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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Blackrock High Yield Trust (The) | NYSE:BHY | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.03 | 0.00 | 01:00:00 |
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
|
|
|
|
|
|
|
|
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,
|
|
|
91 |
|
|
1 |
|
HMH Holdings/EduMedia |
|
|
13,576 |
|
|
20,364 |
|
|
|
|
|
|
|
20,365 |
|
Total Common Stocks 2.5% |
|
|
|
|
|
1,077,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds
|
|
Par
|
|
|
|
|
|
Aerospace & Defense 0.8% |
|
|
|
|
|
|
|
Huntington Ingalls Industries, Inc.,
|
|
$ |
160 |
|
|
156,800 |
|
Kratos Defense & Security
|
|
|
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
|
|
|
67 |
|
|
64,320 |
|
American Airlines, Inc., Series
|
|
|
79 |
|
|
61,193 |
|
Continental Airlines, Inc.: |
|
|
|
|
|
|
|
6.75%, 9/15/15 (b) |
|
|
90 |
|
|
87,525 |
|
Series
2010-1-B, 6.00%,
|
|
|
100 |
|
|
92,000 |
|
|
|
|
|
|
|
|
|
Corporate Bonds
|
|
Par
|
|
Value |
|
||
Airlines (concluded) |
|
|
|
|
|
|
|
US Airways Pass-Through Trust,
|
|
$ |
110 |
|
$ |
107,800 |
|
United Air Lines, Inc., 12.75%,
|
|
|
246 |
|
|
255,341 |
|
|
|
|
|
|
|
786,479 |
|
Auto Components 2.4% |
|
|
|
|
|
|
|
B-Corp Merger Sub, Inc., 8.25%,
|
|
|
35 |
|
|
31,850 |
|
Dana Holding Corp., 6.75%,
|
|
|
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%,
|
|
|
650 |
|
|
663,000 |
|
Stanadyne Corp., Series 1,
|
|
|
90 |
|
|
81,450 |
|
|
|
|
|
|
|
1,039,250 |
|
Beverages 0.1% |
|
|
|
|
|
|
|
Cott Beverages, Inc., 8.13%,
|
|
|
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
|
|
|
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%,
|
|
|
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%,
|
|
|
110 |
|
|
113,008 |
|
|
|
|
|
|
|
469,852 |
|
Chemicals 3.3% |
|
|
|
|
|
|
|
American Pacific Corp., 9.00%,
|
|
|
140 |
|
|
135,625 |
|
Ashland, Inc., 9.13%, 6/01/17 |
|
|
70 |
|
|
77,700 |
|
Celanese US Holdings LLC, 5.88%,
|
|
|
300 |
|
|
305,250 |
|
Chemtura Corp., 7.88%, 9/01/18 |
|
|
65 |
|
|
66,462 |
|
Hexion US Finance Corp., 9.00%,
|
|
|
50 |
|
|
39,250 |
|
Huntsman International LLC,
|
|
|
25 |
|
|
25,375 |
|
|
|
Portfolio Abbreviation |
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Value |
|
||
Chemicals (concluded) |
|
|
|
|
|
|
|
Kinove German Bondco GmbH,
|
|
$ |
200 |
|
$ |
181,000 |
|
Kraton Polymers LLC, 6.75%,
|
|
|
20 |
|
|
18,500 |
|
Lyondell Chemical Co., 11.00%,
|
|
|
292 |
|
|
314,824 |
|
LyondellBasell Industries NV,
|
|
|
25 |
|
|
25,500 |
|
Nexeo Solutions LLC, 8.38%,
|
|
|
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%,
|
|
|
125 |
|
|
138,437 |
|
ARAMARK Corp., 8.50%, 2/01/15 |
|
|
4 |
|
|
4,100 |
|
AWAS Aviation Capital Ltd., 7.00%,
|
|
|
181 |
|
|
180,800 |
|
Brickman Group Holdings, Inc.,
|
|
|
12 |
|
|
10,680 |
|
Iron Mountain, Inc., 7.75%,
|
|
|
60 |
|
|
61,950 |
|
Mobile Mini, Inc., 7.88%,
|
|
|
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.,
|
|
|
35 |
|
|
34,650 |
|
Consumer Finance 2.8% |
|
|
|
|
|
|
|
Credit Acceptance Corp., 9.13%,
|
|
|
