UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-08991

 

Name of Fund: BlackRock High Yield Trust (BHY)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock High Yield 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: 08/31/2012

 

Date of reporting period: 11/30/2011

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments November 30, 2011 (Unaudited)

BlackRock High Yield Trust (BHY)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks (a)

 

Shares

 

Value

 

Auto Components — 2.3%

 

 

 

 

 

 

 

Delphi Debtor-in-Possession
Holding Co. LLP:

 

 

 

 

 

 

 

Class B Membership Interests

 

 

15,046

 

$

305,718

 

Class B Membership Interests

 

 

35,107

 

 

695,050

 

 

 

 

 

 

 

1,000,768

 

Capital Markets — 0.1%

 

 

 

 

 

 

 

E*Trade Financial Corp.

 

 

4,900

 

 

44,982

 

Hotels, Restaurants & Leisure — 0.0%

 

 

 

 

 

 

 

Travelport Worldwide Ltd.

 

 

12,460

 

 

6,230

 

Paper & Forest Products — 0.0%

 

 

 

 

 

 

 

Ainsworth Lumber Co. Ltd.

 

 

2,507

 

 

2,507

 

Ainsworth Lumber Co. Ltd.

 

 

2,234

 

 

2,234

 

 

 

 

 

 

 

4,741

 

Software — 0.1%

 

 

 

 

 

 

 

Bankruptcy Management Solutions,
Inc.

 

 

91

 

 

1

 

HMH Holdings/EduMedia

 

 

13,576

 

 

20,364

 

 

 

 

 

 

 

20,365

 

Total Common Stocks – 2.5%

 

 

 

 

 

1,077,086

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000 )

 

 

 

 

Aerospace & Defense — 0.8%

 

 

 

 

 

 

 

Huntington Ingalls Industries, Inc.,
6.88%, 3/15/18 (b)

 

$

160

 

 

156,800

 

Kratos Defense & Security
Solutions, Inc., 10.00%,
6/01/17

 

 

200

 

 

201,500

 

 

 

 

 

 

 

358,300

 

Air Freight & Logistics — 0.5%

 

 

 

 

 

 

 

National Air Cargo Group, Inc.:

 

 

 

 

 

 

 

Series 1, 12.38%, 9/02/15

 

 

109

 

 

111,670

 

Series 2, 12.38%, 8/16/15

 

 

110

 

 

112,848

 

 

 

 

 

 

 

224,518

 

Airlines — 1.8%

 

 

 

 

 

 

 

Air Canada, 9.25%, 8/01/15 (b)

 

 

130

 

 

118,300

 

American Airlines Pass-Through
Trust, Series 2011-2, Class A,
8.63%, 4/15/23

 

 

67

 

 

64,320

 

American Airlines, Inc., Series
2011-1-B, 7.00%, 1/31/18 (b)

 

 

79

 

 

61,193

 

Continental Airlines, Inc.:

 

 

 

 

 

 

 

6.75%, 9/15/15 (b)

 

 

90

 

 

87,525

 

Series 2010-1-B, 6.00%,
7/12/20

 

 

100

 

 

92,000

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Airlines (concluded)

 

 

 

 

 

 

 

US Airways Pass-Through Trust,
10.88%, 10/22/14

 

$

110

 

$

107,800

 

United Air Lines, Inc., 12.75%,
7/15/12

 

 

246

 

 

255,341

 

 

 

 

 

 

 

786,479

 

Auto Components — 2.4%

 

 

 

 

 

 

 

B-Corp Merger Sub, Inc., 8.25%,
6/01/19 (b)

 

 

35

 

 

31,850

 

Dana Holding Corp., 6.75%,
2/15/21

 

 

80

 

 

80,300

 

Delphi Corp., 6.13%, 5/15/21 (b)

 

 

30

 

 

30,225

 

Ford Motor Co., 7.45%, 7/16/31

 

 

130

 

 

152,425

 

Icahn Enterprises LP, 8.00%,
1/15/18

 

 

650

 

 

663,000

 

Stanadyne Corp., Series 1,
10.00%, 8/15/14

 

 

90

 

 

81,450

 

 

 

 

 

 

 

1,039,250

 

Beverages — 0.1%

 

 

 

 

 

 

 

Cott Beverages, Inc., 8.13%,
9/01/18

 

 

43

 

 

46,010

 

Biotechnology — 0.1%

 

 

 

 

 

 

 

QHP Pharma, 10.25%, 3/15/15 (b)

 

 

50

 

 

50,609

 

Building Products — 0.8%

 

 

 

 

 

 

 

Building Materials Corp. of
America, 6.75%, 5/01/21 (b)

 

 

250

 

 

248,750

 

Momentive Performance Materials, Inc.:

 

 

 

 

 

 

 

11.50%, 12/01/16

 

 

80

 

 

57,200

 

9.00%, 1/15/21

 

 

45

 

 

32,063

 

 

 

 

 

 

 

338,013

 

Capital Markets — 1.1%

 

 

 

 

 

 

 

American Capital Ltd., 7.96%,
12/31/13 (c)

 

 

90

 

 

90,432

 

E*Trade Financial Corp.:

 

 

 

 

 

 

 

12.50%, 11/30/17 (d)

 

 

180

 

 

203,400

 

Series A, 2.51%, 8/31/19 (e)(f)

 

 

71

 

 

63,012

 

KKR Group Finance Co., 6.38%,
9/29/20 (b)

 

 

110

 

 

113,008

 

 

 

 

 

 

 

469,852

 

Chemicals — 3.3%

 

 

 

 

 

 

 

American Pacific Corp., 9.00%,
2/01/15

 

 

140

 

 

135,625

 

Ashland, Inc., 9.13%, 6/01/17

 

 

70

 

 

77,700

 

Celanese US Holdings LLC, 5.88%,
6/15/21

 

 

300

 

 

305,250

 

Chemtura Corp., 7.88%, 9/01/18

 

 

65

 

 

66,462

 

Hexion US Finance Corp., 9.00%,
11/15/20

 

 

50

 

 

39,250

 

Huntsman International LLC,
8.63%, 3/15/21

 

 

25

 

 

25,375

 


 

 

Portfolio Abbreviation


FKA


Formerly Known As


 

 

 

 

 

 

 

 

 

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2011

1



 

 

 

 

Schedule of Investments (continued)

BlackRock High Yield Trust (BHY)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Chemicals (concluded)

 

 

 

 

 

 

 

Kinove German Bondco GmbH,
9.63%, 6/15/18 (b)

 

$

200

 

$

181,000

 

Kraton Polymers LLC, 6.75%,
3/01/19

 

 

20

 

 

18,500

 

Lyondell Chemical Co., 11.00%,
5/01/18

 

 

292

 

 

314,824

 

LyondellBasell Industries NV,
6.00%, 11/15/21 (b)

 

 

25

 

 

25,500

 

Nexeo Solutions LLC, 8.38%,
3/01/18 (b)

 

 

30

 

 

29,325

 

PolyOne Corp., 7.38%, 9/15/20

 

 

35

 

 

35,700

 

Solutia, Inc., 7.88%, 3/15/20

 

 

105

 

 

111,825

 

TPC Group LLC, 8.25%, 10/01/17

 

 

55

 

 

54,863

 

 

 

 

 

 

 

1,421,199

 

Commercial Banks — 2.4%

 

 

 

 

 

 

 

CIT Group, Inc.:

 

 

 

 

 

 

 

7.00%, 5/01/15

 

 

90

 

 

90,000

 

