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: 08/31/2018

Date of reporting period: 11/30/2017


Item 1 – Schedule of Investments


Schedule of Investments  (unaudited)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security              
Shares
    Value  

Common Stocks — 1.2%

 

Chemicals — 0.1%  

Advanced Emissions Solutions, Inc.

      168,580     $ 1,515,534  
     

 

 

 
Consumer Finance — 0.0%  

Ally Financial, Inc.

      2       54  
     

 

 

 
Containers & Packaging — 0.0%  

Smurfit Kappa Group PLC

      2,449       77,983  
     

 

 

 
Diversified Financial Services — 0.3%  

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

      4,997        

Kcad Holdings I Ltd.(a)

      2,223,465,984       4,246,820  
     

 

 

 
    4,246,820  
Energy Equipment & Services — 0.1%  

Larcina Energy Ltd.(a)(b)(c)

      211,764       2  

Osum Oil Sands Corp.(a)(b)(c)

      400,000       1,106,848  
     

 

 

 
    1,106,850  
Media — 0.1%  

Altice USA, Inc., Class A(c)

      45,696       815,674  

Emmis Communications Corp., Class A(c)

      7,210       26,316  
     

 

 

 
    841,990  
Metals & Mining — 0.1%  

Constellium NV, Class A(c)

      10,735       113,791  

Peninsula Energy Ltd.(c)

      2,051,920       651,870  

Teck Resources Ltd., Class B

      35,860       824,063  
     

 

 

 
    1,589,724  
Oil, Gas & Consumable Fuels — 0.3%  

Gener8 Maritime Corp.

      965,338       4,392,288  

Halcon Resources Corp.(c)

      144,438       1,024,065  
     

 

 

 
    5,416,353  
Semiconductors & Semiconductor Equipment — 0.0%  

SunPower Corp.(c)

      1,025       8,467  
     

 

 

 
Wireless Telecommunication Services — 0.2%  

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

      59,550       3,636,718  
     

 

 

 

Total Common Stocks — 1.2%
(Cost — $67,875,324)

 

    18,440,493  
     

 

 

 
Security     Par
(000)
    Value  

Asset-Backed Securities — 3.7%

 

Accunia European CLO I BV, Series 1X, Class E, (3 mo. Euribor + 7.00%), 7.00%, 07/15/29(d)

    EUR       1,400     $ 1,684,652  

Allegro CLO II Ltd., Series 2014-1A, Class CR, (3 mo. LIBOR US + 3.85%),
5.21%, 01/21/27(d)(e)

    USD       1,000       1,001,961  

ALM Loan Funding(d)(e):

     

Series 2013-7R2A, Class BR, (3 mo. LIBOR US + 2.75%), 4.11%, 10/15/27

      500       505,270  

Series 2013-8A, Class CR, (3 mo. LIBOR US + 3.95%), 5.31%, 10/15/28

      1,400       1,422,104  

ALM VI Ltd., Series 2012-6A, Class B1RR, (3 mo. LIBOR US + 2.05%),
3.41%, 07/15/26(d)(e)

      1,000       1,007,900  

ALM VII R Ltd., Series 2013-7RA, Class BR, (3 mo. LIBOR US + 2.70%),
4.06%, 10/15/28(d)(e)

      500       511,395  

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

     

Class BR, (3 mo. LIBOR US + 2.05%), 3.41%, 04/16/27

      500       503,657  

Class C1R, (3 mo. LIBOR US + 3.20%), 4.56%, 04/16/27

      1,500       1,521,054  

ALM XIV Ltd., Series 2014-14A, Class C, (3 mo. LIBOR US + 3.45%),
4.83%, 07/28/26(d)(e)

      500       502,732  

ALM XVI Ltd/ALM XVI LLC, Series 2015-16A(d)(e):

     

Class BR, (3 mo. LIBOR US + 2.05%), 3.41%, 07/15/27

      590       594,571  

Class C1R, (3 mo. LIBOR US + 3.20%), 4.56%, 07/15/27

      742       753,897  

AMMC CLO 18 Ltd., Series 2016-18A, Class D, (3 mo. LIBOR US + 5.00%),
6.46%, 05/26/28(d)(e)

      500       508,011  

AMMC CLO 19 Ltd., Series 2016-19A, Class C, (3 mo. LIBOR US + 2.80%),
4.16%, 10/15/28(d)(e)

      413       419,212  
 

 

 

SCHEDULE OF INVESTMENTS      1  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security     Par
(000)
    Value  
Asset-Backed Securities (continued)  

Anchorage Capital CLO Ltd.(d)(e):

     

Series 2012-1A, Class DR, (3 mo. LIBOR US + 7.25%), 8.61%, 01/13/27

    USD       600     $ 607,602  

Series 2014-3A, Class C, (3 mo. LIBOR US + 3.50%), 4.88%, 04/28/26

      500       501,335  

Series 2014-4A, Class CR, (3 mo. LIBOR US + 3.40%), 4.78%, 07/28/26

      1,000       1,012,956  

Series 2016-8A, Class D, (3 mo. LIBOR US + 4.20%), 5.58%, 07/28/28

      1,000       1,014,177  

Apidos CLO XVIII, Series 2014-18A, Class CR, (3 mo. LIBOR US + 3.25%), 4.61%, 07/22/26(d)(e)

      550       557,310  

Apidos CLO XX, Series 2015-20A, Class BR, (3 mo. LIBOR US + 2.60%), 3.96%, 01/16/27(d)(e)

      250       250,640  

Apidos CLO XXIII, Series 2015-23A, Class D2, (3 mo. LIBOR US + 5.95%), 7.31%, 01/14/27(d)(e)

      750       759,233  

Ares XXVII CLO Ltd., Series 2013-2A, Class DR, (3 mo. LIBOR US + 3.75%), 5.13%, 07/28/29(d)(e)

      500       512,639  

Ares XXVIII CLO Ltd., Series 2013-3A, Class DR, (3 mo. LIBOR US + 3.25%), 4.60%, 10/17/24(d)(e)

      350       351,632  

Ares XXXII CLO Ltd., Series 2014-32A, Class CR, (3 mo. LIBOR US + 3.45%), 4.87%, 11/15/25(d)(e)

      750       753,879  

Ares XXXIII CLO Ltd., Series 2015-1A, Class CR, (3 mo. LIBOR US + 4.20%), 5.69%, 12/05/25(d)(e)

      1,000       1,025,673  

Ares XXXIX CLO Ltd., Series 2016-39A, Class E, (3 mo. LIBOR US + 7.25%), 8.60%, 07/18/28(d)(e)

      1,000       1,028,814  
Security     Par
(000)
    Value  
Asset-Backed Securities (continued)  

Ares XXXVII CLO Ltd., Series 2015-4A(e)(f):

     

Class CR, 4.01%, 10/15/30

    USD       1,000     $ 1,004,722  

Class DR, 7.51%, 10/15/30

      500       502,962  

Aurium CLO II DAC, Series 2X, Class E, (3 mo. Euribor + 5.95%), 5.95%, 07/13/29(d)

    EUR       2,024       2,428,408  

Ballyrock CLO Ltd., Series 2016-1A, Class C, (3 mo. LIBOR US + 2.70%),
4.06%, 10/15/28(d)(e)

    USD       1,000       1,014,150  

Betony CLO Ltd., Series 2015-1A, Class CR, (3 mo. LIBOR US + 2.85%),
4.21%, 04/15/27(d)(e)

      250       250,841  

Cairn CLO VII BV, Series 2016-7X, Class E, (3 mo. Euribor + 6.35%), 6.35%, 01/31/30 (d)

    EUR       900       1,108,081  

Carlyle Global Market Strategies CLO Ltd.:

     

Series 2012-4A, Class DR, (3 mo. LIBOR US + 4.10%), 5.46%, 01/20/29(d)(e)

    USD       500       510,994  

Series 2013-3A, Class B, (3 mo. LIBOR US + 2.65%), 4.01%, 07/15/25(d)(e)

      500       500,081  

Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.75%), 4.10%, 04/17/25(d)(e)

      500       501,052  

Series 2015-3A, Class D, 7.08%, 07/28/28

      500       506,411  

Series 2016-3A, Class D, (3 mo. LIBOR US + 7.00%), 8.36%, 10/20/29(d)(e)

      500       520,312  

Series 2017-1A, Class D, 7.36%, 04/20/31

      500       508,450  

Cedar Funding Ltd., Series 2017-8A, Class D, 4.62%, 10/17/30

      535       541,165  

CIFC Funding I Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 3.50%),
4.86%, 04/23/29(d)(e)

      500       508,903  
 

 

 

2    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security     Par
(000)
    Value  
Asset-Backed Securities (continued)  

CIFC Funding II Ltd., Series 2014-2A, Class A3LR, (3 mo. LIBOR US + 2.25%), 3.70%, 05/24/26(d)(e)

    USD       500     $ 501,427  

CIFC Funding III Ltd., Series 2015-3A, Class E, (3 mo. LIBOR US + 6.05%), 7.41%, 10/19/27(d)(e)

      750       765,949  

CIFC Funding V Ltd.(d)(e):

     

Series 2014-5A, Class CR, (3 mo. LIBOR US + 2.70%), 4.05%, 01/17/27

      750       754,320  

Series 2015-5A, Class D, (3 mo. LIBOR US + 6.30%), 7.67%, 10/25/27

      500       510,404  

Dryden Senior Loan Fund(d)(e):

     

Series 2014-31A, Class DR, (3 mo. LIBOR US + 3.35%), 4.70%, 04/18/26

      500       503,602  

Series 2014-36A, Class DR, (3 mo. LIBOR US + 4.24%), 5.60%, 01/15/28

      1,500       1,542,264  

Series 2017-50A, Class C, (3 mo. LIBOR US + 2.25%), 3.51%, 07/15/30(a)

      500       508,888  

Highbridge Loan Management Ltd., Series 5A-2015(d)(e):

     

Class C1R, (3 mo. LIBOR US + 2.10%), 3.48%, 01/29/26

      500       503,113  

Class D1R, (3 mo. LIBOR US + 3.30%),
4.68%, 01/29/26

      500       501,301  

Class D2R, (3 mo. LIBOR US + 3.30%),
4.68%, 01/29/26

      500       501,301  

HPS Loan Management Ltd., Series 9A-2016, Class D2, (3 mo. LIBOR US + 6.45%),
7.81%, 07/19/27(d)(e)

      800       805,265  

LCM XV LP, Series 15A, Class CR, (3 mo. LIBOR US + 2.40%), 3.76%, 07/20/30(d)(e)

      500       510,214  

Madison Park Funding XIV Ltd., Series 2014-14A, Class DR, (3 mo. LIBOR US + 3.25%), 4.61%, 07/20/26(d)(e)

      500       501,232  
Security     Par
(000)
    Value  
Asset-Backed Securities (continued)  

Madison Park Funding XV Ltd., Series 2014-15A, Class CR, (3 mo. LIBOR US + 3.45%), 4.82%, 01/27/26(d)(e)

    USD       500     $ 501,661  

Madison Park Funding XVI Ltd., Series 2015-16A, Class D, (3 mo. LIBOR US + 5.50%),
6.86%, 04/20/26(d)(e)

      500       501,620  

Mill Creek II CLO Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.75%),
9.11%, 04/20/28(d)(e)

      500       501,785  

MP CLO VI Ltd., Series 2014-2A, Class DR, (3 mo. LIBOR US + 3.50%), 4.86%, 01/15/27(d)(e)

      1,000       1,014,869  

Neuberger Berman CLO XVII Ltd., Series 2014-17A, Class DR, (3 mo. LIBOR US + 3.65%), 5.01%, 04/22/29(d)(e)

      500       510,980  

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

     

Class BR, (3 mo. LIBOR US + 2.55%), 3.96%, 11/14/27

      500       506,068  

Class CR, (3 mo. LIBOR US + 4.25%), 5.66%, 11/14/27

      1,500       1,541,075  

Neuberger Berman CLO XXII Ltd., Series 2016-22A, Class E, (3 mo. LIBOR US + 6.75%), 8.10%, 10/17/27(d)(e)

      500       516,646  

Neuberger Berman CLO XXIII Ltd., Series 2016-23A, Class E, (3 mo. LIBOR US + 6.58%), 7.93%, 10/17/27(d)(e)

      500       515,978  

OCP CLO Ltd., Series 2015-8A, Class CR, 4.18%, 04/17/27(a)(e)(f)

      250       250,612  

Octagon Investment Partners Ltd., Series 2016-1A, Class D, (3 mo. LIBOR US + 4.95%), 6.31%, 04/15/27(d)(e)

      500       506,891  

Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.68%), 3.05%, 10/25/25(d)(e)

      1,500       1,504,626  
 

 

 

SCHEDULE OF INVESTMENTS      3  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security     Par
(000)
    Value  
Asset-Backed Securities (continued)  

Octagon Investment Partners XX Ltd., Series 2014-1A, Class D1R, (3 mo. LIBOR US + 3.30%), 4.66%, 11/25/25(d)(e)

    USD       1,000     $ 1,007,577  

Octagon Investment Partners XXVII Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.10%), 8.46%, 07/15/27(d)(e)

      1,000       1,037,402  

Octagon Investment Partners XXXII Ltd., Series 2017-1A, Class E, 7.52%, 07/15/29(a)(e)(f)

      500       508,435  

OneMain Financial Issuance Trust, Series 2015-2A, Class C, 4.32%, 07/18/25(e)

      200       199,852  

OZLM IX Ltd., Series 2014-9A Class CR, (3 mo. LIBOR US + 3.55%),
4.91%, 01/20/27(d)(e)

      1,000       1,003,297  

OZLM XIX Ltd., Series 2017-19A, Class C, 4.47%, 11/22/30(e)

      500       500,000  

Race Point IX CLO Ltd., Series 2015-9A, Class A1AR, 2.57%, 10/15/30(e)(f)

      500       503,622  

Sound Point CLO IV Ltd., Series 2013-3A, Class CR, (3 mo. LIBOR US + 2.25%), 3.61%, 01/21/26(d)(e)

      500       501,793  

Symphony CLO Ltd., Series 2016-17A, Class D, (3 mo. LIBOR US + 4.80%),
6.16%, 04/15/28(d)(e)

      250       254,211  

Symphony CLO XII Ltd., Series 2013-12A, Class DR, (3 mo. LIBOR US + 3.25%), 4.61%, 10/15/25(d)(e)

      1,000       1,002,029  

Venture XXVI CLO Ltd., Series 2017-26A, Class D, (3 mo. LIBOR US + 4.25%), 5.61%, 01/20/29(d)(e)

      750       775,260  

Voya CLO Ltd., Series 2016-3A(d)(e):

     

Class C, (3 mo. LIBOR US + 3.85%), 5.20%, 10/18/27

      1,000       1,016,038  

Class D, (3 mo. LIBOR US + 6.85%), 8.20%, 10/18/27

      500       515,633  
Security     Par
(000)
    Value  
Asset-Backed Securities (continued)  

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

     

Class D, (3 mo. LIBOR US + 4.35%), 5.71%, 07/20/28

    USD       500     $ 515,109  

Class E, (3 mo. LIBOR US + 7.20%), 8.56%, 07/20/28

      500       513,998  

York CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.60%), 4.96%, 10/20/29(a)(d)(e)

      500       508,227  

York CLO-3 Ltd., Series 2016-1A, Class ER, (3 mo. LIBOR US + 6.40%), 7.76%, 10/20/29(d)(e)

      500       501,805  
     

 

 

 

Total Asset-Backed Securities — 3.7%
(Cost — $55,678,346)

 

    57,365,217  
     

 

 

 

Corporate Bonds — 116.9%

 

Aerospace & Defense — 3.1%  

Arconic, Inc.:

     

6.15%, 08/15/20

      1,540       1,657,656  

5.87%, 02/23/22

      705       763,233  

5.13%, 10/01/24

      4,644       4,951,665  

5.90%, 02/01/27

      1,890       2,107,350  

6.75%, 01/15/28

      969       1,136,211  

5.95%, 02/01/37

      674       729,605  

Bombardier, Inc.(e):

     

8.75%, 12/01/21

      5,078       5,617,588  

6.00%, 10/15/22

      1,369       1,339,909  

6.13%, 01/15/23

      212       208,650  

7.50%, 12/01/24

      1,623       1,636,633  

7.50%, 03/15/25

      3,944       3,963,720  

7.45%, 05/01/34

      686       675,710  

EnPro Industries, Inc., 5.88%, 09/15/22

      978       1,017,120  

KLX, Inc., 5.88%, 12/01/22(e)

      5,590       5,841,550  

Koppers, Inc., 6.00%, 02/15/25(e)

      1,190       1,278,120  

Kratos Defense & Security Solutions, Inc.:

     

7.00%, 05/15/19

    USD       621       638,388  

6.50%, 11/30/25(e)

      1,089       1,118,948  

Meccanica Holdings USA, Inc., 6.25%, 01/15/40(e)

      100       117,000  

Pioneer Holdings LLC/Pioneer Finance Corp., 9.00%, 11/01/22(e)

      1,077       1,103,925  

Telecom Italia SpA/Milano, 2.38%, 10/12/27

    EUR       130       156,409  
 

 

 

4    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security     Par
(000)
    Value  
Aerospace & Defense (continued)  

TransDigm, Inc.:

     

5.50%, 10/15/20

    USD       1,563     $ 1,578,630  

6.00%, 07/15/22

      4,798       4,947,937  

6.50%, 07/15/24

      3,382       3,458,095  

6.50%, 05/15/25

      1,160       1,183,896  

6.38%, 06/15/26

      244       247,660  
     

 

 

 
    47,475,608  
Air Freight & Logistics — 0.4%  

XPO Logistics, Inc.:

     

5.75%, 06/15/21

    EUR       383       469,150  

6.50%, 06/15/22(e)