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%,
|
|
|
100 |
|
|
67,250 |
|
|
|
|
|
|
|
1,215,788 |
|
Containers & Packaging 0.5% |
|
|
|
|
|
|
|
Berry Plastics Corp., 8.25%,
|
|
|
20 |
|
|
21,200 |
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par
|
|
Value |
|
||
Containers & Packaging (concluded) |
|
|
|
|
|
|
|
Graphic Packaging International,
|
|
$ |
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%,
|
|
|
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.,
|
|
|
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.,
|
|
|
195 |
|
|
158,437 |
|
Level 3 Escrow, Inc., 8.13%,
|
|
|
490 |
|
|
463,050 |
|
Level 3 Financing, Inc., 8.75%,
|
|
|
15 |
|
|
14,925 |
|
Qwest Communications International,
|
|
|
|
|
|
|
|
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.,
|
|
|
25 |
|
|
25,000 |
|
Calfrac Holdings LP, 7.50%,
|
|
|
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
|
|
Value |
|
||
Energy Equipment & Services (concluded) |
|
|
|
|
|
|
|
Compagnie Generale de
|
|
$ |
65 |
|
$ |
64,675 |
|
Exterran Holdings, Inc., 7.25%,
|
|
|
60 |
|
|
57,000 |
|
Forbes Energy Services Ltd.,
|
|
|
60 |
|
|
55,800 |
|
Frac Tech Services LLC, 7.63%,
|
|
|
295 |
|
|
297,212 |
|
Key Energy Services, Inc., 6.75%,
|
|
|
75 |
|
|
74,156 |
|
MEG Energy Corp., 6.50%,
|
|
|
150 |
|
|
150,750 |
|
Oil States International, Inc.,
|
|
|
50 |
|
|
50,250 |
|
Peabody Energy Corp., 6.25%,
|
|
|
440 |
|
|
443,300 |
|
SunCoke Energy, Inc., 7.63%,
|
|
|
35 |
|
|
34,300 |
|
Transocean, Inc., 6.38%,
|
|
|
125 |
|
|
124,933 |
|
|
|
|
|
|
|
1,440,101 |
|
Food Products 0.1% |
|
|
|
|
|
|
|
Darling International, Inc., 8.50%,
|
|
|
40 |
|
|
44,000 |
|
Smithfield Foods, Inc., 10.00%,
|
|
|
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%,
|
|
|
21 |
|
|
18,743 |
|
Fresenius US Finance II, Inc.,
|
|
|
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,
|
|
|
65 |
|
|
61,425 |
|
Fresenius Medical Care US
|
|
|
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,
|
|
|
70 |
|
|
70,438 |
|
IASIS Healthcare LLC, 8.38%,
|
|
|
125 |
|
|
104,062 |
|
INC Research LLC, 11.50%,
|
|
|
70 |
|
|
63,000 |
|
|
|
|
|
|
|
|
|
Corporate Bonds
|
|
Par
|
|
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%,
|
|
|
200 |
|
|
189,500 |
|
El Dorado Resorts LLC, 8.63%,
|
|
|
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,
|
|
|
25 |
|
|
3 |
|
|
|
|
|
|
|
903,721 |
|
Household Durables 1.6% |
|
|
|
|
|
|
|
Ashton Woods USA LLC, 11.00%,
|
|
|
145 |
|
|
99,325 |
|
Beazer Homes USA, Inc., 12.00%,
|
|
|
40 |
|
|
41,600 |
|
Jarden Corp., 8.00%, 5/01/16 |
|
|
40 |
|
|
43,200 |
|
Ryland Group, Inc., 6.63%,
|
|
|
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.,
|
|
|
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
|
|
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.,
|
|
|
575 |
|
|
589,375 |
|
Energy Future Intermediate
|
|
|
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%,
|
|
|
61 |
|
|
64,050 |
|
Genworth Financial, Inc., 7.63%,
|
|
|
70 |
|
|
63,496 |
|
MPL 2 Acquisition Canco, Inc.,
|
|
|
40 |
|
|
35,200 |
|
USI Holdings Corp., 4.33%,
|
|
|
