BLACKROCK CORPORATE HIGH YIELD FUND, INC.

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: 811-21318

Name of Fund:  BlackRock Corporate High Yield Fund, Inc. (HYT)

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Corporate

             High Yield Fund, Inc., 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: 08/31/2016

Date of reporting period: 05/31/2016


Item 1 – Schedule of Investments


Consolidated Schedule of Investments May 31, 2016 (Unaudited)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Common Stocks        

    

Shares

    Value  

Capital Markets — 1.7%

      

American Capital Ltd. (a)

       1,522,327      $   24,448,572   

Uranium Participation Corp. (a)

       176,860        579,935   
      

 

 

 
                   25,028,507   

Chemicals — 0.1%

      

Advanced Emissions Solutions, Inc. (a)

         168,580        1,272,779   

Consumer Finance — 1.4%

      

Ally Financial, Inc. (a)

         1,126,277        20,205,409   

Diversified Financial Services — 0.0%

  

Concrete Investments II S.C.A.

       4,997          

Kcad Holdings I Ltd. (a)

       2,223,465,984        22,235   
      

 

 

 
                   22,235   

Diversified Telecommunication Services — 0.0%

  

Broadview Networks Holdings, Inc. (a)

         192,400        298,219   

Energy Equipment & Services — 0.1%

      

Laricina Energy Ltd. (a)(b)

       211,764        2   

Osum Oil Sands Corp. (a)(b)

       400,000        921,737   
      

 

 

 
                   921,739   

Hotels, Restaurants & Leisure — 0.4%

  

Amaya, Inc. (a)

         377,280        5,607,341   

Media — 0.0%

      

Emmis Communications Corp., Class A (a)

         28,840        15,144   

Metals & Mining — 0.1%

      

Peninsula Energy Ltd. (a)

         2,051,920        962,251   

Oil, Gas & Consumable Fuels — 0.5%

      

Denbury Resources, Inc. (a)

       138,760        531,451   

Gener8 Maritime Corp.

       965,338        6,979,393   
      

 

 

 
                   7,510,844   

Real Estate Investment Trusts (REITs) — 0.0%

  

MGM Growth Properties LLC (a)

       3,465        79,695   

Ovation Acquisition I LLC, (Acquired 12/29/15, cost $187,463) (c)

       12,175        12,175   
      

 

 

 
                   91,870   

Semiconductors & Semiconductor Equipment — 0.0%

  

SunPower Corp. (a)

         1,025        17,968   

Wireless Telecommunication Services — 0.2%

  

T-Mobile U.S., Inc. (a)

         59,550        2,546,358   
Total Common Stocks — 4.5%                  64,500,664   
Asset-Backed Securities (d)(e) — 2.4%    

Par  

(000)

    Value  

ALM Loan Funding, Series 2013-7RA:

      

Class C, 4.09%, 4/24/24

     USD        2,340      $   2,232,002   

Class D, 5.64%, 4/24/24

       2,360        2,217,127   

ALM VII R-2, Ltd., Series 2013-7R2A,
Class C, 4.09%, 4/24/24

       500        476,920   

ALM XII Ltd., Series 2015-12A:

      

Class C1, 4.38%, 4/16/27

       1,500        1,357,650   

Class D, 6.13%, 4/16/27

       250        210,980   

ALM XIV Ltd., Series 2014-14A,
Class C, 4.08%, 7/28/26

       500        461,822   

AMMC CLO 18, Ltd., Series 2016-18A,
Class D, 5.67%, 5/26/28

       500        477,500   

AMMC CLO IX, Ltd., Series 2011-9A:

      

Class DR, 6.28%, 1/15/22

       1,000        1,000,000   

Class ER, 8.28%, 1/15/22

       1,000        971,030   

AMMC CLO Ltd., Series 2014-15A,
Class C1, 4.10%, 12/09/26

       1,000        992,500   

Apidos CLO XVIII, Series 2014-18A,
Class C, 4.29%, 7/22/26

       550        497,631   

Atlas Senior Loan Fund V Ltd., Series 2014-1A:

      

Class C, 3.63%, 7/16/26

       250        245,242   

Class D, 4.08%, 7/16/26

       250        220,032   

Avalon IV Capital Ltd., Series 2012-1AR, Class CR, 3.14%, 4/17/23

       850        843,171   

Benefit Street Partners CLO, Ltd., Series 2014-IVA, Class C, 4.13%, 7/20/26

       500        451,567   

BlueMountain CLO Ltd.:

      

Series 2014-1A, Class C, 3.39%, 4/30/26

       1,000        976,233   

Series 2015-1A, Class D, 6.08%, 4/13/27

       750        637,910   

Carlyle Global Market Strategies CLO Ltd., Series 2014-5A, Class C, 4.78%, 10/16/25

       1,000        936,806   

Cedar Funding, Ltd., Series 2014-3A,
Class D, 4.19%, 5/20/26

       535        488,054   

CIFC Funding Ltd.:

      

Series 2011-1A, Class D, 5.63%, 1/19/23

       750        744,885   

Series 2014-2A,
Class A3L, 3.51%, 5/24/26

       500        489,166   
 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016    1


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Asset-Backed Securities    

Par  

(000)

    Value  

Asset-Backed Securities (continued)

  

CIFC Funding Ltd. (continued):

      

Series 2014-3A, Class C1, 3.44%, 7/22/26

     USD       500      $ 484,991   

Dryden Senior Loan Fund, Series 2014-36A,
Class D, 4.38%, 11/09/25

       1,000        887,709   

HPS Loan Management 9-2016, Ltd., Series 9A-2016, Class D2, 7.08%, 7/19/27 (f)

       800        720,960   

LCM X LP, Series 10AR, Class ER, 5.82%, 4/15/22

       1,000        916,328   

LCM XIII LP, Series 13A, Class D, 4.43%, 1/19/23

       500        454,932   

Madison Park Funding Ltd.:

      

Series 2012-8AR, Class CR, 3.10%, 4/22/22

       500        499,829   

Series 2012-8AR, Class DR, 4.15%, 4/22/22

       250        244,497   

Series 2014-14A, Class D, 4.23%, 7/20/26

       500        451,770   

Mill Creek II CLO, Ltd., Series 2016-1A,
Class E, 8.37%, 4/20/28

       500        482,500   

Neuberger Berman CLO XVII Ltd., Series 2014-17A, Class D, 4.19%, 8/04/25

       500        453,083   

Neuberger Berman CLO XVIII Ltd., Series 2014-18A:

      

Class B, 3.78%, 11/14/25

       500        494,244   

Class C, 4.38%, 11/14/25

       1,500        1,331,552   

Octagon Investment Partners 26 Ltd., Series 2016-1A, Class D, 5.57%, 4/15/27

       500        494,841   

Octagon Investment Partners XII Ltd., Series 2012-1AR, Class ER, 5.78%, 5/05/23

       1,200        1,086,528   

Octagon Investment Partners XXII Ltd., Series 2014-1A:

      

Class C1, 3.89%, 11/25/25

       1,000        994,148   

Class D1, 4.54%, 11/25/25

       1,000        894,974   

OneMain Financial Issuance Trust, Series 2015-2A:

      

Class C, 4.32%, 7/18/25

       200        190,565   

Class D, 5.64%, 7/18/25

       200        190,927   

OZLM IX Ltd., Series 2014-9A,
Class C, 4.23%, 1/20/27

       1,000        887,148   

OZLM XII Ltd., Series 2015-12A,
Class D, 6.04%, 4/30/27

       250        201,345   

Sound Point CLO Ltd., Series 2014-3A,
Class D, 4.24%, 1/23/27

       1,250        1,097,995   
Asset-Backed Securities    

Par  

(000)

    Value  

Asset-Backed Securities (continued)

  

Symphony CLO Ltd., Series 2016-17A,
Class D, 5.52%, 4/15/28

     USD       250      $ 246,735   

Venture XIII CLO Ltd., Series 2013-13A,
Class D, 4.21%, 6/10/25

       1,000        906,380   

Venture XIX CLO Ltd., Series 2014-19A,
Class C, 3.93%, 1/15/27

       700        696,052   

Voya CLO Ltd., Series 2014-4A,
Class C, 4.63%, 10/14/26

             1,750        1,582,836   
Total Asset-Backed Securities — 2.4%        33,821,097   
      
                          
Corporate Bonds  

Aerospace & Defense — 1.8%

  

Accudyne Industries Borrower/Accudyne Industries LLC, 7.75%, 12/15/20 (e)

       2,663        2,210,290   

Bombardier, Inc. (e):

      

7.50%, 3/15/18

       337        343,740   

5.50%, 9/15/18

       880        862,400   

6.00%, 10/15/22

       872        745,560   

7.50%, 3/15/25

       3,027        2,663,760   

KLX, Inc., 5.88%, 12/01/22 (e)

       1,700        1,674,500   

Meccanica Holdings USA, Inc. (e):

      

6.25%, 7/15/19

       100        109,250   

6.25%, 1/15/40

       100        96,750   

TransDigm, Inc.:

      

5.50%, 10/15/20

       1,563        1,600,121   

6.00%, 7/15/22

       7,850        7,987,375   

6.50%, 7/15/24

       4,160        4,243,200   

6.38%, 6/15/26 (e)(f)

       2,912        2,915,640   
      

 

 

 
                       25,452,586   

Air Freight & Logistics — 0.7%

  

Air Medical Merger Sub Corp., 6.38%, 5/15/23 (e)

       1,321        1,291,278   

National Air Cargo Group, Inc.:

      

11.88%, 5/02/18

       616        616,190   

11.88%, 5/08/18

       635        634,797   

XPO Logistics, Inc.:

      

7.88%, 9/01/19 (e)

       2,958        3,076,320   

5.75%, 6/15/21

     EUR        150        161,175   

6.50%, 6/15/22 (e)

     USD        4,105        3,940,800   
      

 

 

 
                       9,720,560   
 

 

                
2    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds          

Par  

(000)

    Value  

Airlines — 2.0%

  

American Airlines Pass-Through Trust, Series 2013-2, Class C, 6.00%, 1/15/17 (e)

     USD       6,336      $ 6,430,958   

Continental Airlines Pass-Through Trust, Series 1997-4, Class B, 6.90%, 7/02/18

       106        108,229   

Delta Air Lines Pass-Through Trust, Series 2009-1, Class B, 9.75%, 6/17/18

       742        771,917   

Norwegian Air Shuttle ASA Pass-Through Trust, Series 2016-1, Class B, 7.50%, 5/10/25 (e)

       1,895        1,876,050   

US Airways Pass-Through Trust:

      

Series 2012-2, Class C, 5.45%, 6/03/18

       5,720        5,877,300   

Series 2013-1, Class B, 5.38%, 5/15/23

       4,764        4,900,278   

Virgin Australia Trust, Series 2013-1 (e):

      

Class C, 7.13%, 10/23/18

       5,081        5,080,601   

Class D, 8.50%, 10/23/16

       3,403        3,438,611   
      

 

 

 
                       28,483,944   

Auto Components — 2.0%

      

CNH Industrial Finance Europe SA, 2.88%, 5/17/23

     EUR        725        797,596   

Dakar Finance SA, (9.75% Cash PIK), 9.00%, 11/15/20 (g)

       325        359,803   

Dana Holding Corp., 6.75%, 2/15/21

     USD        200        207,000   

Faurecia, 3.63%, 6/15/23

     EUR        300        341,723   

Fiat Chrysler Finance Europe:

      

4.75%, 3/22/21

       400        482,490   

4.75%, 7/15/22

       1,107        1,347,681   

FTE Verwaltungs GmbH, 9.00%, 7/15/20

       100        116,828   

Gestamp Funding Luxembourg SA, 3.50%, 5/15/23

       250        286,337   

Goodyear Dunlop Tires Europe BV, 3.75%, 12/15/23

       100        115,885   

Goodyear Tire & Rubber Co.:

      

6.50%, 3/01/21

     USD        1,110        1,164,112   

5.00%, 5/31/26

       471        476,299   

Icahn Enterprises LP/Icahn Enterprises Finance Corp.:

      

4.88%, 3/15/19

       7,711        7,450,754   

5.88%, 2/01/22

       1,836        1,689,120   

Jaguar Land Rover Automotive PLC, 5.00%, 2/15/22

     GBP        753        1,128,779   

Schaeffler Finance BV, 4.75%, 5/15/23 (e)

     USD        1,440        1,475,100   
Corporate Bonds          

Par  

(000)

    Value  

Auto Components (continued)

  

Schaeffler Holding Finance BV (g):

      

(5.75% Cash or 6.50% PIK), 5.75%, 11/15/21

     EUR        360      $ 428,913   

(6.25% Cash), 6.25%, 11/15/19 (e)

     USD        2,130        2,225,850   

(6.75% Cash), 6.75%, 11/15/22 (e)

       3,951        4,356,291   

(6.88% Cash or 7.63% PIK), 6.88%, 8/15/18 (e)

       1,000        1,025,000   

(6.88% Cash), 6.88%, 8/15/18

     EUR        510        551,653   

UCI International, Inc., 8.63%, 2/15/19 (a)(h)

     USD        7,080        1,964,700   

ZF North America Capital, Inc., 4.50%, 4/29/22 (e)

       321        322,766   
      

 

 

 
                       28,314,680   

Banks — 1.5%

  

Allied Irish Banks PLC, 4.13%, 11/26/25 (d)

     EUR        535        566,993   

Banco de Sabadell SA, 5.63%, 5/06/26

       300        338,775   

Banco Espirito Santo SA (a)(h):

      

4.75%, 1/15/18

       1,900        465,088   

4.00%, 1/21/19

       1,100        269,261   

Bankia SA, 4.00%, 5/22/24 (d)

       1,000        1,084,651   

CIT Group, Inc.:

      

5.25%, 3/15/18

     USD        4,320        4,460,400   

6.63%, 4/01/18 (e)

       1,400        1,476,566   

5.50%, 2/15/19 (e)

       6,919        7,230,355   

5.00%, 8/01/23

       560        571,200   

6.00%, 4/01/36

       2,800        2,604,000   

Commerzbank AG, 7.75%, 3/16/21

     EUR        400        538,784   

HSH Nordbank AG, 0.54%, 2/14/17 (d)

       810        835,979   

Ibercaja Banco SA, 5.00%, 7/28/25 (d)

       600        631,874   
      

 

 

 
                       21,073,926   

Beverages — 0.0%

  

Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 4.13%, 5/15/23

       275        310,951   

Horizon Holdings I SASU, 7.25%, 8/01/23

       286        340,430   
      

 

 

 
                       651,381   

Biotechnology — 0.1%

  

Rapid Holding GmbH, 6.63%, 11/15/20

             700        821,692   
 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016    3


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds          

Par  

(000)

    Value  

Building Products — 2.0%

      

American Builders & Contractors Supply Co., Inc. (e):

      

5.63%, 4/15/21

     USD        1,315      $ 1,364,312   

5.75%, 12/15/23

       982        1,021,280   

Builders FirstSource, Inc., 7.63%, 6/01/21 (e)

       1,087        1,141,350   

Building Materials Corp. of America, 6.00%, 10/15/25 (e)

       4,118        4,375,375   

Buzzi Unicem SpA, 2.13%, 4/28/23

     EUR        175        194,798   

CPG Merger Sub LLC, 8.00%, 10/01/21 (e)