    USD       5,442       5,686,890  

6.13%, 09/01/23(e)

      147       155,269  
     

 

 

 
    6,311,309  
Airlines — 0.3%  

US Airways Pass-Through Trust,
Series 2013-1, Class B, 5.38%, 05/15/23

      2,863       3,026,029  

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

      2,141       2,185,239  
     

 

 

 
    5,211,268  
Auto Components — 1.7%  

Adient Global Holdings Ltd., 3.50%, 08/15/24

    EUR       456       580,247  

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

    USD       827       861,362  

CNH Industrial Finance Europe SA, 1.75%, 09/12/25

    EUR       300       368,477  

Faurecia, 3.63%, 06/15/23

      180       225,911  

Fiat Chrysler Automobiles NV, 3.75%, 03/29/24

      200       259,002  

Fiat Chrysler Finance Europe, 4.75%, 07/15/22

      267       359,981  

Gestamp Funding Luxembourg SA, 3.50%, 05/15/23

    EUR       100       124,629  

Goodyear Tire & Rubber Co., 5.00%, 05/31/26

    USD       471       487,626  

Grupo-Antolin Irausa SA, 3.25%, 04/30/24

    EUR       316       389,283  

HP Pelzer Holding GmbH, 4.13%, 04/01/24

      286       355,049  

Icahn Enterprises LP/Icahn Enterprises Finance Corp.:

     

4.88%, 03/15/19

    USD       8,471       8,502,766  

6.00%, 08/01/20

      140       144,200  

6.25%, 02/01/22

      1,800       1,872,000  

6.75%, 02/01/24

      1,918       2,013,900  
Security     Par
(000)
    Value  
Auto Components (continued)  

IHO Verwaltungs GmbH(g):

     

(2.75% Cash or 3.50% PIK), 2.75%, 09/15/21

    EUR       262     $ 321,138  

(3.25% Cash or 4.00% PIK),
3.25%, 09/15/23

      615       767,140  

(3.75% Cash or 4.50% PIK),
3.75%, 09/15/26

      225       287,892  

(4.13% Cash or 4.88% PIK), 4.13%, 09/15/21(e)

    USD       1,280       1,300,493  

(4.50% Cash or 5.25% PIK), 4.50%, 09/15/23(e)

      1,367       1,399,466  

Jaguar Land Rover Automotive PLC, 2.20%, 01/15/24

    EUR       200       243,406  

Schaeffler Finance BV, 4.75%, 05/15/23(e)

    USD       1,440       1,483,200  

Tesla, Inc., 5.30%, 08/15/25(e)

      3,044       2,906,107  

ZF North America Capital, Inc.:

     

2.75%, 04/27/23

    EUR       100       129,547  

4.75%, 04/29/25(e)

    USD       291       310,025  
     

 

 

 
    25,692,847  
Banks — 0.8%  

Allied Irish Banks PLC, (5 year EUR Swap + 3.95%), 4.13%, 11/26/25(h)

    EUR       710       917,923  

Banco Espirito Santo SA(i):

     

4.75%, 01/15/18

      1,900       633,213  

4.00%, 01/21/19

      1,100       366,597  

Banco Popolare, 2.75%, 07/27/20

      800       995,439  

Banco Popolare di Milano Scarl, 4.25%, 01/30/19

    EUR       200       247,581  

Bank of Ireland, (5 year EUR Swap + 3.55%), 4.25%, 06/11/24(h)

      540       677,931  

Bankia SA(h):

     

, (5 year EUR Swap + 3.17%), 4.00%, 05/22/24

      800       992,325  

, (5 year EUR Swap + 3.35%), 3.38%, 03/15/27

      200       250,898  

CaixaBank SA, (5 year EUR Swap + 3.35%), 3.50%, 02/15/27(h)

      200       252,893  

CIT Group, Inc.:

     

5.00%, 08/15/22

    USD       278       297,112  

5.00%, 08/01/23

      690       742,578  

6.00%, 04/01/36

      2,800       2,968,000  

Deutsche Pfandbriefbank AG, 4.60%, 02/22/27

    EUR       100       134,520  

Intesa Sanpaolo SpA, 6.63%, 09/13/23

      956       1,441,831  
 

 

 

SCHEDULE OF INVESTMENTS      5  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  
Banks (continued)  

National Bank of Greece SA,
2.75%, 10/19/20

    USD       625     $ 748,283  
     

 

 

 
    11,667,124  
Beverages — 0.1%  

ARD Finance SA, (6.63% Cash or 7.38% PIK), 6.63%, 09/15/23(g)

      200       254,713  

Horizon Parent Holdings Sarl, (8.25% Cash or 9.00% PIK), 8.25%, 02/15/22(g)

      350       443,666  

OI European Group BV, 3.13%, 11/15/24

      175       219,229  
     

 

 

 
    917,608  
Biotechnology — 0.0%  

Senvion Holding GmbH, 3.88%, 10/25/22

      301       343,841  
     

 

 

 
Building Materials — 0.3%  

James Hardie International Finance Ltd.:

     

4.75%, 01/15/25

      1,792       1,823,360  

5.00%, 01/15/28

      2,062       2,098,085  

Titan Global Finance PLC:

     

3.50%, 06/17/21

    EUR       400       506,332  

2.38%, 11/16/24

    EUR       246       292,655  
     

 

 

 
    4,720,432  
Building Products — 1.5%  

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

     

5.63%, 04/15/21

    USD       526       536,520  

5.75%, 12/15/23

      982       1,038,760  

Beacon Escrow Corp., 4.88%, 11/01/25(e)

      4,605       4,697,100  

BMBG Bond Finance SCA, 3.00%, 06/15/21

    EUR       225       274,502  

Building Materials Corp. of America(e):

     

5.38%, 11/15/24

    USD       299       314,697  

6.00%, 10/15/25

      2,308       2,487,332  

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

      3,218       3,330,630  

Masonite International Corp., 5.63%, 03/15/23(e)

      3,698       3,870,142  

Maxeda DIY Holding BV, 6.13%, 07/15/22

    EUR       100       122,001  

Ply Gem Industries, Inc., 6.50%, 02/01/22

    USD       1,249       1,292,715  

Standard Industries, Inc.(e):

     

5.13%, 02/15/21

      142       146,241  

5.50%, 02/15/23

      1,708       1,793,400  
Security     Par
(000)
    Value  
Building Products (continued)  

USG Corp.(e):

     

5.50%, 03/01/25

    USD       904     $ 967,280  

4.88%, 06/01/27

      1,586       1,657,370  
     

 

 

 
    22,528,690  
Cable Television Services — 0.0%  

CB Escrow Corp., 8.00%, 10/15/25(e)

      703       706,515  
     

 

 

 
Capital Markets — 1.1%  

Blackstone CQP Holdco LP(e):

     

6.50%, 03/20/21

      13,913       14,086,913  

6.00%, 08/18/21

      2,265       2,265,000  

LPL Holdings, Inc.,
5.75%, 09/15/25(e)

      323       332,286  
     

 

 

 
    16,684,199  
Chemicals — 3.7%  

Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25(e)

      4,300       4,407,500  

Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25

    EUR       385       491,881  

Axalta Coating Systems LLC, 4.88%, 08/15/24(e)

    USD       1,451       1,519,923  

Blue Cube Spinco, Inc.:

     

9.75%, 10/15/23

      2,534       3,018,627  

10.00%, 10/15/25

      1,565       1,901,475  

CF Industries, Inc.:

     

7.13%, 05/01/20

      860       942,775  

5.15%, 03/15/34

      540       544,050  

4.95%, 06/01/43

      1,517       1,418,395  

Chemours Co.:

     

6.13%, 05/15/23

    EUR       100       126,464  

6.63%, 05/15/23

    USD       375       396,563  

7.00%, 05/15/25

      1,387       1,517,031  

5.38%, 05/15/27

      1,561       1,627,343  

CTC Bond Co. GmbH, 5.25%, 12/15/25

    EUR       207       246,382  

Hexion, Inc., 10.38%, 02/01/22(e)

    USD       1,360       1,251,608  

Huntsman International LLC:

     

4.88%, 11/15/20

      1,450       1,515,250  

5.13%, 11/15/22

      1,445       1,556,988  

Ineos Finance PLC, 4.00%, 05/01/23

    EUR       448       549,906  

INEOS Group Holdings SA, 5.38%, 08/01/24

      300       384,749  

Kronos International, Inc., 3.75%, 09/15/25

      232       287,874  

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

    USD       6,758       7,011,425  

NOVA Chemicals Corp.(e):

     

4.88%, 06/01/24

      1,815       1,837,688  

5.25%, 06/01/27

      813       821,130  
 

 

 

6    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security     Par
(000)
    Value  
Chemicals (continued)  

Platform Specialty Products Corp.(e):

 

   

6.50%, 02/01/22

    USD       10,135     $ 10,477,056  

5.88%, 12/01/25

      2,473       2,491,547  

PQ Corp.:

     

6.75%, 11/15/22(e)

      2,337       2,518,117  

5.75%, 12/15/25

      2,419       2,473,427  

PSPC Escrow Corp., 6.00%, 02/01/23

    EUR       394       490,812  

Tronox Finance PLC, 5.75%, 10/01/25(e)

    USD       1,206       1,254,240  

Venator Finance Sarl/Venator Materials LLC, 5.75%, 07/15/25(e)

      764       806,020  

Versum Materials, Inc., 5.50%, 09/30/24(e)

      834       892,380  

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

      2,483       2,628,876  
     

 

 

 
    57,407,502  
Commercial Services & Supplies — 2.3%  

ADT Corp.:

     

6.25%, 10/15/21

      942       1,036,200  

3.50%, 07/15/22

      1,723       1,716,539  

4.13%, 06/15/23

      1,781       1,799,914  

4.88%, 07/15/32(e)

      4,049       3,840,638  

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

      1,563       1,613,797  

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

    EUR       428       508,422  

Booz Allen Hamilton, Inc., 5.13%, 05/01/25(e)

    USD       3,107       3,122,535  

Catalent Pharma Solutions, Inc., 4.75%, 12/15/24

    EUR       100       127,357  

CD&R Waterworks Merger Sub LLC, 6.13%, 08/15/25(e)

    USD       1,075       1,096,823  

Harland Clarke Holdings Corp., 8.38%, 08/15/22(e)

      2,752       2,868,960  

KAR Auction Services, Inc., 5.13%, 06/01/25(e)

      4,072       4,214,520  

La Financiere Atalian SAS, 4.00%, 05/15/24

    EUR       415       518,651  

Michael Baker International LLC, 8.75%, 03/01/23(e)

    USD       770       735,350  

Mobile Mini, Inc., 5.88%, 07/01/24

      3,503       3,678,150  

Paprec Holding SA, 5.25%, 04/01/22

    EUR       271       335,482  

Park Aerospace Holdings Ltd.(e):

     

3.63%, 03/15/21

    USD       1,473       1,443,540  

5.25%, 08/15/22

      2,560       2,617,600  

Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(e)

      1,289       1,347,005  

Silk Bidco AS, 7.50%, 02/01/22

    EUR       347       428,505  
Security     Par
(000)
    Value  
Commercial Services & Supplies (continued)  

United Rentals North America, Inc.:

     

5.75%, 11/15/24

    USD       1,354     $ 1,428,470  

5.50%, 05/15/27

      200       212,000  

Verisure Holding AB, 6.00%, 11/01/22

    EUR       167       212,016  

Wrangler Buyer Corp., 6.00%, 10/01/25(e)

    USD       718       728,770  
     

 

 

 
    35,631,244  
Communications Equipment — 1.6%  

CommScope Technologies Finance LLC, 6.00%, 06/15/25(e)

      147       157,290  

CommScope Technologies LLC, 5.00%, 03/15/27(e)

      1,930       1,930,000  

CommScope, Inc.(e):

     

5.00%, 06/15/21

      2,278       2,334,665  

5.50%, 06/15/24

      1,804       1,889,690  

Nokia OYJ:

     

3.38%, 06/12/22

      714       713,108  

4.38%, 06/12/27

      852       845,184  

6.63%, 05/15/39

      3,486       3,852,030  

Telefonaktiebolaget LM Ericsson, Series 7Y, 1.88%, 03/01/24

    EUR       200       233,308  

Zayo Group LLC/Zayo Capital, Inc.:

     

6.00%, 04/01/23

    USD       4,308       4,483,012  

6.38%, 05/15/25

      3,973       4,216,346  

5.75%, 01/15/27(e)

      3,962       4,080,860  
     

 

 

 
    24,735,493  
Construction & Engineering — 1.2%  

BlueLine Rental Finance Corp., 9.25%, 03/15/24(e)

      8,326       9,012,895  

Brand Energy & Infrastructure Services, Inc., 8.50%, 07/15/25(e)

      4,448       4,716,215  

Engility Corp., 8.88%, 09/01/24

      1,728       1,857,600  

SPIE SA, 3.13%, 03/22/24

    EUR       300       374,007  

Tutor Perini Corp., 6.88%, 05/01/25(e)

    USD       1,357       1,442,355  

Weekley Homes LLC/Weekley Finance Corp., 6.63%, 08/15/25(e)

      474       462,221  
     

 

 

 
    17,865,293  
Construction Materials — 0.9%  

American Tire Distributors, Inc., 10.25%, 03/01/22(e)

      1,953       1,996,942  

Autodis SA:

     

, (3 mo. Euribor + 4.38%),
4.38%, 05/01/22(d)

    EUR       100       120,051  

4.38%, 05/01/22

      150       183,983  

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

    USD       366       390,705  

H&E Equipment Services, Inc.,
5.63%, 09/01/25(e)

      469       491,278  

HD Supply, Inc., 5.75%, 04/15/24(e)

      5,518       5,876,670  
 

 

 

SCHEDULE OF INVESTMENTS      7  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security     Par
(000)
    Value  
Construction Materials (continued)  

Navistar International Corp., 6.63%, 11/01/25(e)

    USD       1,781     $ 1,844,457  

New Enterprise Stone & Lime Co., Inc., 10.13%, 04/01/22(e)

      1,106       1,197,245  

Rexel SA:

     

3.50%, 06/15/23

    EUR       461       576,786  

2.63%, 06/15/24

      250       307,216  

Williams Scotsman International, Inc., 7.88%, 12/15/22(e)

    USD       771       797,985  
     

 

 

 
    13,783,318  
Consumer Discretionary — 0.4%  

AA Bond Co., Ltd., 2.75%, 07/31/43

    GBP       175       234,220  

Arch Merger Sub, Inc., 8.50%, 09/15/25(e)

    USD       1,356       1,220,400  

Live Nation Entertainment, Inc., 4.88%, 11/01/24(e)

      296       304,880  

Nielsen Co. Luxembourg SARL, 5.00%, 02/01/25(e)

      1,178       1,225,120  

ServiceMaster Co. LLC, 5.13%, 11/15/24(e)

 

    606       615,090  

Viking Cruises Ltd.(e):

     

6.25%, 05/15/25

      889       926,783  

5.88%, 09/15/27

      2,041       2,063,961  
     

 

 

 
    6,590,454  
Consumer Finance — 2.5%  

Alliance Data Systems Corp.(e):

     

5.25%, 12/01/17

      150       150,000  

5.88%, 11/01/21

      3,207       3,279,157  

5.38%, 08/01/22

      2,283       2,317,245  

Ally Financial, Inc.:

     

5.13%, 09/30/24

      1,230       1,340,700  

8.00%, 11/01/31

      11,400       15,090,750  

CDK Global, Inc., 4.88%, 06/01/27(e)

      1,848       1,903,440  

IHS Markit Ltd.(e):

     

4.75%, 02/15/25

      1,125       1,191,713  

4.00%, 03/01/26(j)

      614       618,605  

Navient Corp.:

     

6.63%, 07/26/21

      2,431       2,570,782  

6.50%, 06/15/22

      1,071       1,124,550  

5.50%, 01/25/23

      932       933,165  

7.25%, 09/25/23

      1,100       1,185,250  

6.13%, 03/25/24

      642       650,025  

5.88%, 10/25/24

      723       726,832  

6.75%, 06/25/25

      730       751,900  

5.63%, 08/01/33

      1,821       1,566,060  

OneMain Financial Holdings LLC(e):

 

   

6.75%, 12/15/19

      1,661       1,714,983  

7.25%, 12/15/21

      796       826,407  
Security     Par
(000)
    Value  
Consumer Finance (continued)  

Springleaf Finance Corp.,
6.13%, 05/15/22

    USD       490     $ 508,375  
     

 

 

 
    38,449,939  
Containers & Packaging — 3.9%  

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

     

6.00%, 06/30/21(e)

      3,968       4,077,120  

4.25%, 09/15/22(e)

      627       641,029  

4.13%, 05/15/23

    EUR       275       346,827  

4.63%, 05/15/23(e)

    USD       1,738       1,783,622  

2.75%, 03/15/24

    EUR       231       283,279  

6.75%, 05/15/24

      450       593,860  

7.25%, 05/15/24(e)

    USD       9,905       10,845,975  

6.00%, 02/15/25(e)

      6,109       6,491,423  

4.75%, 07/15/27(e)

    GBP       427       583,192  

4.75%, 07/15/27

    GBP       362       494,416  

Ball Corp.:

     

5.00%, 03/15/22

    USD       710       762,363  

4.00%, 11/15/23

      1,606       1,650,165  

4.38%, 12/15/23

    EUR       100       137,444  

BWAY Holding Co.,
5.50%, 04/15/24(e)

    USD       5,001       5,213,542  

Crown European Holdings SA, 3.38%, 05/15/25

    EUR       303       386,450  

Horizon Holdings I SASU, 7.25%, 08/01/23

      100       126,752  

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

      300       384,067  

Kleopatra Holdings 1 SCA,
8.50%, 06/30/23(g)

      120       146,615  

Mercer International, Inc., 6.50%, 02/01/24

    USD       1,446       1,527,337  

Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu:

