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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: 08/31/2013
Date of reporting period: 05/31/2013
Item 1 – Schedule of Investments
Schedule of Investments May 31, 2013 (Unaudited) |
BlackRock High Yield Trust (BHY) (Percentages shown are based on Net Assets) |
Shares | Value | |||||||
Common Stocks | ||||||||
Auto Components — 0.3% | ||||||||
Delphi Automotive Plc | 1,500 | $ | 73,215 | |||||
The Goodyear Tire & Rubber Co. (a) | 4,088 | 61,892 | ||||||
135,107 | ||||||||
Automobiles — 1.4% | ||||||||
General Motors Co. (a) | 19,974 | 676,919 | ||||||
Biotechnology — 0.0% | ||||||||
Ironwood Pharmaceuticals, Inc. (a) | 1,210 | 16,153 | ||||||
Capital Markets — 1.7% | ||||||||
American Capital Ltd. (a) | 58,948 | 785,777 | ||||||
E*Trade Financial Corp. (a) | 4,900 | 56,987 | ||||||
842,764 | ||||||||
Chemicals — 0.4% | ||||||||
ADA-ES, Inc. (a) | 300 | 11,205 | ||||||
CF Industries Holdings, Inc. | 300 | 57,288 | ||||||
Huntsman Corp. | 7,100 | 138,095 | ||||||
206,588 | ||||||||
Commercial Banks — 0.4% | ||||||||
CIT Group, Inc. (a) | 4,436 | 204,411 | ||||||
Diversified Financial Services — 0.4% | ||||||||
Bank of America Corp. | 9,070 | 123,896 | ||||||
Citigroup, Inc. | 1,416 | 73,618 | ||||||
197,514 | ||||||||
Diversified Telecommunication Services — 0.3% | ||||||||
Broadview Networks Holdings, Inc. (a) | 6,337 | 39,923 | ||||||
Level 3 Communications, Inc. (a) | 4,300 | 92,149 | ||||||
132,072 | ||||||||
Hotels, Restaurants & Leisure — 0.5% | ||||||||
Caesars Entertainment Corp. (a) | 7,749 | 112,283 | ||||||
Travelport LLC (a) | 182,789 | 149,887 | ||||||
262,170 | ||||||||
Household Durables — 0.1% | ||||||||
MDC Holdings, Inc. | 500 | 18,555 | ||||||
Meritage Homes Corp. (a) | 500 | 23,680 | ||||||
PulteGroup, Inc. (a) | 1,000 | 21,590 | ||||||
63,825 | ||||||||
Insurance — 0.8% | ||||||||
American International Group, Inc. (a) | 9,510 | 422,815 | ||||||
Media — 0.2% | ||||||||
Cablevision Systems Corp., Class A | 7,255 | 109,696 | ||||||
Oil, Gas & Consumable Fuels — 0.0% | ||||||||
African Petroleum Corp. Ltd. (a) | 17,200 | 3,128 | ||||||
Paper & Forest Products — 0.4% | ||||||||
Ainsworth Lumber Co. Ltd. (a) | 8,875 | 32,444 | ||||||
Ainsworth Lumber Co. Ltd. (a)(b) | 2,507 | 9,140 | ||||||
NewPage Holdings Corp. (a)(h) | 1,460 | 138,700 | ||||||
180,284 | ||||||||
Shares | Value | ||||||||
Common Stocks | |||||||||
Semiconductors & Semiconductor Equipment — 0.1% | |||||||||
Freescale Semiconductor Ltd. (a) | 747 | $ | 11,892 | ||||||
NXP Semiconductors NV (a) | 1,568 | 48,373 | |||||||
60,265 | |||||||||
Software — 0.2% | |||||||||
Bankruptcy Management Solutions, Inc. (a) | 91 | — | |||||||
HMH Holdings/EduMedia (a) | 3,231 | 85,464 | |||||||
85,464 | |||||||||
Wireless Telecommunication Services — 0.6% | |||||||||
Crown Castle International Corp. (a) | 1,927 | 137,299 | |||||||
SBA Communications Corp., Class A (a) | 1,927 | 145,045 | |||||||
282,344 | |||||||||
Total Common Stocks – 7.8% | 3,881,519 | ||||||||
|
|||||||||
Par
(000) |
Value | ||||||||
Corporate Bonds | |||||||||
Aerospace & Defense — 0.9% | |||||||||
Bombardier, Inc., 4.25%, 1/15/16 (b) |
USD | 100 | 103,500 | ||||||
Huntington Ingalls Industries, Inc., 6.88%, 3/15/18 | 110 | 119,900 | |||||||
Kratos Defense & Security Solutions, Inc., 10.00%, 6/01/17 | 210 | 228,900 | |||||||
452,300 | |||||||||
Air Freight & Logistics — 0.2% | |||||||||
National Air Cargo Group, Inc.: | |||||||||
Series 1, 12.38%, 9/02/15 | 59 | 59,015 | |||||||
Series 2, 12.38%, 8/16/15 | 60 | 59,781 | |||||||
118,796 | |||||||||
Airlines — 2.4% | |||||||||
Air Canada Pass-Through Trust, Series 2013-1, Class C, 6.63%, 5/15/18 (b) | 48 | 49,190 | |||||||
American Airlines Pass-Through Trust, Series 2011-2, Class A, 8.63%, 4/15/23 | 179 | 189,127 | |||||||
Continental Airlines Pass-Through Trust: | |||||||||
Series 2010-1, Class B, 6.00%, 7/12/20 | 82 | 84,851 | |||||||
Series 2012-3, Class C, 6.13%, 4/29/18 | 155 | 162,750 | |||||||
BLACKROCK HIGH YIELD TRUST | MAY 31, 2013 | 1 |
Schedule of Investments (continued) |
BlackRock High Yield Trust (BHY) (Percentages shown are based on Net Assets) |
Par
(000) |
Value | ||||||||
Corporate Bonds | |||||||||
Airlines (concluded) | |||||||||
Delta Air Lines Pass-Through Trust, Series 2002-1, Class G-1, 6.72%, 7/02/24 | USD | 100 | $ | 110,461 | |||||
US Airways Group, Inc., 6.13%, 6/01/18 | 55 | 53,556 | |||||||
US Airways Pass-Through Trust: | |||||||||
Series 2011-1, Class C 10.88%, 10/22/14 | 74 | 79,069 | |||||||
Series 2012-1, Class C 9.13%, 10/01/15 | 74 | 80,044 | |||||||
Series 2012-2, Class B 6.75%, 12/03/22 | 60 | 65,550 | |||||||
Series 2012-2, Class C 5.45%, 6/03/18 (c) | 160 | 157,600 | |||||||
Series 2013-1, Class B 5.38%, 5/15/23 | 155 | 159,263 | |||||||
1,191,461 | |||||||||
Auto Components — 2.8% | |||||||||
Affinia Group, Inc., 7.75%, 5/01/21 (b) | 110 | 114,400 | |||||||
Dana Holding Corp., 6.75%, 2/15/21 | 180 | 193,500 | |||||||
Delphi Corp., 6.13%, 5/15/21 | 15 | 16,556 | |||||||
Icahn Enterprises LP, 8.00%, 1/15/18 | 650 | 689,000 | |||||||
IDQ Holdings, Inc., 11.50%, 4/01/17 (b) | 85 | 94,882 | |||||||
Jaguar Land Rover Automotive Plc (FKA Jaguar Land Rover Plc), 8.25%, 3/15/20 | GBP | 100 | 171,692 | ||||||
Titan International, Inc., 7.88%, 10/01/17 (b) | USD | 80 | 85,600 | ||||||
1,365,630 | |||||||||
Beverages — 0.3% | |||||||||
Crown European Holdings SA, 7.13%, 8/15/18 | EUR | 92 | 129,442 | ||||||
Building Products — 1.3% | |||||||||
American Builders & Contractors Supply Co., Inc., 5.63%, 4/15/21 (b) | USD | 75 | 75,938 | ||||||
Builders FirstSource, Inc., 7.63%, 6/01/21 (b) | 68 | 68,340 | |||||||
Building Materials Corp. of America (b): | |||||||||
7.00%, 2/15/20 | 20 | 21,400 | |||||||
6.75%, 5/01/21 | 160 | 173,200 | |||||||
Momentive Performance Materials, Inc., 8.88%, 10/15/20 | 129 | 138,997 | |||||||
Texas Industries, Inc., 9.25%, 8/15/20 | 39 | 43,193 | |||||||
USG Corp., 9.75%, 1/15/18 | 115 | 135,412 | |||||||
656,480 | |||||||||
Par
(000) |
Value | ||||||||
Corporate Bonds | |||||||||
Capital Markets — 0.2% | |||||||||
E*Trade Financial Corp., Series A, 0.00%, 8/31/19 (d)(e) | USD | 71 | $ | 80,585 | |||||
Chemicals — 2.2% | |||||||||
Axiall Corp., 4.88%, 5/15/23 (b) | 18 | 18,090 | |||||||
Basell Finance Co. BV, 8.10%, 3/15/27 (b) | 60 | 81,323 | |||||||
Celanese US Holdings LLC, 5.88%, 6/15/21 | 150 | 165,375 | |||||||
Eagle Spinco, Inc., 4.63%, 2/15/21 (b) | 64 | 64,480 | |||||||
Huntsman International LLC, 8.63%, 3/15/21 | 25 | 27,938 | |||||||
INEOS Finance Plc (b): | |||||||||
8.38%, 2/15/19 | 100 | 111,500 | |||||||
7.50%, 5/01/20 | 75 | 82,312 | |||||||
Kraton Polymers LLC/Kraton Polymers Capital Corp., 6.75%, 3/01/19 | 20 | 20,950 | |||||||
Nexeo Solutions LLC/Nexeo Solutions Finance Corp., 8.38%, 3/01/18 | 15 | 15,075 | |||||||
Nufarm Australia Ltd., 6.38%, 10/15/19 (b) | 35 | 35,875 | |||||||
Orion Engineered Carbons Bondco GmbH, 9.63%, 6/15/18 (b) | 200 | 222,500 | |||||||
PetroLogistics LP/PetroLogistics Finance Corp., 6.25%, 4/01/20 (b) |
28 | 28,210 | |||||||
PolyOne Corp., 7.38%, 9/15/20 | 35 | 38,587 | |||||||
Rockwood Specialties Group, Inc., 4.63%, 10/15/20 | 136 | 138,720 | |||||||
Tronox Finance LLC, 6.38%, 8/15/20 (b) | 29 | 28,493 | |||||||
1,079,428 | |||||||||
Commercial Banks — 0.9% | |||||||||
CIT Group, Inc.: | |||||||||
5.25%, 3/15/18 | 130 | 139,750 | |||||||
6.63%, 4/01/18 (b) | 40 | 45,000 | |||||||
5.50%, 2/15/19 (b) | 115 | 124,487 | |||||||
5.00%, 8/15/22 | 33 | 35,145 | |||||||
6.00%, 4/01/36 | 90 | 89,402 | |||||||
433,784 | |||||||||
Commercial Services & Supplies — 3.7% | |||||||||
ADS Waste Holdings, Inc., 8.25%, 10/01/20 (b) | 46 | 49,335 | |||||||
ARAMARK Holdings Corp., 5.75%, 3/15/20 (b) | 108 | 111,780 | |||||||
Aviation Capital Group Corp., 6.75%, 4/06/21 (b) | 92 | 102,061 | |||||||
