N-Q 1 d301784dnq.htm BLACKROCK CORPORATE HIGH YIELD FUND, INC. 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: 08/31/2017

Date of reporting period: 11/30/2016


Item 1 – Schedule of Investments


Consolidated Schedule of Investments November 30, 2016
(Unaudited)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares     Value  

Banks — 0.6%

  

Bank of America Corp.

     117,478      $ 2,481,135   

Citigroup, Inc.

     38,938        2,195,714   

JPMorgan Chase & Co.

     27,563        2,209,726   

Wells Fargo & Co.

     39,944        2,113,836   
    

 

 

 
        9,000,411   

Capital Markets — 2.1%

  

American Capital Ltd. (a)

     1,522,327        26,381,927   

Goldman Sachs Group, Inc.

     10,926        2,395,962   

Morgan Stanley

     59,316        2,453,310   

Uranium Participation Corp. (a)

     176,860        475,296   
    

 

 

 
        31,706,495   

Chemicals — 0.1%

  

Advanced Emissions Solutions, Inc. (a)

     168,580        1,520,592   

Consumer Finance — 0.7%

  

Ally Financial, Inc.

     505,976        9,826,054   

Diversified Financial Services — 0.2%

  

Concrete Investments II S.C.A. (a)

     4,997          

Kcad Holdings I Ltd. (a)

     2,223,465,984        3,090,618   
    

 

 

 
        3,090,618   

Diversified Telecommunication Services — 0.0%

  

Broadview Networks Holdings, Inc. (a)

     137,800        179,139   

Energy Equipment & Services (b) — 0.1%

  

Laricina Energy Ltd. (a)

     211,764        1   

Osum Oil Sands Corp. (a)

     400,000        958,833   
    

 

 

 
        958,834   

Hotels, Restaurants & Leisure — 0.0%

  

Amaya, Inc.

     18,788        274,134   

Media — 0.0%

  

Emmis Communications Corp., Class A (a)

     7,210        23,649   

Metals & Mining — 0.1%

  

Peninsula Energy Ltd. (a)

     2,051,920        843,892   

Oil, Gas & Consumable Fuels — 0.3%

  

Denbury Resources, Inc.

     138,760        524,513   

Gener8 Maritime Corp.

     965,338        3,919,272   
    

 

 

 
        4,443,785   

Real Estate Investment Trusts (REITs) — 0.0%

  

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

     12,175        12,175   

Semiconductors & Semiconductor Equipment — 0.0%

  

SunPower Corp. (a)

     1,025        6,929   
Common Stocks    Shares     Value  

Wireless Telecommunication Services — 0.2%

  

T-Mobile U.S., Inc. (a)

     59,550      $ 3,228,205   
Total Common Stocks 4.4%        65,114,912   
    
                  
Asset-Backed Securities   

Par  

(000)

        

Asset-Backed Securities — 3.8%

  

ALM Loan Funding (d)(e):

  

 

Series 2013-7R2A, Class BR, 3.64%, 10/15/27 (f)

   USD  500        500,000   

Series 2013-7RA, Class C,
4.33%, 4/24/24

         2,340        2,340,038   

Series 2013-7RA, Class D,
5.88%, 4/24/24

     2,360        2,360,070   

Series 2013-8A, Class CR,
4.80%, 10/15/28

     1,400        1,367,800   

ALM VII R-2, Ltd., Series 2013-7R2A,
Class C, 4.33%, 4/24/24 (d)(e)

     500        500,008   

ALM XII Ltd., Series 2015-12A (d)(e):

  

 

Class C1, 4.63%, 4/16/27

     1,500        1,469,902   

Class D, 6.38%, 4/16/27

     250        227,562   

ALM XIV Ltd., Series 2014-14A, Class C,
4.34%, 7/28/26 (d)(e)

     500        490,297   

AMMC CLO 18, Ltd., Series 2016-18A, Class D, 5.94%, 5/26/28 (d)(e)

     500        502,500   

AMMC CLO 19, Ltd., Series 2016-19A, Class C, 3.68%, 10/15/28 (d)(e)

     413        412,500   

AMMC CLO IX, Ltd., Series 2011-9A (d)(e):

  

 

Class DR, 6.53%, 1/15/22

     1,000        999,394   

Class ER, 8.53%, 1/15/22

     1,000        1,001,995   

AMMC CLO Ltd., Series 2014-15A, Class C1, 4.29%, 12/09/26 (d)(e)

     1,000        1,002,500   

Anchorage Capital CLO 3, Ltd., Series 2014-3A, Class C, 4.39%, 4/28/26 (d)(e)

     500        499,951   

Anchorage Capital CLO 8, Ltd., Series 2016-8A, Class D, 4.92%, 7/28/28 (d)(e)

     1,000        1,002,500   

Anchorage Capital CLO, Ltd., Series 2012-1A, Class DR, 8.12%, 1/13/27 (d)(e)

     600        590,361   

APIDOS CLO, Series 2015-20A, Class BR,
1.00%, 1/16/27 (d)(e)(f)

     250        250,000   

Apidos CLO XVIII, Series 2014-18A,
Class C, 4.53%, 7/22/26 (d)(e)

     550        542,472   
 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016    1


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Asset-Backed Securities  

Par  

(000)

    Value  

Asset-Backed Securities (continued)

  

Ares XXXIX CLO, Ltd., Series 2016-39A, Class E, 8.13%, 7/18/28 (d)(e)

  USD     1,000      $ 980,100   

Ares XXXVII CLO Ltd., Series 2015-4A, Class C, 5.13%, 10/15/26 (d)(e)

    1,000        990,838   

Ares XXXVII CLO, Ltd., Series 2015-4A, Class D1, 7.68%, 10/15/26 (d)(e)

    500        479,382   

Atlas Senior Loan Fund, Ltd., Series 2012-1A (d)(e):

   

Class A3LR, 3.41%, 8/15/24

    500        498,396   

Class B1LR, 4.81%, 8/15/24

    500        500,203   

Atrium CDO Corp., Series 9A, Class D,
4.44%, 2/28/24 (d)(e)

    750        741,068   

Ballyrock CLO, Ltd., Series 2016-1A, Class C, 3.52%, 10/15/28 (d)(e)

    1,000        1,000,000   

Benefit Street Partners CLO, Ltd., Series 2014-IVA, Class C, 4.38%, 7/20/26 (d)(e)

    500        478,492   

Betony CLO, Ltd., Series 2015-1A, Class CR,
3.76%, 4/15/27 (d)(e)

    250        250,000   

BlueMountain CLO Ltd. (d)(e):

   

Series 2012-2A, Class CR, 3.48%, 11/20/28

    500        500,000   

Series 2015-1A, Class D, 6.33%, 4/13/27

    750        716,516   

Carlyle Global Market Strategies CLO Ltd. (d)(e):

   

Series 2012-4A, Class DR, 4.98%, 1/20/29

    500        500,000   

Series 2013-3A, Class B, 3.53%, 7/15/25

    500        498,942   

Series 2014-5A, Class C, 5.03%, 10/16/25

    1,000        1,000,073   

Series 2016-3A, Class D, 7.79%, 10/20/29

    500        494,650   

Cedar Funding, Ltd., Series 2014-3A, Class D, 4.46%, 5/20/26 (d)(e)

    535        519,145   

CIFC Funding 2014-V, Ltd., Series 2014-5A, Class CR, 3.56%, 1/17/27 (d)(e)

    750        750,000   

CIFC Funding Ltd. (d)(e):

   

Series 2014-2A, Class A3L, 3.78%, 5/24/26

    500        500,503   

Series 2014-3A, Class C1, 3.68%, 7/22/26

    1,250        1,248,932   

Dryden Senior Loan Fund, Series 2014-36A,
Class D, 4.64%, 11/09/25 (d)(e)

    1,000        969,151   
Asset-Backed Securities  

Par  

(000)

    Value  

Asset-Backed Securities (continued)

  

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

  USD     800      $ 759,520   

LCM X LP, Series 10AR, Class ER,
6.18%, 4/15/22 (d)(e)

    1,000        991,372   

LCM XIII LP, Series 13A, Class D,
4.68%, 1/19/23 (d)(e)

    500        497,703   

LCM XV LP, Series 15A, Class C,
4.03%, 8/25/24 (d)(e)

    500        500,025   

Madison Park Funding Ltd. (d)(e):

   

Series 2012-8AR, Class CR, 3.50%, 4/22/22

    500        500,157   

Series 2012-8AR, Class DR, 4.55%, 4/22/22

    250        249,898   

Series 2014-14A,Class D, 4.48%, 7/20/26

    500        491,356   

Mill Creek II CLO, Ltd., Series 2016-1A, Class E, 8.63%, 4/20/28 (d)(e)

    500        499,905   

Neuberger Berman CLO XIII, Ltd., Series 2012-13A, Class C, 3.73%, 1/23/24 (d)(e)

    1,000        1,007,900   

Neuberger Berman CLO XVII Ltd., Series 2014-17A, Class D, 4.43%, 8/04/25 (d)(e)

    500        480,126   

Neuberger Berman CLO XVIII Ltd.,
Series 2014-18A (d)(e):

   

Class BR, 3.43%, 11/14/27

    500        500,000   

Class CR, 5.13%, 11/14/27

    1,500        1,500,000   

Neuberger Berman Clo XX, Ltd., Series 2015-20A, Class E, 7.33%, 1/15/28 (d)(e)

    500        463,963   

OCP CLO, Series 2014-7A, Class A1A,
2.48%, 10/20/26 (d)(e)

    500        499,993   

Octagon Investment Partners 26 Ltd., Series 2016-1A, Class D, 5.83%, 4/15/27 (d)(e)

    500        500,598   

Octagon Investment Partners 27, Ltd., Series 2016-1A, Class E, 7.76%, 7/15/27 (d)(e)

    1,000        987,000   

Octagon Investment Partners XII Ltd., Series 2012-1AR, Class ER, 6.28%, 5/05/23 (d)(e)

    1,200        1,175,188   

Octagon Investment Partners XVII, Ltd., Series 2013-1A, Class A2R, 2.61%, 10/25/25 (d)(e)

    1,500        1,500,000   

Octagon Investment Partners XXII Ltd.,
Series 2014-1A (d)(e):

   

Class C1, 4.13%, 11/25/25

    1,000        1,000,377   

Class D1, 4.78%, 11/25/25

    1,000        977,200   

OneMain Financial Issuance Trust, Series 2015-2A, Class C, 4.32%, 7/18/25 (e)

    200        197,022   
 

 

                
2    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Asset-Backed Securities   

Par  

(000)

    Value  

Asset-Backed Securities (continued)

  

OZLM IX Ltd., Series 2014-9A, Class C, 4.48%, 1/20/27 (d)(e)

   USD     1,000      $ 974,551   

OZLM XII Ltd., Series 2015-12A, Class D, 6.29%, 4/30/27 (d)(e)

     250        217,415   

Race Point IX CLO, Ltd., Series 2015-9A, Class A1, 2.39%, 4/15/27 (d)(e)

     500        498,856   

Race Point VII CLO Ltd., Series 2012-7A, Class CR, 2.65%, 11/08/24 (d)(e)

     2,000        2,000,000   

Sound Point Clo XII, Ltd., Series 2016-2A, Class E, 7.28%, 10/20/28 (d)(e)

     500        457,509   

Symphony CLO Ltd., Series 2016-17A,
Class D, 5.76%, 4/15/28 (d)(e)

     250        252,500   

Symphony CLO XI, Ltd., Series 2013-11A, Class B1, 3.08%, 1/17/25 (d)(e)

     500        500,300   

Venture XIII CLO Ltd., Series 2013-13A, Class D, 4.40%, 6/10/25 (d)(e)

     1,000        981,846   

Venture XIX CLO Ltd., Series 2014-19A, Class C, 4.18%, 1/15/27 (d)(e)

     700        700,000   

Venture XVII CLO, Ltd., Series 2014-17A, Class B1, 2.98%, 7/15/26 (d)(e)

     500        500,019   

Voya CLO Ltd. (d)(e):

    

Series 2014-4A, Class C,
4.88%, 10/14/26

     1,750        1,721,340   

Series 2016-3A, Class C,
4.67%, 10/18/27

     1,000        980,000   

Series 2016-3A, Class D,
7.67%, 10/18/27

     500        475,000   

Westcott Park Clo, Ltd., Series
2016-1A (d)(e):

    

Class D, 5.23%, 7/20/28

     500        502,500   

Class E, 8.08%, 7/20/28

     500        490,000   
Total Asset-Backed Securities - 3.8%              56,207,380   
    
                  
Corporate Bonds  

Aerospace & Defense — 2.3%

  

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

     3,118        2,439,835   

Bombardier, Inc. (e):

    

7.50%, 3/15/18

     68        73,032   

5.50%, 9/15/18

     2,251        2,404,518   
Corporate Bonds   

Par  

(000)

    Value  

Aerospace & Defense (continued)

  

Bombardier, Inc. (e) (continued):

    

8.75%, 12/01/21

   USD     1,520      $ 1,508,600   

6.00%, 10/15/22

     1,226        1,075,815   

6.13%, 1/15/23

     2,181        1,881,113   

7.50%, 3/15/25

     3,626        3,223,151   

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

     3,539        3,618,627   

Meccanica Holdings USA, Inc.,
6.25%, 1/15/40 (e)

     100        99,500   

TransDigm, Inc.:

    

5.50%, 10/15/20

     1,563        1,604,029   

6.00%, 7/15/22

     7,958        8,196,740   

6.50%, 7/15/24

     4,160        4,310,800   

6.38%, 6/15/26 (e)

     3,459        3,519,533   
    

 

 

 
               33,955,293   

Air Freight & Logistics — 0.6%

  

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

     1,321        1,249,996   

National Air Cargo Group, Inc.:

    