     

5.75%, 10/15/20

      6,454       6,562,911  

, (3 mo. LIBOR US + 3.50%), 4.86%, 07/15/21(d)(e)

      3,030       3,083,025  

5.13%, 07/15/23(e)

      1,259       1,306,213  

7.00%, 07/15/24(e)

      6,231       6,685,396  

Sappi Papier Holding GmbH, 4.00%, 04/01/23

    EUR       150       187,400  

Sealed Air Corp.:

     

4.88%, 12/01/22(e)

    USD       1,223       1,297,909  

4.50%, 09/15/23

    EUR       560       764,021  

6.88%, 07/15/33(e)

    USD       700       813,750  

Signode Industrial Group Lux SA/Signode Industrial Group US, Inc., 6.38%, 05/01/22(e)

      1,754       1,804,427  
 

 

 

8    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security     Par
(000)
    Value  
Containers & Packaging (continued)  

Silgan Holdings, Inc., 3.25%, 03/15/25

    EUR       230     $ 284,235  

Verallia Packaging SASU, 5.13%, 08/01/22

      575       718,613  
     

 

 

 
    59,983,378  
County/City/Special District/School District — 0.0%  

CBR Fashion Finance BV, 5.13%, 10/01/22

      157       184,296  
     

 

 

 
Diversified Consumer Services — 1.8%  

APX Group, Inc.:

     

6.38%, 12/01/19

    USD       216       218,970  

8.75%, 12/01/20

      1,972       2,013,313  

7.88%, 12/01/22

      1,874       2,005,180  

Ascend Learning LLC, 6.88%, 08/01/25(e)

      2,023       2,103,920  

Cognita Financing PLC, 7.75%, 08/15/21

    GBP       225       316,614  

GW Honos Security Corp., 8.75%, 05/15/25(e)

    USD       586       627,020  

Laureate Education, Inc., 8.25%, 05/01/25(e)

      591       625,349  

Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23(e)

      15,254       16,836,603  

RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25

      1,406       1,406,000  

Sotheby’s, 5.25%, 10/01/22(e)

      1,792       1,832,320  
     

 

 

 
    27,985,289  
Diversified Financial Services — 1.8%  

Aircastle Ltd.:

     

7.63%, 04/15/20

      128       140,480  

5.13%, 03/15/21

      643       680,776  

5.50%, 02/15/22

      2,471       2,659,414  

Arrow Global Finance PLC:

     

5.13%, 09/15/24

    GBP       125       171,586  

, (3 mo. Euribor + 2.88%),
2.88%, 04/01/25(d)

    EUR       254       300,388  

Banca IFIS SpA, 4.50%, 10/17/27(f)

      375       454,288  

Cabot Financial Luxembourg SA:

     

6.50%, 04/01/21

    GBP       100       137,607  

7.50%, 10/01/23

      220       311,661  

CNH Industrial Finance Europe SA,
1.38%, 05/23/22

    EUR       401       492,850  

FBM Finance, Inc., 8.25%, 08/15/21(e)

    USD       2,660       2,839,550  

HRG Group, Inc., 7.88%, 07/15/19

      2,745       2,758,725  

Intrum Justitia AB:

     

, (3 mo. Euribor + 2.63%),
2.63%, 07/15/22(d)

    EUR       208       250,988  

2.75%, 07/15/22

      229       276,828  

3.13%, 07/15/24

      100       121,370  
Security     Par
(000)
    Value  
Diversified Financial Services (continued)  

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

     

7.38%, 04/01/20

    USD       2,695     $ 2,769,112  

6.88%, 04/15/22

      2,552       2,593,470  

Lehman Brother Holding Escrow,
1.00%, 09/22/18(i)

      430       25,370  

Lehman Brothers Holdings, Inc.(i):

     

4.75%, 01/16/18

    EUR       1,890       151,846  

1.00%, 02/05/18

      3,950       317,350  

5.38%, 10/17/18

      350       28,120  

1.00%, 12/31/49

    USD       1,535       90,565  

LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24(g)

    EUR       584       715,625  

Lincoln Finance Ltd., 6.88%, 04/15/21

      100       125,000  

Mercury Bondco PLC(g):

     

(7.13% Cash or 7.88% PIK), 7.13%, 05/30/21

      525       646,486  

(8.25% Cash or 9.00% PIK), 8.25%, 05/30/21

      564       696,344  

Pershing Square Holdings Ltd.,
5.50%, 07/15/22(e)

    USD       2,100       2,174,235  

ProGroup AG:

     

5.13%, 05/01/22

    EUR       206       254,808  

, (3 mo. Euribor + 2.50%),
2.50%, 03/31/24(d)

      112       133,774  

Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25(e)

    USD       3,093       3,112,331  

UniCredit SpA:

     

6.95%, 10/31/22

    EUR       375       554,292  

, (5 year EUR Swap + 4.10%), 5.75%, 10/28/25(h)

      700       933,166  

, (5 year EUR Swap + 4.32%), 3.50%, 01/03/27(h)

      467       607,759  

Verisure Midholding AB, 5.75%, 12/01/23

      250       302,782  

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

      250       313,393  
     

 

 

 
    28,142,339  
Diversified Telecommunication Services — 3.3%  

CenturyLink, Inc.:

     

5.63%, 04/01/25

    USD       845       747,403  

Series P, 7.60%, 09/15/39

      54       44,820  

Series S, 6.45%, 06/15/21

      7,518       7,480,410  

Series T, 5.80%, 03/15/22

      1,539       1,471,669  

Series U, 7.65%, 03/15/42

      743       624,120  

Cincinnati Bell, Inc.,
7.00%, 07/15/24(e)

      2,236       2,168,920  
 

 

 

SCHEDULE OF INVESTMENTS      9  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security     Par
(000)
    Value  
Diversified Telecommunication Services (continued)  

Frontier Communications Corp.:

     

8.13%, 10/01/18

    USD       1,470     $ 1,458,975  

7.13%, 03/15/19

      1,445       1,396,231  

7.13%, 01/15/23

      1,767       1,236,900  

7.63%, 04/15/24

      1,188       834,570  

6.88%, 01/15/25

      5,816       3,983,960  

Level 3 Financing, Inc.:

     

5.38%, 08/15/22

      243       244,823  

5.63%, 02/01/23

      1,971       1,993,174  

5.13%, 05/01/23

      1,292       1,292,000  

5.38%, 01/15/24

      1,521       1,524,802  

5.38%, 05/01/25

      2,469       2,475,913  

5.25%, 03/15/26

      5,666       5,556,221  

OTE PLC, 3.50%, 07/09/20

    EUR       700       878,216  

Qwest Corp., 6.75%, 12/01/21

    USD       680       726,007  

SoftBank Group Corp.:

     

, (5 year USD ICE Swap + 4.85%),
6.88%(h)(k)

      2,135       2,161,687  

4.75%, 09/19/24

      700       696,423  

4.75%, 07/30/25

    EUR       310       410,628  

Telecom Italia Capital SA:

     

6.38%, 11/15/33

    USD       831       959,805  

6.00%, 09/30/34

      6,039       6,741,034  

7.20%, 07/18/36

      958       1,189,118  

7.72%, 06/04/38

      134       172,914  

Telecom Italia Finance SA, 7.75%, 01/24/33

    EUR       280       518,921  

Telecom Italia SpA:

     

1.13%, 03/26/22

      100       118,846  

3.25%, 01/16/23

      300       395,472  

5.88%, 05/19/23

    GBP       400       628,572  

3.63%, 01/19/24

    EUR       200       268,328  

5.30%, 05/30/24(e)

    USD       431       459,683  
     

 

 

 
    50,860,565  
Electric Utilities — 0.2%  

AES Corp., 5.50%, 04/15/25

      210       221,288  

NextEra Energy Operating Partners LP, 4.25%, 09/15/24(e)

      1,225       1,237,250  

Talen Energy Supply LLC, 6.50%, 06/01/25

      1,782       1,510,245  

Viridian Group FinanceCo PLC/Viridian Power and Energy, 4.00%, 09/15/25

    EUR       317       377,422  
     

 

 

 
    3,346,205  
Security     Par
(000)
    Value  
Electrical Equipment — 0.1%  

Areva SA, 4.88%, 09/23/24

    USD       900     $ 1,208,234  

Belden, Inc., 5.50%, 04/15/23

      13       16,145  
     

 

 

 
    1,224,379  
Electronic Equipment, Instruments & Components — 0.8%  

CDW LLC/CDW Finance Corp.:

     

5.00%, 09/01/23

      3,624       3,787,080  

5.50%, 12/01/24

      6,547       7,136,230  

5.00%, 09/01/25

      714       746,130  

SESI LLC, 7.75%, 09/15/24(e)

      1,389       1,430,670  
     

 

 

 
    13,100,110  
Energy Equipment & Services — 1.6%  

Ensco PLC, 5.20%, 03/15/25

      270       221,400  

Gates Global LLC/Gates Global Co.:

     

5.75%, 07/15/22

    EUR       310       377,202  

6.00%, 07/15/22(e)

    USD       5,830       5,962,924  

Genesis Energy LP/Genesis Energy Finance Corp., 5.75%, 02/15/21

      283       285,476  

Noble Holding International Ltd.:

     

4.63%, 03/01/21

      61       55,968  

7.70%, 04/01/25

      812       684,110  

Pattern Energy Group, Inc., 5.88%, 02/01/24(e)

      935       988,762  

Pioneer Energy Services Corp., 6.13%, 03/15/22

      1,850       1,498,500  

Precision Drilling Corp.:

     

6.50%, 12/15/21

      530       539,275  

5.25%, 11/15/24

      600       562,500  

Transocean, Inc.:

     

5.80%, 10/15/22

      1,246       1,236,655  

9.00%, 07/15/23(e)

      5,675       6,129,000  

6.80%, 03/15/38

      703       560,643  

Trinidad Drilling Ltd., 6.63%, 02/15/25(e)

      2,272       2,169,760  

Weatherford International Ltd.:

     

7.75%, 06/15/21

      1,271       1,296,420  

8.25%, 06/15/23

      300       299,250  

9.88%, 02/15/24

      1,455       1,525,931  
     

 

 

 
    24,393,776  
Environmental, Maintenance, & Security Service — 0.2%  

Befesa Zinc SAU Via Zinc Capital SA, 8.88%, 05/15/18

    EUR       330       392,959  

Tervita Escrow Corp., 7.63%, 12/01/21(e)

    USD       2,397       2,426,963  
     

 

 

 
    2,819,922  
 

 

 

10    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security     Par
(000)
    Value  
Food & Staples Retailing — 0.9%  

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

     

6.63%, 06/15/24

    USD       874     $ 825,930  

5.75%, 03/15/25

      1,011       899,487  

B&M European Value Retail SA, 4.13%, 02/01/22

    GBP       225       313,118  

Casino Guichard Perrachon SA:

     

5.98%, 05/26/21

    EUR       300       417,276  

4.56%, 01/25/23

      600       808,644  

4.50%, 03/07/24

      500       668,279  

3.58%, 02/07/25

      100       125,777  

Dollar Tree, Inc.:

     

5.25%, 03/01/20

    USD       262       267,240  

5.75%, 03/01/23

      5,504       5,758,560  

Lamb Weston Holdings, Inc., 4.63%, 11/01/24(e)

    USD       111       114,746  

Post Holdings, Inc.,
5.63%, 01/15/28(e)(j)

      1,086       1,094,145  

Rite Aid Corp., 6.13%, 04/01/23(e)

      2,735       2,529,875  
     

 

 

 
    13,823,077  
Food Products — 1.3%  

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

      1,307       947,575  

Aramark Services, Inc., 5.13%, 01/15/24

      1,182       1,247,010  

B&G Foods, Inc., 5.25%, 04/01/25

      1,705       1,743,192  

Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25(e)

      2,638       2,868,825  

Darling Global Finance BV, 4.75%, 05/30/22

    EUR       100       123,536  

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

     

5.88%, 07/15/24

    USD       737       725,945  

5.75%, 06/15/25

      4,022       3,926,477  

Pilgrim’s Pride Corp.(e):

     

5.75%, 03/15/25

      1,205       1,264,648  

5.88%, 09/30/27

      1,047       1,092,806  

Post Holdings, Inc.(e):

     

5.50%, 03/01/25

      2,247       2,334,071  

5.00%, 08/15/26

      2,006       1,988,448  

5.75%, 03/01/27

      1,544       1,575,343  

TreeHouse Foods, Inc., 6.00%, 02/15/24(e)

      976       1,021,140  
     

 

 

 
    20,859,016  
Health Care Equipment & Supplies — 2.1%  

Avantor, Inc.:

     

4.75%, 10/01/24

    EUR       404       487,092  

6.00%, 10/01/24(e)

    USD       9,366       9,371,854  

9.00%, 10/01/25(e)

      2,620       2,574,150  

Crimson Merger Sub, Inc.,
6.63%, 05/15/22(e)

      7,426       7,351,740  

DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.13%, 06/15/21(e)

      7,026       6,652,744  
Security     Par
(000)
    Value  
Health Care Equipment & Supplies (continued)  

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

     

4.88%, 04/15/20

    USD       1,110     $ 1,071,150  

5.75%, 08/01/22

      2,210       2,038,725  

5.63%, 10/15/23

      67       58,792  

5.50%, 04/15/25

      1,794       1,511,445  

Teleflex, Inc., 4.88%, 06/01/26

      684       708,549  
     

 

 

 
    31,826,241  
Health Care Providers & Services — 6.8%  

Acadia Healthcare Co., Inc.:

     

5.13%, 07/01/22

      408       407,547  

5.63%, 02/15/23

      974       978,870  

6.50%, 03/01/24

      1,734       1,790,355  

Amsurg Corp., 5.63%, 07/15/22

      6,273       6,398,460  

Centene Corp.:

     

5.63%, 02/15/21

      2,516       2,597,770  

4.75%, 05/15/22

      2,467       2,560,771  

6.13%, 02/15/24

      391       418,370  

4.75%, 01/15/25

      2,205       2,261,889  

CHS/Community Health Systems, Inc.:

     

8.00%, 11/15/19

      993       889,976  

7.13%, 07/15/20

      1,304       1,017,120  

6.25%, 03/31/23

      1,990       1,860,650  

DaVita, Inc., 5.00%, 05/01/25

      1,938       1,938,581  

Eagle Holding Co. II LLC, (7.63% Cash or 8.38% PIK), 7.63%, 05/15/22(e)(g)

      1,776       1,802,640  

Envision Healthcare Corp.(e):

     

5.13%, 07/01/22

      373       366,006  

6.25%, 12/01/24

      1,060       1,116,975  

HCA, Inc.:

     

6.50%, 02/15/20

      7,646       8,209,892  

5.88%, 03/15/22

      1,245       1,349,269  

4.75%, 05/01/23

      512       534,400  

5.88%, 05/01/23

      2,481       2,629,860  

5.00%, 03/15/24

      5,049       5,301,450  

5.38%, 02/01/25

      5,861       6,080,787  

5.25%, 04/15/25

      841       895,665  

5.88%, 02/15/26

      2,680       2,850,850  

5.25%, 06/15/26

      4,611       4,896,306  

4.50%, 02/15/27

      670       679,380  

5.50%, 06/15/47

      7,321       7,412,512  

HealthSouth Corp., 5.75%, 11/01/24

      1,170       1,197,788  

MEDNAX, Inc., 5.25%, 12/01/23(e)

      790       809,750  

Molina Healthcare, Inc., 4.88%, 06/15/25(e)

      685       685,000  

MPH Acquisition Holdings LLC, 7.13%, 06/01/24(e)

      3,886       4,172,592  

NewCo SAB MidCo SASU,
5.38%, 04/15/25

    EUR       150       183,794  

Polaris Intermediate Corp.,
8.50%, 12/01/22(e)(g)

    USD       3,871       4,027,388  
 

 

 

SCHEDULE OF INVESTMENTS      11  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security     Par
(000)
    Value  
Health Care Providers & Services (continued)  

RegionalCare Hospital Partners Holdings, Inc., 8.25%, 05/01/23(e)

    USD       1,287     $ 1,315,958  

Sterigenics-Nordion Holdings LLC, 6.50%, 05/15/23(e)

      424       445,200  

Surgery Center Holdings, Inc.(e):

     

8.88%, 04/15/21

      1,066       1,073,995  

6.75%, 07/01/25

      1,254       1,141,140  

Tenet Healthcare Corp.:

     

4.75%, 06/01/20

      210       214,263  

6.00%, 10/01/20

      5,640       5,922,000  

7.50%, 01/01/22(e)

      1,146       1,209,030  

8.13%, 04/01/22

      4,228       4,185,720  

6.75%, 06/15/23

      3,367       3,148,078  

4.63%, 07/15/24(e)

      2,138       2,105,930  

THC Escrow Corp. III(e):

     

5.13%, 05/01/25

      300       288,750  

7.00%, 08/01/25

      2,592       2,352,240  

Unilabs Subholding AB, 5.75%, 05/15/25

    EUR       173       210,792  

Vizient, Inc., 10.38%, 03/01/24(e)

    USD       1,875       2,118,750  

WellCare Health Plans, Inc., 5.25%, 04/01/25

      706       747,478  
     

 

 

 
    104,801,987  
Health Care Technology — 0.1%  

Quintiles IMS, Inc.:

     

3.25%, 03/15/25(e)

    EUR       350       429,912  

3.25%, 03/15/25

      570       700,143  
     

 

 

 
    1,130,055  
Hotels, Restaurants & Leisure — 4.8%  

Burger King France SAS:

     

, (3 mo. Euribor + 5.25%), 5.25%, 05/01/23(d)

      419       511,192  

6.00%, 05/01/24

      325       423,580  

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

    USD       4,468       4,568,530  

Cirsa Funding Luxembourg SA:

     