     USD        4,330        4,091,850   

HeidelbergCement AG, 2.25%, 3/30/23

     EUR        425        482,925   

Masonite International Corp., 5.63%, 3/15/23 (e)

     USD        2,950        3,082,750   

Ply Gem Industries, Inc., 6.50%, 2/01/22

       4,730        4,706,350   

Standard Industries, Inc. (e):

      

5.13%, 2/15/21

       949        984,588   

5.50%, 2/15/23

       1,576        1,623,280   

USG Corp.:

      

9.75%, 1/15/18

       3,935        4,398,425   

5.50%, 3/01/25 (e)

       1,234        1,311,125   
      

 

 

 
                       28,778,408   

Capital Markets — 2.0%

      

American Capital Ltd., 6.50%, 9/15/18 (e)

       3,840        3,916,800   

Blackstone CQP Holdco LP, 9.30%, 3/19/19

       19,829        19,779,678   

E*Trade Financial Corp.:

      

5.38%, 11/15/22

       1,232        1,287,440   

4.63%, 9/15/23

       2,784        2,790,960   

Series A, 0.00%, 8/31/19 (i)(j)

       373        998,032   
      

 

 

 
                       28,772,910   

Chemicals — 1.5%

      

Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding BV, 7.38%, 5/01/21 (e)

       1,760        1,864,368   

Chemours Co.:

      

6.63%, 5/15/23

       666        597,735   

7.00%, 5/15/25

       1,826        1,601,174   

Huntsman International LLC:

      

4.88%, 11/15/20

       286        291,005   

5.13%, 4/15/21

     EUR        679        777,776   

5.13%, 11/15/22

     USD        1,254        1,263,405   

Ineos Finance PLC, 4.00%, 5/01/23

     EUR        548        595,873   

Inovyn Finance PLC, 6.25%, 5/15/21

       200        230,597   
Corporate Bonds          

Par  

(000)

    Value  

Chemicals (continued)

      

Momentive Performance Materials, Inc., 3.88%, 10/24/21

     USD        4,488      $ 3,590,400   

Montichem Holdco 3 SA, 5.25%, 6/15/21

     EUR        311        346,726   

NOVA Chemicals Corp. (e):

      

5.25%, 8/01/23

     USD        349        349,873   

5.00%, 5/01/25

       415        409,813   

Platform Specialty Products Corp. (e):

      

10.38%, 5/01/21

       468        477,360   

6.50%, 2/01/22

       7,560        6,714,225   

PQ Corp., 6.75%, 11/15/22 (e)

       2,197        2,290,372   

PSPC Escrow Corp., 6.00%, 2/01/23

     EUR        394        389,066   

WR Grace & Co-Conn, 5.13%, 10/01/21 (e)

     USD        232        240,554   
      

 

 

 
                       22,030,322   

Commercial Services & Supplies — 1.7%

      

AA Bond Co., Ltd., 5.50%, 7/31/43

     GBP        400        569,201   

ADS Waste Holdings, Inc., 8.25%, 10/01/20

     USD        1,341        1,381,230   

ADT Corp.:

      

3.50%, 7/15/22

       2,189        2,008,408   

4.13%, 6/15/23

       1,065        990,450   

4.88%, 7/15/42

       270        215,325   

Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.50%, 4/01/23

       415        384,913   

Bilbao Luxembourg SA, (10.50% Cash or 11.25% PIK), 10.50%, 12/01/18 (g)

     EUR        428        465,312   

Brand Energy & Infrastructure Services, Inc., 8.50%, 12/01/21 (e)

     USD        1,875        1,781,250   

Iron Mountain Europe PLC, 6.13%, 9/15/22

     GBP        100        149,180   

Mobile Mini, Inc.:

      

7.88%, 12/01/20

     USD        2,040        2,121,600   

5.88%, 7/01/24 (e)

       2,683        2,750,075   

Mustang Merger Corp., 8.50%, 8/15/21 (e)

       2,688        2,808,960   

Silk Bidco AS, 7.50%, 2/01/22

     EUR        247        283,069   

United Rentals North America, Inc.:

      

7.38%, 5/15/20

     USD        504        524,160   

7.63%, 4/15/22

       5,555        5,909,131   

5.75%, 11/15/24

       1,354        1,357,385   

Verisure Holding AB, 6.00%, 11/01/22

     EUR        775        924,821   
      

 

 

 
                       24,624,470   
 

 

                
4    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds           Par  
(000)
    Value  

Communications Equipment — 2.1%

      

Alcatel-Lucent USA, Inc., 6.45%, 3/15/29

     USD        6,533      $ 6,924,980   

CommScope Technologies Finance LLC, 6.00%, 6/15/25 (e)

       2,125        2,162,188   

CommScope, Inc. (e):

      

4.38%, 6/15/20

       2,278        2,346,340   

5.50%, 6/15/24

       2,169        2,185,267   

Nokia OYJ, 6.63%, 5/15/39

       3,596        3,820,750   

Zayo Group LLC/Zayo Capital, Inc.:

      

6.00%, 4/01/23

       4,856        4,989,540   

6.38%, 5/15/25

       6,837        7,110,480   
      

 

 

 
                       29,539,545   

Construction & Engineering — 0.6%

      

AECOM Co.:

      

5.75%, 10/15/22

       716        739,270   

5.88%, 10/15/24

       2,124        2,198,340   

BlueLine Rental Finance Corp., 7.00%, 2/01/19 (e)

       2,187        1,848,015   

Novafives SAS, 4.50%, 6/30/21

     EUR        120        122,169   

Safway Group Holding LLC/Safway Finance Corp., 7.00%, 5/15/18 (e)

     USD        2,412        2,436,120   

Swissport Investments SA, 6.75%, 12/15/21

     EUR        827        950,067   

Weekley Homes LLC/Weekley Finance Corp., 6.00%, 2/01/23

     USD        862        801,660   
      

 

 

 
                       9,095,641   

Construction Materials — 2.3%

      

American Tire Distributors, Inc., 10.25%, 3/01/22 (e)

       1,839        1,593,034   

Beacon Roofing Supply, Inc., 6.38%, 10/01/23

       566        599,960   

HD Supply, Inc.:

      

7.50%, 7/15/20

       10,167        10,726,185   

5.25%, 12/15/21 (e)

       10,967        11,542,767   

5.75%, 4/15/24 (e)

       3,888        4,043,520   

LKQ Italia Bondco SpA, 3.88%, 4/01/24

     EUR        500        576,492   

Officine MaccaFerri SpA, 5.75%, 6/01/21

       675        676,152   

PulteGroup, Inc., 5.50%, 3/01/26

     USD        1,571        1,601,446   

Rexel SA, 3.50%, 6/15/23

     EUR        972        1,103,126   
      

 

 

 
                       32,462,682   

Consumer Finance — 2.0%

      

Alliance Data Systems Corp., 5.38%, 8/01/22 (e)

     USD        503        487,910   

Ally Financial, Inc.:

      

5.13%, 9/30/24

       1,230        1,268,438   

4.63%, 3/30/25

       2,029        2,023,927   

8.00%, 11/01/31

       18,930        22,242,750   
Corporate Bonds           Par  
(000)
    Value  

Consumer Finance (continued)

      

Navient Corp.:

      

5.50%, 1/25/23

     USD       165      $ 141,900   

6.13%, 3/25/24

       642        565,562   

5.88%, 10/25/24

       723        618,165   

OneMain Financial Holdings LLC (e):

      

6.75%, 12/15/19

       915        924,150   

7.25%, 12/15/21

       180        180,900   
      

 

 

 
                       28,453,702   

Containers & Packaging — 2.0%

      

Ardagh Packaging Finance PLC, 9.13%, 10/15/20 (e)

       1,670        1,750,160   

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:

      

6.75%, 1/31/21 (e)

       1,458        1,468,935   

3.88%, 5/15/21 (d)(e)

       1,118        1,120,795   

6.00%, 6/30/21 (e)

       1,752        1,725,720   

4.25%, 1/15/22

     EUR        591        669,906   

6.75%, 5/15/24

       650        734,071   

Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc. (e):

      

6.25%, 1/31/19

     USD        3,493        3,536,662   

4.63%, 5/15/23

       1,738        1,729,310   

7.25%, 5/15/24

       4,008        4,088,160   

Ball Corp.:

      

4.38%, 12/15/20

       843        880,935   

4.00%, 11/15/23

       1,374        1,344,802   

4.38%, 12/15/23

     EUR        577        693,969   

Beverage Packaging Holdings Luxembourg II SA (e):

      

5.63%, 12/15/16

     USD        978        976,778   

6.00%, 6/15/17

       1,642        1,642,000   

Crown European Holdings SA:

      

4.00%, 7/15/22

     EUR        658        788,863   

3.38%, 5/15/25

       503        565,092   

JH-Holding Finance SA, (8.25% Cash), 8.25%, 12/01/22 (g)

       300        355,692   

Sappi Papier Holding GmbH, 4.00%, 4/01/23

       150        170,235   

Sealed Air Corp.:

      

4.88%, 12/01/22 (e)

     USD        709        724,953   

4.50%, 9/15/23

     EUR        560        660,021   

5.13%, 12/01/24 (e)

     USD        1,976        2,030,340   

SGD Group SAS, 5.63%, 5/15/19

     EUR        205        234,936   
      

 

 

 
                       27,892,335   

Diversified Consumer Services — 0.3%

      

APX Group, Inc.:

      

6.38%, 12/01/19

     USD        326        322,740   

8.75%, 12/01/20

       627        570,570   
 

 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016    5


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds          

Par  

(000)

    Value  

Diversified Consumer Services (continued)

      

Cognita Financing PLC, 7.75%, 8/15/21

     GBP        225      $ 333,211   

Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 5/15/23 (e)

     USD        1,774        1,849,395   

Service Corp. International, 5.38%, 5/15/24

       1,690        1,749,150   
      

 

 

 
                       4,825,066   

Diversified Financial Services — 3.7%

      

AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:

      

4.63%, 10/30/20

       3,053        3,159,855   

4.50%, 5/15/21

       780        802,425   

5.00%, 10/01/21

       4,340        4,546,150   

4.63%, 7/01/22

       691        708,275   

Aircastle Ltd.:

      

7.63%, 4/15/20

       128        145,200   

5.13%, 3/15/21

       1,572        1,658,460   

5.50%, 2/15/22

       1,590        1,677,450   

5.00%, 4/01/23

       1,004        1,026,590   

Deutsche Bank AG, 4.50%, 5/19/26

     EUR        600        663,023   

DFC Finance Corp., 10.50%, 6/15/20 (e)

     USD        2,045        1,283,237   

Gala Group Finance PLC, 8.88%, 9/01/18

     GBP        681        1,015,266   

Garfunkelux Holdco 3 SA, 8.50%, 11/01/22

       225        329,594   

HRG Group, Inc., 7.88%, 7/15/19

     USD        2,745        2,895,975   

International Lease Finance Corp.:

      

5.88%, 4/01/19

       160        171,000   

8.25%, 12/15/20

       150        176,438   

4.63%, 4/15/21

       687        709,328   

5.88%, 8/15/22

       4,010        4,375,912   

Jefferies Finance LLC/JFIN Co-Issuer Corp. (e):

      

7.38%, 4/01/20

       2,695        2,533,300   

6.88%, 4/15/22

       2,552        2,245,760   

Lehman Brother Holding Escrow, 1.00%, 9/22/18

       430        33,325   

Lehman Brothers Holdings, Inc.:

      

5.38%, 10/17/16

     EUR        350        34,620   

4.75%, 1/16/17

       1,890        186,949   

1.00%, 2/05/17

       3,950        395,547   

1.00%, 12/31/49

     USD        1,535        118,963   

Mercury Bondco PLC, (8.25% Cash, 9.00% PIK), 8.25%, 5/30/21 (g)

     EUR        564        639,832   

MSCI, Inc., 5.75%, 8/15/25 (e)

     USD        807        849,367   

Pershing Square Holdings, Ltd., 5.50%, 7/15/22 (e)

       2,100        1,974,000   

ProGroup AG, 5.13%, 5/01/22

     EUR        206        243,554   
Corporate Bonds          

Par  

(000)

    Value  

Diversified Financial Services (continued)

      

Reynolds Group Issuer, Inc.:

      

8.50%, 5/15/18

     USD        1,700      $ 1,704,250   

9.00%, 4/15/19

       210        214,200   

9.88%, 8/15/19

       2,084        2,164,755   

5.75%, 10/15/20

       6,454        6,655,687   

8.25%, 2/15/21

       6,056        6,290,973   

UniCredit SpA:

      

6.95%, 10/31/22

     EUR        475        610,070   

5.75%, 10/28/25 (d)

       700        830,891   

4.38%, 1/03/27 (d)(f)

       375        416,868   
      

 

 

 
                       53,487,089   

Diversified Telecommunication Services — 3.4%

      

CenturyLink, Inc., 6.45%, 6/15/21

     USD        6,545        6,643,175   

Consolidated Communications, Inc., 6.50%, 10/01/22

       1,020        928,200   

Frontier Communications Corp.:

      

8.50%, 4/15/20

       2,275        2,408,656   

6.25%, 9/15/21

       3,005        2,802,162   

7.13%, 1/15/23

       1,330        1,187,025   

7.63%, 4/15/24

       1,897        1,674,102   

6.88%, 1/15/25

       4,331        3,605,557   

Level 3 Financing, Inc.:

      

5.38%, 8/15/22

       432        438,480   

5.63%, 2/01/23

       2,311        2,360,109   

5.13%, 5/01/23

       3,232        3,248,160   

5.38%, 1/15/24

       1,771        1,802,347   

5.38%, 5/01/25

       4,730        4,813,721   

5.25%, 3/15/26 (e)

       2,308        2,302,230   

OTE PLC, 3.50%, 7/09/20

     EUR        200        222,530   

SoftBank Group Corp.:

      

4.75%, 7/30/25

       110        131,106   

5.25%, 7/30/27

       100        116,828   

Telecom Italia Capital SA:

      

6.38%, 11/15/33

     USD        745        739,413   

6.00%, 9/30/34

       2,890        2,738,275   

7.20%, 7/18/36

       690        705,180   

Telecom Italia Finance SA, 7.75%, 1/24/33

     EUR        380        568,126   

Telecom Italia SpA:

      

6.38%, 6/24/19

     GBP        900        1,432,855   

3.25%, 1/16/23

     EUR        300        352,152   

5.88%, 5/19/23

     GBP        1,900        3,021,547   

Telenet Finance V Luxembourg SCA:

      

6.25%, 8/15/22

     EUR        1,362        1,637,119   

6.75%, 8/15/24

       1,982        2,464,569   
      

 

 

 
                       48,343,624   

Electric Utilities — 0.0%

      

Viridian Group FundCo II Ltd., 7.50%, 3/01/20

             454        537,346   
 

 

                
6    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds          

Par  

(000)

    Value  

Electrical Equipment — 0.3%

  

Areva SA,
4.88%, 9/23/24

     EUR       150      $ 122,727   

Belden, Inc.,
5.50%, 4/15/23

       672        763,776   

International Wire Group Holdings, Inc.,
8.50%, 10/15/17 (e)

     USD        1,421        1,410,342   

Trionista Holdco GmbH,
5.00%, 4/30/20

     EUR        1,405        1,606,264   

Trionista TopCo GmbH,
6.88%, 4/30/21

       418        489,389   
      

 

 

