Edgar Filing: BLACKROCK SENIOR HIGH INCOME FUND, INC.

BlackRock Senior High Income Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07456

Name of Fund: BlackRock Senior High Income Fund, Inc. (ARK)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Senior High Income Fund, Inc., 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 02/28/2013

Date of reporting period: 08/31/2012

Item 1 – Report to Stockholders


		August 31, 2012

Semi-Annual Report (Unaudited)

BlackRock Corporate High Yield Fund, Inc. (COY)

BlackRock Corporate High Yield Fund III, Inc. (CYE)

BlackRock Debt Strategies Fund, Inc. (DSU)

BlackRock Floating Rate Income Strategies Fund II, Inc. (FRB)

BlackRock Senior High Income Fund, Inc. (ARK)

Not FDIC Insured • No Bank Guarantee • May Lose Value


Table of Contents


	Page
Dear Shareholder		3
Semi-Annual Report:
Fund Summaries		4
The Benefits and Risks of Leveraging		14
Derivative Financial Instruments		14
Financial Statements:
Consolidated Schedules of Investments		15
Consolidated Statements of Assets and Liabilities		69
Consolidated Statements of Operations		70
Consolidated Statements of Changes in Net Assets		71
Consolidated Statements of Cash Flows		73
Financial Highlights		74
Notes to Consolidated Financial Statements		79
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements		89
Officers and Directors		93
Additional Information		94



2	SEMI-ANNUAL REPORT	AUGUST 31, 2012

Dear Shareholder

About this time one year ago, financial markets had been upended by sovereign debt turmoil in the United States and Europe as well as growing concerns about the future of the global economy. Since then, asset prices have waxed and waned in broad strokes as investors reacted to developments in Europe’s financial situation, mixed US economic news and global central bank policy action.

After confidence crumbled in the third quarter of 2011, October brought improving economic data and more concerted efforts among European leaders toward stemming the region’s debt crisis, gradually drawing investors back to the markets. Improving sentiment carried over into early 2012 as investors felt some relief from the world’s financial woes. Volatility abated and risk assets (including stocks, commodities and high yield bonds) moved boldly higher through the first two months of 2012 while climbing Treasury yields pressured higher-quality fixed income assets.

Markets reversed course in the spring when Europe’s debt problems boiled over once again. High levels of volatility returned as political instability in Greece threatened the country’s membership in the euro zone. Spain faced severe deficit issues while the nation’s banks clamored for liquidity. Yields on Spanish and Italian government debt rose to levels deemed unsustainable. European leaders conferred and debated vehemently over the need for fiscal integration among the 17 nations comprising the euro currency bloc as a means to resolve the crisis for the long term.

Alongside the drama in Europe, investors were discouraged by gloomy economic reports from various parts of the world. A slowdown in China, a key powerhouse for global growth, became particularly worrisome. In the United States, disappointing jobs reports dealt a crushing blow to sentiment. Risk assets sold off in the second quarter as investors again retreated to safe haven assets.

Despite the continuation of heightened market volatility, most asset classes enjoyed a robust summer rally. Global economic data continued to be mixed, but the spate of downside surprises seen in the second quarter began to recede and, outside of Europe, the risk of recession largely subsided. Central bank policy action has been a major driver of market sentiment in 2012. Investors’ anticipation for economic stimulus drove asset prices higher over the summer as the European Central Bank stepped up its efforts to support the region’s troubled nations and the US Federal Reserve reiterated its readiness to take action if economic conditions warrant.

On the whole, most asset classes advanced during the reporting period. US large cap stocks delivered strong returns for the 12 months ended August 31, 2012, while small cap stocks and high yield bonds also performed well. Despite the risk-asset rally in recent months, higher-quality investments including tax-exempt municipal bonds and US Treasury bonds posted exceptional gains by historical standards and outperformed investment-grade corporate bonds. International and emerging equities, however, lagged other asset classes amid ongoing global uncertainty. Near-zero short term interest rates kept yields on money market securities near their all-time lows.