5.75%, 05/15/21

    EUR       100       125,057  

5.88%, 05/15/23

      100       124,976  

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

      210       264,277  

CPUK Finance Ltd.:

     

4.25%, 02/28/47

    GBP       274       377,403  

4.88%, 02/28/47

      153       210,518  

CRC Escrow Issuer LLC/CRC Finco, Inc., 5.25%, 10/15/25(e)

    USD       4,050       4,055,063  

Eldorado Resorts, Inc., 6.00%, 04/01/25

      938       987,526  

ESH Hospitality, Inc., 5.25%, 05/01/25(e)

      1,800       1,831,500  
Security     Par
(000)
    Value  
Hotels, Restaurants & Leisure (continued)  

GLP Capital LP/GLP Financing II, Inc.:

     

5.38%, 11/01/23

    USD       256     $ 275,520  

5.38%, 04/15/26

      1,116       1,204,577  

Golden Nugget, Inc., 6.75%, 10/15/24(e)

      496       506,540  

International Game Technology PLC, 4.75%, 02/15/23

    EUR       210       284,558  

Jacobs Entertainment, Inc., 7.88%, 02/01/24(e)

    USD       473       508,475  

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

     

5.00%, 06/01/24

      255       267,113  

5.25%, 06/01/26

      1,176       1,243,620  

4.75%, 06/01/27

      783       801,322  

Ladbrokes Group Finance PLC, 5.13%, 09/08/23

    GBP       200       284,009  

Melco Resorts Finance Ltd.,
4.88%, 06/06/25(e)

    USD       1,847       1,860,454  

MGM Resorts International:

     

5.25%, 03/31/20

      920       968,300  

6.75%, 10/01/20

      2,998       3,278,133  

6.63%, 12/15/21

      1,724       1,917,933  

4.63%, 09/01/26

      3,124       3,186,480  

New Red Finance, Inc.(e):

     

4.25%, 05/15/24

      3,189       3,193,784  

5.00%, 10/15/25

      7,333       7,511,742  

Pizzaexpress Financing 2 PLC, 6.63%, 08/01/21

    GBP       110       143,553  

Sabre GLBL, Inc.(e):

     

5.38%, 04/15/23

    USD       1,516       1,576,640  

5.25%, 11/15/23

      745       772,938  

Schumann SpA, 7.00%, 07/31/23

    EUR       310       380,047  

Scientific Games International, Inc.:

     

7.00%, 01/01/22(e)

    USD       6,209       6,550,495  

10.00%, 12/01/22

      9,118       10,041,197  

5.00%, 10/15/25(e)

      1,130       1,142,713  

Six Flags Entertainment Corp.(e):

     

4.88%, 07/31/24

      4,933       5,019,327  

5.50%, 04/15/27

      1,109       1,147,815  

Snai SpA:

     

, (3 mo. Euribor + 6.00%),
6.00%, 11/07/21(d)

    EUR       100       120,662  

6.38%, 11/07/21

      100       127,952  

Station Casinos LLC, 5.00%, 10/01/25(e)

    USD       2,555       2,554,055  

Stonegate Pub Co. Financing PLC:

     

, (3 mo. LIBOR GBP + 4.38%), 4.70%, 03/15/22(d)

    GBP       150       204,087  

4.88%, 03/15/22

      187       253,658  
 

 

 

12    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security     Par
(000)
    Value  
Hotels, Restaurants & Leisure (continued)  

Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32

    USD       1,000     $ 1,332,533  

Vue International Bidco PLC, 7.88%, 07/15/20

      520       717,454  

William Hill PLC, 4.88%, 09/07/23

      150       213,977  

Yum! Brands, Inc., 3.88%, 11/01/23

      721       726,408  
     

 

 

 
    73,797,693  
Household Durables — 2.1%  

Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 07/01/22(e)

      1,604       1,674,656  

CalAtlantic Group, Inc.:

     

8.38%, 01/15/21

      2,810       3,249,062  

5.25%, 06/01/26

      302       317,100  

K Hovnanian Enterprises, Inc.(e):

     

10.00%, 07/15/22

      685       746,650  

10.50%, 07/15/24

      811       898,183  

Lennar Corp.:

     

4.50%, 11/15/19

      2,482       2,547,152  

2.95%, 11/29/20(e)

      621       617,119  

4.75%, 04/01/21

      314       328,915  

4.13%, 01/15/22

      1,014       1,036,815  

4.75%, 11/15/22

      1,542       1,628,737  

4.88%, 12/15/23

      968       1,016,400  

4.75%, 11/29/27(e)

      2,510       2,566,475  

Mattamy Group Corp.(e):

     

6.88%, 12/15/23

      1,062       1,115,153  

6.50%, 10/01/25

      1,107       1,159,583  

MDC Holdings, Inc., 6.00%, 01/15/43

      1,402       1,384,475  

Meritage Homes Corp., 5.13%, 06/06/27

      539       545,225  

PulteGroup, Inc., 6.38%, 05/15/33

      2,805       3,141,600  

Ryland Group, Inc., 6.63%, 05/01/20

      1,160       1,261,500  

Tempur Sealy International, Inc., 5.50%, 06/15/26

      2,203       2,255,321  

Toll Brothers Finance Corp., 6.75%, 11/01/19

      220       236,500  

TRI Pointe Group, Inc.:

     

4.88%, 07/01/21

      1,275       1,335,563  

5.25%, 06/01/27

      644       657,621  

TRI Pointe Group, Inc./TRI Pointe Homes, Inc.:

 

   

4.38%, 06/15/19

      1,060       1,081,200  

5.88%, 06/15/24

      770       829,444  

William Lyon Homes, Inc., 5.88%, 01/31/25

      769       786,303  
     

 

 

 
    32,416,752  
Security     Par
(000)
    Value  
Household Products — 0.3%  

ACCO Brands Corp., 5.25%, 12/15/24(e)

    USD       539     $ 561,234  

Diamond BC BV, 5.63%, 08/15/25

    EUR       149       180,432  

Prestige Brands, Inc., 6.38%, 03/01/24(e)

    USD       2,176       2,268,480  

Spectrum Brands, Inc., 6.63%, 11/15/22

      1,385       1,436,938  
     

 

 

 
    4,447,084  
Independent Power and Renewable Electricity Producers — 1.9%  

AES Corp., 5.50%, 03/15/24

      196       205,310  

Calpine Corp.:

     

6.00%, 01/15/22(e)

      251       258,530  

5.88%, 01/15/24(e)

      1,389       1,434,142  

5.50%, 02/01/24

      514       496,653  

5.25%, 06/01/26(e)

      2,881       2,913,411  

Dynegy, Inc.:

     

7.38%, 11/01/22

      1,935       2,068,031  

8.00%, 01/15/25(e)

      1,653       1,818,300  

8.13%, 01/30/26(e)

      1,136       1,263,800  

MPM Escrow LLC, 8.88%, 10/15/20(a)(f)

      3,738        

NRG Energy, Inc.:

     

6.25%, 07/15/22

      1,384       1,441,090  

6.63%, 03/15/23

      297       308,019  

6.25%, 05/01/24

      469       495,968  

6.63%, 01/15/27

      6,359       6,851,822  

5.75%, 01/15/28

      3,070       3,070,000  

NRG Yield Operating LLC, 5.38%, 08/15/24

      1,789       1,856,087  

QEP Resources, Inc., 5.38%, 10/01/22

      914       935,708  

TerraForm Power Operating LLC(e):

     

4.25%, 01/31/23(j)

      1,191       1,193,978  

6.38%, 02/01/23(l)

      1,301       1,371,254  

6.63%, 06/15/25(l)

      140       153,475  

5.00%, 01/31/28(j)

      1,185       1,189,444  
     

 

 

 
    29,325,022  
Industrial Conglomerates — 0.3%  

Colfax Corp., 3.25%, 05/15/25

    EUR       489       599,929  

Vertiv Group Corp., 9.25%, 10/15/24(e)

    USD       3,892       4,227,685  
     

 

 

 
    4,827,614  
Insurance — 1.5%  

Acrisure LLC/Acrisure Finance, Inc., 7.00%, 11/15/25(e)

      1,478       1,457,678  

Ardonagh Midco 3 PLC:

     

8.38%, 07/15/23

    GBP       500       696,486  

8.63%, 07/15/23(e)

    USD       3,012       3,139,649  

Assicurazioni Generali SpA(h):

     

, (3 mo. Euribor + 7.11%), 7.75%, 12/12/42

    EUR       400       615,359  
 

 

 

SCHEDULE OF INVESTMENTS      13  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security     Par
(000)
    Value  
Insurance (continued)  

Assicurazioni Generali SpA(h) (continued):

     

, (3 mo. Euribor + 5.35%), 5.50%, 10/27/47

    EUR       200     $ 286,731  

AssuredPartners, Inc., 7.00%, 08/15/25(e)

    USD       441       444,308  

BNP Paribas Cardif SA, (3 mo. Euribor + 3.93%), 4.03%(h)(k)

    EUR       100       133,852  

Credit Agricole Assurances SA, (5 year EUR Swap + 4.35%), 4.50%(h)(k)

      200       271,826  

Delta Lloyd NV, (3 mo. Euribor + 3.90%), 4.38%(h)(k)

      190       253,285  

Groupama SA, 6.00%, 01/23/27

      300       449,914  

HUB International Ltd., 7.88%, 10/01/21(e)

    USD       5,484       5,703,360  

Old Mutual PLC, 8.00%, 06/03/21

    GBP       90       140,999  

Radian Group, Inc.:

     

5.25%, 06/15/20

    USD       107       112,885  

7.00%, 03/15/21

      192       215,760  

4.50%, 10/01/24

      1,628       1,673,258  

USIS Merger Sub, Inc., 6.88%, 05/01/25(e)

      544       550,800  

Wayne Merger Sub LLC, 8.25%, 08/01/23(e)

      6,325       6,625,437  
     

 

 

 
    22,771,587  
Internet Software & Services — 1.0%  

Equinix, Inc.:

     

5.38%, 01/01/22

      1,110       1,155,788  

5.88%, 01/15/26

      3,197       3,468,745  

Match Group, Inc., 5.00%, 12/15/27(e)(j)

      615       619,613  

Netflix, Inc.:

     

5.38%, 02/01/21

      210       222,600  

5.50%, 02/15/22

      2,087       2,220,046  

4.38%, 11/15/26

      1,838       1,803,537  

3.63%, 05/15/27

    EUR       404       483,265  

4.88%, 04/15/28(e)

    USD       2,880       2,847,600  

Symantec Corp., 5.00%, 04/15/25(e)

      1,596       1,675,002  

United Group BV:

     

4.38%, 07/01/22

    EUR       258       320,135  

, (3 mo. Euribor + 4.38%),
4.05%, 07/01/23(d)

      395       473,853  
     

 

 

 
    15,290,184  
Security     Par
(000)
    Value  
IT Services — 2.4%  

Ceridian HCM Holding, Inc., 11.00%, 03/15/21(e)

    USD       1,631     $ 1,716,627  

First Data Corp.(e):

     

7.00%, 12/01/23

      8,023       8,504,380  

5.75%, 01/15/24

      18,420       19,110,750  

Gartner, Inc., 5.13%, 04/01/25(e)

      1,772       1,851,740  

WEX, Inc., 4.75%, 02/01/23(e)

      5,476       5,599,210  
     

 

 

 
    36,782,707  
Leisure Time — 0.0%  

Thomas Cook Finance 2 PLC, 3.88%, 07/15/23

    EUR       100       119,025  
     

 

 

 
Machinery — 0.5%  

SPX FLOW, Inc.(e):

     

5.63%, 08/15/24

    USD       993       1,045,133  

5.88%, 08/15/26

      993       1,052,580  

Terex Corp., 5.63%, 02/01/25(e)

      4,399       4,643,694  

Wabash National Corp., 5.50%, 10/01/25(e)

      1,510       1,521,325  
     

 

 

 
    8,262,732  
Media — 14.2%  

Altice Financing SA(e):

     

6.63%, 02/15/23

      1,145       1,173,625  

7.50%, 05/15/26

      6,130       6,405,850  

Altice Luxembourg SA:

     

7.25%, 05/15/22

    EUR       670       771,553  

7.75%, 05/15/22(e)

    USD       6,288       5,989,320  

6.25%, 02/15/25

    EUR       580       648,883  

Altice US Finance I Corp.(e):

     

5.38%, 07/15/23

    USD       7,810       7,946,675  

5.50%, 05/15/26

      1,711       1,732,387  

AMC Networks, Inc.:

     

5.00%, 04/01/24

      1,165       1,179,563  

4.75%, 08/01/25

      2,152       2,135,860  

Banijay Group SAS, 4.00%, 07/01/22

    EUR       129       160,835  

Block Communications, Inc.,
6.88%, 02/15/25(e)

    USD       685       727,813  

Cablevision Systems Corp.:

     

7.75%, 04/15/18

      1,393       1,417,378  

8.00%, 04/15/20

      2,224       2,379,680  

Capital Stage Finance BV, 5.25%(f)(k)

    EUR       100       124,381  

CBS Radio, Inc., 7.25%, 11/01/24(e)

    USD       526       553,615  

CCO Holdings LLC/CCO Holdings Capital Corp.(e):

     

4.00%, 03/01/23

      3,027       3,025,108  

5.13%, 05/01/23

      453       468,855  

5.13%, 05/01/27

      15,718       15,570,644  

5.00%, 02/01/28

      3,990       3,910,200  

Cellnex Telecom SA, 2.38%, 01/16/24

    EUR       300       365,570  
 

 

 

14    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security     Par
(000)
    Value  
Media (continued)  

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

     

6.38%, 09/15/20

    USD       210     $ 212,888  

5.13%, 12/15/21

      7,150       7,160,777  

7.75%, 07/15/25

      7,299       7,773,435  

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

      4,201       4,337,532  

Clear Channel Worldwide Holdings, Inc.:

     

6.50%, 11/15/22

      14,259       14,430,579  

Series B, 7.63%, 03/15/20

      7,377       7,303,230  

CSC Holdings LLC:

     

7.88%, 02/15/18

      734       739,505  

7.63%, 07/15/18

      351       358,020  

10.13%, 01/15/23(e)

      4,866       5,492,497  

5.25%, 06/01/24

      5,105       4,975,780  

6.63%, 10/15/25(e)

      419       451,473  

10.88%, 10/15/25(e)

      11,138       13,163,724  

DISH DBS Corp.:

     

6.75%, 06/01/21

      74       78,810  

5.88%, 07/15/22

      2,966       3,051,272  

5.00%, 03/15/23

      1,948       1,901,735  

5.88%, 11/15/24

      2,546       2,565,095  

7.75%, 07/01/26

      6,060       6,537,225  

DISH Network Corp., 3.38%, 08/15/26

      2,044       2,277,782  

eircom Finance DAC, 4.50%, 05/31/22

    EUR       300       370,358  

GTT Communications, Inc., 7.88%, 12/31/24(e)

    USD       2,446       2,578,671  

Hughes Satellite Systems Corp.:

     

7.63%, 06/15/21

      595       658,219  

5.25%, 08/01/26

      2,908       2,951,794  

6.63%, 08/01/26

      801       838,046  

iHeartCommunications, Inc.:

     

9.00%, 12/15/19

      1,024       760,320  

9.00%, 03/01/21

      241       172,918  

9.00%, 09/15/22

      1,312       947,920  

Intelsat Jackson Holdings SA:

     

7.25%, 10/15/20

      2,603       2,459,835  

5.50%, 08/01/23

      2,986       2,444,787  

9.75%, 07/15/25(e)

      2,896       2,805,500  

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

      598       631,638  

LGE HoldCo VI BV, 7.13%, 05/15/24

    EUR       300       395,603  

McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, 05/15/24(e)

    USD       639       637,403  

MDC Partners, Inc., 6.50%, 05/01/24(e)

      2,003       2,013,015  

Midcontinent Communications/Midcontinent Finance Corp., 6.88%, 08/15/23(e)

      1,100       1,168,750  

NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 08/01/18(e)

      2,039       2,039,000  
Security     Par
(000)
    Value  
Media (continued)  

Numericable Group SA:

     

5.38%, 05/15/22

    EUR       280     $ 339,370  

6.00%, 05/15/22

    USD       200       201,626  

Outfront Media Capital LLC/Outfront Media Capital Corp., 5.25%, 02/15/22

      650       668,278  

Radio One, Inc., 7.38%, 04/15/22(e)

      805       792,925  

SFR Group SA(e):

     

6.00%, 05/15/22

      5,489       5,533,626  

7.38%, 05/01/26

      9,382       9,451,239  

Sirius XM Radio, Inc.(e):

     

4.63%, 05/15/23

      230       236,325  

5.00%, 08/01/27

      409       413,601  

Sterling Entertainment Corp., 9.75%, 12/15/19(a)

      4,810       4,761,900  

TEGNA, Inc.:

     

5.13%, 10/15/19

      457       463,284  

5.50%, 09/15/24(e)

      344       358,190  

Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28(e)

      1,600       1,600,000  

Telenet Finance V Luxembourg SCA, 6.75%, 08/15/24

    EUR       982       1,252,980  

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

    USD       2,154       2,407,095  

Townsquare Media, Inc., 6.50%, 04/01/23(e)

      517       511,830  

Tribune Media Co., 5.88%, 07/15/22

      1,679       1,712,580  

Unitymedia GmbH, 3.75%, 01/15/27

    EUR       200       244,358  

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

     

5.63%, 04/15/23

      146       180,794  

4.00%, 01/15/25

      911       1,147,099  

5.00%, 01/15/25(e)

    USD       372       384,555  

4.63%, 02/15/26

    EUR       100       129,047  

3.50%, 01/15/27

      200       246,510  

6.25%, 01/15/29

      700       939,488  

Univision Communications, Inc.(e):

     