 
                       4,392,498   

Electronic Equipment, Instruments & Components — 0.7%

      

CDW LLC/CDW Finance Corp.:

      

5.00%, 9/01/23

     USD        4,354        4,375,770   

5.50%, 12/01/24

       5,917        6,079,717   
      

 

 

 
                       10,455,487   

Energy Equipment & Services — 0.8%

      

Ensco PLC:

      

4.70%, 3/15/21

       515        404,275   

4.50%, 10/01/24

       1,189        743,125   

5.20%, 3/15/25

       1,717        1,140,946   

Gates Global LLC / Gates Global Co.:

      

5.75%, 7/15/22

     EUR        110        103,105   

6.00%, 7/15/22 (e)

     USD        794        696,537   

Genesis Energy LP/Genesis Energy Finance Corp.:

      

5.75%, 2/15/21

       283        263,190   

6.75%, 8/01/22

       1,526        1,449,700   

Noble Holding International Ltd.:

      

4.63%, 3/01/21

       195        147,225   

6.95%, 4/01/25

       505        369,913   

Transocean, Inc.:

      

3.75%, 10/15/17

       1,339        1,302,177   

6.00%, 3/15/18

       3,455        3,351,350   

7.38%, 4/15/18

       175        170,406   

6.50%, 11/15/20

       1,019        787,178   

5.05%, 10/15/22

       642        404,460   
      

 

 

 
                       11,333,587   

Environmental, Maintenance, & Security
Service — 0.0%

      

Befesa Zinc SAU Via Zinc Capital SA,
8.88%, 5/15/18

     EUR        189        210,291   

Food & Staples Retailing — 2.5%

      

Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC,
6.63%, 6/15/24 (e)

     USD        1,853        1,897,009   

Bakkavor Finance 2 PLC,
8.25%, 2/15/18

     GBP        326        483,134   

Brakes Capital,
7.13%, 12/15/18

       830        1,247,330   

Casino Guichard Perrachon SA:

      

5.98%, 5/26/21

     EUR        200        257,117   
Corporate Bonds          

Par  

(000)

    Value  

Food & Staples Retailing (continued)

  

Casino Guichard Perrachon SA (continued):

      

3.31%, 1/25/23

     EUR       600      $ 704,893   

3.25%, 3/07/24

       600        691,868   

2.33%, 2/07/25

       200        216,038   

Dollar Tree, Inc. (e):

      

5.25%, 3/01/20

     USD        497        518,123   

5.75%, 3/01/23

       12,814        13,534,787   

Family Dollar Stores, Inc.,
5.00%, 2/01/21

       1,434        1,523,625   

R&R Ice Cream PLC:

      

4.75%, 5/15/20

     EUR        745        846,597   

(9.25% Cash or 10.00% PIK),
9.25%, 5/15/18 (g)

       823        920,646   

Rite Aid Corp.:

      

9.25%, 3/15/20

     USD        2,080        2,194,400   

6.75%, 6/15/21

       1,091        1,148,277   

6.13%, 4/01/23 (e)

       9,022        9,540,765   

Tesco PLC:

      

5.00%, 3/24/23

     GBP        100        150,245   

2.50%, 7/01/24

     EUR        130        141,435   

6.00%, 12/14/29

       100        148,454   
      

 

 

 
                       36,164,743   

Food Products — 1.4%

      

Acosta, Inc.,
7.75%, 10/01/22 (e)

     USD        3,347        3,229,855   

Aramark Services, Inc.:

      

5.75%, 3/15/20

       321        331,232   

5.13%, 1/15/24 (e)

       934        969,025   

5.13%, 1/15/24

       1,712        1,776,200   

Darling Global Finance BV,
4.75%, 5/30/22

     EUR        100        113,760   

JBS USA LLC/JBS USA Finance, Inc.,
5.75%, 6/15/25 (e)

     USD        817        780,235   

Pinnacle Foods Finance Corp.,
5.88%, 1/15/24 (e)

       445        467,250   

Post Holdings, Inc. (e):

      

7.75%, 3/15/24

       4,599        4,995,664   

8.00%, 7/15/25

       1,826        2,026,860   

Smithfield Foods, Inc.:

      

5.88%, 8/01/21 (e)

       891        928,867   

6.63%, 8/15/22

       1,516        1,591,800   

TreeHouse Foods, Inc.,
6.00%, 2/15/24 (e)

       976        1,027,240   

WhiteWave Foods Co.,
5.38%, 10/01/22

       1,255        1,341,281   
      

 

 

 
                       19,579,269   

Health Care Equipment & Supplies — 1.0%

      

3AB Optique Development SAS,
5.63%, 4/15/19

     EUR        100        109,040   
 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016    7


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds          

Par  

(000)

    Value  

Health Care Equipment & Supplies (continued)

  

Crimson Merger Sub, Inc.,
6.63%, 5/15/22 (e)

     USD        3,373      $ 2,753,211   

DJO Finance LLC/DJO Finance Corp.,
8.13%, 6/15/21 (e)

       6,387        5,732,332   

Fresenius Medical Care US Finance, Inc.,
5.75%, 2/15/21 (e)

       1,580        1,753,800   

IDH Finance PLC,
6.00%, 12/01/18

     GBP        414        596,703   

Kinetic Concepts, Inc./KCI USA, Inc.,
7.88%, 2/15/21 (e)

     USD        667        715,544   

Mallinckrodt International Finance SA/Mallinckrodt CB LLC (e):

      

4.88%, 4/15/20

       980        950,600   

5.75%, 8/01/22

       1,250        1,181,250   

Teleflex, Inc., 4.88%, 6/01/26

       684        685,710   
      

 

 

 
                       14,478,190   

Health Care Providers & Services — 7.2%

  

Acadia Healthcare Co., Inc.:

      

5.13%, 7/01/22

       502        504,510   

5.63%, 2/15/23

       1,533        1,557,911   

6.50%, 3/01/24 (e)

       434        450,397   

Alere, Inc., 6.38%, 7/01/23 (e)

       2,013        2,099,317   

Amsurg Corp., 5.63%, 7/15/22

       5,476        5,558,140   

Centene Corp., 4.75%, 5/15/22

       2,427        2,493,742   

Centene Escrow Corp. (e):

      

5.63%, 2/15/21

       2,516        2,616,640   

6.13%, 2/15/24

       1,484        1,562,845   

CHS/Community Health Systems, Inc.:

      

5.13%, 8/15/18

       427        434,946   

6.88%, 2/01/22

       3,208        2,756,923   

DaVita HealthCare Partners, Inc.:

      

5.13%, 7/15/24

       1,398        1,416,873   

5.00%, 5/01/25

       5,416        5,368,610   

Envision Healthcare Corp.,
5.13%, 7/01/22 (e)

       835        837,088   

ExamWorks Group, Inc.,
5.63%, 4/15/23

       1,076        1,154,010   

HCA Holdings, Inc.,
6.25%, 2/15/21

       1,805        1,931,350   

HCA, Inc.:

      

3.75%, 3/15/19

       2,911        2,998,330   

6.50%, 2/15/20

       4,735        5,208,500   

7.50%, 2/15/22

       4,261        4,830,909   

5.88%, 3/15/22

       1,840        1,987,200   

4.75%, 5/01/23

       1,487        1,516,740   

5.88%, 5/01/23

       4,096        4,336,640   

5.00%, 3/15/24

       1,955        2,006,319   

5.38%, 2/01/25

       6,060        6,150,900   

5.88%, 2/15/26

       3,125        3,234,375   
Corporate Bonds          

Par  

(000)

    Value  

Health Care Providers & Services (continued)

  

HealthSouth Corp.:

      

5.13%, 3/15/23

     USD       2,840      $ 2,769,000   

5.75%, 11/01/24

       2,360        2,392,450   

5.75%, 9/15/25

       2,065        2,085,650   

Hologic, Inc.,
5.25%, 7/15/22 (e)

       2,620        2,741,175   

MEDNAX, Inc.,
5.25%, 12/01/23 (e)

       1,134        1,160,229   

MPH Acquisition Holdings LLC (e):

      

6.63%, 4/01/22

       1,280        1,395,200   

7.13%, 6/01/24 (f)

       2,051        2,107,403   

RegionalCare Hospital Partners Holdings, Inc.,
8.25%, 5/01/23 (e)

       2,609        2,685,652   

Sterigenics-Nordion Holdings LLC,
6.50%, 5/15/23 (e)

       424        431,420   

Surgery Center Holdings, Inc.,
8.88%, 4/15/21 (e)

       388        389,940   

Surgical Care Affiliates, Inc.,
6.00%, 4/01/23 (e)

       2,641        2,713,627   

Tenet Healthcare Corp.:

      

6.25%, 11/01/18

       1,308        1,383,210   

4.75%, 6/01/20

       1,805        1,846,741   

4.15%, 6/15/20 (d)(e)

       1,432        1,424,840   

6.00%, 10/01/20

       3,835        4,036,337   

4.50%, 4/01/21

       74        74,463   

4.38%, 10/01/21

       525        521,063   

8.13%, 4/01/22

       1,933        1,945,081   

6.75%, 6/15/23

       6,195        5,823,300   

Voyage Care Bondco PLC,
6.50%, 8/01/18

     GBP        586        837,979   

WellCare Health Plans, Inc.,
5.75%, 11/15/20

     USD        1,066        1,104,643   
      

 

 

 
                       102,882,618   

Health Care Technology — 0.1%

  

IMS Health, Inc.,
6.00%, 11/01/20 (e)

             795        814,160   

Hotels, Restaurants & Leisure — 4.3%

  

Boyd Gaming Corp.,
6.88%, 5/15/23

       1,736        1,820,196   

Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Property,
8.00%, 10/01/20

       5,070        5,108,025   

Carlson Travel Holdings, Inc.,
(7.50% Cash or 8.25% PIK),
7.50%, 8/15/19 (e)(g)

       654        632,745   

Cedar Fair LP/Canada’s Wonderland Co.,
5.38%, 6/01/24

       1,070        1,112,800   

Cirsa Funding Luxembourg SA:

      

5.75%, 5/15/21

     EUR        325        372,008   

5.88%, 5/15/23

       356        404,422   
 

 

                
8    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds     Par  
(000)
    Value  

Hotels, Restaurants & Leisure (continued)

  

CPUK Finance, Ltd., 7.00%, 2/28/42

     GBP        275      $ 417,813   

Enterprise Funding Ltd., Series ETI, 3.50%, 9/10/20 (j)

       400        451,016   

ESH Hospitality, Inc., 5.25%, 5/01/25 (e)

     USD        4,690        4,549,300   

Gala Electric Casinos PLC, 11.50%, 6/01/19

     GBP        426        640,650   

GLP Capital LP / GLP Financing II, Inc., 4.38%, 4/15/21

     USD        355        363,875   

International Game Technology PLC:

      

6.25%, 2/15/22 (e)

       400        407,000   

4.75%, 2/15/23

     EUR        310        361,305   

MGM Resorts International:

      

8.63%, 2/01/19

     USD        790        894,675   

6.75%, 10/01/20

       4,460        4,852,480   

6.63%, 12/15/21

       1,130        1,218,987   

6.00%, 3/15/23

       2,891        3,021,095   

MGP Escrow Issuer LLC/MGP Escrow Co-Issuer, Inc., 5.63%, 5/01/24 (e)

       6,825        7,166,250   

New Red Finance, Inc., 6.00%, 4/01/22 (e)

       4,455        4,616,494   

Pinnacle Entertainment, Inc., 5.63%, 5/01/24 (e)

       483        472,133   

Pizzaexpress Financing 1 PLC, 8.63%, 8/01/22

     GBP        100        141,926   

Pizzaexpress Financing 2 PLC, 6.63%, 8/01/21

       600        866,910   

PortAventura Entertainment Barcelona BV,
7.25%, 12/01/20

     EUR        439        510,524   

Regal Entertainment Group, 5.75%, 2/01/25

     USD        489        495,112   

Sabre GLBL, Inc. (e):

      

5.38%, 4/15/23

       1,516        1,550,110   

5.25%, 11/15/23

       807        824,149   

Scientific Games International, Inc.:

      

7.00%, 1/01/22 (e)

       2,476        2,500,760   

10.00%, 12/01/22

       558        451,980   

Six Flags Entertainment Corp., 5.25%, 1/15/21 (e)

       3,247        3,362,658   

Snai SpA, 7.63%, 6/15/18

     EUR        866        1,006,915   

Station Casinos LLC, 7.50%, 3/01/21

     USD        5,785        6,088,712   

Tropicana Entertainment LLC/Tropicana Finance Corp., 9.63%, 12/15/16 (a)(h)

       1,850          

Unique Pub Finance Co. PLC:

      

Series A3, 6.54%, 3/30/21

     GBP        790        1,171,873   

Series A4, 5.66%, 6/30/27

       785        1,119,866   

Series N, 6.46%, 3/30/32

       1,000        1,225,346   
Corporate Bonds     Par  
(000)
    Value  

Hotels, Restaurants & Leisure (continued)

  

Vougeot Bidco PLC, 7.88%, 7/15/20

     GBP       520      $ 787,109   

Yum! Brands, Inc.:

      

3.75%, 11/01/21

     USD        526        507,590   

3.88%, 11/01/23

       195        179,400   
      

 

 

 
                       61,674,209   

Household Durables — 2.2%

  

Beazer Homes USA, Inc., 6.63%, 4/15/18

       215        219,358   

Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 7/01/22 (e)

       1,604        1,527,810   

CalAtlantic Group Inc., 8.38%, 1/15/21

       4,270        5,006,575   

DR Horton, Inc., 4.00%, 2/15/20

       2,408        2,486,260   

Lennar Corp.:

      

4.50%, 11/15/19

       2,482        2,571,972   

4.75%, 4/01/21

       1,909        1,951,953   

4.75%, 11/15/22

       158        156,815   

4.88%, 12/15/23

       968        955,900   

Project Homestake Merger Co., 8.88%, 3/01/23 (e)

       1,502        1,547,060   

PulteGroup, Inc., 6.38%, 5/15/33

       2,805        2,847,075   

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

       1,160        1,278,900   

Standard Pacific Corp.:

      

10.75%, 9/15/16

       3,420        3,505,500   

5.88%, 11/15/24

       1,480        1,561,400   

TRI Pointe Group, Inc.:

      

4.38%, 6/15/19

       1,060        1,060,000   

4.88%, 7/01/21

       1,275        1,276,594   

5.88%, 6/15/24

       1,540        1,536,150   

William Lyon Homes, Inc., 8.50%, 11/15/20

       2,304        2,396,160   
      

 

 

 
                       31,885,482   

Household Products — 0.6%

  

Prestige Brands, Inc., 6.38%, 3/01/24 (e)

       1,026        1,079,865   

Spectrum Brands, Inc.:

      

6.38%, 11/15/20

       2,125        2,228,594   

6.63%, 11/15/22

       1,385        1,475,897   

6.13%, 12/15/24

       1,220        1,290,150   

5.75%, 7/15/25

       1,721        1,798,445   

Tempur Sealy International, Inc., 5.50%, 6/15/26 (e)

       944        948,720   
      

 

 

 
                       8,821,671   

Independent Power and Renewable Electricity Producers — 1.5%

  

Calpine Corp.:

      

6.00%, 1/15/22 (e)

       991        1,039,311   

5.38%, 1/15/23

       629        614,651   
 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016    9


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds           Par  
(000)
    Value  

