		852,394
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24^(h)	EUR		101		123,323
Mercury Bondco PLC, (8.25% Cash or 9.00% PIK), 8.25%, 05/30/21^(h)			358		451,264
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25^(c)(f)	USD		597		591,030
Travelport Corporate Finance PLC, 6.00%, 03/15/26^(c)			204		208,590
UniCredit SpA:
6.95%, 10/31/22	EUR		100		147,982
(5 year EUR Swap + 4.10%), 5.75%, 10/28/25⁽ⁱ⁾			100		133,492
Vantiv LLC/Vanity Issuer Corp.^(c):
3.88%, 11/15/25	GBP		100		135,261
4.38%, 11/15/25	USD		211		201,505
Verisure Midholding AB, 5.75%, 12/01/23	EUR		100		119,859
WMG Acquisition Corp., 5.50%, 04/15/26^(c)	USD		143		143,715

					10,778,846


50		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Diversified Telecommunication Services — 2.9%
AT&T, Inc., 4.75%, 05/15/46^(f)	USD		2,545	$	2,370,286
CenturyLink, Inc.:
5.63%, 04/01/25			138		126,960
Series P, 7.60%, 09/15/39			61		51,545
Series S, 6.45%, 06/15/21^(f)			737		753,122
Series U, 7.65%, 03/15/42^(f)			388		327,860
Series W, 6.75%, 12/01/23^(f)			291		288,817
Series Y, 7.50%, 04/01/24^(f)			300		306,000
Cincinnati Bell, Inc., 7.00%, 07/15/24^(c)(f)			480		440,352
Embarq Corp., 8.00%, 06/01/36			76		72,191
Frontier Communications Corp.:
7.13%, 03/15/19^(f)			380		378,100
10.50%, 09/15/22			100		87,970
7.13%, 01/15/23			207		148,005
6.88%, 01/15/25^(f)			418		256,025
11.00%, 09/15/25^(f)			962		738,335
Level 3 Financing, Inc.:
5.38%, 08/15/22			108		108,540
5.63%, 02/01/23^(f)			280		283,850
5.13%, 05/01/23^(f)			360		356,400
5.38%, 01/15/24^(f)			414		409,860
5.38%, 05/01/25^(f)			482		474,625
5.25%, 03/15/26^(f)			950		918,840
OTE PLC, 3.50%, 07/09/20	EUR		200		254,784
SoftBank Group Corp.(5 year USD ICE Swap + 4.85%), 6.88%^(i)(k)	USD		345		318,262
SoftBank Group Corp.:
4.50%, 04/15/20^(c)(f)			1,500		1,539,375
4.75%, 09/19/24			200		187,412
4.75%, 07/30/25	EUR		100		122,484
Telecom Italia Capital SA:
6.38%, 11/15/33	USD		128		139,123
6.00%, 09/30/34^(f)			843		872,505
7.20%, 07/18/36			123		141,143
7.72%, 06/04/38			62		74,710
Telecom Italia Finance SA, 7.75%, 01/24/33	EUR		81		146,815
Telecom Italia SpA:
1.13%, 03/26/22^(j)			100		118,647
3.25%, 01/16/23			100		131,740
3.63%, 01/19/24			146		195,727
5.30%, 05/30/24^(c)	USD		200		203,700
Verizon Communications, Inc., 6.55%, 09/15/43^(f)			6,500		7,803,533

					21,147,643
Electric Utilities — 1.2%
AES Corp.:
4.50%, 03/15/23			227		228,135
5.50%, 04/15/25			97		99,183
Baltimore Gas & Electric Co., 3.50%, 08/15/46^(f)			500		452,772
Celeo Redes Operacion Chile SA, 5.20%, 06/22/47^(c)(f)			1,177		1,178,177
DPL, Inc., 7.25%, 10/15/21			34		36,978
Duke Energy Corp., 4.80%, 12/15/45^(f)			1,500		1,603,119
Enel Finance International NV, 3.63%, 05/25/27^(c)(f)			1,250		1,180,497
Energuate Trust, 5.88%, 05/03/27^(c)(f)			575		566,375
NextEra Energy Operating Partners LP, 4.25%, 09/15/24^(c)(f)			209		201,685
Pampa Energia SA, 7.50%, 01/24/27^(c)(f)			1,050		1,068,375
Southern Co., 4.40%, 07/01/46^(f)			1,000		986,031
Talen Energy Supply LLC, 6.50%, 06/01/25			209		152,047
Virginia Electric & Power Co., Series A, 6.00%, 05/15/37^(f)			750		927,368

					8,680,742


Security		Par (000)		Value
Electrical Equipment — 0.0%
Areva SA, 4.88%, 09/23/24	EUR		100	$	132,226

Electronic Equipment, Instruments & Components — 0.4%
CDW LLC/CDW Finance Corp.:
5.00%, 09/01/23^(f)	USD		325		331,533
5.50%, 12/01/24^(f)			306		316,906
5.00%, 09/01/25			127		126,517
Corning, Inc., 4.38%, 11/15/57^(f)			1,915		1,704,417
Itron, Inc., 5.00%, 01/15/26^(c)			29		28,493

					2,507,866
Energy Equipment & Services — 1.0%
CSI Compressco LP/CSI Compressco Finance, Inc., 7.50%, 04/01/25^(c)(f)			391		392,955
Ensco PLC:
5.20%, 03/15/25			45		36,956
7.75%, 02/01/26^(f)			426		401,505
Gates Global LLC/Gates Global Co., 6.00%, 07/15/22^(c)(f)			428		433,350
Halliburton Co., 3.80%, 11/15/25^(f)			750		744,887
McDermott Escrow 1, Inc./McDermott Escrow 2, Inc., 10.63%, 05/01/24^(c)			290		292,929
Oceaneering International, Inc., 6.00%, 02/01/28			249		248,016
Odebrecht Oil & Gas Finance Ltd., 0.00%^(c)(k)(l)	BRL		155		3,107
Pattern Energy Group, Inc., 5.88%, 02/01/24^(c)(f)	USD		263		268,260
Pioneer Energy Services Corp., 6.13%, 03/15/22^(f)			233		208,756
Precision Drilling Corp.:
6.50%, 12/15/21			82		83,640
7.75%, 12/15/23			90		93,713
5.25%, 11/15/24			193		181,845
7.13%, 01/15/26^(c)			222		224,220
Transocean, Inc.^(f):
5.80%, 10/15/22			466		456,680
9.00%, 07/15/23^(c)			956		1,031,333
7.50%, 01/15/26^(c)			344		347,440
Trinidad Drilling Ltd., 6.63%, 02/15/25^(c)(f)			392		375,830
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 04/01/26^(c)			329		335,580
Weatherford International Ltd.:
7.75%, 06/15/21^(f)			608		598,880
8.25%, 06/15/23			153		143,820
9.88%, 02/15/24			110		105,875
6.50%, 08/01/36^(f)			144		109,440
7.00%, 03/15/38^(f)			197		154,645
5.95%, 04/15/42			256		185,600

					7,459,262
Environmental, Maintenance, & Security Service — 0.1%
Tervita Escrow Corp., 7.63%, 12/01/21^(c)(f)			477		486,540
Waste Pro USA, Inc., 5.50%, 02/15/26^(c)			260		257,322

					743,862
Food & Staples Retailing — 0.5%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC:
6.63%, 06/15/24^(f)			206		191,837
5.75%, 03/15/25			134		116,748
B&M European Value Retail SA, 4.13%, 02/01/22	GBP		100		141,109
Casino Guichard Perrachon SA, 4.56%, 01/25/23	EUR		100		130,565
Dollar Tree, Inc., 5.75%, 03/01/23^(f)	USD		1,616		1,685,811
Rite Aid Corp., 6.13%, 04/01/23^(c)(f)			300		304,125
Walgreens Boots Alliance, Inc., 4.80%, 11/18/44^(f)			750		729,366

					3,299,561
Food Products — 0.8%
Acosta, Inc., 7.75%, 10/01/22^(c)(f)			250		148,750


CONSOLIDATED SCHEDULES OF INVESTMENTS			51

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Food Products (continued)
Aramark Services, Inc.:
5.13%, 01/15/24	USD		111	$	112,943
5.00%, 04/01/25^(c)			14		14,088
4.75%, 06/01/26^(f)			252		244,440
5.00%, 02/01/28^(c)(f)			278		270,702
Arcor SAIC, 6.00%, 07/06/23^(c)(f)			539		557,865
B&G Foods, Inc., 5.25%, 04/01/25			61		55,815
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25^(c)			317		318,585
JBS USA LLC/JBS USA Finance, Inc.^(c):
5.88%, 07/15/24			222		215,340
5.75%, 06/15/25^(f)			695		653,091
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28^(c)(f)			342		328,320
MARB BondCo PLC:
7.00%, 03/15/24			229		218,984
6.88%, 01/19/25^(c)			637		598,780
Minerva Luxembourg SA, 6.50%, 09/20/26^(c)(f)			637		601,965
Pilgrim’s Pride Corp.^(c):
5.75%, 03/15/25			266		260,015
5.88%, 09/30/27			230		219,650
Post Holdings, Inc.^(c):
5.50%, 03/01/25			273		268,222
5.75%, 03/01/27^(f)			294		287,841
5.63%, 01/15/28			86		82,130

					5,457,526
Health Care Equipment & Supplies — 0.9%
Avantor, Inc.:
4.75%, 10/01/24	EUR		100		120,644
6.00%, 10/01/24^(c)(f)	USD		1,865		1,874,325
9.00%, 10/01/25^(c)(f)			472		477,900
Crimson Merger Sub, Inc., 6.63%, 05/15/22^(c)(f)			1,332		1,318,680
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.13%, 06/15/21^(c)(f)			884		885,105
Mallinckrodt International Finance SA/Mallinckrodt CB LLC^(c):
5.75%, 08/01/22			84		69,930
5.63%, 10/15/23^(f)			328		256,660
5.50%, 04/15/25^(f)			387		290,976
Medtronic, Inc., 4.50%, 03/15/42^(f)			1,000		1,046,297
Teleflex, Inc., 4.88%, 06/01/26			63		62,118

					6,402,635
Health Care Providers & Services — 2.7%
Acadia Healthcare Co., Inc.:
5.63%, 02/15/23^(f)			210		212,163
6.50%, 03/01/24			69		71,415
Air Medical Merger Sub Corp., 6.38%, 05/15/23^(c)			71		67,983
Amsurg Corp., 5.63%, 07/15/22^(f)			431		432,077
Centene Corp.:
5.63%, 02/15/21^(f)			373		382,791
4.75%, 05/15/22^(f)			402		406,020
6.13%, 02/15/24			40		41,900
CHS/Community Health Systems, Inc.:
8.00%, 11/15/19			246		223,860
5.13%, 08/01/21^(f)			141		129,896
6.25%, 03/31/23			121		110,413
DaVita, Inc., 5.13%, 07/15/24^(f)			276		267,375
Eagle Holding Co. II LLC, (7.63% Cash or 8.38% PIK), 7.63%, 05/15/22^(c)(f)(h)			310		313,875
Envision Healthcare Corp.^(c):
5.13%, 07/01/22			93		91,838
6.25%, 12/01/24^(f)			264		274,560


Security		Par (000)		Value
Health Care Providers & Services (continued)
HCA, Inc.:
5.88%, 03/15/22^(f)	USD		1,055	$	1,111,706
4.75%, 05/01/23^(f)			983		990,284
5.88%, 05/01/23			37		38,573
5.00%, 03/15/24^(f)			1,086		1,098,217
5.38%, 02/01/25^(f)			396		394,020
5.25%, 04/15/25^(f)			1,157		1,171,462
5.88%, 02/15/26^(f)			401		406,013
5.25%, 06/15/26^(f)			440		442,200
4.50%, 02/15/27			126		120,645
5.50%, 06/15/47^(f)			1,134		1,071,630
HealthSouth Corp., 5.75%, 11/01/24			76		77,330
MEDNAX, Inc., 5.25%, 12/01/23^(c)(f)			143		141,928
Molina Healthcare, Inc., 4.88%, 06/15/25^(c)			126		119,700
MPH Acquisition Holdings LLC, 7.13%, 06/01/24^(c)(f)			590		601,800
Northwell Healthcare, Inc., 4.26%, 11/01/47^(f)			686		661,068
NVA Holdings, Inc., 6.88%, 04/01/26^(c)			315		317,363
Polaris Intermediate Corp., (8.50% Cash), 8.50%, 12/01/22^(c)(f)(h)			978		992,670
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 05/01/23^(c)(f)			163		171,101
Surgery Center Holdings, Inc.^(c):
8.88%, 04/15/21			162		166,455
6.75%, 07/01/25^(f)			324		306,180
Team Health Holdings, Inc., 6.38%, 02/01/25^(c)(f)			496		431,520
Tenet Healthcare Corp.:
6.00%, 10/01/20^(f)			926		955,678
7.50%, 01/01/22^(c)			206		217,073
8.13%, 04/01/22^(f)			1,538		1,601,442
6.75%, 06/15/23^(f)			531		522,039
4.63%, 07/15/24^(c)(f)			292		281,809
THC Escrow Corp. III, 5.13%, 05/01/25^(c)			7		6,808
Thermo Fisher Scientific, Inc., 2.95%, 09/19/26^(f)			1,000		926,189
UnitedHealth Group, Inc., 4.38%, 03/15/42^(f)			750		763,986
Vizient, Inc., 10.38%, 03/01/24^(c)(f)			382		423,065
WellCare Health Plans, Inc., 5.25%, 04/01/25			101		101,515

					19,657,635
Health Care Technology — 0.1%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25^(c)(f)			278		271,745
Quintiles IMS, Inc., 3.25%, 03/15/25^(c)	EUR		100		122,573

					394,318
Hotels, Restaurants & Leisure — 4.3%
Boyne USA, Inc., 7.25%, 05/01/25^(c)	USD		94		97,083
Burger King France SAS:
(3 mo. Euribor + 5.25%), 5.25%, 05/01/23^(a)	EUR		100		122,373
6.00%, 05/01/24			100		129,829
Churchill Downs, Inc., 4.75%, 01/15/28^(c)	USD		82		77,285
Cirsa Funding Luxembourg SA, 5.88%, 05/15/23	EUR		100		124,409
Codere Finance 2 Luxembourg SA, 6.75%, 11/01/21			100		126,399
CPUK Finance Ltd., 4.25%, 02/28/47	GBP		100		138,368
CRC Escrow Issuer LLC/CRC Finco, Inc., 5.25%, 10/15/25^(c)(f)	USD		413		394,415
Eldorado Resorts, Inc., 6.00%, 04/01/25			106		105,073
Enterprise Inns PLC, 6.00%, 10/06/23	GBP		3,320		4,960,015
ESH Hospitality, Inc., 5.25%, 05/01/25^(c)(f)	USD		242		236,555
GLP Capital LP/GLP Financing II, Inc.:
5.38%, 11/01/23			148		152,995
5.38%, 04/15/26			70		70,525
Golden Nugget, Inc., 6.75%, 10/15/24^(c)(f)			468		475,020


52		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
International Game Technology PLC, 4.75%, 02/15/23	EUR		107	$	141,765
IRB Holding Corp., 6.75%, 02/15/26^(c)	USD		166		160,190
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC^(c):
5.00%, 06/01/24			45		45,000
5.25%, 06/01/26^(f)			406		408,030
McDonald’s Corp., 3.70%, 01/30/26^(f)			750		748,581
Melco Resorts Finance Ltd., 4.88%, 06/06/25^(c)(f)			245		229,019
MGM Resorts International:
5.25%, 03/31/20			84		85,890
6.75%, 10/01/20^(f)			108		114,750
6.63%, 12/15/21^(f)			1,390		1,487,300
7.75%, 03/15/22^(f)			95		105,450
4.63%, 09/01/26			38		35,958
New Red Finance, Inc.^(c)(f):
4.25%, 05/15/24			291		276,814
5.00%, 10/15/25			2,060		1,982,111
RHP Hotel Properties LP/RHP Finance Corp., 5.00%, 04/15/21^(f)			460		462,875
Scientific Games International, Inc.:
10.00%, 12/01/22^(f)			947		1,020,677
5.00%, 10/15/25^(c)(f)			709		684,859
3.38%, 02/15/26	EUR		100		117,741
Six Flags Entertainment Corp., 4.88%, 07/31/24^(c)(f)	USD		1,061		1,036,809
Station Casinos LLC, 5.00%, 10/01/25^(c)(f)			361		345,658
Stonegate Pub Co. Financing PLC, 4.88%, 03/15/22	GBP		100		136,362
Unique Pub Finance Co. PLC:
Series A3, 6.54%, 03/30/21			1,374		1,995,478
Series M, 7.40%, 03/28/24			6,400		9,733,022
Vue International Bidco PLC, 7.88%, 07/15/20			117		163,136
Wyndham Worldwide Corp.:
4.15%, 04/01/24^(f)	USD		1,128		1,120,326
5.10%, 10/01/25			33		34,147
4.50%, 04/01/27			57		56,411
Wynn Macau Ltd., 5.50%, 10/01/27^(c)(f)			600		582,006
Yum! Brands, Inc., 3.88%, 11/01/23			110		105,325

					30,626,034
Household Durables — 1.1%
Algeco Scotsman Global Finance 2 PLC, 10.00%, 08/15/23^(c)			200		202,000
Algeco Scotsman Global Finance PLC, 8.00%, 02/15/23^(c)(f)			561		572,921
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 07/01/22^(c)(f)			750		763,125
CalAtlantic Group, Inc., 6.25%, 12/15/21			450		483,406
Century Communities, Inc., 6.88%, 05/15/22^(f)			830		854,900
K Hovnanian Enterprises, Inc., 10.00%, 07/15/22^(c)			242		259,242
Lennar Corp.:
4.50%, 11/15/19^(f)			320		323,600
8.38%, 01/15/21^(c)			144		159,480
4.75%, 04/01/21			42		42,567
4.13%, 01/15/22			139		138,479
5.38%, 10/01/22^(c)			6		6,210
4.75%, 11/15/22			53		53,057
4.88%, 12/15/23			146		146,365
4.75%, 05/30/25^(f)			410		398,725
5.25%, 06/01/26^(c)			32		31,280
4.75%, 11/29/27^(c)(f)			425		400,562
Mattamy Group Corp.^(c):
6.88%, 12/15/23			169		173,648
6.50%, 10/01/25			208		207,480


Security		Par (000)		Value
Household Durables (continued)
MDC Holdings, Inc., 6.00%, 01/15/43	USD		216	$	200,880
Meritage Homes Corp., 5.13%, 06/06/27			91		86,336
Newell Brands, Inc., 4.20%, 04/01/26^(f)			1,000		981,925
PulteGroup, Inc., 6.38%, 05/15/33^(f)			469		488,463
Tempur Sealy International, Inc., 5.50%, 06/15/26^(f)			191		180,973
TRI Pointe Group, Inc.:
4.88%, 07/01/21			124		124,310
5.25%, 06/01/27^(f)			46		43,700
TRI Pointe Group, Inc./TRI Pointe Homes, Inc.^(f):
4.38%, 06/15/19			225		225,281
5.88%, 06/15/24			226		229,107
William Lyon Homes, Inc.:
6.00%, 09/01/23^(c)			66		65,927
5.88%, 01/31/25			116		112,990

					7,956,939
Household Products — 0.1%
ACCO Brands Corp., 5.25%, 12/15/24^(c)			102		102,000
Diamond (BC) BV, 5.63%, 08/15/25	EUR		115		132,701
Prestige Brands, Inc., 6.38%, 03/01/24^(c)	USD		68		68,340
Spectrum Brands, Inc., 6.63%, 11/15/22^(f)			710		734,850

					1,037,891
Independent Power and Renewable Electricity Producers — 1.0%
AES Corp.^(f):
4.88%, 05/15/23			204		205,275
6.00%, 05/15/26			352		367,840
5.13%, 09/01/27			400		406,000
Calpine Corp.:
5.38%, 01/15/23			282		270,367
5.88%, 01/15/24^(c)(f)			629		632,538
5.25%, 06/01/26^(c)(f)			826		790,379
Dynegy, Inc.:
7.38%, 11/01/22			43		45,311
5.88%, 06/01/23			43		43,968
8.00%, 01/15/25^(c)(f)			476		515,865
8.13%, 01/30/26^(c)(f)			202		221,442
Genneia SA, 8.75%, 01/20/22^(c)(f)			1,061		1,139,249
NRG Energy, Inc.^(f):
6.63%, 01/15/27			1,102		1,133,682
5.75%, 01/15/28^(c)			237		234,630
NRG Yield Operating LLC, 5.38%, 08/15/24^(f)			254		254,635
QEP Resources, Inc., 5.38%, 10/01/22^(f)			474		474,000
TerraForm Power Operating LLC^(c):
4.25%, 01/31/23			214		204,370
6.63%, 06/15/25^(m)			35		37,363
5.00%, 01/31/28			214		199,020

					7,175,934
Industrial Conglomerates — 0.2%
Apergy Corp., 6.38%, 05/01/26^(c)(e)			119		120,785
Colfax Corp., 3.25%, 05/15/25	EUR		100		121,871
General Electric Co., 4.13%, 10/09/42^(f)	USD		750		683,086
Vertiv Group Corp., 9.25%, 10/15/24^(c)(f)			655		661,550

					1,587,292
Insurance — 1.1%
Acrisure LLC/Acrisure Finance, Inc., 7.00%, 11/15/25^(c)			212		200,382
American International Group, Inc., 4.80%, 07/10/45^(f)			500		501,035
Aon PLC, 3.88%, 12/15/25^(f)			1,280		1,268,159
Ardonagh Midco 3 PLC:
8.38%, 07/15/23	GBP		100		143,650
8.63%, 07/15/23^(c)(f)	USD		516		531,480


CONSOLIDATED SCHEDULES OF INVESTMENTS			53

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Insurance (continued)
Assicurazioni Generali SpA⁽ⁱ⁾:
(3 mo. Euribor + 7.11%), 7.75%, 12/12/42	EUR		100	$	151,858
(3 mo. Euribor + 5.35%), 5.50%, 10/27/47			100		139,984
AssuredPartners, Inc., 7.00%, 08/15/25^(c)	USD		61		60,238
Fidelity National Financial, Inc., 4.25%, 08/15/18^(j)			121		345,612
Groupama SA, 6.00%, 01/23/27	EUR		100		148,233
HUB International Ltd.^(c):
7.88%, 10/01/21^(f)	USD		1,058		1,102,648
7.00%, 05/01/26			656		656,820
Nationwide Building Society, 4.13%, 10/18/32^(c)(d)(f)			690		647,018
Radian Group, Inc., 5.25%, 06/15/20			59		60,180
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47^(c)(f)			700		679,308
USIS Merger Sub, Inc., 6.88%, 05/01/25^(c)			72		72,000
Wayne Merger Sub LLC, 8.25%, 08/01/23^(c)(f)			1,174		1,217,297

					7,925,902
Internet Software & Services — 0.3%
Equinix, Inc.:
2.88%, 03/15/24	EUR		100		120,253
2.88%, 10/01/25			100		117,258
5.88%, 01/15/26^(f)	USD		554		573,390
Netflix, Inc.:
5.50%, 02/15/22			15		15,562
4.38%, 11/15/26^(f)			119		111,228
3.63%, 05/15/27	EUR		100		119,998
5.88%, 11/15/28^(c)	USD		503		501,742
Rackspace Hosting, Inc., 8.63%, 11/15/24^(c)(f)			202		204,777
Sabre GLBL, Inc., 5.25%, 11/15/23^(c)(f)			269		271,354
Symantec Corp., 5.00%, 04/15/25^(c)(f)			187		187,857
United Group BV(3 mo. Euribor + 4.38%), 4.38%, 07/01/23^(a)	EUR		100		121,213
ZPG PLC, 3.75%, 07/15/23	GBP		100		133,010

					2,477,642
IT Services — 0.9%
Ceridian HCM Holding, Inc., 11.00%, 03/15/21^(c)(f)	USD		482		496,460
Fidelity National Information Services, Inc., 3.00%, 08/15/26^(f)			1,000		917,935
First Data Corp.^(c):
7.00%, 12/01/23^(f)			1,335		1,396,917
5.00%, 01/15/24			160		161,200
5.75%, 01/15/24^(f)			2,998		3,035,475
Gartner, Inc., 5.13%, 04/01/25^(c)(f)			207		207,456
WEX, Inc., 4.75%, 02/01/23^(c)(f)			376		378,350

					6,593,793
Leisure Products — 0.1%
Mattel, Inc.:
6.75%, 12/31/25^(c)(f)			275		267,740
6.20%, 10/01/40			80		67,800
5.45%, 11/01/41			47		37,600

					373,140
Machinery — 0.3%
Platin 1426 GmbH, 5.38%, 06/15/23	EUR		118		141,292
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25^(c)(f)	USD		255		246,075
SPX FLOW, Inc.^(c):
5.63%, 08/15/24^(f)			330		334,125
5.88%, 08/15/26			153		156,060
Terex Corp., 5.63%, 02/01/25^(c)(f)			419		416,905
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26^(c)(f)			671		668,484


Security		Par (000)		Value
Machinery (continued)
Wabash National Corp., 5.50%, 10/01/25^(c)(f)	USD		286	$	278,850