5.13%, 05/15/23

    USD       2,315       2,315,000  

5.13%, 02/15/25

      1,528       1,487,890  

UPCB Finance IV Ltd., 4.00%, 01/15/27

    EUR       400       509,182  

Videotron Ltd., 5.13%, 04/15/27(e)

    USD       2,383       2,496,192  

Virgin Media Finance PLC:

     

4.50%, 01/15/25

    EUR       183       228,661  

5.75%, 01/15/25(e)

    USD       4,788       4,895,730  

Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24

    GBP       598       825,927  

Virgin Media Secured Finance PLC:

     

5.13%, 01/15/25

      210       297,139  

4.88%, 01/15/27

      200       277,648  

6.25%, 03/28/29

      829       1,210,887  

WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 09/01/20(e)

    USD       4,428       4,505,490  
 

 

 

SCHEDULE OF INVESTMENTS      15  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security     Par
(000)
    Value  
Media (continued)  

Ziggo Bond Finance BV:

     

4.63%, 01/15/25

    EUR       300     $ 374,243  

5.88%, 01/15/25(e)

    USD       2,643       2,643,000  

Ziggo Secured Finance BV, 4.25%, 01/15/27

    EUR       530       658,530  
     

 

 

 
    220,075,150  
Metals & Mining — 7.4%  

Alcoa Nederland Holding BV, 7.00%, 09/30/26(e)

    USD       681       769,530  

ArcelorMittal:

     

3.00%, 04/09/21

    EUR       100       128,531  

3.13%, 01/14/22

      100       130,196  

Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25(e)

    USD       1,407       1,494,937  

CONSOL Mining Corp.,
11.00%, 11/15/25(e)

      3,130       3,145,650  

Constellium NV:

     

5.75%, 05/15/24(e)

      1,392       1,437,240  

6.63%, 03/01/25(e)

      1,231       1,307,937  

4.25%, 02/15/26

    EUR       151       181,431  

5.88%, 02/15/26(e)

    USD       3,427       3,551,571  

First Quantum Minerals Ltd.(e):

     

7.00%, 02/15/21

      4,991       5,178,162  

7.25%, 05/15/22

      1,533       1,590,487  

7.50%, 04/01/25

      234       248,918  

Freeport-McMoRan, Inc.:

     

2.38%, 03/15/18

      15,430       15,410,712  

3.10%, 03/15/20

      2,976       2,979,720  

4.00%, 11/14/21

      2,078       2,089,429  

3.55%, 03/01/22

      2,216       2,185,530  

3.88%, 03/15/23

      9,210       9,105,006  

5.40%, 11/14/34

      689       670,053  

5.45%, 03/15/43

      7,682       7,276,390  

Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(e)

      2,662       2,861,650  

Joseph T Ryerson & Son, Inc., 11.00%, 05/15/22(e)

      1,378       1,553,006  

Kaiser Aluminum Corp., 5.88%, 05/15/24

      773       829,043  

Kinross Gold Corp.:

     

4.50%, 07/15/27(e)

      807       813,053  

6.88%, 09/01/41

      495       562,444  

Novelis Corp.(e):

     

6.25%, 08/15/24

      8,460       8,904,150  

5.88%, 09/30/26

      5,890       6,103,512  

Nyrstar Netherlands Holdings BV, 6.88%, 03/15/24

    EUR       530       668,871  

Ovako AB, 5.00%, 10/05/22

      300       363,984  
Security     Par
(000)
    Value  
Metals & Mining (continued)  

Steel Dynamics, Inc.:

     

5.13%, 10/01/21

    USD       3,215     $ 3,299,394  

5.25%, 04/15/23

      949       977,755  

5.50%, 10/01/24

      1,540       1,639,176  

4.13%, 09/15/25(e)

      1,275       1,278,188  

5.00%, 12/15/26

      470       496,734  

SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50%, 06/15/25(e)

      1,525       1,606,969  

Teck Resources Ltd.:

     

4.50%, 01/15/21

      902       932,443  

3.75%, 02/01/23

      2,259       2,281,590  

8.50%, 06/01/24(e)

      4,081       4,631,935  

6.13%, 10/01/35

      502       564,750  

6.00%, 08/15/40

      3,317       3,681,870  

5.20%, 03/01/42

      3,303       3,269,970  

5.40%, 02/01/43

      3,691       3,709,455  

ThyssenKrupp AG, 2.75%, 03/08/21

    EUR       100       126,878  

thyssenKrupp AG, 1.38%, 03/03/22

      675       817,012  

United States Steel Corp.:

     

8.38%, 07/01/21(e)

    USD       2,224       2,429,720  

6.88%, 08/15/25

      1,471       1,522,191  
     

 

 

 
    114,807,173  
Multi-Utilities — 0.3%  

NGL Energy Partners LP/NGL Energy Finance Corp.:

     

5.13%, 07/15/19

      980       989,800  

6.88%, 10/15/21

      1,536       1,559,040  

7.50%, 11/01/23

      2,795       2,871,863  
     

 

 

 
    5,420,703  
Multiline Retail — 0.0%  

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

      1,214       691,980  
     

 

 

 
Offshore Drilling & Other Services — 0.1%  

Entegris, Inc., 4.63%, 02/10/26(e)

      1,250       1,273,438  
     

 

 

 
Oil, Gas & Consumable Fuels — 13.3%  

Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 7.88%, 12/15/24

      801       883,103  

Andeavor Logistics LP, Series A, 6.88%(f)(j)(k)

      2,138       2,164,297  

Andeavor Logistics LP/Tesoro Logistics Finance Corp.:

     

6.13%, 10/15/21

      321       330,832  

6.25%, 10/15/22

      3,154       3,350,494  

Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 09/15/24

      385       397,513  
 

 

 

16    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security     Par
(000)
    Value  
Oil, Gas & Consumable Fuels (continued)  

Antero Resources Corp.:

     

5.13%, 12/01/22

    USD       744     $ 762,600  

5.63%, 06/01/23

      644       671,370  

Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/22(e)

      1,471       1,599,713  

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

      1,148       849,520  

Callon Petroleum Co., 6.13%, 10/01/24

      3,192       3,287,760  

Carrizo Oil & Gas, Inc.:

     

6.25%, 04/15/23

      1,067       1,092,341  

8.25%, 07/15/25

      691       749,735  

Cheniere Corpus Christi Holdings LLC:

     

7.00%, 06/30/24

      1,928       2,188,280  

5.88%, 03/31/25

      2,359       2,556,566  

5.13%, 06/30/27(e)

      5,605       5,780,156  

Cheniere Energy Partners LP, 5.25%, 10/01/25(e)

      2,065       2,119,206  

Chesapeake Energy Corp.:

     

5.75%, 03/15/23

      216       198,720  

8.00%, 01/15/25(e)

      1,677       1,668,615  

8.00%, 06/15/27(e)

      3,961       3,793,846  

CONSOL Energy, Inc.:

     

5.88%, 04/15/22

      17,481       17,874,322  

8.00%, 04/01/23

      786       839,055  

Continental Resources, Inc.:

     

3.80%, 06/01/24

      2,909       2,865,365  

4.90%, 06/01/44

      880       836,000  

Corral Petroleum Holdings AB,
(11.75% Cash or 13.25% PIK),
11.75%, 05/15/21(g)

    EUR       300       403,173  

Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25(e)

    USD       1,720       1,797,400  

Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 04/01/23

      385       398,475  

CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(e)

      3,648       3,666,240  

DCP Midstream LLC(e):

     

6.45%, 11/03/36

      1,258       1,346,060  

6.75%, 09/15/37

      1,490       1,594,300  

DEA Finance SA, 7.50%, 10/15/22

    EUR       330       437,706  

Denbury Resources, Inc.:

     

5.50%, 05/01/22

    USD       2,463       1,600,950  

4.63%, 07/15/23

      959       580,195  

Diamond Offshore Drilling, Inc., 7.88%, 08/15/25

      620       646,350  

Diamondback Energy, Inc., 5.38%, 05/31/25

      1,071       1,105,475  

Eclipse Resources Corp., 8.88%, 07/15/23

      550       562,375  
Security     Par
(000)
    Value  
Oil, Gas & Consumable Fuels (continued)  

Endeavor Energy Resources LP/EER Finance, Inc.(e)(j):

     

5.50%, 01/30/26

    USD       804     $ 814,050  

5.75%, 01/30/28

      1,470       1,486,538  

Energy Transfer Equity LP:

     

7.50%, 10/15/20

      665       738,150  

4.25%, 03/15/23

      1,164       1,172,730  

5.88%, 01/15/24

      3,623       3,885,667  

5.50%, 06/01/27

      2,515       2,621,887  

EP Energy LLC/Everest Acquisition Finance, Inc.:

     

9.38%, 05/01/20

      1,802       1,333,480  

8.00%, 11/29/24(e)

      2,648       2,648,000  

Extraction Oil & Gas Holdings LLC/Extraction Finance Corp., 7.88%, 07/15/21(e)

      1,961       2,073,757  

Extraction Oil & Gas, Inc., 7.38%, 05/15/24(e)

      1,181       1,257,765  

Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, 10/01/25

      966       992,565  

Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21(e)

      2,055       2,121,787  

Gulfport Energy Corp.:

     

6.63%, 05/01/23

      1,334       1,364,015  

6.00%, 10/15/24

      490       491,838  

6.38%, 05/15/25

      544       548,080  

6.38%, 01/15/26(e)

      1,527       1,534,635  

Halcon Resources Corp., 6.75%, 02/15/25(e)

      1,676       1,701,140  

Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.63%, 02/15/26(e)

      2,756       2,828,345  

Matador Resources Co., 6.88%, 04/15/23

      6       6,330  

MEG Energy Corp.(e):

     

6.38%, 01/30/23

      2,095       1,919,544  

7.00%, 03/31/24

      3,193       2,873,700  

6.50%, 01/15/25

      4,887       4,789,260  

Murphy Oil Corp.:

     

6.88%, 08/15/24

      2,221       2,390,351  

5.88%, 12/01/42

      353       347,705  

Newfield Exploration Co., 5.63%, 07/01/24

      872       941,760  

NGPL PipeCo LLC(e):

     

4.38%, 08/15/22

      1,254       1,285,350  

4.88%, 08/15/27

      1,430       1,484,583  

7.77%, 12/15/37

      2,926       3,613,610  

Noble Holding International Ltd., 7.75%, 01/15/24

      1,513       1,308,745  
 

 

 

SCHEDULE OF INVESTMENTS      17  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  
Oil, Gas & Consumable Fuels (continued)  

Noble Holding US Corp/Noble Drilling Services 6 LLC/Noble Drilling Holding LLC, 7.50%, 03/15/19

    USD       675     $ 691,875  

Oasis Petroleum, Inc.:

     

6.50%, 11/01/21

      837       847,463  

6.88%, 03/15/22

      1,432       1,458,850  

6.88%, 01/15/23

      383       390,181  

ONEOK, Inc., 6.00%, 06/15/35

      260       293,214  

Paramount Resources Ltd., 6.88%, 06/30/23(e)

      3,070       3,265,712  

Parker Drilling Co., 7.50%, 08/01/20

      335       306,525  

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

     

6.25%, 06/01/24

      458       484,335  

5.38%, 01/15/25

      2,170       2,197,125  

5.25%, 08/15/25

      532       534,660  

5.63%, 10/15/27

      1,647       1,683,020  

PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/25(e)

      1,424       1,498,760  

PDC Energy, Inc., 5.75%, 05/15/26(e)

      1,540       1,593,900  

Petroleos Mexicanos, 5.38%, 03/13/22(e)

      270       288,630  

Precision Drilling Corp., 7.13%, 01/15/26(e)

      748       753,617  

QEP Resources, Inc., 5.25%, 05/01/23

      1,240       1,255,500  

Raffinerie Heide GmbH, 6.38%, 12/01/22(j)

    EUR       175       210,900  

Range Resources Corp.:

     

5.88%, 07/01/22

    USD       2,612       2,683,830  

5.00%, 08/15/22

      530       528,013  

5.00%, 03/15/23

      317       313,830  

4.88%, 05/15/25

      844       822,900  

Resolute Energy Corp., 8.50%, 05/01/20

      2,474       2,514,202  

Rockies Express Pipeline LLC(e):

     

6.00%, 01/15/19

      1,984       2,047,885  

5.63%, 04/15/20

      695       728,013  

6.88%, 04/15/40

      2,829       3,186,161  

Rowan Cos., Inc.:

     

4.88%, 06/01/22

      195       186,163  

4.75%, 01/15/24

      352       313,280  

7.38%, 06/15/25

      5,423       5,450,115  

RSP Permian, Inc.:

     

6.63%, 10/01/22

      2,395       2,520,737  

5.25%, 01/15/25

      1,046       1,066,920  

Sanchez Energy Corp.:

     

7.75%, 06/15/21

      138       130,755  

6.13%, 01/15/23

      6,116       5,160,375  

SESI LLC, 7.13%, 12/15/21

      655       668,919  

Seven Generations Energy Ltd., 5.38%, 09/30/25(e)

      2,734       2,747,670  
Security          Par
(000)
    Value  
Oil, Gas & Consumable Fuels (continued)  

SM Energy Co.:

     

6.50%, 11/15/21

    USD       845     $ 851,338  

6.13%, 11/15/22

      1,620       1,640,250  

6.50%, 01/01/23

      1,339       1,352,390  

5.00%, 01/15/24

      38       36,385  

5.63%, 06/01/25

      324       311,850  

Southwestern Energy Co.:

     

6.70%, 01/23/25

      232       241,280  

7.50%, 04/01/26

      1,684       1,801,880  

7.75%, 10/01/27

      1,290       1,380,300  

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

     

5.50%, 09/15/24

      2,617       2,715,137  

5.50%, 01/15/28

      1,924       1,981,720  

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

     

5.25%, 05/01/23

      78       79,950  

4.25%, 11/15/23

      845       832,325  

5.13%, 02/01/25

      548       560,330  

5.38%, 02/01/27

      531       544,275  

5.00%, 01/15/28(e)

      2,478       2,459,415  

Transocean, Inc., 7.50%, 01/15/26(e)

      1,753       1,801,207  

Tullow Oil PLC:

     

6.00%, 11/01/20(e)

      200       201,500  

6.00%, 11/01/20

      200       201,500  

6.25%, 04/15/22(e)

      220       221,375  

Weatherford International LLC, 6.80%, 06/15/37

      702       565,110  

Weatherford International Ltd.:

     

6.50%, 08/01/36

      1,931       1,544,800  

7.00%, 03/15/38

      1,523       1,267,898  

5.95%, 04/15/42

      959       731,238  

Whiting Petroleum Corp., 5.00%, 03/15/19

      784       789,880  

WildHorse Resource Development Corp., 6.88%, 02/01/25

      898       916,059  

Williams Cos., Inc.:

     

4.55%, 06/24/24

      1,614       1,672,508  

5.75%, 06/24/44

      4,897       5,160,214  

WPX Energy, Inc.:

     

7.50%, 08/01/20

      258       279,930  

6.00%, 01/15/22

      1,165       1,199,950  

8.25%, 08/01/23

      1,245       1,405,294  

5.25%, 09/15/24

      898       882,285  
     

 

 

 
    206,027,083  
 

 

 

18    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  
Paper & Forest Products — 0.1%  

Norbord, Inc., 6.25%, 04/15/23(e)

    USD       1,711     $ 1,860,712  

Stora Enso OYJ, 2.50%, 06/07/27

    EUR       200       244,055  
     

 

 

 
    2,104,767  
Pharmaceuticals — 2.8%  

Endo DAC/Endo Finance LLC/Endo Finco, Inc., 5.88%, 10/15/24(e)

    USD       643       649,430  

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

 

   

7.25%, 01/15/22

      1,176       1,023,120  

6.00%, 07/15/23

      931       728,508  

Ephios Bondco PLC, 6.25%, 07/01/22

    EUR       675       851,624  

Ephios Holdco II PLC, 8.25%, 07/01/23

      159       206,519  

Grifols SA, 3.20%, 05/01/25

      200       242,811  

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

    USD       1,038       1,139,205  

Jaguar Holding Co. II/Pharmaceutical Product Development LLC,
6.38%, 08/01/23(e)

      10,081       10,383,430  

Nidda BondCo GmbH, 5.00%, 09/30/25

    EUR       204       248,381  

Nidda Healthcare Holding AG, 3.50%, 09/30/24

      150       182,108  

Synlab Bondco PLC, 6.25%, 07/01/22

      210       264,950  

Team Health Holdings, Inc., 6.38%, 02/01/25(e)

    USD       2,564       2,320,420  

Teva Pharmaceutical Finance Netherlands II BV:

     

1.25%, 03/31/23

    EUR       500       546,987  

1.63%, 10/15/28

      321       320,306  

Valeant Pharmaceuticals International, Inc.:

     

6.38%, 10/15/20(e)

    USD       1,650       1,647,937  

7.50%, 07/15/21(e)

      2,486       2,454,925  

6.75%, 08/15/21(e)

      4,131       4,038,052  

5.63%, 12/01/21(e)

      1,327       1,234,110  

6.50%, 03/15/22(e)

      2,043       2,145,150  

7.25%, 07/15/22(e)

      157       153,075  

5.50%, 03/01/23(e)

      77       65,931  

4.50%, 05/15/23

    EUR       226       231,081  

5.88%, 05/15/23(e)

    USD       3,126       2,734,625  

7.00%, 03/15/24(e)

      3,210       3,438,712  

6.13%, 04/15/25(e)

      3,532       3,028,690  

5.50%, 11/01/25(e)

      3,825       3,873,195  
     

 

 

 
    44,153,282  
Real Estate Investment Trusts (REITs) — 1.5%  

Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(e)

      1,135       1,157,700  
Security          Par
(000)
    Value  
Real Estate Investment Trusts (REITs) (continued)  

