Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

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: [phone], Option 4

 

Date of fiscal year end: 08/31/2013

 

Date of reporting period: 11/30/2012

 

Item 1 – Schedule of Investments

Schedule of Investments November 30, 2012 (Unaudited)

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

			Shares			Value
Common Stocks
Auto Components — 0.9%
Dana Holding Corp.		11,100		$			157,398
Delphi Automotive Plc (a)		7,237					245,989
							403,387
Biotechnology — 0.0%
Ironwood Pharmaceuticals, Inc. (a)		1,210					13,068
Capital Markets — 0.6%
American Capital Ltd. (a)		18,771					224,877
E*Trade Financial Corp. (a)		4,900					41,258
							266,135
Chemicals — 0.2%
ADA-ES, Inc. (a)		300					4,905
Huntsman Corp.		4,500					73,980
							78,885
Commercial Banks — 0.4%
CIT Group, Inc. (a)		5,216					193,253
Diversified Telecommunication Services — 0.3%
Broadview Networks Holdings, Inc. (a)		6,337					42,395
Level 3 Communications, Inc. (a)		4,300					81,098
							123,493
Hotels, Restaurants & Leisure — 0.0%
Travelport Worldwide Ltd. (a)(b)(c)		12,460					1,620
Insurance — 0.8%
American International Group, Inc. (a)		11,116					368,273
Media — 1.0%
Charter Communications, Inc., Class A (a)		6,440					456,274
Oil, Gas & Consumable Fuels — 0.0%
African Petroleum Corp. Ltd. (a)		17,200					19,924
Paper & Forest Products — 0.0%
Ainsworth Lumber Co. Ltd. (a)		2,234					7,309
Ainsworth Lumber Co. Ltd. (a)(b)		2,507					8,202
							15,511
Software — 0.1%
Bankruptcy Management Solutions, Inc. (a)		91					2
HMH Holdings/EduMedia (a)		3,231					64,623
							64,625
Wireless Telecommunication Services — 0.1%
MetroPCS Communications, Inc. (a)		6,580					70,077
Total Common Stocks – 4.4%						2,074,525

 

				Par (000)			Value
Corporate Bonds
Aerospace & Defense — 0.8%
Huntington Ingalls Industries, Inc., 6.88%, 3/15/18			USD160		$			171,600
Kratos Defense & Security Solutions, Inc., 10.00%, 6/01/17			210					228,900
								400,500
Air Freight & Logistics — 0.4%
National Air Cargo Group, Inc.:
	Series 1, 12.38%, 9/02/15		95					95,903
	Series 2, 12.38%, 8/16/15		96					97,058
								192,961
Airlines — 1.4%
American Airlines Pass-Through Trust, Series 2011-2, Class A, 8.63%, 4/15/23			185					188,910
Continental Airlines, Inc. Pass-Through Trust, Series 2010-1, Class B, 6.00%, 7/12/20			89					90,785
Delta Air Lines Pass-Through Trust, Series 2002-1, Class G-1, 6.72%, 7/02/24			104					114,367
US Airways Pass-Through Trust:
	Series 2011-1, Class C 10.88%, 10/22/14		90					93,647
	Series 2012-1, Class B 6.75%, 12/03/22 (d)		100					100,000
	Series 2012-1, Class C 9.13%, 10/01/15		80					83,200
								670,909
Auto Components — 2.5%
Dana Holding Corp., 6.75%, 2/15/21			180					192,600
Delphi Corp., 6.13%, 5/15/21			30					33,150
Icahn Enterprises LP, 8.00%, 1/15/18			650					690,625
IDQ Holdings, Inc., 11.50%, 4/01/17 (e)			85					91,800
Jaguar Land Rover Plc, 8.25%, 3/15/20		GBP	100					176,237
								1,184,412
Beverages — 0.3%
Crown European Holdings SA, 7.13%, 8/15/18		EUR	92					131,616
Building Products — 0.8%
Building Materials Corp. of America (e):
	7.00%, 2/15/20	USD	20					21,800
	6.75%, 5/01/21		160					175,200
Momentive Performance Materials, Inc., 8.88%, 10/15/20 (e)			60					59,550

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2012    1

Schedule of Investments (continued)

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

 

				Par (000)			Value
Corporate Bonds
Building Products (concluded)
USG Corp., 9.75%, 1/15/18		USD	100		$			111,500
								368,050
Capital Markets — 0.9%
E*Trade Financial Corp.:
	12.50%, 11/30/17		180					202,563
	Series A 1.74%, 8/31/19 (f)(g)		71					63,190
KKR Group Finance Co. LLC, 6.38%, 9/29/20 (e)			110					128,814
Nuveen Investments, Inc., 9.13%, 10/15/17 (e)			47					46,648
								441,215
Chemicals — 4.0%
Basell Finance Co. BV, 8.10%, 3/15/27 (e)			60					81,000
Celanese US Holdings LLC, 5.88%, 6/15/21			300					335,250
Hexion US Finance Corp., 6.63%, 4/15/20			24					23,940
Huntsman International LLC, 8.63%, 3/15/21			25					28,313
INEOS Finance Plc (e):
	8.38%, 2/15/19		100					106,625
	7.50%, 5/01/20		75					77,437
Kraton Polymers LLC, 6.75%, 3/01/19			20					20,650
LyondellBasell Industries NV, 5.75%, 4/15/24			485					582,000
Nexeo Solutions LLC, 8.38%, 3/01/18			30					28,500
Nufarm Australia Ltd., 6.38%, 10/15/19 (e)			35					36,225
Orion Engineered Carbons Bondco GmbH, 9.63%, 6/15/18 (e)			200					216,500
PolyOne Corp., 7.38%, 9/15/20			35					37,975
Rockwood Specialties Group, Inc., 4.63%, 10/15/20			65					66,462
TPC Group LLC, 8.25%, 10/01/17			55					61,050
Tronox Finance LLC, 6.38%, 8/15/20 (e)			205					201,925
								1,903,852
Commercial Banks — 0.8%
CIT Group, Inc.:
	5.25%, 3/15/18		130					137,962
	5.50%, 2/15/19 (e)		80					85,200
	5.00%, 8/15/22		70					73,393
	6.00%, 4/01/36		90					81,609
								378,164
Commercial Services & Supplies — 2.4%
ADS Waste Holdings, Inc., 8.25%, 10/01/20 (e)			46					48,070
				Par (000)			Value
Corporate Bonds
Commercial Services & Supplies (concluded)
ARAMARK Holdings Corp., 8.63%, 5/01/16 (c)(e)		USD	70		$			71,751
Aviation Capital Group Corp., 6.75%, 4/06/21 (e)			92					95,488
AWAS Aviation Capital Ltd., 7.00%, 10/17/16 (e)			162					170,488
Brickman Group Holdings, Inc., 9.13%, 11/01/18 (e)			7					7,175
Catalent Pharma Solutions, Inc., 7.88%, 10/15/18 (e)			101					102,010
Clean Harbors, Inc.:
	5.25%, 8/01/20		88					90,420
	5.13%, 6/01/21 (d)(e)		35					35,787
Covanta Holding Corp., 6.38%, 10/01/22			135					146,395
HDTFS, Inc. (e):
	5.88%, 10/15/20		15					15,488
	6.25%, 10/15/22		45					46,631
Mead Products LLC/ACCO Brands Corp., 6.75%, 4/30/20 (e)			14					14,525
Mobile Mini, Inc., 7.88%, 12/01/20			60					65,175
RSC Equipment Rental, Inc., 8.25%, 2/01/21			77					86,240
Verisure Holding AB, 8.75%, 9/01/18		EUR	100					138,509
West Corp., 8.63%, 10/01/18		USD	25					25,812
								1,159,964
Communications Equipment — 1.3%
Avaya, Inc., 9.75%, 11/01/15			40					31,700
Frontier Communications Corp., 6.25%, 1/15/13			150					150,750
Zayo Group LLC/Zayo Capital, Inc.:
	8.13%, 1/01/20		155					169,337
	10.13%, 7/01/20		220					246,400
								598,187
Computers & Peripherals — 0.3%
EMC Corp., Series B, 1.75%, 12/01/13 (g)			20					31,400
NCR Corp., 5.00%, 7/15/22 (e)			50					50,625
SanDisk Corp., 1.50%, 8/15/17 (g)			50					55,625
								137,650
Construction & Engineering — 0.2%
Boart Longyear Management Property Ltd., 7.00%, 4/01/21 (e)			35					34,650
H&E Equipment Services, Inc., 7.00%, 9/01/22 (e)			60					63,300
								97,950

