Fixed Income

BIT

Multi-Sector Income Trust

  • NAV as of Nov 18, 2024 $14.55
    52 WK: 14.14 - 14.92
  • NAV Total Return as of: Oct 31, 2024 YTD: 7.65
  • Distribution Rate as of Nov 18, 2024 10.13%
  • Market Price as of Nov 18, 2024 $14.66
  • Market Price Total Return as of: Oct 31, 2024 YTD: 7.45
  • Premium Discount as of Nov 18, 2024 0.76%

Overview

Investment Approach

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.

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

A FLEXIBLE BOND FUND BUILT TO ADAPT

A flexible bond fund that blends traditional and non-traditional investment strategies

DIVERSIFIED, UNBIASED APPROACH

Seeks to provide a more diversified approach to generating returns


PROVEN RECORD OF HIGH INCOME AND RETURNS

The fund has consistently delivered an attractive yield and high returns


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Performance

Performance

Distributions

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Ex-Date Payable Date Record Date Total Distribution Income ST Cap Gains Return of Capital LT Cap Gains
Record Date Ex-Date Payable Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

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Year Total Distribution Income ST Cap Gains LT Cap Gains

Past distributions are not indicative of future distributions.


If a Fund estimates that it has distributed more than its income and net realized capital gains in the current fiscal year; a portion of its distribution may be a return of capital. A return of capital may occur, for example, when some or all of a shareholder's investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect a Fund's investment performance and should not be confused with 'yield' or 'income'. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share. Although the character of income will not be determined until the end of the fund’s fiscal year, please refer to the 'Closed-End Fund Resources' section of the BlackRock website for Section 19 notices that provide estimated amounts and sources of the fund's distributions, which should not be not be relied upon for tax reporting purposes. A Form 1099-DIV for the calendar year will be sent to shareholders to illustrate how the Fund’s distributions should be reported for federal income tax purposes.

  1y 3y 5y 10y
NAV Total Return (%) 16.63 3.12 5.45 6.65
Market Price Total Return (%) 16.26 2.94 7.33 8.10
  YTD 1m 3m 1y 3y 5y 10y
NAV Total Return (%) 8.71 1.38 - 16.63 9.67 30.40 90.35
Market Price Total Return (%) 9.28 2.04 - 16.26 9.09 42.44 117.89
  2019 2020 2021 2022 2023
NAV Total Return (%) 5.93 16.43 4.78 -8.68 10.96
Market Price Total Return (%) 14.41 19.59 12.23 -14.34 16.89

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.


Returns are shown net of advisory fees paid by the fund and net of the fund’s operating fees and expenses. Investors who purchase shares of the fund through an investment adviser or other financial professional may separately pay a fee to that service provider. Past performance is not indicative of future results.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Key Facts

Key Facts

Net Assets
as of Nov 18, 2024
$579,601,892
Share Class launch date
Feb 25, 2013
Asset Class
Fixed Income
Distribution Frequency
Monthly
Lipper Classification
General Bond Funds
CUSIP
09258A107
Managed Assets
-
Exchange
New York Stock Exchange Inc.
Shares Outstanding
as of Nov 18, 2024
39,823,557
Morningstar Category
Multisector Bond
Premium Discount
as of Nov 18, 2024
0.76
Number of Holdings
as of Oct 31, 2024
1,491

Portfolio Characteristics

Portfolio Characteristics

Distribution Rate
as of Nov 18, 2024
10.13%
Average Coupon
as of Oct 31, 2024
7.04%
Effective Duration
as of Oct 31, 2024
2.96 yrs
WAL to Maturity
as of Oct 31, 2024
14.07 yrs
% Leveraged
as of Oct 31, 2024
35.65%
Yield to Maturity
as of Oct 31, 2024
7.62%
Yield to Worst
as of Oct 31, 2024
7.27%
WAL to Worst
as of Oct 31, 2024
9.34 yrs
Leverage
as of Oct 31, 2024
$ 321,185,527.00

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. MSCI Ratings are currently unavailable for this fund.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons
as of Oct 31, 2024
0.08%
MSCI - Nuclear Weapons
as of Oct 31, 2024
0.08%
MSCI - Civilian Firearms
as of Oct 31, 2024
0.00%
MSCI - Tobacco
as of Oct 31, 2024
0.07%
MSCI - UN Global Compact Violators
as of Oct 31, 2024
0.02%
MSCI - Thermal Coal
as of Oct 31, 2024
0.01%
MSCI - Oil Sands
as of Oct 31, 2024
0.00%
Business Involvement Coverage
as of Oct 31, 2024
32.13%
Percentage of Fund not covered
as of Oct 31, 2024
67.87%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.03% and for Oil Sands 0.02%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