7.00%, 5/02/16 (b)

 

 

385

 

 

380,187

 

7.00%, 5/01/17

 

 

317

 

 

313,830

 

7.00%, 5/02/17 (b)

 

 

240

 

 

236,400

 

 

 

 

 

 

 

1,020,417

 

Commercial Services & Supplies — 1.7%

 

 

 

 

 

 

 

ACCO Brands Corp., 10.63%,
3/15/15

 

 

125

 

 

138,437

 

ARAMARK Corp., 8.50%, 2/01/15

 

 

4

 

 

4,100

 

AWAS Aviation Capital Ltd., 7.00%,
10/17/16 (b)

 

 

181

 

 

180,800

 

Brickman Group Holdings, Inc.,
9.13%, 11/01/18 (b)

 

 

12

 

 

10,680

 

Iron Mountain, Inc., 7.75%,
10/01/19

 

 

60

 

 

61,950

 

Mobile Mini, Inc., 7.88%,
12/01/20

 

 

60

 

 

60,000

 

RSC Equipment Rental, Inc.:

 

 

 

 

 

 

 

10.00%, 7/15/17 (b)

 

 

100

 

 

109,250

 

8.25%, 2/01/21

 

 

148

 

 

140,600

 

West Corp., 8.63%, 10/01/18

 

 

25

 

 

24,938

 

 

 

 

 

 

 

730,755

 

Construction & Engineering — 0.1%

 

 

 

 

 

 

 

Boart Longyear Management Ltd.,
7.00%, 4/01/21 (b)

 

 

35

 

 

34,650

 

Consumer Finance — 2.8%

 

 

 

 

 

 

 

Credit Acceptance Corp., 9.13%,
2/01/17

 

 

105

 

 

107,363

 

Ford Motor Credit Co. LLC:

 

 

 

 

 

 

 

3.15%, 1/13/12 (g)

 

 

110

 

 

110,165

 

7.00%, 4/15/15

 

 

500

 

 

538,244

 

12.00%, 5/15/15

 

 

120

 

 

146,041

 

6.63%, 8/15/17

 

 

230

 

 

246,725

 

Springleaf Finance Corp., 6.90%,
12/15/17

 

 

100

 

 

67,250

 

 

 

 

 

 

 

1,215,788

 

Containers & Packaging — 0.5%

 

 

 

 

 

 

 

Berry Plastics Corp., 8.25%,
11/15/15

 

 

20

 

 

21,200

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Containers & Packaging (concluded)

 

 

 

 

 

 

 

Graphic Packaging International,
Inc., 7.88%, 10/01/18

 

$

60

 

$

63,900

 

Pregis Corp., 12.38%, 10/15/13

 

 

95

 

 

88,350

 

Rock-Tenn Co., 9.25%, 3/15/16

 

 

10

 

 

10,600

 

Sealed Air Corp., 8.38%,
9/15/21 (b)

 

 

40

 

 

42,700

 

 

 

 

 

 

 

226,750

 

Diversified Financial Services — 5.1%

 

 

 

 

 

 

 

Ally Financial, Inc.:

 

 

 

 

 

 

 

8.30%, 2/12/15

 

 

150

 

 

151,875

 

6.25%, 12/01/17

 

 

100

 

 

91,889

 

8.00%, 3/15/20

 

 

300

 

 

295,875

 

7.50%, 9/15/20

 

 

120

 

 

115,950

 

8.00%, 11/01/31

 

 

420

 

 

399,000

 

8.00%, 11/01/31

 

 

120

 

 

110,598

 

Axcan Intermediate Holdings, Inc.,
12.75%, 3/01/16

 

 

75

 

 

76,688

 

DPL, Inc., 7.25%, 10/15/21 (b)

 

 

130

 

 

136,825

 

Leucadia National Corp.:

 

 

 

 

 

 

 

8.13%, 9/15/15

 

 

140

 

 

147,700

 

7.13%, 3/15/17

 

 

26

 

 

26,260

 

Reynolds Group Issuer, Inc. (b):

 

 

 

 

 

 

 

8.75%, 10/15/16

 

 

250

 

 

258,125

 

7.88%, 8/15/19

 

 

100

 

 

100,500

 

6.88%, 2/15/21

 

 

65

 

 

62,075

 

8.25%, 2/15/21

 

 

110

 

 

93,500

 

WMG Acquisition Corp. (b):

 

 

 

 

 

 

 

9.50%, 6/15/16

 

 

20

 

 

21,000

 

11.50%, 10/01/18

 

 

95

 

 

93,575

 

 

 

 

 

 

 

2,181,435

 

Diversified Telecommunication Services — 3.5%

 

 

 

 

 

 

 

Broadview Networks Holdings, Inc.,
11.38%, 9/01/12

 

 

195

 

 

158,437

 

Level 3 Escrow, Inc., 8.13%,
7/01/19 (b)

 

 

490

 

 

463,050

 

Level 3 Financing, Inc., 8.75%,
2/15/17

 

 

15

 

 

14,925

 

Qwest Communications International,
Inc.:

 

 

 

 

 

 

 

7.50%, 2/15/14

 

 

300

 

 

301,875

 

8.00%, 10/01/15

 

 

200

 

 

213,500

 

Series B, 7.50%, 2/15/14

 

 

270

 

 

271,687

 

Windstream Corp.:

 

 

 

 

 

 

 

8.13%, 8/01/13

 

 

25

 

 

26,438

 

7.88%, 11/01/17

 

 

35

 

 

36,575

 

 

 

 

 

 

 

1,486,487

 

Electronic Equipment, Instruments & Components — 0.1%

 

 

 

 

 

 

 

Jabil Circuit, Inc., 8.25%, 3/15/18

 

 

40

 

 

45,400

 

Energy Equipment & Services — 3.3%

 

 

 

 

 

 

 

Antero Resources Finance Corp.,
7.25%, 8/01/19 (b)

 

 

25

 

 

25,000

 

Calfrac Holdings LP, 7.50%,
12/01/20 (b)

 

 

65

 

 

62,725

 


 

 

 

 

 

 

 

 

 

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2011

2



 

 

 

 

Schedule of Investments (continued)

BlackRock High Yield Trust (BHY)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Energy Equipment & Services (concluded)

 

 

 

 

 

 

 

Compagnie Generale de
Geophysique-Veritas, 7.75%,
5/15/17

 

$

65

 

$

64,675

 

Exterran Holdings, Inc., 7.25%,
12/01/18 (b)

 

 

60

 

 

57,000

 

Forbes Energy Services Ltd.,
9.00%, 6/15/19

 

 

60

 

 

55,800

 

Frac Tech Services LLC, 7.63%,
11/15/18 (b)

 

 

295

 

 

297,212

 

Key Energy Services, Inc., 6.75%,
3/01/21

 

 

75

 

 

74,156

 

MEG Energy Corp., 6.50%,
3/15/21 (b)

 

 

150

 

 

150,750

 

Oil States International, Inc.,
6.50%, 6/01/19

 

 

50

 

 

50,250

 

Peabody Energy Corp., 6.25%,
11/15/21 (b)

 

 

440

 

 

443,300

 

SunCoke Energy, Inc., 7.63%,
8/01/19 (b)

 

 

35

 

 

34,300

 

Transocean, Inc., 6.38%,
12/15/21

 

 

125

 

 

124,933

 

 

 

 

 

 

 

1,440,101

 

Food Products — 0.1%

 

 

 

 

 

 

 

Darling International, Inc., 8.50%,
12/15/18

 

 