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2012    2

Schedule of Investments (continued)

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

 

				Par (000)			Value
Corporate Bonds
Construction Materials — 2.2%
HD Supply, Inc. (e):
	8.13%, 4/15/19	USD	265		$			298,788
	11.00%, 4/15/20		240					277,200
	11.50%, 7/15/20		305					333,212
Xefin Lux SCA, 8.00%, 6/01/18		EUR	100					134,607
								1,043,807
Consumer Finance — 1.5%
Credit Acceptance Corp., 9.13%, 2/01/17		USD	80					87,400
Ford Motor Credit Co. LLC:
	12.00%, 5/15/15		120					147,300
	6.63%, 8/15/17		230					267,853
	5.88%, 8/02/21		200					229,190
								731,743
Containers & Packaging — 1.1%
Ardagh Packaging Finance Plc, 9.13%, 10/15/20 (e)			200					215,000
Berry Plastics Corp.:
	4.26%, 9/15/14 (h)		50					50,000
	8.25%, 11/15/15		20					20,900
	9.75%, 1/15/21		30					34,125
Graphic Packaging International, Inc., 7.88%, 10/01/18			60					66,300
Smurfit Kappa Acquisitions, 7.75%, 11/15/19		EUR	64					91,888
Tekni-Plex, Inc., 9.75%, 6/01/19 (e)		USD	30					32,400
								510,613
Distributors — 0.5%
VWR Funding, Inc., 7.25%, 9/15/17 (e)			229					236,442
Diversified Consumer Services — 0.9%
313 Group, Inc. (e):
	6.38%, 12/01/19		105					103,425
	8.75%, 12/01/20		98					96,285
Laureate Education, Inc., 9.25%, 9/01/19 (e)			205					209,100
ServiceMaster Co., 8.00%, 2/15/20			35					35,612
								444,422
Diversified Financial Services — 4.6%
Aircastle Ltd.:
	6.75%, 4/15/17		70					74,025
	6.25%, 12/01/19 (e)		53					53,795
Ally Financial, Inc., 8.00%, 11/01/31			610					774,700
CNG Holdings, Inc., 9.38%, 5/15/20 (e)			80					81,400
DPL, Inc., 7.25%, 10/15/21			195					205,725
Leucadia National Corp., 8.13%, 9/15/15			140					158,200
				Par (000)			Value
Corporate Bonds
Diversified Financial Services (concluded)
Reynolds Group Issuer, Inc.:
	9.88%, 8/15/19	USD	175		$			185,500
	5.75%, 10/15/20 (e)		390					398,775
	6.88%, 2/15/21		115					123,912
WMG Acquisition Corp.:
	11.50%, 10/01/18		72					81,360
	6.00%, 1/15/21 (e)		54					55,350
								2,192,742
Diversified Telecommunication Services — 2.2%
Broadview Networks Holdings, Inc., 10.50%, 11/15/17			98					97,500
Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp., 6.38%, 9/15/20 (e)			75					77,062
Consolidated Communications Finance Co., 10.88%, 6/01/20 (e)			55					59,125
Level 3 Communications, Inc., 8.88%, 6/01/19 (e)			55					57,750
Level 3 Financing, Inc.:
	8.13%, 7/01/19		355					379,850
	7.00%, 6/01/20 (e)		75					76,313
	8.63%, 7/15/20		140					152,250
tw telecom holdings, Inc., 5.38%, 10/01/22 (e)			50					51,750
Windstream Corp.:
	8.13%, 8/01/13		25					26,000
	7.88%, 11/01/17		70					77,525
								1,055,125
Electric Utilities — 0.2%
Mirant Mid Atlantic Pass-Through Trust, Series B, 9.13%, 6/30/17			84					91,831
Electrical Equipment — 0.3%
Belden, Inc., 5.50%, 9/01/22 (e)			60					60,750
General Cable Corp., 5.75%, 10/01/22 (e)			100					102,000
								162,750
Electronic Equipment, Instruments & Components — 0.1%
Jabil Circuit, Inc., 8.25%, 3/15/18			40					47,000
Energy Equipment & Services — 4.0%
Atwood Oceanics, Inc., 6.50%, 2/01/20			25					26,688
Calfrac Holdings LP, 7.50%, 12/01/20 (e)			65					63,700
Compagnie Générale de Géophysique, Veritas:
	7.75%, 5/15/17		65					67,600
	6.50%, 6/01/21		200					210,000
Forbes Energy Services Ltd., 9.00%, 6/15/19			60					54,150

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2012    3

Schedule of Investments (continued)

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

 

				Par (000)			Value
Corporate Bonds
Energy Equipment & Services (concluded)
FTS International Services LLC/FTS International Bonds, Inc., 8.13%, 11/15/18 (e)		USD	214		$			220,420
Gulfmark Offshore, Inc., 6.38%, 3/15/22 (e)			25					25,500
Hornbeck Offshore Services, Inc., 5.88%, 4/01/20			50					51,250
Key Energy Services, Inc., 6.75%, 3/01/21			75					75,187
MEG Energy Corp. (e):
	6.50%, 3/15/21		205					213,969
	6.38%, 1/30/23		75					77,812
Oil States International, Inc., 6.50%, 6/01/19			50					53,125
Peabody Energy Corp.:
	6.25%, 11/15/21		230					238,625
	7.88%, 11/01/26		65					69,875
Precision Drilling Corp.:
	6.63%, 11/15/20		10					10,550
	6.50%, 12/15/21		45					47,025
Seadrill Ltd., 5.63%, 9/15/17 (e)			410					410,000
								1,915,476
Food & Staples Retailing — 0.1%
Rite Aid Corp., 9.25%, 3/15/20			60					61,200
Food Products — 0.5%
Darling International, Inc., 8.50%, 12/15/18			20					22,925
Del Monte Corp., 7.63%, 2/15/19			9					9,248
Post Holdings, Inc., 7.38%, 2/15/22 (e)			110					117,562
Smithfield Foods, Inc., 6.63%, 8/15/22			82					86,920
								236,655
Health Care Equipment & Supplies — 2.5%
Biomet, Inc. (e):
	6.50%, 8/01/20		254					265,430
	6.50%, 10/01/20		383					379,170
DJO Finance LLC:
	8.75%, 3/15/18 (e)		63					68,670
	7.75%, 4/15/18		20					18,650
	9.88%, 4/15/18 (e)		80					80,200
Fresenius Medical Care US Finance II, Inc., 5.88%, 1/31/22 (e)			110					117,975
Fresenius Medical Care US Finance, Inc., 6.50%, 9/15/18 (e)			54					60,615
Fresenius US Finance II, Inc., 9.00%, 7/15/15 (e)			80					92,200
Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/01/19 (e)			55					51,700
Teleflex, Inc., 6.88%, 6/01/19			50					53,875
								1,188,485
				Par (000)			Value
Corporate Bonds
Health Care Providers & Services — 7.7%
Aviv Healthcare Properties LP, 7.75%, 2/15/19		USD	95		$			99,750
CHS/Community Health Systems, Inc.:
	5.13%, 8/15/18		140					147,350
	7.13%, 7/15/20		75					79,313
Crown Newco 3 Plc, 7.00%, 2/15/18		GBP	100					168,226
DaVita HealthCare Partners, Inc., 5.75%, 8/15/22		USD	148					154,660
HCA, Inc.:
	8.50%, 4/15/19		25					28,063
	6.50%, 2/15/20		370					415,325
	7.88%, 2/15/20		115					129,231
	7.25%, 9/15/20		410					457,150
	5.88%, 3/15/22		35					38,063
	4.75%, 5/01/23		120					121,200
Hologic, Inc., 6.25%, 8/01/20 (e)			158					167,875
IASIS Healthcare LLC, 8.38%, 5/15/19			260					245,700
INC Research LLC, 11.50%, 7/15/19 (e)			70					70,700
inVentiv Health, Inc., 10.00%, 8/15/18 (e)			5					4,350
Omnicare, Inc., 7.75%, 6/01/20			160					177,000
PSS World Medical, Inc., 6.38%, 3/01/22			58					68,150
Symbion, Inc., 8.00%, 6/15/16			55					56,650
Tenet Healthcare Corp.:
	10.00%, 5/01/18		229					261,060
	6.25%, 11/01/18		55					60,500
	8.88%, 7/01/19		360					403,200
	6.75%, 2/01/20 (e)		90					91,237
	4.75%, 6/01/20 (e)		125					125,937
Vanguard Health Holding Co. II LLC, 7.75%, 2/01/19 (e)			75					77,250
								3,647,940
Health Care Technology — 1.1%
IMS Health, Inc. (e):
	12.50%, 3/01/18		410					484,825
	6.00%, 11/01/20		24					24,780
								509,605
Hotels, Restaurants & Leisure — 4.1%
Caesars Entertainment Operating Co., Inc.:
	11.25%, 6/01/17		190					204,131
	10.00%, 12/15/18		284					181,050
Caesars Operating Escrow LLC (e):
	8.50%, 2/15/20		55					53,900
	9.00%, 2/15/20		210					210,000
Diamond Resorts Corp., 12.00%, 8/15/18			200					216,000
El Dorado Resorts LLC, 8.63%, 6/15/19 (e)			25					24,125