AWAS Aviation Capital Ltd., 7.00%, 10/17/16 (b) | 152 | 159,220 | |||||||
Brickman Group Holdings, Inc., 9.13%, 11/01/18 (b) | 7 | 7,578 | |||||||
BLACKROCK HIGH YIELD TRUST | MAY 31, 2013 | 2 |
Schedule of Investments (continued) |
BlackRock High Yield Trust (BHY) (Percentages shown are based on Net Assets) |
Par
(000) |
Value | ||||||||
Corporate Bonds | |||||||||
Commercial Services & Supplies (concluded) | |||||||||
Catalent Pharma Solutions, Inc., 7.88%, 10/15/18 (b) | USD | 101 | $ | 102,515 | |||||
Covanta Holding Corp., 6.38%, 10/01/22 | 135 | 145,627 | |||||||
Mead Products LLC/ACCO Brands Corp., 6.75%, 4/30/20 (b) | 14 | 14,700 | |||||||
Mobile Mini, Inc., 7.88%, 12/01/20 | 60 | 66,450 | |||||||
The Hertz Corp., 6.25%, 10/15/22 | 45 | 48,881 | |||||||
TransUnion LLC/TransUnion Financing Corp., 11.38%, 6/15/18 | 11 | 12,430 | |||||||
UR Merger Sub Corp.: | |||||||||
5.75%, 7/15/18 | 43 | 45,903 | |||||||
7.38%, 5/15/20 | 75 | 82,312 | |||||||
8.25%, 2/01/21 | 77 | 85,277 | |||||||
7.63%, 4/15/22 | 521 | 577,007 | |||||||
6.13%, 6/15/23 | 30 | 31,425 | |||||||
Verisure Holding AB, 8.75%, 9/01/18 | EUR | 100 | 143,622 | ||||||
West Corp., 8.63%, 10/01/18 | USD | 25 | 27,438 | ||||||
1,813,561 | |||||||||
Communications Equipment — 1.3% | |||||||||
Alcatel-Lucent USA, Inc.: | |||||||||
6.50%, 1/15/28 | 10 | 7,950 | |||||||
6.45%, 3/15/29 | 32 | 25,680 | |||||||
Avaya, Inc. (b): | |||||||||
7.00%, 4/01/19 | 45 | 41,962 | |||||||
10.50%, 3/01/21 | 94 | 78,960 | |||||||
CommScope Holding Co., Inc., 6.63%, 6/01/20 (b)(f) | 80 | 79,000 | |||||||
Zayo Group LLC/Zayo Capital, Inc.: | |||||||||
8.13%, 1/01/20 | 155 | 172,050 | |||||||
10.13%, 7/01/20 | 220 | 255,750 | |||||||
661,352 | |||||||||
Computers & Peripherals — 0.2% | |||||||||
EMC Corp., Series B, 1.75%, 12/01/13 (e) | 31 | 47,934 | |||||||
SanDisk Corp., 1.50%, 8/15/17 (e) |
50 | 66,344 | |||||||
114,278 | |||||||||
Construction & Engineering — 0.3% | |||||||||
Boart Longyear Management Property Ltd., 7.00%, 4/01/21 (b) |
35 | 34,650 | |||||||
H&E Equipment Services, Inc., 7.00%, 9/01/22 | 79 | 85,320 | |||||||
Weekley Homes LLC/Weekley Finance Corp., 6.00%, 2/01/23 (b) |
26 | 27,040 | |||||||
147,010 | |||||||||
Par
(000) |
Value | ||||||||
Corporate Bonds | |||||||||
Construction Materials — 3.1% | |||||||||
HD Supply, Inc.: | |||||||||
8.13%, 4/15/19 | USD | 593 | $ | 658,230 | |||||
11.00%, 4/15/20 | 265 | 318,331 | |||||||
7.50%, 7/15/20 (b) | 416 | 440,960 | |||||||
11.50%, 7/15/20 | 85 | 99,875 | |||||||
1,517,396 | |||||||||
Consumer Finance — 1.6% | |||||||||
Credit Acceptance Corp., 9.13%, 2/01/17 | 80 | 86,400 | |||||||
Ford Motor Credit Co. LLC: | |||||||||
12.00%, 5/15/15 | 120 | 143,539 | |||||||
6.63%, 8/15/17 | 230 | 267,486 | |||||||
5.88%, 8/02/21 | 200 | 227,813 | |||||||
iStar Financial, Inc., 4.88%, 7/01/18 | 67 | 66,498 | |||||||
791,736 | |||||||||
Containers & Packaging — 2.1% | |||||||||
Ardagh Packaging Finance Plc/Ardagh MP Holdings USA, Inc. (b): | |||||||||
9.13%, 10/15/20 | 200 | 219,000 | |||||||
7.00%, 11/15/20 | 200 | 205,000 | |||||||
4.88%, 11/15/22 | 200 | 199,500 | |||||||
Berry Plastics Corp., 9.75%, 1/15/21 | 30 | 34,650 | |||||||
Crown Americas LLC/Crown Americas Capital Corp. III, 6.25%, 2/01/21 | 4 | 4,370 | |||||||
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 1/15/23 (b) | 5 | 4,887 | |||||||
Graphic Packaging International, Inc., 7.88%, 10/01/18 | 60 | 65,850 | |||||||
Leucadia National Corp., 8.13%, 9/15/15 | 140 | 158,900 | |||||||
Pactiv LLC, 7.95%, 12/15/25 | 73 | 69,350 | |||||||
Tekni-Plex, Inc., 9.75%, 6/01/19 (b) |
67 | 75,040 | |||||||
1,036,547 | |||||||||
Distributors — 0.5% | |||||||||
VWR Funding, Inc., 7.25%, 9/15/17 | 229 | 243,885 | |||||||
Diversified Consumer Services — 1.1% | |||||||||
313 Group, Inc. (b): | |||||||||
6.38%, 12/01/19 | 165 | 164,588 | |||||||
8.75%, 12/01/20 | 98 | 99,470 | |||||||
Laureate Education, Inc., 9.25%, 9/01/19 (b) | 205 | 229,600 | |||||||
ServiceMaster Co., 8.00%, 2/15/20 | 35 | 36,006 | |||||||
529,664 | |||||||||
BLACKROCK HIGH YIELD TRUST | MAY 31, 2013 | 3 |
Schedule of Investments (continued) |
BlackRock High Yield Trust (BHY) (Percentages shown are based on Net Assets) |
Par
(000) |
Value | ||||||||
Corporate Bonds | |||||||||
Diversified Financial Services — 6.1% | |||||||||
Aircastle Ltd.: | |||||||||
6.75%, 4/15/17 | USD | 55 | $ | 60,500 | |||||
6.25%, 12/01/19 | 53 | 57,372 | |||||||
Ally Financial, Inc., 8.00%, 11/01/31 | 872 | 1,124,880 | |||||||
CNG Holdings, Inc., 9.38%, 5/15/20 (b) | 60 | 59,700 | |||||||
DPL, Inc.: | |||||||||
6.50%, 10/15/16 | 52 | 56,030 | |||||||
7.25%, 10/15/21 | 143 | 154,440 | |||||||
General Motors Financial Co., Inc. (b): | |||||||||
2.75%, 5/15/16 | 88 | 87,868 | |||||||
3.25%, 5/15/18 | 51 | 50,554 | |||||||
4.25%, 5/15/23 | 15 | 14,625 | |||||||
GETCO Financing Escrow LLC, 8.25%, 6/15/18 (b)(c) | 37 | 36,168 | |||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 4/01/20 (b) |
200 | 201,000 | |||||||
Nuveen Investments, Inc., 9.13%, 10/15/17 (b) | 47 | 49,350 | |||||||
Reynolds Group Issuer, Inc.: | |||||||||
9.00%, 4/15/19 | 100 | 105,000 | |||||||
9.88%, 8/15/19 | 175 | 190,750 | |||||||
5.75%, 10/15/20 | 480 | 487,200 | |||||||
6.88%, 2/15/21 | 115 | 122,762 | |||||||
WMG Acquisition Corp.: | |||||||||
11.50%, 10/01/18 | 72 | 84,960 | |||||||
6.00%, 1/15/21 (b) | 49 | 51,695 | |||||||
2,994,854 | |||||||||
Diversified Telecommunication Services — 2.4% | |||||||||
Broadview Networks Holdings, Inc., 10.50%, 11/15/17 | 98 | 99,572 | |||||||
CenturyLink, Inc., Series V, 5.63%, 4/01/20 | 121 | 125,084 | |||||||
Cequel Communications Holdings I LLC/Cequel Capital Corp., 5.13%, 12/15/21 (b) | 70 | 68,688 | |||||||
Consolidated Communications Finance Co., 10.88%, 6/01/20 | 55 | 63,525 | |||||||
Level 3 Communications, Inc., 8.88%, 6/01/19 | 55 | 59,675 | |||||||
Level 3 Financing, Inc.: | |||||||||
8.13%, 7/01/19 | 355 | 384,287 | |||||||
7.00%, 6/01/20 | 75 | 78,937 | |||||||
8.63%, 7/15/20 | 140 | 154,000 | |||||||
tw telecom Holdings, Inc., 5.38%, 10/01/22 | 50 | 51,750 | |||||||
Windstream Corp.: | |||||||||
8.13%, 8/01/13 | 25 | 25,188 | |||||||
7.88%, 11/01/17 | 70 | 80,500 | |||||||
6.38%, 8/01/23 | 12 | 11,850 | |||||||
1,203,056 | |||||||||
Par
(000) |
Value | ||||||||
Corporate Bonds | |||||||||
Electric Utilities — 0.5% | |||||||||
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 11.25%, 12/01/18 (b)(f) | USD | 110 | $ | 99,275 | |||||
Homer City Generation LP, 8.73%, 10/01/26 (f) | 35 | 37,187 | |||||||
Mirant Mid Atlantic Pass-Through Trust, Series B, 9.13%, 6/30/17 | 84 | 94,762 | |||||||
231,224 | |||||||||
Electrical Equipment — 0.3% | |||||||||
Belden, Inc., 5.50%, 9/01/22 (b) | 60 | 61,650 | |||||||
General Cable Corp., 5.75%, 10/01/22 (b) | 100 | 103,000 | |||||||
164,650 | |||||||||
Electronic Equipment, Instruments & Components — 0.1% | |||||||||
Jabil Circuit, Inc., 8.25%, 3/15/18 | 40 | 48,400 | |||||||
Energy Equipment & Services — 3.9% | |||||||||
Atwood Oceanics, Inc., 6.50%, 2/01/20 | 25 | 26,781 | |||||||
Calfrac Holdings LP, 7.50%, 12/01/20 (b) | 55 | 56,650 | |||||||
Compagnie Générale de Géophysique, Veritas: | |||||||||
7.75%, 5/15/17 | 65 | 66,787 | |||||||
6.50%, 6/01/21 | 200 | 209,000 | |||||||
FTS International Services LLC/FTS International Bonds, Inc., 8.13%, 11/15/18 (b) | 196 | 208,740 | |||||||
Genesis Energy LP/Genesis Energy Finance Corp., 5.75%, 2/15/21 (b) |
9 | 9,180 | |||||||
Gulfmark Offshore, Inc., 6.38%, 3/15/22 | 25 | 26,000 | |||||||
Hornbeck Offshore Services, Inc., 5.88%, 4/01/20 | 50 | 52,125 | |||||||
MEG Energy Corp. (b): | |||||||||
6.50%, 3/15/21 | 253 | 261,855 | |||||||
6.38%, 1/30/23 | 36 | 36,900 | |||||||
Oil States International, Inc., 6.50%, 6/01/19 | 75 | 80,812 | |||||||