11.88%, 5/02/18

     475        474,571   

11.88%, 5/08/18

     537        536,622   

XPO Logistics, Inc.:

    

5.75%, 6/15/21

   EUR 383        424,731   

6.50%, 6/15/22 (e)

   USD 4,105        4,253,806   

6.13%, 9/01/23 (e)

     1,317        1,346,633   
    

 

 

 
               8,286,359   

Airlines — 1.6%

  

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

     6,255        6,262,855   

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

     106        107,431   

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

     701        702,951   

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

     1,895        1,904,475   

US Airways Pass-Through Trust:

    

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

     5,720        5,691,400   

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

     4,596        4,757,172   

Virgin Australia Trust, Series 2013-1, Class C, 7.13%, 10/23/18 (e)

     4,160        4,222,154   
    

 

 

 
               23,648,438   

Auto Components — 1.4%

  

Adient Global Holdings Ltd., 3.50%, 8/15/24

   EUR 250        259,252   
 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016    3


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds   

Par  

(000)

    Value  

Auto Components (continued)

  

Allison Transmission, Inc.,
5.00%, 10/01/24 (e)

   USD 827      $ 833,203   

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

   EUR 725        777,381   

Faurecia, 3.63%, 6/15/23

     300        323,506   

Fiat Chrysler Finance Europe:

    

4.75%, 3/22/21

     400        459,212   

4.75%, 7/15/22

     1,217        1,388,187   

FTE Verwaltungs GmbH, 9.00%, 7/15/20

     100        110,915   

Goodyear Tire & Rubber Co., 5.00%, 5/31/26

   USD 471        467,468   

Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.88%, 3/15/19

     7,711        7,768,833   

IHO Verwaltungs GmbH (g):

    

(2.75% Cash or 3.50% PIK),
2.75%, 9/15/21

   EUR 600        643,690   

(3.25% Cash or 4.00% PIK),
3.25%, 9/15/23

     475        501,764   

(4.13% Cash or 4.88% PIK),
4.13%, 9/15/21 (e)

   USD 1,280        1,282,680   

(3.75 Cash or 4.50% PIK),
3.75%, 9/15/26

   EUR 325        335,492   

(4.50% Cash or 5.25% PIK),
4.50%, 9/15/23 (e)

   USD 1,367        1,321,035   

Jaguar Land Rover Automotive PLC,
3.88%, 3/01/23

   GBP 204        256,150   

Schaeffler Finance BV:

    

4.75%, 5/15/23 (e)

   USD 1,440        1,452,600   

3.25%, 5/15/25

   EUR 100        112,259   

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

   USD 7,080        1,770,000   
    

 

 

 
               20,063,627   

Banks — 1.6%

  

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

   EUR 820        849,522   

Banco Espirito Santo SA (a)(h):

    

4.75%, 1/15/18

     1,900        573,909   

4.00%, 1/21/19

     1,100        332,263   

Bank of Ireland, 4.25%, 6/11/24 (d)

     540        576,177   

Bankia SA, 4.00%, 5/22/24 (d)

     1,600        1,681,312   

CIT Group, Inc.:

    

5.25%, 3/15/18

   USD     4,320        4,467,830   

6.63%, 4/01/18 (e)

     1,400        1,470,000   

5.50%, 2/15/19 (e)

     6,919        7,303,869   

5.00%, 8/01/23

     560        576,800   

6.00%, 4/01/36

     2,800        2,702,000   

Commerzbank AG, 7.75%, 3/16/21

   EUR 400        498,203   
Corporate Bonds   

Par  

(000)

    Value  

Banks (continued)

  

HSH Nordbank AG, 0.49%, 2/14/17 (d)

   EUR 810      $ 834,956   

Ibercaja Banco SA, 5.00%, 7/28/25 (d)

     600        597,323   

Intesa Sanpaolo SpA:

    

6.63%, 9/13/23

     1,100        1,339,141   

3.93%, 9/15/26

     200        209,577   
    

 

 

 
               24,012,882   

Beverages — 0.0%

  

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

     275        299,110   

Guala Closures SpA, 4.75%, 11/15/21 (d)

     100        107,956   

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

     100        110,754   

OI European Group BV, 3.13%, 11/15/24

     100        103,776   
    

 

 

 
               621,596   

Biotechnology — 0.1%

  

Senvion Holding GmbH, 6.63%, 11/15/20

     700        775,414   

Building Materials — 0.1%

  

Cemex Finance LLC, 4.63%, 6/15/24

     400        423,440   

Dry Mix Solutions Investissements SAS, 5.50%, 3/15/23 (d)

     200        216,209   

Titan Global Finance PLC, 3.50%, 6/17/21

     100        109,599   
    

 

 

 
               749,248   

Building Products — 1.9%

  

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

    

5.63%, 4/15/21

   USD     1,315        1,357,737   

5.75%, 12/15/23

     982        1,006,550   

BMBG Bond Finance SCA, 3.00%, 6/15/21

   EUR 225        246,813   

Builders FirstSource, Inc., 5.63%, 9/01/24 (e)

   USD 573        575,865   

Building Materials Corp. of America (e):

    

5.38%, 11/15/24

     665        676,637   

6.00%, 10/15/25

     4,118        4,282,720   

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

     4,330        4,459,900   

Louisiana-Pacific Corp., 4.88%, 9/15/24 (e)

     630        611,888   

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

     2,950        3,001,625   

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

     3,735        3,847,050   
 

 

                
4    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds   

Par  

(000)

    Value  

Building Products (continued)

  

Standard Industries, Inc. (e):

    

5.13%, 2/15/21

   USD  284      $ 295,360   

5.50%, 2/15/23

     1,576        1,619,340   

USG Corp.:

    

8.25%, 1/15/18

     4,320        4,557,600   

5.88%, 11/01/21 (e)

     385        401,963   

5.50%, 3/01/25 (e)

     1,314        1,348,624   
    

 

 

 
               28,289,672   

Capital Markets — 1.7%

  

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

     20,762        20,917,335   

E*Trade Financial Corp.:

    

5.38%, 11/15/22

     1,232        1,305,628   

4.63%, 9/15/23

     1,507        1,530,416   

Series A, 0.00%, 8/31/19 (i)(j)

     373        1,246,999   
    

 

 

 
               25,000,378   

Chemicals — 2.0%

  

Axalta Coating Systems Dutch Holding B BV, 3.75%, 1/15/25

   EUR  225        233,618   

Axalta Coating Systems LLC,
4.88%, 8/15/24 (e)

   USD      1,686        1,677,570   

CF Industries, Inc.:

    

7.13%, 5/01/20

     860        928,800   

4.95%, 6/01/43

     2,635        2,088,238   

Chemours Co.:

    

6.63%, 5/15/23

     375        370,313   

7.00%, 5/15/25

     1,387        1,366,195   

Huntsman International LLC:

    

4.88%, 11/15/20

     286        293,865   

5.13%, 4/15/21

   EUR  379        428,797   

5.13%, 11/15/22

   USD  714        724,710   

Ineos Finance PLC, 4.00%, 5/01/23

   EUR  548        592,414   

Inovyn Finance PLC, 6.25%, 5/15/21

     200        222,568   

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

   USD  6,758        6,318,730   

Montichem Holdco 3 SA, 5.25%, 6/15/21

   EUR  211        224,746   

NOVA Chemicals Corp. (e):

    

5.25%, 8/01/23

   USD  349        349,960   

5.00%, 5/01/25

     415        404,625   

Platform Specialty Products Corp. (e):

    

10.38%, 5/01/21

     1,818        1,986,165   

6.50%, 2/01/22

     7,764        7,647,540   

PQ Corp., 6.75%, 11/15/22 (e)

     2,197        2,323,327   

PSPC Escrow Corp., 6.00%, 2/01/23

   EUR  394        405,696   

Versum Materials, Inc., 5.50%, 9/30/24 (e)

   USD  1,104        1,126,080   
Corporate Bonds   

Par  

(000)

    Value  

Chemicals (continued)

  

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

   USD  232      $ 243,600   
    

 

 

 
               29,957,557   

Commercial Services & Supplies — 1.4%

  

AA Bond Co., Ltd., 5.50%, 7/31/43

   GBP  400        502,106   

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

   USD  1,341        1,396,316   

ADT Corp.:

    

3.50%, 7/15/22

     3,337        3,145,122   

4.13%, 6/15/23

     537        511,493   

4.88%, 7/15/32 (e)

     1,678        1,392,740   

Advanced Disposal Services, Inc.,
5.63%, 11/15/24 (e)

     1,563        1,547,370   

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

     45        43,481   

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

   EUR  428        462,111   

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

   USD  1,875        1,889,063   

Intelsat Jackson Holdings SA, 7.25%, 4/01/19

     2,929        2,299,265   

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

   GBP  100        132,002   

Mobile Mini, Inc., 5.88%, 7/01/24

   USD    2,683        2,776,905   

Silk Bidco AS, 7.50%, 2/01/22

   EUR  247        270,945   

United Rentals North America, Inc.:

    

7.63%, 4/15/22

   USD  1,992        2,106,540   

5.75%, 11/15/24

     1,354        1,401,390   

Verisure Holding AB, 6.00%, 11/01/22

   EUR  185        212,021   
    

 

 

 
               20,088,870   

Communications Equipment — 1.8%

  

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

   USD  6,411        6,715,522   

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

     2,125        2,215,313   

CommScope, Inc. (e):

    

5.00%, 6/15/21

     2,278        2,306,475   

5.50%, 6/15/24

     2,169        2,220,188   

Nokia OYJ, 6.63%, 5/15/39

     3,513        3,635,955   

Zayo Group LLC/Zayo Capital, Inc.:

    

6.00%, 4/01/23

     4,466        4,655,805   

6.38%, 5/15/25

     4,457        4,635,280   
    

 

 

 
               26,384,538   

Construction & Engineering — 0.4%

  

AECOM Co., 5.75%, 10/15/22

     716        750,010   
 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016    5


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds   

Par  

(000)

    Value  

Construction & Engineering (continued)

    

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

   USD      2,187      $ 2,099,520   

Engility Corp., 8.88%, 9/01/24 (e)

     1,728        1,775,520   

Novafives SAS, 4.50%, 6/30/21

   EUR  320        288,618   

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

     827        933,687   

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

   USD  862        784,420   
    

 

 

 
               6,631,775   

Construction Materials — 1.4%

    

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

     1,839        1,714,867   

Autodis SA:

    

4.38%, 5/01/22

   EUR  150        161,731   

4.38%, 5/01/22 (d)

     100        107,840   

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

   USD  566        601,375   

HD Supply, Inc. (e):

    

5.25%, 12/15/21

     10,967        11,570,185   

5.75%, 4/15/24

     3,888        3,975,480   

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

   EUR  200        219,919   

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

   USD  1,373        1,360,986   

Rexel SA, 3.50%, 6/15/23

   EUR  972        1,049,490   
    

 

 

 
               20,761,873   

Consumer Finance — 2.3%

    

Alliance Data Systems Corp. (e):

    

5.25%, 12/01/17

   USD  150        151,125   

5.88%, 11/01/21

     3,207        3,215,017   

5.38%, 8/01/22

     503        479,108   

Ally Financial, Inc.:

    

5.13%, 9/30/24

     1,230        1,230,000   

4.63%, 3/30/25

     904        876,880   

8.00%, 11/01/31

     18,930        21,485,550   

Navient Corp.:

    

6.63%, 7/26/21

     1,074        1,120,987   

5.50%, 1/25/23

     932        885,400   

7.25%, 9/25/23

     890        901,125   

6.13%, 3/25/24

     642        607,493   

5.88%, 10/25/24

     723        668,775   

5.63%, 8/01/33

     1,821        1,475,010   

OneMain Financial Holdings LLC (e):

    

6.75%, 12/15/19

     1,451        1,476,392   

7.25%, 12/15/21

     275        275,688   
    

 

 

 
               34,848,550   

Containers & Packaging — 3.1%

    

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

    

6.75%, 1/31/21 (e)

     1,458        1,485,337   
Corporate Bonds   

Par  

(000)

    Value  

Containers & Packaging (continued)

    

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

    

4.16%, 5/15/21 (d)(e)

   USD  693      $ 706,860   

6.00%, 6/30/21 (e)

     1,752        1,767,330   

4.25%, 1/15/22

   EUR  991        1,077,157   

6.75%, 5/15/24

     450        497,798   

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

    

6.25%, 1/31/19

   USD  3,868        3,930,855   

4.63%, 5/15/23

     1,738        1,715,189   

7.25%, 5/15/24

     7,160        7,482,200   

Ball Corp.:

    

5.00%, 3/15/22

     710        747,275   

4.00%, 11/15/23

     1,374        1,345,661   

Crown European Holdings SA:

    

4.00%, 7/15/22

   EUR  558        643,143   

3.38%, 5/15/25

     503        530,865   

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

     300        341,420   

Lecta SA, 6.50%, 8/01/23

     225        236,678   

Norske Skog, 11.75%, 12/15/19

     228        215,065   

Reynolds Group Issuer, Inc.:

    

5.75%, 10/15/20

   USD      6,454        6,639,552   

8.25%, 2/15/21

     2,208        2,279,437   

4.38%, 7/15/21 (d)(e)

     3,894        3,976,747   

5.13%, 7/15/23 (e)

     1,259        1,271,590   

7.00%, 7/15/24 (e)

     4,659        4,918,157   

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

   EUR  150        165,138   

Sealed Air Corp.:

    

4.88%, 12/01/22 (e)

   USD  709        724,953   

4.50%, 9/15/23

   EUR  560        639,276   

6.88%, 7/15/33 (e)

   USD  700        721,000   

Signode Industrial Group Lux SA/Signode Industrial Group US, Inc.,
6.38%, 5/01/22 (e)