40

 

 

44,000

 

Smithfield Foods, Inc., 10.00%,
7/15/14

 

 

6

 

 

6,870

 

 

 

 

 

 

 

50,870

 

Health Care Equipment & Supplies — 1.2%

 

 

 

 

 

 

 

DJO Finance LLC:

 

 

 

 

 

 

 

10.88%, 11/15/14

 

 

385

 

 

362,862

 

7.75%, 4/15/18

 

 

20

 

 

16,050

 

ExamWorks Group, Inc., 9.00%,
7/15/19 (b)

 

 

21

 

 

18,743

 

Fresenius US Finance II, Inc.,
9.00%, 7/15/15 (b)

 

 

80

 

 

89,000

 

Teleflex, Inc., 6.88%, 6/01/19

 

 

50

 

 

50,563

 

 

 

 

 

 

 

537,218

 

Health Care Providers & Services — 5.4%

 

 

 

 

 

 

 

Aviv Healthcare Properties LP,
7.75%, 2/15/19

 

 

65

 

 

61,425

 

Fresenius Medical Care US
Finance, Inc., 6.50%, 9/15/18
(b)

 

 

54

 

 

56,025

 

HCA, Inc.:

 

 

 

 

 

 

 

8.50%, 4/15/19

 

 

25

 

 

27,000

 

6.50%, 2/15/20

 

 

335

 

 

333,325

 

7.88%, 2/15/20

 

 

115

 

 

121,037

 

7.25%, 9/15/20

 

 

410

 

 

421,275

 

7.50%, 2/15/22

 

 

135

 

 

132,975

 

Health Management Associates,
Inc., 7.38%, 1/15/20 (b)

 

 

70

 

 

70,438

 

IASIS Healthcare LLC, 8.38%,
5/15/19 (b)

 

 

125

 

 

104,062

 

INC Research LLC, 11.50%,
7/15/19 (b)

 

 

70

 

 

63,000

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Health Care Providers & Services (concluded)

 

 

 

 

 

 

 

Omnicare, Inc., 7.75%, 6/01/20

 

$

160

 

$

168,600

 

Symbion, Inc., 8.00%, 6/15/16 (b)

 

 

55

 

 

50,875

 

Tenet Healthcare Corp.:

 

 

 

 

 

 

 

10.00%, 5/01/18

 

 

279

 

 

313,875

 

6.25%, 11/01/18 (b)

 

 

55

 

 

54,175

 

Tenet Healthcare Corp. (concluded):

 

 

 

 

 

 

 

8.88%, 7/01/19

 

 

245

 

 

267,050

 

inVentiv Health, Inc. (b):

 

 

 

 

 

 

 

10.00%, 8/15/18

 

 

20

 

 

18,950

 

10.00%, 8/15/18

 

 

50

 

 

47,375

 

 

 

 

 

 

 

2,311,462

 

Health Care Technology — 1.1%

 

 

 

 

 

 

 

IMS Health, Inc., 12.50%, 3/01/18 (b)

 

 

410

 

 

457,150

 

Hotels, Restaurants & Leisure — 2.1%

 

 

 

 

 

 

 

Diamond Resorts Corp., 12.00%,
8/15/18

 

 

200

 

 

189,500

 

El Dorado Resorts LLC, 8.63%,
6/15/19 (b)

 

 

25

 

 

22,063

 

MGM Mirage, 13.00%, 11/15/13

 

 

25

 

 

28,812

 

MGM Resorts International:

 

 

 

 

 

 

 

10.38%, 5/15/14

 

 

465

 

 

520,800

 

11.13%, 11/15/17

 

 

30

 

 

33,562

 

Travelport LLC:

 

 

 

 

 

 

 

4.95%, 9/01/14 (g)

 

 

20

 

 

9,900

 

9.88%, 9/01/14

 

 

5

 

 

3,025

 

6.53%, 12/01/16

 

 

131

 

 

96,056

 

Tropicana Entertainment LLC,
Series WI, 9.63%, 12/15/14
(a)(h)

 

 

25

 

 

3

 

 

 

 

 

 

 

903,721

 

Household Durables — 1.6%

 

 

 

 

 

 

 

Ashton Woods USA LLC, 11.00%,
6/30/15 (b)(i)

 

 

145

 

 

99,325

 

Beazer Homes USA, Inc., 12.00%,
10/15/17

 

 

40

 

 

41,600

 

Jarden Corp., 8.00%, 5/01/16

 

 

40

 

 

43,200

 

Ryland Group, Inc., 6.63%,
5/01/20

 

 

75

 

 

66,187

 

Standard Pacific Corp.:

 

 

 

 

 

 

 

10.75%, 9/15/16

 

 

300

 

 

306,000

 

8.38%, 1/15/21

 

 

50

 

 

46,125

 

United Rentals North America, Inc.,
8.38%, 9/15/20

 

 

70

 

 

68,950

 

 

 

 

 

 

 

671,387

 

IT Services — 1.7%

 

 

 

 

 

 

 

First Data Corp. (b):

 

 

 

 

 

 

 

7.38%, 6/15/19

 

 

175

 

 

164,500

 

8.88%, 8/15/20

 

 

90

 

 

90,000

 

8.25%, 1/15/21

 

 

70

 

 

60,550

 

12.63%, 1/15/21

 

 

106

 

 

87,450

 

SunGard Data Systems, Inc.:

 

 

 

 

 

 

 

10.63%, 5/15/15

 

 

100

 

 

105,500

 

7.38%, 11/15/18

 

 

130

 

 

128,050

 

7.63%, 11/15/20

 

 

100

 

 

99,000

 

 

 

 

 

 

 

735,050

 


 

 

 

 

 

 

 

 

 

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2011

3



 

 

 

 

Schedule of Investments (continued)

BlackRock High Yield Trust (BHY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Independent Power Producers & Energy Traders — 2.8%

 

 

 

 

 

 

 

AES Corp., 7.38%, 7/01/21 (b)

 

$

110

 

$

114,675

 

Calpine Corp. (b):

 

 

 

 

 

 

 

7.25%, 10/15/17

 

 

35

 

 

35,700

 

Calpine Corp.(b) (concluded):

 

 

 

 

 

 

 

7.50%, 2/15/21

 

 

35

 

 

35,700

 

7.88%, 1/15/23

 

 

105

 

 

108,412

 

Energy Future Holdings Corp.,
10.00%, 1/15/20

 

 

575

 

 

589,375

 

Energy Future Intermediate
Holding Co. LLC, 10.00%,
12/01/20

 

 

73

 

 

75,190

 

NRG Energy, Inc., 7.63%, 1/15/18

 

 

265

 

 

261,025

 

 

 

 

 

 

 

1,220,077

 

Industrial Conglomerates — 2.3%

 

 

 

 

 

 

 

Sequa Corp. (b):

 

 

 

 

 

 

 

11.75%, 12/01/15

 

 

350

 

 

370,125

 

13.50%, 12/01/15

 

 

586

 

 

625,317

 

 

 

 

 

 

 

995,442

 

Insurance — 0.6%

 

 

 

 

 

 

 

CNO Financial Group, Inc., 9.00%,
1/15/18 (b)

 

 

61

 

 

64,050

 

Genworth Financial, Inc., 7.63%,
9/24/21

 

 

70

 

 

63,496

 

MPL 2 Acquisition Canco, Inc.,
9.88%, 8/15/18 (b)

 

 

40

 

 

35,200

 

USI Holdings Corp., 4.33%,
11/15/14 (b)(g)