Independent Power and Renewable Electricity Producers (continued)

  

Calpine Corp. (continued):

      

5.88%, 1/15/24 (e)

     USD        1,999      $ 2,093,953   

5.50%, 2/01/24

       1,985        1,919,868   

5.75%, 1/15/25

       2,301        2,226,217   

Dynegy, Inc.:

      

6.75%, 11/01/19

       4,240        4,250,600   

7.38%, 11/01/22

       1,300        1,254,500   

MPM Escrow LLC, 8.88%, 10/15/20

       3,738          

NRG Energy, Inc.:

      

8.25%, 9/01/20

       155        160,813   

7.88%, 5/15/21

       1,841        1,910,038   

6.63%, 3/15/23

       210        208,425   

7.25%, 5/15/26 (e)

       3,230        3,221,925   

NRG Yield Operating LLC, 5.38%, 8/15/24

       645        620,813   

QEP Resources, Inc., 5.38%, 10/01/22

       2,563        2,383,590   
      

 

 

 
                       21,904,704   

Insurance — 0.9%

      

Assicurazioni Generali SpA, 5.25%, 6/08/48 (f)

     EUR        125        138,066   

Credit Agricole Assurances SA, 4.50% (d)(k)

       200        217,405   

HUB International Ltd. (e):

      

9.25%, 2/15/21

     USD        874        908,960   

7.88%, 10/01/21

       5,484        5,374,320   

Pension Insurance Corp. PLC, 6.50%, 7/03/24

     GBP        775        1,038,994   

Radian Group, Inc., 7.00%, 3/15/21

     USD        786        833,160   

TMF Group Holding BV, 9.88%, 12/01/19

     EUR        570        678,758   

Trader Corp., 9.88%, 8/15/18 (e)

     USD        1,220        1,262,700   

Wayne Merger Sub LLC, 8.25%, 8/01/23 (e)

       2,687        2,666,847   
      

 

 

 
                       13,119,210   

Internet Software & Services — 0.6%

      

Blue Coat Holdings, Inc., 8.38%, 6/01/23 (e)

       2,707        2,906,641   

Equinix, Inc.:

      

5.38%, 1/01/22

       1,110        1,143,300   

5.88%, 1/15/26

       2,567        2,676,098   

Netflix, Inc., 5.50%, 2/15/22

       1,992        2,079,150   
      

 

 

 
                       8,805,189   

IT Services — 3.2%

      

Ceridian HCM Holding, Inc., 11.00%, 3/15/21 (e)

       1,349        1,352,373   

First Data Corp. (e):

      

5.38%, 8/15/23

       5,725        5,868,125   

 

Corporate Bonds           Par  
(000)
    Value  

IT Services (continued)

      

First Data Corp. (e) (continued):

      

7.00%, 12/01/23

     USD        13,314      $ 13,497,067   

5.00%, 1/15/24

       4,402        4,399,227   

5.75%, 1/15/24

       16,685        16,685,000   

WEX, Inc., 4.75%, 2/01/23 (e)

       4,804        4,419,680   
      

 

 

 
                       46,221,472   

Machinery — 0.1%

      

Gardner Denver, Inc., 6.88%, 8/15/21 (e)

       730        625,975   

Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 6.38%, 5/01/22

     EUR        490        564,281   
      

 

 

 
                       1,190,256   

Media — 15.3%

      

Altice Financing SA:

      

6.50%, 1/15/22 (e)

     USD        1,945        1,979,038   

5.25%, 2/15/23

     EUR        485        556,499   

7.50%, 5/15/26 (e)

     USD        1,259        1,255,853   

Altice Luxembourg SA:

      

7.25%, 5/15/22

     EUR        858        971,360   

7.75%, 5/15/22 (e)

     USD        2,649        2,713,569   

6.25%, 2/15/25

     EUR        542        565,365   

7.63%, 2/15/25 (e)

     USD        1,797        1,774,538   

Altice US Finance I Corp. (e):

      

5.38%, 7/15/23

       6,270        6,382,108   

5.50%, 5/15/26

       2,435        2,483,700   

Altice US Finance II Corp., 7.75%, 7/15/25 (e)

       6,029        6,255,087   

AMC Networks, Inc.:

      

4.75%, 12/15/22

       1,613        1,613,000   

5.00%, 4/01/24

       756        757,890   

CCO Holdings LLC/CCO Holdings Capital Corp.:

      

5.25%, 9/30/22

       1,235        1,268,963   

5.13%, 5/01/23 (e)

       678        686,475   

5.88%, 4/01/24 (e)

       3,589        3,741,532   

5.75%, 2/15/26 (e)

       1,227        1,257,675   

5.50%, 5/01/26 (e)

       3,108        3,139,080   

5.88%, 5/01/27 (e)

       6,267        6,415,841   

Cengage Learning Acquisitions, Inc., 11.50%, 4/15/20

       3,439          

Cequel Communications Holdings I LLC/Cequel Capital Corp., 5.13%, 12/15/21 (e)

       4,349        4,151,064   

Clear Channel International BV, 8.75%, 12/15/20 (e)

       3,146        3,240,380   

Clear Channel Worldwide Holdings, Inc.:

      

6.50%, 11/15/22

       15,207        15,170,157   

Series B, 7.63%, 3/15/20

       5,090        4,886,400   
 

 

                
10    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds          

Par  

(000)

    Value  

Media (continued)

      

Columbus International, Inc., 7.38%, 3/30/21 (e)

     USD       2,647      $ 2,774,718   

CSC Holdings LLC, 5.25%, 6/01/24

       5,315        4,783,500   

DISH DBS Corp.:

      

4.25%, 4/01/18

       3,209        3,289,225   

6.75%, 6/01/21

       134        138,797   

5.88%, 7/15/22

       539        521,483   

5.00%, 3/15/23

       5,022        4,570,020   

5.88%, 11/15/24

       3,338        3,089,352   

DreamWorks Animation SKG, Inc.,
6.88%, 8/15/20 (e)

       541        574,136   

Gray Television, Inc., 7.50%, 10/01/20

       1,318        1,382,253   

iHeartCommunications, Inc.:

      

9.00%, 12/15/19

       1,801        1,413,785   

9.00%, 3/01/21

       241        179,846   

9.00%, 9/15/22

       3,845        2,835,687   

10.63%, 3/15/23

       770        569,800   

Intelsat Jackson Holdings SA:

      

7.25%, 10/15/20

       2,929        2,042,977   

6.63%, 12/15/22

       1,335        897,788   

5.50%, 8/01/23

       2,761        1,773,943   

8.00%, 2/15/24 (e)

       4,888        4,979,650   

Lamar Media Corp., 5.75%, 2/01/26 (e)

       526        553,615   

LGE HoldCo VI BV, 7.13%, 5/15/24

     EUR        300        368,009   

Live Nation Entertainment, Inc., 7.00%, 9/01/20 (e)

     USD        987        1,035,472   

McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, 5/15/24 (e)

       639        664,560   

MDC Partners, Inc., 6.50%, 5/01/24 (e)

       2,992        2,894,760   

Midcontinent Communications & Midcontinent Finance Corp., 6.25%, 8/01/21 (e)

       3,901        4,037,535   

NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (e)

       2,039        2,079,780   

Neptune Finco Corp. (e):

      

10.13%, 1/15/23

       4,025        4,508,000   

6.63%, 10/15/25

       2,461        2,628,373   

Nielsen Finance LLC/Nielsen Finance Co.,
5.00%, 4/15/22 (e)

       5,232        5,349,720   

Numericable Group SA:

      

5.38%, 5/15/22

     EUR        280        323,365   

6.00%, 5/15/22 (e)

     USD        4,689        4,667,899   

5.63%, 5/15/24

     EUR        760        877,325   

7.38%, 5/01/26 (e)

     USD        10,344        10,434,510   

 

Corporate Bonds    

Par  

(000)

    Value  

Media (continued)

  

Numericable-SFR SA, 5.63%, 5/15/24

     EUR        700      $ 808,062   

Outfront Media Capital LLC/Outfront Media Capital Corp.:

      

5.25%, 2/15/22

     USD        650        660,563   

5.63%, 2/15/24

       1,064        1,101,240   

Play Finance 2 SA, 5.25%, 2/01/19

     EUR        1,070        1,223,585   

Radio One, Inc., 7.38%, 4/15/22 (e)

     USD        805        768,775   

RCN Telecom Services LLC/RCN Capital Corp., 8.50%, 8/15/20 (e)

       1,130        1,163,900   

Sirius XM Radio, Inc. (e):

      

4.25%, 5/15/20

       2,204        2,245,325   

5.75%, 8/01/21

       1,811        1,894,759   

4.63%, 5/15/23

       345        338,963   

Sterling Entertainment Corp., 9.75%, 12/15/19

       4,810        4,761,900   

TEGNA, Inc.:

      

5.13%, 10/15/19

       857        882,710   

4.88%, 9/15/21 (e)

       1,827        1,863,540   

5.50%, 9/15/24 (e)

       1,308        1,350,510   

Townsquare Media, Inc., 6.50%, 4/01/23 (e)

       517        497,613   

Tribune Media Co., 5.88%, 7/15/22

       3,434        3,468,340   

Unitymedia GmbH, 3.75%, 1/15/27

     EUR        100        101,808   

Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:

      

5.50%, 1/15/23 (e)

     USD        4,302        4,436,437   

5.63%, 4/15/23

     EUR        166        199,031   

4.00%, 1/15/25

       1,411        1,598,994   

5.00%, 1/15/25 (e)

     USD        1,354        1,360,770   

4.63%, 2/15/26

     EUR        100        116,133   

3.50%, 1/15/27

       400        430,774   

Univision Communications, Inc. (e):

      

8.50%, 5/15/21

     USD        784        819,280   

5.13%, 5/15/23

       10,883        10,964,622   

5.13%, 2/15/25

       7,930        7,870,525   

UPCB Finance IV Ltd., 4.00%, 1/15/27

     EUR        400        435,046   

Virgin Media Finance PLC:

      

6.38%, 10/15/24

     GBP        500        736,848   

4.50%, 1/15/25

     EUR        183        199,034   

5.75%, 1/15/25 (e)

     USD        2,405        2,398,987   

Virgin Media Secured Finance PLC:

      

6.00%, 4/15/21

     GBP        4,052        6,111,963   

5.50%, 8/15/26 (e)

     USD        1,144        1,155,440   

4.88%, 1/15/27

     GBP        200        274,100   

6.25%, 3/28/29

       829        1,205,184   
 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016    11


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds          

Par  

(000)

    Value  

Media (continued)

      

WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 9/01/20 (e)

     USD        4,428      $ 4,560,840   

Wind Acquisition Finance SA,
7.00%, 4/23/21

     EUR        500        534,072   

Ziggo Bond Finance BV:

      

4.63%, 1/15/25

       259        281,692   

5.88%, 1/15/25 (e)

     USD        2,643        2,616,570   
      

 

 

 
                       218,943,392   

Metals & Mining — 5.9%

      

Alcoa, Inc.:

      

6.15%, 8/15/20

       1,330        1,428,919   

5.13%, 10/01/24

       3,854        3,717,915   

5.90%, 2/01/27

       215        207,675   

6.75%, 1/15/28

       477        474,615   

5.95%, 2/01/37

       264        232,323   

Anglo American Capital PLC:

      

1.75%, 11/20/17

     EUR        100        110,598   

6.88%, 5/01/18

     GBP        100        150,716   

2.50%, 9/18/18

     EUR        100        110,305   

2.75%, 6/07/19

       100        108,411   

3.63%, 5/14/20 (e)

     USD        1,116        1,057,410   

4.45%, 9/27/20 (e)

       412        392,945   

2.88%, 11/20/20

     EUR        200        205,342   

3.50%, 3/28/22

       100        102,265   

4.13%, 9/27/22 (e)

     USD        1,656        1,502,820   

3.25%, 4/03/23

     EUR        100        99,452   

ArcelorMittal:

      

6.13%, 6/01/18

     USD        2,342        2,444,462   

7.25%, 2/25/22

       115        120,175   

7.75%, 3/01/41

       1,305        1,200,600   

Constellium NV (e):

      

8.00%, 1/15/23

       6,525        5,709,375   

5.75%, 5/15/24

       4,689        3,657,420   

First Quantum Minerals Ltd. (e):

      

7.00%, 2/15/21

       392        309,435   

7.25%, 5/15/22

       1,883        1,440,495   

Freeport-McMoRan, Inc.:

      

2.30%, 11/14/17

       1,337        1,303,575   

2.38%, 3/15/18

       11,047        10,715,590   

3.10%, 3/15/20

       820        747,738   

4.00%, 11/14/21

       1,980        1,717,650   

3.55%, 3/01/22

       4,279        3,583,662   

3.88%, 3/15/23

       5,173        4,254,792   

5.40%, 11/14/34

       2,334        1,768,005   

5.45%, 3/15/43

       1,007        759,973   

Glencore Finance Europe SA:

      

4.63%, 4/03/18

     EUR        200        234,791   

3.38%, 9/30/20

       200        225,868   

Joseph T Ryerson & Son, Inc.,
11.00%, 5/15/22 (e)

     USD        1,378        1,415,895   
Corporate Bonds          

Par  

(000)

    Value  

Metals & Mining (continued)

      

Kaiser Aluminum Corp.:

      

8.25%, 6/01/20

     USD       1,240      $ 1,291,150   

5.88%, 5/15/24 (e)

       773        793,407   

Novelis, Inc., 8.75%, 12/15/20

       11,642        12,078,575   

Ovako AB, 6.50%, 6/01/19

     EUR        196        158,108   

Steel Dynamics, Inc.:

      

5.13%, 10/01/21

     USD        3,085        3,144,787   

6.38%, 8/15/22

       1,345        1,412,250   

5.25%, 4/15/23

       949        973,484   

5.50%, 10/01/24

       295        303,172   

Teck Resources Ltd.:

      

2.50%, 2/01/18

       1,704        1,716,780   

3.00%, 3/01/19

       2,073        1,984,898   

8.00%, 6/01/21 (e)(f)

       1,473        1,502,460   

3.75%, 2/01/23

       659        479,423   

8.50%, 6/01/24 (e)(f)

       1,922        1,970,050   

United States Steel Corp.,
8.38%, 7/01/21 (e)

       2,224        2,296,280   

Wise Metals Group LLC/Wise Alloys Finance Corp., 8.75%, 12/15/18 (e)

       2,990        2,743,325   
      

 

 

 
                       84,359,361   

Multiline Retail — 0.4%

      

CST Brands, Inc., 5.00%, 5/01/23

       653        653,000   

Dufry Finance SCA, 5.50%, 10/15/20 (e)

       1,927        1,987,161   

Hema Bondco I BV, 6.25%, 6/15/19

     EUR        156        134,878   

Neiman Marcus Group Ltd., 8.00%, 10/15/21 (e)

     USD        4,467        3,372,585   
      

 

 

 
                       6,147,624   

Offshore Drilling & Other Services — 0.1%

      

Sensata Technologies BV, 5.63%, 11/01/24 (e)

             903        945,892   

Oil, Gas & Consumable Fuels — 12.8%

      

Alberta Energy Co. Ltd., 7.38%, 11/01/31

       503        482,190   

California Resources Corp., 8.00%, 12/15/22 (e)

       7,393        5,396,890   

Carrizo Oil & Gas, Inc.:

      