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2012    4

Schedule of Investments (continued)

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

 

				Par (000)			Value
Corporate Bonds
Hotels, Restaurants & Leisure (concluded)
MGM Resorts International:
	10.38%, 5/15/14	USD	345		$			385,537
	4.25%, 4/15/15 (g)		183					186,317
	11.13%, 11/15/17		185					203,038
MTR Gaming Group, Inc., 11.50%, 8/01/19 (c)			25					26,381
Station Casinos LLC, 3.66%, 6/18/18			111					94,073
Travelport LLC:
	5.04%, 9/01/14 (h)		20					14,100
	9.88%, 9/01/14		5					3,925
	6.36%, 12/01/16 (c)(e)(h)		69					51,047
Tropicana Entertainment LLC, 9.63%, 12/15/14 (a)(b)			25					—
Wynn Las Vegas LLC, 5.38%, 3/15/22			100					106,000
								1,959,624
Household Durables — 2.6%
Beazer Homes USA, Inc., 6.63%, 4/15/18 (e)			10					10,650
Jarden Corp., 8.00%, 5/01/16			40					42,600
K. Hovnanian Enterprises, Inc.:
	6.00%, 12/01/17 (g)		25					28,567
	7.25%, 10/15/20 (e)		160					171,600
Libbey Glass, Inc., 6.88%, 5/15/20 (e)			100					107,000
PH Holding LLC, 9.75%, 12/31/17			55					53,900
Pulte Group, Inc., 6.38%, 5/15/33			30					29,400
The Ryland Group, Inc., 6.63%, 5/01/20			60					66,750
Spie BondCo 3 SCA, 11.00%, 8/15/19		EUR	100					138,509
Standard Pacific Corp.:
	10.75%, 9/15/16	USD	300					367,500
	8.38%, 1/15/21		170					194,650
								1,211,126
Household Products — 0.9%
Ontex IV SA, 7.50%, 4/15/18 (e)		EUR	100					136,558
Spectrum Brands Escrow Corp. (e):
	6.38%, 11/15/20	USD	63					65,362
	6.63%, 11/15/22		40					41,900
Spectrum Brands, Inc.:
	9.50%, 6/15/18		160					182,200
	6.75%, 3/15/20 (e)		17					17,723
								443,743
Independent Power Producers & Energy Traders — 3.4%
The AES Corp., 7.38%, 7/01/21			45					49,838
Calpine Corp. (e):
	7.25%, 10/15/17		27					28,890
	7.50%, 2/15/21		13					14,365
	7.88%, 1/15/23		63					70,245
Energy Future Holdings Corp., 10.00%, 1/15/20			265					281,562
				Par (000)			Value
Corporate Bonds
Independent Power Producers & Energy Traders (concluded)
Energy Future Intermediate Holding Co. LLC:
	6.88%, 8/15/17 (e)	USD	125		$			128,125
	10.00%, 12/01/20		508					566,420
GenOn REMA LLC, 9.24%, 7/02/17			70					76,491
Laredo Petroleum, Inc.:
	9.50%, 2/15/19		90					100,800
	7.38%, 5/01/22		60					64,950
NRG Energy, Inc., 6.63%, 3/15/23 (e)			105					108,675
QEP Resources, Inc.:
	5.38%, 10/01/22		56					59,080
	5.25%, 5/01/23		40					42,000
								1,591,441
Industrial Conglomerates — 2.0%
Sequa Corp. (e):
	11.75%, 12/01/15		350					362,250
	13.50%, 12/01/15		586					609,208
								971,458
Insurance — 0.3%
CNO Financial Group, Inc., 6.38%, 10/01/20 (e)			37					38,665
Genworth Financial, Inc., 7.63%, 9/24/21			70					75,615
MPL 2 Acquisition Canco, Inc., 9.88%, 8/15/18 (e)			40					37,300
								151,580
IT Services — 3.2%
Ceridian Corp., 8.88%, 7/15/19 (e)			245					262,150
Epicor Software Corp., 8.63%, 5/01/19			87					90,698
First Data Corp.:
	7.38%, 6/15/19 (e)		265					272,287
	8.88%, 8/15/20 (e)		90					98,550
	6.75%, 11/01/20 (e)		255					256,912
	8.25%, 1/15/21 (e)		37					36,908
	12.63%, 1/15/21		181					190,502
SunGard Data Systems, Inc.:
	7.38%, 11/15/18		150					159,938
	6.63%, 11/01/19 (e)		130					132,600
								1,500,545
Machinery — 1.7%
The Manitowoc Co., Inc., 5.88%, 10/15/22			80					80,000
SPX Corp., 6.88%, 9/01/17			30					33,600
Terex Corp., 6.00%, 5/15/21			85					88,187
UR Merger Sub Corp.:
	5.75%, 7/15/18 (e)		43					46,333
	7.38%, 5/15/20 (e)		75					81,938
	7.63%, 4/15/22 (e)		421					466,257

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2012    5

Schedule of Investments (continued)

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

 