					2,241,791

Media — 6.1%
67054LAB3, 7.38%, 05/01/26^(c)(f)			1,721		1,667,219
Altice Financing SA^(c)(f):
6.63%, 02/15/23			400		400,000
7.50%, 05/15/26			813		800,805
Altice France SA, 6.00%, 05/15/22^(c)(f)			1,492		1,470,545
Altice Luxembourg SA:
7.75%, 05/15/22^(c)(f)			1,199		1,145,045
6.25%, 02/15/25	EUR		100		116,745
Altice US Finance I Corp., 5.38%, 07/15/23^(c)(f)	USD		1,380		1,381,725
AMC Networks, Inc.^(f):
5.00%, 04/01/24			344		336,260
4.75%, 08/01/25			266		252,700
Cablevision SA, 6.50%, 06/15/21^(c)(f)			637		661,684
Cablevision Systems Corp., 8.00%, 04/15/20^(f)			286		303,160
CBS Radio, Inc., 7.25%, 11/01/24^(c)(f)			92		93,380
CCO Holdings LLC/CCO Holdings Capital Corp.^(f):
5.13%, 02/15/23			709		712,190
4.00%, 03/01/23^(c)			421		406,265
5.13%, 05/01/23^(c)			145		145,682
5.13%, 05/01/27^(c)			2,425		2,272,152
5.00%, 02/01/28^(c)			380		350,884
Cellnex Telecom SA, 2.38%, 01/16/24	EUR		100		122,637
Cequel Communications Holdings I LLC/Cequel Capital Corp.^(c)(f):
5.13%, 12/15/21	USD		760		751,614
7.75%, 07/15/25			1,430		1,501,500
7.50%, 04/01/28			569		576,824
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45^(f)			3,000		3,215,643
Clear Channel International BV, 8.75%, 12/15/20^(c)(f)			906		944,505
Clear Channel Worldwide Holdings, Inc.^(f):
6.50%, 11/15/22			2,830		2,896,234
Series B, 7.63%, 03/15/20			837		839,092
Comcast Corp., 4.60%, 08/15/45^(f)			1,750		1,763,258
CSC Holdings LLC^(f):
10.13%, 01/15/23^(c)			1,388		1,538,945
5.25%, 06/01/24			707		662,371
10.88%, 10/15/25^(c)			1,603		1,879,517
Discovery Communications LLC, 4.95%, 05/15/42^(f)			400		377,071
DISH DBS Corp.:
6.75%, 06/01/21^(f)			239		237,805
5.88%, 07/15/22^(f)			206		189,469
5.00%, 03/15/23^(f)			303		262,474
5.88%, 11/15/24			268		228,135
7.75%, 07/01/26^(f)			1,246		1,133,081
DISH Network Corp., 3.38%, 08/15/26^(j)			258		234,140
eircom Finance DAC, 4.50%, 05/31/22	EUR		100		123,658
GTT Communications, Inc., 7.88%, 12/31/24^(c)(f)	USD		266		271,985
Hughes Satellite Systems Corp.:
7.63%, 06/15/21			113		121,193
5.25%, 08/01/26^(f)			564		551,310
Intelsat Jackson Holdings SA^(f):
7.25%, 10/15/20			292		285,065
5.50%, 08/01/23			606		509,040
9.75%, 07/15/25^(c)			586		575,012
Interpublic Group of Cos., Inc., 4.20%, 04/15/24^(f)			1,000		1,005,986
LGE HoldCo VI BV, 7.13%, 05/15/24	EUR		177		230,845


54		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Media (continued)
Live Nation Entertainment, Inc., 4.88%, 11/01/24^(c)	USD		34	$	33,278
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, 05/15/24^(c)			101		93,930
MDC Partners, Inc., 6.50%, 05/01/24^(c)(f)			404		397,435
Meredith Corp., 6.88%, 02/01/26^(c)			184		186,061
Midcontinent Communications/Midcontinent Finance Corp., 6.88%, 08/15/23^(c)(f)			282		296,100
Numericable Group SA, 5.38%, 05/15/22	EUR		116		143,234
Qualitytech LP/QTS Finance Corp., 4.75%, 11/15/25^(c)	USD		172		162,110
Radiate Holdco LLC/Radiate Finance, Inc., 6.88%, 02/15/23^(c)			71		68,693
Sirius XM Radio, Inc., 5.00%, 08/01/27^(c)			270		257,175
TEGNA, Inc., 5.50%, 09/15/24^(c)			79		80,383
Tele Columbus AG, 3.88%, 05/02/25	EUR		100		120,307
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28^(c)	USD		400		382,000
Telenet Finance VI Luxembourg SCA, 4.88%, 07/15/27	EUR		90		117,683
Telesat Canada/Telesat LLC, 8.88%, 11/15/24^(c)(f)	USD		286		313,170
Time Warner, Inc.^(f):
4.65%, 06/01/44			111		106,313
4.85%, 07/15/45			389		380,784
Tribune Media Co., 5.88%, 07/15/22			26		26,325
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 6.25%, 01/15/29	EUR		100		137,063
Univision Communications, Inc.^(c):
5.13%, 05/15/23^(f)	USD		556		528,200
5.13%, 02/15/25			70		64,750
UPCB Finance IV Ltd., 4.00%, 01/15/27	EUR		114		142,308
Viacom, Inc., 5.85%, 09/01/43	USD		645		686,262
Videotron Ltd., 5.13%, 04/15/27^(c)(f)			387		379,260
Virgin Media Finance PLC, 5.75%, 01/15/25^(c)(f)			850		805,375
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24	GBP		200		272,586
Virgin Media Receivables Financing Notes II DAC, 5.75%, 04/15/23			100		139,391
Virgin Media Secured Finance PLC:
4.88%, 01/15/27			130		175,745
6.25%, 03/28/29			175		254,184
Vrio Finco 1 LLC / Vrio Finco 2, Inc., 6.25%, 04/04/23^(c)(f)	USD		1,663		1,675,472
Ziggo Secured Finance BV, 5.50%, 01/15/27^(c)(f)			178		167,765

					44,138,192
Metals & Mining — 2.6%
Alcoa Nederland Holding BV, 7.00%, 09/30/26^(c)			200		218,000
BHP Billiton Finance USA Ltd., 4.13%, 02/24/42^(f)			250		252,193
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25^(c)			209		217,883
Cleveland-Cliffs, Inc., 4.88%, 01/15/24^(c)			220		214,500
Constellium NV^(c):
5.75%, 05/15/24			250		245,625
5.88%, 02/15/26^(f)			743		731,855
Freeport-McMoRan, Inc.:
3.10%, 03/15/20			1,769		1,746,887
4.00%, 11/14/21			276		274,620
3.55%, 03/01/22			931		898,415
3.88%, 03/15/23			1,180		1,131,325
5.40%, 11/14/34			140		129,150
5.45%, 03/15/43			1,280		1,164,800
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23^(c)(f)			571		603,119


Security		Par (000)		Value
Metals & Mining (continued)
Joseph T Ryerson & Son, Inc., 11.00%, 05/15/22^(c)	USD		192	$	212,640
Kaiser Aluminum Corp., 5.88%, 05/15/24			124		127,720
Novelis Corp.^(c)(f):
6.25%, 08/15/24			1,194		1,216,387
5.88%, 09/30/26			1,131		1,122,517
Nyrstar Netherlands Holdings BV, 6.88%, 03/15/24	EUR		100		123,882
Ovako AB, 5.00%, 10/05/22			100		123,754
Rio Tinto Finance USA PLC, 4.75%, 03/22/42^(f)	USD		400		436,473
Steel Dynamics, Inc.:
5.13%, 10/01/21^(f)			970		987,266
5.25%, 04/15/23^(f)			525		532,875
4.13%, 09/15/25			231		220,462
5.00%, 12/15/26			15		14,850
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50%, 06/15/25^(c)(f)			332		341,130
Teck Resources Ltd.:
4.50%, 01/15/21			82		82,820
3.75%, 02/01/23^(f)			828		800,825
8.50%, 06/01/24^(c)(f)			1,377		1,537,076
5.20%, 03/01/42^(f)			615		576,562
5.40%, 02/01/43^(f)			341		326,508
ThyssenKrupp AG, 1.38%, 03/03/22	EUR		75		91,685
United States Steel Corp.^(f):
6.88%, 08/15/25	USD		309		315,180
6.25%, 03/15/26			383		380,128
Vale Overseas Ltd., 6.25%, 08/10/26^(f)			680		749,972
VM Holdings SA, 5.38%, 05/04/27^(c)(f)			857		859,142

					19,008,226
Multi-Utilities — 0.1%
NGL Energy Partners LP/NGL Energy Finance Corp.^(f):
5.13%, 07/15/19			150		150,000
6.88%, 10/15/21			358		358,448

					508,448
Multiline Retail — 0.1%
Neiman Marcus Group Ltd., 8.00%, 10/15/21^(c)(f)			257		173,475
Target Corp., 4.00%, 07/01/42^(f)			300		287,958

					461,433
Offshore Drilling & Other Services — 0.0%
Entegris, Inc., 4.63%, 02/10/26^(c)			225		217,125

Oil, Gas & Consumable Fuels — 8.5%
Aker BP ASA, 5.88%, 03/31/25^(c)			268		278,050
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 7.88%, 12/15/24			139		143,865
Anadarko Petroleum Corp., 4.50%, 07/15/44^(f)			500		472,934
Andeavor Logistics LP, Series A, 6.88%^(d)(f)(k)			388		394,402
Andeavor Logistics LP/Tesoro Logistics Finance Corp., 4.25%, 12/01/27			235		228,589
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 09/15/24			65		64,675
Antero Resources Corp.:
5.13%, 12/01/22			92		92,460
5.63%, 06/01/23			88		89,870
Apache Corp., 4.75%, 04/15/43^(f)			800		798,840
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/22^(c)			247		265,525
Berry Petroleum Co. LLC, 7.00%, 02/15/26^(c)			95		97,375
California Resources Corp., 8.00%, 12/15/22^(c)(f)			325		279,500
Callon Petroleum Co., 6.13%, 10/01/24^(f)			287		292,740
Calumet Specialty Products Partners LP/Calumet Finance Corp.:
6.50%, 04/15/21			30		29,625


CONSOLIDATED SCHEDULES OF INVESTMENTS			55

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Calumet Specialty Products Partners LP/Calumet Finance Corp. (continued):
7.63%, 01/15/22	USD		152	$	149,720
Carrizo Oil & Gas, Inc.:
6.25%, 04/15/23^(f)			286		293,150
8.25%, 07/15/25			208		223,082
Cheniere Corpus Christi Holdings LLC^(f):
7.00%, 06/30/24			478		522,817
5.88%, 03/31/25			528		544,347
5.13%, 06/30/27			575		560,625
Cheniere Energy Partners LP, 5.25%, 10/01/25^(c)(f)			282		275,655
Chesapeake Energy Corp.^(c):
8.00%, 01/15/25			112		108,584
8.00%, 06/15/27^(f)			836		804,650
Cia Latinoamericana de Infraestructura & Servicios SA, 9.50%, 07/20/23^(c)(f)			1,117		1,154,866
Citgo Holding, Inc., 10.75%, 02/15/20^(c)			170		180,200
CNX Resources Corp., 5.88%, 04/15/22^(f)			2,199		2,209,995
ConocoPhillips Co., 4.95%, 03/15/26^(f)			700		755,193
CONSOL Energy, Inc.:
8.00%, 04/01/23			30		31,575
11.00%, 11/15/25^(c)(f)			444		466,200
Continental Resources, Inc.:
3.80%, 06/01/24^(f)			409		398,775
4.38%, 01/15/28^(c)(f)			178		174,996
4.90%, 06/01/44			319		312,620
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25^(c)(f)			564		566,820
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 04/01/23			35		35,525
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(c)(f)			1,020		1,007,250
DCP Midstream LLC^(c):
4.75%, 09/30/21			160		161,800
6.45%, 11/03/36^(f)			213		227,111
6.75%, 09/15/37^(f)			278		301,282
DEA Finance SA, 7.50%, 10/15/22	EUR		100		130,662
Denbury Resources, Inc., 9.25%, 03/31/22^(c)(f)	USD		543		566,756
Diamond Offshore Drilling, Inc., 7.88%, 08/15/25			110		112,888
Diamondback Energy, Inc.:
4.75%, 11/01/24			64		63,661
5.38%, 05/31/25^(f)			248		251,100
Eclipse Resources Corp., 8.88%, 07/15/23			80		75,200
Enbridge, Inc., 6.25%, 03/01/78^(d)			1,865		1,819,719
Endeavor Energy Resources LP/EER Finance, Inc.^(c):
5.50%, 01/30/26			90		90,450
5.75%, 01/30/28			201		202,005
Energy Transfer Equity LP^(f):
4.25%, 03/15/23			461		444,865
5.88%, 01/15/24			276		281,865
5.50%, 06/01/27			160		160,000
Energy Transfer LP^(f):
6.13%, 12/15/45			500		511,861
5.30%, 04/15/47			350		326,691
Ensco Jersey Finance Ltd., 3.00%, 01/31/24^(j)			291		246,694
Enterprise Products Operating LLC^(f):
3.75%, 02/15/25			1,250		1,239,312
5.38%, 02/15/78^(d)			420		397,164
EP Energy LLC/Everest Acquisition Finance, Inc.:
9.38%, 05/01/20			10		9,500
9.38%, 05/01/24^(c)(f)			505		386,325
8.00%, 11/29/24^(c)(f)			460		476,100
Extraction Oil & Gas, Inc.^(c):
7.38%, 05/15/24			221		230,945
5.63%, 02/01/26^(f)			385		374,528


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Genesis Energy LP/Genesis Energy Finance Corp.^(f):
6.50%, 10/01/25	USD		111	$	109,058
6.25%, 05/15/26			188		179,540
Geopark Ltd., 6.50%, 09/21/24^(c)(f)			228		226,860
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21^(c)(f)			535		551,050
Gulfport Energy Corp.:
6.63%, 05/01/23			228		229,140
6.00%, 10/15/24			32		30,400
6.38%, 05/15/25			82		78,695
6.38%, 01/15/26			132		126,753
Halcon Resources Corp.:
6.75%, 02/15/25^(c)			180		178,875
Series WI, 6.75%, 02/15/25^(f)			556		555,305
Hess Corp., 4.30%, 04/01/27^(f)			750		729,098
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.63%, 02/15/26^(c)(f)			405		409,050
Indigo Natural Resources LLC, 6.88%, 02/15/26^(c)			139		133,440
Jagged Peak Energy LLC, 5.88%, 05/01/26^(c)(e)			194		194,728
Kinder Morgan Energy Partners LP, 4.25%, 09/01/24^(f)			2,500		2,495,025
Matador Resources Co., 6.88%, 04/15/23^(f)			303		316,635
MEG Energy Corp.^(c):
7.00%, 03/31/24			41		36,798
6.50%, 01/15/25^(f)			627		627,125
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.50%, 01/15/28^(f)			382		351,440
Murphy Oil Corp.:
6.88%, 08/15/24^(f)			288		304,920
5.75%, 08/15/25			24		23,940
5.88%, 12/01/42			56		50,680
Nabors Industries, Inc.:
0.75%, 01/15/24^(j)			472		368,750
5.75%, 02/01/25^(c)(f)			185		175,288
New Enterprise Stone & Lime Co., Inc., 6.25%, 03/15/26^(c)			88		89,100
Newfield Exploration Co.:
5.63%, 07/01/24			106		112,360
5.38%, 01/01/26			339		351,289
NGPL PipeCo LLC^(c):
4.38%, 08/15/22			224		222,880
7.77%, 12/15/37^(f)			635		765,175
Noble Holding International Ltd.^(f):
7.75%, 01/15/24			318		298,125
7.95%, 04/01/25			61		54,595
7.88%, 02/01/26^(c)			900		906,750
Oasis Petroleum, Inc.:
6.50%, 11/01/21			53		54,325
6.88%, 01/15/23			26		26,683
2.63%, 09/15/23^(j)			834		982,202
6.25%, 05/01/26^(c)(e)			150		150,000
Odebrecht Offshore Drilling Finance:
6.72%, 12/01/22^(c)(f)	BRL		325		310,194
7.72%, 12/01/26^(c)(h)			28		8,182
Paramount Resources Ltd., 6.88%, 06/30/23^(c)(f)	USD		820		852,800
Parker Drilling Co., 7.50%, 08/01/20			145		137,025
Parkland Fuel Corp., 6.00%, 04/01/26^(c)			118		118,000
Parsley Energy LLC/Parsley Finance Corp.^(c):
6.25%, 06/01/24			79		82,555
5.38%, 01/15/25^(f)			361		361,902
5.25%, 08/15/25			91		90,773
5.63%, 10/15/27			225		227,812


56		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
PBF Holding Co. LLC/ PBF Finance Corp., 7.25%, 06/15/25^(f)	USD		252	$	261,450
PDC Energy, Inc.:
6.13%, 09/15/24			42		43,050
5.75%, 05/15/26^(c)			133		133,998
Petrobras Global Finance BV^(f):
8.38%, 05/23/21			126		141,977
6.13%, 01/17/22			912		962,890
5.30%, 01/27/25^(c)			403		396,350
8.75%, 05/23/26			637		746,086
6.00%, 01/27/28^(c)			1,093		1,065,511
Petroleos Mexicanos:
5.38%, 03/13/22			47		48,659
6.50%, 03/13/27^(f)			424		439,099
5.35%, 02/12/28^(c)			356		338,698
QEP Resources, Inc.:
6.88%, 03/01/21			21		22,575
5.63%, 03/01/26			300		287,250
Range Resources Corp.:
5.88%, 07/01/22^(f)			323		327,037
5.00%, 08/15/22^(f)			91		89,408
5.00%, 03/15/23			31		29,822
4.88%, 05/15/25			372		344,332
Resolute Energy Corp., 8.50%, 05/01/20^(f)			492		492,000
Rockies Express Pipeline LLC^(c)(f):
5.63%, 04/15/20			875		905,896
6.88%, 04/15/40			504		582,120
Rowan Cos., Inc.:
4.88%, 06/01/22			85		78,625
4.75%, 01/15/24			75		64,313
7.38%, 06/15/25^(f)			457		442,147
RSP Permian, Inc., 6.63%, 10/01/22^(f)			290		302,325
Sabine Pass Liquefaction LLC, 5.75%, 05/15/24			10		10,735
Sanchez Energy Corp.:
7.75%, 06/15/21^(f)			1,138		1,055,495
6.13%, 01/15/23^(f)			215		155,273
7.25%, 02/15/23^(c)			139		140,390
SESI LLC:
7.13%, 12/15/21			100		101,750
7.75%, 09/15/24^(c)(f)			247		255,645
Seven Generations Energy Ltd., 5.38%, 09/30/25^(c)(f)			500		486,250
Shell International Finance BV, 4.38%, 05/11/45^(f)			450		467,508
SM Energy Co.:
6.50%, 11/15/21^(f)			175		177,625
6.50%, 01/01/23			82		82,205
5.00%, 01/15/24			227		216,218
5.63%, 06/01/25^(f)			456		440,040
6.75%, 09/15/26^(f)			125		127,188
Southwestern Energy Co.:
6.70%, 01/23/25			154		150,920
7.50%, 04/01/26			333		342,157
7.75%, 10/01/27^(f)			289		298,392
Suncor Energy, Inc., 6.50%, 06/15/38^(f)			800		1,020,000
Sunoco LP/Sunoco Finance Corp.^(c):
4.88%, 01/15/23^(f)			496		488,297
5.88%, 03/15/28			147		142,774
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(c)(f):
5.50%, 09/15/24			527		534,905
5.50%, 01/15/28			321		320,197
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.25%, 05/01/23			16		15,960


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Targa Resources Partners LP/Targa Resources Partners Finance Corp. (continued):
5.13%, 02/01/25	USD		155	$	150,350
5.88%, 04/15/26^(c)(f)			402		399,065
5.00%, 01/15/28^(c)(f)			424		392,200
Transportadora de Gas del Sur SA, 6.75%, 05/02/25^(c)(e)			710		708,580
Whiting Petroleum Corp., 6.63%, 01/15/26^(c)(f)			345		353,625
WildHorse Resource Development Corp.:
6.88%, 02/01/25			162		164,430
6.88%, 02/01/25^(c)			166		168,490
Williams Cos., Inc.:
8.75%, 03/15/32			143		188,403
5.75%, 06/24/44^(f)			1,162		1,211,385
Williams Partners LP, 4.50%, 11/15/23^(f)			1,750		1,782,699
WPX Energy, Inc.:
6.00%, 01/15/22^(f)			148		154,290
8.25%, 08/01/23			77		87,395
5.25%, 09/15/24^(f)			498		501,735
YPF SA, 8.50%, 07/28/25			1,061		1,158,612

					61,075,700
Paper & Forest Products — 0.0%
Norbord, Inc., 6.25%, 04/15/23^(c)			200		211,690

Personal Products — 0.0%
Coty, Inc., 4.00%, 04/15/23	EUR		100		122,009

Pharmaceuticals — 2.1%
AbbVie, Inc.^(f):
3.20%, 05/14/26	USD		775		723,437
4.45%, 05/14/46			1,000		952,407
Actavis Funding SCS^(f):
3.80%, 03/15/25			1,000		961,038
4.75%, 03/15/45			500		472,507
Charles River Laboratories International, Inc., 5.50%, 04/01/26^(c)			150		152,580
CVS Health Corp., 5.05%, 03/25/48^(f)			1,110		1,127,645
Endo Finance LLC/Endo Finco, Inc., 5.38%, 01/15/23^(c)(f)			620		448,725
Forest Laboratories LLC, 5.00%, 12/15/21^(c)(f)			718		744,437
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24^(c)(f)			190		201,875
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23^(c)(f)			1,166		1,180,575
Mylan NV, 3.95%, 06/15/26^(f)			650		617,560
Nidda Healthcare Holding AG, 3.50%, 09/30/24	EUR		100		118,967
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26^(f)	USD		300		273,433
Synlab Bondco PLC, 6.25%, 07/01/22	EUR		145		181,733
Synlab Unsecured Bondco PLC, 8.25%, 07/01/23			100		129,044
Teva Pharmaceutical Finance Netherlands III BV, 1.70%, 07/19/19^(f)	USD		536		520,749
Valeant Pharmaceuticals International, Inc.:
7.50%, 07/15/21^(c)			26		26,423
6.75%, 08/15/21^(c)(f)			777		781,856
5.63%, 12/01/21^(c)(f)			554		535,995
6.50%, 03/15/22^(c)(f)			408		423,300
7.25%, 07/15/22^(c)			15		15,130
5.50%, 03/01/23^(c)(f)			2,119		1,912,397
4.50%, 05/15/23	EUR		160		175,539
5.88%, 05/15/23^(c)(f)	USD		686		630,263
7.00%, 03/15/24^(c)(f)			566		597,130
6.13%, 04/15/25^(c)(f)			389		350,866
5.50%, 11/01/25^(c)(f)			677		673,615
9.25%, 04/01/26^(c)			112		114,240

					15,043,466


CONSOLIDATED SCHEDULES OF INVESTMENTS			57

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Real Estate Investment Trusts (REITs) — 1.0%
American Tower Corp., 3.38%, 10/15/26^(f)	USD		250	$	232,034
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25^(c)(f)			171		175,275
GEO Group, Inc.:
5.13%, 04/01/23^(f)			337		332,787
5.88%, 10/15/24			273		271,635
6.00%, 04/15/26			24		23,647
Hilton Domestic Operating Co., Inc.^(f):
4.25%, 09/01/24			304		292,129
5.13%, 05/01/26^(c)			561		561,000
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/25			34		32,973
iStar, Inc.:
4.63%, 09/15/20			40		39,850
6.00%, 04/01/22^(f)			190		190,000
5.25%, 09/15/22^(f)			181		175,570
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.^(f):
5.63%, 05/01/24			1,848		1,884,997
4.50%, 09/01/26			575		540,500
NH Hotel Group SA, 3.75%, 10/01/23	EUR		129		163,556
Starwood Property Trust, Inc.:
5.00%, 12/15/21^(f)	USD		278		281,328
4.75%, 03/15/25^(c)			114		109,725
Trust F/1401, 6.95%, 01/30/44			1,738		1,768,415
VICI Properties 1 LLC/VICI FC, Inc., 8.00%, 10/15/23^(f)			168		186,566
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26^(c)			148		149,110

					7,411,097
Real Estate Management & Development — 0.8%
ADLER Real Estate AG:
1.88%, 04/27/23	EUR		100		118,924
2.13%, 02/06/24			100		118,593
3.00%, 04/27/26			100		120,419
Greystar Real Estate Partners LLC, 5.75%, 12/01/25^(c)	USD		208		205,920
Howard Hughes Corp., 5.38%, 03/15/25^(c)(f)			256		255,360
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29^(c)(f)			4,360		4,125,650
Realogy Group LLC/Realogy Co-Issuer Corp.^(c)(f):
4.50%, 04/15/19			205		207,091
5.25%, 12/01/21			384		388,800
4.88%, 06/01/23			58		56,060
RESIDOMO Sro, 3.38%, 10/15/24	EUR		100		121,605