7.50%, 9/15/20

       672        673,680   

6.25%, 4/15/23

       2,334        2,281,485   

Cenovus Energy, Inc.:

      

5.70%, 10/15/19

       312        319,217   

3.00%, 8/15/22

       252        224,330   

3.80%, 9/15/23

       690        615,546   

6.75%, 11/15/39

       1,548        1,487,535   

5.20%, 9/15/43

       110        86,999   

Cheniere Corpus Christi Holdings LLC,
7.00%, 6/30/24 (e)

       3,678        3,769,950   
 

 

                
12    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds         

Par  

(000)

    Value  

Oil, Gas & Consumable Fuels (continued)

     

Chesapeake Energy Corp.:

     

3.88%, 4/15/19 (d)

    USD       2,995      $ 2,199,453   

6.63%, 8/15/20

      340        222,700   

8.00%, 12/15/22 (e)

      1,417        1,140,685   

Concho Resources, Inc., 6.50%, 1/15/22

      222        229,215   

CONSOL Energy, Inc.:

     

5.88%, 4/15/22

      10,292        8,387,980   

8.00%, 4/01/23

      331        284,660   

Continental Resources, Inc.:

     

5.00%, 9/15/22

      1,720        1,625,400   

4.50%, 4/15/23

      1,069        973,458   

3.80%, 6/01/24

      4,375        3,817,187   

4.90%, 6/01/44

      865        711,463   

Corral Petroleum Holdings AB, 11.75%, 5/15/21 (g)

    EUR        200        212,405   

Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 4/01/23 (e)

    USD        175        163,625   

CrownRock LP/CrownRock Finance, Inc. (e):

     

7.13%, 4/15/21

      3,208        3,320,280   

7.75%, 2/15/23

      1,064        1,109,220   

Denbury Resources, Inc., 9.00%, 5/15/21 (e)

      2,046        2,012,752   

Diamondback Energy, Inc., 7.63%, 10/01/21

      1,770        1,878,412   

Encana Corp.:

     

3.90%, 11/15/21

      1,015        903,350   

6.50%, 8/15/34

      1,683        1,491,020   

6.63%, 8/15/37

      1,042        917,710   

6.50%, 2/01/38

      3,034        2,680,569   

5.15%, 11/15/41

      1,203        884,634   

Energy Transfer Equity LP:

     

7.50%, 10/15/20

      405        413,100   

5.88%, 1/15/24

      4,667        4,328,642   

5.50%, 6/01/27

      1,965        1,704,637   

Freeport-McMoRan Oil & Gas LLC/FCX Oil & Gas, Inc.:

     

6.50%, 11/15/20

      807        774,720   

6.63%, 5/01/21

      805        762,738   

Genesis Energy LP / Genesis Energy Finance Corp.,

     

6.00%, 5/15/23

      428        393,760   

5.63%, 6/15/24

      445        399,388   

Gulfport Energy Corp.:

     

7.75%, 11/01/20

      2,137        2,169,055   

6.63%, 5/01/23

      114        112,005   

Hilcorp Energy I LP/Hilcorp Finance Co. (e):

     

7.63%, 4/15/21

      240        247,800   

 

Corporate Bonds          

Par  

(000)

    Value  

Oil, Gas & Consumable Fuels (continued)

      

Hilcorp Energy I LP/Hilcorp Finance Co. (e) (continued):

      

5.00%, 12/01/24

     USD       1,758      $ 1,670,100   

Marathon Oil Corp., 5.20%, 6/01/45

       2,025        1,700,994   

MEG Energy Corp. (e):

      

6.50%, 3/15/21

       4,781        3,765,037   

6.38%, 1/30/23

       575        439,875   

7.00%, 3/31/24

       4,923        3,790,710   

Memorial Production Partners LP/Memorial Production Finance Corp.:

      

7.63%, 5/01/21

       845        418,275   

6.88%, 8/01/22

       1,002        470,940   

Memorial Resource Development Corp.,
5.88%, 7/01/22

       5,600        5,579,000   

NGPL PipeCo LLC (e):

      

7.12%, 12/15/17

       14,746        15,428,002   

9.63%, 6/01/19

       3,476        3,641,110   

7.77%, 12/15/37

       1,463        1,437,398   

Oasis Petroleum, Inc.:

      

7.25%, 2/01/19

       205        196,288   

6.50%, 11/01/21

       1,595        1,439,487   

6.88%, 3/15/22

       1,172        1,078,240   

6.88%, 1/15/23

       480        433,200   

OHL Investments SA, Series OHL,
4.00%, 4/25/18 (j)

     EUR        300        297,078   

ONEOK, Inc.:

      

4.25%, 2/01/22

     USD        450        405,000   

7.50%, 9/01/23

       1,400        1,445,570   

Parsley Energy LLC/Parsley Finance Corp. (e):

      

7.50%, 2/15/22

       3,361        3,550,056   

6.25%, 6/01/24

       410        417,175   

PDC Energy, Inc., 7.75%, 10/15/22

       995        1,039,775   

QEP Resources, Inc.:

      

6.88%, 3/01/21

       240        241,200   

5.25%, 5/01/23

       2,190        2,014,800   

Range Resources Corp.:

      

5.75%, 6/01/21

       568        552,380   

5.00%, 8/15/22

       530        497,538   

5.00%, 3/15/23

       1,960        1,822,800   

Rockies Express Pipeline LLC (e):

      

6.00%, 1/15/19

       574        595,525   

5.63%, 4/15/20

       265        269,638   

6.88%, 4/15/40

       3,820        3,724,500   

RSP Permian, Inc., 6.63%, 10/01/22

       2,065        2,132,112   

Sabine Pass Liquefaction LLC:

      

5.63%, 2/01/21

       2,148        2,193,645   

6.25%, 3/15/22

       301        307,773   

5.63%, 4/15/23

       3,087        3,117,870   
 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016    13


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds          

Par  

(000)

    Value  

Oil, Gas & Consumable Fuels (continued)

      

Sabine Pass Liquefaction LLC (continued):

      

5.75%, 5/15/24

     USD       5,824      $ 5,853,120   

5.63%, 3/01/25

       567        567,000   

Sanchez Energy Corp.:

      

7.75%, 6/15/21

       138        105,570   

6.13%, 1/15/23

       6,650        4,788,000   

Seven Generations Energy Ltd. (e):

      

8.25%, 5/15/20

       6,771        7,075,695   

6.75%, 5/01/23

       675        685,125   

SM Energy Co.:

      

6.13%, 11/15/22

       2,576        2,357,040   

6.50%, 1/01/23

       523        476,040   

5.00%, 1/15/24

       88        75,250   

Southwestern Energy Co.:

      

3.30%, 1/23/18

       2,009        1,938,685   

7.50%, 2/01/18

       729        732,645   

4.10%, 3/15/22

       175        142,625   

Targa Resources Partners LP/Targa Resources Partners Finance Corp.:

      

6.88%, 2/01/21

       393        397,913   

6.38%, 8/01/22

       4,053        4,022,602   

5.25%, 5/01/23

       78        73,320   

6.75%, 3/15/24 (e)

       394        389,075   

Tesoro Logistics LP/Tesoro Logistics Finance Corp.:

      

6.13%, 10/15/21

       321        331,433   

6.25%, 10/15/22

       3,154        3,256,505   

6.38%, 5/01/24

       849        874,470   

Tullow Oil PLC, 6.00%, 11/01/20 (e)

       200        160,300   

Weatherford International LLC:

      

6.35%, 6/15/17

       1,290        1,302,900   

6.80%, 6/15/37

       337        225,790   

Weatherford International Ltd.:

      

6.00%, 3/15/18

       2,067        2,035,995   

5.13%, 9/15/20

       624        505,440   

4.50%, 4/15/22

       775        600,625   

6.50%, 8/01/36

       520        336,700   

7.00%, 3/15/38

       546        365,820   

5.95%, 4/15/42

       1,066        679,575   

Whiting Petroleum Corp.:

      

5.00%, 3/15/19

       193        173,700   

1.25%, 4/01/20 (e)(j)

       9,388        7,134,880   

5.75%, 3/15/21

       1,480        1,254,300   

6.25%, 4/01/23

       64        52,800   

Williams Cos., Inc.:

      

3.70%, 1/15/23

       225        189,563   

4.55%, 6/24/24

       2,459        2,145,477   
Corporate Bonds          

Par  

(000)

    Value  

Oil, Gas & Consumable Fuels (continued)

      

WPX Energy, Inc.:

      

5.25%, 1/15/17

     USD       300      $ 299,250   

7.50%, 8/01/20

       385        377,300   

6.00%, 1/15/22

       2,910        2,619,000   

8.25%, 8/01/23

       1,375        1,344,063   
      

 

 

 
                       183,868,527   

Paper & Forest Products — 0.3%

      

Norbord, Inc., 6.25%, 4/15/23 (e)

       1,605        1,637,100   

Pfleiderer GmbH, 7.88%, 8/01/19

     EUR        430        502,242   

Unifrax I LLC/Unifrax Holding Co.,
7.50%, 2/15/19 (e)

     USD        2,865        2,292,000   
      

 

 

 
                       4,431,342   

Pharmaceuticals — 3.2%

      

Concordia Healthcare Corp., 7.00%, 4/15/23 (e)

       504        468,090   

DPx Holdings BV, 7.50%, 2/01/22 (e)

       2,670        2,736,750   

Endo Finance LLC/Endo Finco, Inc. (e):

      

7.75%, 1/15/22

       696        645,540   

6.00%, 7/15/23

       2,069        1,811,223   

6.00%, 2/01/25

       3,305        2,867,088   

Ephios Bondco PLC, 6.25%, 7/01/22

     EUR        885        1,036,392   

Ephios Holdco II PLC, 8.25%, 7/01/23

       259        294,660   

Grifols Worldwide Operations Ltd., 5.25%, 4/01/22

     USD        4,047        4,138,058   

Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 8/01/23 (e)

       7,115        7,264,415   

NBTY, Inc., 7.63%, 5/15/21 (e)

       3,353        3,420,060   

Valeant Pharmaceuticals International, Inc.:

      

6.75%, 8/15/18 (e)

       813        794,708   

5.38%, 3/15/20 (e)

       890        785,425   

7.00%, 10/01/20 (e)

       5,123        4,623,507   

6.38%, 10/15/20 (e)

       7,053        6,277,170   

7.50%, 7/15/21 (e)

       2,110        1,909,550   

6.75%, 8/15/21 (e)

       2,793        2,457,840   

5.50%, 3/01/23 (e)

       77        63,910   

4.50%, 5/15/23

     EUR        1,484        1,267,275   

5.88%, 5/15/23 (e)

     USD        1,617        1,362,323   

6.13%, 4/15/25 (e)

       2,109        1,763,651   
      

 

 

 
                       45,987,635   

Real Estate Investment Trusts (REITs) — 0.6%

      

Aroundtown Property Holdings PLC,
3.00%, 12/09/21

     EUR        1,100        1,248,883   
 

 

                
14    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds          

Par  

(000)

    Value  

Real Estate Investment Trusts (REITs) (continued)

  

Corrections Corp. of America, 4.63%, 5/01/23

     USD        755      $ 766,325   

FelCor Lodging LP, 6.00%, 6/01/25

       591        610,208   

Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.63%, 10/15/21

       4,911        5,085,871   

iStar Financial, Inc.:

      

4.00%, 11/01/17

       685        682,397   

5.00%, 7/01/19

       480        456,000   
      

 

 

 
                       8,849,684   

Real Estate Management & Development — 1.2%

      

Annington Finance No 5 PLC, 13.00%, 1/15/23 (g)

     GBP        380        632,929   

Crescent Resources LLC/Crescent Ventures, Inc., 10.25%, 8/15/17 (e)

     USD        1,731        1,735,327   

Punch Taverns Finance B Ltd., Series A6,
5.94%, 9/30/22

     GBP        532        714,211   

Punch Taverns Finance PLC, Series M3,
6.09%, 10/15/27 (d)(e)

       1,202        1,475,942   

Realogy Group LLC/Realogy Co-Issuer Corp. (e):

      

4.50%, 4/15/19

     USD        1,646        1,695,380   

5.25%, 12/01/21

       6,327        6,548,445   

4.88%, 6/01/23

       2,420        2,398,825   

Rialto Holdings LLC/Rialto Corp.,
7.00%, 12/01/18 (e)

       1,065        1,051,687   

Tesco Property Finance 1 PLC, 7.62%, 7/13/39

     GBP        46        73,839   

Tesco Property Finance 4 PLC, 5.80%, 10/13/40

       99        129,142   

Woodside Homes Co. LLC/Woodside Homes Finance, Inc., 6.75%, 12/15/21 (e)

     USD        1,195        1,111,350   
      

 

 

 
                       17,567,077   

Road & Rail — 1.3%

      

Avis Budget Car Rental LLC/Avis Budget Finance, Inc. (e):

      

5.13%, 6/01/22

       770        708,400   

6.38%, 4/01/24

       1,105        1,060,800   

5.25%, 3/15/25

       1,810        1,588,275   

EC Finance PLC, 5.13%, 7/15/21

     EUR        675        791,415   

Florida East Coast Holdings Corp.,
6.75%, 5/01/19 (e)

     USD        2,037        2,026,815   

Herc Spinoff Escrow Issuer LLC/Herc Spinoff Escrow Issuer Corp. (e)(f):

      

7.50%, 6/01/22

       853        857,265   

7.75%, 6/01/24

       383        383,958   
Corporate Bonds         

Par  

(000)

    Value  

Road & Rail (continued)

     

Hertz Corp.:

     

7.50%, 10/15/18

    USD       3,220      $ 3,270,554   

5.88%, 10/15/20

      370        375,088   

7.38%, 1/15/21

      2,360        2,410,150   

6.25%, 10/15/22

      1,490        1,480,687   

Loxam SAS, 3.50%, 5/03/23

    EUR        150        168,750   

United Rentals North America, Inc.:

     

4.63%, 7/15/23

    USD        1,055        1,047,087   

5.50%, 7/15/25

      902        885,087   

Watco Cos. LLC/Watco Finance Corp.,
6.38%, 4/01/23 (e)

      1,093        1,087,535   
     

 

 

 
                      18,141,866   

Semiconductors & Semiconductor Equipment — 0.8%

  

Advanced Micro Devices, Inc.:

     

7.50%, 8/15/22

      665        548,625   

7.00%, 7/01/24

      440        347,600   

NXP BV / NXP Funding LLC (e):

     

4.13%, 6/15/20

      2,685        2,738,700   

4.63%, 6/15/22

      1,319        1,338,785   

5.75%, 3/15/23

      2,180        2,283,550   

4.63%, 6/01/23

      777        780,893   

Sensata Technologies BV, 5.00%, 10/01/25 (e)

      3,923        3,932,807   
     

 

 

 
                      11,970,960   

Software — 1.4%

     

Ensemble S Merger Sub, Inc., 9.00%, 9/30/23 (e)

      1,553        1,554,941   

Infinity Acquisition LLC/Infinity Acquisition Finance Corp., 7.25%, 8/01/22 (e)

      103        90,125   

Infor Software Parent LLC/Infor Software Parent, Inc., (7.13% Cash or 7.88% PIK),
7.13%, 5/01/21 (e)(g)

      2,646        2,209,119   

Infor US, Inc., 6.50%, 5/15/22

      4,033        3,700,277   

Informatica LLC, 7.13%, 7/15/23 (e)

