-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Lp00+R9qNo670MadoDJN7WQse/Xz8VMzSvnyWl1kiVUr5XBq425b10REvXk3DviJ ohOuDsZOL7c7OT64kg0Nuw== 0001171200-11-000064.txt : 20110126 0001171200-11-000064.hdr.sgml : 20110126 20110126112504 ACCESSION NUMBER: 0001171200-11-000064 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20101130 FILED AS OF DATE: 20110126 DATE AS OF CHANGE: 20110126 EFFECTIVENESS DATE: 20110126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK HIGH INCOME SHARES CENTRAL INDEX KEY: 0000830474 IRS NUMBER: 042999956 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05495 FILM NUMBER: 11548440 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 1-888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: CIGNA HIGH INCOME SHARES DATE OF NAME CHANGE: 19920703 N-Q 1 i00023_his-nq.htm

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 811-05495

 

Name of Fund: BlackRock High Income Shares (HIS)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock High Income Shares, 55 East 52nd Street, New York, NY 10055

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 08/31/2011

 

Date of reporting period: 11/30/2010

 

Item 1 – Schedule of Investments

 

 

 

 

Schedule of Investments November 30, 2010 (Unaudited)

BlackRock High Income Shares (HIS)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Common Stocks (a)

 

Shares

 

Value

 

Building Products — 0.2%

 

 

 

 

 

 

 

Masonite Worldwide Holdings

 

 

4,901

 

$

181,337

 

Nortek, Inc.

 

 

960

 

 

39,360

 

 

 

 

 

 

 

 

 

 

 

 

220,697

 

Containers & Packaging — 0.3%

 

 

 

 

 

 

 

Smurfit-Stone Container Corp.

 

 

14,168

 

 

338,615

 

Independent Power Producers &
Energy Traders — 0.4%

 

 

 

 

 

 

 

NRG Energy, Inc.

 

 

25,000

 

 

484,500

 

Machinery — 0.0%

 

 

 

 

 

 

 

Accuride Corp.

 

 

1,392

 

 

16,151

 

Software — 0.1%

 

 

 

 

 

 

 

Bankruptcy Management
Solutions, Inc.

 

 

251

 

 

125

 

HMH Holdings/EduMedia

 

 

40,383

 

 

201,915

 

 

 

 

 

 

 

 

 

 

 

 

202,040

 

Specialty Retail — 0.1%

 

 

 

 

 

 

 

Lazydays RV Center, Inc.

 

 

16,505

 

 

104,477

 

Wireless Telecommunication
Services — 0.1%

 

 

 

 

 

 

 

FiberTower Corp.

 

 

38,271

 

 

166,862

 

Total Common Stocks – 1.2%

 

 

 

 

 

1,533,342

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

 

 

 

Aerospace & Defense — 0.3%

 

 

 

 

 

 

 

DynCorp International, Inc.,
10.38%, 7/01/17 (b)

 

USD

120

 

 

121,800

 

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

 

 

240

 

 

267,900

 

 

 

 

 

 

 

 

 

 

 

 

389,700

 

Air Freight & Logistics — 0.6%

 

 

 

 

 

 

 

National Air Cargo Group, Inc.:

 

 

 

 

 

 

 

Series 1, 12.38%, 9/02/15

 

 

344

 

 

343,583

 

Series 2, 12.38%, 10/08/15

 

 

347

 

 

346,792

 

 

 

 

 

 

 

 

 

 

 

 

690,375

 

Airlines — 2.5%

 

 

 

 

 

 

 

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

 

 

490

 

 

512,050

 

American Airlines, Inc., 10.50%,
10/15/12

 

 


440

 

 


480,700

 

American Airlines Pass-Through
Trust, Series 2001-02, 7.86%,
4/01/13

 

 

160

 

 

167,600

 

Continental Airlines, Inc.:

6.75%, 9/15/15 (b)

 

 

270

 

 

277,762

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Airlines (concluded)

 

 

 

 

 

 

 

Continental Airlines, Inc. (concluded):

 

 

 

 

 

 

 

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

 

USD

200

 

$

202,000

 

Delta Air Lines, Inc., Series B,
9.75%, 12/17/16

 

 

499

 

 

542,527

 

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

 

 

843

 

 

945,729

 

 

 

 

 

 

 

 

 

 

 

 

3,128,368

 

Auto Components — 1.6%

 

 

 

 

 

 

 

Allison Transmission, Inc. (b):

 

 

 

 

 

 

 

11.00%, 11/01/15

 

 

100

 

 

108,250

 

11.25%, 11/01/15 (d)

 

 

83

 

 

90,055

 

Delphi International Holdings
Unsecured, 12.00%, 10/06/14

 

 

4

 

 

4,012

 

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

 

 

1,510

 

 

1,498,675

 

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

 

 

335

 

 

335,000

 

 

 

 

 

 

 

 

 

 

 

 

2,035,992

 

Beverages — 0.2%

 

 

 

 

 

 

 

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

 

 

125

 

 

133,750

 

Crown European Holdings SA,
7.13%, 8/15/18 (b)

 

EUR

115

 

 

152,634

 

 

 

 

 

 

 

 

 

 

 

 

286,384

 

Biotechnology — 0.2%

 

 

 

 

 

 

 

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

 

USD

248

 

 

249,845

 

Building Products — 3.3%

 

 

 

 

 

 

 

Associated Materials LLC, 9.13%,
11/01/17 (b)

 

 

220

 

 

224,400

 

Building Materials Corp. of
America (b):

 

 

 

 

 

 

 

6.88%, 8/15/18

 

 

245

 

 

240,100

 

7.00%, 2/15/20

 

 

290

 

 

298,700

 

CPG International I, Inc., 10.50%,
7/01/13

 

 

540

 

 

548,775

 

Momentive Performance Materials,
Inc., 9.00%, 1/15/21 (b)

 

 

590

 

 

587,050

 

Nortek, Inc.:

 

 

 

 

 

 

 

11.00%, 12/01/13

 

 

964

 

 

1,014,890

 

10.00%, 12/01/18 (b)

 

 

490

 

 

490,000

 

Ply Gem Industries, Inc., 11.75%,
6/15/13

 

 

670

 

 

710,200

 

 

 

 

 

 

 

 

 

 

 

 

4,114,115

 

Capital Markets — 0.8%

 

 

 

 

 

 

 

American Capital Ltd., 8.96%,
12/31/13

 

 

230

 

 

238,984

 

E*Trade Financial Corp., Series A,
0.00%, 8/31/19 (e)(f)

 

 

295

 

 

420,744

 

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

 

 

300

 

 

304,999

 

 

 

 

 

 

 

 

 

 

 

 

964,727

 

 

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

USD

U.S. Dollar

 

 

 

BLACKROCK HIGH INCOME SHARES

NOVEMBER 30, 2010

1


 

 

 

 

Schedule of Investments (continued)

BlackRock High Income Shares (HIS)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Chemicals — 3.3%

 

 

 

 

 

 

 

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

 

USD

400

 

$

400,500

 

CF Industries, Inc.:

 

 

 

 

 

 

 

6.88%, 5/01/18

 

 

205

 

 

224,988

 

7.13%, 5/01/20

 

 

360

 

 

402,750

 

Chemtura Corp., 7.88%, 9/01/18 (b)

 

 

245

 

 

259,087

 