					5,718,422
Road & Rail — 1.0%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.13%, 06/01/22^(c)(f)	USD		462		459,690
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42^(f)			500		514,305
EC Finance PLC, 2.38%, 11/15/22	EUR		100		121,247
Flexi-Van Leasing, Inc., 10.00%, 02/15/23^(c)	USD		241		239,795
Herc Rentals, Inc.^(c):
7.50%, 06/01/22			68		72,080
7.75%, 06/01/24^(f)			227		245,046
Hertz Corp., 7.63%, 06/01/22^(c)(f)			478		486,962
Hertz Holdings Netherlands BV, 5.50%, 03/30/23	EUR		100		121,503
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34^(c)(f)	USD		4,000		4,050,000
Loxam SAS, 3.50%, 05/03/23	EUR		100		124,692
Union Pacific Corp., 4.05%, 11/15/45^(f)	USD		500		491,417


Security		Par (000)		Value
Road & Rail (continued)
United Rentals North America, Inc., 4.63%, 10/15/25^(f)	USD		453	$	439,415

					7,366,152
Semiconductors & Semiconductor Equipment — 0.9%
Advanced Micro Devices, Inc., 7.50%, 08/15/22			89		97,232
Analog Devices, Inc., 3.50%, 12/05/26^(f)			320		306,186
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27^(f)			2,600		2,482,454
Microchip Technology, Inc., 1.63%, 02/15/25^(j)			570		927,216
Micron Technology, Inc.:
5.25%, 01/15/24^(c)			47		48,904
5.50%, 02/01/25			11		11,440
Microsemi Corp., 9.13%, 04/15/23^(c)			22		24,255
NXP BV/NXP Funding LLC^(c)(f):
4.13%, 06/15/20			760		763,800
4.13%, 06/01/21			203		203,507
4.63%, 06/15/22			410		413,075
4.63%, 06/01/23			224		225,540
ON Semiconductor Corp., 1.00%, 12/01/20^(j)			594		785,485
QUALCOMM, Inc., 4.65%, 05/20/35^(f)			400		396,849
Sensata Technologies BV, 5.00%, 10/01/25^(c)			84		83,790

					6,769,733
Software — 2.0%
ACI Worldwide, Inc., 6.38%, 08/15/20^(c)(f)			580		586,409
BMC Software Finance, Inc., 8.13%, 07/15/21^(c)(f)			263		262,342
CA, Inc., 3.60%, 08/15/22^(f)			660		659,870
CDK Global, Inc., 4.88%, 06/01/27^(f)			350		336,000
Citrix Systems, Inc., 0.50%, 04/15/19^(j)			166		238,292
Genesys Telecommunications Laboratories Inc/Greeneden Lux 3 Sarl/Greeneden US Holdings LLC, 10.00%, 11/30/24^(c)(f)			725		801,125
Infinity Acquisition LLC/Infinity Acquisition Finance Corp., 7.25%, 08/01/22^(c)			51		50,490
Infor US, Inc., 6.50%, 05/15/22^(f)			2,087		2,118,305
Informatica LLC, 7.13%, 07/15/23^(c)(f)			1,022		1,022,000
Microsoft Corp., 3.70%, 08/08/46^(f)			1,750		1,679,057
Nuance Communications, Inc.:
5.38%, 08/15/20^(c)(f)			47		47,235
6.00%, 07/01/24^(f)			238		243,355
5.63%, 12/15/26			153		152,809
Oracle Corp., 4.00%, 07/15/46^(f)			1,500		1,450,715
PTC, Inc., 6.00%, 05/15/24			239		250,352
RP Crown Parent LLC, 7.38%, 10/15/24^(c)(f)			544		564,400
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24^(c)(f)			1,792		1,993,600
TIBCO Software, Inc., 11.38%, 12/01/21^(c)(f)			929		1,011,449
Veritas US, Inc./Veritas Bermuda Ltd.^(c)(f):
7.50%, 02/01/23			415		400,475
10.50%, 02/01/24			201		173,865

					14,042,145
Specialty Retail — 0.3%
Asbury Automotive Group, Inc., 6.00%, 12/15/24^(f)			395		394,012
Catalent Pharma Solutions, Inc., 4.88%, 01/15/26^(c)(f)			384		373,920
Group 1 Automotive, Inc., 5.25%, 12/15/23^(c)			53		52,338
Hexion US Finance Corp., 6.63%, 04/15/20			116		108,895
JC Penney Corp., Inc.:
8.13%, 10/01/19^(f)			11		11,550
6.38%, 10/15/36			29		18,125
7.40%, 04/01/37			66		43,890
L Brands, Inc.:
6.88%, 11/01/35^(f)			478		449,320


58		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Specialty Retail (continued)
L Brands, Inc. (continued):
6.75%, 07/01/36	USD		79	$	74,062
Lowe’s Cos., Inc., 4.65%, 04/15/42^(f)			400		424,478
Masaria Investments SAU, 5.00%, 09/15/24	EUR		100		121,666
Penske Automotive Group, Inc., 5.50%, 05/15/26	USD		32		31,040
PVH Corp., 3.13%, 12/15/27	EUR		114		136,311
Shop Direct Funding PLC, 7.75%, 11/15/22	GBP		100		117,443

					2,357,050
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc., 4.65%, 02/23/46^(f)	USD		1,500		1,605,064
Dell International LLC/EMC Corp.^(c):
4.42%, 06/15/21			25		25,468
7.13%, 06/15/24^(f)			774		824,310
6.02%, 06/15/26^(f)			170		180,292
8.35%, 07/15/46^(f)			100		123,130
Western Digital Corp., 4.75%, 02/15/26^(f)			795		783,075

					3,541,339
Textiles, Apparel & Luxury Goods — 0.0%
BiSoho SAS, 5.88%, 05/01/23	EUR		54		69,658
Levi Strauss & Co., 3.38%, 03/15/27			100		123,628
Springs Industries, Inc., 6.25%, 06/01/21	USD		59		59,811

					253,097
Thrifts & Mortgage Finance — 0.1%
Jerrold Finco PLC, 6.25%, 09/15/21	GBP		100		141,387
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(c)(f):
5.25%, 03/15/22	USD		36		36,000
5.25%, 10/01/25			338		321,945

					499,332
Tobacco — 0.3%
Altria Group, Inc., 4.50%, 05/02/43^(f)			750		729,606
Philip Morris International, Inc., 4.38%, 11/15/41^(f)			900		881,627
Reynolds American, Inc., 5.85%, 08/15/45^(f)			715		804,458

					2,415,691
Trading Companies & Distributors — 0.0%
Doric Nimrod Air Alpha Ltd. Pass-Through Trust, Series 2012-1, Class B, 6.50%, 05/30/21^(c)(f)			223		226,418

Transportation — 0.0%
JB Poindexter & Co., Inc., 7.13%, 04/15/26^(c)			121		123,118

Transportation Infrastructure — 0.4%
CEVA Group PLC, 7.00%, 03/01/21^(c)(f)			510		512,550
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40%, 11/15/26^(c)(f)			390		365,981
Rumo Luxembourg Sarl, 7.38%, 02/09/24^(c)(f)			1,061		1,126,251
Transurban Finance Co. Property Ltd., 4.13%, 02/02/26^(c)(f)			520		514,452
WFS Global Holding SAS, 9.50%, 07/15/22	EUR		100		128,066

					2,647,300
Utilities — 0.6%
AES Argentina Generacion SA, 7.75%, 02/02/24^(c)(f)	USD		1,061		1,103,981
ContourGlobal Power Holdings SA, 5.13%, 06/15/21	EUR		100		124,383
Emera US Finance LP, 4.75%, 06/15/46^(f)	USD		200		199,315
Generacion Mediterranea SA/Generacion Frias SA/Central Termica Roca SA, 9.63%, 07/27/23^(c)(f)			1,061		1,153,837
Inkia Energy Ltd., 5.88%, 11/09/27^(c)(f)			455		434,525
Stoneway Capital Corp., 10.00%, 03/01/27^(c)(f)			1,061		1,130,273

					4,146,314


Security		Par (000)		Value
Wireless Telecommunication Services — 2.3%
CoreCivic, Inc., 4.75%, 10/15/27	USD		200	$	187,000
CyrusOne LP/CyrusOne Finance Corp.:
5.00%, 03/15/24^(f)			604		605,510
5.38%, 03/15/27			59		59,000
Digicel Group Ltd., 8.25%, 09/30/20^(c)(f)			343		306,556
Digicel Ltd., 6.00%, 04/15/21^(c)(f)			5,000		4,756,250
Frontier Communications Corp., 8.50%, 04/01/26^(c)(f)			399		388,028
Iron Mountain, Inc., 3.00%, 01/15/25	EUR		100		119,462
Matterhorn Telecom SA:
(3 mo. Euribor + 3.25%), 3.25%, 02/01/23^(a)			14		16,313
4.00%, 11/15/27			100		115,005
Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 02/15/25^(c)(f)	USD		256		237,440
SBA Communications Corp.^(f):
4.00%, 10/01/22^(c)			475		452,438
4.88%, 09/01/24			309		297,026
Sprint Capital Corp.:
6.90%, 05/01/19			155		159,650
8.75%, 03/15/32^(f)			1,117		1,279,663
Sprint Communications, Inc., 7.00%, 03/01/20^(c)(f)			1,302		1,370,355
Sprint Corp.^(f):
7.88%, 09/15/23			704		755,040
7.13%, 06/15/24			1,609		1,667,326
7.63%, 02/15/25			1,201		1,264,052
7.63%, 03/01/26			545		574,294
T-Mobile USA, Inc.:
4.00%, 04/15/22^(f)			234		234,000
6.38%, 03/01/25			220		231,000
4.50%, 02/01/26^(f)			556		535,150
4.75%, 02/01/28^(f)			601		578,342
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 8.25%, 10/15/23^(f)			533		510,347

					16,699,247

Total Corporate Bonds — 67.9% (Cost — $488,868,270)					488,858,178


Floating Rate Loan Interests^(a) — 14.5%

Aerospace & Defense — 0.1%
Accudyne Industries LLC, 2017 Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.15%, 08/18/24			579		582,628
Sequa Mezzanine Holdings LLC, 2nd Lien Term Loan, (3 mo. LIBOR + 9.00% 1.00% Floor), 11.36%, 04/28/22			73		73,791
WP CPP Holdings LLC, 2018 Term Loan, 04/24/25^(b)(n)			62		62,155

					718,574
Air Freight & Logistics — 0.0%
CEVA Group PLC, Letter of Credit, (3 mo. LIBOR + 5.50%), 6.50%, 03/19/21^(b)			53		52,720
CEVA Intercompany BV, Dutch Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 7.86%, 03/19/21			54		53,423
CEVA Logistics Canada ULC, Canadian Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 7.86%, 03/19/21			9		8,583
CEVA Logistics US Holdings, Inc., Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 7.86%, 03/19/21			75		75,006
XPO Logistics, Inc., 2018 Term Loan B, (3 mo. LIBOR + 2.00%), 3.92%, 02/24/25			158		158,651

					348,383


CONSOLIDATED SCHEDULES OF INVESTMENTS			59

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Auto Components — 0.0%
USI, Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 5.30%, 05/16/24	USD		215	$	216,198

Auto Parts — 0.0%
Mavis Tire Express Services Corp.^(b):
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.15%, 03/20/25			131		130,913
2018 Delayed Draw Term Loan, (1 mo. LIBOR + 3.25%), 1.12%, 03/20/25			21		627

					131,540
Banks — 0.0%
Capri Finance LLC, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 5.61%, 11/01/24			117		116,659

Building Products — 0.1%
Ply Gem Industries, Inc., 2018 Term Loan, (3 mo. LIBOR + 3.75%), 6.09%, 04/12/25			751		757,571

Chemicals — 0.1%
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00% 1.00% Floor), 5.30%, 01/31/24			141		141,851
Axalta Coating Systems US Holdings, Inc., Term Loan, 1.00%, 06/01/24			227		228,299
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.80%, 06/28/24			61		61,278
Invictus US LLC:
1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.90%, 01/24/25			126		126,471
2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 8.65%, 01/23/26			68		68,510
PQ Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.40%, 02/08/25			91		91,635
WR Grace & Co.⁽ⁿ⁾:
Term Loan B1, 04/03/25			107		107,605
Term Loan B2, 04/03/25			183		184,466

					1,010,115
Commercial Services & Supplies — 0.1%
Asurion LLC, 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.90%, 08/04/25			85		87,295
DG Investment Intermediate Holdings 2, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 5.30%, 02/03/25^(b)			64		64,182
West Corp.:
2017 Term Loan, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.90%, 10/10/24			588		592,392
2018 Term Loan B1, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.40%, 10/10/24			86		86,040

					829,909
Construction & Engineering — 0.3%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25% 1.00% Floor), 6.61%, 06/21/24			1,789		1,805,869
Pike Corp., 2018 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.41%, 03/23/25			153		154,725

					1,960,594
Construction Materials — 0.0%
Filtration Group Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 5.30%, 03/29/25			67		67,600

Diversified Consumer Services — 0.1%
Ascend Learning LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.90%, 07/12/24			72		71,864


Security		Par (000)		Value
Diversified Consumer Services (continued)
CHG PPC Parent LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 4.65%, 03/31/25^(b)	USD		129	$	129,645
Laureate Education, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.40%, 04/26/24			253		254,602

					456,111
Diversified Financial Services — 8.4%
Aviron Capital LLC^(b):
2017 Term Loan, (3 mo. LIBOR + 5.00%), 2.50%, 07/17/20			63,318		50,812,704
Term Loan, (3 mo. LIBOR + 15.00%), 15.00%, 07/17/20			8,736		8,736,486
EG Finco Ltd., 2018 Term Loan, 06/30/25⁽ⁿ⁾			372		371,814
Lone Star LSPT Future Funding, Mezzanine Term Loan, (1 mo. LIBOR + 4.35%), 6.25%, 09/09/20^(b)			651		650,811

					60,571,815
Diversified Telecommunication Services — 0.1%
CenturyLink, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 4.65%, 01/31/25			907		892,746
MTN Infrastructure TopCo, Inc, 1st Lien Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.15%, 11/15/24			68		68,292

					961,038
Electrical Equipment — 0.1%
Gates Global LLC, 2017 Repriced Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 5.05%, 04/01/24			273		274,108
Generac Power Systems, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 2.00%), 4.31%, 05/31/23			185		185,694

					459,802
Energy Equipment & Services — 0.2%
Gavilan Resources LLC, 2nd Lien Term Loan, (3 mo. LIBOR + 6.00% 1.00% Floor), 7.90%, 03/01/24			323		321,385
GrafTech Finance, Inc., 2018 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.40%, 02/12/25^(b)			202		202,758
Pioneer Energy Services Corp., Term Loan, (3 mo. LIBOR + 7.75% 1.00% Floor), 9.65%, 11/08/22^(b)			704		730,400
Weatherford International Ltd., Term Loan, (1 mo. LIBOR + 2.30%), 4.21%, 07/13/20			255		251,589

					1,506,132
Food Products — 0.1%
Chobani LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.40%, 10/10/23			70		70,554
JBS USA LLC, 2017 Term Loan B, (3 mo. LIBOR + 2.50%), 4.68%, 10/30/22			319		318,728
Sigma Bidco BV, 2018 Term Loan B, 02/23/25⁽ⁿ⁾			162		162,365

					551,647
Health Care Equipment & Supplies — 0.3%
DJO Finance LLC, 2015 Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.36%, 06/08/20			929		932,489
Immucor, Inc., Extended Term Loan B, (3 mo. LIBOR + 5.00% 1.00% Floor), 7.30%, 06/15/21			854		872,046
Ortho-Clinical Diagnostics SA, Term Loan B, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.65%, 06/30/21			39		39,636

					1,844,171
Health Care Providers & Services — 0.1%
HCA, Inc., 2018 Term Loan B10, (1 mo. LIBOR + 2.00%), 3.90%, 03/13/25			171		172,734


60		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Health Care Providers & Services (continued)
Quorum Health Corporation, Term Loan B, (3 mo. LIBOR + 6.75% 1.00% Floor), 8.65%, 04/29/22	USD		160	$	163,437
Team Health Holdings, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.65%, 02/06/24^(b)			446		431,011

					767,182
Health Care Technology — 0.1%
Change Healthcare Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.65%, 03/01/24			588		590,721
Quintiles IMS, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 4.30%, 03/07/24			36		36,115

					626,836
Hotels, Restaurants & Leisure — 1.0%
Bronco Midstream Funding LLC, Term Loan B, 08/15/20^(b)(n)			127		128,270
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 4.65%, 12/22/24			495		498,678
GVC Holdings PLC, 2018 Term Loan, 03/15/24⁽ⁿ⁾			173		173,144
Hilton Ft. Lauderdale, Mezzanine Term Loan 5, (1 mo. LIBOR + 6.00%), 7.90%, 08/04/19^(b)			6,500		6,435,000
IRB Holding Corp., 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.19%, 02/05/25			101		102,074

					7,337,166
Industrial Conglomerates — 0.1%
Cortes NP Acquisition Corp., 2017 Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.89%, 11/30/23			361		360,331
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (3 mo. LIBOR + 5.00% 1.00% Floor), 7.07%, 11/28/21			201		203,829

					564,160
Insurance — 0.3%
Alliant Holdings I, Inc., 2015 Term Loan B, 08/12/22⁽ⁿ⁾			61		61,327
AssuredPartners, Inc., 2017 1st Lien Add-On Term Loan, 10/22/24⁽ⁿ⁾			60		60,342
Genworth Financial, Inc., Term Loan, (3 mo. LIBOR + 4.50% 1.00% Floor), 6.40%, 02/22/23^(b)			147		149,389
Hub International Ltd., 2018 Term Loan B, 04/18/25⁽ⁿ⁾			686		689,999
Sedgwick Claims Management Services, Inc.:
1st Lien Term Loan, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.65%, 03/01/21			853		858,881
2nd Lien Term Loan, 02/28/22⁽ⁿ⁾			161		162,207

					1,982,145
Internet Software & Services — 0.1%
GTT Communications, Inc., 2018 Term Loan B, 1.00%, 04/26/25			283		280,524
TierPoint LLC, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.65%, 05/06/24			174		168,019

					448,543
IT Services — 0.1%
Access CIG LLC:
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.65%, 02/27/25			69		69,479
2018 2nd Lien Delayed Draw Term loan, (1 mo. LIBOR + 7.77%), 9.65%, 02/27/26			4		3,013
2018 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%), 9.65%, 02/27/26			24		23,711


Security		Par (000)		Value
IT Services (continued)
Access CIG LLC (continued):
2018 Delayed Draw Term Loan, (1 mo. LIBOR + 7.75%), 2.34%, 02/27/25	USD		14	$	5,227
Peak 10 Holding Corp.:
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.80%, 08/01/24			177		176,800
2nd Lien Term Loan, (3 mo. LIBOR + 7.25% 1.00% Floor), 9.02%, 08/01/25			75		75,338
WEX, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.25%), 4.15%, 06/30/23			118		118,403

					471,971
Life Sciences Tools & Services — 0.0%
Albany Molecular Research, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.15%, 08/30/24			101		101,998

Machinery — 0.2%
Hayward Industries, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.40%, 08/05/24			66		66,040
Titan Acquisition Ltd., 2018 Term Loan B, (2 mo. LIBOR + 3.00%), 5.06%, 03/28/25			1,099		1,099,747

					1,165,787
Media — 0.8%
Charter Communications Operating LLC, 2017 Term Loan A2, (1 mo. LIBOR + 1.50%), 3.41%, 03/31/23			1,583		1,582,171
CSC Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.40%, 01/25/26			169		169,000
Intelsat Jackson Holdings SA:
2017 Term Loan B3, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.71%, 11/27/23			107		107,736
2017 Term Loan B4, (3 mo. LIBOR + 4.50% 1.00% Floor), 6.46%, 01/02/24			268		277,380
2017 Term Loan B5, (Fixed + 6.62%), 6.63%, 01/02/24			1,903		1,935,249
PSAV Holdings LLC:
2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.20%, 03/01/25			151		151,142
2018 2nd Lien Term Loan, (3 mo. LIBOR + 7.25% 1.00% Floor), 9.26%, 09/01/25			122		121,390
SBA Senior Finance II LLC, 2018 Term Loan B, 04/11/25⁽ⁿ⁾			255		255,965
Stars Group Holdings BV (The), 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 5.32%, 04/06/25			900		902,889
Unitymedia Finance LLC, USD Term Loan D, (1 mo. LIBOR + 2.25%), 4.15%, 01/15/26			200		199,590
Virgin Media Bristol LLC, 2017 Term Loan, (1 mo. LIBOR + 2.50%), 4.40%, 01/15/26			25		24,582

					5,727,094
Multiline Retail — 0.0%
Neiman Marcus Group, Inc., 2020 Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.14%, 10/25/20			325		285,963

Oil & Gas Equipment & Services — 0.2%
McDermott Technology Americas, Inc, 2018 1st Lien Term Loan, 03/27/25⁽ⁿ⁾			1,738		1,724,426

Oil, Gas & Consumable Fuels — 0.5%
California Resources Corp., 2017 1st Lien Term Loan, (1 mo. LIBOR + 4.75%), 6.65%, 12/31/22			826		842,776
Chesapeake Energy Corp., Term Loan, (3 mo. LIBOR + 7.50% 1.00% Floor), 9.44%, 08/23/21			1,678		1,774,005
CONSOL Energy, Inc., 1st Lien Term Loan B, (3 mo. LIBOR + 6.00% 1.00% Floor), 7.99%, 10/26/22			360		369,468


CONSOLIDATED SCHEDULES OF INVESTMENTS			61

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Lucid Energy Group II LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.90%, 02/17/25^(b)	USD		193	$	192,759
Medallion Midland Acquisition LLC, 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.15%, 10/30/24^(b)			132		131,835
Vine Oil & Gas LP, Term Loan B, (3 mo. LIBOR + 6.87% 1.00% Floor), 8.78%, 12/12/21			315		315,787

					3,626,630
Personal Products — 0.1%
Coty Inc., 2018 USD Term Loan B, (1 mo. LIBOR + 2.25%), 4.13%, 04/05/25			367		366,541

Pharmaceuticals — 0.2%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, 03/07/25⁽ⁿ⁾			639		641,396
Endo Luxembourg Finance Company I Sarl, 2017 Term Loan B, (1 mo. LIBOR + 4.25%), 6.19%, 04/29/24			652		648,352

					1,289,748
Professional Services — 0.0%
Information Resources, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.25% 1.00% Floor), 6.19%, 01/18/24			85		85,805

Real Estate Investment Trusts (REITs) — 0.0%
Wyndham Hotels & Resorts, Inc., Term Loan B, 03/28/25⁽ⁿ⁾			263		264,941

Software — 0.6%
Applied Systems, Inc.:
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.55%, 09/19/24			36		35,851
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.00% 1.00% Floor), 9.30%, 09/19/25			34		35,054
BMC Software Finance, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.15%, 09/10/22			544		545,667
Cypress Intermediate Holdings III, Inc.:
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.91%, 04/27/24			132		132,972
2017 2nd Lien Term Loan, (3 mo. LIBOR + 6.75% 1.00% Floor), 8.65%, 04/27/25			40		40,480
Digicel International Finance Ltd., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 5.61%, 05/28/24			532		530,327
Kronos, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 8.25% 1.00% Floor), 10.02%, 11/01/24			624		645,129
McAfee LLC, 2017 Term Loan B, (3 mo. LIBOR + 4.50% 1.00% Floor), 6.40%, 09/30/24			322		326,358
Mitchell International, Inc.:
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.15%, 11/29/24			160		159,958
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 9.15%, 11/20/25			168		168,168
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, 04/16/25⁽ⁿ⁾			331		333,267
SS&C Technologies, Inc., 2018 Term Loan B3, 04/16/25⁽ⁿ⁾			895		900,747
Tempo Acquisition LLC, Term Loan, (1 mo. LIBOR + 3.00%), 4.90%, 05/01/24			155		156,018

					4,009,996
Specialty Retail — 0.0%
Belron Finance US LLC, Term Loan B, (3 mo. LIBOR + 2.50%), 4.29%, 11/07/24			144		144,239


Security		Par (000)		Value
Textiles, Apparel & Luxury Goods — 0.0%
Ascend Performance Materials Operations LLC, Term Loan B, (3 mo. LIBOR + 5.25% 1.00% Floor), 7.31%, 08/12/22	USD		308	$	308,664

Trading Companies & Distributors — 0.0%
Beacon Roofing Supply, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.13%, 01/02/25			153		153,820

Transportation — 0.0%
Direct ChassisLink, Inc., 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.90%, 06/15/23^(b)			55		55,825


Utilities — 0.0%
ExGen Renewables IV LLC, Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.99%, 11/28/24			93		93,406

Wireless Telecommunication Services — 0.1%
Xplornet Communications, Inc., Term Loan B, 09/09/21⁽ⁿ⁾			345		346,429