Peabody Energy Corp.: | |||||||||
6.00%, 11/15/18 | 109 | 116,630 | |||||||
6.25%, 11/15/21 | 121 | 126,445 | |||||||
7.88%, 11/01/26 | 65 | 69,550 | |||||||
4.75%, 12/15/41 (e) | 70 | 60,244 | |||||||
Precision Drilling Corp.: | |||||||||
6.63%, 11/15/20 | 10 | 10,700 | |||||||
6.50%, 12/15/21 | 45 | 48,263 | |||||||
Seadrill Ltd., 5.63%, 9/15/17 (b) | 410 | 420,250 | |||||||
Tervita Corp., 8.00%, 11/15/18 (b) | 61 | 63,135 | |||||||
1,950,047 | |||||||||
BLACKROCK HIGH YIELD TRUST | MAY 31, 2013 | 4 |
Schedule of Investments (continued) |
BlackRock High Yield Trust (BHY) (Percentages shown are based on Net Assets) |
Par
(000) |
Value | ||||||||
Corporate Bonds | |||||||||
Food & Staples Retailing — 0.1% | |||||||||
Rite Aid Corp., 9.25%, 3/15/20 | USD | 60 | $ | 67,725 | |||||
Food Products — 0.6% | |||||||||
Darling International, Inc., 8.50%, 12/15/18 | 20 | 22,400 | |||||||
Del Monte Corp., 7.63%, 2/15/19 | 9 | 9,326 | |||||||
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 4.88%, 5/01/21 (b) | 64 | 64,240 | |||||||
Post Holdings, Inc., 7.38%, 2/15/22 | 110 | 122,513 | |||||||
Smithfield Foods, Inc., 6.63%, 8/15/22 | 82 | 93,275 | |||||||
311,754 | |||||||||
Health Care Equipment & Supplies — 2.5% | |||||||||
Biomet, Inc. (b): | |||||||||
6.50%, 8/01/20 | 366 | 385,215 | |||||||
6.50%, 10/01/20 | 383 | 387,787 | |||||||
DJO Finance LLC/DJO Finance Corp.: | |||||||||
8.75%, 3/15/18 | 63 | 69,615 | |||||||
7.75%, 4/15/18 | 20 | 20,700 | |||||||
9.88%, 4/15/18 | 80 | 87,800 | |||||||
Fresenius Medical Care US Finance, Inc., 5.75%, 2/15/21 (b) |
50 | 55,625 | |||||||
Fresenius US Finance II, Inc., 9.00%, 7/15/15 (b) | 80 | 92,000 | |||||||
Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/01/19 | 95 | 97,850 | |||||||
Teleflex, Inc., 6.88%, 6/01/19 | 50 | 54,000 | |||||||
1,250,592 | |||||||||
Health Care Providers & Services — 7.3% | |||||||||
Aviv Healthcare Properties LP, 7.75%, 2/15/19 | 95 | 103,788 | |||||||
CHS/Community Health Systems, Inc.: | |||||||||
5.13%, 8/15/18 | 140 | 145,950 | |||||||
7.13%, 7/15/20 | 75 | 82,313 | |||||||
Crown Newco 3 Plc, 7.00%, 2/15/18 | GBP | 100 | 158,777 | ||||||
DaVita HealthCare Partners, Inc., 5.75%, 8/15/22 | USD | 148 | 157,620 | ||||||
HCA Holdings, Inc., 6.25%, 2/15/21 | 123 | 131,610 | |||||||
HCA, Inc.: | |||||||||
8.50%, 4/15/19 | 25 | 27,250 | |||||||
6.50%, 2/15/20 | 531 | 598,702 | |||||||
7.88%, 2/15/20 | 145 | 158,050 | |||||||
7.25%, 9/15/20 | 510 | 561,000 | |||||||
5.88%, 3/15/22 | 95 | 104,262 | |||||||
4.75%, 5/01/23 | 64 | 63,840 | |||||||
Hologic, Inc., 6.25%, 8/01/20 | 117 | 125,044 | |||||||
IASIS Healthcare LLC/IASIS Capital Corp., 8.38%, 5/15/19 | 95 | 99,275 | |||||||
Par
(000) |
Value | ||||||||
Corporate Bonds | |||||||||
Health Care Providers & Services (concluded) | |||||||||
INC Research LLC, 11.50%, 7/15/19 (b) | USD | 59 | $ | 63,425 | |||||
inVentiv Health, Inc., 9.00%, 1/15/18 (b) | 100 | 106,500 | |||||||
Omnicare, Inc.: | |||||||||
7.75%, 6/01/20 | 160 | 177,200 | |||||||
3.75%, 4/01/42 (e) | 47 | 57,193 | |||||||
Symbion, Inc., 8.00%, 6/15/16 | 55 | 58,163 | |||||||
Tenet Healthcare Corp.: | |||||||||
6.25%, 11/01/18 | 195 | 215,962 | |||||||
6.75%, 2/01/20 | 90 | 94,500 | |||||||
4.50%, 4/01/21 (b) | 78 | 76,635 | |||||||
4.38%, 10/01/21 (b) | 106 | 102,820 | |||||||
Vanguard Health Holding Co II LLC/Vanguard Holding Co II, Inc.: | |||||||||
8.00%, 2/01/18 | 40 | 42,450 | |||||||
7.75%, 2/01/19 | 75 | 80,250 | |||||||
3,592,579 | |||||||||
Health Care Technology — 1.0% | |||||||||
IMS Health, Inc. (b): | |||||||||
12.50%, 3/01/18 | 410 | 481,237 | |||||||
6.00%, 11/01/20 | 24 | 25,380 | |||||||
506,617 | |||||||||
Hotels, Restaurants & Leisure — 1.8% | |||||||||
Diamond Resorts Corp., 12.00%, 8/15/18 | 200 | 223,250 | |||||||
Isle of Capri Casinos, Inc.: | |||||||||
7.75%, 3/15/19 | 10 | 10,800 | |||||||
5.88%, 3/15/21 | 36 | 35,820 | |||||||
MCE Finance Ltd., 5.00%, 2/15/21 (b) | 200 | 200,000 | |||||||
MTR Gaming Group, Inc., 11.50%, 8/01/19 (f) | 25 | 26,978 | |||||||
Regal Entertainment Group, 5.75%, 2/01/25 | 44 | 43,890 | |||||||
Six Flags Entertainment Corp., 5.25%, 1/15/21 (b) | 100 | 100,500 | |||||||
Station Casinos LLC, 7.50%, 3/01/21 (b) | 233 | 244,067 | |||||||
Travelport LLC/Travelport Holdings, Inc. (b): | |||||||||
6.40%, 3/01/16 (g) | 10 | 9,262 | |||||||
11.88%, 9/01/16 | 5 | 5,206 | |||||||
Tropicana Entertainment LLC/ Tropicana Finance Corp., 9.63%, 12/15/14 (a)(h) | 25 | — | |||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.38%, 3/15/22 | 13 | 13,683 | |||||||
913,456 | |||||||||
BLACKROCK HIGH YIELD TRUST | MAY 31, 2013 | 5 |
Schedule of Investments (continued) |
BlackRock High Yield Trust (BHY) (Percentages shown are based on Net Assets) |
Par
(000) |
Value | ||||||||
Corporate Bonds | |||||||||
Household Durables — 2.7% | |||||||||
Ashton Woods USA LLC/Ashton Woods Finance Corp., 6.88%, 2/15/21 (b) | USD | 38 | $ | 39,378 | |||||
Beazer Homes USA, Inc., 6.63%, 4/15/18 | 10 | 10,838 | |||||||
Brookfield Residential Properties, Inc., 6.50%, 12/15/20 (b) | 70 | 74,900 | |||||||
K. Hovnanian Enterprises, Inc., 7.25%, 10/15/20 (b) | 160 | 177,200 | |||||||
Libbey Glass, Inc., 6.88%, 5/15/20 | 90 | 97,425 | |||||||
PH Holding LLC, 9.75%, 12/31/17 | 55 | 56,650 | |||||||
Pulte Group, Inc., 6.38%, 5/15/33 | 30 | 30,300 | |||||||
The Ryland Group, Inc., 6.63%, 5/01/20 | 60 | 66,900 | |||||||
Spie BondCo 3 SCA, 11.00%, 8/15/19 | EUR | 100 | 140,535 | ||||||
Standard Pacific Corp.: | |||||||||
10.75%, 9/15/16 | USD | 300 | 370,500 | ||||||
8.38%, 1/15/21 | 170 | 204,000 | |||||||
Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.25%, 4/15/21 (b) | 45 | 45,562 | |||||||
1,314,188 | |||||||||
Household Products — 0.9% | |||||||||
Ontex IV SA, 7.50%, 4/15/18 (b) | EUR | 100 | 136,474 | ||||||
Spectrum Brands Escrow Corp. (b): | |||||||||
6.38%, 11/15/20 | USD | 63 | 67,646 | ||||||
6.63%, 11/15/22 | 40 | 43,200 | |||||||
Spectrum Brands, Inc.: | |||||||||
9.50%, 6/15/18 | 160 | 177,000 | |||||||
6.75%, 3/15/20 | 17 | 18,275 | |||||||
442,595 | |||||||||
Independent Power Producers & Energy Traders — 4.2% | |||||||||
The AES Corp., 4.88%, 5/15/23 | 5 | 4,913 | |||||||
Calpine Corp., 7.50%, 2/15/21 (b) | 7 | 7,595 | |||||||
Dynegy, Inc., 5.88%, 6/01/23 (b) | 50 | 49,250 | |||||||
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.: | |||||||||
6.88%, 8/15/17 (b) | 125 | 132,500 | |||||||
10.00%, 12/01/20 (b) | 370 | 419,487 | |||||||
10.00%, 12/01/20 | 583 | 663,891 | |||||||
11.75%, 3/01/22 (b)(i) | 127 | 144,621 | |||||||
GenOn REMA LLC, Series B, 9.24%, 7/02/17 | 35 | 38,508 | |||||||
Laredo Petroleum, Inc.: | |||||||||
9.50%, 2/15/19 | 90 | 101,925 | |||||||
7.38%, 5/01/22 | 60 | 66,000 | |||||||
NRG Energy, Inc.: | |||||||||
7.63%, 1/15/18 | 313 | 352,907 | |||||||
6.63%, 3/15/23 (b) | 9 | 9,518 | |||||||
QEP Resources, Inc.: | |||||||||
5.38%, 10/01/22 | 56 | 57,400 | |||||||
Par
(000) |
Value | ||||||||
Corporate Bonds | |||||||||
Independent Power Producers & Energy Traders (concluded) | |||||||||
QEP Resources, Inc. (concluded): | |||||||||
5.25%, 5/01/23 | USD | 40 | $ | 40,400 | |||||
2,088,915 | |||||||||
Industrial Conglomerates — 0.2% | |||||||||
Sequa Corp., 7.00%, 12/15/17 (b) | 100 | 100,000 | |||||||
Insurance — 0.7% | |||||||||
A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub LLC, 7.88%, 12/15/20 (b) | 186 | 194,835 | |||||||
CNO Financial Group, Inc., 6.38%, 10/01/20 (b) | 37 | 40,099 | |||||||
MPL 2 Acquisition Canco, Inc., 9.88%, 8/15/18 (b) | 106 | 109,180 | |||||||
344,114 | |||||||||
Internet Software & Services — 0.1% | |||||||||
VeriSign, Inc., 4.63%, 5/01/23 (b) | 45 | 45,225 | |||||||
IT Services — 4.2% | |||||||||
Ceridian Corp.: | |||||||||
11.25%, 11/15/15 | 20 | 20,600 | |||||||
8.88%, 7/15/19 (b) | 210 | 239,400 | |||||||
11.00%, 3/15/21 (b) | 249 | 284,482 | |||||||