Georgia Gulf Corp., 9.00%,
1/15/17 (b)

 

 

75

 

 

79,500

 

Hexion U.S. Finance Corp.:

 

 

 

 

 

 

 

8.88%, 2/01/18

 

 

345

 

 

355,350

 

9.00%, 11/15/20 (b)

 

 

170

 

 

168,725

 

Huntsman International LLC (b):

 

 

 

 

 

 

 

6.88%, 11/15/13

 

EUR

130

 

 

170,433

 

8.63%, 3/15/21

 

USD

230

 

 

243,800

 

Ineos Finance Plc, 9.00%,
5/15/15 (b)

 

 

195

 

 

201,825

 

MacDermid, Inc., 9.50%,
4/15/17 (b)

 

 

555

 

 

581,362

 

OXEA Finance/Cy SCA, 9.50%,
7/15/17 (b)

 

 

255

 

 

274,444

 

Omnova Solutions, Inc., 7.88%,
11/01/18 (b)

 

 

125

 

 

124,375

 

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

 

 

100

 

 

102,250

 

Rhodia SA, 6.88%, 9/15/20 (b)

 

 

360

 

 

367,200

 

TPC Group LLC, 8.25%,
10/01/17 (b)

 

 

155

 

 

159,263

 

 

 

 

 

 

 

 

 

 

 

 

4,115,852

 

Commercial Banks — 2.9%

 

 

 

 

 

 

 

CIT Group, Inc.:

 

 

 

 

 

 

 

7.00%, 5/01/16

 

 

928

 

 

912,169

 

7.00%, 5/01/17

 

 

2,731

 

 

2,662,512

 

 

 

 

 

 

 

 

 

 

 

 

3,574,681

 

Commercial Services &
Supplies — 1.3%

 

 

 

 

 

 

 

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

 

 

350

 

 

389,375

 

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

 

 

140

 

 

141,750

 

Mobile Mini, Inc., 7.88%,
12/01/20 (b)

 

 

105

 

 

107,494

 

RSC Equipment Rental, Inc.,
10.00%, 7/15/17 (b)

 

 

275

 

 

303,875

 

West Corp. (b):

 

 

 

 

 

 

 

8.63%, 10/01/18

 

 

450

 

 

468,000

 

7.88%, 1/15/19

 

 

180

 

 

177,750

 

 

 

 

 

 

 

 

 

 

 

 

1,588,244

 

Computers & Peripherals — 0.1%

 

 

 

 

 

 

 

SanDisk Corp., 1.50%, 8/15/17 (f)

 

 

170

 

 

181,688

 

Consumer Finance — 0.9%

 

 

 

 

 

 

 

Credit Acceptance Corp., 9.13%,
2/01/17 (b)

 

 

320

 

 

334,400

 

Ford Motor Credit Co. LLC:

 

 

 

 

 

 

 

3.04%, 1/13/12 (g)

 

 

145

 

 

145,000

 

7.80%, 6/01/12

 

 

300

 

 

318,036

 

6.63%, 8/15/17

 

 

360

 

 

371,059

 

 

 

 

 

 

 

 

 

 

 

 

1,168,495

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Containers & Packaging — 2.9%

 

 

 

 

 

 

 

Ardagh Packaging Finance Plc,
7.38%, 10/15/17 (b)

 

EUR

285

 

$

364,393

 

Ball Corp., 6.75%, 9/15/20

 

USD

250

 

 

266,250

 

Berry Plastics Corp.:

 

 

 

 

 

 

 

8.25%, 11/15/15

 

 

65

 

 

67,600

 

9.75%, 1/15/21 (b)

 

 

325

 

 

311,187

 

Graham Packaging Co. LP, 8.25%,
10/01/18

 

 

115

 

 

116,725

 

Graphic Packaging International, Inc.:

 

 

 

 

 

 

 

9.50%, 6/15/17

 

 

355

 

 

385,175

 

7.88%, 10/01/18

 

 

185

 

 

191,938

 

Impress Holdings BV, 3.41%,
9/15/13 (b)(g)

 

 

700

 

 

694,750

 

OI European Group BV, 6.88%,
3/31/17

 

EUR

100

 

 

132,725

 

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

 

USD

1,034

 

 

1,028,830

 

 

 

 

 

 

 

 

 

 

 

 

3,559,573

 

Diversified Financial Services — 5.3%

 

 

 

 

 

 

 

Ally Financial Inc.:

 

 

 

 

 

 

 

7.50%, 12/31/13

 

 

90

 

 

94,725

 

2.50%, 12/01/14 (g)

 

 

156

 

 

139,625

 

8.30%, 2/12/15

 

 

870

 

 

915,675

 

6.25%, 12/01/17 (b)

 

 

340

 

 

326,400

 

8.00%, 3/15/20 (b)

 

 

790

 

 

813,700

 

7.50%, 9/15/20 (b)

 

 

910

 

 

891,800

 

8.00%, 11/01/31

 

 

150

 

 

153,209

 

8.00%, 11/01/31

 

 

270

 

 

279,450

 

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

 

 

205

 

 

213,713

 

FCE Bank Plc, 7.13%, 1/15/13

 

EUR

450

 

 

600,183

 

Leucadia National Corp., 8.13%,
9/15/15

 

USD

540

 

 

585,900

 

Reynolds Group DL Escrow, Inc.,
7.75%, 10/15/16 (b)

 

 

595

 

 

620,287

 

Reynolds Group Issuer, Inc. (b):

 

 

 

 

 

 

 

7.13%, 4/15/19

 

 

270

 

 

274,725

 

9.00%, 4/15/19

 

 

670

 

 

681,725

 

 

 

 

 

 

 

 

 

 

 

 

6,591,117

 

Diversified Telecommunication
Services — 4.2%

 

 

 

 

 

 

 

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

 

 

480

 

 

470,400

 

Frontier Communications Corp.:

 

 

 

 

 

 

 

8.25%, 4/15/17

 

 

246

 

 

270,600

 

8.50%, 4/15/20

 

 

180

 

 

198,000

 

GCI, Inc., 8.63%, 11/15/19

 

 

600

 

 

652,500

 

ITC Deltacom, Inc., 10.50%,
4/01/16

 

 

170

 

 

182,325

 

Level 3 Communications, Inc.,
6.50%, 10/01/16 (f)

 

 

60

 

 

65,475

 

Nordic Telephone Co. Holdings
ApS, 8.88%, 5/01/16 (b)

 

 

90

 

 

95,850

 

Qwest Communications
International, Inc.:

 

 

 

 

 

 

 

7.50%, 2/15/14

 

 

910

 

 

919,100

 

8.00%, 10/01/15

 

 

300

 

 

318,750

 

Series B, 7.50%, 2/15/14

 

 

540

 

 

545,400

 

Wind Acquisition Finance SA,
12.00%, 12/01/15 (b)

 

 

850

 

 

897,812

 

Windstream Corp.:

 

 

 

 

 

 

 

8.13%, 8/01/13

 

 

112

 

 

122,360

 

 

 

 

2

BLACKROCK HIGH INCOME SHARES

NOVEMBER 30, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock High Income Shares (HIS)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Diversified Telecommunication
Services (concluded)

 

 

 

 

 

 

 

Windstream Corp. (concluded):

 

 

 

 

 

 

 

8.63%, 8/01/16

 

USD

205

 

$

212,688

 