Total Floating Rate Loan Interests — 14.5% (Cost — $116,575,209)					104,457,174


Foreign Agency Obligations — 8.6%

Argentine Republic Government International Bond^(f):
6.88%, 04/22/21			834		875,283
5.63%, 01/26/22			1,177		1,187,005
7.50%, 04/22/26			3,437		3,601,976
6.88%, 01/26/27			2,768		2,756,956
5.88%, 01/11/28			445		407,620
7.63%, 04/22/46			2,767		2,677,072
Bahrain Government International Bond, 6.75%, 09/20/29^(c)			582		536,371
Brazil Letras do Tesouro Nacional^(l):
0.00%, 07/01/18	BRL		2,000		565,078
0.00%, 01/01/19			11,024		3,022,606
CBB International Sukuk Co. SPC, 6.88%, 10/05/25^(c)	USD		254		253,492
Colombia Government International Bond, 4.38%, 07/12/21^(f)			600		615,000
Cyprus Government International Bond, 4.63%, 02/03/20^(c)	EUR		2,950		3,801,814
Egypt Government International Bond:
5.75%, 04/29/20	USD		2,919		2,992,454
5.58%, 02/21/23^(c)			400		401,400
Iceland Government International Bond, 5.88%, 05/11/22			3,415		3,792,367
Indonesia Government International Bond:
3.75%, 04/25/22			1,104		1,100,291
4.75%, 01/08/26			1,624		1,674,729
Indonesia Treasury Bond:
7.88%, 04/15/19	IDR		35,807,000		2,639,359
11.00%, 11/15/20			15,586,000		1,240,153
8.38%, 09/15/26			17,965,000		1,396,525
Lebanon Government International Bond, 6.85%, 03/23/27	USD		1,203		1,093,984
Mexican Bonos:
8.00%, 06/11/20	MXN		8,800		476,974
7.50%, 06/03/27			14,500		775,696
Portugal Government International Bond, 5.13%, 10/15/24^(c)	USD		3,680		3,897,451
Republic of South Africa Government International Bond^(f):
5.50%, 03/09/20			796		823,729
5.88%, 05/30/22			3,390		3,612,506
4.88%, 04/14/26			843		827,964


62		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Foreign Agency Obligations (continued)
Russian Federal Bond — OFZ:
6.40%, 05/27/20	RUB		71,132	$	1,126,884
7.05%, 01/19/28			146,800		2,317,189
Russian Foreign Bond — Eurobond:
4.25%, 06/23/27	USD		400		390,377
5.63%, 04/04/42			400		419,200
Saudi Government International Bond, 4.50%, 04/17/30^(c)			207		204,185
Turkey Government Bond:
8.50%, 07/10/19	TRY		1,444		335,663
11.00%, 03/02/22			3,231		743,700
Turkey Government International Bond:
10.50%, 01/15/20			3,035		711,287
7.00%, 06/05/20^(f)	USD		1,921		2,028,584
5.63%, 03/30/21^(f)			1,514		1,561,376
5.13%, 03/25/22^(f)			2,418		2,444,719
6.25%, 09/26/22^(f)			1,845		1,939,578
7.38%, 02/05/25^(f)			602		659,751

Total Foreign Agency Obligations — 8.6% (Cost — $63,226,586)					61,928,348


Non-Agency Mortgage-Backed Securities — 20.5%

Collateralized Mortgage Obligations — 17.4%
American Home Mortgage Assets Trust, Series 2006-5, Class A1, (12 mo. MTA + 0.92%), 2.30%, 11/25/46^(a)			5,721		3,164,162
CHL Mortgage Pass-Through Trust:
Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.24%), 2.14%, 03/25/36^(a)			10,029		9,536,517
Series 2007-J2, Class 2A1, (1 mo. LIBOR US + 0.65%), 2.55%, 07/25/37^(a)			4,243		2,417,012
Series 2007-J2, Class 2A8, 6.00%, 07/25/37			2,343		1,731,778
CIM Trust, Series 2017-6, Class A1, 3.02%, 06/25/57^(c)(d)			9,884		9,675,066
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 3.61%, 11/25/36^(d)			5,400		5,099,029
Countrywide Alternative Loan Trust:
Series 2005-61, Class 2A1, (1 mo. LIBOR US + 0.28%), 2.18%, 12/25/35^(a)			3,019		2,877,619
Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.45%), 2.35%, 05/25/35^(a)			3,306		2,967,663
Series 2006-40T1, Class 2A5, (1 mo. LIBOR US + 0.40%), 2.30%, 12/25/36^(a)			2,503		784,373
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36			2,597		1,884,347
Series 2006-J7, Class 2A1, (11th District Cost of Funds + 1.50%), 2.32%, 11/20/46^(a)			6,226		4,250,787
Series 2006-J8, Class A5, 6.00%, 02/25/37			1,877		1,341,500
Series 2006-OA14, Class 3A1, (12 mo. MTA + 0.85%), 2.23%, 11/25/46^(a)(b)			9,391		7,882,491
Series 2006-OA16, Class A2, (1 mo. LIBOR US + 0.19%), 2.09%, 10/25/46^(a)			6,250		5,950,400
Series 2006-OA18, Class A1, (1 mo. LIBOR US + 0.12%), 2.02%, 12/25/46^(a)			3,817		3,627,711
Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.21%), 2.11%, 07/25/46^(a)			7,394		6,710,719
Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.19%), 2.09%, 07/25/46^(a)			2,828		2,635,690
Series 2007-12T1, Class A22, 5.75%, 06/25/37			5,385		4,192,205
Series 2007-12T1, Class A5, 6.00%, 06/25/37			2,613		2,085,429
Series 2007-22, Class 2A16, 6.50%, 09/25/37			9,282		6,580,889
Series 2007-23CB, Class A1, 6.00%, 09/25/37			7,042		5,955,755


Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Countrywide Alternative Loan Trust (continued):
Series 2007-4CB, Class 1A3, (1 mo. LIBOR US + 0.35%), 2.25%, 04/25/37^(a)	USD		4,020	$	3,210,873
Series 2007-OA2, Class 1A1, (12 mo. MTA + 0.84%), 2.22%, 03/25/47^(a)			4,513		3,709,784
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.20%), 2.10%, 04/25/46^(a)			8,285		7,549,506
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 2.69%, 05/26/37^(b)(c)			11,865		9,669,913
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36^(d)			8,332		3,436,492
Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, (1 mo. LIBOR US + 0.60%), 2.50%, 08/25/36^(a)			6,902		2,123,281
WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 1A, (12 mo. MTA + 0.77%), 2.15%, 05/25/47^(a)			4,497		4,281,303

					125,332,294
Commercial Mortgage-Backed Securities — 3.1%
Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2013-DSMZ, Class M, (1 mo. LIBOR + 5.69%), 7.59%, 09/15/18^(a)(c)			7,500		7,499,925
Commercial Mortgage Pass-Through Certificates^(a)(c):
Series 2014-FL5, Class HFL1, (1 mo. LIBOR + 3.25%), 5.15%, 07/15/31^(b)			6,057		5,908,010
Series 2014-FL5, Class HFL2, (1 mo. LIBOR + 4.15%), 6.05%, 07/15/31^(b)			2,960		2,961,850
Series 2014-PAT, Class E, (1 mo. LIBOR + 3.15%), 5.05%, 08/13/27			1,000		1,010,875
Series 2014-PAT, Class F, (1 mo. LIBOR + 2.44%), 4.34%, 08/13/27			3,000		2,988,666
Series 2014-PAT, Class G, (1 mo. LIBOR + 1.59%), 3.49%, 08/13/27			1,040		1,025,463
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C3, Class B, 4.88%, 07/15/37			681		680,017

					22,074,806

Total Non-Agency Mortgage-Backed Securities — 20.5% (Cost — $143,608,240)					147,407,100


Preferred Securities

Capital Trusts — 12.4%
Auto Components — 0.1%
General Motors Financial Co., Inc., Series A, 5.75%^(d)(f)(k)			412		406,232

Banks — 4.4%
ABN AMRO Bank NV, 5.75%^(i)(k)			200		263,257
Banco Bilbao Vizcaya Argentaria SA :
6.13%^(d)(f)(k)			2,000		1,933,100
8.88%^(i)(k)			200		283,571
Banco Santander SA, 6.25%^(i)(k)			100		125,138
BNP Paribas SA, 7.20%^(c)(f)(i)(k)			4,000		4,390,000
Capital One Financial Corp., Series E, 5.55%^(f)(i)(k)			3,500		3,605,000
CIT Group, Inc., Series A, 5.80%^(f)(i)(k)			282		280,590
Citigroup, Inc.^(f)(i)(k):
5.90%			2,250		2,299,219
Series P, 5.95%			3,700		3,746,250
Series R, 6.13%			1,170		1,222,650
Cooperatieve Rabobank UA, 6.63%^(i)(k)			200		275,642
Fifth Third Bancorp, Series J, 4.90%^(f)(i)(k)			3,000		3,015,000


CONSOLIDATED SCHEDULES OF INVESTMENTS			63

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Banks (continued)
Hongkong & Shanghai Banking Corp. Ltd., Series 3H, 2.00%^(a)(k)	USD		100	$	86,999
Intesa Sanpaolo SpA, 7.00%^(i)(k)			234		309,944
Wells Fargo & Co., Series S, 5.90%^(f)(i)(k)			8,905		9,060,837
Wells Fargo & Co., Series U, 5.88%^(f)(i)(k)			930		962,550

					31,859,747
Capital Markets — 1.2%
Goldman Sachs Group, Inc., Series P, 5.00%^(d)(f)(k)			1,400		1,344,896
Morgan Stanley, Series H, 5.45%^(f)(i)(k)			5,007		5,088,364
State Street Corp., Series F, 5.25%^(f)(i)(k)			1,875		1,926,562
UBS Group AG, 5.75%^(i)(k)			200		270,307

					8,630,129
Chemicals — 0.0%
Solvay Finance SA, 5.12%^(i)(k)			100		134,436

Diversified Financial Services — 4.7%
ATF Netherlands BV, 3.75%^(i)(k)			100		125,026
Banco Santander SA, 6.75%^(i)(k)			200		273,823
Bank of America Corp.^(f)(i)(k):
Series AA, 6.10%			3,360		3,481,800
Series U, 5.20%			1,750		1,736,875
Series V, 5.13%			705		713,883
Series X, 6.25%			6,175		6,437,437
Bank of New York Mellon Corp., Series D, 4.50%^(f)(i)(k)			6,067		5,839,488
Barclays PLC, 7.25%^(i)(k)			200		298,040
Credit Agricole SA, 6.50%^(i)(k)			100		135,913
HBOS Capital Funding LP, 6.85%^(k)			200		202,540
HSBC Holdings PLC:
6.00%^(f)(i)(k)			695		686,452
6.50%^(d)(f)(k)			655		664,897
JPMorgan Chase & Co.:
Series Q, 5.15%^(f)(i)(k)			5,500		5,445,000
Series V, 5.00%^(f)(i)(k)			3,830		3,883,620
Series X, 6.10%^(i)(k)			269		278,751
Royal Bank of Scotland Group PLC, 8.63%^(i)(k)			200		219,000
Societe Generale SA, 6.75%^(c)(d)(f)(k)			3,000		2,977,500
UBS Group Funding Switzerland AG, 5.00%^(d)(k)			200		183,250

					33,583,295
Diversified Telecommunication Services — 0.1%
Koninklijke KPN NV, 6.13%^(i)(k)			100		123,345
Telefonica Europe BV^(i)(k):
3.75%			100		126,750
4.20%			300		381,354

					631,449
Electric Utilities — 1.1%
Electricite de France SA, 5.25%^(c)(f)(i)(k)			7,500		7,519,950
Enel SpA⁽ⁱ⁾:
6.50%			102		128,478
7.75%			100		155,567
Gas Natural Fenosa Finance BV, 4.13%^(i)(k)			100		129,805

					7,933,800
Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%			100		126,816

Industrial Conglomerates — 0.4%
General Electric Co., Series D, 5.00%^(f)(i)(k)			3,000		2,970,000

Insurance — 0.4%
Allstate Corp., 5.75%^(f)(i)			2,000		2,065,000
Voya Financial, Inc., 5.65%^(f)(i)			1,090		1,110,710

					3,175,710

Total Capital Trusts — 12.4% (Cost — $87,773,708)					89,451,614


Security		Shares		Value
Preferred Stocks — 4.3%

Banks — 0.3%
Citigroup, Inc., Series K, 6.88%^(i)(k)			74,999	$	2,064,000

Capital Markets — 2.1%
Goldman Sachs Group, Inc., Series J, 5.50%^(i)(k)			395,016		10,151,937
Morgan Stanley^(i)(k):
Series F, 6.88%			100,000		2,750,000
Series K, 5.85%			60,125		1,542,206
SCE Trust III, Series H, 5.75%^(i)(k)			23,730		627,658

					15,071,801
Machinery — 0.1%
Stanley Black & Decker, Inc., 5.38%^(j)(k)			4,170		448,275

Real Estate Investment Trusts (REITs) — 1.8%
Firstar Realty LLC, 8.88%^(c)(k)			9,999		11,800,000
SunTrust Real Estate Investment Corp., 9.00%^(b)(c)(k)			15		1,684,381

					13,484,381

Total Preferred Stocks — 4.3% (Cost — $31,860,863)					31,068,457

Total Preferred Securities— 16.7% (Cost — $119,634,571)					120,520,071


		Par (000)
U.S. Government Sponsored Agency Securities — 8.5%

Collateralized Mortgage Obligations — 3.0%
Fannie Mae Connecticut Avenue Securities, Series 2016-C06, Class 1M2, (1 mo. LIBOR US + 4.25%), 6.15%, 04/25/29^(a)	USD		546		620,870
Freddie Mac Mortgage-Backed Securities, Series 4480, Class ZX, 4.00%, 11/15/44^(f)			5,039		5,004,688
Freddie Mac Structured Agency Credit Risk Debt Notes:
Series 2017-DNA3, Class M2, 4.40%, 03/25/30^(d)			12,000		12,446,255
Series 2017-DNA2, Class M2, (1 mo. LIBOR US + 3.45%), 5.35%, 10/25/29^(a)			3,000		3,285,853

					21,357,666
Mortgage-Backed Securities — 5.5%
Fannie Mae Mortgage-Backed Securities^(f):
4.00%, 11/01/47 — 04/01/56			21,562		22,123,621
4.50%, 7/01/55			16,594		17,449,952

					39,573,573

Total U.S. Government Sponsored Agency Securities — 8.5% (Cost — $61,887,295)					60,931,239


		Shares
Warrants — 0.0%

Diversified Financial Services — 0.0%
Aviron Capital LLC (Expires 10/20/18)^(b)(o)			10		—

Total Long-Term Investments — 165.2% (Cost — $1,188,663,686)				1,189,193,316


64		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security	Shares		Value
Short-Term Securities — 1.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.56%,^(p)(q)		8,306,972	$	8,306,972

Total Short-Term Securities — 1.2% (Cost — $8,306,972)				8,306,972


Total Investments — 166.4% (Cost — $1,196,970,658)				1,197,500,288
Liabilities in Excess of Other Assets — (66.4)%				(477,902,679	)

Net Assets — 100.0%			$	719,597,609

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

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

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

^(e)	When-issued security.

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

^(g)	Amount is less than $500.

^(h)	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.

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

^(j)	Convertible security.

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

^(l)	Zero-coupon bond.

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

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

^(o)	All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Financial Statements for details on the wholly-owned subsidiary.

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

^(q)	During the period ended April 30, 2018, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 10/31/17		Net Activity		Shares Held at 04/30/18		Value at 04/30/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		347,225		7,959,747		8,306,972	$	8,306,972	$	32,205	$	—	$	—

^(a)

Includes net capital gain distributions, if applicable.

Reverse Repurchase Agreements

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued
Interest

Type of Non-Cash
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements^(a)

RBC Capital Markets, LLC

2.09

04/19/17

Open

638,550

649,394

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

04/19/17

Open

329,875

335,477

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

04/19/17

Open

229,375

233,270

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

05/12/17

Open

197,980

201,843

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

05/19/17

Open

219,730

223,945

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

05/31/17

Open

951,000

968,884

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

05/31/17

Open

876,000

892,474

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

05/31/17

Open

988,000

1,006,580

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

05/31/17

Open

1,400,000

1,426,328

Capital Trusts

Open/Demand

BNP Paribas S.A.

2.11

06/15/17

Open

7,862,000

7,981,625

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

06/15/17

Open

78,000

79,420

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.25

06/19/17

Open

2,742,000

2,786,957

Capital Trusts

Open/Demand

HSBC Securities (USA), Inc.

2.25

06/19/17

Open

3,209,000

3,261,614

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

947,500

961,709

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

1,015,000

1,030,221

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

970,000

984,546

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

746,250

757,441

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

357,000

362,354

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

428,000

434,418

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

1,451,250

1,473,013

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

909,375

923,012

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

608,750

617,879

Corporate Bonds

Open/Demand


CONSOLIDATED SCHEDULES OF INVESTMENTS			65

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued
Interest

Type of Non-Cash
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements^(a)

RBC Capital Markets, LLC

2.09

06/19/17

Open

1,526,250

1,549,137

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

450,000

456,748

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

522,500

530,335

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

510,000

517,949

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

585,000

593,773

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

1,000,000

1,014,996

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

710,625

721,281

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

288,000

292,408

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

1,492,500

1,514,881

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

469,125

476,160

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

995,000

1,009,921

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

724,625

735,491

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

526,250

534,142

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

733,125

744,119

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

487,500

494,810

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

1,045,000

1,060,671

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

480,000

487,198

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

751,875

763,150

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

783,750

795,503

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

1,077,500

1,093,658

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

927,500

941,409

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

740,625

751,731

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

538,750

546,829

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

980,000

994,696

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

254,375

258,190

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

365,250

370,727

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

893,250

906,645

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

411,000

417,163

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

1,240,625

1,259,229

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

1,234,375

1,252,885

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

749,000

760,232

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/19/17

Open

1,052,500

1,068,283

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

06/19/17

Open

136,915

139,392

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

06/19/17

Open

390,000

397,077

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

06/21/17

Open

522,600

530,391

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

06/21/17

Open

226,013

230,089

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

06/21/17

Open

430,530

438,296

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

06/21/17

Open

354,650

361,047

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

06/21/17

Open

247,950

252,422

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

06/21/17

Open

3,330,000

3,390,065

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

06/22/17

Open

190,035

193,375

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

06/22/17

Open

356,150

362,410

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.00

06/27/17

Open

872,099

884,069

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.50

06/27/17

Open

2,389,996

2,432,885

Foreign Agency Obligations

Open/Demand

RBC Capital Markets, LLC

2.45

06/27/17

Open

221,925

225,790

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

06/29/17

Open

441,613

449,280

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

06/29/17

Open

976,000

992,946

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

06/29/17

Open

724,625

737,207

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

06/29/17

Open

442,313

449,992

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

06/29/17

Open

599,950

610,367

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

06/29/17

Open

638,400

649,485

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

06/29/17

Open

391,425

398,221

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

06/29/17

Open

384,580

391,257

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.25

07/05/17

Open

282,907

287,339

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/10/17

Open

171,615

174,543

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/10/17

Open

933,638

949,568

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/13/17

Open

258,635

262,523

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/14/17

Open

235,300

239,264

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.50

07/17/17

Open

328,440

334,033

Corporate Bonds

Open/Demand


66		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

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)

Credit Suisse Securities (USA) LLC

2.50

07/17/17

Open

405,075

411,973

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.50

07/17/17

Open

819,533

833,487

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.50

07/17/17

Open

608,295

618,653

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

07/17/17

Open

388,000

394,452

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.45

07/17/17

Open

197,000

200,276

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

07/17/17

Open

192,000

195,193

Capital Trusts

Open/Demand

RBC Capital Markets, LLC

2.09

07/17/17

Open

1,494,800

1,515,367

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

07/17/17

Open

1,260,800

1,278,148

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

07/17/17

Open

404,000

409,559

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

07/17/17

Open

309,225

313,480

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

07/17/17

Open

675,500

684,794

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

07/17/17

Open

200,000

202,752

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

215,978

219,569

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

316,965

322,236

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

321,100

326,440

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

287,120

291,895

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

468,720

476,514

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

301,950

306,971

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

292,410

297,273

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

259,625

263,942

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

338,938

344,574

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

496,770

505,031

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

264,060

268,451

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

218,025

221,651

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

412,800

419,665

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

215,618

219,203

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

236,550

240,484

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

228,850

232,656

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

176,985

179,928

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

191,100

194,278

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

174,945

177,854

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

194,350

197,582

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

182,115

185,143

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

188,600

191,736

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

183,700

186,755

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

179,850

182,841

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

187,550

190,669

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

186,635

189,739

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

173,000

175,877

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

365,625

371,705

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/17/17

Open

2,346,500

2,391,463

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/25/17

Open

184,800

187,783

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/25/17

Open

231,295

235,028

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

07/27/17

Open

859,000

872,819

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/27/17

Open

200,353

203,587

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/28/17

Open

233,280

236,982

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

07/28/17

Open

525,140

533,474

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

08/04/17

Open

1,448,100

1,470,612

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

08/08/17

Open

162,000

164,510

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

08/11/17

Open

168,008

170,556

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

08/15/17

Open

557,603

565,969

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

08/18/17

Open

219,765

223,003

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

08/23/17

Open

102,555

104,049

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

08/23/17

Open

342,585

347,577

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

08/24/17

Open

287,280

291,481

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

08/24/17

Open

332,290

337,078

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

08/28/17

Open

141,930

143,975

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

08/31/17

Open

1,984,073

2,012,337

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

09/05/17

Open

452,000

458,317

Corporate Bonds

Open/Demand


CONSOLIDATED SCHEDULES OF INVESTMENTS			67

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued
Interest

Type of Non-Cash
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements^(a)

RBC Capital Markets, LLC

2.45

09/12/17

Open

710,145

719,800

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

09/12/17

Open

952,560

965,511

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

09/12/17

Open

507,000

513,893

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

09/12/17

Open

174,930

177,308

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

09/12/17

Open

289,325

293,259

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

09/12/17

Open

791,520

802,281

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

09/12/17

Open

354,780

359,604

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

09/15/17

Open

137,544

139,369

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

09/19/17

Open

177,225

179,170

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

09/19/17

Open

120,750

122,075

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

09/19/17

Open

102,060

103,410

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

09/19/17

Open

445,200

451,084

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

09/19/17

Open

373,065

377,996

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

09/19/17

Open

146,468

148,403

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

09/20/17

Open

664,000

672,704

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

09/20/17

Open

337,080

341,517

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.50

09/27/17

Open

335,498

339,850

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

09/27/17

Open

840,745

851,447

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

09/28/17

Open

735,300

744,620

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

10/02/17

Open

589,000

596,370

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

10/02/17

Open

1,420,000

1,437,768

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

10/02/17

Open

514,476

520,885

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

10/03/17

Open

625,118

632,146

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.50

10/03/17

Open

625,056

632,991

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.50

10/03/17

Open

624,750

632,681

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

10/03/17

Open

520,000

526,450

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

10/03/17

Open

884,000

894,965

Foreign Agency Obligations

Open/Demand

Deutsche Bank Securities, Inc.

2.45

10/03/17

Open

647,000

655,025

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

10/03/17

Open

1,396,000

1,413,316

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

10/03/17

Open

370,000

374,590

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.25

10/04/17

Open

294,000

297,305

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.25

10/04/17

Open

386,000

390,340

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.30

10/04/17

Open

456,000

461,259

Foreign Agency Obligations

Open/Demand

Deutsche Bank Securities, Inc.

2.45

10/04/17

Open

407,000

412,026

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

10/04/17

Open

1,512,000

1,530,673

Foreign Agency Obligations

Open/Demand

RBC Capital Markets, LLC

2.09

10/04/17

Open

103,785

104,887

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/04/17

Open

141,075

142,825

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/04/17

Open

150,360

152,225

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/04/17

Open

109,525

110,884

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/04/17

Open

124,740

126,287

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/04/17

Open

239,605

242,577

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/04/17

Open

376,800

381,474

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/04/17

Open

145,800

147,609

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/04/17

Open

263,160

266,424

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/04/17

Open

284,400

287,928

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/04/17

Open

125,625

127,183

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/04/17

Open

193,200

195,596

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/04/17

Open

233,250

236,143

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/04/17

Open

301,840

305,584

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.75

10/06/17

Open

811,175

819,337

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.30

10/06/17

Open

2,011,000

2,033,590

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

2.50

10/06/17

Open

521,544

527,991

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.50

10/06/17

Open

511,989

518,318

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

10/06/17

Open

71,000

71,854

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

10/06/17

Open

488,000

493,895

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

10/06/17

Open

184,000

186,223

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

10/06/17

Open

388,000

392,687

Corporate Bonds

Open/Demand


68		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

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)

Deutsche Bank Securities, Inc.

2.45

10/06/17

Open

919,000

930,101

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/13/17

Open

248,460

251,380

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/13/17

Open

177,160

179,242

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/13/17

Open

222,180

224,792

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/13/17

Open

29,970

30,322

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

10/16/17

Open

1,271,000

1,285,871

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/16/17

Open

88,825

89,864

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/20/17

Open

204,300

206,657

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

10/23/17

Open

648,600

654,745

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/23/17

Open

495,510

501,146

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/23/17

Open

592,775

599,518

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/23/17

Open

384,750

389,127

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/23/17

Open

515,225

521,086

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

10/25/17

Open

216,790

219,221

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.05

10/26/17

Open

824,038

831,565

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.75

10/27/17

Open

1,059,754

1,067,636

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.85

10/27/17

Open

997,340

1,005,265

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

10/27/17

Open

447,476

451,558

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.15

10/31/17

Open

1,305,940

1,318,189

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

2.25

10/31/17

Open

299,665

302,626

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

10/31/17

Open

515,790

520,887

Corporate Bonds

Open/Demand

Citigroup Global Markets, Inc.

