BLACKROCK MULTI-SECTOR INCOME TRUST

(BIT)
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BlackRock Multi Sector Income Trust : Taxable Fixed Income Earnings Summary

01/26/2021 | 03:28pm EDT

Data as of

Closed-End Taxable Fixed Income Funds

November 30, 2020

Latest

3 Month

Distribution

3 Month

Declared

Avg. Earned

Coverage

Avg. UNII

Leverage

Fund Name

Ticker

Distribution1

Rate2

Ratio3

Balance4

(%)5

Floating Rate

Floating Rate Income Strategies Fund, Inc.6

FRA

0.078800

0.0542357

68.8%

(0.20778)

31.1%

Floating Rate Income Trust6

BGT

0.076400

0.0530888

69.5%

(0.17608)

31.0%

High Yield

Debt Strategies Fund, Inc.6

DSU

0.071100

0.0492793

69.3%

(0.19495)

30.9%

Corporate High Yield Fund, Inc.6

HYT

0.077900

0.0673411

86.4%

(0.12059)

30.0%

Multi-Sector

Limited Duration Income Trust6

BLW

0.098100

0.0858264

87.5%

(0.14102)

31.0%

Core Bond Trust6

BHK

0.067600

0.0629446

93.1%

(0.05334)

26.0%

Multi-Sector Income Trust6

BIT

0.123700

0.0833578

67.4%

(0.36436)

34.0%

BlackRock Credit Allocation Income Trust6

BTZ

0.083900

0.0724160

86.3%

(0.13036)

29.0%

2022 Global Income Opportunity Trust

BGIO

0.050000

0.0391682

78.3%

(0.07455)

14.2%

High Quality

Enhanced Government Fund, Inc.6

EGF

0.041000

0.0257520

62.8%

(0.13199)

16.1%

Income Trust Inc.7

BKT

0.034400

0.0285088

82.9%

(0.06049)

29.6%

Taxable Municipal

Taxable Municipal Bond Trust

BBN

0.117000

0.1136381

97.1%

0.07506

32.0%

  1. Latest Declared Distribution is the regular monthly cash distribution. Not reflected in 3-month average UNII ending balances.
  2. Represents estimated Average Earned Income per share over the past three months, as of 11/30/2020
  3. Distribution Coverage Ratio is calculated dividing the 3 Month Avg. Earned by the Latest Declared Distribution as of 11/30/2020
  4. Represents an Estimate of Average Undistributed Net Investment Income balance over the past three months, as of 11/30/2020
  5. Represents % of Total Assets represented by bank borrowings or reverse repurchase agreements outstanding, as of 11/30/2020
  6. FRA, BGT, DSU, HYT, BLW, BHK, BIT, BTZ, and EGF (the "Funds") have adopted a level distribution plan (the "Plan") and employ a managed distribution to support a level distribution of income, capital gains and/or return of capital. The fixed amount distributed per share is subject to change at the

discretion of the Fund's Board of Directors. Shareholders should not draw any conclusions about the Fund's investment performance from the amount of the Fund's current distributions or from the terms of the Plan.

The Funds may estimate that they have distributed more than their income and net realized capital gains in the current fiscal year; 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 a shareholder's investment is paid back to the shareholder. A return of capital

distribution does not necessarily reflect the 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, below are Fund's that have a portion of their distribution classified as return of capital fiscal year to date:

EGF's distribution fiscal year to date is comprised of 27% return of capital as of 11/30/2020

BIT's distribution fiscal year to date is comprised of 8% return of capital as of 11/30/2020

FRA's distribution fiscal year to date is comprised of 23% return of capital as of 11/30/2020

BGT's distribution fiscal year to date is comprised of 22% return of capital as of 11/30/2020

DSU's distribution fiscal year to date is comprised of 20% return of capital as of 11/30/2020

HYT's distribution fiscal year to date is comprised of 8% return of capital as of 11/30/2020

BTZ's distribution fiscal year to date is comprised of 10% return of capital as of 11/30/2020

BLW's distribution fiscal year to date is comprised of 9% return of capital as of 11/30/2020

Section 19(b) of the 1940 Act. The Fund expects that distributions under the Plan will exceed current income and capital gains and therefore will likely include a return of capital. BKT may

7BlackRock Income Trust, Inc. (NYSE:BKT) has adopted a Plan whereby beginning August 2018 the Fund will make fixed monthly distributions to common stockholders and will distribute all available investment income to its stockholders, consistent with its investment objective and as required by the Code. If sufficient investment income is not available on a monthly basis, the

Fund will distribute long-termcapital gains and/or return capital to its stockholders in order to maintain a level distribution. The Fund is currently not relying on any exemptive relief from Section 19(b) of the 1940 Act. The Fund expects that distributions under the Plan will exceed current income and capital gains and therefore will likely include a return of capital. BKT may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the 1940 Act. No conclusions should be drawn about the Fund's investment performance from the amount of the Fund's distributions or from the terms of the Fund's Plan.

BKT estimates that it has distributed more than its income and net realized capital gains in the current fiscal year; 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 a shareholder's investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect BKT's investment performance and should not be confused with 'yield' or 'income'. When distributions exceed total

return performance, the difference will reduce BKT's net asset value per share.`

Although the character of income will not be determined until the end of the fund's fiscal year, the fund currently estimates that its distribution fiscal year to date is comprised of 87% net investment income and 13% return of capital.

BKT will send its shareholders a Form 1099-DIV for the calendar year that will illustrate how its distributions should be reported for federal income incomet tax purposes.

Click here to access the BlackRock Closed-End Fund Section 19 notices.

Distributions and yields may be affected by: 1) changes in the portfolio as when bonds paying higher interest rates are called or mature and are replaced by bonds

paying lower current interest rates and 2) in the case of leveraged funds, by changes in the variable rate paid by the fund for leverage. Current year distributions are

not classified as "Income", "Short-Term Capital Gains", "Long Term Capital Gains", or "Return of Capital" until calendar year-end.

Investment return, price, yields and NAV will fluctuate with changes in market conditions. At the time of sale, your shares may have a market price that is above or

below net asset value, and may be worth more or less than your original investment. Closed-end funds often trade at a discount to NAV but may trade at a premium.

There is no assurance that a fund will meet its investment objective. The information contained herein represents past performance and is no guarantee of future.

results; current performance may be lower or higher than indicated here. Please visit www.blackrock.com for the most up to date information about the funds.

All investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. The prospectus for each fund currently offering its securities contains this and other important information about the applicable fund currently offering its securities. Investors can obtain a prospectus for any fund currently offering its securities by calling 800-882-0052. All investors are urged to carefully read the prospectus of any such fund in its entirety before investing. There is no assurance any fund will achieve its objectives. The information contained herein is not complete and may be changed. This document is not an offer to sell a fund's securities and is not soliciting an offer to buy a fund's securities in any jurisdiction where the offer or sale is not permitted.

Prepared by BlackRock Investments, LLC, member FINRA.

©2020 BlackRock, Inc. All Rights Reserved. BlackRock is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respective owners.

USWAM1220U/S-1448612-1/1

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Disclaimer

Blackrock Multi-Sector Income Trust published this content on 26 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 January 2021 20:27:02 UTC


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Managers and Directors
John M. Perlowski President & Chief Executive Officer
Trent W. Walker Chief Financial Officer
Robert Glenn Hubbard Chairman
Charles C. S. Park Chief Compliance Officer
Frank J. Fabozzi Independent Trustee