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 52^nd Street, New York, NY 10055

 

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

 

Date of fiscal year end: 08/31/2015

 

Date of reporting period: 05/31/2015

 

Item 1 –

Schedule of Investments

Consolidated Schedule of Investments May 31, 2015 (Unaudited)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)
	(Percentages shown are based on Net Assets)

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. As of report date, the Trust held restricted securities with a current value of $ $2,900,611 and an original cost of $2,419,572 which was 0.02% of its net assets.
(d)	Variable rate security. Rate shown is as of report date.
(e)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(f)	Represents a 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.
(g)	Security is perpetual in nature and has no stated maturity date.
(h)	Zero-coupon bond.
(i)	Convertible security.
(j)	When-issued security. Unsettled when-issued transactions were as follows:

		Counterparty											Value			Unrealized Appreciation
		Bank of America N.A.										$		1,292,800	$		12,800
		Barclays Capital, Inc.										$		2,800,496	$		15,532
		JPMorgan Securities LLC										$		19,269,790	$		30,907

(k)	Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(l)	During the period ended May 31, 2015, 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:

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)

	Affiliate				Shares Held at August 31, 2014					Shares Purchased					Shares Sold			Shares Held at May 31, 2015		Value at May 31, 2015		Income		Realized Gain
	BlackRock Liquidity Funds,TempFund, Institutional Class				3,602,081					—					(1,554,064)			2,048,017	$	2,048,017	$	748		—
	iShares iBoxx $ High Yield Corporate Bond ETF				—					756,752					(382,296)			374,456	$	34,041,795	$	939,109	$	9,725
	SPDR Barclays High Yield Bond ETF				—					75,000					—			75,000	$	2,956,500		—		—

 

(m)	Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(n)	Warrants entitle the Trust to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.
(o)	Represents the current yield as of report date.

 

Portfolio Abbreviations
ADR		American Depositary Receipts
ADS		American Depositary Shares
AUD		Australian Dollar
CAD		Canadian Dollar
CLO		Collateralized Loan Obligation
CR		Custodian Receipt
DIP		Debtor-In-Possession
ETF		Exchange-Traded Fund
EUR		Euro
GBP		British Pound
PIK		Payment-In-Kind.
Radian		Radian Guaranty, Inc.
SGD		Singapore Dollar
S&P		Standard and Poor's
SPDR		Standard & Poor's Depository Receipts
USD		U.S. Dollar

 

•	As of May 31, 2015, financial futures contracts outstanding were as follows:

 

Contracts Short

Issue

Exchange

Expiration

Notional Value

Unrealized Depreciation

(196)

Russell 2000 Mini Index

ICE Futures U.S. Indices

June 2015

USD

24,388,280

$

(359,707)

(1,046)

S&P 500 E-Mini Index

Chicago Mercantile

June 2015

USD

110,143,800

(1,941,938)

(236)

10-Year U.S. Treasury Note

Chicago Board of Trade

September 2015

USD

30,134,250

(138,703)

Total

$

(2,440,348)

 

 

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)

 

•		As of May 31, 2015, forward foreign currency contracts outstanding were as follows:
Currency Purchased					Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CAD			1,870,000		USD	1,554,248	Deutsche Bank AG	7/21/15	$	(51,716)
CAD			3,965,000		USD	3,237,300	Deutsche Bank AG	7/21/15		(51,449)
CAD			899,000		USD	741,994	Goldman Sachs International	7/21/15		(19,654)
CAD			1,976,000		USD	1,646,491	Goldman Sachs International	7/21/15		(58,789)
CAD			985,000		USD	807,520	Goldman Sachs International	7/21/15		(16,079)
CAD			1,162,000		USD	951,433	State Street Bank and Trust Co.	7/21/15		(17,774)
EUR			862,000		USD	963,156	Bank of America N.A.	7/21/15		(15,789)
EUR			255,000		USD	283,428	Goldman Sachs International	7/21/15		(3,175)
EUR			600,000		USD	667,778	Goldman Sachs International	7/21/15		(8,358)
EUR			351,000		USD	398,438	HSBC Bank PLC	7/21/15		(12,677)
EUR			175,000		USD	192,371	HSBC Bank USA N.A.	7/21/15		(40)
EUR			1,200,000		USD	1,305,187	JPMorgan Chase Bank N.A.	7/21/15		13,652
EUR			647,000		USD	732,614	Standard Chartered Bank	7/21/15		(21,540)
EUR			2,300,000		USD	2,596,183	State Street Bank and Trust Co.	7/21/15		(68,407)
EUR			100,000		USD	107,799	State Street Bank and Trust Co.	7/21/15		2,104
EUR			99,000		USD	107,419	State Street Bank and Trust Co.	7/21/15		1,385
EUR			120,000		USD	131,760	State Street Bank and Trust Co.	7/21/15		124
EUR			114,000		USD	127,758	State Street Bank and Trust Co.	7/21/15		(2,469)
GBP			183,000		USD	272,201	Bank of America N.A.	7/21/15		7,397
GBP			637,000		USD	963,486	Bank of America N.A.	7/21/15		9,760
GBP			280,000		USD	427,771	Citibank N.A.	7/21/15		30
GBP			591,000		USD	917,958	State Street Bank and Trust Co.	7/21/15		(14,993)
USD			1,229,069		AUD	1,605,000	Barclays Bank PLC	7/21/15		5,182
USD			50,327,342		CAD	61,652,000	Royal Bank of Canada	7/21/15		790,373
USD			252,763		EUR	230,000	Goldman Sachs International	7/21/15		(15)
USD			62,532		EUR	58,000	State Street Bank and Trust Co.	7/21/15		(1,212)
USD			101,776,396		EUR	94,564,000	UBS AG	7/21/15		(2,152,542)
USD			45,114,128		GBP	30,512,000	Barclays Bank PLC	7/21/15		(1,503,878)
USD			598,723		GBP	384,000	State Street Bank and Trust Co.	7/21/15		12,025
Total									$	(3,178,524)