Epicor Software Corp., 8.63%, 5/01/19 | 87 | 94,612 | |||||||
First Data Corp.: | |||||||||
7.38%, 6/15/19 (b) | 400 | 422,000 | |||||||
8.88%, 8/15/20 (b) | 90 | 99,450 | |||||||
6.75%, 11/01/20 (b) | 271 | 283,195 | |||||||
8.25%, 1/15/21 (b) | 18 | 19,080 | |||||||
12.63%, 1/15/21 | 61 | 66,643 | |||||||
10.63%, 6/15/21 (b) | 124 | 124,620 | |||||||
11.75%, 8/15/21 (b) | 65 | 62,888 | |||||||
SunGard Data Systems, Inc.: | |||||||||
7.38%, 11/15/18 | 150 | 159,750 | |||||||
6.63%, 11/01/19 (b) | 130 | 136,825 | |||||||
WEX, Inc., 4.75%, 2/01/23 (b) | 81 | 80,797 | |||||||
2,094,342 | |||||||||
Machinery — 0.7% | |||||||||
Dematic SA, 7.75%, 12/15/20 (b) | 15 | 16,163 | |||||||
The Manitowoc Co., Inc., 5.88%, 10/15/22 | 80 | 85,100 | |||||||
Navistar International Corp., 8.25%, 11/01/21 | 58 | 59,087 | |||||||
SPX Corp., 6.88%, 9/01/17 | 30 | 33,375 | |||||||
Terex Corp., 6.00%, 5/15/21 | 75 | 79,312 | |||||||
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 8.75%, 2/01/19 (b) | 67 | 66,749 | |||||||
339,786 | |||||||||
Media — 10.0% | |||||||||
Affinion Group, Inc., 7.88%, 12/15/18 | 63 | 48,510 | |||||||
BLACKROCK HIGH YIELD TRUST | MAY 31, 2013 | 6 |
Schedule of Investments (continued) |
BlackRock High Yield Trust (BHY) (Percentages shown are based on Net Assets) |
Par
(000) |
Value | ||||||||
Corporate Bonds | |||||||||
Media (continued) | |||||||||
AMC Networks, Inc.: | |||||||||
7.75%, 7/15/21 | USD | 40 | $ | 45,300 | |||||
4.75%, 12/15/22 | 59 | 58,852 | |||||||
Cablevision Systems Corp., 5.88%, 9/15/22 | 95 | 94,050 | |||||||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||||||||
5.25%, 9/30/22 | 105 | 105,000 | |||||||
5.13%, 2/15/23 | 125 | 122,500 | |||||||
Cengage Learning Acquisitions, Inc., 11.50%, 4/15/20 (b) | 99 | 79,695 | |||||||
Checkout Holding Corp., 9.83%, 11/15/15 (b)(d) | 80 | 63,200 | |||||||
Cinemark USA, Inc., 5.13%, 12/15/22 | 42 | 42,630 | |||||||
Clear Channel Communications, Inc.: | |||||||||
9.00%, 12/15/19 (b)(c) | 95 | 95,475 | |||||||
9.00%, 3/01/21 | 278 | 275,915 | |||||||
Clear Channel Worldwide Holdings, Inc.: | |||||||||
6.50%, 11/15/22 (b) | 102 | 107,100 | |||||||
6.50%, 11/15/22 (b) | 347 | 366,085 | |||||||
Series B 7.63%, 3/15/20 | 187 | 198,687 | |||||||
DISH DBS Corp.: | |||||||||
4.25%, 4/01/18 (b) | 85 | 82,875 | |||||||
5.13%, 5/01/20 (b) | 150 | 146,250 | |||||||
5.88%, 7/15/22 | 250 | 250,625 | |||||||
Harron Communications LP/Harron Finance Corp., 9.13%, 4/01/20 (b) | 60 | 66,750 | |||||||
Intelsat Jackson Holdings SA, 5.50%, 8/01/23 (b)(c) | 250 | 245,000 | |||||||
Intelsat Luxembourg SA (b): | |||||||||
6.75%, 6/01/18 | 210 | 218,925 | |||||||
7.75%, 6/01/21 | 75 | 78,844 | |||||||
Interactive Data Corp., 10.25%, 8/01/18 | 220 | 246,950 | |||||||
The Interpublic Group of Cos., Inc., 10.00%, 7/15/17 | 55 | 58,025 | |||||||
Live Nation Entertainment, Inc., 8.13%, 5/15/18 (b) | 125 | 134,062 | |||||||
The McClatchy Co., 9.00%, 12/15/22 (b) | 90 | 97,200 | |||||||
NAI Entertainment Holdings LLC, 8.25%, 12/15/17 (b) | 94 | 101,520 | |||||||
The New York Times Co., 6.63%, 12/15/16 | 225 | 249,469 | |||||||
Nielsen Finance LLC/Nielsen Finance Co., 7.75%, 10/15/18 | 319 | 350,900 | |||||||
ProQuest LLC/ProQuest Notes Co., 9.00%, 10/15/18 (b) | 29 | 29,363 | |||||||
ProtoStar I Ltd., 18.00%, 10/15/13 (a)(b)(e)(h) | 414 | 207 | |||||||
Sirius XM Radio, Inc. (b): | |||||||||
4.25%, 5/15/20 | 85 | 83,300 | |||||||
4.63%, 5/15/23 | 42 | 40,320 | |||||||
Par
(000) |
Value | ||||||||
Corporate Bonds | |||||||||
Media (concluded) | |||||||||
Sterling Entertainment Corp., 10.00%, 12/15/19 | USD | 150 | $ | 150,000 | |||||
Unitymedia GmbH, 9.50%, 3/15/21 | EUR | 100 | 149,738 | ||||||
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 7.50%, 3/15/19 | 112 | 158,382 | |||||||
Univision Communications, Inc. (b): | |||||||||
8.50%, 5/15/21 | USD | 48 | 51,960 | ||||||
6.75%, 9/15/22 | 63 | 67,725 | |||||||
5.13%, 5/15/23 | 116 | 113,680 | |||||||
WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 9/01/20 (b) | 55 | 58,300 | |||||||
4,933,369 | |||||||||
Metals & Mining — 3.1% | |||||||||
ArcelorMittal: | |||||||||
9.50%, 2/15/15 | 40 | 44,400 | |||||||
4.25%, 8/05/15 | 65 | 67,113 | |||||||
4.25%, 3/01/16 | 25 | 25,938 | |||||||
5.00%, 2/25/17 | 68 | 70,720 | |||||||
6.13%, 6/01/18 | 68 | 72,080 | |||||||
FMG Resources August 2006 Property Ltd. (b): | |||||||||
6.38%, 2/01/16 | 27 | 27,132 | |||||||
6.00%, 4/01/17 | 75 | 75,937 | |||||||
Global Brass and Copper, Inc., 9.50%, 6/01/19 (b) | 50 | 56,000 | |||||||
GoldCorp, Inc., 2.00%, 8/01/14 (e) | 85 | 86,647 | |||||||
Kaiser Aluminum Corp., 8.25%, 6/01/20 | 35 | 39,463 | |||||||
New Gold, Inc., 7.00%, 4/15/20 (b) |
25 | 26,500 | |||||||
New World Resources NV, 7.88%, 5/01/18 | EUR | 60 | 62,388 | ||||||
Newmont Mining Corp., Series A, 1.25%, 7/15/14 (e) | USD | 90 | 93,881 | ||||||
Novelis, Inc., 8.75%, 12/15/20 | 545 | 609,037 | |||||||
Steel Dynamics, Inc., 6.38%, 8/15/22 (b) | 40 | 43,600 | |||||||
Taseko Mines Ltd., 7.75%, 4/15/19 | 70 | 71,400 | |||||||
Walter Energy, Inc. (b): | |||||||||
9.88%, 12/15/20 | 22 | 23,485 | |||||||
8.50%, 4/15/21 | 20 | 20,100 | |||||||
1,515,821 | |||||||||
Multiline Retail — 0.7% | |||||||||
Dollar General Corp., 4.13%, 7/15/17 | 134 | 145,425 | |||||||
Dufry Finance SCA, 5.50%, 10/15/20 (b) | 200 | 210,500 | |||||||
355,925 | |||||||||
BLACKROCK HIGH YIELD TRUST | MAY 31, 2013 | 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 — 9.3% | |||||||||
Access Midstream Partners LP/ACMP Finance Corp.: | |||||||||
5.88%, 4/15/21 | USD | 11 | $ | 11,660 | |||||
6.13%, 7/15/22 | 45 | 48,150 | |||||||
4.88%, 5/15/23 | 72 | 71,100 | |||||||
Alpha Appalachia Holdings, Inc., 3.25%, 8/01/15 (e) | 142 | 140,580 | |||||||
Athlon Holdings LP/Athlon Finance Corp., 7.38%, 4/15/21 (b) | 31 | 32,240 | |||||||
Aurora USA Oil & Gas, Inc. (b): | |||||||||
9.88%, 2/15/17 | 115 | 126,212 | |||||||
7.50%, 4/01/20 | 55 | 56,100 | |||||||
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 (b) | 14 | 14,630 | |||||||
BreitBurn Energy Partners LP/BreitBurn Finance Corp., 7.88%, 4/15/22 | 40 | 43,400 | |||||||
Carrizo Oil & Gas, Inc., 7.50%, 9/15/20 | 38 | 41,040 | |||||||
Chaparral Energy, Inc., 7.63%, 11/15/22 | 35 | 37,800 | |||||||
Chesapeake Energy Corp.: | |||||||||
7.25%, 12/15/18 | 20 | 23,050 | |||||||
6.63%, 8/15/20 | 14 | 15,575 | |||||||
6.88%, 11/15/20 | 46 | 51,750 | |||||||
6.13%, 2/15/21 | 11 | 11,990 | |||||||
Concho Resources, Inc.: | |||||||||
7.00%, 1/15/21 | 25 | 27,188 | |||||||
6.50%, 1/15/22 | 52 | 56,160 | |||||||
5.50%, 10/01/22 | 63 | 65,047 | |||||||
5.50%, 4/01/23 | 12 | 12,270 | |||||||
CONSOL Energy, Inc., 8.25%, 4/01/20 | 50 | 55,250 | |||||||
Continental Resources, Inc., 7.13%, 4/01/21 | 60 | 67,350 | |||||||
Crosstex Energy LP/Crosstex Energy Finance Corp., 8.88%, 2/15/18 | 25 | 26,875 | |||||||
CrownRock LP/CrownRock Finance, Inc., 7.13%, 4/15/21 (b) |
57 | 58,710 | |||||||
CVR Refining LLC/Coffeyville Finance, Inc., 6.50%, 11/01/22 (b) |
65 | 67,275 | |||||||
Denbury Resources, Inc., 4.63%, 7/15/23 | 128 | 123,840 | |||||||
Energy XXI Gulf Coast, Inc.: | |||||||||
9.25%, 12/15/17 | 75 | 83,250 | |||||||
7.75%, 6/15/19 | 90 | 96,300 | |||||||
EP Energy LLC/EP Energy Finance, Inc., 9.38%, 5/01/20 | 35 | 39,681 | |||||||
EP Energy LLC/Everest Acquisition Finance, Inc., 6.88%, 5/01/19 | 55 | 59,400 | |||||||
Par
(000) |
Value | ||||||||
Corporate Bonds | |||||||||
Oil, Gas & Consumable Fuels (continued) | |||||||||
EV Energy Partners LP/EV Energy Finance Corp., 8.00%, 4/15/19 | USD | 25 | $ | 25,688 | |||||
Halcon Resources Corp., 8.88%, 5/15/21 | 72 | 73,260 | |||||||
Hilcorp Energy I LP/Hilcorp Finance Co., 7.63%, 4/15/21 (b) | 45 | 49,500 | |||||||
Holly Energy Partners LP/Holly Energy Finance Corp., 6.50%, 3/01/20 | 25 | 26,563 | |||||||