 

 

100

 

 

90,500

 

 

 

 

 

 

 

253,246

 

Machinery — 0.9%

 

 

 

 

 

 

 

AGY Holding Corp., 11.00%,
11/15/14

 

 

170

 

 

107,100

 

Navistar International Corp.:

 

 

 

 

 

 

 

3.00%, 10/15/14 (e)

 

 

200

 

 

213,250

 

8.25%, 11/01/21

 

 

45

 

 

46,913

 

SPX Corp., 6.88%, 9/01/17

 

 

30

 

 

31,500

 

 

 

 

 

 

 

398,763

 

Media — 12.2%

 

 

 

 

 

 

 

AMC Networks, Inc., 7.75%,
7/15/21 (b)

 

 

40

 

 

42,300

 

Affinion Group, Inc., 7.88%,
12/15/18

 

 

130

 

 

108,225

 

CCH II LLC, 13.50%, 11/30/16

 

 

179

 

 

205,724

 

CSC Holdings, Inc., 8.50%,
4/15/14

 

 

80

 

 

88,700

 

CCO Holdings LLC, 7.38%,
6/01/20

 

 

40

 

 

40,000

 

Cengage Learning Acquisitions,
Inc., 10.50%, 1/15/15 (b)

 

 

35

 

 

25,375

 

Checkout Holding Corp., 10.98%,
11/15/15 (b)(f)

 

 

110

 

 

54,450

 

Cinemark USA, Inc., 8.63%,
6/15/19

 

 

35

 

 

37,625

 

Clear Channel Communications,
Inc., 9.00%, 3/01/21

 

 

140

 

 

115,500

 


 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Media (concluded)

 

 

 

 

 

 

 

Clear Channel Worldwide Holdings, Inc.:

 

 

 

 

 

 

 

9.25%, 12/15/17

 

$

246

 

$

257,685

 

Series B, 9.25%, 12/15/17

 

 

966

 

 

1,016,715

 

Cox Enterprises, Inc.:

 

 

 

 

 

 

 

Loan Close 2, 12.00%,
8/15/18

 

 

126

 

 

128,745

 

Loan Close 3, 4.00%, 8/15/18

 

 

144

 

 

147,194

 

Shares Loan, 12.00%,
8/15/18

 

 

149

 

 

151,809

 

DISH DBS Corp.:

 

 

 

 

 

 

 

7.00%, 10/01/13

 

 

40

 

 

41,900

 

6.75%, 6/01/21

 

 

200

 

 

195,000

 

Gray Television, Inc., 10.50%,
6/29/15

 

 

250

 

 

232,500

 

Harland Clarke Holdings Corp.:

 

 

 

 

 

 

 

6.00%, 5/15/15 (g)

 

 

50

 

 

33,750

 

9.50%, 5/15/15

 

 

45

 

 

33,300

 

Intelsat Luxemburg SA:

 

 

 

 

 

 

 

11.25%, 6/15/16

 

 

260

 

 

270,400

 

11.50%, 2/04/17 (d)

 

 

113

 

 

103,678

 

Interactive Data Corp., 10.25%,
8/01/18

 

 

150

 

 

160,500

 

The Interpublic Group of Cos., Inc.,
10.00%, 7/15/17

 

 

55

 

 

63,044

 

Live Nation Entertainment, Inc.,
8.13%, 5/15/18 (b)

 

 

125

 

 

119,062

 

NAI Entertainment Holdings LLC,
8.25%, 12/15/17 (b)

 

 

105

 

 

109,463

 

Nielsen Finance LLC, 7.75%,
10/15/18

 

 

600

 

 

634,500

 

The New York Times Co., 6.63%,
12/15/16

 

 

225

 

 

227,250

 

ProQuest LLC, 9.00%, 10/15/18 (b)

 

 

85

 

 

68,000

 

ProtoStar I Ltd., 18.00%,
10/15/12 (a)(b)(e)(h)

 

 

414

 

 

207

 

UPC Holding BV, 9.88%, 4/15/18 (b)

 

 

100

 

 

103,000

 

Unitymedia Hessen GmbH & Co.
KG (FKA UPC Germany GmbH),
8.13%, 12/01/17 (b)

 

 

400

 

 

413,000

 

 

 

 

 

 

 

5,228,601

 

Metals & Mining — 2.1%

 

 

 

 

 

 

 

FMG Resources August 2006
Property Ltd., 6.88%, 2/01/18
(b)

 

 

15

 

 

13,763

 

Goldcorp, Inc., 2.00%, 8/01/14

 

 

85

 

 

114,856

 

Newmont Mining Corp., Series A,
1.25%, 7/15/14

 

 

90

 

 

140,062

 

Novelis, Inc., 8.75%, 12/15/20

 

 

545

 

 

574,975

 

Taseko Mines Ltd., 7.75%,
4/15/19

 

 

70

 

 

63,350

 

 

 

 

 

 

 

907,006

 

Multiline Retail — 2.4%

 

 

 

 

 

 

 

Dollar General Corp., 11.88%,
7/15/17 (d)

 

 

929

 

 

1,026,545

 


 

 

 

 

 

 

 

 

 

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2011

4



 

 

 

 

Schedule of Investments (continued)

BlackRock High Yield Trust (BHY)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Corporate Bonds

 

Par 
(000)

 

Value

 

Oil, Gas & Consumable Fuels — 9.7%

 

 

 

 

 

 

 

Alpha Natural Resources, Inc.,
6.25%, 6/01/21

 

$

75

 

$

71,625

 

Arch Coal, Inc.:

 

 

 

 

 

 

 

7.25%, 10/01/20

 

 

55

 

 

53,900

 

7.25%, 6/15/21 (b)

 

 

140

 

 

135,800

 

Berry Petroleum Co., 8.25%,
11/01/16

 

 

80

 

 

82,400

 

Bill Barrett Corp., 9.88%, 7/15/16

 

 

5

 

 

5,475

 

Carrizo Oil & Gas, Inc., 8.63%,
10/15/18

 

 

20

 

 

19,850

 

Chesapeake Energy Corp.:

 

 

 

 

 

 

 

6.63%, 8/15/20

 

 

31

 

 

32,085

 

6.13%, 2/15/21

 

 

90

 

 

90,225

 

2.25%, 12/15/38

 

 

125

 

 

105,937

 

Chesapeake Oilfield Operating LLC,
6.63%, 11/15/19 (b)

 

 

80

 

 

78,900

 

Coffeyville Resources LLC, 9.00%,
4/01/15 (b)

 

 

45

 

 

47,925

 

Concho Resources, Inc., 7.00%,
1/15/21

 

 

70

 

 

72,800

 

Consol Energy, Inc., 8.25%,
4/01/20

 

 

330

 

 

354,750

 

Continental Resources, Inc.,
7.13%, 4/01/21

 

 

60

 

 

64,800

 

Copano Energy LLC, 7.13%,
4/01/21

 

 

55

 

 

55,000

 

Crosstex Energy LP, 8.88%,
2/15/18

 

 

30

 

 

31,950

 

Denbury Resources, Inc.:

 

 

 

 

 

 

 

8.25%, 2/15/20

 

 

109

 

 

118,401

 

6.38%, 8/15/21

 

 

60

 

 

61,200

 

EV Energy Partners LP, 8.00%,
4/15/19

 

 

25

 

 

24,750

 

Energy XXI Gulf Coast, Inc.:

 

 

 

 

 

 

 

9.25%, 12/15/17

 

 

65

 

 

66,625

 