      946        901,065   

Nuance Communications, Inc., 5.38%, 8/15/20 (e)

      2,430        2,469,488   

PTC, Inc., 6.00%, 5/15/24

      722        751,783   

Solera LLC/Solera Finance, Inc.,
10.50%, 3/01/24 (e)

      5,797        6,289,745   

SS&C Technologies Holdings, Inc., 5.88%, 7/15/23

      1,619        1,683,760   
     

 

 

 
                      19,650,303   

Specialty Retail — 1.4%

     

Asbury Automotive Group, Inc.,
6.00%, 12/15/24

      2,413        2,461,260   

L Brands, Inc.:

     

8.50%, 6/15/19

      3,925        4,562,813   
 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016    15


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds    

Par  

(000)

    Value  

Specialty Retail (continued)

  

L Brands, Inc. (continued):

      

6.88%, 11/01/35

     USD       2,574      $ 2,715,570   

New Look Secured Issuer PLC, 6.50%, 7/01/22

     GBP        770        1,096,047   

New Look Senior Issuer PLC, 8.00%, 7/01/23

       300        419,297   

Penske Automotive Group, Inc.:

      

5.75%, 10/01/22

     USD        2,545        2,608,625   

5.38%, 12/01/24

       1,447        1,447,000   

5.50%, 5/15/26

       1,358        1,347,815   

Sally Holdings LLC/Sally Capital, Inc., 5.75%, 6/01/22

       1,599        1,662,960   

THOM Europe SAS, 7.38%, 7/15/19

     EUR        1,090        1,287,072   
      

 

 

 
                       19,608,459   

Technology Hardware, Storage & Peripherals — 0.5%

  

Diamond 1 Finance Corp./Diamond 2 Finance
Corp. (e)(f):

      

4.42%, 6/15/21

     USD        1,565        1,596,250   

6.02%, 6/15/26

       2,940        2,971,999   

8.35%, 7/15/46

       945        961,992   

Western Digital Corp., 7.38%, 4/01/23 (e)

       1,339        1,392,560   
      

 

 

 
                       6,922,801   

Textiles, Apparel & Luxury Goods — 0.3%

  

BiSoho SAS, 5.88%, 5/01/23

     EUR        400        457,365   

Levi Strauss & Co.:

      

6.88%, 5/01/22

     USD        2,430        2,593,004   

5.00%, 5/01/25

       686        686,858   

Springs Industries, Inc., 6.25%, 6/01/21

       274        277,425   

William Carter Co., 5.25%, 8/15/21

       788        815,580   
      

 

 

 
                       4,830,232   

Thrifts & Mortgage Finance — 0.1%

  

Radian Group, Inc., 5.25%, 6/15/20

             991        1,010,820   

Trading Companies & Distributors — 0.1%

  

Ashtead Capital, Inc., 5.63%, 10/01/24 (e)

       344        347,440   

Travis Perkins PLC, 4.50%, 9/07/23

     GBP        500        718,922   
      

 

 

 
                       1,066,362   

Transportation Infrastructure — 0.2%

  

JCH Parent, Inc., (10.50% Cash or 11.25% PIK), 10.50%, 3/15/19 (e)(g)

     USD        2,813        1,209,703   

 

Corporate Bonds    

Par  

(000)

    Value  

Transportation Infrastructure (continued)

  

Onorato Armatori SpA, 7.75%, 2/15/23

     EUR        900      $ 981,358   
      

 

 

 
                       2,191,061   

Wireless Telecommunication Services — 4.6%

  

Communications Sales & Leasing, Inc./CSL Capital LLC, 8.25%, 10/15/23

     USD        2,515        2,370,388   

Digicel Group Ltd., 7.13%, 4/01/22 (e)

       2,085        1,608,161   

Digicel Ltd., 6.00%, 4/15/21 (e)

       8,447        7,483,028   

Geo Group, Inc.:

      

5.88%, 1/15/22

       350        355,250   

5.88%, 10/15/24

       2,030        2,052,838   

GEO Group, Inc., 6.00%, 4/15/26

       530        535,300   

SBA Communications Corp., 5.63%, 10/01/19

       1,111        1,151,274   

Sprint Capital Corp.:

      

6.90%, 5/01/19

       640        596,800   

6.88%, 11/15/28

       4,955        3,697,669   

8.75%, 3/15/32

       408        330,480   

Sprint Communications, Inc.:

      

9.00%, 11/15/18 (e)

       17,517        18,633,709   

7.00%, 8/15/20

       1,270        1,086,510   

Sprint Corp.:

      

7.25%, 9/15/21

       922        746,820   

7.13%, 6/15/24

       6,082        4,576,705   

7.63%, 2/15/25

       1,840        1,384,030   

T-Mobile USA, Inc.:

      

6.63%, 4/28/21

       2,180        2,291,725   

6.13%, 1/15/22

       367        387,185   

6.73%, 4/28/22

       1,227        1,286,816   

6.00%, 3/01/23

       2,599        2,709,457   

6.50%, 1/15/24

       2,638        2,799,577   

6.38%, 3/01/25

       3,490        3,655,775   

6.50%, 1/15/26

       4,881        5,161,657   

Wind Acquisition Finance SA, 4.00%, 7/15/20

     EUR        824        911,094   
      

 

 

 
                       65,812,248   
Total Corporate Bonds — 109.6%        1,569,600,591   
      
                          
Floating Rate Loan Interests (d)                      

Air Freight & Logistics — 0.3%

  

CEVA Group PLC, Synthetic LC,
6.50%, 3/19/21

     USD        1,324        1,127,761   

CEVA Intercompany BV, Dutch Term Loan,
6.50%, 3/19/21

       1,368        1,165,490   

CEVA Logistics Canada ULC, Canadian Term Loan, 6.50%, 3/19/21

       236        200,947   
 

 

                
16    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Floating Rate Loan Interests          

Par  

(000)

    Value  

Air Freight & Logistics (continued)

      

CEVA Logistics US Holdings, Inc., Term Loan,
6.50%, 3/19/21

     USD       1,887      $ 1,607,573   
      

 

 

 
                       4,101,771   

Airlines — 0.8%

      

Delta Air Lines, Inc., 2018 Term Loan B1,
3.25%, 10/18/18

       2,313        2,318,715   

Gol LuxCo SA, 1st Lien Term Loan, 6.50%, 8/31/20

       3,885        3,865,575   

Northwest Airlines, Inc.:

      

2.75%, 3/10/17

       1,772        1,754,060   

2.13%, 9/10/18

       4,060        3,947,540   
      

 

 

 
                       11,885,890   

Auto Components — 0.3%

      

Gates Global, Inc., Term Loan B, 4.25%, 7/06/21

             4,997        4,829,728   

Capital Markets — 0.2%

      

American Capital Holdings, Inc., 2017 Term Loan, 3.50%, 8/22/17

             2,953        2,947,707   

Chemicals — 0.2%

      

Axalta Coating Systems US Holdings, Inc., Term Loan, 3.75%, 2/01/20

       212        212,075   

MacDermid, Inc., Term Loan B3, 5.50%, 6/07/20

       1,151        1,147,853   

PQ Corp., Term Loan, 5.75%, 11/04/22

       1,298        1,308,462   
      

 

 

 
                       2,668,390   

Commercial Services & Supplies — 0.3%

      

Brand Energy & Infrastructure Services, Inc., Term Loan B, 4.75%, 11/26/20

       3,760        3,653,791   

TruGreen Limited Partnership, 1st Lien Term Loan B, 6.50%, 4/13/23

       699        703,369   
      

 

 

 
                       4,357,160   

Diversified Consumer Services — 0.2%

      

AssuredPartners, Inc., 2015 1st Lien Term Loan, 5.75%, 10/21/22

       1,229        1,228,920   

Laureate Education, Inc., Term Loan B,
5.00%, 6/15/18

       1,761        1,707,126   
      

 

 

 
                       2,936,046   

Diversified Telecommunication Services — 0.3%

      

Hawaiian Telcom Communications, Inc., Term Loan B, 5.25%, 6/06/19

       1,410        1,407,487   

 

Floating Rate Loan Interests    

Par  

(000)

    Value  

Diversified Telecommunication Services (continued)

  

Level 3 Financing, Inc., 2019 Term Loan,
4.00%, 8/01/19

     USD       1,785      $ 1,788,909   

Telenet International Finance Sarl, Term Loan AD,
4.25%, 6/30/24

       1,285        1,291,065   
      

 

 

 
                       4,487,461   

Electrical Equipment — 0.4%

  

Texas Competitive Electric Holdings Co. LLC, DIP Term Loan, 3.75%, 11/07/16

             5,613        5,612,525   

Energy Equipment & Services — 0.1%

  

Dynegy Holdings, Inc., Term Loan B2, 4.00%, 4/23/20

             918        917,516   

Food & Staples Retailing — 0.2%

  

US Foods, Inc., Refinancing Term Loan, 4.50%, 3/31/19

             2,351        2,351,499   

Health Care Equipment & Supplies — 0.4%

  

Alere, Inc., 2015 Term Loan B, 4.25%, 6/18/22

       744        741,417   

Capsugel Holdings US, Inc., Term Loan B,
4.00%, 7/31/21

       1,906        1,905,077   

DJO Finance LLC, 2015 Term Loan, 4.25%, 6/08/20

       1,310        1,282,441   

Immucor, Inc., Refinancing Term Loan B2,
5.00%, 8/17/18

       1,292        1,226,279   
      

 

 

 
                       5,155,214   

Health Care Providers & Services — 0.4%

  

Air Medical Group Holdings, Inc., Term Loan B,
4.25%, 4/28/22

       1,657        1,639,342   

MPH Acquisition Holdings LLC, 2016 Term Loan B, 5.00%, 5/26/23

       2,255        2,270,785   

Surgery Center Holdings, Inc., 1st Lien Term Loan, 5.25%, 11/03/20

       954        955,851   

Vizient, Inc., 1st Lien Term Loan, 6.25%, 2/13/23

       1,423        1,439,905   
      

 

 

 
                       6,305,883   

Hotels, Restaurants & Leisure — 1.5%

  

Amaya Holdings BV:

      

1st Lien Term Loan, 5.00%, 8/01/21

       4,746        4,593,590   

2nd Lien Term Loan, 8.00%, 8/01/22

       248        242,848   

Boyd Gaming Corp., Term Loan B, 4.00%, 8/14/20

       1,953        1,956,164   

Bronco Midstream Funding LLC, Term Loan B,
5.00%, 8/15/20

       5,405        4,810,139   
 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016    17


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Floating Rate Loan Interests           Par  
(000)
    Value  

Hotels, Restaurants & Leisure (continued)

      

Caesars Entertainment Resort Properties LLC, Term Loan B, 7.00%, 10/11/20

     USD       9,048      $ 8,650,021   

Station Casinos LLC, Term Loan B, 4.25%, 3/02/20

       1,809        1,811,071   
      

 

 

 
                       22,063,833   

Independent Power and Renewable Electricity Producers — 0.4%

  

Energy Future Intermediate Holding Co. LLC, DIP Term Loan, 4.25%, 12/19/16

             5,103        5,099,723   

IT Services — 0.4%

      

Blue Coat Holdings, Inc., 2015 Term Loan,
4.50%, 5/20/22

       552        549,983   

First Data Corp.:

      

2018 Term Loan, 3.94%, 9/24/18

       200        199,916   

2021 Extended Term Loan,
4.44%, 3/24/21

       4,484        4,502,740   
      

 

 

 
                       5,252,639   

Machinery — 0.4%

      

Rexnord LLC, 1st Lien Term Loan B,
4.00%, 8/21/20

       2,843        2,825,782   

Silver II US Holdings LLC, Term Loan,
4.00%, 12/13/19

       3,923        3,533,998   
      

 

 

 
                       6,359,780   

Media — 1.0%

      

Cengage Learning Acquisitions, Inc., Term Loan:

      

1st Lien, 7.00%, 3/31/20

       3,998        3,991,946   

2016 B, 5.25%, 5/17/23

       2,002        1,999,320   

0.00%, 7/03/16 (a)(h)

       10,469        1   

Clear Channel Communications, Inc., Term Loan D, 7.20%, 1/30/19

       6,379        4,884,252   

Intelsat Jackson Holdings SA, Term Loan B2,
3.75%, 6/30/19

       1,171        1,076,742   

Tribune Media Co., Term Loan, 3.75%, 12/27/20

       224        224,069   

Univision Communications Inc.:

      

Term Loan C3, 4.00%, 3/01/20

       25        24,902   

Term Loan C4, 4.00%, 3/01/20

       1,819        1,818,269   
      

 

 

 
                       14,019,501   

Metals & Mining — 0.4%

      

FMG Resources August 2006 Property Ltd., Term Loan B, 4.25%, 6/30/19

       3,769        3,529,351   
Floating Rate Loan Interests     Par  
(000)
    Value  

Metals & Mining (continued)

  

Novelis, Inc., 2015 Term Loan B, 4.00%, 6/02/22

     USD       1,567      $ 1,561,977   
      

 

 

 
                       5,091,328   

Oil, Gas & Consumable Fuels — 0.3%

  

California Resources Corp., Term Loan A,
2.00%, 10/01/19

       814        745,828   

CITGO Holding, Inc., 2015 Term Loan B,
9.50%, 5/12/18

       2,522        2,532,184   

MEG Energy Corp., Refinancing Term Loan,
3.75%, 3/31/20

       465        414,265   
      

 

 

 
                       3,692,277   

Personal Products — 0.1%

  

NBTY, Inc., Term Loan B, 5.00%, 5/05/23

             1,145        1,151,297   

Pharmaceuticals — 0.8%

  

DPx Holdings BV, 2014 Incremental Term Loan,
4.25%, 3/11/21

       1,685        1,656,522   

Jaguar Holding Co. II, 2015 Term Loan B,
4.25%, 8/18/22

       4,808        4,811,974   

Pharmaceutical Product Development LLC, 1st Lien Term Loan, 4.25%, 8/18/22

       482        482,400   

Valeant Pharmaceuticals International, Inc.:

      

Series A3 Tranche A, 3.71%, 10/20/18

       584        576,072   

Series C2 Term Loan B, 4.75%, 12/11/19

       695        685,442   

Series E Term Loan B, 4.75%, 8/05/20

       1,554        1,529,458   

Series F1 Term Loan B, 5.00%, 4/01/22

       936        923,994   
      

 

 

 
                       10,665,862   

Professional Services — 0.3%

  

Advantage Sales & Marketing, Inc.:

      

2014 1st Lien Term Loan, 4.25%, 7/23/21

       1,674        1,667,182   

2014 2nd Lien Term Loan, 7.50%, 7/25/22

       3,248        3,093,706   
      

 

 

 
                       4,760,888   

Real Estate Investment Trusts (REITs) — 0.1%

  

MGM Growth Properties LLC, 2016 Term Loan B,
4.00%, 4/25/23

             2,004        2,016,567   

Real Estate Management & Development — 0.0%

  

Realogy Corp., Extended Letter of Credit,
2.43%, 10/16/16

             226        223,046   
 

 

                
18    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Floating Rate Loan Interests     Par  
(000)
    Value  

Road & Rail — 0.2%

  

Hertz Corp., Term Loan B2, 3.00%, 3/11/18

     USD       3,326      $ 3,317,085   

Semiconductors & Semiconductor Equipment — 0.9%

  