Kodiak Oil & Gas Corp., 8.13%, 12/01/19 | 60 | 67,500 | |||||||
Legacy Reserves LP/Legacy Reserves Finance Corp., 6.63%, 12/01/21 (b) | 25 | 24,438 | |||||||
Linn Energy LLC, 6.25%, 11/01/19 (b) | 238 | 239,785 | |||||||
Linn Energy LLC/Linn Energy Finance Corp.: | |||||||||
6.50%, 5/15/19 | 7 | 7,123 | |||||||
8.63%, 4/15/20 | 20 | 21,900 | |||||||
7.75%, 2/01/21 | 60 | 63,600 | |||||||
MarkWest Energy Partners LP: | |||||||||
6.25%, 6/15/22 | 20 | 21,600 | |||||||
5.50%, 2/15/23 | 40 | 41,800 | |||||||
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.50%, 7/15/23 | 50 | 48,625 | |||||||
Memorial Production Partners LP, 7.63%, 5/01/21 (b) | 32 | 32,160 | |||||||
Newfield Exploration Co., 6.88%, 2/01/20 | 135 | 144,450 | |||||||
Northern Oil and Gas, Inc., 8.00%, 6/01/20 | 55 | 57,200 | |||||||
Oasis Petroleum, Inc.: | |||||||||
7.25%, 2/01/19 | 35 | 37,713 | |||||||
6.50%, 11/01/21 | 50 | 54,000 | |||||||
Offshore Group Investment Ltd., 7.13%, 4/01/23 (b) | 69 | 71,242 | |||||||
Pacific Drilling SA, 5.38%, 6/01/20 (b)(c) | 67 | 66,330 | |||||||
PBF Holding Co. LLC, 8.25%, 2/15/20 | 35 | 38,675 | |||||||
PDC Energy, Inc., 7.75%, 10/15/22 (b) | 35 | 38,150 | |||||||
Penn Virginia Corp., 8.50%, 5/01/20 (b) | 21 | 21,000 | |||||||
PetroBakken Energy Ltd., 8.63%, 2/01/20 (b) | 77 | 78,925 | |||||||
Petrobras Global Finance BV, 3.00%, 1/15/19 | 58 | 56,571 | |||||||
Petroleum Geo-Services ASA, 7.38%, 12/15/18 (b) | 95 | 105,450 | |||||||
Plains Exploration & Production Co., 6.88%, 2/15/23 | 91 | 102,944 | |||||||
BLACKROCK HIGH YIELD TRUST | MAY 31, 2013 | 8 |
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) | |||||||||
Range Resources Corp.: | |||||||||
8.00%, 5/15/19 | USD | 20 | $ | 21,800 | |||||
6.75%, 8/01/20 | 20 | 21,650 | |||||||
5.75%, 6/01/21 | 160 | 169,200 | |||||||
5.00%, 8/15/22 | 54 | 54,810 | |||||||
5.00%, 3/15/23 (b) | 29 | 29,290 | |||||||
Regency Energy Partners LP/Regency Energy Finance Corp., 6.88%, 12/01/18 | 70 | 75,075 | |||||||
Rosetta Resources, Inc., 5.63%, 5/01/21 | 45 | 45,113 | |||||||
Sabine Pass Liquefaction LLC (b): | |||||||||
5.63%, 2/01/21 | 170 | 170,637 | |||||||
5.63%, 4/15/23 | 100 | 100,000 | |||||||
Sabine Pass Liquified Natural Gas LP: | |||||||||
7.50%, 11/30/16 | 305 | 340,075 | |||||||
6.50%, 11/01/20 (b) | 55 | 57,612 | |||||||
SandRidge Energy, Inc.: | |||||||||
8.75%, 1/15/20 | 5 | 5,375 | |||||||
7.50%, 2/15/23 | 62 | 63,860 | |||||||
SESI LLC, 6.38%, 5/01/19 | 55 | 59,400 | |||||||
Seven Generations Energy Ltd., 8.25%, 5/15/20 (b) | 15 | 15,600 | |||||||
SM Energy Co.: | |||||||||
6.63%, 2/15/19 | 20 | 21,450 | |||||||
6.50%, 11/15/21 | 45 | 49,162 | |||||||
6.50%, 1/01/23 | 65 | 71,500 | |||||||
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.88%, 10/01/20 (b) | 26 | 27,105 | |||||||
Vanguard Natural Resources LLC/VNR Finance Corp., 7.88%, 4/01/20 | 40 | 42,800 | |||||||
4,621,579 | |||||||||
Paper & Forest Products — 0.6% | |||||||||
Ainsworth Lumber Co. Ltd., 7.50%, 12/15/17 (b) | 92 | 99,360 | |||||||
Boise Paper Holdings LLC: | |||||||||
9.00%, 11/01/17 | 15 | 15,975 | |||||||
8.00%, 4/01/20 | 5 | 5,550 | |||||||
Clearwater Paper Corp.: | |||||||||
7.13%, 11/01/18 | 95 | 102,837 | |||||||
4.50%, 2/01/23 (b) | 5 | 4,938 | |||||||
NewPage Corp., 11.38%, 12/31/14 (a)(h) | 337 | — | |||||||
Sappi Papier Holding GmbH, 6.63%, 4/15/21 (b) | 25 | 25,500 | |||||||
Unifrax I LLC/Unifrax Holding Co., 7.50%, 2/15/19 (b) | 45 | 46,800 | |||||||
300,960 | |||||||||
Pharmaceuticals — 1.6% | |||||||||
Elan Finance Plc/Elan Finance Corp., 6.25%, 6/15/21 (b) | 255 | 256,275 | |||||||
Par
(000) |
Value | ||||||||
Corporate Bonds | |||||||||
Pharmaceuticals (concluded) | |||||||||
Jaguar Holding Co. II/Jaguar Merger Sub, Inc., 9.50%, 12/01/19 (b) | USD | 68 | $ | 77,605 | |||||
Valeant Pharmaceuticals International (b): | |||||||||
6.50%, 7/15/16 | 130 | 134,550 | |||||||
6.88%, 12/01/18 | 156 | 166,530 | |||||||
6.38%, 10/15/20 | 47 | 49,350 | |||||||
Warner Chilcott Co. LLC/Warner Chilcott Finance LLC, 7.75%, 9/15/18 | 102 | 112,519 | |||||||
796,829 | |||||||||
Professional Services — 0.2% | |||||||||
Truven Health Analytics, Inc., 10.63%, 6/01/20 (b) | 90 | 101,700 | |||||||
Real Estate Investment Trusts (REITs) — 0.6% | |||||||||
Cantor Commercial Real Estate Co. LP/CCRE Finance Corp., 7.75%, 2/15/18 (b) | 46 | 47,610 | |||||||
Felcor Lodging LP: | |||||||||
6.75%, 6/01/19 | 181 | 193,217 | |||||||
5.63%, 3/01/23 | 41 | 41,718 | |||||||
Host Hotels & Resorts LP, 2.50%, 10/15/29 (b)(e) | 20 | 28,188 | |||||||
310,733 | |||||||||
Real Estate Management & Development — 2.4% | |||||||||
CBRE Services, Inc., 6.63%, 10/15/20 | 55 | 59,400 | |||||||
Crescent Resources LLC/Crescent Ventures, Inc., 10.25%, 8/15/17 (b) |
145 | 161,675 | |||||||
Realogy Corp. (b): | |||||||||
7.88%, 2/15/19 | 425 | 466,437 | |||||||
7.63%, 1/15/20 | 120 | 135,900 | |||||||
9.00%, 1/15/20 | 55 | 63,938 | |||||||
The Realogy Group LLC/Sunshine Group Florida Ltd., 3.38%, 5/01/16 (b) | 56 | 55,580 | |||||||
Shea Homes LP/Shea Homes Funding Corp., 8.63%, 5/15/19 | 230 | 261,050 | |||||||
1,203,980 | |||||||||
Road & Rail — 0.9% | |||||||||
The Hertz Corp.: | |||||||||
7.50%, 10/15/18 | 130 | 141,375 | |||||||
6.75%, 4/15/19 | 50 | 54,313 | |||||||
5.88%, 10/15/20 | 10 | 10,550 | |||||||
7.38%, 1/15/21 | 170 | 187,850 | |||||||
Watco Cos. LLC/Watco Finance Corp., 6.38%, 4/01/23 (b) | 24 | 25,260 | |||||||
419,348 | |||||||||
BLACKROCK HIGH YIELD TRUST | MAY 31, 2013 | 9 |
Schedule of Investments (continued) |
BlackRock High Yield Trust (BHY) (Percentages shown are based on Net Assets) |
Par
(000) |
Value | ||||||||
Corporate Bonds | |||||||||
Semiconductors & Semiconductor Equipment — 0.8% | |||||||||
NXP BV/NXP Funding LLC (b): | |||||||||
3.75%, 6/01/18 | USD | 115 | $ | 113,275 | |||||
5.75%, 2/15/21 | 200 | 210,000 | |||||||
Spansion LLC, 7.88%, 11/15/17 | 50 | 52,000 | |||||||
375,275 | |||||||||
Software — 1.6% | |||||||||
IAC/InterActiveCorp, 4.75%, 12/15/22 (b) | 71 | 69,757 | |||||||
Igloo Holdings Corp., 8.25%, 12/15/17 (b)(f) | 47 | 48,293 | |||||||
Infor US, Inc., 9.38%, 4/01/19 | 350 | 394,625 | |||||||
Interface Security Systems Holdings, Inc./Interface Security Systems LLC, 9.25%, 1/15/18 (b) |
27 | 28,215 | |||||||
Nuance Communications, Inc., 5.38%, 8/15/20 (b) | 155 | 156,937 | |||||||
Sophia LP/Sophia Finance, Inc., 9.75%, 1/15/19 (b) | 78 | 86,970 | |||||||
784,797 | |||||||||
Specialty Retail — 2.8% | |||||||||
Asbury Automotive Group, Inc.: | |||||||||
7.63%, 3/15/17 | 60 | 61,726 | |||||||
8.38%, 11/15/20 | 60 | 67,200 | |||||||
Claire's Stores, Inc. (b): | |||||||||
9.00%, 3/15/19 | 149 | 167,625 | |||||||
7.75%, 6/01/20 | 55 | 55,688 | |||||||
CST Brands, Inc., 5.00%, 5/01/23 (b) |
31 | 31,310 | |||||||
House of Fraser Funding Plc, 8.88%, 8/15/18 | GBP | 100 | 160,980 | ||||||
Limited Brands, Inc., 8.50%, 6/15/19 | USD | 140 | 172,025 | ||||||
Michaels Stores, Inc., 7.75%, 11/01/18 | 39 | 42,315 | |||||||
New Academy Finance Co. LLC, 8.00%, 6/15/18 (b)(f) | 37 | 38,110 | |||||||
Party City Holdings, Inc., 8.88%, 8/01/20 (b) | 173 | 194,192 | |||||||
Penske Automotive Group, Inc., 5.75%, 10/01/22 (b) | 51 | 53,741 | |||||||
QVC, Inc. (b): | |||||||||
7.50%, 10/01/19 | 100 | 110,106 | |||||||
7.38%, 10/15/20 | 55 | 60,774 | |||||||
Sally Holdings LLC/Sally Capital, Inc.: | |||||||||
6.88%, 11/15/19 | 90 | 99,788 | |||||||
5.75%, 6/01/22 | 83 | 87,358 | |||||||
1,402,938 | |||||||||
Textiles, Apparel & Luxury Goods — 0.4% | |||||||||
Levi Strauss & Co., 6.88%, 5/01/22 | 75 | 83,156 | |||||||
PVH Corp., 4.50%, 12/15/22 | 41 | 40,898 | |||||||
Par
(000) |
Value | ||||||||
Corporate Bonds | |||||||||
Textiles, Apparel & Luxury Goods (concluded) | |||||||||
SIWF Merger Sub, Inc./Springs Industries, Inc., 6.25%, 6/01/21 (b)(c) |
USD | 82 | $ | 81,590 | |||||