We know that investors continue to face a world of uncertainty and volatile markets, but we also believe these challenging times present many opportunities. We remain committed to working with you and your financial professional to identify actionable ideas for your portfolio. We encourage you to visit www.blackrock.com/newworld for more information.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

“We know that investors continue to face a world of uncertainty and volatile markets, but we also believe these challenging times present many opportunities.”

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of August 31, 2012
	6-month			12-month
US large cap equities (S&P 500^® Index)		4.14	%		18.00	%
US small cap equities (Russell 2000^® Index)		0.89			13.40
International equities (MSCI Europe, Australasia, Far East Index)		(4.00	)		(0.04	)
Emerging market equities (MSCI Emerging Markets Index)		(10.51	)		(5.80	)
3-month Treasury bill (BofA Merrill Lynch 3-Month US Treasury Bill Index)		0.06			0.06
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)		5.25			9.14
US investment grade bonds (Barclays US Aggregate Bond Index)		2.97			5.78
Tax-exempt municipal bonds (S&P Municipal Bond Index)		3.24			9.37
US high yield bonds (Barclays US Corporate High Yield 2% Issuer Capped Index)		4.80			13.84
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.



		THIS PAGE NOT PART OF YOUR FUND REPORT				3


Fund Summary as of August 31, 2012		BlackRock Corporate High Yield Fund, Inc.

Investment Objective

BlackRock Corporate High Yield Fund, Inc.’s (COY) (the “Fund”) investment objective is to provide shareholders with current income by investing primarily in a diversified portfolio of fixed income securities, which are rated in the lower rating categories of the established rating services (BB or lower by Standard & Poor’s Corporation (“S&P’s”) or Ba or lower by Moody’s Investors Service, Inc. (“Moody’s”)) or are unrated securities considered by BlackRock to be of comparable quality. As a secondary objective, the Fund also seeks to provide shareholders with capital appreciation. The Fund invests, under normal market conditions, at least 80% of its assets in high yield debt instruments, including high yield bonds (commonly referred to as “junk” bonds) and corporate loans which are below investment grade quality. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objectives will be achieved.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended August 31, 2012, the Fund returned 6.02% based on market price and 5.85% based on net asset value (“NAV”). For the same period, the closed-end Lipper High Yield Funds (Leveraged) category posted an average return of 8.15% based on market price and 5.80% based on NAV. All returns reflect reinvestment of dividends. The Fund’s premium to NAV, which widened slightly during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

Security selection across the high yield quality spectrum had a positive impact on performance. From a sector perspective, selection among non-captive diversified financials, cable media and wireless names boosted returns.

Conversely, on a sector basis, security selection among non-rated securities detracted from performance. On a sector basis, selection within independent energy, automotive and gaming had a negative impact on returns. The Fund’s allocation to bank loans also hindered performance as the asset class underperformed relative to the high yield market in the risk asset rally.

Describe recent portfolio activity.

The Fund began the reporting period increasing its risk profile; however, as risk asset prices surged in 2012, the Fund moderated its degree of

risk-taking over the six-month period. While the Fund’s view on high yield remained positive throughout this period, as average prices moved north of par for the market, the Fund’s holdings became increasingly focused on higher-quality income-oriented credit names with stable fundamentals and an attractive coupon rate, since the potential for price appreciation had largely diminished. With global growth concerns posing a persistent threat and fueling uncertainty, the Fund continued to favor issuers in mature industries that exhibit consistent cash flows and good earnings visibility and debt instruments that are backed by profitable assets. The Fund generally remained cautious of cyclical credits that tend to be more vulnerable to slower economic growth and/or macroeconomic weakness.

Describe portfolio positioning at period end.

At period end, the Fund held 78% of its total portfolio in corporate bonds and 14% in floating rate loan interests (bank loans), with the remainder in common stocks, preferred securities and other interests. The Fund’s largest sector exposures included non-cable media, healthcare and chemicals, while its portfolio holdings reflected less emphasis on the riskier, more cyclical segments of the market such as banking, home construction and restaurants. The Fund ended the period with economic leverage at 27% of its total managed assets.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.



4	SEMI-ANNUAL REPORT	AUGUST 31, 2012


		BlackRock Corporate High Yield Fund, Inc.