7.75%, 6/15/19

 

 

150

 

 

144,000

 

Hilcorp Energy I LP, 7.63%,
4/15/21 (b)

 

 

125

 

 

128,750

 

Kodiak Oil & Gas Corp., 8.13%,
12/01/19 (b)

 

 

55

 

 

55,825

 

Linn Energy LLC:

 

 

 

 

 

 

 

6.50%, 5/15/19 (b)

 

 

30

 

 

28,500

 

8.63%, 4/15/20

 

 

50

 

 

52,250

 

7.75%, 2/01/21

 

 

165

 

 

165,000

 

MarkWest Energy Partners LP,
6.75%, 11/01/20

 

 

25

 

 

25,719

 

Niska Gas Storage US LLC, 8.88%,
3/15/18

 

 

220

 

 

214,500

 

OGX Petroleo e Gas Participacoes
SA, 8.50%, 6/01/18 (b)

 

 

700

 

 

665,000

 

Oasis Petroleum, Inc.:

 

 

 

 

 

 

 

7.25%, 2/01/19 (b)

 

 

55

 

 

56,100

 

6.50%, 11/01/21

 

 

50

 

 

48,625

 

Petrohawk Energy Corp.:

 

 

 

 

 

 

 

10.50%, 8/01/14

 

 

65

 

 

72,394

 

7.88%, 6/01/15

 

 

15

 

 

15,975

 

7.25%, 8/15/18

 

 

55

 

 

61,600

 


 

 

 

 

 

 

 

 

Corporate Bonds

 

Par 
(000)

 

Value

 

Oil, Gas & Consumable Fuels (concluded)

 

 

 

 

 

 

 

Petroleum Geo-Services ASA,
7.38%, 12/15/18 (b)

 

$

95

 

$

94,525

 

Pioneer Natural Resources Co.:

 

 

 

 

 

 

 

6.88%, 5/01/18

 

 

75

 

 

84,061

 

7.50%, 1/15/20

 

 

25

 

 

28,997

 

Plains Exploration & Production Co.:

 

 

 

 

 

 

 

6.63%, 5/01/21

 

 

130

 

 

131,300

 

6.75%, 2/01/22

 

 

110

 

 

112,200

 

Precision Drilling Corp., 6.50%,
12/15/21 (b)

 

 

45

 

 

45,000

 

Range Resources Corp.:

 

 

 

 

 

 

 

8.00%, 5/15/19

 

 

20

 

 

22,200

 

5.75%, 6/01/21

 

 

160

 

 

170,800

 

SM Energy Co., 6.63%, 2/15/19
(b)

 

 

20

 

 

20,200

 

SandRidge Energy, Inc., 7.50%,
3/15/21

 

 

160

 

 

146,400

 

 

 

 

 

 

 

4,164,319

 

Paper & Forest Products — 2.4%

 

 

 

 

 

 

 

Ainsworth Lumber Co. Ltd.,
11.00%, 7/29/15 (b)(d)

 

 

21

 

 

13,402

 

Boise Paper Holdings LLC:

 

 

 

 

 

 

 

9.00%, 11/01/17

 

 

20

 

 

21,500

 

8.00%, 4/01/20

 

 

30

 

 

31,575

 

Clearwater Paper Corp.:

 

 

 

 

 

 

 

10.63%, 6/15/16

 

 

70

 

 

77,700

 

7.13%, 11/01/18

 

 

95

 

 

98,325

 

Georgia-Pacific LLC, 8.25%,
5/01/16 (b)

 

 

285

 

 

313,233

 

Longview Fibre Paper & Packaging,
Inc., 8.00%, 6/01/16 (b)

 

 

55

 

 

55,275

 

NewPage Corp., 11.38%,
12/31/14 (a)(h)

 

 

365

 

 

254,587

 

Sappi Papier Holding GmbH,
6.63%, 4/15/21 (b)

 

 

25

 

 

21,500

 

Verso Paper Holdings LLC,
11.50%, 7/01/14

 

 

135

 

 

137,700

 

 

 

 

 

 

 

1,024,797

 

Pharmaceuticals — 0.7%

 

 

 

 

 

 

 

Endo Pharmaceuticals Holdings,
Inc., 7.00%, 7/15/19 (b)

 

 

30

 

 

30,750

 

Jaguar Holding Co. II, 9.50%,
12/01/19 (b)

 

 

70

 

 

70,350

 

Valeant Pharmaceuticals
International, 6.50%, 7/15/16
(b)

 

 

225

 

 

217,688

 

 

 

 

 

 

 

318,788

 

Professional Services — 0.6%

 

 

 

 

 

 

 

FTI Consulting, Inc.:

 

 

 

 

 

 

 

7.75%, 10/01/16

 

 

100

 

 

103,500

 

6.75%, 10/01/20

 

 

150

 

 

151,313

 

 

 

 

 

 

 

254,813

 

Real Estate Investment Trusts (REITs) — 0.2%

 

 

 

 

 

 

 

The Rouse Co. LP, 6.75%,
11/09/15

 

 

85

 

 

85,000

 


 

 

 

 

 

 

 

 

 

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2011

5



 

 

 

 

Schedule of Investments (continued)

BlackRock High Yield Trust (BHY)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Real Estate Management & Development — 1.6%

 

 

 

 

 

 

 

CB Richard Ellis Services, Inc.,
6.63%, 10/15/20

 

$

55

 

$

55,413

 

Realogy Corp.:

 

 

 

 

 

 

 

11.50%, 4/15/17 (i)

 

 

75

 

 

57,187

 

12.00%, 4/15/17 (i)

 

 

15

 

 

11,250

 

7.88%, 2/15/19 (b)

 

 

420

 

 

361,200

 

Shea Homes LP, 8.63%, 5/15/19
(b)

 

 

205

 

 

187,575

 

 

 

 

 

 

 

672,625

 

Road & Rail — 1.2%

 

 

 

 

 

 

 

Avis Budget Car Rental LLC,
8.25%, 1/15/19

 

 

75

 

 

72,188

 

Florida East Coast Railway Corp.,
8.13%, 2/01/17

 

 

80

 

 

79,700

 

The Hertz Corp.:

 

 

 

 

 

 

 

7.50%, 10/15/18

 

 

150

 

 

150,375

 

6.75%, 4/15/19

 

 

15

 

 

14,550

 

7.38%, 1/15/21

 

 

195

 

 

193,050

 

 

 

 

 

 

 

509,863

 

Semiconductors & Semiconductor Equipment — 0.1%

 

 

 

 

 

 

 

Spansion LLC, 7.88%, 11/15/17
(b)

 

 

50

 

 

51,000

 

Specialty Retail — 2.0%

 

 

 

 

 

 

 

Asbury Automotive Group, Inc.:

 

 

 

 

 

 

 

7.63%, 3/15/17

 

 

60

 

 

58,200

 

8.38%, 11/15/20

 

 

60

 

 

59,400

 

Limited Brands, Inc., 8.50%,
6/15/19

 

 

140

 

 

161,700

 

QVC, Inc. (b):

 

 

 

 

 

 

 

7.13%, 4/15/17

 

 

40

 

 

41,900

 

7.50%, 10/01/19

 

 

100

 

 

106,250

 

7.38%, 10/15/20

 

 

55

 

 

58,438

 

Sally Holdings LLC / Sally Capital,
Inc., 6.88%, 11/15/19 (b)

 

 

50

 

 

51,125

 

Sonic Automotive, Inc., 9.00%,
3/15/18

 

 

65

 

 

67,762

 