Avago Technologies Cayman Ltd., 2016 Term Loan B1, 4.25%, 2/01/23

       10,717        10,742,353   

Microsemi Corp., 2015 Term Loan B,
5.25%, 1/15/23

       495        499,678   

ON Semiconductor Corp., Term Loan B,
5.25%, 3/31/23

       1,641        1,651,601   
      

 

 

 
        12,893,632   

Software — 0.8%

  

Infor US, Inc., Term Loan B5, 3.75%, 6/03/20

       2,672        2,617,123   

Informatica Corp., Term Loan, 4.50%, 8/05/22

       3,018        2,980,746   

Kronos, Inc., 2nd Lien Term Loan,
9.75%, 4/30/20

       3,444        3,512,523   

Solera Holdings, Inc., Term Loan B,
5.75%, 3/03/23

       2,736        2,750,829   
      

 

 

 
        11,861,221   

Specialty Retail — 0.1%

  

Party City Holdings, Inc., 2015 Term Loan B, 4.25%, 8/19/22

             1,536        1,531,401   

Textiles, Apparel & Luxury Goods — 0.4%

  

Ascend Performance Materials LLC,
Term Loan B, 6.75%, 4/10/18

       5,362        5,281,757   

J. Crew Group, Inc., Term Loan B,
4.00%, 3/05/21

       893        662,347   
      

 

 

 
        5,944,104   

Wireless Telecommunication Services — 1.6%

  

Ligardo Networks LLC, 2015 2nd Lien Term Loan, 13.50%, 12/07/20

             33,473        23,542,305   
Total Floating Rate Loan Interests — 13.8%        198,043,279   
      
                          

Investment Companies — 0.9%

  

United States — 0.9%

  

SPDR Barclays High Yield Bond ETF

             364,700        12,848,381   
Non-Agency Mortgage-Backed Securities     Par  
(000)
    Value  

Collateralized Mortgage Obligations — 0.2%

  

Hilton USA Trust, Series 2013-HLT, Class EFX,
4.45%, 11/05/30 (d)(e)

     USD        2,882      $ 2,888,344   

Commercial Mortgage-Backed Securities — 0.1%

  

GAHR Commercial Mortgage Trust 2015-NRF, Series 2015-NRF, Class FFX,
3.38%, 12/15/19 (d)(e)

             1,925        1,768,892   
Total Non-Agency Mortgage-Backed Securities — 0.3%        4,657,236   
      
                          
Other Interests — 0.0%     Beneficial
Interest
(000)
        

Auto Components — 0.0%

  

Lear Corp. Escrow, 0.00%

             1,250        13   
      
                          
Preferred Securities     Par  
(000)
        
Capital Trusts                

Banks — 2.9%

  

ABN AMRO Bank NV, 5.75% (d)(k)

       700        751,689   

Banco Bilbao Vizcaya Argentaria SA,: (d)(k)

      

6.75%

       400        409,455   

7.00%

       1,000        1,032,784   

8.88%

       200        229,763   

Banco Popular Espanol SA, 8.25% (d)(k)

       800        780,635   

Bank of Ireland, 7.38% (d)(k)

       250        272,391   

BNP Paribas SA, 7.38% (d)(e)(k)

       725        723,188   

Citigroup, Inc.: (d)(k)

      

5.88%

       2,405        2,338,863   

5.95%

       2,675        2,677,506   

Series D, 5.95%

       3,582        3,537,225   

Series Q, 5.95%

       1,165        1,137,331   

Series R, 6.13%

       615        626,531   

Series T, 6.25%

       1,510        1,560,661   

Cooperatieve Rabobank UA,: (d)(k)

      

5.50%

       400        429,483   

6.63%

       200        227,002   

HSBC Holdings PLC, 6.88% (d)(f)(k)

       300        302,250   

Intesa Sanpaolo SpA,: (d)(k)

      

7.00%

       375        403,683   

7.70% (e)

       200        185,000   
 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016    19


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Capital Trusts          

Par  

(000)

    Value  

Banks (continued)

      

JPMorgan Chase & Co.: (d)(k) 6.75%

     USD        5,324      $ 5,909,640   

Series Q, 5.15%

       850        836,188   

Series U, 6.13%

       4,228        4,402,194   

Series V, 5.00%

       4,555        4,401,269   

Santander UK Group Holdings PLC, 7.38% (d)(k)

       450        631,390   

Wells Fargo & Co.: (d)(k)

      

Series S, 5.90%

       3,310        3,430,650   

Series U, 5.88%

       3,875        4,146,250   
      

 

 

 
                       41,383,021   

Capital Markets — 0.9%

      

Credit Suisse Group AG, 6.25% (d)(e)(k)

       200        192,750   

Goldman Sachs Group, Inc.,
Series L, 5.70% (d)(k)

       6,658        6,633,032   

Morgan Stanley,: (d)(k)

      

Series H, 5.45%

       3,309        3,204,568   

Series J, 5.55%

       440        440,000   

UBS Group AG,: (d)(k)

      

5.75%

       800        905,697   

6.88%

       575        566,660   

7.00%

       725        755,813   
      

 

 

 
                       12,698,520   

Diversified Financial Services — 1.4%

      

Bank of America Corp.: (d)(k)

      

Series AA, 6.10%

       5,121        5,244,222   

Series DD, 6.30%

       1,215        1,289,419   

Series V, 5.13%

       2,205        2,072,700   

Series X, 6.25%

       5,354        5,481,157   

Series Z, 6.50%

       2,791        2,944,505   

Barclays PLC,: (d)(k)

      

7.88%

       350        480,309   

8.00%

       300        336,298   

Credit Agricole SA, 6.50% (d)(k)

       600        656,742   

HBOS Capital Funding LP, 6.85% (k)

       300        305,250   

Lloyds Banking Group PLC, 7.00% (d)(k)

       760        1,081,483   
      

 

 

 
                       19,892,085   

Diversified Telecommunication Services — 0.3%

      

Koninklijke KPN NV, 6.13% (d)(k)

       566        668,853   

Orange SA, 4.00% (d)(k)

       1,225        1,381,018   

Telefonica Europe BV,: (d)(k)

      

4.20%

       1,500        1,669,055   

6.50%

       600        708,363   
      

 

 

 
                       4,427,289   
Capital Trusts          

Par  

(000)

    Value  

Insurance — 0.0%

      

Generali Finance BV, 4.60% (d)(k)

     USD        400      $ 426,138   

Media — 0.0%

      

NBCUniversal Enterprise, Inc., 5.25% (e)(k)

             400        414,000   

Oil, Gas & Consumable Fuels — 0.2%

      

Enel SpA, 6.50% (d)

       577        694,996   

Gas Natural Fenosa Finance BV,
3.38% (d)(k)

       1,300        1,294,193   

Repsol International Finance BV,
4.50% (d)

       100        92,906   

TOTAL SA, 3.88% (d)(k)

       625        716,125   
      

 

 

 
                       2,798,220   
Total Capital Trusts — 5.7%                      82,039,273   
      
                          
Preferred Stocks           Shares         

Banks — 0.2%

      

RBS Capital Funding Trust, Series F, 0.00% (k)

             93,975        2,377,567   

Capital Markets — 0.0%

      

CF-B L2 (D) LLC, (Aquired 4/08/15,
cost $111,497), 0.00% (c)

             633,461        489,520   

Diversified Financial Services — 0.1%

      

Concrete Investments II, 0.00%

             4,997        606,031   

Hotels, Restaurants & Leisure — 1.1%

      

Amaya, Inc., 0.00%

             19,851        16,006,747   
Total Preferred Stocks                      19,479,865   
      
                          
Trust Preferreds                      

Banks — 0.2%

      

RBS Capital Funding Trust VII, 6.08%

             107,071        2,680,701   

Diversified Financial Services — 0.4%

      

GMAC Capital Trust I, 8.13% Series 2 (d)

             256,246        6,399,428   
Total Trust Preferreds                      9,080,129   
Total Preferred Securities — 7.7%                      110,599,267   
 

 

                
20    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

 

Warrants   Shares     Value  

Metals & Mining — 0.0%

   

Peninsula Energy Ltd. (Expires 12/31/15)

    288,820      $ 1,252   

Peninsula Energy Ltd. (Expires 12/31/18)

    515,378        48,424   
   

 

 

 
              49,676   

Software — 0.0%

   

HMH Holdings/EduMedia (Issued/exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27)

    6,494        16,673   
Total Warrants — 0.0%             66,349   
            Value  
Total Long-Term Investments
(Cost — $2,077,029,589) — 139.2%
        $ 1,994,136,877   
Options Purchased
(Cost — $38,133) — 0.0%
            
Total Investments (Cost — $2,077,067,722*) — 139.2%         1,994,136,877   

Liabilities in Excess of Other Assets — (39.2)%

        (561,515,820
     

 

 

 
Net Assets — 100.0%       $ 1,432,621,057   
     

 

 

 

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

      

 

Tax cost

  $ 2,083,625,976   
 

 

 

 

Gross unrealized appreciation

  $ 47,361,999   

Gross unrealized depreciation

    (136,851,098
 

 

 

 

Net unrealized depreciation

  $ (89,489,099
 

 

 

 
 
Notes to Schedule of Investments

 

(a)   Non-income producing security.

 

(b)   All or a portion of security is held by a wholly owned subsidiary.

 

(c)   Restricted security as to resale, excluding 144A securities. As of period end, the Trust held restricted securities with a current value of $12,175 and an original cost of $187,463 which was less than 0.05% of its net assets.

 

(d)   Variable rate security. Rate as of period end.

 

(e)   Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

(f)   When-issued security.

 

(g)   Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

 

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

 

(i)   Zero-coupon bond.

 

(j)   Convertible security.

 

(k)   Perpetual security with no stated maturity date.

 

(l)   Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

 

 

During the period ended May 31, 2016, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate   Shares Held
at August 31,
2015
    Shares
Purchased
   

Shares

Sold

    Shares Held
at May 31,
2016
    Value at
May 31, 2016
    Income     Realized
Gain (Loss)
 

BlackRock Liquidity Funds, TempFund, Institutional Class

                                     $ 2,756          

iShares iBoxx $ High Yield Corporate Bond ETF

           1,104,443        (1,104,443                   758,788      $ (2,263,123

Total

            $ 761,544      $ (2,263,123
           

 

 

   

 

 

 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016    21


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

 

Portfolio Abbreviations

 

AUD    Australian Dollar
CAD    Canadian Dollar
CLO    Collateralized Loan Obligation
DIP    Debtor-In-Possession
ETF    Exchange-Traded Fund
EUR    Euro
GBP    British Pound
LIBOR    London Interbank Offered Rate
OTC    Over-the-Counter
PIK    Payment-In-Kind.
SGD    Singapore Dollar
S&P    Standard and Poor’s
SPDR    Standard & Poor’s Depository Receipts
USD    United States Dollar

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Contracts

Short

    Issue   Expiration    Notional Value     

Unrealized

Appreciation

(Depreciation)

 
  (41   German Euro BOBL Futures   June 2016    USD 5,993,380       $ 4,529   
  (18   German Euro-Bund Futures   June 2016    USD 3,283,943         (20,042
  (106   Russell 2000 Mini Index   June 2016    USD 12,226,040         (765,087
  (401   S&P 500 E-Mini Index   June 2016    USD     42,002,745         (887,595
  (11   10-Year U.S. Treasury Note   September 2016    USD 1,426,562         (127
  Total              $ (1,668,322
         

 

 

 

Forward Foreign Currency Exchange Contracts

 

Currency

Purchased

      

Currency

Sold

    Counterparty  

Settlement

Date

      

Unrealized

Appreciation

(Depreciation)

      
EUR        700,000         USD        785,478      State Street Bank and Trust Co.     6/06/16         $ (6,526  
EUR        1,064,000         USD        1,185,851      State Street Bank and Trust Co.     6/06/16           (1,845  
GBP        250,000         USD        361,236      Morgan Stanley & Co. International PLC     6/06/16           857     
GBP        500,000         USD        724,228      State Street Bank and Trust Co.     6/06/16           (41  
GBP        540,000         USD        789,147      State Street Bank and Trust Co.     6/06/16           (7,026  
USD        1,223,765         AUD        1,605,000      Standard Chartered Bank     6/06/16           63,935     
USD        21,507,007         CAD        26,940,000      Westpac Banking Group     6/06/16           963,740     
USD        170,047         EUR        150,000      Bank of America N.A.     6/06/16           3,129     
USD        484,319         EUR        420,000      Canadian Imperial Bank of Commerce     6/06/16           16,948     
USD        332,645         EUR        291,000      Citibank N.A.     6/06/16           8,823     
USD        76,839,788         EUR        67,222,000      Morgan Stanley & Co. International PLC     6/06/16           2,035,992     
USD        92,320         EUR        80,000      Morgan Stanley & Co. International PLC     6/06/16           3,297     
USD        346,038         EUR        300,000      Morgan Stanley & Co. International PLC     6/06/16           12,202     
USD        274,467         EUR        240,000      Morgan Stanley & Co. International PLC     6/06/16           7,398     
USD        2,243,252         EUR        1,986,000      Morgan Stanley & Co. International PLC     6/06/16           33,257     

 

                
22    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Forward Foreign Currency Exchange Contracts (concluded)

 

Currency
Purchased
       Currency
Sold
    Counterparty   Settlement
Date
     Unrealized
Appreciation
(Depreciation)
 
USD        2,230,802         EUR        2,000,000      Morgan Stanley & Co. International PLC   6/06/16        5,227   
USD        57,667         EUR        50,000      Standard Chartered Bank   6/06/16        2,028   
USD        609,678         EUR        532,000      State Street Bank and Trust Co.   6/06/16        17,675   
USD        243,856         EUR        213,000      State Street Bank and Trust Co.   6/06/16        6,832   
USD        366,711         EUR        322,000      State Street Bank and Trust Co.   6/06/16        8,393   
USD        1,183,032         GBP        808,000      Citibank N.A.   6/06/16        12,746   
USD        34,567,421         GBP        23,647,000      State Street Bank and Trust Co.   6/06/16        317,756   
USD        461,035         GBP        320,000      State Street Bank and Trust Co.   6/06/16        (2,444
USD        1,162,770         AUD        1,605,000      Standard Chartered Bank   7/06/16        4,194   
USD        20,683,143         CAD        26,940,000      Royal Bank of Canada   7/06/16        139,864   
USD        80,960,808         EUR        72,502,000      Barclays Bank PLC   7/06/16        195,246   
USD        331,065         EUR        297,000      State Street Bank and Trust Co.   7/06/16        214   
USD        34,393,853         GBP        23,485,000      Barclays Bank PLC   7/06/16        370,957   
Total                         $ 4,212,828   
                       

 

 

 

OTC Options Purchased

 

Description   Put/
Call
    Counterparty     Expiration
Date
   Strike
Price
    Contracts     Value  

Marsico Parent Superholdco LLC

    Call        Goldman Sachs & Co.      12/14/2019      USD        942.86        39      $   

Centrally Cleared Credit Default Swaps — Sold Protection

 

Issuer / Index   Receive
Fixed
Rate
    Expiration
Date
  Credit
Rating1
  Notional
Amount
(000)2
    Unrealized
Appreciation
 

Dow Jones CDX North America High Yield Index, Series 26, Version 2

    5.00   6/20/21   B+     10,300      $ 114,634   

1    Using Standard & Poor’s (“S&P’s”) rating of the issuer or the underlying securities of the index, as applicable.

       

 

2    The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.

       

 

OTC Credit Default Swaps — Buy Protection

 

Issuer   Pay
Fixed
Rate
    Counterparty   Expiration
Date
  Notional
Amount
(000)
    Value     Premiums
Paid
(Received)
    Unrealized
Appreciation
 

Dell, Inc.