     1,241        1,250,308   

Smurfit Kappa Acquisitions, 2.75%, 2/01/25

   EUR  376        403,066   

Stora Enso OYJ, 2.13%, 6/16/23

     175        187,482   

Verallia Packaging SASU, 5.13%, 8/01/22

     675        745,803   
    

 

 

 
               46,645,342   

Diversified Consumer Services — 0.8%

    

APX Group, Inc.:

    

6.38%, 12/01/19

   USD  578        592,450   

8.75%, 12/01/20

     627        614,460   

7.88%, 12/01/22

     975        1,040,813   

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

   GBP  225        295,618   
 

 

                
6    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds  

Par  

(000)

    Value  

Diversified Consumer Services (continued)

  

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

  USD  7,349      $ 7,900,175   

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

    1,100        1,144,110   

Tereos Finance Groupe I SA, 4.13%, 6/16/23

  EUR  300        319,771   
   

 

 

 
              11,907,397   

Diversified Financial Services — 1.3%

  

Aircastle Ltd.:

   

7.63%, 4/15/20

  USD  128        143,840   

5.13%, 3/15/21

    643        676,758   

5.50%, 2/15/22

    2,119        2,224,950   

Arrow Global Finance PLC, 5.13%, 9/15/24

  GBP  125        154,075   

Deutsche Bank AG, 4.25%, 10/14/21 (e)

  USD  525        516,997   

DFC Finance Corp., 12.00%, 6/16/20 (e)(g)

    2,035        1,170,224   

FBM Finance, Inc., 8.25%, 8/15/21 (e)

    625        646,875   

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

  GBP  225        289,262   

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

  USD  2,745        2,861,663   

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

   

7.38%, 4/01/20

    2,695        2,634,363   

6.88%, 4/15/22

    2,552        2,398,880   

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

    430        25,370   

Lehman Brothers Holdings, Inc.:

   

4.75%, 1/16/17

  EUR  1,890        142,221   

1.00%, 2/05/17

    3,950        308,957   

5.38%, 10/17/17

    350        26,337   

1.00%, 12/31/49

  USD  1,535        90,565   

Lincoln Finance Ltd., 6.88%, 4/15/21

  EUR  100        113,404   

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

    564        616,938   

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

  USD      2,100        2,063,250   

ProGroup AG, 5.13%, 5/01/22

  EUR  206        232,520   

UniCredit SpA:

   

6.95%, 10/31/22

    375        436,911   

5.75%, 10/28/25 (d)

    700        761,938   

4.38%, 1/03/27 (d)

    675        694,502   

WMG Acquisition Corp., 4.13%, 11/01/24

    250        270,068   
   

 

 

 
              19,500,868   
Corporate Bonds  

Par  

(000)

    Value  

Diversified Telecommunication Services — 3.4%

  

CenturyLink, Inc.:

   

6.45%, 6/15/21

  USD  5,696      $ 5,877,560   

Series U, 7.65%, 3/15/42

    503        425,790   

Series Y, 7.50%, 4/01/24

    1,426        1,472,188   

Cincinnati Bell, Inc., 7.00%, 7/15/24 (e)

    2,152        2,248,840   

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

    1,020        989,400   

Frontier Communications Corp.:

   

8.50%, 4/15/20

    2,275        2,366,000   

6.25%, 9/15/21

    2,025        1,898,437   

7.13%, 1/15/23

    1,330        1,153,775   

7.63%, 4/15/24

    1,897        1,636,163   

6.88%, 1/15/25

    4,856        3,933,360   

11.00%, 9/15/25

    950        952,375   

Level 3 Financing, Inc.:

   

5.38%, 8/15/22

    315        320,513   

5.63%, 2/01/23

    1,551        1,574,265   

5.13%, 5/01/23

    3,232        3,227,960   

5.38%, 1/15/24

    1,771        1,779,855   

5.38%, 5/01/25

    2,302        2,290,490   

5.25%, 3/15/26 (e)

    1,973        1,938,472   

OTE PLC, 3.50%, 7/09/20

  EUR  300        323,316   

SBA Communications Corp., 4.88%, 9/01/24 (e)

  USD      4,119        3,969,686   

SoftBank Group Corp., 4.75%, 7/30/25

  EUR  310        352,374   

Telecom Italia Capital SA:

   

6.38%, 11/15/33

  USD  831        793,605   

6.00%, 9/30/34

    3,879        3,626,865   

7.20%, 7/18/36

    690        689,793   

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

  EUR  380        502,945   

Telecom Italia SpA:

   

6.38%, 6/24/19

  GBP  900        1,227,026   

3.25%, 1/16/23

  EUR  300        323,411   

5.88%, 5/19/23

  GBP  400        550,055   

Telenet Finance V Luxembourg SCA,
6.75%, 8/15/24

  EUR  1,982        2,310,684   

Windstream Corp., 7.75%, 10/01/21

  USD  964        959,180   

Windstream Services LLC, 7.50%, 6/01/22

    841        794,484   
   

 

 

 
              50,508,867   

Electric Utilities — 0.0%

  

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

  EUR  454        508,959   

Electrical Equipment — 0.2%

  

Areva SA, 4.88%, 9/23/24

    450        475,740   

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

    672        758,839   

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

    1,405        1,527,418   
 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016    7


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds   

Par  

(000)

    Value  

Electrical Equipment (continued)

  

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

   EUR  418      $ 466,276   
    

 

 

 
               3,228,273   

Electronic Equipment, Instruments & Components — 0.6%

  

CDW LLC/CDW Finance Corp.:

    

5.00%, 9/01/23

   USD  4,354        4,375,770   

5.50%, 12/01/24

     4,917        5,039,925   
    

 

 

 
               9,415,695   

Energy Equipment & Services — 0.9%

  

Ensco PLC, 4.50%, 10/01/24

     614        491,200   

Gates Global LLC/Gates Global Co.:

    

5.75%, 7/15/22

   EUR  110        108,143   

6.00%, 7/15/22 (e)

   USD  1,742        1,663,610   

Genesis Energy LP/Genesis Energy Finance Corp.:

    

5.75%, 2/15/21

     283        284,415   

6.75%, 8/01/22

     2,236        2,286,310   

Noble Holding International Ltd.,
4.63%, 3/01/21

     155        123,225   

Transocean, Inc.:

    

4.25%, 10/15/17

     1,339        1,338,331   

6.00%, 3/15/18

     3,455        3,476,594   

7.38%, 4/15/18

     175        178,500   

5.55%, 10/15/22

     2,075        1,831,187   

9.00%, 7/15/23 (e)

     248        251,100   

Weatherford International Ltd.,
9.88%, 2/15/24 (e)

     1,020        1,050,600   
    

 

 

 
               13,083,215   

Environmental, Maintenance, & Security Service — 0.0%

  

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

   EUR  380        411,943   

Food & Staples Retailing — 2.4%

  

Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC (e):

    

6.63%, 6/15/24

   USD  1,082        1,118,355   

5.75%, 3/15/25

     1,864        1,829,143   

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

   GBP  326        413,293   

Casino Guichard Perrachon SA:

    

5.98%, 5/26/21

   EUR  200        244,837   

3.31%, 1/25/23

     600        688,570   

3.25%, 3/07/24

     600        666,959   

2.33%, 2/07/25

     200        207,402   

Dollar Tree, Inc.:

    

5.25%, 3/01/20

   USD  262        270,515   

5.75%, 3/01/23

       13,049        13,929,807   

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

     1,434        1,534,380   
Corporate Bonds   

Par  

(000)

    Value  

Food & Staples Retailing (continued)

  

Iceland Bondco PLC, 6.25%, 7/15/21

   GBP  100      $ 122,900   

Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.88%, 1/15/24

   USD  445        468,363   

Rite Aid Corp.:

    

9.25%, 3/15/20

     2,080        2,176,200   

6.75%, 6/15/21

     1,091        1,149,988   

6.13%, 4/01/23 (e)

         8,611        9,204,298   

7.70%, 2/15/27

     256        316,160   

Tesco PLC:

    

5.00%, 3/24/23

   GBP  230        306,196   

6.00%, 12/14/29

     200        266,334   
    

 

 

 
               34,913,700   

Food Products — 1.6%

  

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

   USD  2,302        1,904,905   

Aramark Services, Inc.:

    

5.75%, 3/15/20

     321        328,223   

5.13%, 1/15/24

     1,712        1,757,659   

5.13%, 1/15/24 (e)

     203        208,414   

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

   EUR  100        110,489   

FAGE International SA/FAGE USA Dairy Industry, Inc., 5.63%, 8/15/26 (e)

   USD  1,079        1,079,000   

JBS USA LLC/JBS USA Finance, Inc. (e):

    

7.25%, 6/01/21

     340        350,200   

5.88%, 7/15/24

     737        733,315   

5.75%, 6/15/25

     1,962        1,922,760   

Post Holdings, Inc. (e):

    

7.75%, 3/15/24

     4,599        5,070,397   

8.00%, 7/15/25

     1,826        2,050,233   

5.00%, 8/15/26

     2,709        2,563,391   

Smithfield Foods, Inc.:

    

5.88%, 8/01/21 (e)

     891        925,526   

6.63%, 8/15/22

     1,516        1,597,485   

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

     976        1,012,600   

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

     1,255        1,383,638   
    

 

 

 
               22,998,235   

Health Care Equipment & Supplies — 0.8%

  

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

     3,373        2,816,455   

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

     6,387        5,572,657   

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

     1,055        1,139,400   
 

 

                
8    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds  

Par  

(000)

    Value  

Health Care Equipment & Supplies (continued)

  

IDH Finance PLC, 6.25%, 8/15/22

  GBP  225      $ 263,925   

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

   

4.88%, 4/15/20

  USD  980        960,400   

5.75%, 8/01/22

    1,250        1,165,625   

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

    684        677,160   
   

 

 

 
              12,595,622   

Health Care Providers & Services — 6.6%

  

Acadia Healthcare Co., Inc.:

   

5.13%, 7/01/22

    502        485,685   

5.63%, 2/15/23

    932        918,020   

6.50%, 3/01/24

    434        431,830   

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

    2,103        2,121,401   

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

    5,476        5,592,365   

Centene Corp.:

   

5.63%, 2/15/21

    2,516        2,591,480   

4.75%, 5/15/22

    2,852        2,809,220   

6.13%, 2/15/24

    391        397,295   

CHS/Community Health Systems, Inc.:

   

5.13%, 8/15/18

    427        416,325   

8.00%, 11/15/19

    224        176,400   

6.88%, 2/01/22

    2,984        1,989,955   

DaVita HealthCare Partners, Inc.:

   

5.13%, 7/15/24

    788        778,150   

5.00%, 5/01/25

    2,669        2,602,275   

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

    835        822,475   

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

    5        5,248   

HCA, Inc.:

   

3.75%, 3/15/19

    2,911        2,976,497   

6.50%, 2/15/20

    4,735        5,155,231   

7.50%, 2/15/22

    1,059        1,178,138   

5.88%, 3/15/22

    1,840        1,975,700   

4.75%, 5/01/23

    512        515,840   

5.88%, 5/01/23

    4,096        4,208,640   

5.00%, 3/15/24

    4,475        4,486,187   

5.38%, 2/01/25

    4,860        4,756,725   

5.25%, 4/15/25

    813        819,098   

5.88%, 2/15/26

    3,125        3,113,281   

5.25%, 6/15/26

    4,406        4,410,758   

4.50%, 2/15/27

    2,772        2,612,610   

HealthSouth Corp.:

   

5.13%, 3/15/23

    2,840        2,797,400   

5.75%, 11/01/24

    2,360        2,365,900   

5.75%, 9/15/25

    835        832,913   

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

    1,930        2,002,375   

HomeVi SAS, 6.88%, 8/15/21

  EUR  141        159,018   

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

  USD      1,134        1,151,010   
Corporate Bonds  

Par  

(000)

    Value  

Health Care Providers & Services (continued)

  

MPH Acquisition Holdings LLC,
7.13%, 6/01/24 (e)

  USD  4,698      $ 4,938,772   

New Amethyst Corp., 6.25%, 12/01/24 (e)(f)

    837        866,295   

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

    2,189        2,180,791   

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

    424        426,120   

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

    388        405,460   

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

    2,641        2,693,820   

Tenet Healthcare Corp.:

   

6.25%, 11/01/18

    1,308        1,363,590   

4.75%, 6/01/20

    1,805        1,784,694   

4.35%, 6/15/20 (d)

    1,432        1,432,000   

6.00%, 10/01/20

    3,835        3,906,906   

4.50%, 4/01/21

    74        71,780   

4.38%, 10/01/21

    525        500,063   

7.50%, 1/01/22 (e)(f)

    949        975,691   

8.13%, 4/01/22

    1,933        1,768,695   

6.75%, 6/15/23

    6,195        5,296,725   

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

  GBP  586        737,162   

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

  USD      1,066        1,092,650   
   

 

 

 
              98,096,659   

Hotels, Restaurants & Leisure — 3.8%

  

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

    1,096        1,164,500   

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

    4,753        4,966,885   

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

    654        644,190   

Cirsa Funding Luxembourg SA:

   

5.75%, 5/15/21

  EUR  225        251,408   

5.88%, 5/15/23

    206        223,514   

Codere Finance 2 Luxembourg SA,
6.75%, 11/01/21

    260        272,116   

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

  GBP  275        363,161   

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

    400        439,922   

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

  USD  3,890        3,763,575   

International Game Technology PLC:

   

6.25%, 2/15/22 (e)

    400        425,000   
 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016    9


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds   

Par  

(000)

    Value  

Hotels, Restaurants & Leisure (continued)

  

International Game Technology PLC (continued):

    

4.75%, 2/15/23

   EUR  310      $ 349,614   

KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC (e):

    

5.00%, 6/01/24

   USD  255        257,550   

5.25%, 6/01/26

     1,176        1,187,760   

MGM Resorts International:

    

8.63%, 2/01/19

     790        876,900   

6.75%, 10/01/20

     2,727        2,986,065   

6.63%, 12/15/21

     1,130        1,234,525   

7.75%, 3/15/22

     610        696,925   

4.63%, 9/01/26

     1,414        1,346,835   

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

         8,737        9,152,007   

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

     4,455        4,644,337   

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

   GBP  300        374,477   

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

   EUR  439        481,831   

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

   USD  489        491,445   

Sabre GLBL, Inc. (e):

    

5.38%, 4/15/23

     1,516        1,534,950   

5.25%, 11/15/23

     807        817,088   

Scientific Games International, Inc.:

    

7.00%, 1/01/22 (e)

     683        720,565   

10.00%, 12/01/22

     3,069        2,877,188   

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

     3,247        3,346,845   

Snai SpA, 6.38%, 11/07/21

   EUR  225        240,851   

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

   USD  5,785        6,059,787   

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  722        970,480   

Series A4, 5.66%, 6/30/27

     764        1,002,233   

Series N, 6.46%, 3/30/32

     1,000        1,076,536   

Vue International Bidco PLC,
7.88%, 7/15/20

     520        676,519   

Yum! Brands, Inc., 3.88%, 11/01/23

   USD  721        688,555   
    

 

 

 
               56,606,139   

Household Durables — 1.5%

  

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

     1,604        1,612,020   
Corporate Bonds   

Par  

(000)

    Value  

Household Durables (continued)

  

CalAtlantic Group, Inc.:

    

8.38%, 1/15/21

   USD      2,680      $ 3,115,500   

5.25%, 6/01/26

     255        247,350   

Lennar Corp.:

    

4.50%, 11/15/19

     2,482        2,571,972   

4.75%, 4/01/21

     314        322,635   

4.75%, 11/15/22

     1,753        1,783,677   

4.88%, 12/15/23

     968        953,480   

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

     2,805        2,812,012   

Riverbed Technology, Inc., 8.88%, 3/01/23 (e)

     2,192        2,285,160   

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

     1,160        1,273,100   

Standard Pacific Corp., 5.88%, 11/15/24

     1,650        1,695,375   

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

     289        287,555   

TRI Pointe Group, Inc.:

    

4.38%, 6/15/19

     1,060        1,075,900   

4.88%, 7/01/21

     1,275        1,297,313   

5.88%, 6/15/24

     770        780,588   
    

 

 

 
               22,113,637   

Household Products — 0.4%

  

Mobilux Finance SAS, 5.50%, 11/15/24

   EUR  100        106,603   

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

   USD  1,026        1,072,170   

Spectrum Brands, Inc.:

    

6.63%, 11/15/22

     1,385        1,468,100   

6.13%, 12/15/24

     1,832        1,941,920   

5.75%, 7/15/25

     1,031        1,069,663   
    

 

 

 
               5,658,456   

Independent Power and Renewable Electricity Producers — 1.3%

  

Calpine Corp.:

    

6.00%, 1/15/22 (e)

     251        261,979   

5.38%, 1/15/23

     514        496,221   

5.88%, 1/15/24 (e)

     1,999        2,091,454   

Dynegy, Inc.:

    

6.75%, 11/01/19

     4,240        4,282,400   

7.38%, 11/01/22

     1,735        1,648,250   

7.63%, 11/01/24

     805        740,600   

8.00%, 1/15/25 (e)

     167        153,640   

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

     3,738          

NRG Energy, Inc.:

    

7.88%, 5/15/21

     427        443,013   

6.63%, 3/15/23

     210        208,950   

6.25%, 5/01/24

     185        178,988   

7.25%, 5/15/26 (e)

     1,452        1,419,330   

6.63%, 1/15/27 (e)

     4,170        3,857,250   
 

 

                
10    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds   

Par  

(000)

    Value  

Independent Power and Renewable Electricity Producers (continued)

  

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

   USD  645      $ 640,162   

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

     2,563        2,492,517   
    

 

 

 
               18,914,754   

Industrial Conglomerates — 0.1%

  

Cortes NP Acquisition Corp.,
9.25%, 10/15/24 (e)

     1,898        1,913,421   

Insurance — 0.8%

  

Assicurazioni Generali SpA,
7.75%, 12/12/42 (d)

   EUR  400        487,599   

BNP Paribas Cardif SA, 4.03% (d)(k)

     100        103,215   

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

     200        202,961   

HUB International Ltd. (e):

    

9.25%, 2/15/21

   USD  874        900,220   

7.88%, 10/01/21

     5,484        5,600,535   

Old Mutual PLC, 8.00%, 6/03/21

   GBP  100        139,696   

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

     275        322,641   

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

   USD  366        398,373   

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

   EUR  570        633,942   

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

   USD      2,687        2,720,588   
    

 

 

 
               11,509,770   

Internet Software & Services — 0.6%

  

Equinix, Inc.:

    

5.38%, 1/01/22

     1,110        1,157,175   

5.88%, 1/15/26

     2,567        2,663,288   

Netflix, Inc.:

    

5.50%, 2/15/22

     2,087        2,233,090   

5.75%, 3/01/24

     382        403,965   

5.88%, 2/15/25

     241        257,897   

4.38%, 11/15/26 (e)

     905        881,253   
    

 

 

 
               7,596,668   

IT Services — 2.4%

  

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

     1,349        1,382,725   

First Data Corp. (e):

    

7.00%, 12/01/23

     11,424        11,959,557   

5.75%, 1/15/24

     16,045        16,245,562   

Western Digital Corp., 10.50%, 4/01/24 (e)

     751        869,283   
Corporate Bonds   

Par  

(000)

    Value  

IT Services (continued)

  

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

   USD      4,804      $ 4,719,930   
    

 

 

 
               35,177,057   

Machinery — 0.2%

  

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

     730        719,050   

SPX FLOW, Inc. (e):

    

5.63%, 8/15/24

     993        975,622   

5.88%, 8/15/26

     993        970,658   

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

   EUR  490        549,006   
    

 

 

 
               3,214,336   

Media — 14.9%

  

Adria Bidco BV, 7.88%, 11/15/20

     350        385,971   

Altice Financing SA:

    

5.25%, 2/15/23

     485        536,644   

7.50%, 5/15/26 (e)

   USD  1,609        1,631,124   

Altice Finco SA, 9.00%, 6/15/23

   EUR  100        119,763   

Altice Luxembourg SA:

    

7.25%, 5/15/22

     300        338,558   

7.75%, 5/15/22 (e)

   USD  2,649        2,774,828   

7.63%, 2/15/25 (e)

     653        669,325   

Altice US Finance I Corp. (e):

    

5.38%, 7/15/23

     6,270        6,340,537   

5.50%, 5/15/26

     2,435        2,410,650   

AMC Networks, Inc.:

    

4.75%, 12/15/22

     1,613        1,615,016   

5.00%, 4/01/24

     756        757,890   

Cablevision Systems Corp.:

    

8.63%, 9/15/17

     783        814,320   

7.75%, 4/15/18

     1,393        1,464,391   

8.00%, 4/15/20

     2,224        2,390,800   

CBS Radio, Inc., 7.25%, 11/01/24 (e)

     1,552        1,630,562   

CCO Holdings LLC/CCO Holdings Capital Corp.:

    

5.25%, 9/30/22

     1,235        1,281,313   

5.13%, 5/01/23 (e)

     678        694,526   

5.88%, 4/01/24 (e)

     1,854        1,962,923   

5.75%, 2/15/26 (e)

     1,227        1,260,743   

5.50%, 5/01/26 (e)

     3,108        3,139,080   

5.88%, 5/01/27 (e)

     6,267        6,392,340   

Cellnex Telecom SA, 2.38%, 1/16/24

   EUR  200        206,842   

Cequel Communications Holdings I LLC/Cequel Capital Corp. (e):

    

5.13%, 12/15/21

   USD  6,152        6,065,742   

7.75%, 7/15/25

     6,509        6,964,630   

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

     3,146        3,287,570   
 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016    11


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds   

Par  

(000)

    Value  

Media (continued)

  

Clear Channel Worldwide Holdings, Inc.:

    

6.50%, 11/15/22

   USD    16,407      $ 16,437,120   

Series B, 7.63%, 3/15/20

     5,090        5,020,012   

Columbus Cable Barbados Ltd.,
7.38%, 3/30/21 (e)

     2,647        2,815,746   

CSC Holdings LLC:

    

10.13%, 1/15/23 (e)

     4,000        4,610,000   

5.25%, 6/01/24

     6,865        6,435,251   

6.63%, 10/15/25 (e)

     1,341        1,448,280   

10.88%, 10/15/25 (e)

     4,636        5,400,940   

DISH DBS Corp.:

    

6.75%, 6/01/21

     134        144,050   

5.88%, 7/15/22

     3,354        3,471,390   

5.00%, 3/15/23

     2,119        2,092,513   

5.88%, 11/15/24

     1,001        1,014,764   

7.75%, 7/01/26

     4,897        5,405,064   

DISH Network Corp., 3.38%, 8/15/26 (e)(j)

     1,894        2,116,545   

eircom Finance DAC, 4.50%, 5/31/22

   EUR  300        328,262   

Hughes Satellite Systems Corp. (e):

    

5.25%, 8/01/26

   USD  1,503        1,422,214   

6.63%, 8/01/26

     2,446        2,354,275   

iHeartCommunications, Inc.:

    

9.00%, 12/15/19

     1,292        1,017,450   

9.00%, 3/01/21

     241        177,738   

9.00%, 9/15/22

     3,845        2,845,300   

10.63%, 3/15/23

     770        571,725   

Intelsat Jackson Holdings SA, 5.50%, 8/01/23

     2,761        1,801,553   

LG Finance Co. Corp., 5.88%, 11/01/24 (e)

     598        595,010   

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

   EUR  300        356,968   

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

   USD  639        629,415   

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

     2,223        1,909,001   

Midcontinent Communications & Midcontinent Finance Corp. (e):

    

6.25%, 8/01/21

     3,901        4,071,669   

6.88%, 8/15/23

     296        311,170   

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

     2,039        2,059,390   

National CineMedia LLC, 5.75%, 8/15/26

     605        620,125   

Nexstar Escrow Corp., 5.63%, 8/01/24 (e)

     1,540        1,524,600   

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

     5,232        5,336,640   
Corporate Bonds   

Par  

(000)

    Value  

Media (continued)

  

Numericable Group SA, 5.38%, 5/15/22

   EUR  280      $ 308,480   

Outfront Media Capital LLC/Outfront Media Capital Corp.:

    

5.25%, 2/15/22

   USD  650        674,375   

5.63%, 2/15/24

     1,064        1,093,260   

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

   EUR  1,070        1,156,720   

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

   USD  805        792,925   

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

     1,130        1,197,800   

SFR Group SA:

    

6.00%, 5/15/22 (e)

     4,689        4,724,167   

5.63%, 5/15/24

   EUR  250        273,910   

7.38%, 5/01/26 (e)

   USD    11,394        11,365,515   

Sirius XM Radio, Inc. (e):

    

4.25%, 5/15/20

     2,204        2,242,570   

5.75%, 8/01/21

     1,811        1,890,231   

4.63%, 5/15/23

     230        225,975   

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

     4,810        4,761,900   

TEGNA, Inc.:

    

5.13%, 10/15/19

     857        878,708   

4.88%, 9/15/21 (e)

     976        1,004,060   

5.50%, 9/15/24 (e)

     1,308        1,327,620   

Telesat Canada/Telesat LLC,
8.88%, 11/15/24 (e)

     1,246        1,272,478   

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

     517        488,565   

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

     5,320        5,188,064   

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

    

5.63%, 4/15/23

   EUR  166        187,381   

4.00%, 1/15/25

     1,111        1,196,274   

4.63%, 2/15/26

     100        110,224   

3.50%, 1/15/27

     300        305,237   

6.25%, 1/15/29

     100        116,281   

Univision Communications, Inc. (e):

    

5.13%, 5/15/23

   USD  9,800        9,444,750   

5.13%, 2/15/25

     7,930        7,513,675   

UPC Holding BV, 6.75%, 3/15/23

   EUR  200        228,398   

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

     400        413,278   

Virgin Media Finance PLC:

    

4.50%, 1/15/25

     183        193,409   

5.75%, 1/15/25 (e)

   USD  2,405        2,380,950   

Virgin Media Receivables Financing Notes I DAC, 5.50%, 9/15/24

   GBP  300        366,172   
 

 

                
12    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds   

Par  

(000)

    Value  

Media (continued)

  

Virgin Media Secured Finance PLC:

    

6.00%, 4/15/21

   GBP  2,432      $ 3,156,767   

5.25%, 1/15/26 (e)

   USD  730        706,275   

5.50%, 8/15/26 (e)

     1,144        1,121,120   

4.88%, 1/15/27

   GBP  200        239,104   

6.25%, 3/28/29

     829        1,070,747   

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

   USD  4,428        4,582,980   

Wind Acquisition Finance SA:

    

4.75%, 7/15/20 (e)

     250        250,250   

7.00%, 4/23/21

   EUR  400        437,718   

7.38%, 4/23/21 (e)

   USD  3,885        3,962,700   

Ziggo Bond Finance BV, 5.88%, 1/15/25 (e)

     2,643        2,596,748   
    

 

 

 
               220,928,029   

Metals & Mining — 7.4%

  

Alcoa Nederland Holding BV (e):

    

6.75%, 9/30/24

     738        791,505   

7.00%, 9/30/26

     681        721,860   

Alcoa, Inc.:

    

6.15%, 8/15/20

     1,330        1,433,341   

5.13%, 10/01/24

     3,854        3,931,080   

5.90%, 2/01/27

     760        771,400   

6.75%, 1/15/28

     477        507,471   

5.95%, 2/01/37

     264        252,384   

Anglo American Capital PLC:

    

6.88%, 5/01/18

   GBP  100        133,329   

1.50%, 4/01/20

   EUR  800        842,499   

3.63%, 5/14/20 (e)

   USD  1,116        1,116,000   

4.45%, 9/27/20 (e)

     412        421,270   

2.88%, 11/20/20

   EUR  300        330,791   

2.50%, 4/29/21

     100        107,417   

3.50%, 3/28/22

     100        111,227   

4.13%, 9/27/22 (e)

   USD  1,656        1,660,140   

3.25%, 4/03/23

   EUR  100        108,655   

ArcelorMittal:

    

7.25%, 2/25/22

   USD  115        129,375   

8.00%, 10/15/39

     400        423,000   

7.75%, 3/01/41

     1,498        1,539,045   

Constellium NV:

    

7.88%, 4/01/21 (e)

     357        383,775   

4.63%, 5/15/21

   EUR  100        98,562   

8.00%, 1/15/23 (e)

   USD      6,525        6,737,062   

5.75%, 5/15/24 (e)

     4,689        4,360,770   

First Quantum Minerals Ltd. (e):

    

7.00%, 2/15/21

     967        952,495   

7.25%, 5/15/22

     1,883        1,826,510   

Freeport-McMoRan, Inc.:

    

2.30%, 11/14/17

     1,337        1,333,658   

2.38%, 3/15/18

     15,430        15,314,275   

3.10%, 3/15/20

     1,560        1,532,700   
Corporate Bonds   

Par  

(000)

    Value  

Metals & Mining (continued)

  

Freeport-McMoRan, Inc. (continued):

    

4.00%, 11/14/21

   USD      2,078      $ 2,036,440   

3.55%, 3/01/22

     4,332        4,100,238   

3.88%, 3/15/23

     8,799        8,271,060   

5.40%, 11/14/34

     689        602,875   

5.45%, 3/15/43

     6,999        5,984,145   

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

     1,378        1,502,020   

Kaiser Aluminum Corp., 5.88%, 5/15/24

     773        798,123   

Novelis Corp. (e):

    

6.25%, 8/15/24

     6,700        6,934,500   

5.88%, 9/30/26

     5,403        5,396,246   

Nyrstar NV, Series NYR, 5.00%, 7/11/22 (j)

   EUR  100        105,434   

Steel Dynamics, Inc.:

    

5.13%, 10/01/21

   USD  3,085        3,216,112   

6.38%, 8/15/22

     1,345        1,415,612   

5.25%, 4/15/23

     949        984,588   

5.50%, 10/01/24

     1,540        1,628,550   

Teck Resources Ltd.:

    

3.00%, 3/01/19

     1,460        1,449,050   

3.75%, 2/01/23

     1,634        1,552,300   

8.50%, 6/01/24 (e)

     2,795        3,263,162   

6.13%, 10/01/35

     502        502,100   

6.00%, 8/15/40

     2,104        2,040,880   

6.25%, 7/15/41

     1,207        1,210,078   

5.20%, 3/01/42

     2,173        1,966,565   

5.40%, 2/01/43

     1,746        1,580,130   

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

     2,224        2,457,520   

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

     2,990        3,102,125   
    

 

 

 
               109,971,449   

Multi-Utilities — 0.2%

  

NGL Energy Partners LP/NGL Energy Finance Corp.:

    

6.88%, 10/15/21

     1,230        1,226,925   

7.50%, 11/01/23 (e)

     1,765        1,760,588   
    

 

 

 
               2,987,513   

Multiline Retail — 0.3%

    

Groupe Fnac SA, 3.25%, 9/30/23

   EUR  225        240,255   

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

   USD  4,467        3,506,595   
    

 

 

 
               3,746,850   

Offshore Drilling & Other Services — 0.1%

  

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

     903        941,378   

 

 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016    13


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds  

Par  

(000)

    Value  

Oil, Gas & Consumable Fuels — 14.5%

  

Antero Midstream Partners LP/Antero Midstream Finance Corp.,
5.38%, 9/15/24 (e)

  USD  385      $ 392,700   

Antero Resources Corp., 5.63%, 6/01/23

    269        274,044   

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

        3,808        3,046,400   

Callon Petroleum Co., 6.13%, 10/01/24 (e)

    817        837,425   

Carrizo Oil & Gas, Inc., 6.25%, 4/15/23

    3,006        3,066,120   

Cenovus Energy, Inc.:

   

5.70%, 10/15/19

    312        331,897   

5.20%, 9/15/43

    110        100,087   

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

    3,678        3,917,070   

Chesapeake Energy Corp.:

   

6.50%, 8/15/17

    225        231,047   

7.25%, 12/15/18

    299        310,586   

4.13%, 4/15/19 (d)

    2,429        2,295,405   

6.63%, 8/15/20

    2,202        2,130,435   

6.88%, 11/15/20

    1,262        1,179,970   

4.88%, 4/15/22

    425        362,313   

8.00%, 12/15/22 (e)

    275        284,625   

5.50%, 9/15/26 (e)(j)

    1,870        1,977,525   

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

    222        230,325   

CONSOL Energy, Inc.:

   

5.88%, 4/15/22

    15,955        15,316,800   

8.00%, 4/01/23

    116        118,320   

Continental Resources, Inc.:

   

5.00%, 9/15/22

    1,380        1,376,550   

4.50%, 4/15/23

    1,104        1,073,640   

3.80%, 6/01/24

    3,669        3,393,825   

Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:

   

6.00%, 12/15/20

    230        234,025   

6.25%, 4/01/23

    175        177,625   

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

   

7.13%, 4/15/21

    2,753        2,856,237   

7.75%, 2/15/23

    1,519        1,617,735   

DCP Midstream LLC (e):

   

6.45%, 11/03/36

    1,258        1,239,130   

6.75%, 9/15/37

    1,490        1,493,725   

Denbury Resources, Inc.:

   

9.00%, 5/15/21 (e)

    2,046        2,122,725   

5.50%, 5/01/22

    1,422        1,162,485   

4.63%, 7/15/23

    598        460,460   

Encana Corp.:

   

3.90%, 11/15/21

    515        509,057   

5.15%, 11/15/41

    1,203        1,045,275   
Corporate Bonds  

Par  

(000)

    Value  

Oil, Gas & Consumable Fuels (continued)

  

Energy Transfer Equity LP:

   

7.50%, 10/15/20

  USD  665      $ 743,138   

5.88%, 1/15/24

        4,667        4,783,675   

5.50%, 6/01/27

    1,965        1,915,875   

EP Energy LLC/Everest Acquisition Finance, Inc., 8.00%, 11/29/24 (e)

    1,738        1,790,140   

Extraction Oil & Gas Holdings LLC/Extraction Finance Corp., 7.88%, 7/15/21 (e)

    2,098        2,208,145   

Genesis Energy LP/Genesis Energy
Finance Corp.:

   

6.00%, 5/15/23

    504        504,000   

5.63%, 6/15/24

    445        433,875   

Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 9/30/21 (e)

    1,792        1,863,680   

Gulfport Energy Corp.:

   

6.63%, 5/01/23

    638        666,710   

6.00%, 10/15/24 (e)

    2,087        2,123,522   

Halcon Resources Corp., 8.63%, 2/01/20 (e)

    1,185        1,215,218   

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

   

5.00%, 12/01/24

    1,758        1,775,580   

5.75%, 10/01/25

    237        240,555   

MEG Energy Corp. (e):

   

6.50%, 3/15/21

    4,781        4,302,900   

6.38%, 1/30/23

    665        586,863   

7.00%, 3/31/24

    5,073        4,426,192   

Murphy Oil Corp., 6.88%, 8/15/24

    2,221        2,337,602   

NGPL PipeCo LLC (e):

   

7.12%, 12/15/17

    14,746        15,298,975   

9.63%, 6/01/19

    3,476        3,632,420   

7.77%, 12/15/37

    1,603        1,675,135   

Noble Holding US Corp/Noble Drilling Services 6 LLC/Noble Drilling Holding LLC, 7.50%, 3/15/19

    675        680,063   

Oasis Petroleum, Inc.:

   

6.50%, 11/01/21

    3,886        3,924,860   

6.88%, 3/15/22

    2,023        2,083,690   

ONEOK, Inc.:

   

4.25%, 2/01/22

    450        439,875   

7.50%, 9/01/23

    1,400        1,584,632   

Paramount Resources Ltd.,
6.88%, 6/30/23 (e)

    5,730        6,030,825   

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

   

7.50%, 2/15/22

    3,009        3,189,540   

6.25%, 6/01/24

    1,171        1,211,985   

PDC Energy, Inc.:

   

7.75%, 10/15/22

    1,039        1,096,145   
 

 

                
14    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds   

Par  

(000)

    Value  

Oil, Gas & Consumable Fuels (continued)

  

PDC Energy, Inc. (continued):

    

6.13%, 9/15/24 (e)

   USD  965      $ 989,125   

QEP Resources, Inc.:

    

6.88%, 3/01/21

     240        247,200   

5.25%, 5/01/23

     1,450        1,406,500   

Range Resources Corp. (e):

    

5.75%, 6/01/21

     568        573,680   

5.88%, 7/01/22

     4,621        4,644,105   

5.00%, 8/15/22

     530        510,125   

5.00%, 3/15/23

     1,530        1,468,800   

Resolute Energy Corp., 8.50%, 5/01/20

     1,549        1,552,872   

Rockies Express Pipeline LLC (e):

    

6.00%, 1/15/19

     1,984        2,063,360   

5.63%, 4/15/20

     265        274,938   

6.88%, 4/15/40

     3,820        3,877,300   

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

     2,065        2,168,250   

Sabine Pass Liquefaction LLC:

    

5.63%, 2/01/21

     3,443        3,649,580   

6.25%, 3/15/22

     406        437,465   

5.63%, 4/15/23

     3,087        3,225,915   

5.75%, 5/15/24

     6,084        6,418,620   

5.63%, 3/01/25

     567        591,098   

5.88%, 6/30/26 (e)

     1,239        1,308,694   

5.00%, 3/15/27 (e)

     846        835,425   

Sanchez Energy Corp.:

    

7.75%, 6/15/21

     138        131,100   

6.13%, 1/15/23

     6,650        5,818,750   

Seven Generations Energy Ltd. (e):

    

8.25%, 5/15/20

     852        906,315   

6.75%, 5/01/23

     934        981,868   

SM Energy Co.:

    

6.50%, 11/15/21

     730        739,125   

6.13%, 11/15/22

         2,096        2,101,240   

6.50%, 1/01/23

     523        525,615   

5.00%, 1/15/24

     88        82,940   

6.75%, 9/15/26

     694        713,085   

Southwestern Energy Co.:

    

7.50%, 2/01/18

     144        150,480   

5.80%, 1/23/20

     3,113        3,175,260   

4.10%, 3/15/22

     1,670        1,536,400   

6.70%, 1/23/25

     460        455,400   

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (e):

    

5.50%, 9/15/24

     1,206        1,193,940   

5.13%, 2/01/25

     548        540,810   

5.38%, 2/01/27

     251        247,863   

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

    

6.38%, 8/01/22

     4,053        4,174,590   
Corporate Bonds   

Par  

(000)

    Value  

Oil, Gas & Consumable Fuels (continued)

  

Targa Resources Partners LP/Targa Resources Partners Finance Corp. (continued):

    

5.25%, 5/01/23

   USD  78      $ 77,610   

6.75%, 3/15/24

     394        417,640   

Tesoro Logistics LP/Tesoro Logistics Finance Corp.:

    

6.13%, 10/15/21

     321        335,846   

6.25%, 10/15/22

         3,154        3,374,780   

Tullow Oil PLC:

    

6.00%, 11/01/20 (e)

     200        182,250   

6.00%, 11/01/20

     200        182,250   

Weatherford International LLC, 6.80%, 6/15/37

     167        131,930   

Weatherford International Ltd.:

    

4.50%, 4/15/22

     655        567,806   

6.50%, 8/01/36

     520        400,400   

7.00%, 3/15/38

     541        430,095   

5.95%, 4/15/42

     476        352,335   

Whiting Petroleum Corp.:

    

5.00%, 3/15/19

     506        499,675   

1.25%, 6/05/20 (j)

     4,885        6,320,124   

5.75%, 3/15/21

     12        11,820   

5.75%, 3/15/21 (j)

     1,537        2,102,121   

6.25%, 4/01/23 (j)

     244        330,423   

Williams Cos., Inc.:

    

3.70%, 1/15/23

     300        282,750   

4.55%, 6/24/24

     2,459        2,397,525   

5.75%, 6/24/44

     3,533        3,338,685   

WPX Energy, Inc.:

    

5.25%, 1/15/17

     300        300,375   

7.50%, 8/01/20

     385        406,175   

6.00%, 1/15/22

     2,638        2,703,132   

8.25%, 8/01/23

     1,915        2,111,287   
    

 

 

 
               214,906,270   

Paper & Forest Products — 0.3%

  

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

     1,605        1,669,200   

Pfleiderer GmbH, 7.88%, 8/01/19

   EUR  430        472,880   

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

   USD 2,865        2,736,075   
    

 

 

 
               4,878,155   

Personal Products — 0.0%

  

Avon International Operations, Inc., 7.88%, 8/15/22 (e)

     569        596,739   

Pharmaceuticals — 2.8%

  

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

     2,670        2,803,500   

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

    

7.25%, 1/15/22

     696        665,550   

6.00%, 7/15/23

     1,609        1,432,010   
 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016    15


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds   

Par  

(000)

    Value  

Pharmaceuticals (continued)

  

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

    

6.50%, 2/01/25

   USD  1,941      $ 1,657,129   

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

   EUR  675        770,842   

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

     159        180,680   

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

   USD  4,047        4,168,410   

inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc.,
7.50%, 10/01/24 (e)