Fund Information


Symbol on New York Stock Exchange (“NYSE”)		COY
Initial Offering Date		June 25, 1993
Yield on Closing Market Price as of August 31, 2012 ($7.89)¹		7.76%
Current Monthly Distribution per Common Share²		$0.051
Current Annualized Distribution per Common Share²		$0.612
Economic Leverage as of August 31, 2012³		27%

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

The distribution rate is not constant and is subject to change.

Represents loan outstanding as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to borrowings) minus the sum of liabilities (other than borrowings representing financial leverage). For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 14.

The table below summarizes the changes in the Fund’s market price and NAV per share:


	8/31/12		2/29/12		Change			High		Low
Market Price	$	7.89	$	7.76		1.68	%	$	8.15	$	7.13
Net Asset Value	$	7.40	$	7.29		1.51	%	$	7.40	$	7.00

The following charts show the portfolio composition of the Fund’s long-term investments and credit quality allocations of the Fund’s corporate bond investments:


Portfolio Composition
	8/31/12			2/29/12
Corporate Bonds		78	%		80	%
Floating Rate Loan Interests		14			12
Common Stocks		5			5
Preferred Securities		2			2
Other Interests		1			1


Credit Quality Allocations⁴
	8/31/12			2/29/12
A		1	%		1	%
BBB/Baa		5			6
BB/Ba		36			42
B		43			40
CCC/Caa		13			10
Not Rated		2			1

⁴

Using the higher of S&P’s or Moody’s ratings.



SEMI-ANNUAL REPORT	AUGUST 31, 2012	5


Fund Summary as of August 31, 2012		BlackRock Corporate High Yield Fund III, Inc.

Investment Objective

BlackRock Corporate High Yield Fund III, Inc.’s (CYE) (the “Fund”) primary investment objective is to provide current income by investing primarily in fixed-income securities, which are rated in the lower rating categories of the established rating services (BBB or lower by S&P’s or Baa or lower by Moody’s) or are unrated securities of comparable quality. The Fund’s secondary investment objective is to provide capital appreciation. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objectives will be achieved.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended August 31, 2012, the Fund returned 9.12% based on market price and 6.10% based on NAV. For the same period, the closed-end Lipper High Yield Funds (Leveraged) category posted an average return of 8.15% based on market price and 5.80% based on NAV. All returns reflect reinvestment of dividends. The Fund’s premium to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

Describe recent portfolio activity.

The Fund began the reporting period increasing its risk profile; however, as risk asset prices surged in 2012, the Fund moderated its degree of

Describe portfolio positioning at period end.

At period end, the Fund held 75% of its total portfolio in corporate bonds and 17% in floating rate loan interests (bank loans), with the remainder in common stocks, preferred securities and other interests. The Fund’s largest sector exposures included non-cable media, healthcare and chemicals, while its portfolio holdings reflected less emphasis on the riskier, more cyclical segments of the market such as banking, home construction and retailers. The Fund ended the period with economic leverage at 29% of its total managed assets.



6	SEMI-ANNUAL REPORT	AUGUST 31, 2012


		BlackRock Corporate High Yield Fund III, Inc.

Fund Information


Symbol on NYSE		CYE
Initial Offering Date		January 30, 1998
Yield on Closing Market Price as of August 31, 2012 ($8.11)¹		7.77%
Current Monthly Distribution per Common Share²		$0.0525
Current Annualized Distribution per Common Share²		$0.6300
Economic Leverage as of August 31, 2012³		29%

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

The distribution rate is not constant and is subject to change.

The table below summarizes the changes in the Fund’s market price and NAV per share:


	8/31/12		2/29/12		Change			High		Low
Market Price	$	8.11	$	7.75		4.65	%	$	8.12	$	7.15
Net Asset Value	$	7.54	$	7.41		1.75	%	$	7.54	$	7.11

The following charts show the portfolio composition of the Fund’s long-term investments and credit quality allocations of the Fund’s corporate bond investments:


Portfolio Composition
	8/31/12			2/29/12
Corporate Bonds		75	%		77	%
Floating Rate Loan Interests		17			15
Common Stocks		5			6
Preferred Securities		2			2
Other Interests		1			—


Credit Quality Allocations⁴
	8/31/12			2/29/12
A		1	%		1	%
BBB/Baa		5			7
BB/Ba		35			38
B		43			43
CCC/Caa		13			10
Not Rated		3			1

⁴

Using the higher of S&P’s or Moody’s ratings.