0.25

11/01/17

Open

45,313

45,287

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.30

11/02/17

Open

1,010,000

1,020,134

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

11/02/17

Open

1,225,000

1,238,204

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

11/02/17

Open

330,000

333,557

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

11/03/17

Open

295,000

298,132

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

11/03/17

Open

424,200

428,704

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

11/03/17

Open

265,980

268,804

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

11/07/17

Open

19,938

20,147

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.50

11/08/17

Open

442,654

447,388

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

11/08/17

Open

310,000

313,241

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

11/08/17

Open

447,000

451,673

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

11/08/17

Open

717,000

724,496

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

11/08/17

Open

204,800

206,941

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

11/08/17

Open

684,140

691,292

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

11/10/17

Open

118,333

119,544

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

11/10/17

Open

232,073

234,448

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

11/10/17

Open

600,655

606,804

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

11/10/17

Open

760,808

768,596

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

11/14/17

Open

264,000

266,674

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

11/14/17

Open

103,505

104,553

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

11/14/17

Open

327,200

330,514

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

11/15/17

Open

216,480

218,661

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.95

11/17/17

Open

513,300

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.95

11/17/17

Open

763,125

774,188

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

11/17/17

Open

114,915

116,048

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

11/21/17

Open

170,100

171,758

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

11/22/17

Open

412,913

416,571

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

11/22/17

Open

486,938

491,252

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

11/22/17

Open

1,709,138

1,724,282

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.35

11/22/17

Open

432,435

436,459

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

11/22/17

Open

1,530,000

1,545,258

Capital Trusts

Open/Demand

RBC Capital Markets, LLC

2.09

11/28/17

Open

955,000

962,488

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

11/28/17

Open

467,280

471,659

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

11/30/17

Open

281,000

283,603

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/04/17

Open

688,000

694,224

Foreign Agency Obligations

Open/Demand

RBC Capital Markets, LLC

2.45

12/04/17

Open

215,050

216,995

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/05/17

Open

521,000

525,685

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/05/17

Open

725,000

731,519

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/05/17

Open

788,000

795,085

Corporate Bonds

Open/Demand


CONSOLIDATED SCHEDULES OF INVESTMENTS			69

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued
Interest

Type of Non-Cash
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements^(a)

RBC Capital Markets, LLC

2.45

12/05/17

Open

168,150

169,662

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

12/06/17

Open

411,045

414,123

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

12/06/17

Open

265,870

267,860

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/06/17

Open

343,293

346,361

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/06/17

Open

308,830

311,590

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/06/17

Open

190,900

192,606

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/06/17

Open

249,400

251,629

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/06/17

Open

343,000

346,066

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/06/17

Open

282,900

285,428

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/06/17

Open

345,265

348,351

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/06/17

Open

172,043

173,580

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/06/17

Open

230,510

232,570

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/06/17

Open

412,913

416,603

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.25

12/07/17

Open

231,000

232,867

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/08/17

Open

105,915

106,839

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/08/17

Open

199,987

201,720

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/12/17

Open

399,757

403,222

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/12/17

Open

609,260

614,540

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/12/17

Open

286,440

288,907

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.30

12/14/17

Open

2,720,000

2,741,843

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.30

12/14/17

Open

2,427,000

2,446,490

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.30

12/14/17

Open

1,789,000

1,803,367

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.30

12/14/17

Open

1,996,000

2,012,029

Capital Trusts

Open/Demand

UBS Securities LLC

2.10

12/14/17

Open

3,679,663

3,706,412

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

3,266,000

3,291,606

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

12/14/17

Open

3,855,000

3,881,557

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

12/14/17

Open

8,525,000

8,583,728

Capital Trusts

Open/Demand

UBS Securities LLC

2.00

12/14/17

Open

6,984,375

7,032,490

Capital Trusts

Open/Demand

UBS Securities LLC

2.00

12/14/17

Open

5,218,125

5,254,072

Capital Trusts

Open/Demand

UBS Securities LLC

2.00

12/14/17

Open

5,250,000

5,286,167

Corporate Bonds

Open/Demand

UBS Securities LLC

2.05

12/14/17

Open

326,700

329,013

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

411,326

414,551

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

388,020

391,062

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

1,738,275

1,751,904

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

364,409

367,266

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

318,488

320,985

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

484,873

488,674

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

753,300

759,206

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

508,693

512,681

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

549,203

553,508

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

263,719

265,786

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

271,420

273,548

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

641,331

646,359

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

137,638

138,717

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

310,844

313,281

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

702,050

707,554

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

429,721

433,090

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

775,013

781,089

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

157,369

158,603

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

1,180,699

1,189,956

Capital Trusts

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

363,308

366,156

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

1,061,775

1,070,100

Capital Trusts

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

525,625

529,746

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

4,148,438

4,180,962

Capital Trusts

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

4,175,000

4,207,733

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

3,700,550

3,729,563

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

3,399,375

3,426,027

Capital Trusts

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

3,198,125

3,223,199

Capital Trusts

Open/Demand

UBS Securities LLC

2.25

12/14/17

Open

3,840,000

3,870,107

Capital Trusts

Open/Demand

BNP Paribas S.A.

2.20

12/18/17

Open

514,000

517,821

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.50

12/18/17

Open

2,688,000

2,710,960

Foreign Agency Obligations

Open/Demand


70		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

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)

Credit Suisse Securities (USA) LLC

1.75

12/18/17

Open

3,140,559

3,158,682

Foreign Agency Obligations

Open/Demand

RBC Capital Markets, LLC

2.09

12/19/17

Open

485,000

488,383

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

12/19/17

Open

744,375

749,568

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

12/19/17

Open

531,250

534,956

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

12/19/17

Open

466,250

469,502

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

12/19/17

Open

390,945

393,672

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

12/19/17

Open

431,000

434,007

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

12/19/17

Open

275,000

276,918

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

12/19/17

Open

276,750

278,681

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

12/19/17

Open

612,625

616,899

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

12/19/17

Open

661,500

666,115

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

12/19/17

Open

307,200

309,343

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

12/19/17

Open

255,000

256,779

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

12/19/17

Open

297,000

299,072

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

12/19/17

Open

536,250

539,991

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

12/19/17

Open

363,675

366,212

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

12/19/17

Open

1,072,500

1,079,982

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

12/19/17

Open

507,500

511,040

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

12/19/17

Open

363,525

366,061

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/19/17

Open

1,449,943

1,461,971

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/19/17

Open

1,297,780

1,308,546

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/19/17

Open

537,600

542,060

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/19/17

Open

161,500

162,840

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/19/17

Open

2,464,530

2,484,975

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/19/17

Open

409,150

412,544

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/19/17

Open

529,740

534,135

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/19/17

Open

677,250

682,868

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.20

12/20/17

Open

431,730

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/20/17

Open

1,377,640

1,388,984

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/20/17

Open

202,553

204,220

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/20/17

Open

283,030

285,361

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/20/17

Open

249,535

251,590

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/20/17

Open

207,900

209,612

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/20/17

Open

284,625

286,969

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/20/17

Open

380,380

383,512

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/20/17

Open

250,205

252,265

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/20/17

Open

383,985

387,147

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/20/17

Open

226,575

228,441

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/20/17

Open

1,062,600

1,071,350

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/20/17

Open

655,200

660,595

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/20/17

Open

247,420

249,457

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/20/17

Open

1,545,953

1,558,683

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/20/17

Open

266,985

269,184

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/20/17

Open

323,850

326,517

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/20/17

Open

231,623

233,530

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

12/21/17

Open

369,195

372,213

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

43,000

43,338

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

843,000

849,633

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

1,072,000

1,080,435

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

167,000

168,314

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

776,000

782,106

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

1,153,000

1,162,072

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

469,000

472,690

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

1,105,000

1,113,694

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

407,000

410,202

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

679,000

684,342

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

140,000

141,102

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

1,388,000

1,398,921

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

613,000

617,823

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

439,000

442,454

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

121,000

121,952

Corporate Bonds

Open/Demand


CONSOLIDATED SCHEDULES OF INVESTMENTS			71

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

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)

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

189,000

190,487

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

237,000

238,865

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

202,000

203,589

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

922,000

929,254

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

582,000

586,579

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

134,000

135,054

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

1,472,000

1,483,582

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

1,254,000

1,263,867

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

124,000

124,976

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

1,482,000

1,493,660

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

125,000

125,984

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

130,000

131,023

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

226,000

227,778

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/26/17

Open

623,000

627,902

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/27/17

Open

2,231,000

2,248,417

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/27/17

Open

307,000

309,397

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/27/17

Open

2,525,000

2,544,713

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/27/17

Open

314,094

316,546

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/27/17

Open

1,852,000

1,866,458

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/27/17

Open

706,000

711,512

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/27/17

Open

2,015,000

2,030,731

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/27/17

Open

4,544,000

4,579,475

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/27/17

Open

1,522,000

1,533,882

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/27/17

Open

3,224,000

3,249,170

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/27/17

Open

1,837,500

1,851,845

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/27/17

Open

2,619,000

2,639,446

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/27/17

Open

755,000

760,894

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

12/27/17

Open

2,700,000

2,721,079

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.20

12/28/17

Open

2,234,000

2,249,396

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

12/28/17

Open

796,413

802,717

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

01/05/18

Open

423,382

426,480

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

01/08/18

Open

906,000

912,409

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

0.10

01/08/18

Open

170,665

170,593

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/08/18

Open

357,730

360,260

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/08/18

Open

400,408

403,265

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

01/09/18

Open

434,753

437,895

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

01/09/18

Open

196,625

198,046

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

01/09/18

Open

519,820

523,578

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.46

01/09/18

Open

313,000

315,205

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.46

01/09/18

Open

624,000

628,433

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.46

01/09/18

Open

408,000

410,899

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.46

01/09/18

Open

351,000

353,494

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.46

01/09/18

Open

379,000

381,693

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.46

01/09/18

Open

302,000

304,146

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.46

01/09/18

Open

288,000

290,028

Foreign Agency Obligations

Open/Demand

UBS Securities LLC

2.00

01/09/18

Open

327,131

329,167

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

01/09/18

Open

299,625

301,489

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

01/09/18

Open

357,555

359,780

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

01/09/18

Open

285,505

287,281

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

01/09/18

Open

422,895

425,526

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

01/09/18

Open

326,180

328,266

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

01/09/18

Open

366,243

368,585

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

01/09/18

Open

802,300

807,431

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

01/09/18

Open

292,810

294,683

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/10/18

Open

315,185

317,376

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.46

01/11/18

Open

384,000

386,657

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.50

01/11/18

Open

324,210

326,493

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

01/11/18

Open

1,343,000

1,352,254

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/11/18

Open

715,700

720,631

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/11/18

Open

294,380

296,408

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/11/18

Open

556,762

560,598

Corporate Bonds

Open/Demand


72		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued
Interest

Type of Non-Cash
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements^(a)

RBC Capital Markets, LLC

2.45

01/11/18

Open

259,560

261,348

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/11/18

Open

734,772

739,835

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/11/18

Open

75,825

76,347

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/12/18

Open

336,150

338,384

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

1.60

01/19/18

Open

135,703

136,238

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

1.75

01/19/18

Open

172,142

172,891

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

1.75

01/19/18

Open

159,689

160,384

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

1.75

01/19/18

Open

157,365

158,050

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/19/18

Open

207,090

208,390

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/19/18

Open

168,613

169,671

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/19/18

Open

214,273

215,618

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/19/18

Open

860,698

866,102

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/19/18

Open

168,675

169,734

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/19/18

Open

379,500

381,883

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/19/18

Open

264,000

265,658

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/22/18

Open

159,605

160,597

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

0.25

01/25/18

Open

114,000

113,876

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

0.50

01/25/18

Open

104,000

103,818

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

01/25/18

Open

120,202

120,813

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/26/18

Open

327,540

329,517

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/26/18

Open

329,670

331,659

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/26/18

Open

335,160

337,183

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/26/18

Open

325,650

327,615

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/26/18

Open

333,775

335,789

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/26/18

Open

370,202

372,436

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/26/18

Open

375,925

378,194

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/26/18

Open

810,000

814,888

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/26/18

Open

472,573

475,425

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/26/18

Open

482,575

485,487

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/26/18

Open

637,140

640,868

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/26/18

Open

95,580

96,139

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/26/18

Open

119,625

120,325

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

01/29/18

Open

494,376

497,238

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/29/18

Open

268,800

270,356

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/29/18

Open

334,530

336,467

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/29/18

Open

1,940,000

1,951,233

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/29/18

Open

419,100

421,527

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/30/18

Open

343,930

345,900

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/31/18

Open

942,525

947,867

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/31/18

Open

420,900

423,286

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/31/18

Open

1,183,688

1,190,397

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/31/18

Open

1,689,023

1,698,596

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/31/18

Open

841,280

846,048

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/31/18

Open

899,250

904,347

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/31/18

Open

514,208

517,122

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/31/18

Open

269,500

271,028

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/31/18

Open

654,605

658,315

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/31/18

Open

1,078,920

1,085,035

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/31/18

Open

901,945

907,057

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/31/18

Open

1,539,978

1,548,706

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/31/18

Open

273,000

274,547

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

01/31/18

Open

562,695

565,884

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(1.50

)

02/01/18

Open

233,333

232,613

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.43

02/01/18

Open

123,000

123,691

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.43

02/01/18

Open

159,000

159,893

Capital Trusts

Open/Demand

BNP Paribas S.A.

2.43

02/01/18

Open

114,000

114,641

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.43

02/01/18

Open

112,000

112,629

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.43

02/01/18

Open

121,000

121,680

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.43

02/01/18

Open

256,000

257,438

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.43

02/01/18

Open

166,000

166,933

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.43

02/01/18

Open

131,000

131,736

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/01/18

Open

181,930

182,961

Corporate Bonds

Open/Demand


CONSOLIDATED SCHEDULES OF INVESTMENTS			73

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

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.

2.50

02/02/18

Open

217,710

218,916

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

02/02/18

Open

224,153

225,395

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

02/02/18

Open

429,040

431,418

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

02/02/18

Open

228,095

229,359

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

02/02/18

Open

223,410

224,648

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

02/02/18

Open

235,056

236,359

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

02/02/18

Open

243,250

244,598

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

02/02/18

Open

941,703

946,810

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/02/18

Open

205,105

206,217

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/02/18

Open

206,720

207,841

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/02/18

Open

447,975

450,405

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/02/18

Open

222,950

224,159

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/02/18

Open

206,550

207,670

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/02/18

Open

733,500

737,478

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/02/18

Open

135,750

136,486

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/06/18

Open

307,800

309,432

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/07/18

Open

145,200

145,970

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/07/18

Open

144,763

145,530

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/07/18

Open

153,808

154,623

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/07/18

Open

141,860

142,612

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/07/18

Open

165,300

166,176

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/07/18

Open

138,395

139,129

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/07/18

Open

146,158

146,932

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/07/18

Open

143,115

143,874

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/07/18

Open

144,813

145,580

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/07/18

Open

149,460

150,252

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/07/18

Open

156,750

157,581

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/07/18

Open

154,160

154,977

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/07/18

Open

153,278

154,090

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/07/18

Open

141,075

141,823

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

(0.75

)

02/08/18

Open

154,800

154,487

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/09/18

Open

350,960

352,628

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/13/18

Open

105,045

105,557

Corporate Bonds

Open/Demand

UBS Securities LLC

2.10

02/14/18

Open

389,550

391,141

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

02/14/18

Open

354,875

356,435

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

02/14/18

Open

406,700

408,488

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

02/14/18

Open

411,680

413,490

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

02/14/18

Open

355,320

356,882

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

02/14/18

Open

986,730

991,068

Corporate Bonds

Open/Demand

UBS Securities LLC

2.35

02/14/18

Open

350,438

352,051

Foreign Agency Obligations

Open/Demand

UBS Securities LLC

2.35

02/14/18

Open

431,975

433,964

Foreign Agency Obligations

Open/Demand

UBS Securities LLC

2.35

02/14/18

Open

941,638

945,973

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/15/18

Open

187,230

188,120

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

02/20/18

Open

303,000

304,347

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/20/18

Open

406,450

408,232

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

02/21/18

Open

1,219,627

1,225,049

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

02/21/18

Open

2,458,265

2,467,247

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/21/18

Open

218,050

219,019

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/21/18

Open

1,197,900

1,203,152

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/22/18

Open

743,150

746,363

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/26/18

Open

88,560

88,921

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

02/27/18

Open

498,465

500,468

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

03/01/18

Open

401,520

403,084

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

03/02/18

Open

389,002

390,446

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

03/08/18

Open

238,210

239,036

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

03/08/18

Open

205,200

205,912

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

03/08/18

Open

716,450

718,935

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

03/08/18

Open

671,775

673,907

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.20

03/09/18

Open

579,750

581,547

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

2.40

03/09/18

Open

534,860

536,580

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.40

03/09/18

Open

454,163

455,623

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.50

03/09/18

Open

767,130

769,847

Foreign Agency Obligations

Open/Demand


74		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued
Interest

Type of Non-Cash
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements^(a)

BNP Paribas S.A.

2.50

03/09/18

Open

3,305,250

3,316,956

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

2.50

03/09/18

Open

1,307,378

1,312,008

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

2.25

03/12/18

Open

319,510

320,453

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

03/12/18

Open

228,225

228,961

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

03/12/18

Open

369,900

371,092

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

03/12/18

Open

468,625

470,136

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.46

03/13/18

Open

313,000

313,994

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.25

03/14/18

Open

714,375

716,404

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.25

03/14/18

Open

945,000

947,684

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.25

03/14/18

Open

471,250

472,588

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.40

03/14/18

Open

513,945

515,505

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.40

03/14/18

Open

671,250

673,288

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.40

03/14/18

Open

197,425

198,024

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.40

03/14/18

Open

1,014,243

1,017,322

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.40

03/14/18

Open

49,953

50,104

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.40

03/14/18

Open

671,250

673,288

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.44

03/14/18

Open

204,605

205,237

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.44

03/14/18

Open

685,520

687,637

Corporate Bonds

Open/Demand

Citigroup Global Markets, Inc.

(1.25

)

03/14/18

Open

21,420

21,385

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

(1.00

)

03/15/18

Open

404,888

404,370

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

03/15/18

Open

192,280

192,865

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

03/15/18

Open

311,320

312,187

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

03/16/18

Open

429,512

430,740

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

03/16/18

Open

874,057

876,554

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

03/16/18

Open

294,735

295,577

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

03/19/18

Open

91,020

91,274

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

03/20/18

Open

658,530

660,331

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

03/21/18

Open

132,000

132,353

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

03/22/18

Open

10,299

10,322

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.21

03/23/18

Open

313,519

314,212

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.46

03/23/18

Open

292,110

292,829

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.51

03/23/18

Open

349,313

350,189

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.51

03/23/18

Open

481,759

482,968

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.51

03/23/18

Open

374,638

375,578

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.51

03/23/18

Open

309,018

309,793

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.51

03/23/18

Open

608,025

609,551

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.51

03/23/18

Open

393,800

394,788

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.51

03/23/18

Open

314,940

315,731

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.51

03/23/18

Open

333,210

334,046

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.51

03/23/18

Open

345,546

346,414

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.51

03/23/18

Open

378,020

378,969

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.51

03/23/18

Open

439,120

440,222

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.51

03/23/18

Open

299,316

300,068

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.50

03/23/18

Open

346,000

346,865

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.50

03/23/18

Open

295,000

295,738

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

03/23/18

Open

244,800

245,400

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

03/23/18

Open

44,225

44,333

Corporate Bonds

Open/Demand

UBS Securities LLC

2.25

03/23/18

Open

1,358,500

1,361,557

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.50

03/26/18

Open

165,000

165,401

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

03/27/18

Open

272,970

273,602

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.25

03/28/18

Open

438,088

439,019

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.51

03/28/18

Open

273,000

273,628

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.25

03/29/18

Open

1,000,388

1,002,451

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.25

03/29/18

Open

135,135

135,380

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.50

03/29/18

Open

1,755,000

1,759,022

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.50

03/29/18

Open

389,813

390,706

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.50

03/29/18

Open

555,060

556,332

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

03/29/18

Open

2,181,600

2,185,780

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/05/18

Open

157,097

157,364

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.05

04/06/18

5/09/18

809,000

810,506

Asset-Backed Securities

Up to 30 Days

Barclays Capital, Inc.

2.25

04/06/18

Open

243,815

244,196

Corporate Bonds

Open/Demand


CONSOLIDATED SCHEDULES OF INVESTMENTS			75

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

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.

2.25

04/06/18

Open

234,215

234,581

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

04/06/18

Open

237,938

238,309

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

04/06/18

Open

241,763

242,140

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

04/06/18

Open

277,695

278,129

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

04/06/18

Open

248,145

248,533

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

04/06/18

Open

252,560

252,955

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

04/06/18

Open

230,535

230,895

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.25

04/06/18

Open

237,493

237,864

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

04/06/18

Open

237,848

238,219

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

04/06/18

Open

238,220

238,592

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

04/06/18

Open

231,530

231,892

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.25

04/06/18

Open

328,000

328,513

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.25

04/06/18

Open

314,000

314,491

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.25

04/06/18

Open

316,000

316,494

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.25

04/06/18

Open

328,000

328,513

Capital Trusts

Open/Demand

Deutsche Bank Securities, Inc.