				Par (000)			Value
Corporate Bonds
Machinery (concluded)
UR Merger Sub Corp. (concluded):
	6.13%, 6/15/23	USD	30		$			30,825
								827,140
Media — 10.9%
Affinion Group, Inc., 7.88%, 12/15/18			130					104,000
AMC Networks, Inc., 7.75%, 7/15/21			40					45,400
Cablevision Systems Corp., 5.88%, 9/15/22			85					83,300
CCO Holdings LLC:
	6.50%, 4/30/21		108					116,505
	5.25%, 9/30/22		190					191,425
Cengage Learning Acquisitions, Inc., 11.50%, 4/15/20 (e)			195					161,850
Checkout Holding Corp., 13.99%, 11/15/15 (e)(f)			110					73,700
Cinemark USA, Inc., 8.63%, 6/15/19			35					38,675
Clear Channel Communications, Inc.:
	9.00%, 12/15/19 (e)		88					79,750
	9.00%, 3/01/21		76					67,070
Clear Channel Worldwide Holdings, Inc.:
	6.50%, 11/15/22 (e)		102					101,490
	6.50%, 11/15/22 (e)		277					278,385
	Series B 7.63%, 3/15/20		187					183,260
Cox Enterprises, Inc.:
	Loan Close 2, 12.00%, 8/15/18		131					131,031
	Loan Close 3, 4.00%, 8/15/18		150					149,807
	Shares Loan, 12.00%, 8/15/18		155					154,504
DISH DBS Corp., 5.88%, 7/15/22			250					267,812
Harron Communications LP, 9.13%, 4/01/20 (e)			60					65,250
Intelsat Jackson Holdings SA (e):
	7.25%, 10/15/20		110					117,150
	6.63%, 12/15/22		27					27,000
Intelsat Luxembourg SA:
	11.25%, 2/04/17		210					222,600
	11.50%, 2/04/17(c)		153					162,371
Interactive Data Corp., 10.25%, 8/01/18			220					246,400
The Interpublic Group of Cos., Inc., 10.00%, 7/15/17			55					60,431
Kabel Deutschland Vertrieb und Service GmbH, 6.50%, 6/29/18		EUR	100					139,972
Lamar Media Corp., 5.88%, 2/01/22		USD	25					26,594
Live Nation Entertainment, Inc., 8.13%, 5/15/18 (e)			125					135,000
NAI Entertainment Holdings LLC, 8.25%, 12/15/17 (e)			94					103,870
				Par (000)			Value
Corporate Bonds
Media (concluded)
The New York Times Co., 6.63%, 12/15/16		USD	225		$			245,250
Nielsen Finance LLC, 7.75%, 10/15/18			423					471,645
ProQuest LLC, 9.00%, 10/15/18 (e)			85					78,200
ProtoStar I Ltd., 18.00%, 10/15/13 (a)(b)(e)(g)			414					207
Unitymedia GmbH, 9.50%, 3/15/21		EUR	100					148,926
Unitymedia Hessen GmbH & Co. KG:
	8.13%, 12/01/17 (e)	USD	345					374,325
	7.50%, 3/15/19	EUR	112					159,696
Univision Communications, Inc., 6.75%, 9/15/22 (e)		USD	25					25,250
WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 9/01/20 (e)			45					46,125
Ziggo Bond Co. BV, 8.00%, 5/15/18		EUR	65					93,032
								5,177,258
Metals & Mining — 3.2%
ArcelorMittal:
	9.50%, 2/15/15	USD	40					44,554
	4.25%, 8/05/15		80					80,816
	4.25%, 3/01/16		25					25,109
FMG Resources August 2006 Property Ltd. (e):
	7.00%, 11/01/15		35					35,700
	6.38%, 2/01/16		27					26,799
	6.88%, 4/01/22		10					9,750
Global Brass and Copper, Inc., 9.50%, 6/01/19 (e)			50					53,750
GoldCorp, Inc., 2.00%, 8/01/14 (g)			85					96,209
Kaiser Aluminum Corp., 8.25%, 6/01/20			35					38,325
New Gold, Inc., 7.00%, 4/15/20 (e)			25					26,563
New World Resources NV, 7.88%, 5/01/18		EUR	60					79,789
Newmont Mining Corp., Series A, 1.25%, 7/15/14 (g)		USD	90					108,844
Novelis, Inc., 8.75%, 12/15/20			545					610,400
Schmolz + Bickenbach Luxembourg SA, 9.88%, 5/15/19		EUR	100					106,060
Steel Dynamics, Inc., 6.38%, 8/15/22 (e)		USD	40					41,800
Taseko Mines Ltd., 7.75%, 4/15/19			70					66,500
Walter Energy, Inc., 9.88%, 12/15/20 (e)			45					46,800
								1,497,768

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2012    6

Schedule of Investments (continued)

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

 

				Par (000)			Value
Corporate Bonds
Multiline Retail — 0.7%
Dollar General Corp., 4.13%, 7/15/17		USD	134		$			140,700
Dufry Finance SCA, 5.50%, 10/15/20 (e)			200					205,500
								346,200
Oil, Gas & Consumable Fuels — 10.0%
Access Midstream Partners LP, 6.13%, 7/15/22			45					47,700
Alpha Appalachia Holdings, Inc., 3.25%, 8/01/15 (g)			129					121,986
Aurora USA Oil & Gas, Inc., 9.88%, 2/15/17 (e)			115					121,900
Berry Petroleum Co., 6.38%, 9/15/22			70					72,100
BreitBurn Energy Partners LP, 7.88%, 4/15/22 (e)			40					41,100
Carrizo Oil & Gas, Inc., 7.50%, 9/15/20			38					38,570
CCS, Inc., 11.00%, 11/15/15 (e)			95					96,187
Chaparral Energy, Inc., 7.63%, 11/15/22			35					35,963
Chesapeake Energy Corp.:
	7.25%, 12/15/18		5					5,375
	6.63%, 8/15/20		30					31,425
	6.88%, 11/15/20		30					31,650
	6.13%, 2/15/21		95					96,187
Concho Resources, Inc.:
	7.00%, 1/15/21		25					27,563
	6.50%, 1/15/22		20					21,800
	5.50%, 10/01/22		80					82,600
Continental Resources, Inc., 7.13%, 4/01/21			60					67,650
Copano Energy LLC, 7.13%, 4/01/21			40					42,150
Crosstex Energy LP, 7.13%, 6/01/22 (e)			25					25,500
CVR Refining LLC/Coffeyville Finance, Inc., 6.50%, 11/01/22 (e)			65					64,025
Denbury Resources, Inc., 8.25%, 2/15/20			194					219,220
Energy XXI Gulf Coast, Inc.:
	9.25%, 12/15/17		90					101,475
	7.75%, 6/15/19		150					161,250
EP Energy LLC/Everest Acquisition Finance, Inc.:
	6.88%, 5/01/19		55					59,537
	7.75%, 9/01/22		35					36,313
EV Energy Partners LP, 8.00%, 4/15/19			25					26,250
Halcon Resources Corp., 8.88%, 5/15/21 (e)			40					41,400
Hilcorp Energy I LP, 7.63%, 4/15/21 (e)			45					48,712
				Par (000)			Value
Corporate Bonds
Oil, Gas & Consumable Fuels (continued)
Holly Energy Partners LP, 6.50%, 3/01/20 (e)		USD	25		$			26,250
Kodiak Oil & Gas Corp., 8.13%, 12/01/19			60					65,400
Linn Energy LLC:
	6.50%, 5/15/19		15					15,225
	6.25%, 11/01/19 (e)		265					265,994
	8.63%, 4/15/20		40					43,700
	7.75%, 2/01/21		75					79,125
MarkWest Energy Partners LP, 5.50%, 2/15/23			45					47,363
Newfield Exploration Co., 6.88%, 2/01/20			135					145,294
Northern Oil and Gas, Inc., 8.00%, 6/01/20			55					56,650
Oasis Petroleum, Inc.:
	7.25%, 2/01/19		45					47,925
	6.50%, 11/01/21		50					52,625
Offshore Group Investments Ltd., 11.50%, 8/01/15			124					136,400
OGX Petroleo e Gas Participacoes SA, 8.38%, 4/01/22 (e)			200					163,000
PBF Holding Co. LLC, 8.25%, 2/15/20 (e)			50					52,500
PDC Energy, Inc., 7.75%, 10/15/22 (e)			35					35,350
PetroBakken Energy Ltd., 8.63%, 2/01/20 (e)			220					220,000
Petroleum Geo-Services ASA, 7.38%, 12/15/18 (e)			95					99,750
Plains Exploration & Production Co., 6.88%, 2/15/23			190					195,700
Range Resources Corp.:
	8.00%, 5/15/19		20					22,000
	5.75%, 6/01/21		160					170,000
	5.00%, 8/15/22		74					77,145
Regency Energy Partners LP, 5.50%, 4/15/23			60					63,000
Sabine Pass Liquified Natural Gas LP:
	7.50%, 11/30/16		205					221,400
	6.50%, 11/01/20 (e)		55					55,000
SandRidge Energy, Inc.:
	7.50%, 3/15/21		155					161,587
	8.13%, 10/15/22		45					48,150
	7.50%, 2/15/23		95					98,800
SESI LLC:
	6.38%, 5/01/19		55					58,575
	7.13%, 12/15/21		40					44,500
SM Energy Co.:
	6.63%, 2/15/19		20					21,150
	6.50%, 11/15/21		45					47,475
	6.50%, 1/01/23		65					68,575
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.88%, 10/01/20 (e)			26					27,040