205,644 | |||||||||
Trading Companies & Distributors — 1.2% | |||||||||
Air Lease Corp., 4.50%, 1/15/16 | 100 | 102,500 | |||||||
Ashtead Capital, Inc., 6.50%, 7/15/22 (b) | 90 | 97,200 | |||||||
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust (b): | |||||||||
Series 2012-1, Class A 5.13%, 11/30/24 | 194 | 206,541 | |||||||
Series 2012-1, Class B 6.50%, 5/30/21 | 200 | 207,905 | |||||||
614,146 | |||||||||
Transportation Infrastructure — 0.3% | |||||||||
Aguila 3 SA, 7.88%, 1/31/18 | 150 | 161,438 | |||||||
Wireless Telecommunication Services — 4.8% | |||||||||
Cricket Communications, Inc., 7.75%, 10/15/20 | 96 | 95,760 | |||||||
Crown Castle International Corp., 5.25%, 1/15/23 | 187 | 189,338 | |||||||
Digicel Group Ltd., 8.25%, 9/30/20 (b) | 200 | 213,000 | |||||||
Digicel Ltd., 6.00%, 4/15/21 (b) | 200 | 199,000 | |||||||
MetroPCS Wireless, Inc., 6.63%, 11/15/20 | 75 | 80,250 | |||||||
NII Capital Corp., 7.63%, 4/01/21 | 35 | 29,138 | |||||||
Phones4u Finance Plc, 9.50%, 4/01/18 | GBP | 100 | 157,835 | ||||||
Softbank Corp., 4.50%, 4/15/20 (b) |
USD | 200 | 202,942 | ||||||
Sprint Capital Corp., 6.88%, 11/15/28 | 213 | 213,000 | |||||||
Sprint Nextel Corp. (b): | |||||||||
9.00%, 11/15/18 | 566 | 686,275 | |||||||
7.00%, 3/01/20 | 295 | 331,875 | |||||||
2,398,413 | |||||||||
Total Corporate Bonds – 106.7% | 52,870,349 | ||||||||
|
|||||||||
Floating Rate Loan Interests (g) | |||||||||
Airlines — 1.1% | |||||||||
Delta Air Lines, Inc., Term Loan B, 5.00%, 4/20/17 | 96 | 96,635 | |||||||
Northwest Airlines, Inc.: | |||||||||
Term Loan, 2.30%, 3/10/17 | 106 | 97,903 | |||||||
Term Loan, 2.30%, 3/10/17 | 107 | 98,725 | |||||||
Term Loan, 2.30%, 3/10/17 | 88 | 77,709 | |||||||
Term Loan, 1.68%, 9/10/18 | 90 | 79,507 | |||||||
BLACKROCK HIGH YIELD TRUST | MAY 31, 2013 | 10 |
Schedule of Investments (continued) |
BlackRock High Yield Trust (BHY) (Percentages shown are based on Net Assets) |
Par
(000) |
Value | ||||||||
Floating Rate Loan Interests (g) | |||||||||
Airlines (concluded) | |||||||||
Northwest Airlines, Inc. (concluded): | |||||||||
Term Loan, 1.68%, 9/10/18 | USD | 89 | $ | 78,696 | |||||
529,175 | |||||||||
Auto Components — 0.1% | |||||||||
Schaeffler AG, Term Loan C, 4.25%, 1/27/17 | 25 | 25,302 | |||||||
Building Products — 0.1% | |||||||||
Wilsonart International Holdings LLC, Term Loan B, 4.00%, 10/31/19 | 70 | 69,843 | |||||||
Capital Markets — 0.7% | |||||||||
American Capital Holdings, Inc., Term Loan, 5.50%, 8/22/16 | 156 | 157,950 | |||||||
Knight Capital Group, Inc., Term Loan B, 1.00%, 11/10/17 | 60 | 59,400 | |||||||
Nuveen Investments, Inc.: | |||||||||
Second Lien Term Loan, 6.50%, 2/28/19 | 70 | 70,175 | |||||||
Term Loan, 4.19%, 5/13/17 | 80 | 80,217 | |||||||
367,742 | |||||||||
Chemicals — 0.4% | |||||||||
INEOS US Finance LLC, 6 year Term Loan, 4.00%, 5/04/18 | 68 | 68,020 | |||||||
US Coatings Acquisition, Inc., Term Loan, 4.75%, 2/03/20 | 115 | 115,820 | |||||||
183,840 | |||||||||
Commercial Services & Supplies — 0.4% | |||||||||
AWAS Finance Luxembourg Sarl, Term Loan B, 3.50%, 6/10/16 | 95 | 95,654 | |||||||
Catalent Pharma Solutions Inc., Term Loan, 6.50%, 12/29/17 | 45 | 45,506 | |||||||
Spin Holdco Inc., Term Loan B, 4.25%, 11/15/19 | 40 | 40,200 | |||||||
181,360 | |||||||||
Communications Equipment — 1.4% | |||||||||
Alcatel-Lucent USA, Inc.: | |||||||||
Term Loan C, 7.25%, 1/30/19 | 234 | 236,707 | |||||||
Term Loan D, 7.50%, 1/30/19 | EUR | 90 | 117,998 | ||||||
Avaya, Inc., Term Loan B5, 8.00%, 3/30/18 | USD | 20 | 18,840 | ||||||
Zayo Group, LLC, Term Loan B, 4.50%, 7/02/19 | 297 | 296,656 | |||||||
670,201 | |||||||||
Construction Materials — 0.4% | |||||||||
HD Supply, Inc., Senior Debt B, 4.50%, 10/12/17 | 179 | 179,920 | |||||||
Consumer Finance — 0.7% | |||||||||
Springleaf Financial Funding Co., Term Loan, 5.50%, 5/10/17 | 359 | 359,761 | |||||||
Par
(000) |
Value | ||||||||
Floating Rate Loan Interests (g) | |||||||||
Containers & Packaging — 0.1% | |||||||||
Tekni-Plex, Inc., Term Loan B, 5.50%, 8/25/19 | USD | 45 | $ | 44,775 | |||||
Diversified Consumer Services — 0.2% | |||||||||
Laureate Education, Inc., Extended Term Loan, 5.25%, 6/18/18 | 25 | 24,757 | |||||||
ServiceMaster Co., Term Loan, 4.25%, 1/31/17 | 80 | 79,785 | |||||||
104,542 | |||||||||
Diversified Telecommunication Services — 0.7% | |||||||||
Level 3 Financing, Inc.: | |||||||||
Term Loan, 4.75%, 8/01/19 | 250 | 251,798 | |||||||
Term Loan B, 4.75%, 2/01/16 | 50 | 50,185 | |||||||
Term Loan B, 5.25%, 8/01/19 | 40 | 40,525 | |||||||
342,508 | |||||||||
Energy Equipment & Services — 0.2% | |||||||||
Dynegy Holdings Inc., Term Loan B2, 4.00%, 4/23/20 | 95 | 95,218 | |||||||
Food & Staples Retailing — 0.3% | |||||||||
JC Penney Corp., Inc., First Lien Term Loan, 6.00%, 4/30/18 | 120 | 121,575 | |||||||
Rite Aid Corp., Second Lien Term Loan, 5.75%, 8/21/20 | 20 | 20,621 | |||||||
142,196 | |||||||||
Food Products — 0.1% | |||||||||
Advance Pierre Foods, Inc., Term Loan, 5.75%, 7/10/17 | 35 | 35,120 | |||||||
Health Care Equipment & Supplies — 0.5% | |||||||||
Bausch & Lomb, Inc., Term Loan, 4.00%, 5/17/19 | 50 | 49,669 | |||||||
Capital Safety North America Holding, Inc., Term Loan, 4.50%, 1/21/19 | 129 | 128,944 | |||||||
LHP Hospital Group, Inc., Term Loan, 9.00%, 7/03/18 | 45 | 45,556 | |||||||
224,169 | |||||||||
Health Care Providers & Services — 0.2% | |||||||||
Genesis HealthCare Corp., Term Loan B, 10.00% - 10.75%, 9/25/17 | 42 | 43,660 | |||||||
inVentiv Health, Inc., Combined Term Loan, 7.50%, 8/04/16 | 79 | 77,841 | |||||||
121,501 | |||||||||
Hotels, Restaurants & Leisure — 3.1% | |||||||||
Harrah's Property Co., Mezzanine Term Loan, 3.69%, 2/13/14 | 1,196 | 1,091,350 | |||||||
MGM Resorts International, Term Loan B, 3.50%, 12/20/19 | 195 | 194,917 | |||||||
BLACKROCK HIGH YIELD TRUST | MAY 31, 2013 | 11 |
Schedule of Investments (continued) |
BlackRock High Yield Trust (BHY) (Percentages shown are based on Net Assets) |
Par
(000) |
Value | ||||||||
Floating Rate Loan Interests (g) | |||||||||
Hotels, Restaurants & Leisure (concluded) | |||||||||
Station Casinos, Inc., Term Loan B, 5.00%, 3/01/20 | USD | 170 | $ | 171,572 | |||||
Travelport LLC: | |||||||||
Second Lien PIK Term Loan 2, 8.38%, 12/01/16 | 71 | 70,863 | |||||||
Second Lien Term Loan 1, 9.50%, 1/29/16 | 12 | 12,100 | |||||||
1,540,802 | |||||||||
Industrial Conglomerates — 0.2% | |||||||||
Sequa Corp., Term Loan B, 5.25%, 6/19/17 | 94 | 95,116 | |||||||
Insurance — 0.1% | |||||||||
Alliant Holdings I, Inc., Term Loan B, 5.00%, 12/20/19 | 55 | 55,137 | |||||||
IT Services — 0.3% | |||||||||
Ceridian Corp., Extended Term Loan, 5.95%, 5/09/17 | 12 | 11,927 | |||||||
First Data Corp., Extended Term Loan B, 4.20%, 3/23/18 | 130 | 129,405 | |||||||
141,332 | |||||||||
Life Sciences Tools & Services — 0.1% | |||||||||
Patheon, Inc., Term Loan, 7.25%, 12/06/18 | 35 | 35,260 | |||||||
Machinery — 0.6% | |||||||||
Rexnord LLC, Term Loan B, 3.75%, 4/02/18 | 83 | 83,877 | |||||||
Silver II US Holdings LLC, Term Loan, 4.00%, 12/13/19 | 209 | 209,481 | |||||||
293,358 | |||||||||
Media — 3.6% | |||||||||
Cengage Learning Acquisitions, Inc.: | |||||||||
Non Extended Term Loan, 2.70%, 7/03/14 | 59 | 46,502 | |||||||
Tranche 1 Incremental, 7.50%, 7/03/14 | 238 | 187,078 | |||||||
Clear Channel Communications, Inc.: | |||||||||
Term Loan B, 3.84%, 1/29/16 | 58 | 53,658 | |||||||
Term Loan C, 3.84%, 1/29/16 | 16 | 14,369 | |||||||
Term Loan D, 3.84%, 1/29/16 | 217 | 202,049 | |||||||
EMI Music Publishing Ltd., Term Loan B, 4.25%, 6/29/18 | 45 | 45,041 | |||||||
Getty Images, Inc., Term Loan B, 4.75%, 10/18/19 | 68 | 68,306 | |||||||
Intelsat Jackson Holdings SA, Term Loan B1, 4.25%, 4/02/18 | 1,039 | 1,045,427 | |||||||
Interactive Data Corp., Term Loan B, 3.75%, 2/11/18 | 70 | 69,998 | |||||||
Par