100 |
|
|
90,500 |
|
|
|
|
|
|
|
253,246 |
|
Machinery 0.9% |
|
|
|
|
|
|
|
AGY Holding Corp., 11.00%,
|
|
|
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%,
|
|
|
40 |
|
|
42,300 |
|
Affinion Group, Inc., 7.88%,
|
|
|
130 |
|
|
108,225 |
|
CCH II LLC, 13.50%, 11/30/16 |
|
|
179 |
|
|
205,724 |
|
CSC Holdings, Inc., 8.50%,
|
|
|
80 |
|
|
88,700 |
|
CCO Holdings LLC, 7.38%,
|
|
|
40 |
|
|
40,000 |
|
Cengage Learning Acquisitions,
|
|
|
35 |
|
|
25,375 |
|
Checkout Holding Corp., 10.98%,
|
|
|
110 |
|
|
54,450 |
|
Cinemark USA, Inc., 8.63%,
|
|
|
35 |
|
|
37,625 |
|
Clear Channel Communications,
|
|
|
140 |
|
|
115,500 |
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par
|
|
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%,
|
|
|
126 |
|
|
128,745 |
|
Loan Close 3, 4.00%, 8/15/18 |
|
|
144 |
|
|
147,194 |
|
Shares Loan, 12.00%,
|
|
|
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%,
|
|
|
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%,
|
|
|
150 |
|
|
160,500 |
|
The Interpublic Group of Cos., Inc.,
|
|
|
55 |
|
|
63,044 |
|
Live Nation Entertainment, Inc.,
|
|
|
125 |
|
|
119,062 |
|
NAI Entertainment Holdings LLC,
|
|
|
105 |
|
|
109,463 |
|
Nielsen Finance LLC, 7.75%,
|
|
|
600 |
|
|
634,500 |
|
The New York Times Co., 6.63%,
|
|
|
225 |
|
|
227,250 |
|
ProQuest LLC, 9.00%, 10/15/18 (b) |
|
|
85 |
|
|
68,000 |
|
ProtoStar I Ltd., 18.00%,
|
|
|
414 |
|
|
207 |
|
UPC Holding BV, 9.88%, 4/15/18 (b) |
|
|
100 |
|
|
103,000 |
|
Unitymedia Hessen GmbH & Co.
|
|
|
400 |
|
|
413,000 |
|
|
|
|
|
|
|
5,228,601 |
|
Metals & Mining 2.1% |
|
|
|
|
|
|
|
FMG Resources August 2006
|
|
|
15 |
|
|
13,763 |
|
Goldcorp, Inc., 2.00%, 8/01/14 |
|
|
85 |
|
|
114,856 |
|
Newmont Mining Corp., Series A,
|
|
|
90 |
|
|
140,062 |
|
Novelis, Inc., 8.75%, 12/15/20 |
|
|
545 |
|
|
574,975 |
|
Taseko Mines Ltd., 7.75%,
|
|
|
70 |
|
|
63,350 |
|
|
|
|
|
|
|
907,006 |
|
Multiline Retail 2.4% |
|
|
|
|
|
|
|
Dollar General Corp., 11.88%,
|
|
|
929 |
|
|
1,026,545 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK HIGH YIELD TRUST |
NOVEMBER 30, 2011 |
4 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock High Yield Trust (BHY)
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par
|
|
Value |
|
||
Oil, Gas & Consumable Fuels 9.7% |
|
|
|
|
|
|
|
Alpha Natural Resources, Inc.,
|
|
$ |
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%,
|
|
|
80 |
|
|
82,400 |
|
Bill Barrett Corp., 9.88%, 7/15/16 |
|
|
5 |
|
|
5,475 |
|
Carrizo Oil & Gas, Inc., 8.63%,
|
|
|
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,
|
|
|
80 |
|
|
78,900 |
|
Coffeyville Resources LLC, 9.00%,
|
|
|
45 |
|
|
47,925 |
|
Concho Resources, Inc., 7.00%,
|
|
|
70 |
|
|
72,800 |
|
Consol Energy, Inc., 8.25%,
|
|
|
330 |
|
|
354,750 |
|
Continental Resources, Inc.,
|
|
|
60 |
|
|
64,800 |
|
Copano Energy LLC, 7.13%,
|
|
|
55 |
|
|
55,000 |
|
Crosstex Energy LP, 8.88%,
|
|
|
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%,
|
|
|
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%,
|
|
|
125 |
|
|
128,750 |
|
Kodiak Oil & Gas Corp., 8.13%,
|
|
|