Hilton Domestic Operating Co., Inc., 4.25%, 09/01/24

    USD       1,269     $ 1,288,035  

iStar, Inc.:

     

4.63%, 09/15/20

      749       760,235  

6.00%, 04/01/22

      637       660,091  

5.25%, 09/15/22

      748       756,415  

MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.:

     

5.63%, 05/01/24

      9,671       10,347,970  

4.50%, 09/01/26

      3,385       3,410,387  

4.50%, 01/15/28(e)

      2,133       2,119,669  

NH Hotel Group SA, 3.75%, 10/01/23

    EUR       372       468,631  

Starwood Property Trust, Inc.:

     

5.00%, 12/15/21

    USD       1,695       1,764,919  

4.75%, 03/15/25(e)(j)

      776       774,060  

TVL Finance PLC, (3 mo. LIBOR GBP + 4.88%), 5.40%, 05/15/23(d)

    GBP       100       135,240  
     

 

 

 
    23,643,352  
Real Estate Management & Development — 0.8%  

ADLER Real Estate AG:

     

4.75%, 04/08/20

    EUR       134       166,607  

2.13%, 02/06/24

      325       382,889  

Greystar Real Estate Partners LLC, 5.75%, 12/01/25(e)

    USD       1,158       1,192,740  

Howard Hughes Corp., 5.38%, 03/15/25(e)

      1,568       1,611,120  

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

     

4.50%, 04/15/19

      806       820,105  

5.25%, 12/01/21

      2,296       2,387,840  

4.88%, 06/01/23

      4,329       4,361,467  

RESIDOMO Sro, 3.38%, 10/15/24

    EUR       320       390,402  

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

    USD       1,065       1,067,663  
     

 

 

 
    12,380,833  
Road & Rail — 1.0%  

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

     

5.13%, 06/01/22

      927       932,794  

6.38%, 04/01/24

      355       364,762  

Avis Budget Finance PLC:

     

4.13%, 11/15/24

    EUR       150       182,189  

4.50%, 05/15/25

      163       198,531  

CMA CGM SA, 5.25%, 01/15/25

      100       120,508  

EC Finance PLC, 2.38%, 11/15/22

      203       247,708  

Europcar Drive Designated Activity Co., 4.13%, 11/15/24

      387       468,687  

Europcar Groupe SA, 5.75%, 06/15/22

      110       137,154  
 

 

 

SCHEDULE OF INVESTMENTS      19  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  
Road & Rail (continued)  

Herc Rentals, Inc.(e):

     

7.50%, 06/01/22

    USD       1,406     $ 1,514,965  

7.75%, 06/01/24

      1,201       1,315,215  

Hertz Corp., 7.63%, 06/01/22(e)

      2,414       2,491,779  

Loxam SAS:

     

3.50%, 04/15/22

    EUR       168       209,690  

3.50%, 05/03/23

      150       186,527  

4.25%, 04/15/24

      100       127,433  

6.00%, 04/15/25

      108       140,384  

United Rentals North America, Inc.:

     

4.63%, 07/15/23

    USD       944       972,320  

4.63%, 10/15/25

      2,596       2,645,324  

4.88%, 01/15/28

      1,679       1,697,889  

Watco Cos. LLC/Watco Finance Corp., 6.38%, 04/01/23(e)

      1,093       1,131,255  
     

 

 

 
    15,085,114  
Semiconductors & Semiconductor Equipment — 1.1%  

Advanced Micro Devices, Inc.:

     

7.50%, 08/15/22

      422       476,860  

7.00%, 07/01/24

      409       427,405  

Micron Technology, Inc.:

     

5.50%, 02/01/25

      58       61,335  

Series G, 3.00%, 11/15/43

      1,251       1,855,389  

Microsemi Corp., 9.13%, 04/15/23(e)

      134       151,588  

NXP BV/NXP Funding LLC(e):

     

4.13%, 06/15/20

      2,409       2,476,000  

4.13%, 06/01/21

      1,448       1,488,718  

4.63%, 06/15/22

      1,319       1,388,248  

3.88%, 09/01/22

      1,138       1,159,338  

5.75%, 03/15/23

      1,070       1,107,450  

4.63%, 06/01/23

      1,145       1,209,589  

Sensata Technologies BV(e):

     

5.63%, 11/01/24

      903       997,815  

5.00%, 10/01/25

      3,923       4,187,802  
     

 

 

 
    16,987,537  
Software — 4.7%  

BMC Software Finance, Inc., 8.13%, 07/15/21(e)

      3,715       3,760,286  

Genesys Telecommunications Laboratories Inc/Greeneden Lux 3 Sarl/Greeneden US Holdings LLC, 10.00%, 11/30/24(e)

      2,695       3,018,400  

Infinity Acquisition LLC/Infinity Acquisition Finance Corp., 7.25%, 08/01/22(e)

      1,444       1,444,000  

Infor Software Parent LLC/Infor Software Parent, Inc., (7.13% Cash or 7.88% PIK), 7.13%, 05/01/21(e)(g)

      3,521       3,609,025  

Infor US, Inc., 6.50%, 05/15/22

      11,511       11,856,330  
Security          Par
(000)
    Value  
Software (continued)  

Informatica LLC, 7.13%, 07/15/23(e)

    USD       4,124     $ 4,206,480  

Nuance Communications, Inc.:

     

5.38%, 08/15/20(e)

      356       360,984  

6.00%, 07/01/24

      1,630       1,744,100  

5.63%, 12/15/26(e)

      1,410       1,476,975  

PTC, Inc., 6.00%, 05/15/24

      1,996       2,140,710  

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

      1,828       1,960,530  

RP Crown Parent LLC, 7.38%, 10/15/24(e)

      2,666       2,779,305  

Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24(e)

      10,664       11,997,000  

Sophia LP/Sophia Finance, Inc., 9.00%, 09/30/23(e)

      1,553       1,615,120  

SS&C Technologies Holdings, Inc., 5.88%, 07/15/23

      4,074       4,308,255  

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

      7,252       7,886,550  

Veritas US, Inc./Veritas Bermuda Ltd.:

     

7.50%, 02/01/23

    EUR       300       374,928  

7.50%, 02/01/23(e)

    USD       3,130       3,286,500  

10.50%, 02/01/24(e)

      4,492       4,705,370  
     

 

 

 
    72,530,848  
Specialty Retail — 1.0%  

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

      2,505       2,611,462  

Catalent Pharma Solutions, Inc., 4.88%, 01/15/26(e)

      1,907       1,930,838  

Group 1 Automotive, Inc., 5.25%, 12/15/23(e)

      264       273,240  

JC Penney Corp., Inc.:

     

8.13%, 10/01/19

      218       220,725  

6.38%, 10/15/36

      554       332,400  

7.40%, 04/01/37

      230       144,900  

L Brands, Inc.:

     

8.50%, 06/15/19

      3,925       4,263,531  

6.88%, 11/01/35

      2,338       2,361,380  

Masaria Investments SAU, 5.00%, 09/15/24

    EUR       186       224,541  

Penske Automotive Group, Inc.:

     

5.75%, 10/01/22

    USD       729       751,326  

5.50%, 05/15/26

      346       352,055  

PetSmart, Inc., 5.88%, 06/01/25(e)

      897       771,420  

Shop Direct Funding PLC, 7.75%, 11/15/22

    GBP       550       704,863  
     

 

 

 
    14,942,681  
 

 

 

20    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  
Technology Hardware, Storage & Peripherals — 0.8%  

Dell International LLC/EMC Corp.(e):

     

7.13%, 06/15/24

    USD       4,522     $ 4,915,639  

6.02%, 06/15/26

      1,390       1,528,040  

Riverbed Technology, Inc., 8.88%, 03/01/23(e)

      1,221       1,149,266  

Western Digital Corp.:

     

7.38%, 04/01/23(e)

      1,534       1,668,225  

10.50%, 04/01/24

      3,263       3,789,975  
     

 

 

 
    13,051,145  
Textiles, Apparel & Luxury Goods — 0.1%  

3AB Optique Developpement SAS, 4.00%, 10/01/23

    EUR       196       235,942  

BiSoho SAS, 5.88%, 05/01/23

      108       139,345  

Levi Strauss & Co., 3.38%, 03/15/27

      225       282,201  

Springs Industries, Inc., 6.25%, 06/01/21

    USD       274       280,165  
     

 

 

 
    937,653  
Thrifts & Mortgage Finance — 0.3%  

Amigo Luxembourg SA, 7.63%, 01/15/24

    GBP       100       141,342  

Jerrold Finco PLC:

     

6.25%, 09/15/21

      225       314,697  

6.13%, 01/15/24

      445       618,383  

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(e):

     

5.25%, 03/15/22

    USD       352       363,440  

5.25%, 10/01/25

      1,676       1,671,810  

MGIC Investment Corp., 5.75%, 08/15/23

      1,117       1,220,322  
     

 

 

 
    4,329,994  
Trading Companies & Distributors — 0.0%  

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

      278       294,680  
     

 

 

 
Transportation Infrastructure — 0.2%  

CMA CGM SA:

     

7.75%, 01/15/21

    EUR       199       247,383  

6.50%, 07/15/22

      225       283,874  

Hapag-Lloyd AG, 5.13%, 07/15/24

      284       353,780  

Heathrow Finance PLC, 3.88%, 03/01/27

    GBP       178       237,145  

Swissport Financing Sarl:

     

6.75%, 12/15/21

    EUR       827       1,033,555  

9.75%, 12/15/22

      200       255,287  
Security          Par
(000)
    Value  
Transportation Infrastructure (continued)  

WFS Global Holding SAS, 9.50%, 07/15/22

    EUR       565     $ 721,247  
     

 

 

 
    3,132,271  
Utilities — 0.0%  

ContourGlobal Power Holdings SA, 5.13%, 06/15/21

      300       372,922  

Drax Finco PLC, 4.25%, 05/01/22

    GBP       137       189,132  
     

 

 

 
    562,054  
Wireless Telecommunication Services — 5.6%  

CoreCivic, Inc., 4.75%, 10/15/27

    USD       894       880,590  

CyrusOne LP/CyrusOne Finance Corp.(e):

     

5.00%, 03/15/24

      3,400       3,536,000  

5.38%, 03/15/27

      325       340,438  

Digicel Group Ltd., 7.13%, 04/01/22(e)

      2,085       1,883,318  

Digicel Ltd., 6.00%, 04/15/21(e)

      5,495       5,300,752  

Equinix, Inc., 2.88%, 10/01/25

    EUR       310       376,438  

GEO Group, Inc.:

     

5.88%, 01/15/22

    USD       350       360,938  

5.13%, 04/01/23

      300       301,500  

5.88%, 10/15/24

      2,030       2,101,050  

6.00%, 04/15/26

      630       653,625  

Iron Mountain, Inc., 3.00%, 01/15/25

    EUR       150       182,908  

Matterhorn Telecom SA:

     

3.88%, 05/01/22

      635       773,605  

4.00%, 11/15/27

      405       477,153  

Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 02/15/25(e)

    USD       1,539       1,473,592  

SBA Communication Corp.,
4.00%, 10/01/22(e)

      2,644       2,657,220  

SBA Communications Corp., 4.88%, 09/01/24

      2,489       2,576,115  

Sprint Capital Corp.:

     

6.90%, 05/01/19

      640       672,800  

6.88%, 11/15/28

      7,564       7,762,555  

8.75%, 03/15/32

      934       1,081,105  

Sprint Communications, Inc.:

     

7.00%, 03/01/20(e)

      2,558       2,740,257  

6.00%, 11/15/22

      637       643,370  

Sprint Corp.:

     

7.88%, 09/15/23

      4,787       5,157,992  

7.13%, 06/15/24

      16,054       16,706,274  

7.63%, 02/15/25

      4,616       4,902,192  

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 03/20/23(e)

      5,216       5,256,685  
 

 

 

SCHEDULE OF INVESTMENTS      21  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  
Wireless Telecommunication Services (continued)        

T-Mobile USA, Inc.:

     

6.13%, 01/15/22

    USD       367     $ 379,845  

4.00%, 04/15/22

      1,337       1,373,768  

6.00%, 03/01/23

      2,169       2,275,661  

6.63%, 04/01/23

      1,910       1,998,337  

6.50%, 01/15/24

      2,638       2,799,577  

6.38%, 03/01/25

      994       1,067,009  

5.13%, 04/15/25

      1,363       1,424,335  

5.38%, 04/15/27

      818       875,260  

Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 8.25%, 10/15/23

      2,418       2,315,235  

VICI Properties 1 LLC/VICI FC, Inc., 8.00%, 10/15/23

      2,000       2,224,644  

Wind Tre SpA, 5.00%, 01/20/26(e)

      1,152       1,103,501  

Xplornet Communications, Inc., (9.63% Cash or 10.63% PIK),
9.63%, 06/01/22(e)(g)

      768       817,920  
     

 

 

 
      87,453,564  
     

 

 

 

Total Corporate Bonds — 116.9%
(Cost — $1,767,918,026)

 

      1,809,129,021  
     

 

 

 

Floating Rate Loan Interests — 10.5%

 

 
Aerospace & Defense — 0.2%              

Accudyne Industries LLC, 2017 Term Loan, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.08%, 08/02/24(m)

      3,269       3,282,632  

Sequa Mezzanine Holdings L.L.C., 2nd Lien Term Loan, (3 mo. LIBOR + 9.00% 1.00% Floor),
4.82%, 04/28/22(m)

      385       389,331  
     

 

 

 
    3,671,963  
Air Freight & Logistics — 0.2%              

CEVA Group PLC, Letter of Credit, (3 mo. LIBOR + 5.50%),
4.17%, 03/19/21(a)(m)

      916       851,720  

CEVA Intercompany BV, Dutch Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 2.75%, 03/19/21(m)

      936       889,633  

CEVA Logistics Canada ULC, Canadian Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 4.10%, 03/19/21(m)

      142       135,092  
Security          Par
(000)
    Value  
Air Freight & Logistics (continued)  

CEVA Logistics US Holdings, Inc., Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 6.00%, 03/19/21(m)

    USD       1,333     $ 1,266,710  
     

 

 

 
    3,143,155  
Airlines — 0.1%  

Northwest Airlines, Inc.(a)(m):

     

2.68%, 09/10/18

      546       539,609  

4.49%, 09/10/18

      541       535,211  

4.56%, 09/10/18

      537       528,679  
     

 

 

 
    1,603,499  
Auto Components — 0.0%  

USI, Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 4.35%, 05/16/24(m)

      592       589,040  
     

 

 

 
Banks — 0.0%  

Capri Finance LLC, 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 4.63%, 11/01/24(m)

      657       654,950  
     

 

 

 
Chemicals — 0.2%  

Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 4.35%, 06/28/24(m)

      345       346,149  

H.B. Fuller Co., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.60%, 10/12/24(m)

      1,762       1,768,361  

Tronox Blocked Borrower LLC, Term Loan B, (3 mo. LIBOR + 3.00%), 5.04%, 09/22/24(m)

      209       210,561  

Tronox Finance LLC, Term Loan B, (3 mo. LIBOR + 3.00%), 6.87%, 09/22/24(m)

      482       485,911  
     

 

 

 
    2,810,982  
Commercial Services & Supplies — 0.3%  

Asurion LLC, 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%), 4.60%, 08/04/25(m)

      922       945,280  
 

 

 

22    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  
Commercial Services & Supplies (continued)  

West Corp., 2017 Term Loan, (1 mo. LIBOR + 4.00% 1.00% Floor), 4.32%, 10/10/24(m)

    USD       3,350     $ 3,344,273  
     

 

 

 
    4,289,553  
Construction & Engineering — 0.6%  

Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25% 1.00% Floor), 5.10%, 06/21/24(m)

      9,696       9,736,021  
     

 

 

 
Construction Materials — 0.1%  

Core & Main LP, 2017 Term Loan B, (6 mo. LIBOR + 3.00% 1.00% Floor),
6.88%, 08/01/24(m)

      855       859,814  
     

 

 

 
Diversified Consumer Services — 0.3%  

Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.57%, 07/12/24(m)

      405       407,025  

Gol LuxCo S.A., 1st Lien Term Loan, (Fixed + 6.50%), 4.42%, 08/31/20(m)

      3,885       3,982,125  

Laureate Education, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.50% 1.00% Floor), 8.08%, 04/26/24(m)

      761       766,168  
     

 

 

 
    5,155,318  
Diversified Telecommunication Services — 0.4%  

CenturyLink, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 4.63%, 01/31/25

      5,161       4,938,458  

Lumos Networks Operating Co. (m):

     

1st Lien Term Loan B, 4.08%, 10/16/24

      386       388,243  

Topco Term Loan, 5.62%, 10/16/24

      379       378,344  
     

 

 

 
    5,705,045  
Energy Equipment & Services — 0.4%  

Pioneer Energy Services Corp., Term Loan, (1 Week LIBOR + 7.75% 1.00% Floor), 5.08%, 11/02/22(m)

      3,921       3,925,901  

Weatherford International Ltd., Term Loan, (1 mo. LIBOR + 2.30%), 4.32%, 07/13/20(m)

      1,817       1,766,816  
     

 

 

 
    5,692,717  
Food Products — 0.0%  

Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 6.88%, 10/09/23(m)

      398       401,975  
     

 

 

 
Security          Par
(000)
    Value  
Health Care Equipment & Supplies — 0.5%  

DJO Finance LLC, 2015 Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 3.51%, 06/08/20(m)

    USD       2,662     $ 2,635,102  

Immucor, Inc., Extended Term Loan B, (2 mo. LIBOR + 5.00% 1.00% Floor), 4.83%, 06/15/21(m)

      4,346       4,407,964  

Ortho-Clinical Diagnostics SA, Term Loan B, (3 mo. LIBOR + 3.75% 1.00% Floor), 2.68%, 06/30/21(m)

      238       238,602  
     

 

 