SEMI-ANNUAL REPORT	AUGUST 31, 2012	7


Fund Summary as of August 31, 2012		BlackRock Debt Strategies Fund, Inc.

Investment Objective

BlackRock Debt Strategies Fund, Inc.’s (DSU) (the “Fund”) primary investment objective is to provide current income by investing primarily in a diversified portfolio of US companies’ debt instruments, including corporate loans, which are rated in the lower rating categories of the established rating services (BBB or lower by S&P’s or Baa or lower by Moody’s) or unrated debt instruments, which are in the judgment of the investment adviser of equivalent quality. The Fund’s secondary objective is to provide capital appreciation. Corporate loans include senior and subordinated corporate loans, both secured and unsecured. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objectives will be achieved.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended August 31, 2012, the Fund returned 10.04% based on market price and 5.51% based on NAV. For the same period, the closed-end Lipper High Yield Funds (Leveraged) category posted an average return of 8.15% based on market price and 5.80% based on NAV. All returns reflect reinvestment of dividends. The Fund began the period with neither a discount nor a premium to NAV, and moved to a premium by period end. The following discussion relates to performance based on NAV.

What factors influenced performance?

Security selection among lower quality debt instruments (including both bonds and loans) had a positive impact on performance. From a sector perspective, selection within consumer services, wireless and technology contributed positively.

The Fund invests roughly half of its assets in high yield bonds and half in floating rate loan interests (bank loans), while most funds in the Lipper category invest primarily in high yield bonds. While the Fund’s allocation to bank loans did not detract from performance on an absolute basis, the asset class underperformed high yield bonds for the period. Security selection in the independent energy and electric sectors hindered returns for the period.

Describe recent portfolio activity.

The Fund began the reporting period increasing its risk profile; however, as risk asset prices surged in 2012, the Fund moderated its degree of risk-taking over the six-month period. While the Fund’s view on high yield and bank loan assets remained positive throughout this period, its holdings became increasingly focused on higher-quality income-oriented credit names with stable fundamentals and an attractive coupon rate. With global growth concerns posing a persistent threat and fueling uncertainty, the Fund continued to favor issuers in mature industries that exhibit consistent cash flows and good earnings visibility and debt instruments that are backed by profitable assets. The Fund generally remained cautious of cyclical credits that tend to be more vulnerable to slower economic growth and/or macroeconomic weakness.

Describe portfolio positioning at period end.

At period end, the Fund held 53% of its total portfolio in floating rate loan interests, and 43% in corporate bonds, with the remainder in common stocks, asset-backed securities and other interests. The Fund’s largest sector exposures included healthcare, independent energy and chemicals. The Fund ended the period with economic leverage at 30% of its total managed assets.



8	SEMI-ANNUAL REPORT	AUGUST 31, 2012


		BlackRock Debt Strategies Fund, Inc.

Fund Information


Symbol on NYSE		DSU
Initial Offering Date		March 27, 1998
Yield on Closing Market Price as of August 31, 2012 ($4.37)¹		7.41%
Current Monthly Distribution per Common Share²		$0.027
Current Annualized Distribution per Common Share²		$0.324
Economic Leverage as of August 31, 2012³		30%

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

The distribution rate is not constant and is subject to change.