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,
|
|
|
25 |
|
|
25,719 |
|
Niska Gas Storage US LLC, 8.88%,
|
|
|
220 |
|
|
214,500 |
|
OGX Petroleo e Gas Participacoes
|
|
|
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
|
|
Value |
|
||
Oil, Gas & Consumable Fuels (concluded) |
|
|
|
|
|
|
|
Petroleum Geo-Services ASA,
|
|
$ |
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%,
|
|
|
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
|
|
|
20 |
|
|
20,200 |
|
SandRidge Energy, Inc., 7.50%,
|
|
|
160 |
|
|
146,400 |
|
|
|
|
|
|
|
4,164,319 |
|
Paper & Forest Products 2.4% |
|
|
|
|
|
|
|
Ainsworth Lumber Co. Ltd.,
|
|
|
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%,
|
|
|
285 |
|
|
313,233 |
|
Longview Fibre Paper & Packaging,
|
|
|
55 |
|
|
55,275 |
|
NewPage Corp., 11.38%,
|
|
|
365 |
|
|
254,587 |
|
Sappi Papier Holding GmbH,
|
|
|
25 |
|
|
21,500 |
|
Verso Paper Holdings LLC,
|
|
|
135 |
|
|
137,700 |
|
|
|
|
|
|
|
1,024,797 |
|
Pharmaceuticals 0.7% |
|
|
|
|
|
|
|
Endo Pharmaceuticals Holdings,
|
|
|
30 |
|
|
30,750 |
|
Jaguar Holding Co. II, 9.50%,
|
|
|
70 |
|
|
70,350 |
|
Valeant Pharmaceuticals
|
|
|
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%,
|
|
|
85 |
|
|
85,000 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK HIGH YIELD TRUST |
NOVEMBER 30, 2011 |
5 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock High Yield Trust (BHY)
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par
|
|
Value |
|
||
Real Estate Management & Development 1.6% |
|
|
|
|
|
|
|
CB Richard Ellis Services, Inc.,
|
|
$ |
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
|
|
|
205 |
|
|
187,575 |
|
|
|
|
|
|
|
672,625 |
|
Road & Rail 1.2% |
|
|
|
|
|
|
|
Avis Budget Car Rental LLC,
|
|
|
75 |
|
|
72,188 |
|
Florida East Coast Railway Corp.,
|
|
|
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
|
|
|
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%,
|
|
|
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,
|
|
|
50 |
|
|
51,125 |
|
Sonic Automotive, Inc., 9.00%,
|
|
|
65 |
|
|
67,762 |
|
Toys R US-Delaware, Inc., 7.38%,
|
|
|
70 |
|
|
69,300 |
|
United Auto Group, Inc., 7.75%,
|
|
|
165 |
|
|
167,475 |
|
|
|
|
|
|
|
841,550 |
|
Wireless Telecommunication Services 3.9% |
|
|
|
|
|
|
|
Cricket Communications,
|
|
|
250 |
|
|
249,375 |
|
Crown Castle International Corp.,
|
|
|
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%,
|
|
|
130 |
|
|
113,425 |
|
Sprint Capital Corp., 6.88%,
|
|
|
240 |
|
|
167,400 |
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par
|
|
Value |
|
||
Wireless Telecommunication Services (concluded) |
|
|
|
|
|
|
|
Sprint Nextel Corp., 9.00%,
|
|
$ |
460 |
|
$ |
463,450 |
|
|
|
|
|
|
|
1,680,090 |
|
Household Products 0.3% |
|
|
|
|
|
|
|
Spectrum Brands Holdings, Inc.,
|
|
|
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
|
|
|
150 |
|
|
142,368 |
|
Building Products 0.0% |
|
|
|
|
|
|
|
Goodman Global Holdings, Inc.,
|
|
|
20 |
|
|
20,446 |
|
Commercial Services & Supplies 0.9% |
|
|
|
|
|
|
|
AWAS Finance Luxembourg Sarl,
|
|
|
113 |
|
|
111,338 |
|