7.88%, 11/01/17

 

 

253

 

 

265,650

 

 

 

 

 

 

 

 

 

 

 

 

5,216,910

 

Electric Utilities — 0.6%

 

 

 

 

 

 

 

Elwood Energy LLC, 8.16%,
7/05/26

 

 

384

 

 

370,873

 

Salton Sea Funding Corp., Series
E, 8.30%, 5/30/11

 

 

375

 

 

380,499

 

 

 

 

 

 

 

 

 

 

 

 

751,372

 

Electronic Equipment, Instruments
& Components — 0.2%

 

 

 

 

 

 

 

NXP BV, 3.05%, 10/15/13 (g)

 

 

225

 

 

212,625

 

Energy Equipment &
Services — 1.8%

 

 

 

 

 

 

 

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

 

 

115

 

 

114,425

 

Compagnie Generale de Geophysique-
Veritas:

 

 

 

 

 

 

 

7.50%, 5/15/15

 

 

485

 

 

497,125

 

7.75%, 5/15/17

 

 

170

 

 

178,500

 

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

 

 

205

 

 

205,000

 

Frac Tech Services LLC, 7.13%,
11/15/18 (b)

 

 

285

 

 

282,862

 

Global Geophysical Services, Inc.,
10.50%, 5/01/17

 

 

120

 

 

118,800

 

North American Energy Alliance
LLC, 10.88%, 6/01/16 (b)

 

 

310

 

 

344,100

 

Precision Drilling Corp., 6.63%,
11/15/20 (b)

 

 

175

 

 

176,750

 

Thermon Industries, Inc., 9.50%,
5/01/17 (b)

 

 

255

 

 

271,575

 

 

 

 

 

 

 

 

 

 

 

 

2,189,137

 

Food & Staples Retailing — 0.6%

 

 

 

 

 

 

 

Rite Aid Corp.:

 

 

 

 

 

 

 

9.75%, 6/12/16

 

 

195

 

 

209,381

 

7.50%, 3/01/17

 

 

290

 

 

273,325

 

8.00%, 8/15/20 (b)

 

 

240

 

 

247,200

 

 

 

 

 

 

 

 

 

 

 

 

729,906

 

Food Products — 0.4%

 

 

 

 

 

 

 

B&G Foods, Inc., 7.63%, 1/15/18

 

 

100

 

 

103,625

 

Reddy Ice Corp., 11.25%,
3/15/15

 

 

210

 

 

212,100

 

Smithfield Foods, Inc., 10.00%,
7/15/14 (b)

 

 

60

 

 

67,800

 

TreeHouse Foods, Inc., 7.75%,
3/01/18

 

 

70

 

 

75,950

 

 

 

 

 

 

 

 

 

 

 

 

459,475

 

Health Care Equipment &
Supplies — 1.5%

 

 

 

 

 

 

 

DJO Finance LLC, 10.88%,
11/15/14

 

 

1,135

 

 

1,237,150

 

Hologic, Inc., 2.00%,
12/15/37 (f)(h)

 

 

665

 

 

616,787

 

 

 

 

 

 

 

 

 

 

 

 

1,853,937

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Health Care Providers & Services — 5.0%

 

 

 

 

 

 

 

American Renal Holdings, 8.38%,
5/15/18 (b)

 

USD

130

 

$

134,550

 

DaVita, Inc., 6.38%, 11/01/18

 

 

180

 

 

178,425

 

Gentiva Health Services, Inc.,
11.50%, 9/01/18 (b)

 

 

325

 

 

356,281

 

HCA, Inc.:

 

 

 

 

 

 

 

9.13%, 11/15/14

 

 

620

 

 

646,350

 

8.50%, 4/15/19

 

 

465

 

 

506,850

 

7.25%, 9/15/20

 

 

1,295

 

 

1,358,131

 

inVentiv Health Inc., 10.00%,
8/15/18 (b)

 

 

300

 

 

294,750

 

Omnicare, Inc.:

 

 

 

 

 

 

 

6.13%, 6/01/13

 

 

120

 

 

119,100

 

7.75%, 6/01/20

 

 

290

 

 

297,250

 

Tenet Healthcare Corp.:

 

 

 

 

 

 

 

9.00%, 5/01/15

 

 

747

 

 

801,157

 

10.00%, 5/01/18

 

 

257

 

 

287,198

 

8.88%, 7/01/19

 

 

1,175

 

 

1,251,375

 

 

 

 

 

 

 

 

 

 

 

 

6,231,417

 

Health Care Technology — 1.1%

 

 

 

 

 

 

 

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

 

 

1,125

 

 

1,310,625

 

MedAssets, Inc., 8.00%,
11/15/18 (b)

 

 

75

 

 

75,563

 

 

 

 

 

 

 

 

 

 

 

 

1,386,188

 

Hotels, Restaurants &
Leisure — 2.1%

 

 

 

 

 

 

 

Diamond Resorts Corp., 12.00%,
8/15/18 (b)

 

 

550

 

 

561,000

 

Dunkin Finance Corp., 9.63%,
12/01/18 (b)

 

 

245

 

 

246,531

 

Harrah’s Operating Co., Inc.:

 

 

 

 

 

 

 

11.25%, 6/01/17

 

 

310

 

 

337,900

 

10.00%, 12/15/18

 

 

320

 

 

270,400

 

MGM Resorts International:

 

 

 

 

 

 

 

10.38%, 5/15/14

 

 

125

 

 

138,750

 

11.13%, 11/15/17

 

 

390

 

 

440,700

 

Marina District Finance Co., Inc.,
9.88%, 8/15/18 (b)

 

 

110

 

 

105,325

 

Travelport LLC:

 

 

 

 

 

 

 

4.92%, 9/01/14 (g)

 

 

75

 

 

67,875

 

9.88%, 9/01/14

 

 

100

 

 

99,000

 

9.00%, 3/01/16 (b)

 

 

60

 

 

59,550

 

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

 

 

215

 

 

516

 

Virgin River Casino Corp., 9.00%,
1/15/12 (a)(i)

 

 

585

 

 

248,625

 

 

 

 

 

 

 

 

 

 

 

 

2,576,172

 

Household Durables — 3.0%

 

 

 

 

 

 

 

Beazer Homes USA, Inc.:

 

 

 

 

 

 

 

8.13%, 6/15/16

 

 

145

 

 

139,925

 

12.00%, 10/15/17

 

 

720

 

 

824,400

 

9.13%, 6/15/18

 

 

915

 

 

878,400

 

Jarden Corp., 7.50%, 1/15/20

 

EUR

140

 

 

186,724

 

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

 

USD

315

 

 

303,975

 

Standard Pacific Corp.:

 

 

 

 

 

 

 

9.25%, 4/15/12

 

 

60

 

 

64,800

 

6.25%, 4/01/14

 

 

50

 

 

52,000

 

7.00%, 8/15/15

 

 

65

 

 

66,950

 

 

 

 

BLACKROCK HIGH INCOME SHARES

NOVEMBER 30, 2010

3


 

 

 

 

Schedule of Investments (continued)

BlackRock High Income Shares (HIS)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Corporate Bonds

 

 

Par
(000)

 

Value

 

Household Durables (concluded)

 

 

 

 

 

 

 

Standard Pacific Corp. (concluded):

 

 

 

 

 

 

 

10.75%, 9/15/16

 

USD

890

 