Toys ‘R’ US-Delaware, Inc., 7.38%,
9/01/16 (b)

 

 

70

 

 

69,300

 

United Auto Group, Inc., 7.75%,
12/15/16

 

 

165

 

 

167,475

 

 

 

 

 

 

 

841,550

 

Wireless Telecommunication Services — 3.9%

 

 

 

 

 

 

 

Cricket Communications,
Inc.,7.75%, 5/15/16

 

 

250

 

 

249,375

 

Crown Castle International Corp.,
7.13%, 11/01/19

 

 

40

 

 

42,900

 

Digicel Group Ltd. (b):

 

 

 

 

 

 

 

9.13%, 1/15/15 (d)

 

 

294

 

 

289,590

 

8.25%, 9/01/17

 

 

230

 

 

226,550

 

iPCS, Inc., 2.55%, 5/01/13 (g)

 

 

140

 

 

127,400

 

MetroPCS Wireless, Inc., 6.63%,
11/15/20

 

 

130

 

 

113,425

 

Sprint Capital Corp., 6.88%,
11/15/28

 

 

240

 

 

167,400

 


 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Wireless Telecommunication Services (concluded)

 

 

 

 

 

 

 

Sprint Nextel Corp., 9.00%,
11/15/18 (b)

 

$

460

 

$

463,450

 

 

 

 

 

 

 

1,680,090

 

Household Products — 0.3%

 

 

 

 

 

 

 

Spectrum Brands Holdings, Inc.,
9.50%, 6/15/18 (b)

 

 

100

 

 

108,750

 

Total Corporate Bonds – 89.6%

 

 

 

 

 

38,524,146

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Floating Rate Loan Interests (g)

 

 

 

 

 

 

 

Airlines — 0.3%

 

 

 

 

 

 

 

Delta Air Lines, Inc., Credit New
Term Loan B, 5.50%, 4/20/17

 

 

150

 

 

142,368

 

Building Products — 0.0%

 

 

 

 

 

 

 

Goodman Global Holdings, Inc.,
Term Loan (Second Lien),
9.00%, 10/30/17

 

 

20

 

 

20,446

 

Commercial Services & Supplies — 0.9%

 

 

 

 

 

 

 

AWAS Finance Luxembourg Sarl,
Term Loan B, 5.25%, 6/10/16

 

 

113

 

 

111,338

 

Volume Services America, Inc.,
Term Loan B, 10.50%, 9/16/16

 

 

163

 

 

160,696

 

Delos Aircraft, Inc., Term Loan B2,
7.00%, 3/17/16

 

 

100

 

 

100,100

 

 

 

 

 

 

 

372,134

 

Construction & Engineering — 0.6%

 

 

 

 

 

 

 

Safway Services, LLC, Mezzanine
Loan, 7.25%, 12/16/17

 

 

250

 

 

250,000

 

Consumer Finance — 1.7%

 

 

 

 

 

 

 

Springleaf Finance Corp. (FKA
AGFS Funding Co.), Term Loan,
5.50%, 5/10/17

 

 

840

 

 

728,179

 

Diversified Consumer Services — 0.0%

 

 

 

 

 

 

 

ServiceMaster Co.:

 

 

 

 

 

 

 

Delayed Draw Term Loan,
2.80%, 7/24/14

 

 

1

 

 

1,282

 

Term Loan, 2.78%, 7/24/14

 

 

14

 

 

12,872

 

 

 

 

 

 

 

14,154

 

Diversified Telecommunication Services — 0.5%

 

 

 

 

 

 

 

Level 3 Financing, Inc.:

 

 

 

 

 

 

 

Term Loan B3, 5.75%,
8/31/18

 

 

150

 

 

145,125

 

Tranche A Term Loan, 2.65%,
3/13/14

 

 

75

 

 

70,406

 

 

 

 

 

 

 

215,531

 

Energy Equipment & Services — 2.2%

 

 

 

 

 

 

 

Dynegy Holdings, Inc.:

 

 

 

 

 

 

 

Coal Co. Term Loan, 9.25%,
8/04/16

 

 

336

 

 

335,066

 


 

 

 

 

 

 

 

 

 

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2011

6



 

 

 

 

Schedule of Investments (continued)

BlackRock High Yield Trust (BHY)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Floating Rate Loan Interests (g)

 

Par
(000)

 

Value

 

Energy Equipment & Services (concluded)

 

 

 

 

 

 

 

Dynegy Holdings, Inc. (concluded):

 

 

 

 

 

 

 

Gas Co. Term Loan, 9.25%,
8/04/16

 

$

614

 

$

618,769

 

 

 

 

 

 

 

953,835

 

Food Products — 0.3%

 

 

 

 

 

 

 

Advance Pierre Foods, Inc.,
(Second Lien) Term Loan,
11.25%, 9/29/17

 

 

135

 

 

134,268

 

Health Care Providers & Services — 0.9%

 

 

 

 

 

 

 

Harden Healthcare, Inc.:

 

 

 

 

 

 

 

Term Loan A, 8.50%, 3/02/15

 

 

72

 

 

70,310

 

Tranche A Additional Term
Loan, 7.75%, 3/02/15

 

 

85

 

 

83,095

 

Health Management Associates,
Term Loan B, 4.50%, 11/16/18

 

 

65

 

 

64,702

 

inVentiv Health, Inc. (FKA Ventive
Health, Inc.), Combined Term
Loan, 6.50%, 8/04/16

 

 

178

 

 

173,467

 

 

 

 

 

 

 

391,574

 

Hotels, Restaurants & Leisure — 0.3%

 

 

 

 

 

 

 

Caesars Entertainment Operating
Co., Inc., Term Loan B3, 3.00%,
1/28/15

 

 

64

 

 

54,470

 

Travelport LLC, (FKA Travelport, Inc.):

 

 

 

 

 

 

 

Extended Team Loan A,
6.00%, 9/28/12

 

 

30

 

 

14,759

 

Extended Team Loan B,
13.87%, 12/01/16

 

 

90

 

 

16,438

 

Team Loan B, 13.87%,
12/01/16

 

 

65

 

 

47,539

 

 

 

 

 

 

 

133,206

 

Independent Power Producers & Energy Traders — 0.8%

 

 

 

 

 

 

 

Texas Competitive Electric
Holdings Co. LLC (TXU),
Extended Term Loan, 4.78%,
10/10/17

 

 

506

 

 

329,359

 

Industrial Conglomerates — 0.2%

 

 

 

 

 

 

 

Sequa Corp., Incremental Term
Loan, 6.25%, 12/03/14

 

 

75

 

 

74,812

 

Media — 4.5%

 

 

 

 

 

 

 

Cengage Learning Acquisitions,
Inc. (FKA Thomson Learning),
Tranche 1 Incremental Term
Loan, 7.50%, 7/03/14

 

 

242

 

 

222,929

 

HMH Publishing Co., Ltd., Term
Loan, 6.44%, 6/12/14

 

 

145

 

 

99,822

 

Intelsat Jackson Holdings SA,
Tranche B Term Loan, 5.25%,
4/02/18

 

 

1,244

 

 

1,227,171

 


 

 

 

 

 

 

 

 

Floating Rate Loan Interests (g)

 

Par
(000)

 

Value

 

Media (concluded)

 

 

 

 

 

 

 

Newsday LLC, Fixed Rate Term
Loan, 10.50%, 8/01/13

 

$

375

 

$

385,781

 

 

 

 

 

 

 

1,935,703

 

Oil, Gas & Consumable Fuels — 0.7%

 