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2012    7

Schedule of Investments (continued)

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

 

				Par (000)			Value
Corporate Bonds
Oil, Gas & Consumable Fuels (concluded)
Vanguard Natural Resources, 7.88%, 4/01/20		USD	40		$			40,900
								4,739,136
Paper & Forest Products — 1.1%
Ainsworth Lumber Co. Ltd., 7.50%, 12/15/17 (e)			60					61,800
Boise Paper Holdings LLC:
	9.00%, 11/01/17		15					16,350
	8.00%, 4/01/20		5					5,438
Clearwater Paper Corp.:
	10.63%, 6/15/16		70					76,825
	7.13%, 11/01/18		95					103,075
Longview Fibre Paper & Packaging, Inc., 8.00%, 6/01/16 (e)			55					57,612
NewPage Corp., 11.38%, 12/31/14 (a)(b)			365					175,200
Sappi Papier Holding GmbH, 6.63%, 4/15/21 (e)			25					24,000
								520,300
Pharmaceuticals — 0.7%
Jaguar Holding Co. II/Jaguar Merger Sub, Inc., 9.50%, 12/01/19 (e)			30					33,750
Mylan, Inc., 6.00%, 11/15/18 (e)			20					22,050
Valeant Pharmaceuticals International (e):
	6.50%, 7/15/16		130					137,150
	6.88%, 12/01/18		45					48,656
	6.38%, 10/15/20		70					74,375
								315,981
Professional Services — 0.2%
FTI Consulting, Inc., 6.75%, 10/01/20			7					7,438
Truven Health Analytics, Inc., 10.63%, 6/01/20 (e)			90					96,300
								103,738
Real Estate Investment Trusts (REITs) — 0.6%
Felcor Lodging LP, 6.75%, 6/01/19			181					190,503
The Rouse Co. LP, 6.75%, 11/09/15			85					89,356
								279,859
Real Estate Management & Development — 2.3%
CBRE Services, Inc., 6.63%, 10/15/20			55					60,087
Crescent Resources LLC/Crescent Ventures, Inc., 10.25%, 8/15/17 (e)			120					124,800
Mattamy Group Corp., 6.50%, 11/15/20 (e)			45					45,000
				Par (000)			Value
Corporate Bonds
Real Estate Management & Development (concluded)
Realogy Corp.:
	11.50%, 4/15/17	USD	60		$			64,950
	12.00%, 4/15/17		15					16,200
	7.88%, 2/15/19 (e)		345					365,700
	7.63%, 1/15/20 (e)		120					133,800
	9.00%, 1/15/20 (e)		55					61,050
Shea Homes LP, 8.63%, 5/15/19			205					225,500
								1,097,087
Road & Rail — 0.8%
The Hertz Corp.:
	7.50%, 10/15/18		130					142,350
	6.75%, 4/15/19 (e)		50					54,000
	7.38%, 1/15/21		165					179,437
								375,787
Semiconductors & Semiconductor Equipment — 0.2%
Micron Technology, Inc., Series C, 2.38%, 5/01/32 (e)(g)			41					37,874
Spansion LLC, 7.88%, 11/15/17			50					50,250
								88,124
Software — 1.0%
Infor US, Inc., 9.38%, 4/01/19			280					312,200
Nuance Communications, Inc., 5.38%, 8/15/20 (e)			85					87,550
Sophia LP, 9.75%, 1/15/19 (e)			78					83,070
								482,820
Specialty Retail — 3.4%
Asbury Automotive Group, Inc.:
	7.63%, 3/15/17		60					62,100
	8.38%, 11/15/20		60					66,750
Claire's Stores, Inc., 9.00%, 3/15/19 (e)			149					158,499
House of Fraser Funding Plc, 8.88%, 8/15/18		GBP	100					161,817
Limited Brands, Inc.:
	8.50%, 6/15/19	USD	140					170,800
	5.63%, 2/15/22		25					27,000
Michaels Stores, Inc., 7.75%, 11/01/18 (e)			39					42,266
Party City Holdings, Inc., 8.88%, 8/01/20 (e)			173					183,380
Penske Automotive Group, Inc., 5.75%, 10/01/22 (e)			90					91,575
QVC, Inc. (e):
	7.13%, 4/15/17		40					42,109
	7.50%, 10/01/19		100					110,134
	7.38%, 10/15/20		55					60,973
	5.13%, 7/02/22		71					75,235
Sally Holdings LLC:
	6.88%, 11/15/19		90					100,125
	5.75%, 6/01/22		83					89,848
Serta Simmons Holdings LLC, 8.13%, 10/01/20 (e)			90					90,562

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2012    8

Schedule of Investments (continued)

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

 