$

1,014,600

 

8.38%, 5/15/18

 

 

210

 

 

216,300

 

 

 

 

 

 

 

 

 

 

 

 

3,748,074

 

Household Products — 0.1%

 

 

 

 

 

 

 

Viking Acquisition, Inc., 9.25%,
11/01/18 (b)

 

 

115

 

 

114,713

 

IT Services — 1.2%

 

 

 

 

 

 

 

First Data Corp.:

 

 

 

 

 

 

 

9.88%, 9/24/15

 

 

50

 

 

42,500

 

10.55%, 9/24/15 (d)

 

 

530

 

 

447,666

 

iPayment, Inc., 9.75%, 5/15/14

 

 

335

 

 

309,875

 

iPayment Investors LP, 12.75%,
7/15/14 (b)(d)

 

 

275

 

 

236,421

 

SunGard Data Systems, Inc. (b):

 

 

 

 

 

 

 

7.38%, 11/15/18

 

 

220

 

 

217,800

 

7.63%, 11/15/20

 

 

280

 

 

280,000

 

 

 

 

 

 

 

 

 

 

 

 

1,534,262

 

Independent Power Producers &
Energy Traders — 3.2%

 

 

 

 

 

 

 

AES Red Oak LLC, Series B,
9.20%, 11/30/29

 

 

1,250

 

 

1,234,375

 

Calpine Construction Finance Co.
LP, 8.00%, 6/01/16 (b)

 

 

600

 

 

631,500

 

Calpine Corp., 7.50%,
2/15/21 (b)

 

 

215

 

 

211,237

 

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

 

 

1,460

 

 

1,493,805

 

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

 

 

81

 

 

83,078

 

NRG Energy, Inc.:

 

 

 

 

 

 

 

7.25%, 2/01/14

 

 

175

 

 

178,500

 

7.38%, 2/01/16

 

 

90

 

 

90,450

 

 

 

 

 

 

 

 

 

 

 

 

3,922,945

 

Industrial Conglomerates — 2.5%

 

 

 

 

 

 

 

Sequa Corp. (b):

 

 

 

 

 

 

 

11.75%, 12/01/15

 

 

1,060

 

 

1,131,550

 

13.50%, 12/01/15 (d)

 

 

1,770

 

 

1,919,952

 

 

 

 

 

 

 

 

 

 

 

 

3,051,502

 

Insurance — 0.9%

 

 

 

 

 

 

 

Alliant Holdings I, Inc., 11.00%,
5/01/15 (b)

 

 

800

 

 

826,000

 

USI Holdings Corp., 4.16%,
11/15/14 (b)(g)

 

 

310

 

 

265,050

 

 

 

 

 

 

 

 

 

 

 

 

1,091,050

 

Life Sciences Tools &
Services — 0.2%

 

 

 

 

 

 

 

Patheon, Inc., 8.63%,
4/15/17 (b)

 

 

270

 

 

271,350

 

Machinery — 2.0%

 

 

 

 

 

 

 

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

 

 

700

 

 

630,875

 

Navistar International Corp.:

 

 

 

 

 

 

 

3.00%, 10/15/14 (f)

 

 

760

 

 

937,650

 

8.25%, 11/01/21

 

 

410

 

 

439,725

 

Oshkosh Corp., 8.25%, 3/01/17

 

 

70

 

 

75,250

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Machinery (concluded)

 

 

 

 

 

 

 

Titan International, Inc. (b):

 

 

 

 

 

 

 

5.63%, 1/15/17 (f)

 

USD

110

 

$

197,450

 

7.88%, 10/01/17

 

 

190

 

 

197,600

 

 

 

 

 

 

 

 

 

 

 

 

2,478,550

 

Marine — 0.5%

 

 

 

 

 

 

 

Horizon Lines, Inc., 4.25%,
8/15/12 (f)

 

 

700

 

 

637,875

 

Media — 11.3%

 

 

 

 

 

 

 

Affinion Group, Inc., 7.88%,
12/15/18 (b)

 

 

40

 

 

36,900

 

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

 

 

457

 

 

537,714

 

CCO Holdings LLC (b):

 

 

 

 

 

 

 

7.88%, 4/30/18

 

 

220

 

 

227,700

 

8.13%, 4/30/20

 

 

220

 

 

231,000

 

CMP Susquehanna Corp., 3.44%,
5/15/14 (b)

 

 

69

 

 

1,380

 

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

 

 

180

 

 

197,325

 

Checkout Holding Corp., 10.99%,
11/15/15 (b)(e)

 

 

405

 

 

245,025

 

Clear Channel Worldwide
Holdings, Inc.:

 

 

 

 

 

 

 

9.25%, 12/15/17

 

 

391

 

 

414,460

 

Series B, 9.25%, 12/15/17

 

 

1,986

 

 

2,120,055

 

Cox Enterprises, Inc. Loan Close
2, 4.00%, 8/15/18

 

 

303

 

 

302,633

 

Cox Enterprises, Inc. Loan Close
3, 12.00%, 8/15/18

 

 

350

 

 

350,000

 

Cox Enterprises, Inc. Shares Loan,
4.00%, 8/15/18

 

 

357

 

 

356,844

 

DISH DBS Corp., 7.00%,
10/01/13

 

 

192

 

 

204,480

 

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

 

 

205

 

 

205,000

 

Harland Clarke Holdings Corp.:

 

 

 

 

 

 

 

6.00%, 5/15/15 (g)

 

 

160

 

 

129,600

 

9.50%, 5/15/15

 

 

190

 

 

175,750

 

Intelsat Corp., 9.25%, 6/15/16

 

 

650

 

 

684,125

 

Interactive Data Corp., 10.25%,
8/01/18 (b)

 

 

480

 

 

518,400

 

Liberty Global, Inc., 4.50%,
11/15/16 (f)

 

 

180

 

 

266,400

 

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

 

 

485

 

 

489,850

 

The McClatchy Co., 11.50%,
2/15/17

 

 

170

 

 

178,075

 

Nielsen Finance LLC:

 

 

 

 

 

 

 

11.63%, 2/01/14

 

 

110

 

 

125,400

 

7.75%, 10/15/18 (b)

 

 

970

 

 

986,975

 

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

 

 

230

 

 

236,900

 

ProtoStar I Ltd., 18.00%,
10/15/12 (a)(b)(f)(i)

 

 

1,427

 

 

14,274

 

Rainbow National Services LLC,
10.38%, 9/01/14 (b)

 

 

1,813

 

 

1,883,254

 

Regal Entertainment Group,
9.13%, 8/15/18

 

 

155

 

 

163,525

 

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

 

 

295

 

 

295,000

 

UPC Germany GmbH (b):

 

 

 

 

 

 

 

8.13%, 12/01/17

 

 

425

 

 

442,000

 

8.13%, 12/01/17

 

EUR

175

 

 

235,108

 

 

 

 

4

BLACKROCK HIGH INCOME SHARES

NOVEMBER 30, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock High Income Shares (HIS)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Media (concluded)

 

 

 

 

 

 

 

UPC Germany GmbH (b) (concluded):
    9.63%, 12/01/19

 

USD

245

 

$

337,102

 

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

 

 

300

 

 

322,500

 

Unitymedia GmbH, 9.63%,
12/01/19

 

EUR

100

 

 

137,593

 