 

•	As of May 31, 2015, exchange-traded options purchased were as follows:

 

Description

Put/ Call

Strike Price

Expiration Date

Contracts

Value

SPDR Barclays High Yield Bond ETF

Put

USD

206.00

6/19/15

977

$

122,614

SPDR Barclays High Yield Bond ETF

Put

USD

211.00

6/30/15

2,741

889,454

Total

$

1,012,068

 

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)

 

•	As of May 31, 2015, OTC options purchased were as follows:

 

Description

Counterparty/Clearinghouse

Put/ Call

Strike Price

Expiration Date

Contracts

Value

Marsico Parent Superholdco LLC

Goldman Sachs & Co.

Call

USD

942.86

12/14/19

39

—

•	As of May 31, 2015, exchange-traded options written were as follows:

 

Description

Put/ Call

Strike Price

Expiration Date

Contracts

Value

SPDR Barclays High Yield Bond ETF

Put

USD

204.00

6/30/15

2,741

$

(365,924)

•	As of May 31, 2015, OTC credit default swaps – sold protection outstanding  were as follows:

		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		$	1,262,437			—			$	1,262,437
			Level 3 Communications, Inc.				5.00%				Goldman Sachs Bank USA				6/20/19		B			USD		5,000			701,743		$	(311,704)				1,013,447
			Total																					$	1,964,180		$	(311,704)			$	2,275,884

 

	1 Using S&P’s rating of the issuer.
	2 The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.

 

•	As of May 31, 2015, centrally cleared credit default swaps – sold protection outstanding were as follows:

 

Issuer

Receive Fixed Rate

Clearinghouse

Expiration Date

Credit Rating1

Notional Amount (000)2

Value

Premiums Paid

Unrealized  Appreciation

Dow Jones CDX North America High Yield Index, Series 24, Version 1

5.00%

Credit Suisse (USA) LLC

6/20/20

AA

USD

16,985

1,171

$

1,199,182

$

27,897

 

		1 Using S&P’s rating of the underlying securities of the index.
		2 The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

 

•

For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by investment advisor. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

 

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)

 

•	Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. 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 categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:
	•		Level 1 — unadjusted quoted prices 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)
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Trust'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. As of May 31, 2015, 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			—		$		37,979,730		$		7,393,255		$	45,372,985
	Common Stocks	$		96,998,373				36,120,483				22,510,345			155,629,201
	Corporate Bonds			—				1,770,300,175				25,329,829			1,795,630,004
	Floating Rate Loan Interests			—				205,242,035				32,035,422			237,277,457
	Investment Companies			36,998,295				—				—			36,998,295
	Non-Agency Mortgage-Backed Securities			—				5,693,809				—			5,693,809
	Other Interests			—				2,006				10,978			12,984
	Preferred Securities			13,698,014				94,644,477				1,288,097			109,630,588
	Warrants			171,682				—				119,863			291,545
Short-Term Securities:
	Money Market Funds			2,048,017				—				—			2,048,017
Options Purchased:
	Equity Contract			1,012,068				—				—			1,012,068
Total		$		150,926,449		$		2,149,982,715		$		88,687,789		$	2,389,596,953

 

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)

 

		Level 1				Level 2				Level 3				Total
Derivative Financial Instruments1
Assets:
Credit contracts			—		$		2,303,781				—		$	2,303,781
Forward foreign currency contracts			—				842,032				—			842,032
Liabilities:
Equity contracts	$		(2,667,569)				—				—			(2,667,569)
Interest rate contracts			(138,703)				—				—			(138,703)
Forward foreign currency contracts			—				(4,020,556)				—			(4,020,556)
Total	$		(2,806,272)		$		(874,743)				—		$	(3,681,015)