     1,458        1,476,225   

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

     7,115        7,329,019   

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

     3,353        3,306,896   

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

   EUR  210        239,817   

Valeant Pharmaceuticals International, Inc.:

    

6.75%, 8/15/18 (e)

   USD  813        770,318   

5.38%, 3/15/20 (e)

     890        747,600   

7.00%, 10/01/20 (e)

     4,173        3,609,645   

6.38%, 10/15/20 (e)

     4,263        3,623,550   

7.50%, 7/15/21 (e)

     3,060        2,585,700   

6.75%, 8/15/21 (e)

     2,793        2,304,225   

5.50%, 3/01/23 (e)

     77        56,595   

4.50%, 5/15/23

   EUR  226        177,249   

5.88%, 5/15/23 (e)

   USD      1,652        1,230,740   

6.13%, 4/15/25 (e)

     2,444        1,808,560   
    

 

 

 
               40,944,260   

Real Estate Investment Trusts (REITs) — 0.3%

  

Hilton Domestic Operating Co., Inc.,
4.25%, 9/01/24 (e)

     1,269        1,243,620   

iStar, Inc.:

    

4.00%, 11/01/17

     685        686,713   

5.00%, 7/01/19

     480        471,600   

MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.,
4.50%, 9/01/26 (e)

     1,855        1,776,162   

NH Hotel Group SA, 3.75%, 10/01/23

   EUR  225        242,413   
    

 

 

 
               4,420,508   

Real Estate Management & Development — 1.0%

  

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

   GBP  367        544,064   

Aroundtown Property Holdings PLC,
3.00%, 5/05/20 (j)

   EUR  100        135,555   
Corporate Bonds   

Par  

(000)

    Value  

Real Estate Management & Development (continued)

  

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

   GBP  532      $ 638,766   

Punch Taverns Finance PLC, Series M3, 5.90%, 10/15/27 (d)(e)

     622        700,422   

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

    

4.50%, 4/15/19

   USD  806        826,150   

5.25%, 12/01/21

     2,900        2,965,250   

4.88%, 6/01/23

     6,574        6,311,040   

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

     1,065        1,078,312   

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

     1,195        1,135,250   
    

 

 

 
               14,334,809   

Road & Rail — 1.0%

  

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

    

5.13%, 6/01/22

     1,055        1,018,075   

6.38%, 4/01/24

     1,105        1,096,712   

5.25%, 3/15/25

     1,810        1,669,725   

Avis Budget Finance PLC, 4.13%, 11/15/24

   EUR  450        460,240   

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

     675        744,015   

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

   USD      2,037        2,098,110   

Herc Rentals, Inc. (e):

    

7.50%, 6/01/22

     853        879,656   

7.75%, 6/01/24

     83        85,283   

Hertz Corp.:

    

5.88%, 10/15/20

     370        360,750   

7.38%, 1/15/21

     2,360        2,369,440   

6.25%, 10/15/22

     1,490        1,404,325   

5.50%, 10/15/24 (e)

     1,860        1,620,525   

Hertz Holdings Netherlands BV,
4.13%, 10/15/21

   EUR  325        333,704   

Loxam SAS, 3.50%, 5/03/23

     150        156,990   

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

   USD  1,093        1,120,325   
    

 

 

 
               15,417,875   

Semiconductors & Semiconductor Equipment — 1.1%

  

Advanced Micro Devices, Inc.:

    

7.50%, 8/15/22

     422        451,540   

7.00%, 7/01/24

     409        413,090   

Micron Technology, Inc. (e):

    

5.25%, 8/01/23

     1,989        1,964,137   

5.63%, 1/15/26

     851        829,725   

Microsemi Corp., 9.13%, 4/15/23 (e)

     257        297,478   

NXP BV/NXP Funding LLC (e):

    

4.13%, 6/15/20

     2,409        2,505,360   
 

 

                
16    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds   

Par  

(000)

    Value  

Semiconductors & Semiconductor Equipment (continued)

  

NXP BV/NXP Funding LLC (e) (continued):

    

4.13%, 6/01/21

   USD      1,448      $ 1,509,540   

4.63%, 6/15/22

     1,319        1,394,843   

3.88%, 9/01/22

     1,422        1,457,550   

5.75%, 3/15/23

     1,070        1,131,525   

4.63%, 6/01/23

     1,145        1,207,975   

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

     3,923        3,864,155   
    

 

 

 
               17,026,918   

Software — 2.6%

  

BMC Software Finance, Inc., 8.13%, 7/15/21 (e)

     2,202        1,981,800   

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

     1,553        1,634,533   

Inception Merger Sub, Inc./Rackspace Hosting, Inc., 8.63%, 11/15/24 (e)

     4,586        4,586,000   

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

     244        210,450   

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

     3,521        3,529,802   

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

     6,826        7,013,715   

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

     946        893,970   

JDA Escrow LLC/JDA Bond Finance, Inc.,
7.38%, 10/15/24 (e)

     1,465        1,503,456   

Nuance Communications, Inc. (e):

    

5.38%, 8/15/20

     830        848,675   

6.00%, 7/01/24

     1,600        1,644,000   

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

     722        759,905   

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

     7,107        7,853,235   

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

     3,037        3,097,740   

TIBCO Software, Inc., 11.38%, 12/01/21 (e)

     2,117        2,027,027   

Veritas US, Inc./Veritas Bermuda Ltd.,
7.50%, 2/01/23

   EUR  400        390,025   
    

 

 

 
               37,974,333   

Specialty Retail — 1.2%

  

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

   USD  2,413        2,431,097   

JC Penney Corp., Inc.:

    

6.38%, 10/15/36

     997        812,555   

7.40%, 4/01/37

     874        773,490   

L Brands, Inc.:

    

8.50%, 6/15/19

     3,925        4,508,844   
Corporate Bonds   

Par  

(000)

    Value  

Specialty Retail (continued)

  

L Brands, Inc. (continued):

    

6.88%, 11/01/35

   USD  2,303      $ 2,303,000   

Penske Automotive Group, Inc.:

    

5.75%, 10/01/22

     2,181        2,230,072   

5.38%, 12/01/24

     1,447        1,421,678   

5.50%, 5/15/26

     1,358        1,308,881   

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

     1,599        1,656,964   

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

   EUR  200        223,107   
    

 

 

 
               17,669,688   

Technology Hardware, Storage & Peripherals — 0.7%

  

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

    

4.42%, 6/15/21

   USD  1,565        1,610,374   

7.13%, 6/15/24

     3,202        3,498,086   

6.02%, 6/15/26

     2,940        3,092,927   

8.35%, 7/15/46

     945        1,108,095   

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

         1,339        1,446,120   
    

 

 

 
               10,755,602   

Textiles, Apparel & Luxury Goods — 0.0%

  

BiSoho SAS, 5.88%, 5/01/23

   EUR  400        451,991   

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

   USD  274        281,453   
    

 

 

 
               733,444   

Thrifts & Mortgage Finance — 0.1%

  

Jerrold Finco PLC, 6.25%, 9/15/21

   GBP  225        281,182   

MGIC Investment Corp., 5.75%, 8/15/23

   USD  1,117        1,158,888   

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

     706        727,180   
    

 

 

 
               2,167,250   

Trading Companies & Distributors — 0.0%

  

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

     278        289,120   

Transportation Infrastructure — 0.0%

  

Jack Cooper Enterprises, Inc., (10.50% Cash or 11.25% PIK), 10.50%, 3/15/19 (e)(g)

     2,972        326,866   

WFS Global Holding SAS, 9.50%, 7/15/22

   EUR  365        394,582   
    

 

 

 
               721,448   

Utilities — 0.0%

  

ContourGlobal Power Holdings SA, 5.13%, 6/15/21

     175        192,837   

 

 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016    17


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Corporate Bonds   

Par  

(000)

    Value  

Wireless Telecommunication Services — 5.6%

  

Communications Sales & Leasing, Inc./CSL Capital LLC:

    

6.00%, 4/15/23 (e)

   USD  477      $ 494,888   

8.25%, 10/15/23

         4,920        5,166,000   

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

     2,085        1,548,112   

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

     8,447        7,337,318   

GEO Group, Inc.:

    

5.88%, 1/15/22

     350        349,125   

5.88%, 10/15/24

     2,030        1,958,950   

6.00%, 4/15/26

     530        508,800   

Matterhorn Telecom SA, 3.88%, 5/01/22

   EUR  635        676,100   

Sprint Capital Corp.:

    

6.90%, 5/01/19

   USD  640        667,200   

6.88%, 11/15/28

     9,002        8,659,024   

8.75%, 3/15/32

     408        428,400   

Sprint Communications, Inc.:

    

9.00%, 11/15/18 (e)

     17,517        19,246,804   

7.00%, 8/15/20

     1,270        1,317,625   

Sprint Corp.:

    

7.25%, 9/15/21

     922        945,050   

7.88%, 9/15/23

     3,897        4,023,652   

7.13%, 6/15/24

     12,105        12,036,970   

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 3/20/23 (e)

     2,554        2,560,385   

T-Mobile USA, Inc.:

    

6.63%, 4/28/21

     2,180        2,275,375   

6.13%, 1/15/22

     367        384,278   

6.73%, 4/28/22

     1,227        1,282,031   

6.00%, 3/01/23

     2,599        2,722,452   

6.50%, 1/15/24

     2,638        2,818,518   

6.38%, 3/01/25

     994        1,062,338   

6.50%, 1/15/26

     3,558        3,842,640   

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

   EUR  824        884,233   
    

 

 

 
        83,196,268   
Total Corporate Bonds 107.5%        1,595,395,826   
    
                  
Floating Rate Loan Interests (d)               

Air Freight & Logistics — 0.2%

  

CEVA Group PLC, Synthetic LOC, 5.50%, 3/19/21

   USD 916        728,844   

CEVA Intercompany BV, Dutch Term Loan, 5.50%, 3/19/21

     946        752,760   

CEVA Logistics Canada ULC, Canadian Term Loan, 5.50%, 3/19/21

     144        114,308   
Floating Rate Loan Interests (d)   

Par  

(000)

    Value  

Air Freight & Logistics (continued)

  

CEVA Logistics US Holdings, Inc., Term Loan, 7.00%, 3/19/21

   USD      1,347      $ 1,071,823   
    

 

 

 
        2,667,735   

Airlines — 0.4%

  

Delta Air Lines, Inc., 2018 Term Loan B1,
4.75%, 10/18/18

     2,301        2,316,052   

Northwest Airlines, Inc.:

    

4.00%, 3/10/17

     443        441,703   

4.75%, 3/10/17

     443        440,863   

3.75%, 9/10/18

     2,165        2,124,734   

4.50%, 9/10/18

     1,082        1,061,713   
    

 

 

 
        6,385,065   

Auto Components — 0.2%

  

Gates Global, Inc., Term Loan B,
3.75%, 7/06/21

     3,650        3,628,355   

Chemicals — 0.1%

  

Axalta Coating Systems US Holdings, Inc., Term Loan, 5.75%, 2/01/20

     194        194,736   

Chemours Co., Term Loan B, 3.75%, 5/12/22

     127        125,045   

MacDermid, Inc., Term Loan B3, 6.50%, 6/07/20

     1,145        1,146,243   
    

 

 

 
        1,466,024   

Commercial Services & Supplies — 0.3%

  

Brand Energy & Infrastructure Services, Inc., Term Loan B, 3.75%, 11/26/20

     3,740        3,682,154   

Diversified Consumer Services — 0.3%

  

Gol LuxCo S.A., 1st Lien Term Loan,
8.50%, 8/31/20

     3,885        3,957,844   

Laureate Education, Inc., Term Loan B,
3.58%, 3/17/21

     1,104        1,090,118   
    

 

 

 
        5,047,962   

Diversified Telecommunication Services — 0.1%

  

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

     1,403        1,409,904   

Electric Utilities — 0.4%

  

Energy Future Intermediate Holding Co. LLC, 2016 DIP Term Loan, 6.50%, 6/30/17

     1,443        1,449,854   

TEX Operations Co. LLC:

    

Exit Term Loan B, 9.25%, 8/04/23

     3,335        3,365,770   
 

 

                
18    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Floating Rate Loan Interests (d)   

Par  

(000)

    Value  

Electric Utilities (continued)

  

TEX Operations Co. LLC (continued):

    

Exit Term Loan C, 8.87%, 8/04/23

   USD 686      $ 691,808   
    

 

 

 
               5,507,432   

Energy Equipment & Services — 0.2%

  

Weatherford International Ltd., Term Loan, 2.46%, 7/13/20

         2,580        2,444,680   

Health Care Equipment & Supplies — 0.3%

  

Alere, Inc., 2015 Term Loan B, 7.50%, 6/18/22

     1,615        1,599,797   

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

     1,303        1,247,741   

Immucor, Inc., Refinancing Term Loan B2, 3.25%, 8/17/18

     1,865        1,813,372   
    

 

 

 
               4,660,910   

Health Care Providers & Services — 0.4%

  

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

     1,649        1,630,572   

inVentiv Health, Inc., 2016 Term Loan B,
4.25%, 9/28/23

     2,254        2,258,936   

MPH Acquisition Holdings LLC, 2016 Term Loan B, 7.36%, 6/07/23

     1,078        1,089,450   

Surgery Center Holdings, Inc., 1st Lien Term Loan, 5.00%, 11/03/20

     949        946,856   

Vizient, Inc., 2016 Term Loan B, 2.46%, 2/13/23

     668        674,147   
    

 

 

 
               6,599,961   

Hotels, Restaurants & Leisure — 1.9%

  

Amaya Holdings BV:

    

