BlackRock High Yield Trust (the Trust) is a diversified, closed-end management investment company. The Trust seeks to provide high current income, and to a lesser extent, capital appreciation, by investing in a diversified portfolio of below investment-grade securities. It invests in industries, such as building products, paper and forest products, aerospace and defense, airfreight and logistics, airlines, auto components, automobiles, diversified telecommunications services, chemicals and hotels, restaurants and leisure. The Trust’s investment advisor is BlackRock Advisors, LLC.