Univision Communications, Inc.,
7.88%, 11/01/20 (b)

 

USD

215

 

 

219,838

 

Ziggo Bond Co. BV, 8.00%,
5/15/18 (b)

 

EUR

175

 

 

226,022

 

Ziggo Finance BV, 6.13%,
11/15/17 (b)

 

 

370

 

 

468,269

 

 

 

 

 

 

 

 

 

 

 

 

13,966,476

 

Metals & Mining — 2.5%

 

 

 

 

 

 

 

Drummond Co., Inc.:

 

 

 

 

 

 

 

9.00%, 10/15/14 (b)

 

 

400

 

 

422,000

 

7.38%, 2/15/16

 

 

105

 

 

107,100

 

FMG Resources August 2006 Pty
Ltd., 7.00%, 11/01/15 (b)

 

 

735

 

 

744,187

 

Goldcorp, Inc., 2.00%, 8/01/14 (f)

 

 

250

 

 

303,437

 

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

 

 

200

 

 

278,000

 

Novelis, Inc., 11.50%, 2/15/15

 

 

325

 

 

399,750

 

Ryerson, Inc.:

 

 

 

 

 

 

 

7.66%, 11/01/14 (g)

 

 

180

 

 

167,850

 

12.00%, 11/01/15

 

 

100

 

 

102,625

 

Steel Dynamics, Inc., 7.38%,
11/01/12

 

 

175

 

 

186,375

 

United States Steel Corp., 7.38%,
4/01/20

 

 

110

 

 

109,870

 

Vedanta Resources Plc, 9.50%,
7/18/18 (b)

 

 

295

 

 

312,700

 

 

 

 

 

 

 

 

 

 

 

 

3,133,894

 

Multiline Retail — 1.9%

 

 

 

 

 

 

 

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

 

 

2,020

 

 

2,343,200

 

Oil, Gas & Consumable Fuels — 8.9%

 

 

 

 

 

 

 

Arch Coal, Inc., 7.25%, 10/01/20

 

 

400

 

 

438,000

 

Atlas Energy Operating Co. LLC:

 

 

 

 

 

 

 

12.13%, 8/01/17

 

 

225

 

 

294,750

 

10.75%, 2/01/18

 

 

45

 

 

54,844

 

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

 

 

275

 

 

285,312

 

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

 

 

20

 

 

21,800

 

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

 

 

105

 

 

104,475

 

Chesapeake Energy Corp.:

 

 

 

 

 

 

 

6.50%, 8/15/17

 

 

235

 

 

236,763

 

6.63%, 8/15/20

 

 

855

 

 

861,412

 

2.25%, 12/15/38 (f)

 

 

375

 

 

282,187

 

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

 

 

135

 

 

143,775

 

Connacher Oil and Gas Ltd. (b):

 

 

 

 

 

 

 

11.75%, 7/15/14

 

 

85

 

 

91,375

 

10.25%, 12/15/15

 

 

520

 

 

512,200

 

Consol Energy, Inc., 8.25%,
4/01/20 (b)

 

 

920

 

 

995,900

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Oil, Gas & Consumable Fuels
(concluded)

 

 

 

 

 

 

 

Continental Resources Inc.,
7.13%, 4/01/21 (b)

 

USD

170

 

$

178,500

 

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

 

 

85

 

 

88,613

 

Denbury Resources, Inc.:

 

 

 

 

 

 

 

7.50%, 12/15/15

 

 

75

 

 

77,250

 

8.25%, 2/15/20

 

 

348

 

 

379,320

 

Energy Transfer Equity LP, 7.50%,
10/15/20

 

 

315

 

 

326,025

 

Harvest Operations Corp., 6.88%,
10/01/17 (b)

 

 

45

 

 

46,463

 

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

 

 

360

 

 

369,000

 

Linn Energy LLC (b):

 

 

 

 

 

 

 

8.63%, 4/15/20

 

 

515

 

 

545,900

 

7.75%, 2/01/21

 

 

275

 

 

279,125

 

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

 

 

120

 

 

119,700

 

Massey Energy Co., 6.88%,
12/15/13

 

 

435

 

 

438,262

 

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

 

 

875

 

 

918,750

 

OPTI Canada, Inc. (b):

 

 

 

 

 

 

 

9.00%, 12/15/12

 

 

820

 

 

815,900

 

9.75%, 8/15/13

 

 

480

 

 

477,600

 

Patriot Coal Corp., 8.25%,
4/30/18

 

 

105

 

 

105,000

 

Peabody Energy Corp., 6.50%,
9/15/20

 

 

500

 

 

540,000

 

Petrohawk Energy Corp.:

 

 

 

 

 

 

 

10.50%, 8/01/14

 

 

180

 

 

202,950

 

7.88%, 6/01/15

 

 

210

 

 

216,300

 

Range Resources Corp., 8.00%,
5/15/19

 

 

200

 

 

218,000

 

Teekay Corp., 8.50%, 1/15/20

 

 

300

 

 

327,000

 

 

 

 

 

 

 

 

 

 

 

 

10,992,451

 

Paper & Forest Products — 2.9%

 

 

 

 

 

 

 

Boise Paper Holdings LLC:

 

 

 

 

 

 

 

9.00%, 11/01/17

 

 

155

 

 

170,887

 

8.00%, 4/01/20

 

 

70

 

 

75,775

 

Clearwater Paper Corp.:

 

 

 

 

 

 

 

10.63%, 6/15/16

 

 

185

 

 

212,287

 

7.13%, 11/01/18 (b)

 

 

270

 

 

274,725

 

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

 

 

755

 

 

834,275

 

NewPage Corp., 11.38%,
12/31/14

 

 

1,490

 

 

1,348,450

 

Norske Skog Canada Ltd., 7.38%,
3/01/14

 

 

175

 

 

113,313

 

PH Glatfelter Co., 7.13%,
5/01/16

 

 

100

 

 

103,250

 

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

 

 

405

 

 

439,425

 

 

 

 

 

 

 

 

 

 

 

 

3,572,387

 

Pharmaceuticals — 0.9%

 

 

 

 

 

 

 

Angiotech Pharmaceuticals, Inc.,
4.05%, 12/01/13 (g)

 

 

420

 

 

343,350

 

Novasep Holding SAS, 9.75%,
12/15/16 (b)

 

 

473

 

 

331,100

 

 

 

 

BLACKROCK HIGH INCOME SHARES

NOVEMBER 30, 2010

5


 

 

 

 

Schedule of Investments (continued)

BlackRock High Income Shares (HIS)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Pharmaceuticals (concluded)

 

 

 

 

 

 

 

Valeant Pharmaceuticals International (b):

 

 

 

 

 

 

 

6.75%, 10/01/17

 

USD

175

 

$

172,813

 

7.00%, 10/01/20

 

 

225

 

 

219,375

 

 

 

 

 

 

 

 

 

 

 

 

1,066,638

 

Professional Services — 0.6%

 

 

 

 

 

 

 

FTI Consulting, Inc.:

 

 

 

 

 

 

 

7.75%, 10/01/16

 

 

275

 

 

281,875

 

6.75%, 10/01/20 (b)

 

 

425

 

 

429,250

 

 

 

 

 

 

 

 

 

 

 

 

711,125

 

Real Estate Investment Trusts
(REITs) — 0.4%

 

 

 

 

 

 

 

Omega Healthcare Investors, Inc.,
6.75%, 10/15/22 (b)