				Par (000)			Value
Corporate Bonds
Specialty Retail (concluded)
Sonic Automotive, Inc., 9.00%, 3/15/18		USD	65		$			71,419
								1,604,592
Textiles, Apparel & Luxury Goods — 0.2%
Levi Strauss & Co., 6.88%, 5/01/22			75					78,656
Trading Companies & Distributors — 1.3%
Air Lease Corp., 4.50%, 1/15/16 (e)			100					100,750
Ashtead Capital, Inc., 6.50%, 7/15/22 (e)			90					95,850
Doric Nimrod Air Finance Alpha Ltd. (e):
	Series 2012-1 6.50%, 5/30/21		200					204,440
	Series 2012-1 5.13%, 11/30/24		200					207,500
								608,540
Transportation Infrastructure — 0.3%
Aguila 3 SA, 7.88%, 1/31/18			150					159,000
Wireless Telecommunication Services — 5.0%
Cricket Communications, Inc.:
	7.75%, 5/15/16		250					264,375
	7.75%, 10/15/20		35					36,138
Crown Castle International Corp., 5.25%, 1/15/23 (e)			105					109,725
Digicel Group Ltd. (e):
	8.25%, 9/01/17		330					353,925
	8.25%, 9/30/20		200					212,500
MetroPCS Wireless, Inc., 6.63%, 11/15/20			110					116,325
NII Capital Corp., 7.63%, 4/01/21			35					24,150
Phones4u Finance Plc, 9.50%, 4/01/18		GBP	100					165,022
Sprint Capital Corp., 6.88%, 11/15/28		USD	293					301,790
Sprint Nextel Corp. (e):
	9.00%, 11/15/18		435					536,137
	7.00%, 3/01/20		235					272,012
								2,392,099
Total Corporate Bonds – 105.7%							50,264,868
Floating Rate Loan Interests (h)
Airlines — 0.2%
Delta Air Lines, Inc., Term Loan B, 5.50%, 4/20/17			96					96,523
Auto Components — 0.1%
Schaeffler AG, Term Loan, 6.00%, 1/27/17			70					70,853
				Par (000)			Value
Floating Rate Loan Interests (h)
Building Products — 0.1%
Wilsonart International Holdings LLC, Term Loan B, 5.50%, 10/19/19		USD	70		$			70,350
Capital Markets — 0.7%
American Capital Holdings, Inc., Term Loan, 5.50%, 8/22/16			156					157,950
Nuveen Investments, Inc.:
	Incremental Term Loan, 7.25%, 5/13/17		80					80,400
	Second Lien Term Loan, 8.25%, 2/28/19		70					71,050
								309,400
Chemicals — 0.4%
INEOS US Finance LLC, 6 Year Term Loan, 6.50%, 5/04/18			194					196,237
Commercial Services & Supplies — 0.6%
ADS Waste Holdings, Inc., Term Loan B, 5.25%, 10/09/19			75					75,787
AWAS Finance Luxembourg Sarl, Term Loan B, 5.25%, 6/10/16			100					101,114
Delos Aircraft, Inc., Term Loan B2, 4.75%, 4/12/16			100					101,063
								277,964
Communications Equipment — 0.7%
Avaya, Inc., Term Loan B1, 3.06%, 10/24/14			40					37,381
Zayo Group LLC, Term Loan B, 5.25%, 7/02/19			298					299,972
								337,353
Construction & Engineering — 0.5%
Safway Services LLC, Mezzanine Loan, 15.63%, 12/16/17			250					250,000
Construction Materials — 0.4%
HD Supply, Inc., Senior Debt B, 7.25%, 10/12/17			185					189,324
Consumer Finance — 1.4%
Springleaf Financial Funding Co., Term Loan, 5.50%, 5/10/17			661					652,903
Diversified Consumer Services — 0.1%
Laureate Education, Inc., Extended Term Loan, 5.25%, 6/18/18			25					24,586
Diversified Financial Services — 0.5%
Residential Capital LLC:
	DIP Term Loan A1, 5.00%, 11/18/13		210					210,088
	DIP Term Loan A2, 6.75%, 11/18/13		30					30,150
								240,238

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2012    9

Schedule of Investments (continued)

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

 

				Par (000)			Value
Floating Rate Loan Interests (h)
Diversified Telecommunication Services — 0.5%
Level 3 Financing, Inc.:
	2016 Term Loan B, 4.75%, 2/01/16	USD	50		$			50,000
	2019 Term Loan B, 5.25%, 8/01/19		40					40,250
	Term Loan, 4.75%, 8/01/19		150					150,750
								241,000
Energy Equipment & Services — 1.7%
Dynegy Midwest Generation LLC, Coal Co. Term Loan, 9.25%, 8/04/16			290					299,643
Dynegy Power LLC, Gas Co. Term Loan, 9.25%, 8/04/16			469					487,780
Tervita Corp., Incremental Term Loan, 6.50%, 11/14/14			45					44,625
								832,048
Food & Staples Retailing — 0.0%
US Foods, Inc., Extended Term Loan B, 5.75%, 3/31/17			15					14,573
Food Products — 0.1%
Advance Pierre Foods, Inc., Second Lien Term Loan, 5.75%, 7/10/17			35					35,324
Health Care Equipment & Supplies — 0.5%
Bausch & Lomb, Inc., Term Loan B, 5.25%, 5/17/19			50					50,460
Hupah Finance, Inc., Term Loan B, 6.25% - 7.25%, 1/21/19			129					130,482
LHP Hospital Group, Inc., Term Loan, 9.00%, 7/03/18			45					45,224
								226,166
Health Care Providers & Services — 0.6%
Genesis Healthcare Corp., Term Loan B, 10.00%, 9/25/17			30					28,875
Harden Healthcare LLC:
	Add on Term Loan A, 7.75%, 3/02/15		71					68,999
	Term Loan A, 8.50%, 3/02/15		60					59,040
inVentiv Health, Inc., Combined Term Loan, 6.50%, 8/04/16			146					137,583
								294,497
Hotels, Restaurants & Leisure — 1.9%
Caesars Entertainment Operating Co., Inc.:
	Extended Term Loan B6, 5.46%, 1/26/18		40					36,154
	Incremental Term Loan B4, 9.50%, 10/31/16		59					60,504
	Term Loan B1, 3.21%, 1/28/15		95					92,031
				Par (000)			Value
Floating Rate Loan Interests (h)
Hotels, Restaurants & Leisure (concluded)
Caesars Entertainment Operating Co., Inc. (concluded):
	Term Loan B2, 3.21%, 1/28/15	USD	70		$			67,813
	Term Loan B3, 3.22%, 1/28/15		10					9,688
Harrah's Property Co., Mezzanine Term Loan, 3.20%, 2/13/13			505					423,988
Sabre, Inc., Non-Extended Initial Term Loan, 2.21%, 9/30/14			5					4,694
Station Casinos, Inc., Term Loan B, 5.50%, 9/07/19			175					175,438
Travelport LLC:
	Extended Tranche A Term Loan, 6.31%, 12/01/16		32					9,529
	Extended Tranche B Term Loan, 13.81%, 12/01/16		104					7,828
								887,667
Industrial Conglomerates — 0.1%
Sequa Corp.:
	Incremental Term Loan, 6.25%, 12/03/14		30					29,626
	Term Loan, 3.46% - 3.61%, 12/03/14		20					19,504
								49,130
IT Services — 0.3%
Ceridian Corp., Extended Term Loan, 5.96%, 5/09/17			12					11,839
First Data Corp., Extended 2018 Term Loan B, 4.21%, 3/23/18			130					123,695
								135,534
Leisure Equipment & Products — 0.2%
Eastman Kodak Co., DIP Term Loan B, 8.50%, 7/19/13			110					109,678
Machinery — 0.2%
Rexnord Corp., Term Loan B, 4.50%, 4/02/18			99					100,036
Media — 3.8%
Affinion Group, Inc., Term Loan B, 6.50%, 7/16/15			5					4,533
Cengage Learning Acquisitions, Inc.:
	Non-Extended Term Loan, 2.71%, 7/03/14		60					45,336
	Tranche 1 Incremental, 7.50%, 7/03/14		239					193,594
Cequel Communications LLC, Term Loan B, 4.00%, 2/14/19			50					49,749
Clear Channel Communications, Inc.:
	Term Loan B, 3.86%, 1/29/16		221					179,560
	Term Loan C, 3.86%, 1/29/16		67					52,706

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2012    10

Schedule of Investments (continued)

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

 