1st Lien Term Loan, 3.61%, 8/01/21

     4,722        4,716,781   

2nd Lien Term Loan, 5.25%, 8/01/22

     248        245,897   

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

     5,304        5,198,032   

Caesars Entertainment Operating Co., Inc., Term Loan B7, 4.75%, 3/01/17

     3,447        3,980,043   

Caesars Entertainment Resort Properties LLC, Term Loan B, 4.75%, 10/11/20

     13,252        13,326,825   

Four Seasons Holdings Inc., Term Loan B, 6.50%, 11/21/23

     275        277,236   
    

 

 

 
               27,744,814   
Floating Rate Loan Interests (d)   

Par  

(000)

    Value  

Industrial Conglomerates — 0.3%

  

Vertiv Co., Term Loan B, 4.75%, 9/29/23

   USD      4,772      $ 4,720,827   

Insurance — 0.1%

  

Alliant Holdings I, Inc., Incremental Term Loan B2, 4.25%, 8/12/22

     716        719,266   

AssuredPartners, Inc., 2016 Term Loan B, 8.00%, 10/21/22

     1,223        1,227,104   
    

 

 

 
               1,946,370   

Machinery — 0.2%

  

Silver II US Holdings LLC, Term Loan,
4.25%, 12/13/19

     2,863        2,556,700   

Media — 0.7%

    

iHeartCommunications, Inc., Term Loan D, 9.50%, 1/30/19

     6,888        5,332,027   

Intelsat Jackson Holdings SA, Term Loan B2, 4.25%, 6/30/19

     5,557        5,353,551   
    

 

 

 
               10,685,578   

Metals & Mining — 0.1%

  

FMG Resources August 2006 Property Ltd., Term Loan B, 6.50%, 6/30/19

     1,879        1,880,208   

Oil, Gas & Consumable Fuels — 1.4%

  

California Resources Corp., Term Loan A, 4.75%, 10/01/19

     3,939        3,771,996   

Chesapeake Energy Corp., Term Loan,
7.00%, 8/23/21

     9,525        10,173,429   

CITGO Holding, Inc., 2015 Term Loan B,
3.61%, 5/12/18

     2,509        2,535,522   

MEG Energy Corp., Refinancing Term Loan, 5.25%, 3/31/20

     463        435,060   

Ultra Resources, Inc., Revolver,
4.61%, 4/06/17 (h)

     4,600        4,289,500   
    

 

 

 
               21,205,507   

Pharmaceuticals — 0.7%

  

DPx Holdings BV, 2014 Incremental Term Loan, 5.50%, 3/11/21

     1,475        1,475,372   

Jaguar Holding Co. II, 2015 Term Loan B,
5.75%, 8/18/22

     3,561        3,569,034   

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

     1,142        1,142,674   

Valeant Pharmaceuticals International, Inc.:

    

Series A3 Tranche A, 5.50%, 10/20/18

     399        395,970   

Series C2 Term Loan B,
3.75%, 12/11/19

     682        674,346   

Series D2 Term Loan B, 3.75%, 2/13/19

     125        123,795   
 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016    19


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Floating Rate Loan Interests (d)   

Par  

(000)

    Value  

Pharmaceuticals (continued)

  

Valeant Pharmaceuticals International, Inc. (continued):

    

Series E Term Loan B, 5.00%, 8/05/20

   USD      1,524      $ 1,504,830   

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

     904        896,021   
    

 

 

 
               9,782,042   

Professional Services — 0.2%

  

Advantage Sales & Marketing, Inc.:

    

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

     1,666        1,653,505   

2014 2nd Lien Term Loan,
4.25%, 7/25/22

     1,249        1,173,705   
    

 

 

 
               2,827,210   

Semiconductors & Semiconductor Equipment — 0.1%

  

Avago Technologies Cayman Ltd., Term Loan B3, 6.50%, 2/01/23

     1,448        1,461,631   

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

     297        298,956   
    

 

 

 
               1,760,587   

Software — 1.4%

  

BMC Software Finance, Inc., Term Loan,
3.54%, 9/10/20

     5,185        5,061,776   

Infor US, Inc., Term Loan B5, 4.25%, 6/03/20

     2,612        2,606,737   

Informatica Corp., Term Loan, 4.25%, 8/05/22

     1,233        1,205,500   

Kronos Incorporated:

    

1st Lien Term Loan, 7.25%, 11/01/23

     3,719        3,727,144   

2nd Lien Term Loan, 7.25%, 10/04/24

     3,635        3,721,401   

RP Crown Parent LLC, 2016 Term Loan B, 4.00%, 10/12/23

     1,163        1,168,815   

Tibco Software Inc., Term Loan B,
5.25%, 12/04/20

     3,319        3,309,008   
    

 

 

 
               20,800,381   

Specialty Retail — 0.0%

  

Leslie’s Poolmart, Inc., 2016 Term Loan,
3.75%, 8/16/23

     267        269,289   

Textiles, Apparel & Luxury Goods — 0.4%

  

Ascend Performance Materials LLC, Term Loan B, 5.00%, 8/12/22

     5,335        5,312,609   

J. Crew Group, Inc., Term Loan B,
4.25%, 3/05/21

     888        569,538   
    

 

 

 
               5,882,147   
Floating Rate Loan Interests (d)   

Par  

(000)

    Value  

Wireless Telecommunication Services — 1.7%

  

Ligado Networks LLC, 2015 2nd Lien Term Loan, 4.25%, 12/07/20 (a)(h)

   USD    35,822      $ 24,627,682   
Total Floating Rate Loan Interests 12.1%              180,189,524   
    
                  
Investment Companies    Shares         

United States — 2.0%

  

Financial Select Sector SPDR Fund

     380,017        8,554,183   

iShares iBoxx $ High Yield Corporate
Bond ETF (l)

     43,661        3,739,565   

SPDR Barclays High Yield Bond ETF

     431,279        15,577,797   

SPDR S&P Oil & Gas Exploration &
Production ETF

     25,675        1,076,553   
Total Investment Companies 2.0%              28,948,098   
    
                  
Non-Agency Mortgage-Backed Securities   

Par  

(000)

        

Collateralized Mortgage Obligations — 0.2%

  

Hilton USA Trust, Series 2013-HLT, Class EFX, 4.60%, 11/05/30 (d)(e)

   USD 2,882        2,880,925   

Commercial Mortgage-Backed Securities — 0.1%

  

GAHR Commercial Mortgage Trust 2015-NRF, Series 2015-NRF, Class FFX,
3.49%, 12/15/34 (d)(e)

     1,925        1,824,004   
Total Non-Agency Mortgage-Backed Securities 0.3%        4,704,929   
Other Interests — 0.0% (m)   

Beneficial
Interest

(000)

        

United States — 0.0%

  

Lear Corp. Escrow

     1,250        13   
    
                  
Preferred Securities               
Capital Trusts   

Par  

(000)

        

Banks — 1.1%

  

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

    

6.75%

     400        390,979   

7.00%

     1,000        979,036   

8.88%

     200        222,568   
 

 

                
20    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Preferred Securities   

Par  

(000)

    Value  
Capital Trusts (continued)                 

Banks (continued)

  

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

   USD  600      $ 549,769   

Banco Santander SA, 6.25% (d)(k)

     1,100        1,047,806   

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

     250        257,517   

BNP Paribas SA, 7.20% (k)

     100        110,500   

Citigroup, Inc. (d)(k):

    

5.95%

     2,857        2,833,346   

Series O, 5.88%

     2,405        2,405,000   

Series Q, 5.95%

     1,165        1,170,825   

Series R, 6.13%

     615        638,063   

Cooperatieve Rabobank UA, (d)(k)

    

5.50%

     200        209,482   

6.63%

     200        221,451   

DNB Bank ASA, 6.50% (d)(k)

     200        201,500   

Intesa Sanpaolo SpA (d)(k):

    

7.00%

     375        377,571   

7.70% (e)

     200        175,750   

Wells Fargo & Co. (d)(k):

    

Series S, 5.90%

     3,310        3,327,377   

Series U, 5.88%

     1,375        1,417,749   
    

 

 

 
               16,536,289   

Capital Markets — 0.7%

  

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

     200        188,000   

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

     5,218        5,263,657   

Morgan Stanley (d)(k):

    

Series H, 5.45%

     3,309        3,242,820   

Series J, 5.55%

     440        440,550   

UBS Group AG (d)(k):

    

5.75%

     800        870,213   

7.00%

     425        442,851   
    

 

 

 
               10,448,091   

Chemicals — 0.0%

  

Lanxess AG, 4.50%, 12/06/76 (d)

     225        235,259   

Solvay Finance SA, 5.12% (d)(k)

     210        234,276   
    

 

 

 
               469,535   

Diversified Financial Services — 1.8%

  

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

    

Series AA, 6.10%

     3,011        3,011,000   

Series V, 5.13%

     2,205        2,160,900   

Series X, 6.25%

     2,874        2,859,659   

Series Z, 6.50%

         1,816        1,889,911   

Barclays PLC, 7.88% (d)(k)

     325        319,313   

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

     600        642,937   

HBOS Capital Funding LP, 6.85% (k)

     400        404,500   
Preferred Securities   

Par  

(000)

    Value  
Capital Trusts (continued)   

Diversified Financial Services (continued)

  

JPMorgan Chase & Co., (d)(k):

    

6.75%

   USD      5,324      $ 5,723,300   

Series Q, 5.15%

     850        822,375   

Series U, 6.13%

     4,228        4,262,352   

Series V, 5.00%

     3,075        2,990,437   

Royal Bank of Scotland Group PLC,
8.63% (d)(k)

     982        966,043   

Societe Generale SA, 7.38% (d)(e)(k)

     300        288,750   
    

 

 

 
               26,341,477   

Diversified Telecommunication Services — 0.3%

  

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

     566        637,367   

Orange SA, 4.00% (d)(k):

    

4.00%

     600        665,639   

5.75%

     100        129,699   

Telefonica Europe BV (d)(k):

    

3.75%

     200        200,312   

4.20%

     1,500        1,584,210   

6.50%

     600        666,992   

6.75%

     100        129,186   
    

 

 

 
               4,013,405   

Electric Utilities — 0.1%

  

Enel SpA (d):

    

6.50%, 1/10/74

     689        776,737   

7.75%, 9/10/75

     105        141,612   

Origin Energy Finance Ltd. (d):

    

4.00%, 6/16/71

     110        111,920   

7.88%, 9/16/74

     100        111,686   
    

 

 

 
               1,141,955   

Media — 0.0%

  

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

     400        419,500   

SES SA, 5.63% (d)(k)

     275        290,730   
    

 

 

 
               710,230   

Metals & Mining — 0.0%

  

BHP Billiton Finance Ltd., 4.75%, 4/22/76 (d)

     300        340,371   

Oil, Gas & Consumable Fuels — 0.2%

  

DCP Midstream LLC, 5.85%, 5/21/43 (d)(e)

     225        191,250   

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

     1,200        1,159,752   

Repsol International Finance BV,
4.50%, 3/25/75 (d)

     369        352,970   
 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016    21


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Preferred Securities  

Par  

(000)

    Value  
Capital Trusts (continued)                

Oil, Gas & Consumable Fuels (continued)

  

TOTAL SA, 3.88% (d)(k)

  USD  625      $ 695,526   
   

 

 

 
              2,399,498   
Total Capital Trusts – 4.2%             62,400,851   
Preferred Stocks   Shares         

Capital Markets — 0.0%

  

CF-B L2 (D) LLC, (Aquired 4/08/15,
cost $629,122) (c)

      633,461        535,402   

Diversified Financial Services — 0.1%

  

Concrete Investments II

    4,997        566,679   

Hotels, Restaurants & Leisure — 1.1%

  

Amaya, Inc.

    19,851        16,243,743   
Total Preferred Stocks             17,345,824   
   
                 
Trust Preferred — 0.4%              

Diversified Financial Services — 0.4%

  

GMAC Capital Trust I, Series 2,
6.60, 2/15/40 (d)

    256,246        6,426,333   
Total Preferred Securities 5.8%             86,173,008   
   
                 
Warrants              

Metals & Mining — 0.0%

  

Peninsula Energy Ltd. (Expires 12/31/17)

    288,820        2   

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

    515,378        38,058   
   

 

 

 
              38,060   
   
Warrants  

Shares

    Value  

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      $ 7,942   
Total Warrants 0.0%             46,002   

Total Long-Term Investments

(Cost — $2,069,665,633) — 135.9%

            2,016,779,692   
   
                 
Short-Term Securities              

BlackRock Liquidity Funds, T-Fund,
Institutional Class, 0.25% (l)(n)

    2,643,446        2,643,446   

Total Short-Term Securities

(Cost – 2,643,446) 0.2%

            2,643,446   

Options Purchased

(Cost — $1,691,726) — 0.1%

            1,388,567   

Total Investments Before Options Written

(Cost — $2,074,000,805*) — 136.2%

            2,020,811,705   

Options Written

(Premiums Received — $348,010) — (0.0)%

            (214,866
Total Investments, Net of Options Written
(Cost — $2,073,652,795) — 136.2%
      2,020,596,839   

Liabilities in Excess of Other Assets (36.2)%

      (537,101,070
   

 

 

 

Net Assets 100.0%

    $ 1,483,495,769   
   

 

 

 

 

*   As of November 30, 2016, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

  $ 2,077,218,457   
 

 

 

 

Gross unrealized appreciation

  $ 64,051,499   

Gross unrealized depreciation

    (120,458,251
 

 

 

 

Net unrealized depreciation

  $ (56,406,752
 

 

 

 
 
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 $547,577 and an original cost of $816,585, 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.

 

(i)   Zero-coupon bond.

 

                
22    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

 

(j)   Convertible security.

 

(k)   Perpetual security with no stated maturity date.