1

Derivative financial instruments are swaps, financial futures contracts, forward foreign currency exchange contracts and options written. Swaps, financial futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of May 31, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

			Level 1				Level 2					Level 3				Total
Assets:
	Cash	$		384,172				—					—		$	384,172
	Cash pledged as collateral for centrally cleared swaps			895,000				—								895,000
	Cash pledged for financial futures contracts			6,833,600				—					—			6,833,600
	Foreign currency at value			48,451				—					—			48,451
Liabilities:
	Cash received as collateral from OTC derivatives			—		$		(2,200,000)								(2,200,000)
	Bank borrowings payable			—				(762,000,000)					—			(762,000,000)
Total		$		8,161,223		$		(764,200,000)					—		$	(756,038,777)

 

During the period ended May 31, 2015, there were no transfer between level 1 and level 2.

 

Consolidated Schedule of Investments (continued)	BlackRock Corporate High Yield Fund, Inc. (HYT)

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

 

	Common Stocks		Asset-Backed Securities	Corporate Bonds	Floating Rate Loan Interests		Other Interests		Preferred Securities		Warrants		Total
Assets:
Opening Balance, as of August 31, 2014	$	56,896,277	$ 6,775,056	$29,135,018	$	38,229,343	$	10,978	$	1,011,134	$	4,857	$	132,062,663
Transfers into Level 31		115,217	246,281	—		2,132,804		—		—	118,682			2,612,984
Transfers out of Level 32		(16,930,672)	(4,788,406)	—		(11,749,206)		—		—	—			(33,468,284)
Accrued discounts/premiums		26,290	5,283	11,882		202,102		—		6,594	—			252,151
Net realized gain (loss)		(7,831,416)	15,000	(10,292,026)		252,546		—		—	(26,002)			(17,881,898)
Net change in unrealized appreciation (depreciation)3		(10,605,109)	224,186	9,865,861		(793,400)		—		(281,536)	28,538			(1,561,460)
Purchases		839,758	6,916,780	2,507,469		13,431,298		—		551,905	—			24,247,210
Sales			(2,000,925)	(5,898,375)		(9,670,065)		—			(6,212)			(17,575,577)
Closing Balance, as of May 31, 2015	$	22,510,345	$ 7,393,255	$ 25,329,829	$	32,035,422	$	10,978	$	1,288,097	$	119,863	$	88,687,789
Net change in unrealized appreciation (depreciation) on investments still held at May 31, 20153	$	(18,436,521)	$    226,150	$    (509,178)	$	(757,516)	$	—	$	(281,536)	$	1,181	$	(19,757,420)

1			As of August 31, 2014, the Trust used significant observable inputs in determining the value of certain investments. As of May 31, 2015, the Trust used unobservable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $27,015,809 transferred from Level 2 to Level 3 in the disclosure hierarchy.
2			As of August 31, 2014, the Trust used significant unobservable inputs in determining the value of certain investments. As of May 31, 2015, the Trust used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $31,651,460 transferred from Level 3 to Level 2 in the disclosure hierarchy.
3			Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments held as of May 31, 2015 is generally due to investments no longer held or categorized as Level 3 at period end.

 

Consolidated Schedule of Investments (concluded)	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 May 31, 2015. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $40,666,402. A significant change in third party pricing information could result in a significantly lower or higher value of such Level 3 investments.

 

	Value		Valuation Techniques	Unobservable Inputs	Range of Unobservable Inputs Utilized
Assets:
Common Stocks	$	14,720,203	Market Comparable Companies	Merger Value	$15.44
		4,269,055	Market Comparable Companies	Last 12 Months EBITDA Multiple1	4.63x-4.88x
				Current Fiscal Year EBITDA Multiple1	5.13x-5.33x
				Discontinued Operations Expected Sale Proceeds1	$604
		880,363	Market Comparable Companies	2P (Proved and Probable) Reserves + 2C (Contingent) Resources Multiple1	CAD5 $0.095
				PV-10 Multiple1,2	0.05x
		2,640,721	Market Comparable Companies	2P (Proved and Probable) Reserves + 2C (Contingent) Resources Multiple1	CAD5 $0.24
				PV-10 Multiple1,2	0.10x
Corporate Bonds		18,429,155	Discounted Cash Flow	Internal Rate of Return2	10.00%
		1,994,474	Par	Call Price1	_
		4,906,200	Discounted Cash Flow	Internal Rate of Return3	10.00%
Warrants		83,649	Last Dealer Mark - Adjusted	Delta Adjustment based on daily movement in the common equity1	120%
		97,567	Black-Scholes	Implied Volatility1	58.762%
Total	$	48,021,387

 

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	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.
4	Amount is stated in millions.
5	Canadian Dollar.

 

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 23, 2015

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 23, 2015

By:

/s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Corporate High Yield Fund, Inc.

Date: July 23, 2015