						Par (000)			Value
Floating Rate Loan Interests (h)
Media (concluded)
EMI Music Publishing Ltd., Term Loan B, 5.50%, 6/29/18		USD		45			$			45,314
Getty Images, Inc., Term Loan B, 4.75%, 10/18/19				68						68,373
Intelsat Jackson Holdings Ltd., Term Loan B-1, 4.50%, 4/02/18				1,044						1,046,920
Interactive Data Corp., Term Loan B, 4.50%, 2/12/18				70						70,190
Univision Communications, Inc., Extended Term Loan, 4.46%, 3/31/17				44						42,919
										1,799,194
Metals & Mining — 1.0%
Constellium Holdco BV, Term Loan B, 9.25%, 5/25/18				70						69,825
FMG Resources August 2006 Property Ltd., Term Loan, 5.25%, 10/18/17				395						395,988
										465,813
Oil, Gas & Consumable Fuels — 1.2%
Chesapeake Energy Corp., Unsecured Term Loan, 5.75%, 12/01/17				240						235,800
Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15				153						152,767
Samson Investment Co., Second Lien Term Loan, 6.00%, 9/25/18				40						40,250
Vantage Drilling Co., Term Loan, 6.25%, 10/26/17				165						162,525
										591,342
Paper & Forest Products — 0.5%
NewPage Corp., DIP Term Loan, 8.75%, 3/07/13				100						99,938
Verso Paper Finance Holdings LLC, Term Loan, 6.56% - 7.31%, 2/01/13 (c)				239						119,683
										219,621
Pharmaceuticals — 0.1%
Pharmaceutical Product Development, Inc., Term Loan B, 6.25%, 12/05/18				50						50,301
Professional Services — 0.1%
Truven Health Analytics, Inc.(FKA Thomson Reuters (Healthcare), Inc.), Term Loan B, 5.75%, 6/01/19				60						59,835
Real Estate Investment Trusts (REITs) — 0.3%
iStar Financial, Inc., Term Loan, 5.75%, 9/28/17				130						130,335
						Par (000)			Value
Floating Rate Loan Interests (h)
Real Estate Management & Development — 0.4%
Realogy Corp.:
	Extended Letter of Credit Loan, 4.46%, 10/10/16	USD		16			$			16,016
	Extended Term Loan, 4.46%, 10/10/16			123						122,433
Stockbridge SBE Holdings LLC, Term Loan B, 13.00%, 5/02/17				30						29,625
										168,074
Road & Rail — 0.1%
Genesee & Wyoming, Inc., Term Loan A, 1.00%, 9/29/17				50						49,875
Software — 0.6%
Infor US, Inc., Term Loan B2, 5.25%, 4/05/18				204						206,379
Kronos, Inc., Second Lien Term Loan, 4/24/20				85						85,000
										291,379
Textiles, Apparel & Luxury Goods — 0.4%
Ascend Performance Materials LLC, Term Loan B, 6.75%, 4/10/18				184						180,394
Wireless Telecommunication Services — 1.1%
Vodafone Americas Finance 2, Inc.:
	Term Loan, 6.88%, 8/11/15			277						282,420
	Term Loan B, 6.25%, 7/11/16 (c)			258						264,902
										547,322
Total Floating Rate Loan Interests – 21.4%									10,194,869
Preferred Securities
Capital Trusts
Insurance — 0.2%
Genworth Financial, Inc., 6.15%, 11/15/66 (h)				145						97,512
						Shares
Preferred Stocks
Auto Components — 0.4%
Dana Holding Corp., 4.00% (e)(g)					1,800					217,688
Diversified Financial Services — 1.2%
Ally Financial, Inc., 7.00% (e)					581					565,676

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2012    11

Schedule of Investments (continued)

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

 

				Shares			Value
Preferred Stocks
Total Preferred Stocks – 1.6%					$			783,364
Trust Preferreds
Diversified Financial Services — 1.0%
GMAC Capital Trust I, Series 2, 8.13%, 2/15/40 (h)		17,600							456,693
Total Preferred Securities – 2.8%							1,337,569
Warrants (i)
Diversified Telecommunication Services — 0.0%
NEON Communications, Inc. (Expires 12/02/12)		53,622							1
Software — 0.0%
Bankruptcy Management Solutions, Inc. (Expires 9/28/17)		61							—
HMH Holdings/EduMedia (Issued/Exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27)		176							—
									—
Total Warrants – 0.0%							1
Total Long-Term Investments (Cost – $61,525,898) – 134.3%							63,871,832
Short-Term Securities
Money Market Funds — 3.5%
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.15% (j)(k)		1,679,402							1,679,402
Total Short-Term Securities (Cost – $1,679,402) – 3.5%							1,679,402

 

 

 

			Contracts							Value
Options Purchased
Over-the-Counter Call Options — 0.0%
Marsico Parent Superholdco LLC, Strike Price USD 942.86, Expires 12/14/19, Broker Goldman Sachs Group, Inc.				3		$					—
Total Options Purchased (Cost – $2,933) – 0.0%								—
Total Investments (Cost - $63,208,233*) – 137.8%								65,551,234
Liabilities in Excess of Other Assets – (37.8)%								(17,964,499)
Net Assets – 100.0%							$	47,586,735

*	As of November 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

	Tax cost	$	63,338,639
	Gross unrealized appreciation	$	3,262,490
	Gross unrealized depreciation		(1,049,895)
	Net unrealized appreciation	$	2,212,595

(a)	Non-income producing security.
(b)	Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(c)	Represents a payment-in-kind security which may pay interest/dividends in additional par/shares.
(d)	When-issued security. Unsettled when-issued transactions were as follows:

 

	Counterparty		Value			Unrealized Appreciation (Depreciation)
	Goldman Sachs Group, Inc.		$	35,787	$	788
	Citigroup Inc.		$	100,000	$	—

(e)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(f)	Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(g)	Convertible security.
(h)	Variable rate security. Rate shown is as of report date.
(i)	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 of the warrants, if any.

 

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2012    12

Schedule of Investments (continued)

BlackRock High Yield Trust (BHY)

 

(j)	Investments in issuers considered to be an affiliate of the Trust during the period ended November 30, 2012, 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, 2012		Net Activity		Shares Held at November 30, 2012		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		1,204,968		474,434		1,679,402	$	211

 

(k)	Represents the current yield as of report date.

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

 

DIP	Debtor-In-Possession
EBITDA	Earnings Before Interest Taxes Depreciation and Amortization
EUR	Euro
FKA	Formerly Known As
GBP	British Pound
USD	US Dollar

 

 

•	Financial futures contracts sold as of November 30, 2012 were as follows:

Contracts

Issue

Exchange

Expiration

Notional Value

Unrealized Depreciation

9

S&P 500 E-Mini Index

Chicago Mercantile

December 2012

USD

$636,480

$

(8,140)

•	Foreign currency exchange contracts as of November 30, 2012 were as follows:

	Currency Purchased				Currency Sold				Counterparty		Settlement Date		Unrealized Appreciation (Depreciation)
	USD			578,439		GBP		360,000		UBS AG		1/16/13	$	1,710
	USD			122,989		EUR		95,000		Citigroup Inc.		1/23/13		(628)
	USD			1,470,082		EUR		1,121,000		UBS AG		1/23/13		11,410
	Total														$	12,492

•	Credit default swaps - buy protection outstanding as of November 30, 2012 were as follows:

	Issuer		Pay Fixed Rate		Counterparty		Expiration Date		Notional Amount (000)				Unrealized Depreciation
	Republic of Hungary		1.00%		Deutsche Bank AG		12/20/15		USD		50	$	(1,326)
	The New York Times Co.		1.00%		Barclays Plc		12/20/16		USD		225		(2,564)
	Israel (State of)		1.00%		Deutsche Bank AG		3/20/17		USD		35		(1,171)
	Israel (State of)		1.00%		Deutsche Bank AG		3/20/17		USD		100		(3,405)
	K. Hovnanian Enterprises, Inc.		5.00%		Credit Suisse Group AG		9/20/17		USD		12		(68)
	K. Hovnanian Enterprises, Inc.		5.00%		Deutsche Bank AG		9/20/17		USD		6		(27)
	K. Hovnanian Enterprises, Inc.		5.00%		JPMorgan Chase & Co.		9/20/17		USD		6		(34)
	Beazer Home USA, Inc.		5.00%		Bank of America Corp.		12/20/17		USD		15		(64)
	Total											$	(8,659)

 

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2012    13

Schedule of Investments (continued)

BlackRock High Yield Trust (BHY)

 

•	Credit default swaps - sold protection outstanding as of November 30, 2012 were as follows:

Issuer

Receive Fixed Rate

Counterparty

Expiration Date

Credit Rating 1

Notional Amount (000) 2

Unrealized Appreciation

Air Lease Corp.

5.00%

Goldman Sachs Group, Inc.

2/14/13

Not Rated

USD

100

$

849

CIT Group, Inc.