 

 

 

 

 

 

Obsidian Natural Gas Trust, Term
Loan, 7.00%, 11/02/15

 

 

303

 

 

301,736

 

Paper & Forest Products — 0.5%

 

 

 

 

 

 

 

NewPage Corp., DIP Term Loan,
8.00%, 3/07/13

 

 

100

 

 

100,375

 

Verso Paper Finance Holdings LLC,
Term Loan, 6.68%, 2/01/13

 

 

223

 

 

111,677

 

 

 

 

 

 

 

212,052

 

Pharmaceuticals — 0.2%

 

 

 

 

 

 

 

Pharmaceutical Products Development:

 

 

 

 

 

 

 

Bridge Term Loan, 9.50%,
11/02/12

 

 

275

 

 

—

 

Term Loan B, 6.25%,
12/05/18

 

 

65

 

 

64,083

 

 

 

 

 

 

 

64,083

 

Real Estate Investment Trusts (REITs) — 0.5%

 

 

 

 

 

 

 

Istar Financial, Inc., Term Loan A1,
5.00%, 6/28/13

 

 

232

 

 

228,423

 

Real Estate Management & Development — 0.3%

 

 

 

 

 

 

 

Realogy Corp.:

 

 

 

 

 

 

 

Extended Letter of Credit,
4.44%, 10/10/16

 

 

17

 

 

15,439

 

Extended Term Loan, 4.69%,
10/10/16

 

 

123

 

 

108,556

 

 

 

 

 

 

 

123,995

 

Specialty Retail — 0.1%

 

 

 

 

 

 

 

Claire’s Stores, Inc., Term Loan B,
3.04%, 5/29/14

 

 

24

 

 

20,820

 

Wireless Telecommunication Services — 1.2%

 

 

 

 

 

 

 

Vodafone Americas Finance 2, Inc.:

 

 

 

 

 

 

 

Initial Loan, 6.88%, 8/11/15

 

 

268

 

 

266,912

 

PIK Term Loan B, 6.25%,
7/11/16

 

 

250

 

 

248,125

 

 

 

 

 

 

 

515,037

 

Total Floating Rate Loan Interests – 16.7%

 

 

 

 

 

7,161,715

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2011

7



 

 

 

 

Schedule of Investments (continued)

BlackRock High Yield Trust (BHY)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Other Interests (j)

 

Beneficial
Interest
(000)

 

Value

 

Health Care Providers & Services — 0.0%

 

 

 

 

 

 

 

Critical Care Systems International,
Inc.

 

 

5

 

$

477

 

Total Other Interests – 0.0%

 

 

 

 

 

477

 

 

 

 

 

 

 

 

 

 

Preferred Securities

 

 

 

 

 

 

 

Capital Trust

 

 

Par 
(000)

 

 

 

 

Insurance — 0.2%

 

 

 

 

 

 

 

Genworth Financial, Inc., 6.15%,
11/15/66 (g)

 

$

145

 

 

81,019

 

Total Capital Trust– 0.2%

 

 

 

 

 

81,019

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Preferred Stocks

 

 

Shares

 

 

 

 

Diversified Financial Services — 0.1%

 

 

 

 

 

 

 

Ally Financial, Inc. (b)

 

 

50

 

 

35,028

 

Total Preferred Stocks– 0.1%

 

 

 

 

 

35,028

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust Preferreds

 

 

 

 

 

 

 

Diversified Financial Services — 0.3%

 

 

 

 

 

 

 

GMAC Capital Trust I, Series 2,
8.13%, 2/15/40 (g)

 

 

8,470

 

 

160,930

 

Total Preferred Stocks– 0.3%

 

 

 

 

 

160,930

 

Total Preferred Securities – 0.6%

 

 

 

 

 

276,977

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants (k)

 

 

 

 

 

 

 

Diversified Telecommunication Services — 0.0%

 

 

 

 

 

 

 

NEON Communications, Inc.
(Expires 12/02/12)

 

 

53,622

 

 

1

 

Media — 0.1%

 

 

 

 

 

 

 

Cumulus Media, Inc. (Expires
3/26/19)

 

 

13,665

 

 

39,464

 

Software — 0.0%

 

 

 

 

 

 

 

Bankruptcy Management
Solutions, Inc. (Expires 9/29/17)

 

 

61

 

 

1

 

 

 

 

 

 

 

 

 

Warrants (k)

 

 

Shares

 

 

Value

 

HMH Holdings/EduMedia (Expires
3/09/17)

 

 

1,184

 

$

—

 

 

 

 

 

 

 

1

 

Total Warrants – 0.1%

 

 

 

 

 

39,466

 

Total Long-Term Investments
(Cost – $47,406,446) – 109.5%

 

 

 

 

 

47,079,867

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

BlackRock Liquidity Funds,
TempFund, Institutional Class,
0.13% (l)(m)

 

 

367,725

 

 

367,725

 

Total Short-Term Securities
(Cost – $367,725) – 0.9%

 

 

 

 

 

367,725

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Options Purchased

 

 

Contracts

 

 

 

 

Over-the-Counter Call Options — 0.0%

 

 

 

 

 

 

 

Marsico Parent Superholdco LLC,
Strike Price USD 942.86, Expires
12/21/19, Broker Goldman Sachs
Bank USA

 

 

3

 

 

—

 

Total Options Purchased
(Cost – $2,933) – 0.0%

 

 

 

 

 

—

 

Total Investments (Cost — $47,777,104*) - 110.4%

 

 

 

 

 

47,447,592

 

Liabilities in Excess of Other Assets – (10.4)%

 

 

 

 

 

(4,473,505

)

Net Assets – 100.0%

 

 

 

 

$

42,974,087

 


 

 

*

The cost and unrealized appreciation (depreciation) of investments as of November 30, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

 

Aggregate cost

 

 

 

 

$

47,822,310

 

Gross unrealized appreciation

 

 

 

 

$

1,521,632

 

Gross unrealized depreciation

 

 

 

 

 

(1,896,350

)

Net unrealized depreciation

 

 

 

 

$

(374,718

)


 

 

(a)

Non-income producing security.

 

(b)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

(c)

Represents a step-down bond that pays an initial coupon rate for the first period and then a lower coupon rate for the following periods. Rate shown is as of report date.

 

(d)

Represents a payment-in-kind security which may pay interest/dividends in additional par/shares.

 

(e)

Convertible security.

 

(f)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

(g)

Variable rate security. Rate shown is as of report date.

 

(h)

Issuer filed for bankruptcy and/or is in default of interest payments.


 

 

 

 

 

 

 

 

 

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2011

8



 

 

 

 

Schedule of Investments (continued)

BlackRock High Yield Trust (BHY)
(Percentages shown are based on Net Assets)


 

 

(i)

Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

 

(j)

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

 

(k)

Warrants entitle the Trust to purchase a predetermined 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, if any.

 

(l)

Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
Held at
August 31,
2011

 

Net
Activity

 

Shares
Held at
November 30,
2011

 

Income

 

BlackRock Liquidity Funds, TempFund, Institutional Class

 

 

421,345

 

 

(53,620

)

 

367,725

 

$

109

 


 

 

(m)

Represents the current yield as of report date.