(000) |
Value | ||||||||
Floating Rate Loan Interests (g) | |||||||||
Media (concluded) | |||||||||
Univision Communications, Inc., Converted Extended Term Loan, 4.50%, 3/02/20 | USD | 39 | $ | 38,866 | |||||
Virgin Media Investment Holdings, Term Loan B, 1.00%, 2/17/20 | 20 | 19,961 | |||||||
1,791,255 | |||||||||
Metals & Mining — 1.1% | |||||||||
Constellium Holdco BV, Term Loan B, 6.25%, 3/25/20 | 150 | 152,438 | |||||||
FMG America Finance, Inc., Term Loan, 5.25%, 10/18/17 | 393 | 394,813 | |||||||
547,251 | |||||||||
Oil, Gas & Consumable Fuels — 1.4% | |||||||||
Chesapeake Energy Corp., Unsecured Term Loan, 5.75%, 12/01/17 | 325 | 332,940 | |||||||
Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15 | 126 | 126,805 | |||||||
Samson Investment Co., Second Lien Term Loan, 6.00%, 9/25/18 | 40 | 40,210 | |||||||
Vantage Drilling Co.: | |||||||||
Term Loan, 6.25%, 10/26/17 | 146 | 147,307 | |||||||
Term Loan B, 5.75%, 3/22/19 | 60 | 60,700 | |||||||
707,962 | |||||||||
Pharmaceuticals — 0.3% | |||||||||
Par Pharmaceutical Co., Inc., Term Loan B, 4.25%, 9/30/19 | 119 | 119,519 | |||||||
Pharmaceutical Product Development, Inc., Term Loan B, 4.25%, 12/05/18 | 49 | 49,661 | |||||||
169,180 | |||||||||
Professional Services — 0.1% | |||||||||
Truven Health Analytics, Inc.(FKA Thomson Reuters (Healthcare), Inc.), Term Loan B, 4.50%, 6/01/19 | 60 | 59,649 | |||||||
Real Estate Investment Trusts (REITs) — 0.2% | |||||||||
iStar Financial, Inc., Term Loan, 4.50%, 9/28/17 | 118 | 119,067 | |||||||
Real Estate Management & Development — 0.2% | |||||||||
Realogy Corp.: | |||||||||
Extended Letter of Credit, 4.45%, 10/10/16 | 14 | 14,553 | |||||||
Extended Term Loan, 4.50%, 3/05/20 | 105 | 105,941 | |||||||
120,494 | |||||||||
BLACKROCK HIGH YIELD TRUST | MAY 31, 2013 | 12 |
Schedule of Investments (continued) |
BlackRock High Yield Trust (BHY) (Percentages shown are based on Net Assets) |
Par
(000) |
Value | ||||||||
Floating Rate Loan Interests (g) | |||||||||
Road & Rail — 0.1% | |||||||||
Genesee & Wyoming, Inc., Term Loan A, 2.19%, 9/29/17 | USD | 47 | $ | 46,784 | |||||
Software — 0.6% | |||||||||
GCA Services Group, Inc., Second Lien Term Loan, 9.25%, 10/22/20 | 10 | 10,150 | |||||||
Infor US, Inc., Term Loan B2, 5.25% - 6.25%, 4/05/18 | 203 | 205,398 | |||||||
Kronos, Inc., Second Lien Term Loan, 9.75%, 4/30/20 | 85 | 88,825 | |||||||
304,373 | |||||||||
Specialty Retail — 0.2% | |||||||||
David's Bridal, Inc., Term Loan B, 5.00%, 10/11/19 | 90 | 90,298 | |||||||
Textiles, Apparel & Luxury Goods — 0.5% | |||||||||
Ascend Performance Materials LLC, Term Loan B, 6.75%, 4/10/18 | 183 | 184,066 | |||||||
PVH Corp., Term Loan B, 3.25%, 2/13/20 | 75 | 75,319 | |||||||
259,385 | |||||||||
Thrifts & Mortgage Finance — 0.2% | |||||||||
Ocwen Financial Corp., Term Loan, 5.00%, 2/15/18 | 100 | 101,167 | |||||||
Wireless Telecommunication Services — 1.1% | |||||||||
Vodafone Americas Finance 2, Inc.(f): | |||||||||
PIK Term Loan, 6.88%, 8/11/15 | 277 | 280,343 | |||||||
PIK Term Loan B, 6.25%, 7/11/16 | 258 | 264,258 | |||||||
544,601 | |||||||||
Total Floating Rate Loan Interests – 21.6% | 10,699,644 | ||||||||
|
|||||||||
Shares |
|||||||||
Investment Companies | |||||||||
Exchange-Traded Fund — 0.9% | |||||||||
iShares iBoxx $ High Yield Corporate Bond Fund (j) | 4,699 | 436,631 | |||||||
Total Investment Companies – 0.9% | 436,631 | ||||||||
Shares |
Value | |||||||||||
Preferred Securities | ||||||||||||
Preferred Stocks | ||||||||||||
Auto Components — 1.1% | ||||||||||||
Dana Holding Corp., 4.00% (b)(e) | 3,560 | $ | 567,153 | |||||||||
|
||||||||||||
Trust Preferreds | ||||||||||||
Diversified Financial Services — 1.2% | ||||||||||||
GMAC Capital Trust I, Series 2, 8.13%, 2/15/40 (g) | 21,620 | 573,329 | ||||||||||
Total Preferred Securities – 2.3% | 1,140,482 | |||||||||||
|
||||||||||||
Warrants (k) | ||||||||||||
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% | — | |||||||||||
Total
Long-Term Investments
(Cost – $65,948,912) – 139.3% |
69,028,625 | |||||||||||
|
||||||||||||
Short-Term Securities | ||||||||||||
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.06% (j)(l) | 2,980,851 | 2,980,851 | ||||||||||
Total
Short-Term Securities
(Cost – $2,980,851) – 6.0% |
2,980,851 | |||||||||||
|
||||||||||||
Options Purchased | ||||||||||||
(Cost – $2,933) – 0.0% | — | |||||||||||
Total
Investments Before Options Written
(Cost – $68,932,696*) – 145.3% |
72,009,476 | |||||||||||
BLACKROCK HIGH YIELD TRUST | MAY 31, 2013 | 13 |
Schedule of Investments (continued) |
BlackRock High Yield Trust (BHY) (Percentages shown are based on Net Assets) |
|
Value | ||||
Options Written | |||||
(Premiums Received – $18,225) – (0.0)% | $ | (20,036) | ||
Total Investments, Net of Options Written – 145.3% | 71,989,440 | |||
Liabilities in Excess of Other Assets – (45.3)% | (22,458,674) | |||
__________________________________________________ | ||||
Net Assets – 100.0% | $ | 49,530,766 | ||
BLACKROCK HIGH YIELD TRUST | MAY 31, 2013 | 14 |
Schedule of Investments (continued) |
BlackRock High Yield Trust (BHY) |
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EUR | Euro | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FKA | Formerly Known As | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GBP | British Pound | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD | US Dollar | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Foreign currency exchange contracts as of May 31, 2013 were as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency
Purchased |
Currency
Sold |
Counterparty |
Settlement
Date |
Unrealized
Appreciation |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD | 589,405 | GBP | 385,000 | Barclays Plc | 7/17/13 | $ | 4,605 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
USD | 999,893 | EUR | 766,000 | Barclays Plc | 7/23/13 | 4,013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 8,618 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Over-the-counter options purchased as of May 31, 2013 were as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Counterparty |
Put/
Call |
Strike
|
Expiration
Date |
Contracts |
Market
Value |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marsico Parent Superholdco LLC | Goldman Sachs Group, Inc. | Call | USD | 942.86 | 12/14/19 | 3 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Over-the-counter credit default swaptions written as of May 31, 2013 were as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Counterparty |
Put/
Call |
Strike
Price |
Pay/Receive
Floating Rate Index |
Floating Rate
Index |
Credit
|
Expiration
Date |
Notional
Amount (000) 2 |
Market
Value |
||||
Sold
Protection
on 5-Year Credit Default Swap |
Credit
Suisse
Group AG |
Call | USD 103.50 | Receive |
Dow
Jones
CDX North America High Yield, Series 19, Version 1 |
B+ | 6/19/13 | USD | 750 | $ | (19,982) | ||
Sold
Protection
on 5-Year Credit Default Swap |
Credit
Suisse
Group AG |
Put | USD 97.50 | Pay |
Dow
Jones
CDX North America High Yield, Series 19, Version 1 |
B+ | 6/19/13 | USD | 750 | (54) | |||
Total | $ | (20,036) |
1 | Using S&P’s rating of the underlying securities of the index. |
2 | The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. |
• | Credit default swaps - buy protection outstanding as of May 31, 2013 were as follows: |
Issuer |
Pay
Fixed Rate |
Counterparty |
Expiration
Date |
Notional
Amount (000) |
Unrealized
Depreciation |
|||||||||||||||||||||||||||||||||||||||||
The New York Times Co. | 1.00% | Barclays Plc | 12/20/16 | USD | 225 | $(7,392) | ||||||||||||||||||||||||||||||||||||||||
BLACKROCK HIGH YIELD TRUST | MAY 31, 2013 | 15 |
Schedule of Investments (continued) |
BlackRock High Yield Trust (BHY) |
• | Credit default swaps - sold protection outstanding as of May 31, 2013 were as follows: | |||||||||||||||||||||||||||||||||||||||||||||