 

(l)   During the period ended November 30, 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,

2016

   

Shares

Purchased

   

Shares

Sold

   

Shares Held

at November 30,
2016

    Value at
November 30, 2016
    Income    

Realized

Loss

 

BlackRock Liquidity Funds, T-Fund, Institutional Class

           2,643,446 1             2,643,446      $ 2,643,446      $ 1,425          

iShares iBoxx $ High Yield Corporate Bond ETF

    152,000        120,703        (229,042     43,661        3,739,565        122,623      $ (74,083

Total

          $ 6,383,011      $ 124,048      $ (74,083
   

1   Represents net shares purchased.

      

 

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

 

(n)   Current yield as of period end.

 

 

For Trust compliance purposes, the Trust’s industry classifications refer to 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 the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry subclassifications for reporting ease.

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Contracts
Short
    Issue     Expiration      Notional
Value
     Unrealized
Appreciation
(Depreciation)
 
  (9     Euro BOBL        December 2016       $ 1,253,665       $ 5,047   
  (6     Euro Bund Futures        December 2016       $ 1,024,196         12,936   
  (230     S&P 500 E-Mini Index        December 2016       $     25,286,200         (1,001,199
  Total              $ (983,216
         

 

 

 

Forward Foreign Currency Exchange Contracts

 

Currency
Purchased
       Currency
Sold
    Counterparty   Settlement
Date
       Unrealized
Appreciation
(Depreciation)
        
CAD        5,100,000         USD        3,802,491      Barclays Bank PLC     12/05/16         $ (5,790  
EUR        657,365         USD        700,000      Citibank N.A.     12/05/16           (3,225  
EUR        250,000         USD        265,621      Morgan Stanley & Co. International PLC     12/05/16           (633  
GBP        729,343         USD        909,000      Deutsche Bank AG     12/05/16           3,588     
GBP        450,000         USD        559,017      Northern Trust Co.     12/05/16           4,044     
GBP        1,000,000         USD        1,249,623      Royal Bank of Scotland PLC     12/05/16           1,624     
USD        1,220,322         AUD        1,605,000      BNP Paribas S.A.     12/05/16           35,220     
USD        23,194,895         CAD        31,080,000      BNP Paribas S.A.     12/05/16           57,353     
USD        145,450         EUR        131,000      Australia and New Zealand Bank Group     12/05/16           6,596     
USD        248,301         EUR        225,000      Bank of America N.A.     12/05/16           9,812     
USD        257,019         EUR        242,000      BNP Paribas S.A.     12/05/16           510     
USD        300,281         EUR        270,000      Citibank N.A.     12/05/16           14,094     
USD        75,761,413         EUR        69,132,000      Goldman Sachs International     12/05/16           2,484,773     
USD        896,853         GBP        720,000      Citibank N.A.     12/05/16           (4,045  
USD        374,953         GBP        300,000      Citibank N.A.     12/05/16           (421  

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016    23


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Forward Foreign Currency Exchange Contracts (continued)

 

Currency
Purchased
       Currency
Sold
    Counterparty   Settlement
Date
       Unrealized
Appreciation
(Depreciation)
 
USD        19,510,155           GBP           16,041,000      Royal Bank of Scotland PLC     12/05/16         $ (561,094
USD        1,193,157           AUD           1,605,000      National Austrailia Bank Ltd.     1/05/17           8,963   
USD        19,297,958           CAD           25,938,000      JPMorgan Chase Bank N.A.     1/05/17           (18,891
USD        73,299,847           EUR           68,924,000      Goldman Sachs International     1/05/17           109,434   
USD        18,526,616           GBP           14,835,000      Royal Bank of Scotland PLC     1/05/17           (55,877
Total                         $ 2,086,035   
                       

 

 

 

Exchange-Traded Options Purchased

 

Description   Put/
Call
           Expiration
Date
  

Strike

Price

    Contracts     Value  

iShare Russell 2000 ETF

    Put              1/20/17      USD        125.00        3,114      $ 482,670   

OTC Interest Rate Swaptions Purchased

 

Description   Counterparty     Put/
Call
    Exercise
Rate
    Pay/Receive
Exercise Rate
    Floating Rate
Index
    Expiration
Date
   

Notional
Amount

(000)

    Value  

10-Year Interest Rate Swap

    Citibank N.A.        Put        2.40     Pay        3-Month LIBOR        2/28/17        USD        75,950      $ 894,193   

OTC Options Purchased

 

Description   Put/
Call
    Counterparty   Expiration
Date
   Strike
Price
    Contracts     Value  

Marsico Parent Superholdco LLC

    Call      Goldman Sachs & Co.   12/14/19      USD        942.86        39      $ 1   

Euro Stoxx 50 Index

    Put      Morgan Stanley & Co. International PLC   12/16/16      EUR        2,950.00        250        6,213   

Euro Stoxx 50 Index

    Put      Morgan Stanley & Co. LLC   12/16/16      EUR        3,000.00        140        5,490   

Total

               $ 11,704   
              

 

 

 

Exchange-Traded Options Written

 

Description   Put/
Call
           Expiration
Date
   

Strike

Price

    Contracts     Value  

iShare Russell 2000 ETF

    Put                1/20/17        USD        119.00        3,114      $ (214,866

Centrally Cleared Credit Default Swaps — Sell Protection

 

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

Markit CDX North America High Yield Index, Series 27, Version 1

       5.00        12/20/21           B+           USD           87,422         $ 911,522   

Markit iTraxx XO, Series 26, Version 1

       5.00        12/20/21           B           EUR           490           (3,457

Total

                              $ 908,065   
                             

 

 

 

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.

       

       

 

                
24    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

OTC Credit Default Swaps — Sell Protection

 

Issuer/Index   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        NR        USD        8,180      $ 642,265             $ 642,265   

CNH Industrial NV

    5.00     Goldman Sachs International        6/20/21        BB+        EUR        554        78,005      $ 50,644        27,361   

Total

              $ 720,270      $ 50,644      $ 669,626   
                 

 

 

 

1   Using 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
 

iBoxx USD Liquid High Yield Index

    3-Month LIBOR        Goldman Sachs International        N/A        3/20/17        USD        5,800      $ 271,976             $ 271,976   

iBoxx USD Liquid High Yield Index

    3-Month LIBOR        Goldman Sachs International        N/A        3/20/17        USD        13,000        164,515               164,515   

iBoxx USD Liquid High Yield Index

    3-Month LIBOR       
 
Morgan Stanley Capital
Services LLC
  
  
    N/A        3/20/17        USD        2,700        21,213      $ (4,050     25,263   

iBoxx USD Liquid High Yield Index

    3-Month LIBOR        JPMorgan Chase Bank N.A.        N/A        3/20/17        USD        2,700        (3,885     (4,628     743   

iBoxx USD Liquid High Yield Index

    3-Month LIBOR        Goldman Sachs International        N/A        6/20/17        USD        1,800        10,749               10,749   

iBoxx USD Liquid High Yield Index

    3-Month LIBOR       
 
Morgan Stanley Capital
Services LLC
  
  
    N/A        6/20/17        USD        1,400        44,663               44,663   

iBoxx USD Liquid High Yield Index

    3-Month LIBOR       
 
Morgan Stanley Capital
Services LLC
  
  
    N/A        6/20/17        USD        2,700        5,138               5,138   

iBoxx USD Liquid High Yield Index

    3-Month LIBOR        Citibank N.A.        N/A        6/20/17        USD        2,000        (2,374     (3,048     674   

Markit iBoxx Liquid High Yield Index

    3-Month LIBOR        Goldman Sachs International        N/A        12/20/16        USD        1,900        78,224               78,224   

Morgan Stanley Energy Long Basket Index

   
 
 
FED Funds
Effective Rate
plus 0.25%
  
  
  
   
 
Morgan Stanley & Co.
International PLC
  
  
    N/A        3/30/17        USD        25        555,243               555,243   

Morgan Stanley Energy Long Basket Index

   
 
 
FED Funds
Effective Rate
plus 0.25%
  
  
  
   
 
Morgan Stanley & Co.
International PLC
  
  
    N/A        3/30/17        USD        1        14,632               14,632   

Morgan Stanley Energy Long Basket Index

   
 
 
FED Funds
Effective Rate
plus 0.25%
  
  
  
   
 
Morgan Stanley & Co.
International PLC
  
  
    N/A        3/30/17        USD        1      7,258               7,258   

Morgan Stanley Energy Long Basket Index

   
 
 
FED Funds
Effective Rate
plus 0.25%
  
  
  
   
 
Morgan Stanley & Co.
International PLC
  
  
    N/A        3/30/17        USD        1        27,797               27,797   

Morgan Stanley Energy Long Basket Index

   
 
 
FED Funds
Effective Rate
plus 0.25%
  
  
  
   
 
Morgan Stanley & Co.
International PLC
  
  
    N/A        3/30/17        USD        5        72,728               72,728   

Total

              $ 1,267,877      $ (11,726   $ 1,279,603   
             

 

 

 

1   Amount is less than $500.

      

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016    25


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
LOC    Letter of Credit
OTC    Over-the-Counter
PIK    Payment-In-Kind
USD    U.S. Dollar

 

                
26    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016   


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

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 methodologies 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. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 Investments include equity or debt issued by privately-held companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation methodologies 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 Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual report.

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

            $ 35,290,110         $ 20,917,270         $ 56,207,380   

Common Stocks

  $ 45,486,281           15,567,004           4,061,627           65,114,912   

Corporate Bonds

              1,589,622,733           5,773,093           1,595,395,826   

Floating Rate Loan Interests

              167,002,427           13,187,097           180,189,524   

Investment Companies

    28,948,098                               28,948,098   

Non-Agency Mortgage-Backed Securities

              4,704,929                     4,704,929   

Other Interests

                        13           13   

Preferred Securities

    6,426,333           62,400,851           16,810,422           85,637,606   

Warrants

              38,060           7,942           46,002   

Short-Term Securities

    2,643,446                               2,643,446   
Options Purchased:            

Equity contracts

    11,703           1                     11,704   

Interest rate contracts

    482,670           894,193                     1,376,863   
 

 

 

 

Subtotal

  $ 83,998,531         $ 1,875,520,308         $ 60,757,464         $ 2,020,276,303   
 

 

 

 
Investments Valued at NAV1           535,402   
                

 

 

 

Total

  

     $ 2,020,811,705   
                

 

 

 

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016    27


Consolidated Schedule of Investments (continued)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

 

     Level 1        Level 2        Level 3        Total  
Derivative Financial Instruments 2                 

Assets:

                

Credit contracts

            $ 1,581,148                   $ 1,581,148   

Equity contracts

              677,658                     677,658   

Foreign currency exchange contracts

              2,736,011                     2,736,011   

Interest rate contracts

  $ 17,983           601,945                     619,928   

Liabilities:

                

Credit contracts

              (3,457                  (3,457

Equity contracts

    (1,216,065                            (1,216,065

Foreign currency exchange contracts

              (649,976                  (649,976
 

 

 

 

Total

  $ (1,198,082      $ 4,943,329                   $ 3,745,247   
 

 

 

 
  1  

As of November 30, 2016, certain of the Trust’s investments were fair valued using net asset value (“NAV”) per share as no quoted market value is available and have been excluded from the fair value hierarchy.

  2  

Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts, and options written. Swaps, 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 period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

     Level 1        Level 2        Level 3        Total  

Assets:

  

Cash

  $ 28,816                             $ 28,816   

Cash pledged:

      

Centrally cleared swaps

    4,908,000                               4,908,000   

Futures contracts

    1,121,150                               1,121,150   

Foreign currency at value

    160,298                               160,298   

Liabilities:

                

Bank borrowings payable

            $ (548,000,000                  (548,000,000

Cash received as collateral for OTC derivatives

              (5,210,000                  (5,210,000
 

 

 

 

Total

  $ 6,218,264         $ (553,210,000                $ (546,991,736
 

 

 

 

During the period ended November 30, 2016, there were no transfers between level 1 and 2.

 

                
28    BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 2016   


Consolidated Schedule of Investments (concluded)

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

A reconciliation of Level 3 investments is 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, 2016

  $ 1,725,910      $ 13,191,932      $ 5,853,024      $ 22,184,147      $ 13      $ 17,201,711      $ 13,361      $ 60,170,098   

Transfers into Level 31

           2,229,894               1,673,315                             3,903,209   

Transfers out of Level 32

           (3,932,460            (9,143,290                   (130     (13,075,880

Accrued discounts/premiums

           3,710        1,621        40,331                             45,662   

Net realized gain (loss)

                  (55     61,899                             61,844   

Net change in unrealized appreciation (depreciation)3,4

    2,335,717        174,313        (1,565     440,147               (391,289     (5,289     2,552,034   

Purchases

           9,249,881                                           9,249,881   

Sales

                  (79,932     (2,069,452                          (2,149,384
 

 

 

 

Closing Balance, as of November 31, 2016

  $ 4,061,627      $ 20,917,270      $ 5,773,093      $ 13,187,097      $ 13      $ 16,810,422      $ 7,942      $ 60,757,464   
 

 

 

 

Net change in unrealized appreciation/depreciation on investments still held at November 30, 20164

  $ 2,335,717      $ 174,313      $ (1,565   $ 440,147             $ (391,289   $ (5,289   $ 2,552,034   
 

 

 

 

 

  1   

As of August 31, 2016, the Trust used observable inputs in determining the value of certain investments. As of November 30, 2016, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

  2   

As of August 31, 2016, the Trust used significant unobservable inputs in determining the value of certain investments. As of November 30, 2016, the Trust used observable inputs in determining the value of the same investments. As a result, investments at 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) on investments still held at November 30, 2016 is generally due to investments no longer held or categorized as Level 3 at period end.

Certain of the Trust’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information inputs could result in a significantly lower or higher value of such Level 3 investments.

 

                
   BLACKROCK CORPORATE HIGH YIELD FUND, INC.    NOVEMBER 30, 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: January 23, 2017

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: January 23, 2017

 

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

Date: January 23, 2017