 
    7,281,668  
Health Care Providers & Services — 0.0%  

Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 8.63%, 02/06/24(m)

      325       317,843  
     

 

 

 
Hotels, Restaurants & Leisure — 1.4%  

Bronco Midstream Funding LLC, Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.63%, 08/15/20(m)

      4,791       4,821,144  

Caesars Entertainment Resort Properties LLC, Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.61%, 10/11/20(m)

      13,116       13,107,813  

Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, 5.58%, 09/27/24(m)

      3,486       3,503,430  
     

 

 

 
    21,432,387  
Household Products — 0.1%  

Diamond (BC) B.V., Term Loan, (2 mo. LIBOR + 3.00%), 7.25%, 09/06/24(m)

      755       755,438  
     

 

 

 
Industrial Conglomerates — 0.2%  

Cortes NP Acquisition Corp., 2017 Term Loan B, (1 mo. LIBOR + 4.00% 1.00% Floor), 8.95%, 11/30/23(m)

      1,190       1,194,396  

Sequa Corp., 1st Lien Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 5.08%, 11/28/21(m)

      1,166       1,173,366  
     

 

 

 
    2,367,762  
 

 

 

SCHEDULE OF INVESTMENTS      23  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  
Insurance — 0.1%  

Alliant Holdings I, Inc., 2015 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.58%, 08/12/22(m)

    USD       709     $ 711,875  

Davis Vision Inc., 1st Lien Term Loan B, 5.35%, 11/01/24(m)

      544       546,720  
     

 

 

 
    1,258,595  
IT Services — 0.1%  

Peak 10, Inc.(m):

     

2017 1st Lien Term Loan, (2 mo. LIBOR + 3.50% 1.00% Floor), 2.68%, 08/01/24

      997       998,555  

2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.25% 1.00% Floor), 5.08%, 08/01/25

      420       424,549  
     

 

 

 
    1,423,104  
Life Sciences Tools & Services — 0.1%  

Albany Molecular Research, Inc.(m):

     

2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.58%, 08/30/24

      1,002       1,004,926  

2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.00% 1.00% Floor), 8.33%, 08/30/25

      167       169,087  
     

 

 

 
    1,174,013  
Machinery — 0.0%  

Hayward Industries, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 4.59%, 08/05/24(m)

      372       372,930  
     

 

 

 
Media — 0.7%  

CSC Holdings LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.25%), 4.74%, 07/17/25(m)

      384       381,951  

iHeartCommunications, Inc., Term Loan D, (3 mo. LIBOR + 6.75%), 4.83%, 01/30/19(m)

      5,032       3,790,602  

Intelsat Jackson Holdings SA, Term Loan B2, (3 mo. LIBOR + 2.75% 1.00% Floor), 3.53%, 06/30/19(m)

      6,282       6,261,770  

Unitymedia Finance LLC, USD Term Loan D, 1.00%, 01/15/26(m)

      455       452,497  

Virgin Media Bristol LLC, 2017 Term Loan, 1.00%, 01/15/26(m)

      536       535,442  
     

 

 

 
    11,422,262  
Security          Par
(000)
    Value  
Multiline Retail — 0.1%  

Neiman Marcus Group, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.83%, 10/25/20(m)

    USD       1,423     $ 1,158,946  
     

 

 

 
Oil, Gas & Consumable Fuels — 1.1%  

BCP Renaissance Parent LLC, 2017 Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 6.58%, 10/31/24(m)

      1,724       1,739,619  

California Resources Corp., 2017 1st Lien Term Loan, 5.44%, 11/08/22(m)

      2,813       2,765,207  

Chesapeake Energy Corp., Term Loan, (3 mo. LIBOR + 7.50% 1.00% Floor), 6.50%, 08/23/21(m)

      6,783       7,215,760  

CITGO Holding, Inc., 2015 Term Loan B, (3 mo. LIBOR + 8.50% 1.00% Floor), 6.88%, 05/12/18(m)

      2,359       2,363,073  

Medallion Midland Acquisition LLC, 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.08%, 10/30/24(a)(m)

      800       801,000  

Vine Oil & Gas LP, Term Loan B, (1 mo. LIBOR + 6.87% 1.00% Floor), 4.10%, 12/12/21(a)(m)

      1,753       1,726,705  
     

 

 

 
    16,611,364  
Professional Services — 0.0%  

Information Resources, Inc., 1st Lien Term Loan, (OR + 4.25% 1.00% Floor), 6.50%, 01/18/24(m)

      505       508,407  
     

 

 

 
Software — 1.2%  

Applied Systems, Inc.(m):

     

2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.98%, 09/19/24

      802       809,795  

2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.00% 1.00% Floor), 4.98%, 09/19/25

      186       191,161  

BMC Software Finance, Inc., 2017 Term Loan, (1 mo. LIBOR + 3.75% 1.00% Floor), 3.89%, 09/10/22(m)

      1,990       1,991,918  

Cypress Intermediate Holdings, Inc.(m):

     

2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 9.84%, 04/27/24

      766       766,990  

2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75% 1.00% Floor), 4.46%, 04/27/25

      212       217,035  

Infor (US), Inc., Term Loan B6, (3 mo. LIBOR + 2.75% 1.00% Floor), 7.25%, 02/01/22(m)

      1,961       1,957,682  
 

 

 

24    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security         
    
Par
(000)
    Value  
Software (continued)  

Kronos, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 8.25% 1.00% Floor),
4.85%, 11/01/24(m)

    USD       3,634     $ 3,742,772  

McAfee LLC, 2017 Term Loan B, (3 mo. LIBOR + 4.50% 1.00% Floor),
4.07%, 09/30/24(m)

      1,799       1,806,592  

Mitchell International, Inc.(m):

     

2017 1st Lien Term Loan, 9.63%, 11/20/24

      1,658       1,657,663  

2017 2nd Lien Term Loan, 5.85%, 11/20/25

      920       926,513  

2017 Delayed Draw Term Loan, 1.00%, 11/20/24

      134       133,542  

Project Alpha Intermediate Holding, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.08%, 04/26/24(m)

      349       341,307  

Tempo Acquisition LLC, Term Loan, 8.99%, 05/01/24(m)

      644       642,590  

Veritas Bermuda Ltd., Repriced Term Loan B, (3 mo. LIBOR + 4.50% 1.00% Floor), 10.37%, 01/27/23(m)

      3,773       3,772,327  
     

 

 

 
    18,957,887  
Specialty Retail — 0.1%  

Belron SA, Term Loan B, (3 mo. LIBOR + 2.50%), 5.38%, 11/07/24(m)

      798       803,235  
     

 

 

 
Textiles, Apparel & Luxury Goods — 0.3%  

Ascend Performance Materials Operations LLC, Term Loan B, (3 mo. LIBOR + 5.25% 1.00% Floor), 8.32%, 08/12/22(a)(m)

      5,281       5,314,382  
     

 

 

 
Trading Companies & Distributors — 0.1%  

Beacon Roofing Supply, Inc., 2017 Term Loan B, 7.35%, 08/23/24(m)

      858       859,613  
     

 

 

 
Utilities — 0.0%  

ExGen Renewables IV LLC, Term Loan B, 8.10%, 11/28/24(a)(m)

      511       514,832  
     

 

 

 
Wireless Telecommunication Services — 1.6%  

Ligado Networks LLC, 2015 2nd Lien Term Loan, 6.31%, 12/07/20(m)

      38,490       23,839,806  
Security          Par
(000)/Shares/
Investment
Value (000)
    Value  
Wireless Telecommunication Services (continued)  

VICI Properties 1 LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%), 5.31%, 10/14/22(m)

    USD       1,324     $ 1,323,346  
     

 

 

 
    25,163,152  
     

 

 

 

Total Floating Rate Loan Interests — 10.5%
(Cost — $174,014,627)

 

    162,011,852  
     

 

 

 

Investment Companies — 1.4%

 

Capital Markets — 1.4%  

iShares iBoxx USD High Yield Corporate Bond ETF(p)

      239,556       21,028,226  
     

 

 

 

Total Investment Companies — 1.4%
(Cost — $21,224,203)

 

    21,028,226  
     

 

 

 

Non-Agency Mortgage-Backed
Securities — 0.1%

 

Commercial Mortgage-Backed Securities — 0.1%  

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

    USD       1,925       1,901,447  
     

 

 

 

Total Non-Agency Mortgage-Backed Securities — 0.1%
(Cost — $1,851,913)

 

    1,907,447  
     

 

 

 

Other Interests — 0.0%(n)

 

United States — 0.0%  

Lear Corp. Escrow(a)

      1,250       13  
     

 

 

 

Total Other Interests — 0.0%
(Cost — $—)

 

    13  
     

 

 

 

Preferred Securities — 7.8%

 

Capital Trusts — 5.6%

 

Auto Components — 0.2%  

General Motors Financial Co., Inc., Series A, 5.75%(f)(k)

      2,167       2,226,246  
     

 

 

 
Banks — 1.4%  

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

      300       390,551  

Allied Irish Banks PLC, 7.38%(h)(k)

      210       281,671  

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

     

7.00%

      400       499,905  

8.88%

      200       282,262  

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

      500       621,161  

Bankia SA, 6.00%(h)(k)

      200       248,167  

CIT Group, Inc., Series A,
5.80%(h)(k)

      3,292       3,394,875  

Citigroup, Inc.(h)(k):

     

5.95%

      1,405       1,509,673  

Series O, 5.88%

      2,405       2,519,237  

Series P, 5.95%

      1,452       1,564,530  

Series Q, 5.95%

      1,165       1,221,945  

Series R, 6.13%

      615       655,744  
 

 

 

SCHEDULE OF INVESTMENTS      25  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security     Par
(000)
    Value  
Banks (continued)  

Cooperatieve Rabobank UA(h)(k):

     

5.50%

    USD       200     $ 258,146  

6.63%

      400       552,022  

Danske Bank A/S, 5.75%(h)(k)

      200       257,069  

Erste Group Bank AG, 6.50%(h)(k)

      400       555,802  

Hongkong & Shanghai Banking Corp. Ltd.,
Series 3H, 1.63%(d)(k)

      400       353,536  

HSBC Holdings PLC, 6.38%(h)(k)

      210       226,800  

Intesa Sanpaolo SpA, 7.00%(h)(k)

      375       495,806  

KBC Group NV, 5.63%(h)(k)

      200       248,834  

National Westminster Bank PLC,
Series C, 1.75%(f)(k)

      200       176,433  

Santander UK Group Holdings PLC,
6.75%(h)(k)

      275       405,847  

Swedbank Hypotek AB, 6.00%(h)(k)

      200       211,750  

Wells Fargo & Co.(h)(k):

     

Series S, 5.90%

      3,460       3,745,450  

Series U, 5.88%

      1,375       1,526,250  
     

 

 

 
    22,203,466  
Capital Markets — 0.7%  

Goldman Sachs Group, Inc.,
Series P, 5.00%(f)(k)

      5,140       5,101,450  

Morgan Stanley(h)(k):

     

Series H, 5.45%

      3,309       3,409,594  

Series J, 5.55%

      440       457,050  

UBS Group AG(h)(k):

     

5.75%

      800       1,087,069  

7.00%

      425       482,606  
     

 

 

 
    10,537,769  
Chemicals — 0.1%  

Lanxess AG, 4.50%(h)

      225       297,720  

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

      730       974,886  
     

 

 

 
    1,272,606  
Diversified Financial Services — 2.4%  

ATF Netherlands BV, 3.75%(h)(k)

      200       249,143  

Banco Santander SA, 6.75%(h)(k)

      300       405,208  

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

     

Series AA, 6.10%

      5,271       5,844,221  

Series V, 5.13%

      2,205       2,260,125  

Series X, 6.25%

      2,874       3,182,955  

Series Z, 6.50%

      1,816       2,065,882  

Barclays PLC, 7.25%(h)(k)

      680       998,950  

BNP Paribas SA, 6.13%(h)(k)

      220       303,622  

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

      600       810,560  

Credit Suisse Group AG, 5.75%(h)(k)

      300       325,679  

HBOS Capital Funding LP, 6.85%(k)

      800       817,114  
Security     Par
(000)
    Value  
Diversified Financial Services (continued)  

HSBC Holdings PLC, 6.00%(h)(k)

    USD       2,298     $ 2,414,049  

HSH Nordbank AG, 7.25%(k)

      205       107,317  

HT1 Funding GmbH, 1.84%(h)(k)

      180       209,125  

JPMorgan Chase & Co.(h)(k):

     

Series Q, 5.15%

      850       884,000  

Series S, 6.75%

      5,324       6,088,313  

Series U, 6.13%

      4,228       4,683,652  

Series V, 5.00%

      3,075       3,155,719  

Royal Bank of Scotland Group PLC(h)(k):

     

7.50%

      200       211,950  

8.63%

      982       1,107,205  

Societe Generale SA, 8.88%(h)(k)

      200       279,974  

UniCredit SpA(h)(k):

     

6.75%

      200       258,281  

9.25%

      425       615,627  
     

 

 

 
    37,278,671  
Diversified Telecommunication Services — 0.5%  

Koninklijke KPN NV(h)(k):

     

6.13%

      561       696,526  

6.88%

      230       341,783  

Orange SA, 4.00%(h)(k)

      600       784,995  

SoftBank Group Corp.(h)(k)

      1,706,000       1,692,796  

Telefonica Europe BV(h)(k):

     

3.75%

      200       250,845  

4.20%

      1,500       1,885,534  

6.38%

      200       298,542  

6.50%

      600       747,001  

7.63%

      300       428,530  
     

 

 

 
    7,126,552  
Electric Utilities — 0.1%  

Enel SpA(h)(k):

     

6.50%

      489       619,666  

7.75%

      105       162,239  

Origin Energy Finance Ltd., 4.00%(h)

      410       509,503  

RWE AG, 2.75% (h)

      100       122,951  
     

 

 

 
    1,414,359  
Electronic Equipment, Instruments & Components — 0.0%  

Belden, Inc., 4.13%

      200       255,913  
     

 

 

 
Food & Staples Retailing — 0.0%  

Danone SA, 1.75%(f)(k)

      200       237,836  
     

 

 

 
Insurance — 0.0%  

Ethias SA, 5.00%

      200       275,812  

Groupama SA, 6.38%(h)(k)

      200       286,255  
     

 

 

 
    562,067  
 

 

 

26    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)/Shares
    Value  
Media — 0.0%  

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

      400     $ 426,000  
     

 

 

 
Oil, Gas & Consumable Fuels — 0.2%  

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

      500       624,838  

Repsol International Finance BV(h)(k):

     

3.88%

      300       383,409  

4.50%

      678       896,229  

TOTAL SA, 3.88%(h)(k)

      320       423,253  

Vallourec SA, 6.63%

      201       246,896  
     

 

 

 
    2,574,625  
Real Estate — 0.0%  

AT Securities BV, 5.25%(h)(k)

      500       499,450  
     

 

 

 
Real Estate Management & Development — 0.0%  

Fastighets AB Balder, Series .,
3.00%(f)

      100       119,025  
     

 

 

 

Total Capital Trusts — 5.6%
(Cost—$80,666,684)

 

    86,734,585  
     

 

 

 

Preferred Stocks — 1.8%

 

Auto Components — 0.2%  

UCI International, Inc.(a)

      164,729       2,985,713  
     

 

 

 
Capital Markets — 0.1%  

Morgan Stanley, Series K, 5.85%(h)

      34,484       932,103  
     

 

 

 
Diversified Financial Services — 0.0%  

Concrete Investments II(a)

      4,997       151,666  
     

 

 

 
Hotels, Restaurants & Leisure — 1.5%  

The Stars Group, Inc.(a)

      17,786       22,770,326  
     

 

 

 
Wireless Telecommunication Services — 0.0%  

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

      649,556       579,274  
     

 

 

 

Total Preferred Stocks — 1.8%
(Cost — $25,423,447)

 

    27,419,082  
     

 

 

 

Trust Preferred 0.4%

 

Diversified Financial Services — 0.4%  

GMAC Capital Trust I, Series 2, 7.10%, 2/15/40(f)

      256,246       6,673,716  
     

 

 

 

Total Trust Preferreds — 0.4%
(Cost — $6,729,957)

 

    6,673,716  
     

 

 

 

Total Preferred Securities — 7.8%
(Cost — $112,820,088)

 

    120,827,383  
     

 

 

 
    
Security
  Shares     Value  

Warrants — 0.0%(c)

   
Metals & Mining — 0.0%            

Peninsula Energy Ltd.:

   

(1 Share for 1 Warrant, Expires 12/31/17, Strike Price AUD 0.08)

    288,820     $ 2  

(1 Share for 1 Warrant, Expires 12/31/18, Strike Price AUD 0.05 )

    515,378       390  
   

 

 

 
      392  
Software — 0.0%            

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

    6,494       166  
   

 

 

 

Total Warrants — 0.0%
(Cost — $5,593)

 

    558  
   

 

 

 

Total Long-Term Investments — 141.6%
(Cost — $2,201,388,120)

 

    2,190,704,210  
   

 

 

 

Options Purchased — 0.0%
(Cost — $511,599)

 

    245,956  
   

 

 

 

Total Investments Before Options
Written — 141.6%
(Cost — $2,201,899,719)

 

    2,190,950,166  
   

 

 

 

Options Written
(Premiums Received — $271,016) — (0.0)%

 

    (180,794
   

 

 

 

Total Investments, Net of Options
Written — 141.6%
(Cost — $2,201,628,703)

 

    2,190,769,372  

Liabilities in Excess of Other Assets — (41.6)%

 

    (643,621,852
   

 

 

 

Net Assets — 100.0%

 

  $ 1,547,147,520  
   

 

 

 

 

(a)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(b)  All or a portion of the security is held by a wholly-owned subsidiary.
(c)  Non-income producing security.
(d)  Floating rate security. Rate shown is the rate in effect 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)  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
 

 

 

SCHEDULE OF INVESTMENTS      27  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

(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)  Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(i)  Issuer filed for bankruptcy and/or is in default.
(j)  When-issued security.
(k)  Perpetual security with no stated maturity date.
(l)  Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.
(m)  Variable rate security. Rate shown is the rate in effect as of period end.
(n)  Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(o)  Restricted security as to resale, excluding 144A securities. As of period end, the Trust held restricted securities with a current value of $579,274 and an original cost of $629,122, which was less than 0.05% of its net assets.
(p)  During the period ended November 30, 2017, 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, and/or related parties of the Trust were as follows:

 

Affiliate Persons and/or Related Parties    Shares
Held at
08/31/17
    

Shares

Purchased

     Shares
Sold
     Shares
Held at
11/30/17
     Value at
11/30/17
     Income      Net Realized
Gain (Loss)( a)
     Change in
Unrealized
Appreciation
(Depreciation)
 

BlackRock Liquidity Funds, T-Fund, Institutional Class

                               $      $ 5,627      $      $  

iShares iBoxx USD High Yield Corporate Bond ETF

     349,667               (110,111      239,556        21,028,226        384,955        (124,064      (197,447
              

 

 

    

 

 

    

 

 

    

 

 

 
               $ 21,028,226      $ 390,582      $ (124,064    $ (197,447
              

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)  Includes net capital gain distributions, if applicable.  