    1.00   Barclays Bank PLC   6/20/21     USD        305      $ 50,124      $ 52,609      $ (2,485

Dell, Inc.

    1.00   Citibank N.A.   6/20/21     USD        325        53,411        56,058        (2,647

Dell, Inc.

    1.00   Citibank N.A.   6/20/21     USD        1,400        230,081        248,439        (18,358

Dell, Inc.

    1.00   Goldman Sachs International   6/20/21     USD        355        58,342        61,233        (2,891

Dell, Inc.

    1.00   Morgan Stanley Capital Services LLC   6/20/21     USD        325        53,412        54,423        (1,011

Total

  

  $ 445,370      $ 472,762      $ (27,392
           

 

 

 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016    23


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

OTC Credit Default Swaps — Sell Protection

 

Issuer  

Receive

Fixed

Rate

    Counterparty  

Expiration

Date

    Credit
Rating1
   

Notional

Amount

(000)2

    Value    

Premiums

Paid

(Received)

   

Unrealized

Appreciation

 

CCO Holdings LLC

    8.00   Deutsche Bank AG     9/20/17        BB-      USD     8,180      $ 914,896             $ 914,896   

Fiat Chrysler Automobiles NV

    5.00   Bank of America N.A.     12/20/20        BB      EUR     356        28,897      $ 31,122        (2,225

Fiat Chrysler Automobiles NV

    5.00   Bank of America N.A.     12/20/20        BB      EUR     3        276        298        (21

CNH Industrial NV

    5.00   Goldman Sachs International     6/20/21        BB+      EUR     554        69,889        55,867        14,022   

Fiat Chrysler Automobiles NV

    5.00   Barclays Bank PLC     6/20/21        BB      EUR     102        7,554        7,082        472   

Fiat Chrysler Automobiles NV

    5.00   Citibank N.A.     6/20/21        BB      EUR     98        7,246        6,785        461   

Total

              $ 1,028,758      $ 101,154      $ 927,605   
             

 

 

 

1    Using Standard & Poor’s (“S&P’s”) rating of the issuer or the underlying securities of the index, as applicable.

       

2    The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.

       

OTC Total Return Swaps

 

Reference Entity   Fixed Rate
Floating Rate
  Counterparty  

Effective

Date

  Expiration
Date
    Notional
Amount
(000)
    Value     Premiums
Paid
(received)
    Unrealized
Appreciation
 

iShares iBoxx High Yield Corporate Bond ETF

  3-Month LIBOR   JPMorgan Chase Bank N.A.   N/A     6/20/16      USD     2,700      $ 102,835             $ 102,835   

iShares iBoxx High Yield Corporate Bond ETF

  3-Month LIBOR   Morgan Stanley
Capital Services LLC
  N/A     9/20/16      USD     1,400        41,605               41,605   

iShares iBoxx High Yield Corporate Bond ETF

  3-Month LIBOR   Citibank, N.A.   N/A     9/20/16      USD     1,400        39,423               39,423   

iShares iBoxx High Yield Corporate Bond ETF

  3-Month LIBOR   Morgan Stanley Capital
Services LLC
  N/A     9/20/16      USD     2,700        53,159               53,159   

iShares iBoxx High Yield Corporate Bond ETF

  3-Month LIBOR   JPMorgan Chase Bank N.A.   N/A     9/20/16      USD     6,000        95,665               95,665   

iShares iBoxx High Yield Corporate Bond ETF

  3-Month LIBOR   Goldman Sachs International   N/A     9/20/16      USD     1,500        12,481      $ (857     13,338   

iShares iBoxx High Yield Corporate Bond ETF

  3-Month LIBOR   Goldman Sachs International   N/A     12/20/16      USD     2,900        89.504               89,504   

iShares iBoxx High Yield Corporate Bond ETF

  3-Month LIBOR   Goldman Sachs International   N/A     12/20/16      USD     2,900        85,741               85,741   

 

                
24    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

OTC Total Return Swaps (continued)

 

Reference Entity   Fixed Rate
Floating Rate
    Counterparty  

Effective

Date

    Expiration
Date
    Notional
Amount
(000)
    Value     Premiums
Paid
(received)
    Unrealized
Appreciation
 

iShares iBoxx High Yield Corporate Bond ETF

    3-Month LIBOR      Goldman Sachs International     N/A        12/20/16      USD     2,000      $ 18,611      $ (1,870   $ 20,481   

iShares iBoxx High Yield Corporate Bond ETF

    3-Month LIBOR      Morgan Stanley Capital
Services LLC
    N/A        12/20/16      USD     2,700        22,466        (2,759     25,225   

iShares iBoxx High Yield Corporate Bond ETF

    3-Month LIBOR      JPMorgan Chase Bank N.A.     N/A        12/20/16      USD     1,000        8,299        (1,022     9,321   

Markit iBoxx Liquid High Yield Index

    3-Month LIBOR      Goldman Sachs International     N/A        6/20/16      USD     500        105,583               105,583   

Markit iBoxx Liquid High Yield Index

    3-Month LIBOR      Goldman Sachs International     N/A        6/20/16      USD     500        102,182               102,182   

Markit iBoxx Liquid High Yield Index

    3-Month LIBOR      Goldman Sachs International     N/A        6/20/16      USD     760        34,316        (487     34,803   

Morgan Stanley Energy Long Basket Index

   
 
FED Funds
Effective Rate
  
  
  Morgan Stanley & Co.
International PLC
    N/A        3/30/17      USD     6        30,569               30,569   

Morgan Stanley Energy Long Basket Index

   
 
FED Funds
Effective Rate
  
  
  Morgan Stanley & Co.
International PLC
    N/A        3/30/17      USD     3        7,077               7,077   

Morgan Stanley Energy Long Basket Index

   
 
FED Funds
Effective Rate
  
  
  Morgan Stanley & Co.
International PLC
    N/A        3/30/17      USD     5        40,706               40,706   

Morgan Stanley Energy Long Basket Index

   
 
FED Funds
Effective Rate
  
  
  Morgan Stanley & Co.
International PLC
    N/A        3/30/17      USD     3        14,838               14,838   

Morgan Stanley Energy Long Basket Index

   
 
FED Funds
Effective Rate
  
  
  Morgan Stanley & Co.
International PLC
    N/A        3/30/17      USD     7        23,266               23,266   

Morgan Stanley Energy Long Basket Index

   
 
FED Funds
Effective Rate
  
  
  Morgan Stanley & Co.
International PLC
    N/A        3/30/17      USD     7        16,328               16,328   

Morgan Stanley Energy Long Basket Index

   
 
FED Funds
Effective Rate
  
  
  Morgan Stanley & Co.
International PLC
    N/A        3/30/17      USD     13        31,778               31,778   

Morgan Stanley Energy Long Basket Index

   
 
FED Funds
Effective Rate
  
  
  Morgan Stanley & Co.
International PLC
    N/A        3/30/17      USD     3        7,826               7,826   

Morgan Stanley Energy Long Basket Index

   
 
FED Funds
Effective Rate
  
  
  Morgan Stanley & Co.
International PLC
    N/A        3/30/17      USD     15        35,573               35,573   

Morgan Stanley Energy Long Basket Index

   
 
FED Funds
Effective Rate
  
  
  Morgan Stanley & Co.
International PLC
    N/A        3/30/17      USD     7        16,598               16,598   

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016    25


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

OTC Total Return Swaps (concluded)

 

Reference Entity   Fixed Rate
Floating Rate
  Counterparty  

Effective

Date

  Expiration
Date
  Notional
Amount
(000)
    Value     Premiums
Paid
(received)
    Unrealized
Appreciation
 

Morgan Stanley Energy Long Basket Index

  FED Funds
Effective Rate
  Morgan Stanley &
Co. International PLC
  N/A   3/30/17     USD        4      $ 8,962             $ 8,962   

Total

  

  $ 1,045,391      $ (6,995   $ 1,052,386   
             

 

 

 

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value 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. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as level 3.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value 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 investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its semi-annual report.

 

                
26    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

     Level 1        Level 2        Level 3        Total  

Assets:

  

Investments:   

Long-Term Investments:

  

Asset-Backed Securities

            $ 27,843,865         $ 5,977,232         $ 33,821,097   

Common Stocks

  $ 33,558,210           29,986,305           956,149           64,500,664   

Corporate Bonds

              1,563,587,704           6,012,887           1,569,600,591   

Floating Rate Loan Interests

              187,117,274           10,926,005           198,043,279   

Investment Companies

    12,848,381                               12,848,381   

Non-Agency Mortgage-Backed Securities

              4,657,236                     4,657,236   

Other Interests

                        13           13   

Preferred Securities

    11,457,696           82,039,273           16,612,778           110,109,747   

Warrants

              48,424           17,925           66,349   
 

 

 

 

Subtotal

  $ 57,864,287         $ 1,895,280,081         $ 40,502,989         $ 1,993,647,357   
 

 

 

 

Investments Valued at NAV1

                   489,520   
                

 

 

 

Total

                 $ 1,994,136,877   
                

 

 

 
                
     Level 1        Level 2        Level 3        Total  
Derivative Financial Instruments2   

Assets:

  

Credit contracts

            $ 1,044,485                   $ 1,044,485   

Equity contracts

              1,052,386                     1,052,386   

Forward foreign currency contracts

              4,230,710                     4,230,710   

Interest rate contracts

  $ 4,529                               4,529   

Liabilities:

  

Credit contracts

              (29,638                  (29,638

Equity contracts

    (1,652,682                            (1,652,682

Forward foreign currency contracts

              (17,882                  (17,882

Interest rate contracts

    (20,169                            (20,169
 

 

 

 

Total

  $ (1,668,322      $ 6,280,061                   $ 4,611,739   
 

 

 

 

1    As of period end, certain of the Trust’s Investments were fair valued using net asset value (“NAV”) per share and have been excluded from the fair value hierarchy.

       

2    Derivative financial instruments are swaps, futures contracts and forward foreign currency contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

        

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016    27


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

     Level 1        Level 2        Level 3      Total  
Assets:                 

Cash pledged:

                

Centrally cleared swaps

  $ 598,000                        $ 598,000   

Futures contracts

    2,620,150                          2,620,150   
Liabilities:                 

Loan payable

            $ (575,000,000             (575,000,000

Bank overdraft

              (575,101             (575,101

Cash received:

                

OTC derivatives

              (1,600,000             (1,600,000

Centrally cleared swaps

              (134,943             (134,943

Foreign currency overdraft

              (586,193             (586,193
 

 

 

 

Total

  $ 3,218,150         $ (577,896,237           $ (574,678,087
 

 

 

 

During the period ended May 31, 2016, there were no transfers between Level 1 and Level 2.

A reconciliation of Level 3 investments and derivative financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

 

     Asset-Backed
Securities
    Common
Stocks
    Corporate
Bonds
   

Floating Rate
Loan

Interests

    Other
Interests
    Preferred
Securities
    Warrants     Total  
Assets:              

Opening Balance, as of August 31, 20151

  $ 5,936,098        3,739,028      $ 25,160,883      $ 25,557,215      $ 10,978      $ 20,459,861      $ 74,732      $ 80,938,795   

Transfers into Level 3

                                                       

Transfers out of Level 32

    (1,499,223            (18,524,109     (4,086,037                          (24,109,369

Accrued discounts/premiums

    7,751               10,100        127,451                             145,302   

Net realized gain (loss)

    (6,362     (1,991,848     (25     200,173        (400                   (1,798,462

Net change in unrealized appreciation (depreciation)3,4

    (58,342     (978,494     (154,520     (432,155     (10,565     (3,847,083     (56,807     (5,537,966

Purchases

    2,843,410        187,463        146        347,486                             3,378,505   

Sales

    (1,246,100            (479,588     (10,788,128                          (12,513,816
 

 

 

 

Closing Balance, as of May 31, 2016

  $ 5,977,232      $ 956,149      $ 6,012,887      $ 10,926,005      $ 13      $ 16,612,778      $ 17,925      $ 40,502,989   
 

 

 

 

Net change in unrealized appreciation (depreciation) on investments still held at May 31, 20164

  $ (22,883   $ (2,970,340   $ (154,520   $ (383,803   $ (10,925   $ (3,847,082   $ (56,807   $ (7,446,360
 

 

 

 

 

  1  

The opening balance of preferred securities has been adjusted to exclude certain investments amounting to $555,106 that were valued using NAV per share as no quoted market value is available. The fair value of those investments have been excluded from the fair value hierarchy due to the adoption of the Accounting Standard Update related to Fair Value Measurement: Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).

 

  2   

As of May 31, 2016, the Fund used significant unobservable inputs in determining the value of certain investments. As of May 31, 2016, the Fund used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

 

  3   

Included in the related net change in unrealized appreciation (depreciation).

 

  4  

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments held as of May 31, 2016 is generally due to investments no longer held or categorized as Level 3 at period end.

 

                
28    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

The following table summarizes the valuation techniques used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Trust’s Level 3 investments as of period end. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $33,550,440. A significant change in third party pricing information could result in a significantly lower or higher value of such Level 3 investments and derivative financial instruments.

 

     Value        Valuation Techniques      Unobservable Inputs     

Range of

Unobservable Inputs
Utilized

    

Weighted

Average

Input

Assets:

                     

Common Stocks

  $ 921,737         Market Comparables      2P (Proved and Probable) Reserves1      $0.066x – $0.794x     
            2C (Contingent) Resources Multiple1          
            PV-10 Multiple1,2      0.355x     

Corporate Bonds3

    6,012,887         Discounted Cash Flow      Internal Rate of Return4      10.00% – 11.00%     
       Estimated Recovery Value               

Warrants

    17,925         Last Dealer Mark—Adjusted      Delta Adjustment Based on Daily Movement in the Common Equity4      90.0%     
       Black-Scholes      Implied Volatility4      43.85%     
 

 

 

Total

  $ 6,952,549                  
 

 

 

 

  1   

Increase in unobservable input may result in a significant increase to value, while a decrease in the unobservable input may result in a significant decrease to value.

  2   

Present value of estimated future oil and gas revenues, net of estimated direct expenses discounted at an annual discount rate of 10%.

  3   

For the period ended May 31, 2016, the valuation technique for an investment classified as Corporate Bonds changed to an income approach. The investment was previously valued utilizing the Last Transaction Price. An income approach was considered to be a more relevant measure of fair value for this investment.

  4   

Decrease in unobservable input may result in a significant increase to value, while an increase in the unobservable input may result in a significant decrease to value.

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    MAY 31, 2016    29


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 Corporate High Yield Fund, Inc.

 

By:       /s/ John M. Perlowski                    
  John M. Perlowski
  Chief Executive Officer (principal executive officer) of  
  BlackRock Corporate High Yield Fund, Inc.

Date: July 22, 2016

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 Corporate High Yield Fund, Inc.

Date: July 22, 2016

 

By:       /s/ Neal J. Andrews                    
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of  
  BlackRock Corporate High Yield Fund, Inc.

Date: July 22, 2016