Fees

Fees

on net assets
Gross Expense Ratio 4.35%
Management Fee 1.23%
Interest Expense 2.95%
Other Expenses 0.17%
Acquired Fund Fees and Expenses 0.00%
on managed assets
Acquired Fund Fees and Expenses 0.00%
Interest Expenses 1.91%
Management Fee 0.80%
Other Expenses 0.11%
Gross Expense 2.82%

Fees data reflected above is current as of the latest annual shareholder report.

Ratings

Ratings

Holdings

Holdings

as of Oct 31, 2024
Name Weight (%)
UNIFORM MBS 5.07
FEDERAL NATIONAL MORTGAGE ASSOCIATION 4.65
FEDERAL HOME LOAN MORTGAGE CORPORATION 1.24
TRANSDIGM INC 1.24
CLOUD SOFTWARE GROUP INC 1.16
Name Weight (%)
HUB INTERNATIONAL LTD 1.13
VENTURE GLOBAL LNG INC 0.92
ALLIANT HOLDINGS INTERMEDIATE LLC 0.86
UBS GROUP AG 0.77
LEVEL 3 FINANCING INC 0.73
Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

Exposure Breakdowns

as of Oct 31, 2024

% of Market Value

Type Fund
as of Oct 31, 2024

% of Market Value

Type Fund
as of Oct 31, 2024

% of Market Value

Type Fund
as of Oct 31, 2024

% of Market Value

Type Fund
as of Oct 31, 2024

% of Market Value

Type Fund
as of Oct 31, 2024

% of Market Value

Type Fund
as of Oct 31, 2024

% of Market Value

Type Fund
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Scott MacLellan, CFA, CMT
Scott MacLellan, CFA, CMT
Managing Director, Portfolio Manager

  

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Scott MacLellan, CFA, CMT, Managing Director, is a portfolio manager in BlackRock's Global Fixed Income Group. He is the co-lead portfolio manager of BlackRock's Low Duration Bond Fund, BGF USD Short Duration Bond Fund and the iShares Short Maturity Bond ETF (NEAR). As a lead portfolio manager on the USD short duration fixed income platform, he also focuses on managing a large number of multi sector fixed income separate accounts. Mr. MacLellan is named as lead portfolio manager for the BlackRock Target Allocation Shares Series P Fund and the lead portfolio manager for four multi-sector BlackRock closed end funds, the BlackRock Core Bond Trust, BlackRock Multi-Sector Income Trust, BlackRock Limited Duration Income Trust and Enhanced Government Fund. He also served on BlackRock's Obsidian hedge fund team.


Mr. MacLellan serves in number of capacities with regard to sustainable investing in the Fundamental Fixed Income Team, including as a member of the Global Fixed Income ESG Leadership Committee and a member of the ESG Advisory Group to the Fundamental Fixed Income Executive Committee.

 

Prior to assuming his current responsibilities in 2012, Mr. MacLellan was a an account manager in the Global Client Group, covering clients in Asia and the Middle East. Previously, Mr. MacLellan spent four years with Nomura BlackRock Asset Management (NBAM) in Tokyo. Prior to joining NBAM in 2001, Mr. MacLellan spent a year at the Industrial Bank of Japan Leasing in Tokyo, investing in emerging markets.

 

Mr. MacLellan earned a BA degree, with combined honors, in economics and international development studies from King's College, Dalhousie University in Canada. Mr. MacLellan attended the Graduate School of International Relations and Pacific Studies at the University of California, San Diego and Tohoku University in Japan. He has received both the Chartered Financial Analyst and Chartered Market Technician designations. He is proficient in Japanese.

Akiva Dickstein
Akiva Dickstein
Managing Director, Global Fixed Income, Head of Customized Multi-Sector Portfolios, Head of Short Duration

    

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Akiva Dickstein, Managing Director, is a member of the Multi-Sector team within BlackRock’s Global Fixed Income group. Mr. Dickstein is the Head of Customized Multi-Sector Portfolios, Head of Short Duration Fixed Income, and a member of the Global Fixed Income executive team. He is a lead portfolio manager of BlackRock's Core Bond, Low Duration Bond Fund, and iShares Short Duration Bond Active ETF (NEAR). Prior to taking on his current responsibilities, Mr. Dickstein was the lead portfolio manager on BlackRock's mortgage portfolios.