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 sub-classifications for reporting ease.

 

Portfolio Abbreviations
AUD    Australian Dollar
CAD    Canadian Dollar
CLO    Collateralized Loan Obligation
ETF    Exchange-Traded Fund
EUR    Euro
GBP    British Pound
PIK    Payment-In-Kind
USD    U.S. Dollar

 

 

28    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts
       Expiration
Date
       Notional
Amount (000)
       Value /
Unrealized
Appreciation
(Depreciation)
 

Short Contracts

                 

Euro BOBL

     (2        12/07/17        $ 313        $ (764

Euro Bund

     (13        12/07/17          2,517          (17,639

10-Year U.S. Treasury Note

     (107        03/20/18          13,273          642  

Long Gilt Future

     (4        03/27/18          668          3,512  
                 

 

 

 

Total

                  $ (14,249
                 

 

 

 

Forward Foreign Currency Exchange Contracts

 

Currency Purchased        Currency Sold        Counterparty      Settlement Date        Unrealized
Appreciation
(Depreciation)
 
EUR      450,000        USD      525,176        Australia and New Zealand Bank Group        12/05/17        $ 10,464  
GBP      385,929        USD      508,000        Australia and New Zealand Bank Group        12/05/17          13,944  
GBP      350,000        USD      466,722        Commonwealth Bank of Australia        12/05/17          6,630  
USD      1,227,699        AUD      1,605,000        National Australia Bank Ltd.        12/05/17          13,687  
USD      1,561,368        CAD      1,995,000        Citibank N.A.        12/05/17          14,961  
USD      17,834,582        CAD      22,998,000        National Australia Bank Ltd.        12/05/17          7,879  
USD      1,214,418        AUD      1,605,000        State Street Bank and Trust Co.        01/04/18          605  
USD      19,409,039        CAD      24,993,000        Westpac Banking Corp.        01/04/18          25,715  
USD      97,843,094        EUR      81,981,000        Deutsche Bank AG        01/04/18          43,902  
                         

 

 

 
                            137,787  
                         

 

 

 
EUR      190,000        USD      226,687        UBS AG        12/05/17          (528
USD      164,059        EUR      139,000        Australia and New Zealand Bank Group        12/05/17          (1,394
USD      37,900        EUR      32,000        Goldman Sachs International        12/05/17          (190
USD      190,933        EUR      161,000        Goldman Sachs International        12/05/17          (706
USD      271,570        EUR      230,000        Goldman Sachs International        12/05/17          (2,201
USD      95,635,333        EUR      82,059,000        UBS AG        12/05/17          (2,040,270
USD      12,559,462        GBP      9,473,470        Bank of America N.A.        12/05/17          (252,773
USD      719,242        GBP      544,000        Commonwealth Bank of Australia        12/05/17          (16,482
USD      70,449        GBP      53,000        National Australia Bank Ltd.        12/05/17          (1,229
USD      214,093        GBP      161,000        National Australia Bank Ltd.        12/05/17          (3,649
USD      47,373        GBP      36,000        State Street Bank and Trust Co.        12/05/17          (1,314
USD      823,758        EUR      691,000        Goldman Sachs International        01/04/18          (570
USD      12,697,354        GBP      9,402,000        Royal Bank of Scotland PLC        01/04/18          (35,215
                         

 

 

 
                            (2,356,521
                         

 

 

 
     Net Unrealized Depreciation           $ (2,218,734
                         

 

 

 

 

 

SCHEDULE OF INVESTMENTS      29  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

Exchange-Traded Options Purchased

 

Description    Number of
Contracts
       Expiration
Date
       Exercise
Price
       Notional
Amount (000)
       Value  

Call

 

Dow Jones EURO STOXX 50

     46          12/15/17        EUR     3,625.00        EUR     1,642        $ 7,008  

U.S. 10 Year Note

     25          12/22/17        USD     125.50        USD     3,101          1,563  
                          

 

 

 
       8,571  
    

 

 

 

Put

 

ESTX ex Banks 50 EUR

     62          12/15/17        EUR     132.50        EUR     410        $ 6,918  

SPDR S&P 500 ETF Trust

     238          12/15/17        USD     250.00        USD     6,307          4,998  

iShares Russell 2000

     415          12/15/17        USD     145.00        USD     6,376          9,545  

SPDR S&P 500 ETF Trust

     236          12/29/17        USD     248.00        USD     6,254          9,086  

iShares Russell 2000

     311          12/29/17        USD     144.00        USD     4,779          13,684  
                          

 

 

 
       44,231  
    

 

 

 
     $ 52,802  
    

 

 

 

OTC Options Purchased

 

Description    Counterparty    Number of
Contracts
     Expiration
Date
     Exercise
Price
     Notional
Amount (000)
     Value  

Call

 

Marsico Parent Superholdco LLC

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

 

 

 

Exchange-Traded Options Written

 

Description    Number of
Contracts
       Expiration
Date
       Exercise
Price
       Notional
Amount (000)
       Value  

Put

                          

SPDR S&P 500 ETF Trust

     238          12/15/17        USD     240.00        USD     6,307        $ (2,499

iShares Russell 2000

     415          12/15/17        USD     138.00        USD     6,376          (3,527

SPDR S&P 500 ETF Trust

     236          12/29/17        USD     235.00        USD     6,254          (3,540

iShares Russell 2000

     311          12/29/17        USD     135.00        USD     4,779          (4,510
                          

 

 

 
     $ (14,076
    

 

 

 

OTC Credit Default Swaptions Purchased

 

Description   Counterparty    

Expiration
Date

  Exercise
Rate
   

Received by

the Trust

  Paid by
the Trust
    Notional
Amount (000)
    Value  
        Rate   Frequency   Rate     Frequency      

Call

                   

Sold protection on 5-Year Credit Default Swap, 12/20/17

   
JPMorgan Chase
Bank N.A.
 
 
  12/20/17     107.25  

Markit CDX North

America High Yield Index, Series 28,

Version 2

  Quarterly     5.00     Quarterly     USD     18,000     $ 193,154  
                   

 

 

 

 

 

30    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

OTC Credit Default Swaptions Written

 

Description   Counterparty     Expiration
Date
  Credit
Rating
 (a)
  Exercise
Price
 

Received by the Trust

   

Paid by the Trust

  Notional
Amount
 (000)
    Value  
          [Rate/Reference]   Frequency     [Rate/Reference]   Frequency    

Call

   

Sold protection on 5-Year Credit Default Swap, 12/20/17

   

JPMorgan
Chase
Bank N.A.
 
 
 
  12/20/17   B+   107.75%   5.00%     Quarterly    

Markit CDX North

America High Yield Index, Series 28, Version 2

  Quarterly     USD       18,000     $ (115,081

Sold protection on 5-Year Credit Default Swap, 12/20/17

   

JPMorgan
Chase
Bank N.A.
 
 
 
  12/20/17   B+   108.25%   5.00%     Quarterly     Markit CDX North America High Yield Index, Series 28, Version 2   Quarterly     USD       18,000       (51,637
                     

 

 

 
  $ (166,718
 

 

 

 

 

  (a)  Using Standard & Poor’s rating of the issuer or the underlying securities of the index, as applicable.  

Centrally Cleared Credit Default Swaps — Sell Protection

 

Reference Obligation/Index    Financing
Rate Received
by the Trust
     Payment
Frequency
     Termination
Date
     Credit
Rating
 (a)
   Notional
Amount (000)
 (b)
     Value      Upfront
Premium
Paid
(Received)
     Unrealized
Appreciation
(Depreciation)
 

Chesapeake Energy Corp.

     5.00      Quarterly        12/20/21      CCC      USD        425      $ (14,618    $ (14,389    $ (229
                    

 

 

    

 

 

    

 

 

 

 

  (a)  Using Standard & Poor’s rating of the issuer or the underlying securities of the index, as applicable.  
  (b)  The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.  

OTC Credit Default Swaps — Sell Protection

 

Reference Obligation/Index    Financing
Rate Received
by the Trust
     Payment
Frequency
     Counterparty      Termination
Date
     Credit
Rating
 (a)
     Notional
Amount (000) (b)
     Value      Upfront
Premium
Paid
(Received)
     Unrealized
Appreciation
(Depreciation)
 

Jaguar Land Rover Automotive PLC

     5.00      Quarterly       
Credit Suisse
International
 
 
     06/20/22        BB+        EUR        150      $ 31,546      $ 27,032      $ 4,514  

Jaguar Land Rover Automotive PLC

     5.00      Quarterly       
Barclays
Bank PLC
 
 
     06/20/22        BB+        EUR        100        20,756        17,892        2,864  

Saipem Finance International BV

     5.00      Quarterly       
Credit Suisse
International
 
 
     06/20/22        BB+        EUR        200        37,031        13,459        23,572  
                       

 

 

    

 

 

    

 

 

 
                        $ 89,333      $ 58,383      $ 30,950  
                       

 

 

    

 

 

    

 

 

 

 

  (a)  Using Standard & Poor’s rating of the issuer or the underlying securities of the index, as applicable.  
  (b)  The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.  

 

 

SCHEDULE OF INVESTMENTS      31  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

OTC Total Return Swaps

 

Paid by the Trust      Received by the Trust      Counterparty      Effective
Date
    Termination
Date
     Notional
Amount/
Contract
Amount (000)
     Value      Upfront
Premium
Paid
(Received)
     Unrealized
Appreciation
(Depreciation)
 
Reference    Frequency      Rate      Frequency                      
iShares iBoxx
$ High Yield
Corporate
Bond ETF
     Monthly        1-Month LIBOR        Monthly       
Goldman Sachs
International
 
 
     11/27/17       12/11/17      USD      85      $ 15,308      $      $ 15,308  
iBoxx USD
Liquid High
Yield Index
     Quarterly        3-Month LIBOR        Quarterly        Citibank N.A.        12/20/16       12/20/17      USD      5,000        227,297               227,297  
iBoxx USD
Liquid High
Yield Index
     Quarterly        3-Month LIBOR        Quarterly       
Goldman Sachs
International
 
 
     09/26/17       12/20/17      USD      8,000        (9,871      (2,061      (7,810
iBoxx USD
Liquid High
Yield Index
     Quarterly        3-Month LIBOR        Quarterly       
Goldman Sachs
International
 
 
     03/20/17       12/20/17      USD      5,800        75,210               75,210  
Morgan
Stanley
Energy Long
Basket Index
     Monthly       

FED Funds
Effective Rate
plus 0.25%
 
 
 
     Monthly       

Morgan Stanley &
Co. International
PLC
 
 
 
     05/05/17       12/29/17      USD      1        2,248               2,248  
iShares iBoxx
$ High Yield
Corporate
Bond ETF
     Monthly        1-Month LIBOR        Monthly       
Goldman Sachs
International
 
 
     11/27/17       01/08/18      USD      85        15,304               15,304  
iBoxx USD
Liquid High
Yield Index
     Quarterly        3-Month LIBOR        Quarterly       
JPMorgan Chase
Bank N.A.
 
 
     09/12/17       03/20/18      USD      2,800        11,365        (8,420      19,785  
iBoxx USD
Liquid High
Yield Index
     Quarterly        3-Month LIBOR        Quarterly       
JPMorgan Chase
Bank N.A.
 
 
     09/26/17       03/20/18      USD      7,000        4,453        (1,803      6,256  
iBoxx USD
Liquid High
Yield Index
     Quarterly        3-Month LIBOR        Quarterly       
Goldman Sachs
International
 
 
     10/03/17       03/20/18      USD      8,000        (21,054      (4,122      (16,932
iBoxx USD
Liquid High
Yield Index
     Quarterly        3-Month LIBOR        Quarterly       
Bank of America
N.A.
 
 
     10/03/17       03/20/18      USD      4,000        (12,388      (2,061      (10,327
iBoxx USD
Liquid High
Yield Index
     Quarterly        3-Month LIBOR        Quarterly       

Morgan Stanley &
Co. International
PLC
 
 
 
     07/26/17       03/20/18      USD      3,600        32,226               32,226  
iBoxx USD
Liquid High
Yield Index
     Quarterly        3-Month LIBOR        Quarterly       
Bank of America
N.A.
 
 
     09/08/17       03/20/18      USD      10,000        78,100               78,100  
                         

 

 

    

 

 

    

 

 

 
                          $ 418,198      $ (18,467    $ 436,665  
                         

 

 

    

 

 

    

 

 

 

 

 

32    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

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 techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

    Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

 

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

 

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 Investments include equity or debt issued by privately-held companies or funds. 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 techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the 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

   $        $ 57,365,217        $        $ 57,365,217  

Common Stocks

     8,616,525          4,470,298          5,353,670          18,440,493  

Corporate Bonds

              1,804,367,121          4,761,900          1,809,129,021  

Floating Rate Loan Interests

              146,628,549          15,383,303          162,011,852  

Investment Companies

     21,028,226                            21,028,226  

Non-Agency Mortgage-Backed Securities

              1,901,447                   1,901,447  

Other Interests

                       13          13  

Preferred Securities

     932,103          89,720,298          22,921,992          113,574,393  

Trust Preferred

     6,673,716                            6,673,716  

Warrants

              392          166          558  

Options Purchased:

                 

Equity contracts

     52,802                            52,802  

Credit contracts

              193,154                   193,154  
  

 

 

      

 

 

      

 

 

      

 

 

 

Subtotal

   $ 37,303,372        $ 2,104,646,476        $ 48,421,044        $ 2,190,370,892  
  

 

 

      

 

 

      

 

 

      

 

 

 

Investments Valued at NAV(a)

                    579,274  
                 

 

 

 

Total Investments

                  $ 2,190,950,166  
                 

 

 

 

 

 

SCHEDULE OF INVESTMENTS      33  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

 

      Level 1        Level 2        Level 3        Total  

Derivative Financial Instruments(b)

                 

Assets:

                 

Credit contracts

   $        $ 30,950        $        $ 30,950  

Equity contracts

              471,734                   471,734  

Foreign currency exchange contracts

              137,787                   137,787  

Interest rate contracts

     4,154                            4,154  

Liabilities:

                 

Credit contracts

              (166,947                 (166,947

Equity contracts

     (14,076        (35,069                 (49,145

Foreign currency exchange contracts

              (2,356,521                 (2,356,521

Interest rate contracts

     (18,403                          (18,403
  

 

 

      

 

 

      

 

 

      

 

 

 

Total

   $ (28,325      $ (1,918,066      $        $ (1,946,391
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)  As of November 30, 2017, certain of the Trust’s Investments were fair valued using net asset value (“NAV”) per share and have been excluded from the fair value hierarchy.  
  (b)  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.  

During the period ended November 30, 2017, there were no transfers between Level 1 and Level 2.

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, bank borrowings payable of $638,000,000 are categorized as Level 2 within the disclosure hierarchy.

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, 2017

   $ 3,840,545      $ 2,508,240      $ 4,761,900      $ 12,998,091      $ 13      $ 19,946,198      $ 455      $ 44,055,442  

Transfers into Level 3(a)

                          4,833,568                             4,833,568  

Transfers out of Level 3(b)

            (2,508,240             (5,266,298             (2,696,614             (10,471,152

Accrued discounts/premiums

                          12,400                             12,400  

Net realized gain (loss)

                          19,407                             19,407  

Net change in unrealized

appreciation (depreciation)(c)

     1,513,125                      (28,236             5,672,408        (289      7,157,008  

Purchases

                          3,639,575                             3,639,575  

Sales

                          (825,204                           (825,204
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Closing balance, as of November 30, 2017

   $ 5,353,670      $      $ 4,761,900      $ 15,383,303      $ 13      $ 22,921,992      $ 166      $ 48,421,044  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net change in unrealized appreciation (depreciation) on investments still held at November 30, 2017(c)

   $ 1,513,125      $      $      $ (28,236    $      $ 5,672,408      $ (289    $ 7,157,008  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

 

34    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Corporate High Yield Fund, Inc. (HYT)

 

 

  (a)  As of August 31, 2017, the Trust used observable inputs in determining the value of certain investments. As of November 30, 2017, 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.  
  (b)  As of August 31, 2017, the Trust used significant unobservable inputs in determining the value of certain investments. As of November 30, 2017, 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.  
  (c)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at November 30, 2017 is generally due to investments no longer held or categorized as Level 3 at period end.  

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 could result in a significantly lower or higher value of such Level 3 investments.

 

 

SCHEDULE OF INVESTMENTS      35  


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 22, 2018

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 22, 2018

 

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

Date: January 22, 2018