Volume Services America, Inc.,
|
|
|
163 |
|
|
160,696 |
|
Delos Aircraft, Inc., Term Loan B2,
|
|
|
100 |
|
|
100,100 |
|
|
|
|
|
|
|
372,134 |
|
Construction & Engineering 0.6% |
|
|
|
|
|
|
|
Safway Services, LLC, Mezzanine
|
|
|
250 |
|
|
250,000 |
|
Consumer Finance 1.7% |
|
|
|
|
|
|
|
Springleaf Finance Corp. (FKA
|
|
|
840 |
|
|
728,179 |
|
Diversified Consumer Services 0.0% |
|
|
|
|
|
|
|
ServiceMaster Co.: |
|
|
|
|
|
|
|
Delayed
Draw Term Loan,
|
|
|
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%,
|
|
|
150 |
|
|
145,125 |
|
Tranche
A Term Loan, 2.65%,
|
|
|
75 |
|
|
70,406 |
|
|
|
|
|
|
|
215,531 |
|
Energy Equipment & Services 2.2% |
|
|
|
|
|
|
|
Dynegy Holdings, Inc.: |
|
|
|
|
|
|
|
Coal
Co. Term Loan, 9.25%,
|
|
|
336 |
|
|
335,066 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK HIGH YIELD TRUST |
NOVEMBER 30, 2011 |
6 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock High Yield Trust (BHY)
|
|
|
|
|
|
|
|
|
Floating Rate Loan Interests (g) |
|
Par
|
|
Value |
|
||
Energy Equipment & Services (concluded) |
|
|
|
|
|
|
|
Dynegy Holdings, Inc. (concluded): |
|
|
|
|
|
|
|
Gas
Co. Term Loan, 9.25%,
|
|
$ |
614 |
|
$ |
618,769 |
|
|
|
|
|
|
|
953,835 |
|
Food Products 0.3% |
|
|
|
|
|
|
|
Advance Pierre Foods, Inc.,
|
|
|
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
|
|
|
85 |
|
|
83,095 |
|
Health Management Associates,
|
|
|
65 |
|
|
64,702 |
|
inVentiv Health, Inc. (FKA Ventive
|
|
|
178 |
|
|
173,467 |
|
|
|
|
|
|
|
391,574 |
|
Hotels, Restaurants & Leisure 0.3% |
|
|
|
|
|
|
|
Caesars Entertainment Operating
|
|
|
64 |
|
|
54,470 |
|
Travelport LLC, (FKA Travelport, Inc.): |
|
|
|
|
|
|
|
Extended
Team Loan A,
|
|
|
30 |
|
|
14,759 |
|
Extended
Team Loan B,
|
|
|
90 |
|
|
16,438 |
|
Team
Loan B, 13.87%,
|
|
|
65 |
|
|
47,539 |
|
|
|
|
|
|
|
133,206 |
|
Independent Power Producers & Energy Traders 0.8% |
|
|
|
|
|
|
|
Texas Competitive Electric
|
|
|
506 |
|
|
329,359 |
|
Industrial Conglomerates 0.2% |
|
|
|
|
|
|
|
Sequa Corp., Incremental Term
|
|
|
75 |
|
|
74,812 |
|
Media 4.5% |
|
|
|
|
|
|
|
Cengage Learning Acquisitions,
|
|
|
242 |
|
|
222,929 |
|
HMH Publishing Co., Ltd., Term
|
|
|
145 |
|
|
99,822 |
|
Intelsat Jackson Holdings SA,
|
|
|
1,244 |
|
|
1,227,171 |
|
|
|
|
|
|
|
|
|
Floating Rate Loan Interests (g) |
|
Par
|
|
Value |
|
||
Media (concluded) |
|
|
|
|
|
|
|
Newsday LLC, Fixed Rate Term
|
|
$ |
375 |
|
$ |
385,781 |
|
|
|
|
|
|
|
1,935,703 |
|
Oil, Gas & Consumable Fuels 0.7% |
|
|
|
|
|
|
|
Obsidian Natural Gas Trust, Term
|
|
|
303 |
|
|
301,736 |
|
Paper & Forest Products 0.5% |
|
|
|
|
|
|
|
NewPage Corp., DIP Term Loan,
|
|
|
100 |
|
|
100,375 |
|
Verso Paper Finance Holdings LLC,
|
|
|
223 |
|
|
111,677 |
|
|
|
|
|
|
|
212,052 |
|
Pharmaceuticals 0.2% |
|
|
|
|
|
|
|
Pharmaceutical Products Development: |
|
|
|
|
|
|
|
Bridge
Term Loan, 9.50%,
|
|
|
275 |
|
|
|
|
Term
Loan B, 6.25%,
|
|
|
65 |
|
|
64,083 |
|
|
|
|
|
|
|
64,083 |
|
Real Estate Investment Trusts (REITs) 0.5% |
|
|
|
|
|
|
|
Istar Financial, Inc., Term Loan A1,
|
|
|
232 |
|
|
228,423 |
|