 

 

245

 

 

244,388

 

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

 

 

240

 

 

246,000

 

 

 

 

 

 

 

 

 

 

 

 

490,388

 

Real Estate Management &
Development — 0.1%

 

 

 

 

 

 

 

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

 

 

160

 

 

160,000

 

Road & Rail — 1.1%

 

 

 

 

 

 

 

Avis Budget Car Rental LLC:

 

 

 

 

 

 

 

9.63%, 3/15/18

 

 

240

 

 

251,400

 

8.25%, 1/15/19 (b)

 

 

265

 

 

259,038

 

The Hertz Corp., 7.50%,
10/15/18 (b)

 

 

485

 

 

489,850

 

Syncreon Global Ireland Ltd.,
9.50%, 5/01/18 (b)

 

 

380

 

 

388,550

 

 

 

 

 

 

 

 

 

 

 

 

 

1,388,838

 

Semiconductors & Semiconductor
Equipment — 0.4%

 

 

 

 

 

 

 

Advanced Micro Devices, Inc.,
7.75%, 8/01/20 (b)

 

 

135

 

 

138,375

 

Linear Technology Corp., Series A,
3.00%, 5/01/27 (f)

 

 

200

 

 

207,000

 

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

 

 

130

 

 

132,438

 

 

 

 

 

 

 

 

 

 

 

 

477,813

 

Specialty Retail — 2.0%

 

 

 

 

 

 

 

Asbury Automotive Group, Inc.,
8.38%, 11/15/20 (b)

 

 

155

 

 

156,550

 

Group 1 Automotive, Inc., 2.25%,
6/15/36 (f)(h)

 

 

470

 

 

429,462

 

Hillman Group, Inc., 10.88%,
6/01/18 (b)

 

 

250

 

 

275,000

 

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

 

 

70

 

 

80,675

 

Michaels Stores, Inc., 7.75%,
11/01/18 (b)

 

 

130

 

 

126,425

 

Petco Animal Supplies, Inc.,
9.25%, 12/01/18 (b)

 

 

235

 

 

236,763

 

Rent-A-Center Inc., 6.63%,
11/15/20 (b)

 

 

110

 

 

108,350

 

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

 

 

175

 

 

180,688

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

 

Par
(000)

 

 

Value

 

Specialty Retail (concluded)

 

 

 

 

 

 

 

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

 

USD

200

 

$

208,750

 

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

 

 

655

 

 

643,537

 

 

 

 

 

 

 

 

 

 

 

 

2,446,200

 

Tobacco — 0.1%

 

 

 

 

 

 

 

Vector Group Ltd., 11.00%,
8/15/15

 

 

150

 

 

153,375

 

Wireless Telecommunication
Services — 4.6%

 

 

 

 

 

 

 

Cricket Communications, Inc.:

 

 

 

 

 

 

 

10.00%, 7/15/15

 

 

540

 

 

569,700

 

7.75%, 5/15/16

 

 

320

 

 

327,200

 

Digicel Group Ltd. (b):

 

 

 

 

 

 

 

8.88%, 1/15/15

 

 

370

 

 

373,700

 

9.13%, 1/15/15

 

 

1,220

 

 

1,232,200

 

8.25%, 9/01/17

 

 

420

 

 

441,000

 

10.50%, 4/15/18

 

 

200

 

 

220,000

 

FiberTower Corp., 9.00%,
1/01/16

 

 

147

 

 

126,402

 

Intelsat Jackson Holdings SA,
7.25%, 10/15/20 (b)

 

 

305

 

 

304,237

 

iPCS, Inc., 2.41%, 5/01/13 (g)

 

 

330

 

 

315,150

 

MetroPCS Wireless, Inc.:

 

 

 

 

 

 

 

7.88%, 9/01/18

 

 

240

 

 

248,700

 

6.63%, 11/15/20

 

 

350

 

 

333,375

 

NII Holdings, Inc., 3.13%,
6/15/12 (f)

 

 

170

 

 

165,113

 

Nextel Communications, Inc.:

 

 

 

 

 

 

 

Series E, 6.88%, 10/31/13

 

 

500

 

 

499,375

 

Series F, 5.95%, 3/15/14

 

 

50

 

 

48,250

 

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

 

 

580

 

 

493,000

 

 

 

 

 

 

 

 

 

 

 

 

5,697,402

 

Total Corporate Bonds – 95.0%

 

 

 

 

 

117,696,803

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Floating Rate Loan Interests (g)

 

 

 

 

 

 

 

Building Products — 1.4%

 

 

 

 

 

 

 

CPG International I, Inc., Term
Loan, 7.25%, 2/28/11

 

 

1,466

 

 

1,466,080

 

Goodman Global, Inc., Term Loan
(Second Lien), 9.00%,
10/13/17

 

 

300

 

 

306,825

 

 

 

 

 

 

 

 

 

 

 

 

1,772,905

 

Commercial Services & Supplies — 1.4%

 

 

 

 

 

 

 

AWAS Finance Luxembourg Sarl,
Term Loan B, 7.75%, 6/10/16

 

 

500

 

 

509,166

 

Delos Aircraft, Inc., Term Loan 2,
7.00%, 3/17/16

 

 

325

 

 

329,933

 

International Lease Finance Corp.,
Term Loan 1, 6.75%, 3/17/15

 

 

450

 

 

455,786

 

Volume Services America, Inc.
(Centerplate), Term Loan B,
10.75%, 8/24/16

 

 

450

 

 

448,875

 

 

 

 

 

 

 

 

 

 

 

 

1,743,760

 

 

 

 

6

BLACKROCK HIGH INCOME SHARES

NOVEMBER 30, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock High Income Shares (HIS)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Floating Rate Loan Interests (g)

 

Par
(000)

 

Value

 

Consumer Finance — 1.6%

 

 

 

 

 

 

 

AGFS Funding Co., Term Loan,
7.25%, 4/21/15

 

USD

2,000

 

$

2,014,688

 

Electric Utilities — 0.6%

 

 

 

 

 

 

 

New Development Holdings LLC,
Term Loan, 7.00%, 7/03/17

 

 

673

 

 

684,005

 

Food Products — 0.3%

 

 

 

 

 

 

 

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

 

 

400

 

 

403,000

 

Health Care Providers & Services — 0.7%

 

 

 

 

 

 

 

Harden Healthcare, Inc.:
    Add-on Term Loan, 7.75%,
    3/02/15

 

 

293

 

 

286,650

 

Tranche A Term Loan, 8.50%,
2/22/15

 

 

216

 

 

212,031

 

inVentiv Health, Inc. (FKA Ventive
Health, Inc.), Term Loan B,
6.50%, 7/31/16

 

 

399

 

 

400,988

 

 

 

 

 

 

 

 

 

 

 

 

899,669

 

Hotels, Restaurants & Leisure — 1.7%

 

 

 

 

 

 

 

Travelport LLC (FKA Travelport,
Inc.), Loan, 8.28%, 3/27/12

 

 

2,233

 

 

2,070,720

 

Household Durables — 0.4%

 

 

 

 

 

 

 

Visant Corp. (FKA Jostens), Term
Loan B, 7.00%, 12/20/16

 

 

500

 

 

504,063

 

IT Services — 0.5%

 

 

 

 

 

 

 

First Data Corp.:

 

 

 