2.25

04/06/18

Open

305,000

305,477

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/09/18

Open

174,070

174,319

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/09/18

Open

157,440

157,665

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

04/10/18

Open

559,000

559,761

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

04/10/18

Open

318,000

318,433

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

04/10/18

Open

2,053,000

2,055,794

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

04/10/18

Open

147,000

147,200

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

04/10/18

Open

364,000

364,495

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.25

04/10/18

Open

546,000

546,683

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/10/18

Open

389,620

390,150

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/10/18

Open

93,725

93,853

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/10/18

Open

243,600

243,932

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/10/18

Open

430,950

431,537

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/10/18

Open

436,460

437,054

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/10/18

Open

190,125

190,384

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/10/18

Open

251,065

251,407

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/10/18

Open

1,012,050

1,013,428

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

1.85

04/11/18

5/14/18

17,047,000

17,063,645

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.85

04/11/18

5/14/18

5,514,000

5,519,384

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.85

04/11/18

5/14/18

4,430,000

4,434,325

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.85

04/11/18

5/14/18

11,589,000

11,600,315

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

2.25

04/11/18

Open

206,055

206,300

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.25

04/11/18

Open

257,760

258,066

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.25

04/11/18

Open

307,753

308,118

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.25

04/11/18

Open

249,535

249,831

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.25

04/11/18

Open

273,240

273,564

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.25

04/11/18

Open

304,870

305,232

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.25

04/11/18

Open

247,230

247,524

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.25

04/11/18

Open

268,605

268,924

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/11/18

Open

378,200

378,689

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/11/18

Open

286,740

287,111

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/11/18

Open

35,880

35,926

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/11/18

Open

368,500

368,976

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/11/18

Open

203,863

204,126

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

04/12/18

Open

485,966

486,513

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

04/12/18

Open

296,258

296,591

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

04/12/18

Open

468,714

469,241

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

04/12/18

Open

345,720

346,109

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

04/12/18

Open

538,478

539,083

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

04/12/18

Open

561,568

562,199

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.35

04/12/18

Open

297,540

297,890

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/12/18

Open

967,780

968,966

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/12/18

Open

300,480

300,848

Corporate Bonds

Open/Demand


76		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued
Interest

Type of Non-Cash
Underlying
Collateral

Remaining
Contractual
Maturity of
the Agreements^(a)

RBC Capital Markets, LLC

2.45

04/12/18

Open

790,550

791,500

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/12/18

Open

329,700

330,104

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/12/18

Open

249,750

250,056

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/12/18

Open

335,175

335,586

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/12/18

Open

275,538

275,875

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/12/18

Open

310,800

311,181

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.45

04/16/18

Open

614,000

614,585

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/16/18

Open

264,860

265,112

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

04/17/18

Open

636,525

637,042

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

04/17/18

Open

855,650

856,345

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.25

04/17/18

Open

1,448,889

1,450,066

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

04/17/18

Open

505,988

506,399

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.25

04/17/18

Open

2,268,750

2,270,593

Capital Trusts

Open/Demand

J.P. Morgan Securities LLC

1.60

04/17/18

Open

118,585

118,659

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

2.15

04/19/18

5/04/18

4,800,000

4,803,153

U.S. Government Sponsored Agency Securities

Up to 30 Days

Credit Suisse Securities (USA) LLC

2.50

04/19/18

Open

155,365

155,484

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.09

04/19/18

Open

170,850

170,959

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.40

04/19/18

Open

275,755

275,975

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.50

04/20/18

Open

179,389

179,488

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/20/18

Open

741,000

741,403

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/20/18

Open

324,720

324,897

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.25

04/24/18

Open

259,455

259,552

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/24/18

Open

195,210

195,290

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.40

04/25/18

Open

144,169

144,217

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

04/27/18

Open

231,344

231,360

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.60

04/27/18

Open

729,750

729,803

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

2.15

04/27/18

Open

710,542

710,626

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

2.50

04/27/18

Open

2,424,000

2,424,337

Capital Trusts

Open/Demand

RBC Capital Markets, LLC

2.45

04/27/18

Open

135,700

135,718

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

04/30/18

Open

283,305

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/30/18

Open

114,030

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/30/18

Open

144,720

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

04/30/18

Open

215,660

Corporate Bonds

Open/Demand

492,951,261

496,857,337

^(a)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
Euro Stoxx 600 Index		1		06/15/18	$	11	$	(20	)
10-Year U.S. Treasury Note		2		06/20/18		239		(1,690	)

								(1,710	)

Short Contracts:
Euro Bund		1		06/07/18		158		(37	)
10-Year U.S. Treasury Note		2		06/20/18		239		763
Long U.S. Treasury Bond		17		06/20/18		2,445		29,071
Long Gilt Future		1		06/27/18		168		(1,667	)
5-Year U.S. Treasury Note		81		06/29/18		9,194		50,757

								78,887

							$	77,177


CONSOLIDATED SCHEDULES OF INVESTMENTS			77

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
ARS	13,438,740	USD	653,000	Citibank N.A.		05/02/18	$	2,069
GBP	1,205,000	USD	1,656,393	BNP Paribas S.A.		05/02/18		2,530
USD	655,117	ARS	13,438,740	Citibank N.A.		05/02/18		48
USD	653,000	ARS	13,386,500	Deutsche Bank AG		05/02/18		477
USD	1,478,803	EUR	1,222,000	BNP Paribas S.A.		05/02/18		3,116
USD	1,518,023	EUR	1,222,000	BNP Paribas S.A.		05/02/18		42,337
USD	4,551,101	EUR	3,760,774	Citibank N.A.		05/02/18		9,591
USD	4,652,021	EUR	3,760,774	Citibank N.A.		05/02/18		110,512
USD	17,388,377	EUR	14,368,778	Citibank N.A.		05/02/18		36,645
USD	17,773,963	EUR	14,368,778	Citibank N.A.		05/02/18		422,231
USD	786,598	EUR	650,000	Deutsche Bank AG		05/02/18		1,658
USD	792,553	EUR	650,000	Deutsche Bank AG		05/02/18		7,613
USD	1,109,708	EUR	917,000	Deutsche Bank AG		05/02/18		2,339
USD	1,118,109	EUR	917,000	Deutsche Bank AG		05/02/18		10,740
USD	19,759	EUR	16,000	UBS AG		05/02/18		438
USD	242,414	GBP	176,000	BNP Paribas S.A.		05/02/18		114
USD	249,287	GBP	176,000	BNP Paribas S.A.		05/02/18		6,988
USD	2,696,851	GBP	1,958,000	Citibank N.A.		05/02/18		1,274
USD	2,762,650	GBP	1,958,000	Citibank N.A.		05/02/18		67,073
USD	15,098,511	GBP	10,962,000	Citibank N.A.		05/02/18		7,132
USD	15,466,889	GBP	10,962,000	Citibank N.A.		05/02/18		375,510
USD	128,094	GBP	93,000	Deutsche Bank AG		05/02/18		61
USD	131,693	GBP	93,000	Deutsche Bank AG		05/02/18		3,660
USD	417,337	GBP	303,000	Deutsche Bank AG		05/02/18		197
USD	429,063	GBP	303,000	Deutsche Bank AG		05/02/18		11,923
USD	1,704,849	GBP	1,210,000	Deutsche Bank AG		05/02/18		39,043
USD	1,227,168	GBP	872,000	State Street Bank and Trust Co.		05/02/18		26,686
USD	1,773,972	MXN	32,574,000	Citibank N.A.		05/02/18		32,238
USD	1,492,710	EUR	1,222,000	BNP Paribas S.A.		06/04/18		13,650
USD	4,593,485	EUR	3,760,774	Citibank N.A.		06/04/18		41,595
USD	17,550,313	EUR	14,368,778	Citibank N.A.		06/04/18		158,923
USD	19,372	EUR	16,000	UBS AG		06/04/18		6
USD	245,717	GBP	176,000	BNP Paribas S.A.		06/04/18		3,066
USD	2,734,758	GBP	1,958,000	Citibank N.A.		06/04/18		35,265
USD	15,310,735	GBP	10,962,000	Citibank N.A.		06/04/18		197,433
USD	129,875	GBP	93,000	Deutsche Bank AG		06/04/18		1,656
USD	423,143	GBP	303,000	Deutsche Bank AG		06/04/18		5,397
USD	1,733,185	MXN	32,574,000	State Street Bank and Trust Co.		06/04/18		161
USD	2,570,339	TRY	9,984,481	BNP Paribas S.A.		06/25/18		152,755
USD	3,305,194	TRY	12,333,000	BNP Paribas S.A.		06/25/18		318,954
USD	1,641,574	TRY	6,668,894	BNP Paribas S.A.		08/20/18		54,497
USD	992,518	TRY	4,001,337	Citibank N.A.		08/20/18		40,272
USD	1,274,854	TRY	5,136,769	Citibank N.A.		08/20/18		52,395

								2,300,268

ARS	13,386,500	USD	652,570	Deutsche Bank AG		05/02/18		(48	)
EUR	1,222,000	USD	1,478,803	BNP Paribas S.A.		05/02/18		(3,117	)
EUR	1,222,000	USD	1,489,270	BNP Paribas S.A.		05/02/18		(13,583	)
EUR	3,760,774	USD	4,551,101	Citibank N.A.		05/02/18		(9,591	)
EUR	3,760,774	USD	4,582,917	Citibank N.A.		05/02/18		(41,407	)
EUR	14,368,778	USD	17,388,377	Citibank N.A.		05/02/18		(36,645	)
EUR	14,368,778	USD	17,509,937	Citibank N.A.		05/02/18		(158,205	)
EUR	650,000	USD	786,598	Deutsche Bank AG		05/02/18		(1,658	)
EUR	650,000	USD	806,853	Deutsche Bank AG		05/02/18		(21,913	)
EUR	917,000	USD	1,109,708	Deutsche Bank AG		05/02/18		(2,339	)
EUR	917,000	USD	1,138,283	Deutsche Bank AG		05/02/18		(30,914	)
EUR	16,000	USD	19,326	UBS AG		05/02/18		(5	)
GBP	176,000	USD	242,414	BNP Paribas S.A.		05/02/18		(115	)
GBP	176,000	USD	245,377	BNP Paribas S.A.		05/02/18		(3,077	)
GBP	1,958,000	USD	2,696,851	Citibank N.A.		05/02/18		(1,274	)
GBP	1,958,000	USD	2,730,999	Citibank N.A.		05/02/18		(35,421	)
GBP	10,962,000	USD	15,098,511	Citibank N.A.		05/02/18		(7,132	)


78		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
GBP	10,962,000	USD	15,289,688	Citibank N.A.		05/02/18	$	(198,310	)
GBP	93,000	USD	128,094	Deutsche Bank AG		05/02/18		(61	)
GBP	93,000	USD	129,697	Deutsche Bank AG		05/02/18		(1,664	)
GBP	303,000	USD	417,337	Deutsche Bank AG		05/02/18		(197	)
GBP	303,000	USD	422,562	Deutsche Bank AG		05/02/18		(5,422	)
EUR	650,000	USD	794,365	Deutsche Bank AG		06/04/18		(7,631	)
EUR	917,000	USD	1,120,666	Deutsche Bank AG		06/04/18		(10,766	)
USD	1,063,777	GBP	772,000	BNP Paribas S.A.		06/04/18		(579	)
USD	1,658,817	GBP	1,205,000	BNP Paribas S.A.		06/04/18		(2,515	)
TRY	4,199,519	USD	1,089,454	BNP Paribas S.A.		06/25/18		(72,607	)
TRY	9,984,481	USD	2,579,469	BNP Paribas S.A.		06/25/18		(161,886	)
TRY	8,133,481	USD	2,042,788	Citibank N.A.		06/25/18		(73,395	)
TRY	28,000	USD	7,401	BNP Paribas S.A.		08/20/18		(738	)
TRY	15,779,000	USD	4,058,750	BNP Paribas S.A.		08/20/18		(303,631	)

								(1,205,846	)

							$	1,094,422

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index

Financing

Rate Received
by the Trust

Payment
Frequency

Termination
Date

Credit
Rating^(a)

Notional

Amount (000)^(b)

Value

Upfront
Premium
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Chesapeake Energy Corp.

5.00

Quarterly

12/20/21

CCC+

USD

520

(29

)

(15,864

)

15,835

^(a)

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

^(b)

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

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	Effective Date		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
1.50	Semi-annual	3-Month LIBOR, 2.36%	Quarterly		N/A		02/02/19	USD	8,000	$	64,674		$	40	$	64,634
1.62	Semi-annual	3-Month LIBOR, 2.36%	Quarterly		N/A		04/04/19	USD	7,600		66,464			—		66,464
3-Month LIBOR, 2.36%	Quarterly	2.39	Semi-annual		N/A		02/12/20	USD	193,500		(807,745	)		2,384		(810,129	)
3-Month LIBOR, 2.36%	Quarterly	2.36	Semi-annual		N/A		02/13/20	USD	150,000		(706,937	)		1,849		(708,786	)
2.01	Semi-annual	3-Month LIBOR, 2.36%	Quarterly		N/A		02/02/22	USD	15,000		451,682			161		451,521
2.01	Semi-annual	3-Month LIBOR, 2.36%	Quarterly		N/A		07/12/22	USD	3,000		89,940			—		89,940
1.46	Semi-annual	3-Month LIBOR, 2.36%	Quarterly		N/A		06/28/26	USD	1,427		150,908			17		150,891
1.46	Semi-annual	3-Month LIBOR, 2.36%	Quarterly		N/A		06/28/26	USD	357		37,705			4		37,701
2.47	Semi-annual	3-Month LIBOR, 2.36%	Quarterly		N/A		12/29/26	USD	3,000		91,817			44		91,773
2.25	Semi-annual	3-Month LIBOR, 2.36%	Quarterly		N/A		01/19/27	USD	3,400		167,038			47		166,991
2.42	Semi-annual	3-Month LIBOR, 2.36%	Quarterly		N/A		04/04/27	USD	18,300		771,487			260		771,227
2.30	Semi-annual	3-Month LIBOR, 2.36%	Quarterly		N/A		05/02/27	USD	3,000		135,926			—		135,926
2.28	Semi-annual	3-Month LIBOR, 2.36%	Quarterly		N/A		05/17/27	USD	1,700		80,237			—		80,237
2.18	Semi-annual	3-Month LIBOR, 2.36%	Quarterly		N/A		06/05/27	USD	2,300		130,339			—		130,339
2.90	Semi-annual	3-Month LIBOR, 2.36%	Quarterly		N/A		02/06/28	USD	57,000		154,159			987		153,172
2.92	Semi-annual	3-Month LIBOR, 2.36%	Quarterly		N/A		03/26/28	USD	10,500		35,695			184		35,511
2.70	Semi-annual	3-Month LIBOR, 2.36%	Quarterly		N/A		04/04/47	USD	13,200		771,087			—		771,087
3.01	Semi-annual	3-Month LIBOR, 2.36%	Quarterly		N/A		02/13/48	USD	18,000		(131,234	)		437		(131,671	)
2.98	Semi-annual	3-Month LIBOR, 2.36%	Quarterly		N/A		02/13/48	USD	9,000		(14,671	)		219		(14,890	)
3.01	Semi-annual	3-Month LIBOR, 2.36%	Quarterly		N/A		02/14/48	USD	6,500		(45,621	)		158		(45,779	)
3.03	Semi-annual	3-Month LIBOR, 2.36%	Quarterly		N/A		02/20/48	USD	9,500		(116,541	)		231		(116,772	)

										$	1,376,409		$	7,022	$	1,369,387


CONSOLIDATED SCHEDULES OF INVESTMENTS			79

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

OTC Credit Default Swaps — Buy Protection


Reference Obligation/Index	Financing Rate Paid by the Trust			Payment Frequency		Counterparty	Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
United Mexican States		1.00	%		Quarterly	Citibank N.A.		06/20/20		USD	604	$	(6,989	)	$	2,554	$	(9,543	)
United Mexican States		1.00			Quarterly	Bank of America N.A.		09/20/20		USD	604		(6,909	)		3,695		(10,604	)
Frontier Communications Corp.		5.00			Quarterly	Barclays Bank PLC		06/20/23		USD	162		51,497			55,878		(4,381	)
Markit CMBX North America, Series 7		3.00			Monthly	Deutsche Bank AG		01/17/47		USD	25,000		2,294,464			1,887,222		407,242

												$	2,332,063		$	1,949,349	$	382,714

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)
Intrum AB		5.00			Quarterly		Credit Suisse International		06/20/23	BBB-		EUR	50	$	6,271		$	5,485		$	786
Intrum AB		5.00			Quarterly		Credit Suisse International		06/20/23	BBB-		EUR	7		860			840			20
Intrum AB		5.00			Quarterly		Morgan Stanley & Co. International PLC		06/20/23	BBB-		EUR	23		2,903			2,832			71
United Mexican States		1.00			Quarterly		Bank of America N.A.		06/20/20	BBB+		USD	604		6,989			(2,677	)		9,666
United Mexican States		1.00			Quarterly		Citibank N.A.		09/20/20	BBB+		USD	604		6,909			3,503			3,406
Jaguar Land Rover Automotive PLC		5.00	%		Quarterly		Credit Suisse International		06/20/22	BB+		EUR	30		4,733			4,912			(179	)
Casino Guichard Perrachon SA		1.00			Quarterly		J.P. Morgan Chase Bank N.A.		12/20/22	BB+		EUR	50		(4,049	)		(2,018	)		(2,031	)
Jaguar Land Rover Automotive PLC		5.00			Quarterly		Barclays Bank PLC		12/20/22	BB+		EUR	20		3,180			3,754			(574	)
Telecom Italia SpA/Milano		1.00			Quarterly		Citibank N.A.		12/20/22			EUR	30		(211	)		(577	)		366
Intrum AB		5.00			Quarterly		Credit Suisse International		06/20/23	BBB-		EUR	20		2,508			2,073			435
Markit CMBX North America, Series 7		3.00			Monthly		Barclays Bank PLC		01/17/47	BBB-		USD	10,000		(913,619	)		(525,322	)		(388,297	)
Markit CMBX North America, Series 7		3.00			Monthly		Barclays Bank PLC		01/17/47	BBB-		USD	5,000		(456,810	)		(262,293	)		(194,517	)
Markit CMBX North America, Series 7		3.00			Monthly		Barclays Bank PLC		01/17/47	BBB-		USD	10,000		(913,619	)		(254,377	)		(659,242	)
Markit CMBX North America, Series 8		2.00			Monthly		Morgan Stanley & Co. International PLC		10/17/57	BBB-		USD	5,000		(173,137	)		(567,066	)		393,929
Markit CMBX North America, Series 8		3.00			Monthly		Goldman Sachs International		10/17/57	BBB-		USD	10,000		(1,321,370	)		(1,085,057	)		(236,313	)
Markit CMBX North America, Series 8		3.00			Monthly		Deutsche Bank AG		10/17/57	BBB-		USD	10,000		(1,325,537	)		(1,391,958	)		66,421
Markit CMBX North America, Series 9		2.00			Monthly		Morgan Stanley & Co. International PLC		09/17/58	A-		USD	2,500		(71,971	)		(346,997	)		275,026
Markit CMBX North America, Series 9		2.00			Monthly		Credit Suisse International		09/17/58	A-		USD	2,500		(71,971	)		(350,381	)		278,410
Markit CMBX North America, Series 9		2.00			Monthly		Morgan Stanley & Co. International PLC		09/17/58	A-		USD	5,000		(143,943	)		(687,533	)		543,590
Markit CMBX North America, Series 9		3.00			Monthly		Morgan Stanley & Co. International PLC		09/17/58	BBB-		USD	2,500		(278,583	)		(560,812	)		282,229
Markit CMBX North America, Series 9		3.00			Monthly		Deutsche Bank AG		09/17/58	BBB-		USD	25,000		(2,785,830	)		(2,498,933	)		(286,897	)
Markit CMBX North America, Series 9		3.00			Monthly		Goldman Sachs International		09/17/58	BBB-		USD	5,000		(557,166	)		(536,253	)		(20,913	)
Markit CMBX North America, Series 9		3.00			Monthly		Credit Suisse International		09/17/58	BBB-		USD	5,000		(557,166	)		(551,908	)		(5,258	)
Markit CMBX North America, Series 9		3.00			Monthly		Morgan Stanley & Co. International PLC		09/17/58	BBB-		USD	5,000		(557,166	)		(551,268	)		(5,898	)

														$	(10,097,795	)	$	(10,152,031	)	$	54,236

^(a)

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

^(b)

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


80		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

OTC Interest Rate Swaps

Paid by the Trust

Received by the Trust

Counterparty

Effective
Date

Termination
Date

Notional
Amount (000)

Value

Upfront
Premium
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Rate

Frequency

Rate

Frequency

28-day

MXIBTIIE Monthly

6.25%

Monthly

Bank of America N.A.

N/A

06/15/26

MXN

38,640

(177,729

)

—

(177,729

)

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Derivatives


	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps^(a)	$	7,022	$	(15,864	)	$	3,213,249	$	(1,828,027	)
OTC Derivatives	$	1,972,748	$	(10,175,430	)	$	2,261,597	$	(2,002,376	)

^(a)

Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	—	$	—	$	—	$	—	$	80,591	$	—	$	80,591
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		2,300,268		—		—		2,300,268
Swaps — centrally cleared
Net unrealized appreciation^(a)		—		15,835		—		—		3,197,414		—		3,213,249
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		4,234,345		—		—		—		—		4,234,345

	$	—	$	4,250,180	$	—	$	2,300,268	$	3,278,005	$	—	$	9,828,453

Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation^(a)	$	—	$	—	$	20	$	—	$	3,394	$	—	$	3,414
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		1,205,846		—		—		1,205,846
Swaps — centrally cleared
Net unrealized depreciation^(a)		—		—		—		—		1,828,027		—		1,828,027
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		12,000,077		—		—		177,729		—		12,177,806

	$	—	$	12,000,077	$	20	$	1,205,846	$	2,009,150	$	—	$	15,215,093

^(a)


CONSOLIDATED SCHEDULES OF INVESTMENTS			81

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

For the period ended April 30, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	(78	)	$	—		$	1,483,321		$	—	$	1,483,243
Forward foreign currency exchange contracts		—		—		—			(1,610,155	)		—			—		(1,610,155	)
Options purchased^(a)		—		—		—			(72,378	)		(1,662	)		—		(74,040	)
Options written		—		—		—			37,307			—			—		37,307
Swaps		—		1,317,442		—			—			(192,370	)		—		1,125,072

	$	—	$	1,317,442	$	(78	)	$	(1,645,226	)	$	1,289,289		$	—	$	961,427

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(20	)	$	—		$	28,160		$	—	$	28,140
Forward foreign currency exchange contracts		—		—		—			(43,611	)		—			—		(43,611	)
Options purchased^(b)		—		—		—			(9,099	)		—			—		(9,099	)
Options written		—		—		—			31,954			—			—		31,954
Swaps		—		520,079		—			—			1,642,177			—		2,162,256

	$	—	$	520,079	$	(20	)	$	(20,756	)	$	1,670,337		$	—	$	2,169,640

^(a)

Options purchased are included in net realized gain (loss) from investments.

^(b)

Options purchased are included in net change in unrealized appreciation (depreciation) on investments.

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	124,926
Average notional value of contracts — short	$	40,381,077
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	129,302,744
Average amounts sold — in USD	$	80,236,520
Options:
Average market value of option contracts purchased	$	—	^(a)
Average value of option contracts written	$	12,654
Credit default swaps:
Average notional value — buy protection	$	27,064,787
Average notional value — sell protection	$	104,385,291
Interest rate swaps:
Average notional value — pay fixed rate	$	135,533,386
Average notional value — receives fixed rate	$	173,821,122

^(a)

Derivative not held at quarter-end. The amount shown in the Statements of Operations reflect the results of activity during the period.

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


	Assets		Liabilities
Futures contracts	$	—	$	15,658
Forward foreign currency exchange contracts		2,300,268		1,205,846
Swaps — Centrally cleared		—		515,899
Swaps — OTC^(a)		4,234,345		12,177,806

Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	6,534,613	$	13,915,209
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(531,557	)

Total derivative assets and liabilities subject to an MNA	$	6,534,613	$	13,383,652

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.


82		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

The following table presents the Fund’s derivative assets (and liabilities) by counterparty net of amounts available for offset under a MNA and net of the related collateral received (and pledged) by the Fund:


Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)			Non-cash Collateral Received^(b)		Cash Collateral Received^(b)			Net Amount of Derivative Assets^(c)(d)
Bank of America N.A.	$	13,360	$	(13,360	)	$	—	$	—		$	—
Barclays Bank PLC		59,633		(59,633	)		—		—			—
BNP Paribas S.A.		598,007		(561,848	)		—		—			36,159
Citibank N.A.		1,600,035		(571,500	)		—		(890,000	)		138,535
Credit Suisse International		292,961		(292,961	)		—		—			—
Deutsche Bank AG		2,445,649		(2,445,649	)		—		—			—
Morgan Stanley & Co. International PLC		1,497,677		(1,497,677	)		—		—			—
State Street Bank and Trust Co.		26,847		—			—		—			26,847
UBS AG		444		(5	)		—		—			439

	$	6,534,613	$	(5,442,633	)	$	—	$	(890,000	)	$	201,980


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)			Non-cash Collateral Pledged		Cash Collateral Pledged^(e)			Net Amount of Derivative Liabilities^(d)(f)
Bank of America N.A.	$	191,010	$	(13,360	)	$	—	$	—		$	177,650
Barclays Bank PLC		2,289,003		(59,633	)		—		(2,229,370	)		—
BNP Paribas S.A.		561,848		(561,848	)		—		—			—
Citibank N.A.		571,500		(571,500	)		—		—			—
Credit Suisse International		907,726		(292,961	)		—		(614,765	)		—
Deutsche Bank AG		4,260,401		(2,445,649	)		—		(1,610,000	)		204,752
Goldman Sachs International		1,878,536		—			—		(1,878,536	)		—
J.P. Morgan Chase Bank N.A.		4,049		—			—		—			4,049
Morgan Stanley & Co. International PLC		2,719,574		(1,497,677	)		—		(1,221,897	)		—
UBS AG		5		(5	)		—		—			—

	$	13,383,652	$	(5,442,633	)	$	—	$	(7,554,568	)	$	386,451

^(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)

Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)

Net amount may also include forward foreign currency exchange contracts and currency options that are not required to be collateralized.

^(e)

Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(f)

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

Statements of Assets and Liabilities.

Fair Value Hierarchy as of Period End

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


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	$	—	$	195,924,195	$	6,085,163	$	202,009,358
Common Stocks		3,081,848		—		—		3,081,848
Corporate Bonds		1,100,849		487,757,329		—		488,858,178
Floating Rate Loan Interests		—		35,359,685		69,097,489		104,457,174
Foreign Agency Obligations		—		61,928,348		—		61,928,348
Non-Agency Mortgage-Backed Securities		—		120,984,836		26,422,264		147,407,100
Preferred Securities		17,584,076		101,251,614		1,684,381		120,520,071
U.S. Government Sponsored Agency Securities		—		60,931,239		—		60,931,239
Short-Term Securities:
Money Market Funds		8,306,972		—		—		8,306,972
Unfunded floating rate loan interests^(a)		—		142		85		227

	$	30,073,745	$	1,064,137,388	$	103,289,382	$	1,197,500,515


CONSOLIDATED SCHEDULES OF INVESTMENTS			83

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2018

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments^(b)
Assets:
Credit contracts	$	—		$	2,277,432		$	—	$	2,277,432
Foreign currency exchange contracts		—			2,300,268			—		2,300,268
Interest rate contracts		80,591			3,197,414			—		3,278,005
Liabilities:
Credit contracts		—			(1,824,647	)		—		(1,824,647	)
Equity contracts		(20	)		—			—		(20	)
Foreign currency exchange contracts		—			(1,205,846	)		—		(1,205,846	)
Interest rate contracts		(3,394	)		(2,005,756	)		—		(2,009,150	)

	$	77,177		$	2,738,865		$	—	$	2,816,042

^(a)

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

^(b)

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements payable of $496,857,337 is categorized as Level 2 within the disclosure hierarchy.

During the period ended April 30, 2018, there were no transfers between Level 1 and Level 2.