5.00%

Deutsche Bank AG

9/20/15

BB-

USD

500

67,090

Caesars Entertainment Operating Co., Inc.

5.00%

JPMorgan Chase & Co.

12/20/15

CCC

USD

46

1,439

ARAMARK Corp.

5.00%

Credit Suisse Group AG

9/20/16

B

USD

50

5,278

ARAMARK Corp.

5.00%

Deutsche Bank AG

3/20/17

B

USD

35

2,086

Crown Castle International Corp.

7.25%

Deutsche Bank AG

3/20/17

B-

USD

80

11,246

CCO Holdings LLC

8.00%

Deutsche Bank AG

9/20/17

BB-

USD

280

58,968

Total

$

146,956

 

1	Using Standard & Poor’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.

 

 

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2012    14

Schedule of Investments (continued)

BlackRock High Yield Trust (BHY)

 

•

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.

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques 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 that the Trust has the ability to access

•

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)

 

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

 

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. 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 is not necessarily an indication of the risks associated with 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 Trust's investments and derivative financial instruments categorized in the disclosure hierarchy as of November 30, 2012:

			Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long -Term
Investments:
	Common Stocks	$	1,711,694	$	255,811	$	107,020	$	2,074,525
	Corporate Bonds		—		49,484,958		779,910		50,264,868
	Floating Rate Loan Interests		—		8,010,515		2,184,354		10,194,869
	Preferred Securities		456,693		880,876		—		1,337,569
	Warrants		—		—		1		1
	Short-Term Securities		1,679,402		—		—		1,679,402
Total		$	3,847,789	$	58,632,160	$	3,071,285	$	65,551,234

 

		Level 1		Level 2		Level 3		Total
Derivative Financial Instruments 1
Assets:
Credit contracts		—	$	8,803	$	138,153	$	146,956
Foreign currency exchange contracts		—		13,120		—		13,120
Liabilities:
Credit contracts		—		(8,659)		—		(8,659)
Equity contracts	$	(8,140)		—		—		(8,140)
Foreign currency exchange contracts		—		(628)		—		(628)
Total	$	(8,140)	$	12,636	$	138,153	$	142,649

1	Derivative financial instruments are swaps, foreign currency exchange contracts, and financial futures contracts. Swaps, foreign currency exchange contracts, and financial futures contracts are valued at the unrealized appreciation/depreciation on the instrument.

 

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2012    15

Schedule of Investments (continued)

BlackRock High Yield Trust (BHY)

 

Certain of the Trust’s assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of November 30, 2012, such assets and liabilities are categorized within the disclosure hierarchy as follows:

 

		Level 1		Level 2		Level 3		Total
Assets:
Foreign currency at value	$	25,002		—		—	$	25,002
Cash pledged as collateral for financial futures contracts		38,000		—		—		38,000
Liabilities:
Loans Payable		—	$	(19,000,000)		—		(19,000,000)
Total	$	63,002	$	(19,000,000)		—	$	(18,936,998)

 

There were no transfers between Level 1 and Level 2 during the period ended November 30, 2012.

 

 

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

	Common Stocks		Corporate Bonds		Floating Rate Loan Interests		Warrants		Total
Assets:
Opening Balance, as of August 31, 2012	$	1	$	638,018	$	1,898,540	$	1	$	2,536,560
Transfers into Level 3 1	79,163		—		477,762		—		556,925
Transfers out of Level 3 1	—		—		(100,938)		—		(100,938)
Accrued discounts/premiums	—		30		4,286		—		4,316
Net realized gain (loss)	—		—		14,163		—		14,163
Net change in unrealized appreciation/depreciation 2	(31,184)		(40,544)		(12,913)		—		(84,641)
Purchases	59,040		189,281		232,381		—		480,702
Sales	—		(6,875)		(328,927)		—		(335,802)
Closing Balance, as of November 30, 2012	$	107,020	$	779,910	$	2,184,354	$	1	$	3,071,285

 

1

Transfers into and transfers out of Level 3 represent the values as of the beginning of the reporting period. As of August 31, 2012, the Trust used observable inputs in determining the value of certain investments. As of November 30, 2012, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $556,925 transferred from Level 2 to Level 3 in the disclosure hierarchy.

2

The change in unrealized appreciation/ depreciation on investments still held as of November 30, 2012 was $(74,036).

 

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2012    16

Schedule of Investments (concluded)

BlackRock High Yield Trust (BHY)

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

 

 

		Credit Contracts
Assets:
Opening Balance, as of August 31, 2012	$	90,639
Transfers into Level 3 1		—
Transfers out of Level 3 1		—
Accrued discounts/ premiums		—
Net realized gain (loss)		—
Net change in unrealized appreciation/depreciation 2		47,514
Purchases		—
Issues 3		—
Sales		—
Settlements 4		—
Closing Balance, as of November 30, 2012	$	138,153

 

1	Transfers into and transfers out of Level 3 represent the values as of the beginning of the reporting period.
2	The change in unrealized appreciation/ depreciation on derivative financial instruments still held as of November 30, 2012 was $47,514.
3	Issues 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.

 

The following table summarizes the valuation techniques used and unobservable inputs developed by the BlackRock Global Valuation Methodologies Committee (“Global Valuation Committee”) to determine the value of certain of the Trust’s Level 3 investments and derivative financial instruments as of November 30, 2012. The table does not include Level 3 investments and derivative financial instruments with values derived utilizing transaction prices from recent prior transactions or third party pricing information without adjustment for which such inputs are also unobservable. A significant change in third party pricing information could result in a significantly lower or higher value of such Level 3 investments and derivative financial instruments. The value of Level 3 investments and derivative financial instruments derived using prices from prior transactions and/or third party pricing information is $1,943,518.

	Value	Valuation Techniques	Unobservable Inputs 1	Range of Unobservable Inputs Utilized	Weighted Average of Unobservable Inputs 2
Assets:
Common Stocks	$ 42,395	Restructure Terms 3	N/A	–	–
Corporate Bonds	725,803	Market Comparable Companies	EBITDA Multiple	6.0x	6.0x
			Yield	9.67%-12.1%	10.4%
		Restructure Terms 3	N/A	–	–
Floating Rate Loan Interests	497,722	Market Comparable Companies	Yield	9.64%	9.64%
			Illiquidity Discount	50.0%	50.0%
		Cost	N/A 4	–	–
Total	$1,265,920

 

1

A change to the unobservable input may result in a significant change to the value of the investment as follows:

 

Unobservable Input		Impact to Value if Input Increases		Impact to Value if Input Decreases
EBITDA Multiple		Increase		Decrease
Illiquidity Discount		Decrease		Increase
Yield		Decrease		Increase

 

2

Unobservable inputs are weighted based on the value of the investments included in the range.

3

Investment is valued based on the company’s financial restructuring plan.

4

The Trust fair values certain of its Level 3 investments using prior transaction prices (acquisition cost), although the transaction may not have occurred during the current reporting period. In such cases, the investments are generally privately held investments. There may not be a secondary market, and/or there are a limited number of investors. The determination to fair value such investments at cost is based upon factors consistent with the principles of fair value measurement that are reasonably available to the Global Valuation Committee, or its delegate. Valuations are reviewed utilizing available market information to determine if the carrying value should be adjusted. Such market data may include, but is not limited to, observations of the trading multiples of public companies considered comparable to the private companies being valued, financial or operational information released by the company, and/or news or corporate events that affect the investment. Valuations may be adjusted to account for company-specific issues, the lack of liquidity inherent in a nonpublic investment and the fact that comparable public companies are not identical to the investments being fair valued by the Trust.

BLACKROCK HIGH YIELD TRUST

NOVEMBER 30, 2012    17

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, 2013
	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, 2013
	By:	/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock High Yield Trust
	Date: January 23, 2013