 

 

 

 

Initial Tranche B-2 Term Loan,
3.00%, 9/24/14

 

 

192

 

 

172,422

 

Initial Tranche B-3 Term Loan,
3.00%, 9/24/14

 

 

421

 

 

379,332

 

 

 

 

 

 

 

 

 

 

 

 

551,754

 

Independent Power Producers &
Energy Traders — 1.0%

 

 

 

 

 

 

 

Texas Competitive Electric Holdings Co.,
LLC (TXU):

 

 

 

 

 

 

 

Initial Tranche B-2 Term Loan,
3.75%, 10/10/14

 

 

89

 

 

68,850

 

Initial Tranche B-3 Term Loan,
3.75%, 10/10/14

 

 

1,455

 

 

1,119,804

 

 

 

 

 

 

 

 

 

 

 

 

1,188,654

 

Media — 1.6%

 

 

 

 

 

 

 

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

 

 

733

 

 

734,958

 

HMH Publishing Co., Ltd., Tranche
A Term Loan, 5.75%, 6/12/14

 

 

440

 

 

406,708

 

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

 

 

750

 

 

795,000

 

 

 

 

 

 

 

 

 

 

 

 

1,936,666

 

Multiline Retail — 0.1%

 

 

 

 

 

 

 

The Neiman Marcus Group, Inc.,
Term Loan B, 4.30%, 4/06/16

 

 

117

 

 

114,411

 

Oil, Gas & Consumable Fuels — 1.5%

 

 

 

 

 

 

 

Obsidian Natural Gas Trust, Term
Loan, 7.00%, 11/30/15

 

 

1,130

 

 

1,152,600

 

 

 

 

 

 

 

 

 

Floating Rate Loan Interests (g)

 

Par
(000)

 

Value

 

Oil, Gas & Consumable Fuels
(concluded)

 

 

 

 

 

 

 

Turbo Beta Ltd., Dollar Facility,
14.25%, 3/15/18

 

USD

1,055

 

$

738,704

 

 

 

 

 

 

 

 

 

 

 

 

1,891,304

 

Paper & Forest Products — 0.3%

 

 

 

 

 

 

 

Verso Paper Finance Holdings
LLC, PIK Loan, 7.29%, 2/01/13

 

 

491

 

 

392,594

 

Real Estate Investment Trusts
(REITs) — 0.1%

 

 

 

 

 

 

 

iStar Financial, Inc., Term Loan
(Second Lien), 1.75% - 1.76%,
6/28/11

 

 

100

 

 

95,694

 

Real Estate Management &
Development — 0.7%

 

 

 

 

 

 

 

Realogy Corp.:

 

 

 

 

 

 

 

Initial Term Loan B, 3.29%,
10/10/13

 

 

352

 

 

323,225

 

Synthetic Letter of Credit,
0.11%, 10/10/13

 

 

48

 

 

44,059

 

Term Loan (Second Lien),
13.50%, 10/15/17

 

 

500

 

 

541,875

 

 

 

 

 

 

 

 

 

 

 

 

909,159

 

Specialty Retail — 0.2%

 

 

 

 

 

 

 

Claire’s Stores, Inc., Term Loan B,
3.01%, 5/29/14

 

 

74

 

 

64,245

 

Michaels Stores, Inc., Term Loan
B-1, 2.56%, 10/31/13

 

 

165

 

 

159,470

 

 

 

 

 

 

 

 

 

 

 

 

223,715

 

Wireless Telecommunication
Services — 0.6%

 

 

 

 

 

 

 

Vodafone Americas Finance 2
Inc., Initial Loan, 6.88%,
7/30/15

 

 

750

 

 

761,250

 

Total Floating Rate Loan Interests – 14.7%

 

 

 

 

 

18,158,011

 

 

 

 

 

 

 

 

 

 

Other Interests (j)

 

Beneficial
Interest
(000)

 

 

 

 

Auto Components — 0.4%

 

 

 

 

 

 

 

Delphi Debtor-in-Possession
Holding Co. LLP, Class B
Membership Interests

 

 

—

(k)

 

436,754

 

Health Care Providers & Services — 0.0%

 

 

 

 

 

 

 

Critical Care Systems
International, Inc.

 

 

5

 

 

953

 

Total Other Interests – 0.4%

 

 

 

 

 

437,707

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stocks

 

Shares

 

 

 

 

Automobiles — 1.2%

 

 

 

 

 

 

 

General Motors Co., 4.75% (a)

 

 

29,400

 

 

1,490,580

 

 

 

 

BLACKROCK HIGH INCOME SHARES

NOVEMBER 30, 2010

7


 

 

 

 

Schedule of Investments (continued)

BlackRock High Income Shares (HIS)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Preferred Stocks

 

Shares

 

Value

 

Media — 0.1%

 

 

 

 

 

 

 

CMP Susquehanna Radio Holdings
Corp., 0.00% (a)(b)(g)

 

 

16,138

 

 

—

 

Emmis Communications Corp.,
Series A, 6.25% (a)(f)

 

 

10,300

 

$

151,925

 

 

 

 

 

 

 

 

 

 

 

 

151,925

 

Real Estate Investment Trusts
(REITs) — 0.1%

 

 

 

 

 

 

 

MPG Office Trust, Inc., Series A,
7.63% (a)

 

 

4,171

 

 

54,682

 

Specialty Retail — 0.4%

 

 

 

 

 

 

 

Lazydays RV Center, Inc., 0.00% (a)

 

 

350

 

 

516,494

 

Thrifts & Mortgage Finance — 0.0%

 

 

 

 

 

 

 

Fannie Mae, Series O, 0.00% (a)

 

 

10,000

 

 

5,750

 

Freddie Mac, Series Z, 8.38% (a)

 

 

31,930

 

 

17,242

 

 

 

 

 

 

 

 

 

 

 

 

22,992

 

Total Preferred Securities – 1.8%

 

 

 

 

 

2,236,673

 

 

 

 

 

 

 

 

 

 

Warrants (l)

 

 

 

 

 

 

 

Media — 0.0%

 

 

 

 

 

 

 

CMP Susquehanna Radio
Holdings Corp. (Expires
3/26/19) (b)

 

 

18,441

 

 

—

 

Oil, Gas & Consumable Fuels — 0.0%

 

 

 

 

 

 

 

Turbo Cayman Ltd. (No expiration)

 

 

1

 

 

—

 

Software — 0.0%

 

 

 

 

 

 

 

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

 

 

167

 

 

2

 

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

 

 

3,476

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Total Warrants – 0.0%

 

 

 

 

 

2

 

Total Long-Term Investments
(Cost – $139,194,053) – 113.1%

 

 

 

 

 

140,062,538

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

BlackRock Liquidity Funds,
TempFund, Institutional Class,
0.18% (m)(n)

 

 

849,355

 

 

849,355

 

Total Short-Term Securities
(Cost – $849,355) – 0.7%

 

 

 

 

 

849,355

 

Total Investments
(Cost – $140,043,408*) – 113.8%

 

 

 

 

 

140,911,893

 

Liabilities in Excess of Other Assets – (13.8)%

 

 

 

 

 

(17,099,077

)

 

 

 

 

 

Net Assets – 100.0%

 

 

 

 

$

123,812,816

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of November 30, 2010, as computed for federal income tax purposes were as follows:

 

 

 

 

 

Aggregate cost

 

$

140,343,038

 

 

 

Gross unrealized appreciation

 

$

6,873,442

 

Gross unrealized depreciation

 

 

(6,304,587

)

 

 

Net unrealized appreciation

 

$

568,855

 

 

 

 

 

(a)

Non-income producing security.

