An analysis in terms of the inherent structures (IS, local minima) of the multidimensional potential energy landscape is applied to proteins. Detailed calculations are performed for the 46 bead BLN model, which folds into a four-stranded beta-barrel. Enhanced sampling has allowed determination of 239 199 IS states, believed to encompass nearly all the compact, low-energy states, and of well-averaged thermodynamic quantities at low temperature. The density of states shows distinct lobes for compact and extended states, and entropic barriers for the collapse and local ordering transitions. A two-dimensional scatterplot or density of states clearly shows the multifunnel structure of the energy landscape. The anharmonic vibrational free energy is found to play a crucial role in protein folding. The problem of determining the folding transition in a multifunnel system is discussed, and novel indicators of folding are introduced. A particularly clear picture is obtained through the occupation probabilities, p(i), of individual low-lying IS, which become finite below the collapse temperature; it is suggested that poor foldability corresponds to a large "misfolding interval" where the excited state p(i > 0) exceeds that of the native state p(0).