	Asset- Backed Securities			Floating Rate Loan Interests			Non-Agency Mortgage- Backed Securities			Preferred Securities			Unfunded Floating Rate Loan Interests		Total
Assets:
Opening balance, as of October 31, 2017	$	3,678,179		$	89,614,421		$	16,674,165		$	1,707,834		$		$	111,674,599
Transfers into Level 3^(a)		—			55,232			8,687,986			—			—		8,743,218
Transfers out of Level 3^(b)		(1,542,985	)		(311,782	)		—			—			—		(1,854,767	)
Accrued discounts/premiums		12,012			7,250			132,358			—			—		151,620
Net realized gain (loss)		761			1,666			438,212			—			—		440,639
Net change in unrealized appreciation (depreciation)^(c)(d)		(109,669	)		(12,412,829	)		(898,934	)		(23,453	)		85		(13,444,800	)
Purchases		4,982,650			2,491,128			2,965,550			—			—		10,439,328
Sales		(935,785	)		(10,347,597	)		(1,577,073	)		—			—		(12,860,455	)

Closing Balance, as of April 30, 2018	$	6,085,163		$	69,097,489		$	26,422,264		$	1,684,381		$	85	$	103,289,382

Net change in unrealized appreciation (depreciation) on investments still held at April 30, 2018^(d)	$	(109,669	)	$	(12,414,739	)	$	(898,934	)	$	(23,453	)	$	85	$	(13,446,710	)

^(a)

^(b)

^(c)

Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

^(d)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at April 30, 2018 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation methodologies used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 investments as of period end. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $42,055,811. A significant change in the third party information could result in a significantly lower or higher value of such Level 3 investments.


	Value		Valuation Approaches	Unobservable Inputs	Range of Unobservable Inputs Utilized
Assets:
Floating Rate Loan Interests	$	59,549,190	Income	Discount Rate^(a)		15	%
Preferred Stocks		1,684,381	Market	Illiquidity Discount^(a)		1	%

	$	61,233,571

^(a)

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


84		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

April 30, 2018


	BTZ			BGT			BIT^(a)

ASSETS
Investments at value — unaffiliated^(b)	$	2,179,340,306		$	502,008,382		$	1,189,193,316
Investments at value — affiliated^(c)		—			88,421			8,306,972
Cash		—			2,788,161			—
Cash pledged:
Centrally cleared swaps		3,260,000			—			7,414,590
Collateral — OTC derivatives		—			—			8,300,000
Collateral — reverse repurchase agreements		494,000			—			7,043,000
Futures contracts		4,135,000			—			89,853
Foreign currency at value^(d)		12,229			17,704			5,282,549
Receivables:
Interest — unaffiliated		27,186,643			1,519,798			11,044,649
Investments sold		11,713,959			7,794,404			4,596,510
Dividends — unaffiliated		55,842			—			141,597
Variation margin on futures contracts		41,312			—			—
Dividends — affiliated		11,844			4,143			8,645
Reverse repurchase agreements		—			—			757,715
Principal paydowns		—			—			25,044
Swap premiums paid		338,469			96,593			1,972,748
Unrealized appreciation on:
OTC derivatives		321,246			—			2,261,597
Forward foreign currency exchange contracts		—			21,414			2,300,268
Unfunded floating rate loan interests		—			2,399			227
Prepaid expenses		57,522			14,596			24,093

Total assets		2,226,968,372			514,356,015			1,248,763,373


LIABILITIES
Bank overdraft		1,219,958			—			25,480
Cash received:
Collateral — OTC derivatives		1,010,000			270,000			890,000
Collateral — reverse repurchase agreements		—			—			932,000
Reverse repurchase agreements at value		701,838,329			—			496,857,337
Payables:
Investments purchased		6,421,125			26,312,646			13,842,836
Investment advisory fees		1,136,478			298,729			806,345
Variation margin on futures contracts		827,219			—			15,658
Trustees’ and Officer’s fees		814,630			236,954			105,716
Capital shares redeemed		565,649			—			420,931
Income dividend distributions		242,226			24,620			157,558
Variation margin on centrally cleared swaps		71,055			—			515,899
Bank borrowings		—			145,000,000			—
Interest expense		—			303,793			—
Due to broker		—			—			800,000
Other accrued expenses		406,689			199,982			412,352
Swap premiums received		273,008			—			10,175,430
Unrealized depreciation on:
OTC derivatives		515,850			21,014			2,002,376
Forward foreign currency exchange contracts		—			1,290			1,205,846

Total liabilities		715,342,216			172,669,028			529,165,764


NET ASSETS	$	1,511,626,156		$	341,686,987		$	719,597,609


NET ASSETS CONSIST OF
Paid-in capital^(e)(f)(g)	$	1,515,358,159		$	367,909,606		$	719,717,175
Undistributed (distributions in excess of) net investment income		1,617,692			935,033			(272,484	)
Accumulated net realized loss		(69,170,184	)		(26,484,593	)		(3,000,909	)
Net unrealized appreciation (depreciation)		63,820,489			(673,059	)		3,153,827

NET ASSETS	$	1,511,626,156		$	341,686,987		$	719,597,609


Net asset value	$	14.20		$	14.44		$	18.96


^(a) Consolidated Statement of Assets and Liabilities
^(b) Investments at cost — unaffiliated	$	2,114,455,254		$	502,683,613		$	1,188,663,686
^(c) Investments at cost — affiliated	$	—		$	88,421		$	8,306,972
^(d) Foreign currency at cost	$	11,942		$	16,839		$	5,461,265
^(e) Par value	$	0.001		$	0.001		$	0.001
^(f) Shares outstanding		106,458,273			23,667,022			37,946,314
^(g) Shares authorized		Unlimited			Unlimited			Unlimited

See notes to financial statements.


FINANCIAL STATEMENTS			85

Statements of Operations (unaudited)

Six Months Ended April 30, 2018


	BTZ			BGT			BIT^(a)

INVESTMENT INCOME
Interest — unaffiliated	$	53,007,076		$	12,101,709		$	36,724,481
Dividends — unaffiliated		2,510,590			69,470			1,166,914
Dividends — affiliated		57,332			78,516			32,205
Foreign taxes withheld		—			—			(41,905	)

Total investment income		55,574,998			12,249,695			37,881,695


EXPENSES
Investment advisory		6,640,321			1,808,734			4,933,134
Accounting services		85,056			27,872			50,785
Trustees and Officer		75,585			15,800			35,136
Transfer agent		69,467			19,011			32,622
Professional		64,632			73,882			91,882
Custodian		53,914			81,509			109,519
Registration		20,446			4,640			7,271
Printing		16,856			8,889			10,313
Miscellaneous		53,215			17,453			77,757

Total expenses excluding interest expense		7,079,492			2,057,790			5,348,419
Interest expense		5,458,118			1,648,680			5,094,857

Total expenses		12,537,610			3,706,470			10,443,276
Less fees waived by the Manager		(3,409	)		(9,374	)		(1,814	)

Total expenses after fees waived		12,534,201			3,697,096			10,441,462

Net investment income		43,040,797			8,552,599			27,440,233


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,378,212	)		(378,809	)		3,199,173
Investments — affiliated		—			(42,986	)		—
Futures contracts		11,764,125			—			1,483,243
Forward foreign currency exchange contracts		—			(4,648	)		(1,610,155	)
Foreign currency transactions		3,035			(20,157	)		84,394
Capital gain distributions from investment companies — affiliated		32			8			—
Options written		—			—			37,307
Swaps		(8,977	)		25,652			1,125,072

		10,380,003			(420,940	)		4,319,034

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(82,181,958	)		(1,080,196	)		(44,613,909	)
Investments — affiliated		—			(1,766	)		—
Futures contracts		(1,282,881	)		—			28,140
Forward foreign currency exchange contracts		—			11,581			(43,611	)
Foreign currency translations		(1,839	)		(3,369	)		(160,700	)
Options written		—			—			31,954
Swaps		(1,048,536	)		15,723			2,162,256
Unfunded floating rate loan interests		—			2,399			227

		(84,515,214	)		(1,055,628	)		(42,595,643	)

Net realized and unrealized loss		(74,135,211	)		(1,476,568	)		(38,276,609	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(31,094,414	)	$	7,076,031		$	(10,836,376	)

^(a)	Consolidated Statement of Operations.

See notes to financial statements.


86		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	BTZ						BGT
	Six Months Ended 04/30/18 (unaudited)			Year Ended 10/31/17			Six Months Ended 04/30/18 (unaudited)			Year Ended 10/31/17

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	43,040,797		$	86,831,951		$	8,552,599		$	17,188,619
Net realized gain (loss)		10,380,003			7,924,929			(420,940	)		2,604,388
Net change in unrealized appreciation (depreciation)		(84,515,214	)		23,622,031			(1,055,628	)		239,045

Net increase (decrease) in net assets resulting from operations		(31,094,414	)		118,378,911			7,076,031			20,032,052


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income		(43,067,173	)		(84,934,828	)		(8,278,724	)		(18,141,462	)
From return of capital		—			(5,757,690	)		—			—

Decrease in net assets resulting from distributions to shareholders		(43,067,173	)		(90,692,518	)		(8,278,724	)		(18,141,462	)


CAPITAL SHARE TRANSACTIONS
Redemption of shares resulting from share repurchase program (including transaction costs)		(12,246,206	)		(8,822,801	)		—			—
Reinvestment of common distributions		—			—			—			54,996

		(12,246,206	)		(8,822,801	)		—			54,996

NET ASSETS
Total increase (decrease) in net assets		(86,407,793	)		18,863,592			(1,202,693	)		1,945,586
Beginning of period		1,598,033,949			1,579,170,357			342,889,680			340,944,094

End of period	$	1,511,626,156		$	1,598,033,949		$	341,686,987		$	342,889,680

Undistributed net investment income, end of period	$	1,617,692		$	1,644,068		$	935,033		$	661,158

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


FINANCIAL STATEMENTS			87

Statements of Changes in Net Assets (continued)


	BIT
	Six Months Ended 04/30/18 (unaudited)			Year Ended 10/31/17

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	27,440,233		$	57,681,034
Net realized gain		4,319,034			12,036,324
Net change in unrealized appreciation (depreciation)		(42,595,643	)		41,903,130

Net increase (decrease) in net assets resulting from operations		(10,836,376	)		111,620,488


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income		(31,714,927	)		(67,788,341	)


CAPITAL SHARE TRANSACTIONS
Redemption of shares resulting from share repurchase program (including transaction costs)		(3,710,234	)		(4,354,046	)


NET ASSETS
Total increase (decrease) in net assets		(46,261,537	)		39,478,101
Beginning of period		765,859,146			726,381,045

End of period	$	719,597,609		$	765,859,146

Undistributed net investment income (loss), end of period	$	(272,484	)	$	4,002,210

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


88		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Cash Flows (unaudited)

Six Months Ended April 30, 2018


	BTZ			BGT			BIT^(a)

CASH USED FOR OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations	$	(31,094,414	)	$	7,076,031		$	(10,836,376	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used for) operating activities:
Proceeds from sales of long-term investments and principal paydowns		250,995,593			163,773,896			240,751,186
Purchases of long-term investments		(477,799,652	)		(159,781,084	)		(249,122,143	)
Net proceeds from sales (purchases) of short-term securities		9,139,477			1,806,632			(7,959,747	)
Amortization of premium and accretion of discount on investments		1,644,236			(169,445	)		(5,640,909	)
Premiums paid on closing options written		—			—			(15,340	)
Net realized gain (loss) on investments and options written		1,379,677			453,863			(3,230,351	)
Net unrealized depreciation on investments, options written, swaps, unfunded floating rate loan interests and foreign currency translations		82,138,216			1,052,259			44,148,337
(Increase) Decrease in Assets:
Cash pledged:
Futures contracts		(3,011,000	)		—			19,679
Collateral — OTC derivatives		—			—			660,000
Centrally cleared swaps		(2,823,000	)		—			(4,616,000	)
Collateral — reverse repurchase agreements		679,000			—			(7,043,000	)
Receivables:
Interest — unaffiliated		(2,370,452	)		40,350			843,192
Dividends — affiliated		(5,101	)		(2,835	)		828
Dividends — unaffiliated		—			—			(5,791	)
Variation margin on futures contracts		77,723			—			1,708
Variation margin on centrally cleared swaps		—			—			2,576
Swap premiums paid		(180,519	)		115,276			(41,280	)
Prepaid expenses		(47,970	)		(11,300	)		(20,420	)
Increase (Decrease) in Liabilities:
Cash received:
Collateral — OTC derivatives		10,000			270,000			40,000
Collateral — reverse repurchase agreements		(120,000	)		—			(1,366,000	)
Payables:
Investment advisory fees		58,555			(13,648	)		(29,967	)
Interest expense and fees		722,314			47,509			631,003
Trustees’ and Officer’s		(21,875	)		(7,462	)		7,137
Variation margin on futures contracts		823,969			—			11,991
Variation margin on centrally cleared swaps		54,578			—			515,899
Due to broker		—			—			800,000
Other accrued expenses		76,948			6,717			871
Swap premiums received		(57,796	)		—			(124,639	)

Net cash provided by (used for) operating activities		(169,731,493	)		14,656,759			(1,617,556	)


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Net payments on redemption of Common Shares		(11,680,557	)		—			(3,289,303	)
Net borrowing of reverse repurchase agreements		223,294,504			—			28,713,134
Proceeds from bank borrowings		—			103,000,000			—
Payments for bank borrowings		—			(108,000,000	)		—
Cash dividends paid to Common Shareholders		(43,078,902	)		(8,282,697	)		(31,717,897	)
Increase in bank overdraft		1,179,185			—			(61,046	)

Net cash provided by (used for) financing activities		169,714,230			(13,282,697	)		(6,355,112	)


CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations	$	(1,701	)	$	413		$	(136,400	)


CASH AND FOREIGN CURRENCY
Net increase (decrease) in cash and foreign currency at value		(18,964	)		1,374,475			(8,109,068	)
Cash and foreign currency at value at beginning of period		31,193			1,431,390			13,391,617

Cash and foreign currency at value at end of period	$	12,229		$	2,805,865		$	5,282,549


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	4,735,804		$	1,601,171		$	4,463,854

^(a)	Consolidated Statement of Cash Flows.

See notes to financial statements.


FINANCIAL STATEMENTS			89

Financial Highlights

(For a share outstanding throughout each period)


	BTZ
	Six Months Ended 04/30/18 (unaudited)			Year Ended October 31,
	Six Months Ended 04/30/18 (unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	14.88		$	14.61		$	14.33		$	15.36		$	14.99		$	15.37

Net investment income^(a)		0.40			0.81			0.88			0.96			0.99			0.97
Net realized and unrealized gain (loss)		(0.68	)		0.30			0.32			(1.02	)		0.35			(0.37	)

Net increase (decrease) from investment operations		(0.28	)		1.11			1.20			(0.06	)		1.34			0.60

Distributions:^(b)
From net investment income		(0.40	)		(0.79	)		(0.86	)		(0.91	)		(0.97	)		(0.98	)
From return of capital		—			(0.05	)		(0.06	)		(0.06	)		—			—

Total distributions		(0.40	)		(0.84	)		(0.92	)		(0.97	)		(0.97	)		(0.98	)

Net asset value, end of period	$	14.20		$	14.88		$	14.61		$	14.33		$	15.36		$	14.99

Market price, end of period	$	12.54		$	13.36		$	12.87		$	12.53		$	13.54		$	12.97


Total Return^(c)
Based on net asset value		(1.57	)%^(d)		8.53	%		9.61	%		0.48	%		10.11	%		4.86	%

Based on market price		(3.18	)%^(d)		10.62	%		10.43	%		(0.33	)%		12.18	%		(2.01	)%


Ratios to Average Net Assets
Total expenses		1.62	%^(e)		1.23	%		1.20	%		1.16	%		1.11	%		1.15	%^(f)

Total expenses after fees waived and paid indirectly		1.62	%^(e)		1.23	%		1.20	%		1.15	%		1.11	%		1.15	%^(f)

Total expenses after fees waived and paid indirectly and excluding interest expense		0.91	%^(e)		0.87	%		0.95	%		0.97	%		0.96	%		1.00	%^(f)

Net investment income		5.56	%^(e)		5.53	%		6.21	%		6.40	%		6.48	%		6.43	%


Supplemental Data
Net assets, end of period (000)	$	1,511,626		$	1,598,034		$	1,579,170		$	1,549,123		$	1,660,442		$	1,619,703

Borrowings outstanding, end of period (000)	$	701,838		$	477,822		$	638,327		$	685,716		$	759,752		$	812,028

Portfolio turnover rate		12	%		25	%		29	%		19	%		29	%		43	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(d)	Aggregate total return.

^(e)	Annualized.

^(f)	Includes reorganization costs associated with the Trust’s merger. Without these costs, total expenses, total expenses after fees waived and paid indirectly, and total expenses after fees waived and paid indirectly and excluding interest expense would have been 1.15%, 1.15% and 1.00%, respectively.

See notes to financial statements.


90		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BGT
	Six Months Ended 04/30/18 (Unaudited)			Year Ended October 31,
	Six Months Ended 04/30/18 (Unaudited)			2017			2016			2015^(a)			2014^(a)			2013^(a)
Net asset value, beginning of period	$	14.49		$	14.41		$	14.18		$	14.57		$	14.79		$	14.52

Net investment income^(b)		0.36			0.73			0.74			0.78			0.84			0.94
Net realized and unrealized gain (loss)		(0.06	)		0.12			0.19			(0.36	)		(0.22	)		0.38

Net increase from investment operations		0.30			0.85			0.93			0.42			0.62			1.32

Distributions from net investment income^(c)		(0.35	)		(0.77	)		(0.70	)		(0.81	)		(0.84	)		(1.05	)

Net asset value, end of period	$	14.44		$	14.49		$	14.41		$	14.18		$	14.57		$	14.79

Market price, end of period	$	13.79		$	14.31		$	13.58		$	12.77		$	13.18		$	14.12


Total Return^(d)
Based on net asset value		2.19	%^(e)		6.13	%		7.27	%		3.54	%		4.60	%		9.37	%

Based on market price		(1.18	)%^(e)		11.21	%		12.25	%		3.08	%		(0.89	)%		0.60	%


Ratios to Average Net Assets
Total expenses		2.19	%^(f)(g)		1.92	%		1.58	%		1.55	%		1.52	%		1.57	%

Total expenses after fees waived and paid indirectly		2.18	%^(f)(g)		1.92	%		1.58	%		1.54	%		1.52	%		1.57	%

Total expenses after fees waived and paid indirectly and excluding interest expense and fees and amortization of offering costs		1.21	%^(f)(g)		1.20	%		1.16	%		1.19	%		1.18	%		1.19	%

Net investment income		5.05	%^(f)(g)		5.02	%		5.29	%		5.37	%		5.71	%		6.39	%


Supplemental Data
Net assets, end of period (000)	$	341,687		$	342,890		$	340,944		$	335,444		$	344,668		$	349,941

Borrowings outstanding, end of period (000)	$	145,000		$	150,000		$	148,000		$	104,000		$	145,000		$	152,000

Asset coverage, end of period per $1,000	$	3,357		$	3,287		$	3,304		$	4,225		$	3,377		$	3,302

Portfolio turnover rate		31	%		63	%		47	%		42	%		64	%		72	%

^(a)	Consolidated Financial Highlights.

^(b)	Based on average Common Shares outstanding.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(e)	Aggregate total return.

^(f)	Annualized.

^(g)	Ratios do not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01%.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			91

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BIT
	Six Months Ended 04/30/18 (Unaudited)^(a)			Year Ended October 31,												Period from 02/27/2013^(b) to 10/31/2013
	Six Months Ended 04/30/18 (Unaudited)^(a)			2017^(a)			2016^(a)			2015			2014			Period from 02/27/2013^(b) to 10/31/2013
Net asset value, beginning of period	$	20.07		$	18.91		$	18.91		$	19.87		$	18.95		$	19.10	^(c)

Net investment income^(d)		0.72			1.51			1.69			1.55			1.62			1.02
Net realized and unrealized gain (loss)		(1.00	)		1.42			(0.05	)		(1.03	)		0.70			(0.35	)

Net increase (decrease) from investment operations		(0.28	)		2.93			1.64			0.52			2.32			0.67

Distributions:^(e)
From net investment income		(0.83	)		(1.77	)		(1.64	)		(1.40	)		(1.40	)		(0.70	)
From net realized gain		—			—			—			(0.08	)		—			—
From return of capital		—			—			—			—			—			(0.12	)

Total distributions		(0.83	)		(1.77	)		(1.64	)		(1.48	)		(1.40	)		(0.82	)

Net asset value, end of period	$	18.96		$	20.07		$	18.91		$	18.91	^(f)	$	19.87		$	18.95

Market price, end of period	$	16.95		$	18.55		$	16.76		$	16.31		$	17.79		$	17.04


Total Return^(g)
Based on net asset value		(1.01	)%^(h)		17.34	%⁽ⁱ⁾		10.51	%^(j)		3.87	%^(f)		13.40	%		4.04	%^(h)

Based on market price		(4.26	)%^(h)		22.36	%		13.56	%		0.06	%		12.91	%		(10.66	)%^(h)


Ratios to Average Net Assets
Total expenses		2.82	%^(k)		2.33	%		2.05	%^(l)		2.09	%^(l)		2.04	%		1.67	%^(k)

Total expenses after fees waived and paid indirectly		2.82	%^(k)		2.33	%		2.05	%^(l)		2.09	%^(l)		2.04	%		1.67	%^(k)

Total expenses after fees waived and paid indirectly and excluding interest expense and fees and amortization of offering costs		1.44	%^(k)		1.39	%		1.43	%^(l)		1.53	%^(l)		1.52	%		1.33	%^(k)

Net investment income		7.40	%^(k)		7.86	%		9.24	%^(l)		7.97	%^(l)		8.27	%		8.05	%^(k)


Supplemental Data
Net assets, end of period (000)	$	719,598		$	765,859		$	726,381		$	726,432		$	763,360		$	727,908

Borrowings outstanding, end of period (000)	$	496,857		$	471,082		$	427,329		$	510,352		$	707,294		$	552,040

Portfolio turnover rate		20	%		53	%		52	%		21	%		29	%		77	%^(m)

^(a)	Consolidated Financial Highlights.

^(b)	Commencement of operations.

^(c)	Net asset value, beginning of period, reflects a deduction of $0.90 per share sales charge from the initial offering price of $20.00 per share.

^(d)	Based on average shares outstanding.

^(e)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(f)

For financial reporting purposes, the market value of certain investments was adjusted as of report date. Accordingly, the net asset value (“NAV”) per share and total return performance based on net asset value presented herein are different than the information previously published on October 31, 2015.

^(g)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(h)	Aggregate total return.

⁽ⁱ⁾	Includes payment received from a settlement of litigation, which impacted the Fund’s total return. Excluding the payment from a settlement of litigation, the Fund’s total return is 16.70%.

^(j)	Includes payment received from an affiliate, which had no impact on the Trust’s total return.

^(k)	Annualized.

^(l)	Ratios do not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01% for the years ended October 31, 2016 and October 31, 2015.

^(m)	Includes mortgage dollar roll transactions. Excluding these transactions, the portfolio turnover would have been 54%.

See notes to financial statements.


92		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Trusts”, or individually as a “Trust”:


Trust Name	Herein Referred To As	Organized	Diversification Classification
BlackRock Credit Allocation Income Trust	BTZ	Delaware	Diversified
BlackRock Floating Rate Income Trust	BGT	Delaware	Diversified
BlackRock Multi-Sector Income Trust	BIT	Delaware	Non-diversified

The Board of Trustees of the Trusts are collectively referred to throughout this report as the “Board of Trustees” or the “Board,” and the trustees thereof are collectively referred to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.

The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of closed-end funds referred to as the Closed-End Complex.

Basis of Consolidation: The accompanying consolidated financial statements of BIT include the accounts of BIT Subsidiary, LLC (the “Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BIT. The Taxable Subsidiary enables BIT 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 are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statements of Operations for BIT. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BIT. BIT may invest up to 25% of its total assets in the Taxable Subsidiary. The net assets of the Subsidiary as of period end were $0, which is 0.0% of BIT’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Taxable Subsidiary is subject to the same investment policies and restrictions that apply to BIT.

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. Each 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 entered into (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Trusts are informed of the ex-dividend date. 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 on an accrual basis.

Foreign Currency Translation: Each 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.

Each Trust does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements 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. Each 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 a Trust enters into certain investments (e.g., 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, a 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 borrowing to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Trusts 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 from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend date and made at least annually. Portions of return of capital distributions under U.S. GAAP may be taxed at ordinary income rates. 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 a Trust’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. Realized net capital gains can be offset by capital losses carried forward from prior years. However, certain Trusts have capital loss carryforwards from pre-2012 tax years that offset realized net capital gains but do not offset current earnings and


NOTES TO FINANCIAL STATEMENTS			93

Notes to Financial Statements (unaudited) (continued)

profits. Consequently, if distributions in any tax year are less than a Trust’s current earnings and profits but greater than net investment income and net realized capital gains (taxable income), distributions in excess of taxable income are not treated as non-taxable return of capital, but rather may be taxable to shareholders at ordinary income rates. Under certain circumstances, taxable excess distributions could be significant.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Trust’s Board, the independent Trustees (“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 other BlackRock Closed-End Funds 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 other BlackRock Closed-End Funds.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, if applicable. Deferred compensation liabilities are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan.

Recent Accounting Standards: In November 2016, the Financial Accounting Standards Board issued Accounting Standards Update “Restricted Cash” which will require entities to include the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the beginning and ending cash balances in the Statements of Cash Flows. The guidance will be applied retrospectively and is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Management is evaluating the impact, if any, of this guidance on the Trusts’ presentation in the Statements of Cash Flows.