 

 

(b)

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

 

 

(c)

When-issued security. Unsettled when-issued transactions were as follows:

 

 

 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

 

Morgan Stanley Capital Services, Inc.

 

$

202,000

 

$

2,000

 

 

 

(d)

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

 

 

(e)

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

 

 

(f)

Convertible security.

 

 

(g)

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

 

 

(h)

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

 

 

(i)

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

 

 

(j)

Other interests represent beneficial interest in liquidation trusts and other reorganization entities and are non-income producing.

 

 

(k)

Amount is less than $1,000.

 

 

(l)

Warrants entitle the Trust to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.

 

 

(m)

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

 

 

 

8

BLACKROCK HIGH INCOME SHARES

NOVEMBER 30, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock High Income Shares (HIS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
Held at
August 31,
2010

 

Net
Activity

 

Shares
Held at
November 30,
2010

 

Income

 

BlackRock
Liquidity
Funds,
TempFund,
Institutional
Class

 

 

2,032,818

 

 

(1,183,463

)

 

849,355

 

$

1,226

 

 

 

(n)

Represents the current yield as of report date.

 

 

•

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. This definition may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

 

 

 

BLACKROCK HIGH INCOME SHARES

NOVEMBER 30, 2010

9


 

 

 

 

Schedule of Investments (continued)

BlackRock High Income Shares (HIS)

Foreign currency exchange contracts as of November 30, 2010 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency Purchased

 

Currency Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Appreciation

 

USD

 

4,219,097

 

EUR

 

3,081,500

 

Deutsche Bank AG

 

1/28/2011

 

$

220,040

 

Total

 

 

 

 

 

 

 

 

 

 

 

$

220,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

•

Financial futures contracts sold as of November 30, 2010 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 

Issue

 

Exchange

 

Expiration

 

 

Notional
Value

 

Unrealized
Appreciation

 

47

 

E-mini S&P 500

 

Chicago Mercantile

 

December 2010

 

$

2,779,308

 

$

7,248

 

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivatives, which are as follows:

 

 

 

•

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

 

 

 

 

•

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

•

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the inputs used as of November 30, 2010 in determining the fair valuation of the Trust’s investments and derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks

 

$

1,226,825

 

$

125

 

$

306,392

 

$

1,533,342

 

Corporate Bonds

 

 

—

 

 

115,977,285

 

 

1,719,518

 

 

117,696,803

 

Floating Rate Loan Interests

 

 

—

 

 

10,163,767

 

 

7,994,244

 

 

18,158,011

 

Other Interests

 

 

—

 

 

436,754

 

 

953

 

 

437,707

 

Preferred Securities

 

 

1,720,179

 

 

—

 

 

516,494

 

 

2,236,673

 

Warrants

 

 

—

 

 

—

 

 

2

 

 

2

 

Short-Term Investments

 

 

849,355

 

 

—

 

 

—

 

 

849,355

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Unfunded Loan
Commitments

 

 

—

 

 

—

 

 

(737

)

 

(737

)

Total

 

$

3,796,359

 

$

126,577,931

 

$

10,536,866

 

$

140,911,156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Financial Instruments1

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity contracts

 

$

7,248

 

 

—

 

 

—

 

$

7,248

 

Foreign currency exchange
contracts

 

 

—

 

$

220,040

 

 

—

 

 

220,040

 

Total

 

$

7,248

 

$

220,040

 

 

—

 

$

227,288

 

 

 

 

 

 

 

1

Derivative financial instruments are financial futures contracts and foreign currency exchange contracts. Financial futures contracts and foreign currency exchange contracts are shown at the unrealized appreciation/depreciation on the instrument.

 

 

 

10

BLACKROCK HIGH INCOME SHARES

NOVEMBER 30, 2010


 

 

 

 

Schedule of Investments (concluded)

BlackRock High Income Shares (HIS)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common
Stocks

 

Corporate
Bonds

 

Floating Rate
Loan Interests

 

Other
Interests

 

Preferred
Securities

 

Warrants

 

Unfunded
Loan
Commitments

 

Total

 

Balance as of
August 31,
2010

 

$

283,463

 

$

3,070,692

 

$

5,191,058

 

$

953

 

$

417,114

 

$

—

 

$

(2,026

)

$

8,961,254

 

Accrued
discounts/
premium

 

 

—

 

 

—

 

 

3,732

 

 

—

 

 

—

 

 

—

 

 

—

 

 

3,732

 

Net realized gain
(loss)

 

 

—

 

 

—

 

 

86,490

 

 

—

 

 

—

 

 

—

 

 

—

 

 

86,490

 

Net change in
unrealized
appreciation/
depreciation2

 

 

230,838

 

 

(1,344,787

)

 

79,522

 

 

—

 

 

99,380

 

 

—

 

 

1,289

 

 

(933,758

)

Purchases

 

 

357,740

 

 

—

 

 

8,102

 

 

—

 

 

—

 

 

—

 

 

—

 

 

365,842

 

Sales

 

 

(565,649

)

 

(6,387

)

 

(1,779,346

)

 

—

 

 

—

 

 

—

 

 

—

 

 

(2,351,382

)

Transfers in3

 

 

—

 

 

—

 

 

4,404,686

 

 

—

 

 

—

 

 

2

 

 

—

 

 

4,404,688

 

Transfers out3

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Balance, as of
November 30,
2010

 

$

306,392

 

$

1,719,518

 

$

7,994,244

 

$

953

 

$

516,494

 

$

2

 

$

(737

)

$

10,536,866

 

 

 

 

 

 

 

2

The change in unrealized appreciation/depreciation on securities still held at November 30, 2010 was $(901,881).

 

 

 

 

3

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

 

 

 

BLACKROCK HIGH INCOME SHARES

NOVEMBER 30, 2010

11

Item 2 –

Controls and Procedures

 

 

2(a) –

The registrant's principal executive and principal financial officers or persons performing similar functions have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the ″1940 Act″)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

 

2(b) –

There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

 

Item 3 –

Exhibits

 

 

 

Certifications – Attached hereto

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

BlackRock High Income Shares
   
  By: /s/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer (principal executive officer) of
    BlackRock High Income Shares
   
  Date: January 26, 2011
   
  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/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer (principal executive officer) of
    BlackRock High Income Shares
   
  Date: January 26, 2011
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock High Income Shares
     
  Date: January 26, 2011
       
EX-99.CERT 2 i00023_ex99-cert.htm

EX-99. CERT

 

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Anne F. Ackerley, Chief Executive Officer (principal executive officer) of BlackRock High Income Shares, certify that:

1.

I have reviewed this report on Form N-Q of BlackRock High Income Shares;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

d)

disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 26, 2011

/s/ Anne F. Ackerley  

Anne F. Ackerley

Chief Executive Officer (principal executive officer) of

BlackRock High Income Shares

EX-99. CERT

 

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock High Income Shares, certify that:

1.

I have reviewed this report on Form N-Q of BlackRock High Income Shares;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

d)

disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 26, 2011

/s/ Neal J. Andrews  

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock High Income Shares

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