The table below summarizes the changes in the Fund’s market price and NAV per share:


	8/31/12		2/29/12		Change			High		Low
Market Price	$	4.37	$	4.13		5.81	%	$	4.39	$	4.00
Net Asset Value	$	4.19	$	4.13		1.45	%	$	4.19	$	4.00

The following charts show the portfolio composition of the Fund’s long-term investments and credit quality allocations of the Fund’s corporate bond investments:


Portfolio Composition
	8/31/12			2/29/12
Floating Rate Loan Interests		53	%		54	%
Corporate Bonds		43			43
Asset-Backed Securities		2			1
Common Stocks		1			1
Other Interests		1			1


Credit Quality Allocations⁴
	8/31/12			2/29/12
A		1	%		1	%
BBB/Baa		5			5
BB/Ba		34			36
B		47			45
CCC/Caa		12			8
Not Rated		1			5

⁴

Using the higher of S&P’s or Moody’s ratings.



SEMI-ANNUAL REPORT	AUGUST 31, 2012	9


Fund Summary as of August 31, 2012		BlackRock Floating Rate Income Strategies Fund II, Inc.

Investment Objective

BlackRock Floating Rate Income Strategies Fund II, Inc.’s (FRB) (the “Fund”) investment objective is to provide shareholders with high current income and such preservation of capital as is consistent with investment in a diversified, leveraged portfolio consisting primarily of floating rate debt securities and instruments. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in floating rate debt securities, including floating or variable rate debt securities that pay interest at rates that adjust whenever a specified interest rate changes and/or which reset on predetermined dates (such as the last day of a month or calendar quarter). The Fund invests a substantial portion of its investments in floating rate debt securities consisting of secured or unsecured senior floating rate loans that are rated below investment grade. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Portfolio Management Commentary

On May 23, 2012, the Board of Directors of FRB approved a plan of reorganization, whereby BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) will acquire all of the assets and all of the liabilities of FRB in exchange for newly issued shares of FRA in a merger transaction. At a shareholder meeting on September 13, 2012, FRB’s and FRA’s shareholders approved the plan of reorganization. The reorganization took place on October 5, 2012.

How did the Fund perform?

For the six-month period ended August 31, 2012, the Fund returned 6.50% based on market price and 4.59% based on NAV. For the same period, the closed-end Lipper Loan Participation Funds (Leveraged) category posted an average return of 9.00% based on market price and 5.03% based on NAV. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

Security selection among higher and lower quality loan instruments had a positive impact on the Fund’s performance. From a sector perspective, security selection within the consumer services and gaming segments boosted returns. The Fund’s tactical allocation to high yield bonds also contributed positively as the asset class outperformed bank loans and higher-duration fixed income instruments during the period.

Conversely, on a sector basis, security selection in the electric and non-cable media sectors detracted from performance, as did selection among middle quality loan instruments.

Describe recent portfolio activity.

During the period, the Fund maintained its focus on the higher quality portions of the loan market in terms of loan structure, liquidity and overall credit quality. Given mixed economic data along with global policy uncertainty and an overall weak outlook for global growth, the Fund remained cautious of lower-rated less-liquid loans. Instead, the Fund sought issuers with attractive risk-reward characteristics and superior fundamentals. The European Central Bank’s long-term refinancing operations, introduced in December 2011, were supportive of risk markets in first half of 2012. However, this development did not have a significant influence on the Fund’s view on risk within the loan market. More specifically, the Fund continued to adhere to a strict investment discipline with the goal of pursuing yield while minimizing exposure to macroeconomic risks.

Describe portfolio positioning at period end.

At period end, the Fund held 87% of its total portfolio in floating rate loan interests (bank loans) and 10% in corporate bonds, with the remainder in asset-backed securities and common stocks. The Fund’s largest sector exposures included healthcare, technology and chemicals. The Fund ended the period with economic leverage at 30% of its total managed assets.



10	SEMI-ANNUAL REPORT	AUGUST 31, 2012


		BlackRock Floating Rate Income Strategies Fund II, Inc.

Fund Information


Symbol on NYSE		FRB
Initial Offering Date		July 30, 2004
Yield on Closing Market Price as of August 31, 2012 ($13.62)¹		6.43%
Current Monthly Distribution per Common Share²		$0.073
Current Annualized Distribution per Common Share²		$0.876
Economic Leverage as of August 31, 2012³		30%

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

The distribution rate is not constant and is subject to change.