 

Before joining BlackRock in 2009, Mr. Dickstein spent eight years at Merrill Lynch, where he served as Managing Director and head of the U.S. Rates & Structured Credit Research Group. He was responsible for the team that produced MBS, ABS, CMBS, Treasuries, swaps, and interest rate derivatives research. Mr. Dickstein's publications on MBS strategy included the weekly Mortgage Investor as well as numerous lengthier articles on topics such as optimal loan modifications, the valuation of credit-sensitive MBS and ABS, and the pricing of mortgage derivatives, options, and pass-throughs. In addition, he developed Merrill's prepayment models for fixed rate and hybrid MBS. From 1993 to 2001, Mr. Dickstein was with Lehman Brothers, most recently as a Senior Vice President in Mortgage Derivatives Trading. In this role, he traded mortgage derivatives and developed Lehman's credit default model. He joined Lehman as a mortgage and asset-backed securities analyst and was named to Institutional Investor's All American Fixed Income Research Team in pass-throughs, non-agency mortgages and asset-backed securities.

 

Mr. Dickstein earned a BA degree in economics, summa cum laude, from Yale University in 1990, and an MA degree in physics from Princeton University in 1993.

Samir Lakhani
Samir Lakhani
Managing Director, Co-Head of Securitized Assets & Head of CMBS

Samir Lakhani, Managing Director, is Co-Head of the Securitized Assets Team within Global Fixed Income. Since 2012, Mr. Lakhani has led the CMBS and Senior CRE Debt business and continues to act as a Lead CMBS / CRE Debt Portfolio Manager in addition to his other responsibilities. Mr. Lakhani is a member of various BlackRock Investment Committees including the Commercial Mortgage Loan Committee within Fixed Income and the Real Estate Debt Investment Committee within BlackRock's Real Assets Group.

 

Prior to joining BlackRock in 2009, Mr. Lakhani was a Vice President at R3 Capital Partners, where he invested in securitized assets including ABS, CMBS, CLO's and Specialty Finance transactions. Mr. Lakhani held similar roles at Lehman Brothers in their Global Principal Strategies group. Mr. Lakhani joined Lehman Brothers in 2006 initially in Structured Credit Products. Previously, Mr. Lakhani held positions at JP Morgan Partners, in their Private Equity and Mezzanine Debt group, from 2001 to 2004.

 

Mr. Lakhani served on the Board of Governors for the Commercial Real Estate Finance Council ("CREFC") from 2012 - 2018. Mr. Lakhani earned a B.S. Degree in Economics and a B.S. Degree in Engineering, summa cum laude, from the University of Pennsylvania, and an MBA degree from Harvard Business School.

Read More

Samir Lakhani, Managing Director, is Co-Head of the Securitized Assets Team within Global Fixed Income. Since 2012, Mr. Lakhani has led the CMBS and Senior CRE Debt business and continues to act as a Lead CMBS / CRE Debt Portfolio Manager in addition to his other responsibilities. Mr. Lakhani is a member of various BlackRock Investment Committees including the Commercial Mortgage Loan Committee within Fixed Income and the Real Estate Debt Investment Committee within BlackRock's Real Assets Group.

 

Prior to joining BlackRock in 2009, Mr. Lakhani was a Vice President at R3 Capital Partners, where he invested in securitized assets including ABS, CMBS, CLO's and Specialty Finance transactions. Mr. Lakhani held similar roles at Lehman Brothers in their Global Principal Strategies group. Mr. Lakhani joined Lehman Brothers in 2006 initially in Structured Credit Products. Previously, Mr. Lakhani held positions at JP Morgan Partners, in their Private Equity and Mezzanine Debt group, from 2001 to 2004.

 

Mr. Lakhani served on the Board of Governors for the Commercial Real Estate Finance Council ("CREFC") from 2012 - 2018. Mr. Lakhani earned a B.S. Degree in Economics and a B.S. Degree in Engineering, summa cum laude, from the University of Pennsylvania, and an MBA degree from Harvard Business School.

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