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization of Purchased Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Trusts.

Indemnifications: In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.

Other: Expenses directly related to a Trust are charged to that 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 Trusts’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Trusts would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trusts determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of each Trust (the “Board”). 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 each Trust’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. 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 securities for which market quotations are readily available are generally valued using the last available bid prices 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), 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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Trusts’ net assets. Each business day, the Trusts use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

•

Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.


94		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

•

Investments in open-end U.S. mutual funds are valued at NAV each business day.

•

Futures contracts traded on exchanges are valued at their last sale price.

•

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. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

•

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. 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 the Trusts’ pricing service 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.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the 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 will 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 each 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 Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of each Trust’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis. As a result of the inherent uncertainty in valuation of these investments, the fair values may differ from the values that would have been used had an active market existed.

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 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. Valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”) or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The use of OPM and PWERM 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 as other investments held by a Trust. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Trust could receive upon the sale of the investment.

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

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each 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)


NOTES TO FINANCIAL STATEMENTS			95

Notes to Financial Statements (unaudited) (continued)

•

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

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

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

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 trust may subsequently have to reinvest the proceeds at lower interest rates. If a trust 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 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 will be included as interest income in the Statements 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


96		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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 trust’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 trust 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 trust, 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 trust 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.

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 trust 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 trust 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 trust’s investment policies.

When a trust 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 trust 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 trust upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A trust 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 trust 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 trust having a contractual relationship only with the lender, not with the borrower. A trust 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 trust 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 trust may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a trust assumes the credit risk of both the borrower and the lender that is selling the Participation. A trust’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 trust 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 trust having a direct contractual relationship with the borrower, and a trust may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, certain Trusts may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, a Trust earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the


NOTES TO FINANCIAL STATEMENTS			97

Notes to Financial Statements (unaudited) (continued)

Statements 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 Statements of Assets and Liabilities and Statements of Operations. As of period end, the Trusts had the following unfunded floating rate loan interests:


Trust	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)
BGT	Access CIG, LLC	$	7,562	$	7,562	$	7,595	$	33
	Access CIG, LLC 2^nd Lien Term Loan		40,439		40,439		40,793		354
	DG Investment Intermediate Holdings 2, Inc.		38,367		38,271		38,319		48
	Lakeland Tours, LLC		47,330		47,212		47,803		591
	Mavis Tire Express Services Corp.		136,383		135,701		136,213		512
	Mitchell International, Inc.		196,603		195,620		196,481		861
BIT	Access CIG, LLC		1,444		1,444		1,451		7
	Access CIG, LLC 2^nd Lien Term Loan		9,279		9,279		9,360		81
	DG Investment Intermediate Holdings 2, Inc.		6,851		6,834		6,843		9
	Mavis Tire Express Services Corp.		20,356		20,254		20,330		76
	Mitchell International, Inc.		12,398		12,336		12,390		54

Forward Commitments and When-Issued Delayed Delivery Securities: Certain trusts 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. A 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, a trust may be required to pay more at settlement than the security is worth. In addition, a trust is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a 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, a trust’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

Reverse Repurchase Agreements: Reverse repurchase agreements are agreements with qualified third party broker dealers in which a trust sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A trust receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a trust 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 trust 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 trust suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a trust would still be required to pay the full repurchase price. Further, a trust remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a trust 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 Statements 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 trust to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, a trust may receive a fee for the use of the security by the counterparty, which may result in interest income to a trust.

For the six months ended April 30, 2018, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rate for the Trusts were as follows:


	Average Amount Outstanding		Daily Weighted Average Interest Rate
BTZ	$	599,256,370		1.84	%
BIT		495,936,237		2.07

Reverse repurchase transactions are entered into by a trust under Master Repurchase Agreements (each, an “MRA”), which permit a trust, 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 trust. With reverse repurchase transactions, typically a trust 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 trust receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by a trust upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a trust is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.


98		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

As of period end, the following table is a summary of a Trust’s open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis:


BTZ
Counterparty	Reverse Repurchase Agreements		Fair Value of Non-cash Collateral Pledged Including Accrued Interest^(a)			Cash Collateral Pledged/Received^(a)		Net Amount^(b)
Barclays Capital, Inc.	$	16,582,860	$	(16,582,860	)	$	—	$	—
BNP Paribas S.A.		187,320,754		(187,320,754	)		—		—
Citigroup Global Markets, Inc.		267,313		(267,313	)		—		—
Credit Suisse Securities (USA) LLC		37,779,191		(37,779,191	)		—		—
Deutsche Bank Securities, Inc.		30,096,933		(30,096,933	)		—		—
J.P. Morgan Securities LLC		205,681		(205,681	)		—		—
Nomura Securities International		53,922,131		(53,922,131	)		—		—
RBC Capital Markets LLC		358,770,598		(358,770,598	)		—		—
UBS Securities LLC		16,892,868		(16,892,868	)		—		—

	$	701,838,329	$	(701,838,329	)	$	—	$	—

^(a)

Collateral with a value of $731,561,943 has been pledged in connection with open reverse repurchase agreements. Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(b)

Net amount represents the net amount payable due to the counterparty in the event of default.


BIT
Counterparty	Reverse Repurchase Agreements		Fair Value of Non-cash Collateral Pledged Including Accrued Interest^(a)			Cash Collateral Pledged/Received^(a)		Net Amount^(b)
Barclays Capital, Inc.	$	32,693,814	$	(32,693,814	)	$	—	$	—
BNP Paribas S.A.		44,243,740		(44,243,740	)		—		—
Citigroup Global Markets, Inc.		66,672		(66,672	)		—		—
Credit Suisse Securities (USA) LLC		13,490,913		(13,490,913	)		—		—
Deutsche Bank Securities, Inc.		95,730,184		(95,730,184	)		—		—
HSBC Securities (USA), Inc.		45,500,262		(45,500,262	)		—		—
J.P. Morgan Securities LLC		5,719,968		(5,719,968	)		—		—
RBC Capital Markets, LLC		176,475,975		(176,475,975	)		—		—
UBS Securities LLC		82,935,809		(82,935,809	)		—		—

	$	496,857,337	$	(496,857,337	)	$	—	$	—

^(a)

Collateral with a value of $570,615,152 has been pledged in connection with open reverse repurchase agreements. Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(b)

Net amount represents the net amount payable due to the counterparty in the event of default.

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a trust’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 trust’s obligation to repurchase the securities.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their 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 Schedules 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), changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are agreements between the Trusts 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 Trusts are required to deposit initial margin with the broker in the form of cash or securities in an 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.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, is shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of


NOTES TO FINANCIAL STATEMENTS			99

Notes to Financial Statements (unaudited) (continued)

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, 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 Trusts are denominated and in some cases, may be used to obtain exposure to a particular market.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements 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.

Options: Certain Trusts purchase and write call and put options to increase or decrease their 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 Statements 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 Statements 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 Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, such option is covered by cash in an amount sufficient to cover the obligation.

•

Swaptions — Certain Trusts purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Trusts’ 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.

•

Foreign currency options — Certain Trusts purchase and write foreign currency options, foreign currency futures and options on foreign currency futures to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk). Foreign currency options give the purchaser the right to buy from or sell to the writer a foreign currency at any time before the expiration of the option.

•

Barrier options — Certain Trusts may purchase and write a variety of options with non-standard payout structures or other features (“barrier options”) that are generally traded OTC.

The Trusts may invest in various types of barrier options, including down-and-out options, down-and-in options, double no-touch options, one-touch options, up-and-out options and up-and-in options. Down-and-out options expire worthless to the purchaser if the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Down-and-in options expire worthless to the purchaser unless the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Double no-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument does not reach or surpass predetermined barrier price levels prior to the option’s expiration date. One-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument reaches or surpasses predetermined barrier price levels prior to the expiration date. Up-and-out options expire worthless to the purchaser if the price of the underlying instrument increases beyond a predetermined barrier price level prior to the expiration date. Up-and-in options can only be exercised when the price of the underlying instrument increases beyond a predetermined barrier price level.

In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts 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 Trusts 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 Statements 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 Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Trusts’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.


100		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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 Trusts’ counterparty on the swap agreement becomes the CCP. The Trusts are required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Trusts are 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 Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree 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 shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Statements of Operations.

•

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 trust is not otherwise exposed (credit risk).

The Trusts 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 Trusts 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 Trusts 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 — Certain Trusts enter into forward interest rate swaps and forward total return swaps. In a forward swap, each Trust and the counterparty agree to make periodic net payments beginning on a specified date or a net payment at termination.

•

Inflation swaps — Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party’s variable payments based on an inflation index, such as the Consumer Price Index.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements 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 their contractual rights and to secure rights that will help them mitigate their counterparty risk, the Trusts may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their counterparties. An ISDA Master Agreement is a bilateral agreement between each 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, each 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. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit 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 Trusts and the counterparty.

Cash collateral that has been pledged to cover obligations of the Trusts and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trusts, if any, is noted in the Schedules 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 Trusts. Any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A 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 Trusts from their counterparties are not fully collateralized, they bear the risk of loss from counterparty non-performance. Likewise, to the extent the Trusts have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, they bear 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 Trusts do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.


NOTES TO FINANCIAL STATEMENTS			101

Notes to Financial Statements (unaudited) (continued)

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock, Inc. (“BlackRock”) for 1940 Act purposes.

Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser, an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, BTZ and BGT each pay the Manager a monthly fee at an annual rate equal to 0.62% and 0.75%, respectively, of the average weekly value of each Trust’s managed assets. For purposes of calculating these fees, “managed assets” mean the total assets of the Trust minus the sum of its accrued liabilities (other than the aggregate indebtedness constituting financial leverage).

For such services, BIT 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. For purposes of calculating the investment advisory fee, “managed assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of its accrued liabilities (other than money borrowed for investment purposes).

The Manager provides investment management and other services to the Taxable Subsidiary. The Manager does not receive separate compensation from the Taxable Subsidiary for providing investment management or administrative services. However, BIT pays the Manager based on the BIT’s net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage, which includes the assets of the Taxable Subsidiary.

With respect to BIT, the Manager entered into a sub-advisory agreement with BlackRock (Singapore) Limited (“BRS”), an affiliate of the Manager. The Manager pays BRS, for services it provides, a monthly fee that is a percentage of the investment advisory fees paid by BIT to the Manager.

Expense Waivers: With respect to each Trust, the Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”). These amounts are included in fees waived by the Manager in the Statements of Operations. For the six months ended April 30, 2018, the amounts waived were as follows:


	BTZ		BGT		BIT
Amounts waived	$	3,409	$	940	$	1,814

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each 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, 2019. 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 Trusts’ Independent Trustees. For the six months ended April 30, 2018, BGT waived $8,434 in investment advisory fees pursuant to these arrangements.

Trustees and Officers: Certain Trustees and/or officers of the Trusts are trustees and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

Other Transactions: The Trusts 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 six months ended April 30, 2018, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:


	Purchases		Sales		Net Realized Gain (Loss)
BIT	$	143,176	$	826,503	$	12,335

7.	*PURCHASES AND SALES*

For the six months ended April 30, 2018, purchases and sales of investments, including paydowns and excluding short-term securities, were as follows: as follows:


Purchases	BTZ		BGT		BIT
Non-U.S. Government Securities	$	334,033,419	$	158,821,972	$	249,684,649
U.S. Government Securities		131,328,504		—		—

Total Purchases	$	465,361,923	$	158,821,972	$	249,684,649


Sales	BTZ		BGT		BIT
Non-U.S. Government Securities	$	199,190,552	$	165,626,981	$	239,701,444
U.S. Government Securities		61,871,339		—		—

Total Sales	$	261,061,891	$	165,626,981	$	239,701,444

8.	*INCOME TAX INFORMATION*

It is each 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.


102		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Each 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 each Trust’s U.S. federal tax returns generally remains open for each of the four years ended October 31, 2017. The statutes of limitations on each 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 Trusts as of April 30, 2018, 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 Trusts’ financial statements.

As of October 31, 2017, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:


Expires October 31,	BTZ		BGT		BIT
No expiration date^(a)	$	35,287,068	$	9,089,508	$	28,621,706
2018		31,756,723		16,526,601		—
2019		10,353,275		409,424		—

	$	77,397,066	$	26,025,533	$	28,621,706

^(a)

Must be utilized prior to losses subject to expiration.

As of April 30, 2018, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:


	BTZ			BGT			BIT
Tax cost	$	2,114,461,283		$	502,787,694		$	1,176,581,941

Gross unrealized appreciation	$	94,548,868		$	3,467,241		$	46,143,285
Gross unrealized depreciation		(30,734,612	)		(4,159,022	)		(22,408,896	)

Net unrealized appreciation (depreciation)	$	63,814,256		$	(691,781	)	$	23,734,389

The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. Certain provisions of the Act were effective upon enactment with the remainder becoming effective for tax years beginning after December 31, 2017. Although the Act does not amend any provisions directly related to the qualification or taxation of regulated investment companies (“RICs”), the Act does change the taxation of entities in which some RICs invest, the tax treatment of income derived from those entities and the taxation of RIC shareholders. While management does not anticipate significant impact to the Trusts or to their shareholders, there is uncertainty in the application of certain provisions in the Act. Specifically, provisions in the Act may increase the amount of or accelerate the recognition of taxable income and may limit the deductibility of certain expenses by RICs. Until full clarity around these provisions is obtained, the impact on the Trusts’ financial statements, if any, cannot be fully determined.

9.	*BANK BORROWINGS*

BGT is party to a senior committed secured, 360-day rolling line of credit facility and a separate security agreement (the “SSB Agreement”) with State Street Bank and Trust Company (“SSB”). SSB may elect to terminate its commitment upon 360-days written notice to BGT. As of period end, BGT has not received any notice to terminate. BGT has granted a security interest in substantially all of its assets to SSB.

The SSB Agreement allows for the maximum commitment amount of $168,000,000 for BGT.

Advances will be made by SSB to BGT, at BGT’s option of (a) the higher of (i) 0.80% above the Fed Funds rate and (ii) 0.80% above Overnight LIBOR or (b) 0.80% above 7-day, 30-day, 60-day or 90-day LIBOR. Overnight LIBOR and LIBOR rates are subject to a 0% floor.

In addition, BGT paid a commitment fee (based on the daily unused portion of the commitments). The fees associated with each of the agreements are included in the Statements of Operations as borrowing costs, if any. Advances to BGT as of period end are shown in the Statements of Assets and Liabilities as bank borrowings payable. Based on the short-term nature of the borrowings under the line of credit and the variable interest rate, the carrying amount of the borrowings approximates fair value.

BGT may not declare dividends or make other distributions on shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding short-term borrowings is less than 300%.

For the six months ended April 30, 2018, the average amount of bank borrowings and the daily weighted average interest rates for BGT with loans under the revolving credit agreements were $144,745,856 and 2.30%, respectively.

10.

PRINCIPAL RISKS

In the normal course of business, certain Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each 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. Each Trust’s prospectus provides details of the risks to which each Trust is subject.

Each 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 each Trust to reinvest in lower yielding securities. Each Trust may also be exposed to reinvestment risk, which is the risk that


NOTES TO FINANCIAL STATEMENTS			103

Notes to Financial Statements (unaudited) (continued)

income from each Trust’s portfolio will decline if each Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Trust portfolio’s current earnings rate.

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. A Trust may invest in illiquid investments and may experience difficulty in selling those 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 each 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 a Trust may lose value, regardless of the individual results of the securities and other instruments in which a Trust invests.

The price a Trust could receive upon the sale of any particular portfolio investment may differ from a 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 a 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 a Trust, and a Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A 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 Trusts 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. The Trusts manage 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 Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.

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.

A Trust’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain less the value of any collateral held by such Trust.

For OTC options purchased, each 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 Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent the Trusts deposit collateral with its counterparty to a written option.

With exchange-traded options purchased, futures and centrally cleared swaps, there is less counterparty credit risk to the Trusts 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, a 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 Trusts.

Concentration Risk: Certain Trusts may invest in securities that are rated below investment grade quality (sometimes called “junk bonds”), which are predominantly speculative, have greater credit risk and generally are less liquid and have more volatile prices than higher quality securities.

Certain Trusts invest a significant portion of their assets in fixed-income securities and/or use 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.

Certain Trusts invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. Investment percentages in these securities are presented in the Schedules of Investments. 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.

11.

CAPITAL SHARE TRANSACTIONS

Each Trust is authorized to issue an unlimited numbers of shares, par value $0.001, all of which were initially classified as Common Shares. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without approval of Common Shareholders.

Common Shares: For the six months ended April 30, 2018 and for the year ended October 31, 2017, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:


	BGT
Six Months Ended April 30, 2018		—
Year Ended October 31, 2017		3,790


104		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

The Board previously approved each Trust’s participation in an open market share repurchase program that allowed each Trust to purchase, at prevailing market prices, up to 5% of its common shares outstanding as of the close of business on October 28, 2016 through November 30, 2017, subject to certain conditions. On September 6, 2017, the Board approved a renewal of this program. Commencing December 1, 2017, each Trust may purchase through November 30, 2018, up to 5% of its common shares outstanding as of the close of business on November 30, 2017, subject to certain conditions. There is no assurance that the Trusts will purchase shares in any particular amounts. The total amount of the repurchase offer is reflected in the Trusts’ Statements of Changes in Net Assets.

For the periods shown, shares repurchased and cost, including transaction costs, were as follows:


	BTZ				BIT
	Shares		Amount		Shares		Amount
Six Months Ended April 30, 2018		953,831	$	12,246,206		220,437	$	3,710,234
Year Ended October 31, 2017		676,066		8,822,801		254,873		4,354,046

12.

SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:


	Common Dividend Per Share
	Paid^(a)		Declared^(b)
BTZ	$	0.0670	$	0.0670
BGT		0.0583		0.0583
BIT		0.1167		0.1167

^(a)

Net investment income dividend paid on May 31, 2018 to Common Shareholders of record on May 15, 2018.

^(b)

Net investment income dividend declared on June 1, 2018, payable to Common Shareholders of record on June 15, 2018.


NOTES TO FINANCIAL STATEMENTS			105

Trustee and Officer Information

Richard E. Cavanagh, Chair of the Board and Trustee

Karen P. Robards, Vice Chair of the Board and Trustee

Michael J. Castellano, Trustee

Cynthia L. Egan, Trustee

Frank J. Fabozzi, Trustee

R. Glenn Hubbard, Trustee

W. Carl Kester, Trustee

Catherine A. Lynch, Trustee

Robert Fairbairn, Trustee

John M. Perlowski, Trustee, President and Chief Executive Officer

Jonathan Diorio, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Janey Ahn, Secretary

Effective December 31, 2017, Jerrold B. Harris retired as a Trustee of the Trusts.

Effective February 16, 2018, Barbara G. Novick resigned, and Robert Fairbairn was appointed, as an interested Trustee of the Trusts.

Effective August 31, 2018, the portfolio managers of BGT will be James E. Keenan, CFA, David Delbos, Mitchell S. Garfin, CFA, Joshua Tarnow, Carly Wilson and Abigail Apistolas, CFA.

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock (Singapore) Limited^(a)

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

Skadden, Arps, Slate, Meagher & Flom LLP

Boston, MA 02116

Address of the Trusts

100 Bellevue Parkway

Wilmington, DE 19809

^(a)

For BIT.


106		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Additional Information

Trust Certification

The Trusts are 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 Trusts filed with the SEC the certification of their chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

Dividend Policy

Each Trust’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of dividend distributions, the distributions paid by the Trusts for any particular month may be more or less than the amount of net investment income earned by the Trusts during such month. The portion of distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a nontaxable return of capital. Distributions in excess of a Trust’s taxable income and net capital gains, but not in excess of a Trust’s earnings and profits, will be taxable to shareholders as ordinary income and will not constitute a nontaxable return of capital. The Trusts’ current accumulated but undistributed net investment income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

General Information

The Trusts do not make available copies of their Statements of Additional Information because the Trusts’ shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

During the period there were no material changes in the Trusts’ investment objectives or policies or to the Trusts’ charter or by-laws that would delay or prevent a change of control of the Trusts that were not approved by shareholders or in the principal risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

In accordance with Section 23(c) of the Investment Company Act of 1940, as amended, the Trusts from time to time may purchase its common shares in the open market or in private transactions.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts 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 Trusts will mail only one copy of shareholder documents, annual and semi-annual reports 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 Trusts at (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Trusts’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room or how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Trusts’ Forms N-Q may also be obtained upon request and without charge by calling (800) 882-0052.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 882-0052; (2) at http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.


ADDITIONAL INFORMATION			107

Additional Information (continued)

Availability of Proxy Voting Record

Information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com or by calling (800) 882-0052 and (2) on the SEC’s website at http://www.sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of http://www.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 Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Section 19(a) Notice

These 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 each Trust’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. Each 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.

April 30, 2018


	Total Fiscal Year-to-Date Cumulative Distributions by Character										Percentage of Fiscal Year-to-Date Cumulative Distributions by Character
	Net Investment Income		Net Realized Capital Gains Short Term		Net Realized Capital Gains Long Term		Return of Capital		Total Per Common Share		Net Investment Income			Net Realized Capital Gains Short Term		Net Realized Capital Gains Long Term		Return of Capital			Total Per Common Share
BTZ	$	0.398542		—		—	$	0.003458	$	0.402000		99	%		—		—		1	%		100	%
BIT		0.814156		—		—		0.017049		0.831205		98			—		—		2			100

The Trusts estimate that they have distributed more than the amount of earned income and net realized 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 Trusts are returned to the shareholder. A return of capital does not necessarily reflect the Trusts’ investment performance and should not be confused with ‘yield’ or ‘income.’ When distributions exceed total return performance, the difference will incrementally reduce the Trusts’ NAV per share.

Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website at http://www.blackrock.com.

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.


108		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report


Currency

ARS		Argentine Peso
EUR		Euro
GBP		British Pound
MXN		Mexican Peso
TRY		Turkish Lira
USD		U.S. Dollar


Portfolio Abbreviations

ARB		Airport Revenue Bonds
CLO		Collateralized Loan Obligation
ETF		Exchange-Traded Fund
FNMA		Federal National Mortgage Association
LIBOR		London Interbank Offered Rate
MTN		Medium-Term Note
OTC		Over-the-Counter
PIK		Payment-In-Kind
RB		Revenue Bonds
REMIC		Real Estate Mortgage Investment Conduit
SPDR		Standard & Poor’s Depository Receipts


GLOSSARY OF TERMS USED IN THIS REPORT			109

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. The Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in short-term interest rates may reduce the Common Shares’ yield. Statements and other information herein are as dated and are subject to change.

LOGO


CE-CAFRI-3-4/18-SAR

Item 2 –

Code of Ethics – Not Applicable to this semi-annual report

Item 3 –

Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –

Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –

Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6 –

Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 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 – Not Applicable to this semi-annual report

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies

(a)

Not Applicable to this semi-annual report

(b)

As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share	(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs¹
November 1-30, 2017	0	0	0	1,183,161
December 1-31, 2017	0	0	0	1,183,351
January 1-31, 2018	0	0	0	1,183,351
February 1-28, 2018	0	0	0	1,183,351
March 1-31, 2018	0	0	0	1,183,351
April 1-30, 2018	0	0	0	1,183,351
Total:	0	0	0	1,183,351

¹The Fund announced an open market share repurchase program on October 28, 2016 pursuant to which the Fund was authorized to repurchase, through November 30, 2017, up to 5% of its outstanding common shares based on common shares outstanding on October 28, 2016 (1,183,161 common shares), in open market transactions. On September 6, 2017, the Fund announced a continuation of the open market share repurchase program, which commenced on December 1, 2017. The Fund may repurchase up to 5% of its outstanding shares based on common shares outstanding on November 30, 2017, in open market transactions, subject to certain conditions.

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 second fiscal quarter of 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

(a) The following table shows the dollar amounts of income, and dollar amounts of fees and/or compensation paid, relating to the Fund’s securities lending activities during the semi-annual period ended April 30, 2018. The Fund did not engage in any securities lending activity during the semi-annual period ended April 30, 2018.


BlackRock Floating Rate Income Trust
(1)	Gross income from securities lending activities		$0
(2)	Fees and/or compensation for securities lending activities and related services
	(a)	Securities lending income paid to BIM for services as securities lending agent	$0
	(b)	Collateral management expenses (including fees deducted from a pooled cash collateral vehicle) not included in (a)	$0
	(c)	Administrative fees not included in (a)	$0
	(d)	Indemnification fees not included in (a)	$0
	(e)	Rebate (paid to borrowers)	$0
	(f)	Other fees not included in (a)	$0
(3)	Aggregate fees/compensation for securities lending activities		$0
(4)	Net income from securities lending activities		$0

(b) BlackRock Investment Management, LLC (“BIM”) serves as securities lending agent for the Fund and in that role administers the Fund’s securities lending program pursuant to the terms of a securities lending agency agreement entered into between the Fund and BIM.

Item 13 – Exhibits attached hereto

(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(a)(4) – Not Applicable

(b) – Certifications – Attached hereto

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

BlackRock Floating Rate Income Trust


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

Date:		July 5, 2018

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 Floating Rate Income Trust

Date:		July 5, 2018

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

Date:		July 5, 2018