 

 

•

Credit default swaps on single-name issues - buy protection outstanding as of November 30, 2011 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuer

 

Pay
Fixed
Rate

 

Counterparty

 

Expiration
Date

 

Notional
Amount
(000)

 

Unrealized
Appreciation

 

K. Hovanian Enterprises, Inc.

 

 

5.00

%

 

JPMorgan Chase Bank NA

 

 

12/20/15

 

$

125

 

$

33,472

 

Republic of Hungary

 

 

1.00

%

 

Deutsche Bank AG

 

 

12/20/15

 

$

50

 

 

3,881

 

Israel (State of)

 

 

1.00

%

 

Deutsche Bank AG

 

 

3/20/16

 

$

100

 

 

618

 

The New York Times Co.

 

 

1.00

%

 

Barclays Bank Plc

 

 

12/20/16

 

$

225

 

 

8,245

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

$

46,216

 


 

 

•

Credit default swaps on single-name issues - sold protection outstanding as of November 30, 2011 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuer

 

Receive
Fixed
Rate

 

Counterparty

 

Expiration
Date

 

Issuer
Credit
Rating 1

 

Notional
Amount
(000) 2

 

Unrealized
Appreciation
(Depreciation)

 

CIT Group, Inc.

 

5.00%

 

 

Deutsche Bank AG

 

 

9/20/15

 

B+

 

$

500

 

$

(3,226

)

Aramark Corp.

 

5.00%

 

 

Credit Suisse Securities (USA) LLC

 

9/20/16

 

B

 

$

50

 

 

831

 

Aramark Corp.

 

5.00%

 

 

Goldman Sachs & Co.

 

 

9/20/16

 

B

 

$

50

 

 

636

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(1,759

)


 

 

1

Using Standard & Poor’s (S&P’s) rating.

 

 

2

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

 

 

•

For Trust compliance purposes, the Trust’s industry classifications refer to any 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 Trust management. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.


 

 

 

 

 

 

 

 

 

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2011

9



 

 

 

 

Schedule of Investments (continued)

BlackRock High Yield Trust (BHY)


 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

 

 

•

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

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)

 

 

 

 

•

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and does not necessarily correspond to the Trust’s perceived risk of investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the inputs used as of November 30, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks

 

$

47,216

 

$

8,738

 

$

1,021,132

 

$

1,077,086

 

Corporate Bonds

 

 

—

 

 

37,871,670

 

 

652,476

 

 

38,524,146

 

Floating Rate Loan Interests

 

 

—

 

 

5,698,841

 

 

1,462,874

 

 

7,161,715

 

Other Interests

 

 

—

 

 

—

 

 

477

 

 

477

 

Preferred Securities

 

 

160,930

 

 

116,047

 

 

—

 

 

276,977

 

Warrants

 

 

—

 

 

39,465

 

 

1

 

 

39,466

 

Short-Term Securities

 

 

367,725

 

 

—

 

 

—

 

 

367,725

 

Total

 

$

575,871

 

$

43,734,761

 

$

3,136,960

 

$

47,447,592

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Derivative Financial Instruments 1

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit contracts

 

 

—

 

$

47,683

 

 

—

 

$

47,683

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit contracts

 

 

—

 

 

—

 

$

(3,226

)

 

(3,226

)

Total

 

 

—

 

$

47,683

 

$

(3,226

)

$

44,457

 


 

 

1

Derivative financial instruments are swaps and options. Swaps are valued at the unrealized appreciation/depreciation on the instrument and options are shown at value.


 

 

 

 

 

 

 

 

 

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2011

10



 

 

 

 

Schedule of Investments (concluded)

BlackRock High Yield Trust (BHY)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common
Stock

 

Corporate
Bonds

 

Floating Rate
Loan Interests

 

Other
Interests

 

Preferred
Securities

 

Warrants

 

Total

 

Assets/Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, as of August 31, 2011

 

$

27,152

 

$

688,980

 

$

1,642,711

 

$

477

 

$

45,985

 

$

34,922

 

$

2,440,227

 

Accrued discounts/premiums

 

 

—

 

 

—

 

 

3,810

 

 

—

 

 

—

 

 

—

 

 

3,810

 

Net realized gain (loss)

 

 

—

 

 

8,873

 

 

6,071

 

 

—

 

 

54,100

 

 

—

 

 

69,044

 

Net change in unrealized appreciation/depreciation 2

 

 

514,817

 

 

(15,501

)

 

(104,703

)

 

—

 

 

(45,985

)

 

4,544

 

 

353,172

 

Purchases

 

 

479,163

 

 

—

 

 

41,277

 

 

—

 

 

—

 

 

—

 

 

520,440

 

Sales

 

 

—

 

 

(29,876

)

 

(45,171

)

 

—

 

 

(54,100

)

 

—

 

 

(129,147

)

Transfers in 3

 

 

—

 

 

—

 

 

306,067

 

 

—

 

 

—

 

 

—

 

 

306,067

 

Transfers out 3

 

 

—

 

 

—

 

 

(387,188

)

 

—

 

 

—

 

 

(39,465

)

 

(426,653

)

Balance, as of November 30, 2011

 

$

1,021,132

 

$

652,476

 

$

1,462,874

 

$

477

 

$

—

 

$

1

 

$

3,136,960

 


 

 

2

The change in unrealized appreciation/depreciation on securities still held at November 30, 2011 was $406,879.

 

 

3

The Trust’s policy is to recognize transfers in and transfers out as of the beginning of the period of the event or the change in circumstances that caused the transfer.

The following is a reconciliation of Level 3 derivative financial instruments for which significant unobservable inputs were used to determine fair value:

 

 

 

 

 

 

 

Credit
Contracts

 

Liabilities:

 

 

 

 

Balance, as of August 31, 2011

 

$

—

 

Accrued discounts/premiums

 

 

7,043

 

Net realized gain (loss)

 

 

—

 

Net change in unrealized appreciation/depreciation

 

 

(3,226

)

Purchases

 

 

—

 

Issuances 3

 

 

(39,375

)

Sales

 

 

—

 

Settlements 4

 

 

—

 

Transfers in 5

 

 

32,332

 

Transfers out 5

 

 

—

 

 

 

 

—

 

Balance, as of November 30, 2011

 

$

(3,226

)


 

 

3

Issuances represent upfront cash received on certain derivative financial instruments.

 

 

4

Settlements represent periodic contractual cash flows and/or cash flows to terminate certain derivative financial instruments.

 

 

5

The Trust’s policy is to recognize transfers in and transfers out as of the beginning of the period of the event or the change in circumstances that caused the transfer.

A reconciliation of Level 3 investments and derivative financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets.

 

 

 

 

 

 

 

 

 

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2011

11

Item 2 –

Controls and Procedures

 

 

2(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.

 

 

2(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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

 

Item 3 –

Exhibits

 

 

 

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 High Yield Trust

   

 

By: /s/ John M. Perlowski

 

 

 

John M. Perlowski

 

 

Chief Executive Officer (principal executive officer) of

 

 

BlackRock High Yield Trust

 

 

 

Date: January 23, 2012

 

 

 

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 High Yield Trust

 

 

 

Date: January 23, 2012

 

 

 

By: /s/ Neal J. Andrews

 

 

 

Neal J. Andrews

 

 

Chief Financial Officer (principal financial officer) of

 

 

BlackRock High Yield Trust

 

 

 

 

Date: January 23, 2012

 

Blackrock High Yield Trust (The) (NYSE:BHY)
Historical Stock Chart
From Jul 2024 to Aug 2024 Click Here for more Blackrock High Yield Trust (The) Charts.
Blackrock High Yield Trust (The) (NYSE:BHY)
Historical Stock Chart
From Aug 2023 to Aug 2024 Click Here for more Blackrock High Yield Trust (The) Charts.