Issuer |
Receive
Fixed Rate |
Counterparty |
Expiration
Date |
Credit Rating 1 |
Notional
Amount (000) 2 |
Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||||||||||||||
Caesars Entertainment Operating Co., Inc. | 5.00% | JPMorgan Chase & Co. | 12/20/15 | CCC- | USD | 13 | $ | 664 | ||||||||||||||||||||||||||||||||||||||
Caesars Entertainment Operating Co., Inc. | 5.00% | JPMorgan Chase & Co. | 12/20/15 | CCC- | USD | 46 | 4,341 | |||||||||||||||||||||||||||||||||||||||
Goodyear Tire & Rubber Co. | 5.00% | Barclays Plc | 12/20/15 | BB- | USD | 95 | 1,958 | |||||||||||||||||||||||||||||||||||||||
Caesars Entertainment Operating Co., Inc. | 5.00% | Barclays Plc | 3/20/16 | CCC- | USD | 12 | (284) | |||||||||||||||||||||||||||||||||||||||
Caesars Entertainment Operating Co., Inc. | 5.00% | Barclays Plc | 3/20/16 | CCC- | USD | 11 | (575) | |||||||||||||||||||||||||||||||||||||||
Caesars Entertainment Operating Co., Inc. | 5.00% | Goldman Sachs Group, Inc. | 3/20/16 | CCC- | USD | 17 | 84 | |||||||||||||||||||||||||||||||||||||||
Caesars Entertainment Operating Co., Inc. | 5.00% | Goldman Sachs Group, Inc. | 3/20/16 | CCC- | USD | 17 | 84 | |||||||||||||||||||||||||||||||||||||||
Caesars Entertainment Operating Co., Inc. | 5.00% | Goldman Sachs Group, Inc. | 3/20/16 | CCC- | USD | 53 | (393) | |||||||||||||||||||||||||||||||||||||||
Caesars Entertainment Operating Co., Inc. | 5.00% | Goldman Sachs Group, Inc. | 3/20/16 | CCC- | USD | 26 | (512) | |||||||||||||||||||||||||||||||||||||||
Caesars Entertainment Operating Co., Inc. | 5.00% | Goldman Sachs Group, Inc. | 3/20/16 | CCC- | USD | 74 | (4,858) | |||||||||||||||||||||||||||||||||||||||
Caesars Entertainment Operating Co., Inc. | 5.00% | JPMorgan Chase & Co. | 3/20/16 | CCC- | USD | 13 | (426) | |||||||||||||||||||||||||||||||||||||||
Caesars Entertainment Operating Co., Inc. | 5.00% | Barclays Plc | 6/20/16 | CCC- | USD | 30 | (2,482) | |||||||||||||||||||||||||||||||||||||||
Caesars Entertainment Operating Co., Inc. | 5.00% | Goldman Sachs Group, Inc. | 6/20/16 | CCC- | USD | 35 | (675) | |||||||||||||||||||||||||||||||||||||||
Caesars Entertainment Operating Co., Inc. | 5.00% | Goldman Sachs Group, Inc. | 6/20/16 | CCC- | USD | 70 | (1,947) | |||||||||||||||||||||||||||||||||||||||
Caesars Entertainment Operating Co., Inc. | 5.00% | Goldman Sachs Group, Inc. | 6/20/16 | CCC- | USD | 74 | (1,797) | |||||||||||||||||||||||||||||||||||||||
Caesars Entertainment Operating Co., Inc. | 5.00% | Goldman Sachs Group, Inc. | 6/20/16 | CCC- | USD | 21 | (1,426) | |||||||||||||||||||||||||||||||||||||||
ARAMARK Corp. | 5.00% | Credit Suisse Group AG | 9/20/16 | B- | USD | 50 | 5,700 | |||||||||||||||||||||||||||||||||||||||
ARAMARK Corp. | 5.00% | Deutsche Bank AG | 3/20/17 | B- | USD | 35 | 2,795 | |||||||||||||||||||||||||||||||||||||||
Caesars Entertainment Operating Co., Inc. | 5.00% | Barclays Plc | 3/20/17 | CCC- | USD | 11 | (574) | |||||||||||||||||||||||||||||||||||||||
Caesars Entertainment Operating Co., Inc. | 5.00% | Goldman Sachs Group, Inc. | 3/20/17 | CCC- | USD | 33 | (2,146) | |||||||||||||||||||||||||||||||||||||||
BLACKROCK HIGH YIELD TRUST | MAY 31, 2013 | 16 |
Schedule of Investments (continued) |
BlackRock High Yield Trust (BHY) |
Issuer |
Receive
Fixed Rate |
Counterparty |
Expiration
Date |
Credit Rating 1 |
Notional
Amount (000) 2 |
Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||||||||||||||
Caesars Entertainment Operating Co., Inc. | 5.00% | Goldman Sachs Group, Inc. | 3/20/17 | CCC- | USD | 40 | $ | (1,116) | ||||||||||||||||||||||||||||||||||||||
Caesars Entertainment Operating Co., Inc. | 5.00% | Goldman Sachs Group, Inc. | 3/20/17 | CCC- | USD | 23 | (1,062) | |||||||||||||||||||||||||||||||||||||||
Crown Castle International Corp. | 7.25% | Deutsche Bank AG | 3/20/17 | B- | USD | 80 | 16,135 | |||||||||||||||||||||||||||||||||||||||
CCO Holdings LLC | 8.00% | Deutsche Bank AG | 9/20/17 | BB- | USD | 280 | 64,913 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 76,401 | ||||||||||||||||||||||||||||||||||||||||||||
1 | Using S&P’s rating of the issuer. | |||||||||||||||||||||||||||||||||||||||||||||
2 | The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. | |||||||||||||||||||||||||||||||||||||||||||||
• | 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 or 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 fair value hierarchy classification 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, please refer to the Trust's most recent financial statements as contained in its semi-annual report. | ||||||||||||||||||||||||||||||||||||||||||||||
The following tables summarize the Trust's investments and derivative financial instruments categorized in the disclosure hierarchy as of May 31, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||||||||||
Long-Term Investments: | ||||||||||||||||||||||||||||||||
Common Stocks | $ | 3,458,405 | $ | 244,491 | $ | 178,623 | $ | 3,881,519 | ||||||||||||||||||||||||
Corporate Bonds | — | 52,544,696 | 325,653 | 52,870,349 | ||||||||||||||||||||||||||||
Floating Rate Loan Interests | — | 9,072,251 | 1,627,393 | 10,699,644 | ||||||||||||||||||||||||||||
Investment Companies | 436,631 | — | — | 436,631 | ||||||||||||||||||||||||||||
Preferred Securities | 573,329 | 567,153 | — | 1,140,482 | ||||||||||||||||||||||||||||
Short-Term Securities | 2,980,851 | — | — | 2,980,851 | ||||||||||||||||||||||||||||
Total | $ | 7,449,216 | $ | 62,428,591 | $ | 2,131,669 | $ | 72,009,476 | ||||||||||||||||||||||||
BLACKROCK HIGH YIELD TRUST | MAY 31, 2013 | 17 |
Schedule of Investments (continued) |
BlackRock High Yield Trust (BHY) |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Derivative Financial Instruments 1 | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Credit contracts | — | $ | 96,674 | — | $ | 96,674 | ||||||||||||||||||||||||||
Foreign currency exchange contracts | — | 8,618 | — | 8,618 | ||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Credit contracts | — | (47,701) | — | (47,701) | ||||||||||||||||||||||||||||
Total | — | $ | 57,591 | — | $ | 57,591 | ||||||||||||||||||||||||||
1 | Derivative financial instruments are swaps, foreign currency exchange contracts, and options written. Swaps and foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options written are shown at value. | |
Certain of the Trust’s assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of May 31, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows: | ||
Level 1 | Level 2 | Level 3 | Total | ||||||
Assets: | |||||||||
Cash | $ | 85,261 | — | — | $ | 85,261 | |||
Foreign currency at value | 11,454 | — | — | 11,454 | |||||
Cash pledged as collateral for options written | 10,000 | — | — | 10,000 | |||||
Liabilities: | |||||||||
Loans payable | — | $ | (21,000,000) | — | (21,000,000) | ||||
Cash received for financial futures contracts | — | (12,264) | — | (12,264) | |||||
Total | $ | 106,715 | $ | (21,012,264) | — | $ | (20,905,549) | ||
There were no transfers between Level 1 and Level 2 during the period ended May 31, 2013.
Certain of the Trust’s investments that are categorized as Level 3 were valued utilizing transaction prices or third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information inputs could result in a significantly lower or higher value of such Level 3 investments. |
BLACKROCK HIGH YIELD TRUST | MAY 31, 2013 | 18 |
Schedule of Investments (concluded) |
BlackRock High Yield Trust (BHY) |
BLACKROCK HIGH YIELD TRUST | MAY 31, 2013 | 19 |
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: July 25, 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: July 25, 2013
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock High Yield Trust
Date: July 25, 2013
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