Real Estate Management & Development 0.3% |
|
|
|
|
|
|
|
Realogy Corp.: |
|
|
|
|
|
|
|
Extended
Letter of Credit,
|
|
|
17 |
|
|
15,439 |
|
Extended
Term Loan, 4.69%,
|
|
|
123 |
|
|
108,556 |
|
|
|
|
|
|
|
123,995 |
|
Specialty Retail 0.1% |
|
|
|
|
|
|
|
Claires Stores, Inc., Term Loan B,
|
|
|
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%,
|
|
|
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)
|
|
|
|
|
|
|
|
|
Other Interests (j) |
|
Beneficial
|
|
Value |
|
||
Health Care Providers & Services 0.0% |
|
|
|
|
|
|
|
Critical Care Systems International,
|
|
|
5 |
|
$ |
477 |
|
Total Other Interests 0.0% |
|
|
|
|
|
477 |
|
|
|
|
|
|
|
|
|
|
|||||||
Preferred Securities |
|
|
|
|
|
|
|
Capital Trust |
|
|
Par
|
|
|
|
|
Insurance 0.2% |
|
|
|
|
|
|
|
Genworth Financial, Inc., 6.15%,
|
|
$ |
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,
|
|
|
8,470 |
|
|
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.
|
|
|
53,622 |
|
|
1 |
|
Media 0.1% |
|
|
|
|
|
|
|
Cumulus Media, Inc. (Expires
|
|
|
13,665 |
|
|
39,464 |
|
Software 0.0% |
|
|
|
|
|
|
|
Bankruptcy Management
|
|
|
61 |
|
|
1 |
|
|
|
|
|
|
|
|
|
Warrants (k) |
|
|
Shares |
|
|
Value |
|
HMH Holdings/EduMedia (Expires
|
|
|
1,184 |
|
$ |
|
|
|
|
|
|
|
|
1 |
|
Total Warrants 0.1% |
|
|
|
|
|
39,466 |
|
Total Long-Term Investments
|
|
|
|
|
|
47,079,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
|
|
|
|
|
BlackRock Liquidity Funds,
|
|
|
367,725 |
|
|
367,725 |
|
Total Short-Term Securities
|
|
|
|
|
|
367,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options Purchased |
|
|
Contracts |
|
|
|
|
Over-the-Counter Call Options 0.0% |
|
|
|
|
|
|
|
Marsico Parent Superholdco LLC,
|
|
|
3 |
|
|
|
|
Total Options Purchased
|
|
|
|
|
|
|
|
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)
|
|
|
(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
|
|
Net
|
|
Shares
|
|
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
|
|
Counterparty |
|
Expiration
|
|
Notional
|
|
Unrealized
|
|
|||||
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
|
|
Counterparty |
|
Expiration
|
|
Issuer
|
|
Notional
|
|
Unrealized
|
|
|||||||
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 & Poors (S&Ps) 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 Trusts 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 Trusts 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 Trusts perceived risk of investing in those securities. For information about the Trusts policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Trusts 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 Trusts 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
|
|
Corporate
|
|
Floating
Rate
|
|
Other
|
|
Preferred
|
|
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 Trusts 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
|
|
|
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 Trusts 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 |
1 Year Blackrock High Yield Trust (The) Chart |
1 Month Blackrock High Yield Trust (The) Chart |
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