The table below summarizes the changes in the Fund’s market price and NAV per share:


	8/31/12		2/29/12		Change			High		Low
Market Price	$	13.62	$	13.21		3.10	%	$	14.00	$	12.90
Net Asset Value	$	13.77	$	13.60		1.25	%	$	13.77	$	13.37

The following charts show the portfolio composition of the Fund’s long-term investments and credit quality allocations of the Fund’s corporate bond investments:


Portfolio Composition
	8/31/12			2/29/12
Floating Rate Loan Interests		87	%		84	%
Corporate Bonds		10			13
Asset-Backed Securities		2			2
Common Stocks		1			1


Credit Quality Allocations⁴
	8/31/12			2/29/12
BBB/Baa		7	%		10	%
BB/Ba		33			36
B		40			39
CCC/Caa		11			7
Not Rated		9			8

⁴

Using the higher of S&P’s or Moody’s ratings.



SEMI-ANNUAL REPORT	AUGUST 31, 2012	11


Fund Summary as of August 31, 2012		BlackRock Senior High Income Fund, Inc.

Investment Objective

BlackRock Senior High Income Fund, Inc.’s (ARK) (the “Fund”) investment objective is to provide high current income by investing principally in senior debt obligations of companies, including corporate loans made by banks and other financial institutions and both privately placed and publicly offered corporate bonds and notes. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended August 31, 2012, the Fund returned 13.11% based on market price and 5.41% based on NAV. For the same period, the closed-end Lipper High Yield Funds (Leveraged) category posted an average return of 8.15% based on market price and 5.80% based on NAV. All returns reflect reinvestment of dividends. The Fund moved from a discount to NAV to a premium by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

Security selection among lower quality debt instruments (including both bonds and loans) had a positive impact on performance. From a sector perspective, selection within gaming, wireless and technology contributed positively. The Trust’s exposures to preferred securities and common stock also boosted returns.

Describe recent portfolio activity.

Describe portfolio positioning at period end.

At period end, the Fund held 56% of its total portfolio in floating rate loan interests (bank loans) and 41% in corporate bonds, with the remainder in asset-backed securities and common stocks. The Fund’s largest sector exposures included healthcare, independent energy and chemicals. The Fund ended the period with economic leverage at 27% of its total managed assets.



12	SEMI-ANNUAL REPORT	AUGUST 31, 2012


		BlackRock Senior High Income Fund, Inc.

Fund Information


Symbol on NYSE		ARK
Initial Offering Date		April 30, 1993
Yield on Closing Market Price as of August 31, 2012 ($4.43)¹		6.77%
Current Monthly Distribution per Common Share²		$0.025
Current Annualized Distribution per Common Share²		$0.300
Economic Leverage as of August 31, 2012³		27%

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

The distribution rate is not constant and is subject to change.

The table below summarizes the changes in the Fund’s market price and NAV per share:


	8/31/12		2/29/12		Change			High		Low
Market Price	$	4.43	$	4.06		9.11	%	$	4.43	$	3.99
Net Asset Value	$	4.22	$	4.15		1.69	%	$	4.22	$	4.03

The following charts show the portfolio composition of the Fund’s long-term investments and credit quality allocations of the Fund’s corporate bond investments:


Portfolio Composition
	8/31/12			2/29/12
Floating Rate Loan Interests		56	%		56	%
Corporate Bonds		41			41
Asset-Backed Securities		2			2
Common Stocks		1			1


Credit Quality Allocations⁴
	8/31/12			2/29/12
A		1	%		1	%
BBB/Baa		6			6
BB/Ba		35			39
B		54			48
CCC/Caa		4			3
Not Rated		—			3

⁴

Using the higher of S&P’s or Moody’s ratings.



SEMI-ANNUAL REPORT	AUGUST 31, 2012	13


The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance the yield and NAV of their common shares (“Common Shares”). However, these objectives cannot be achieved in all interest rate environments.

The Funds may utilize leverage by borrowing through a credit facility. In general, the concept of leveraging is based on the premise that the financing cost of assets to be obtained from leverage, which will be based on short-term interest rates, will normally be lower than the income earned by each Fund on its longer-term portfolio investments. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Fund’s shareholders will benefit from the incremental net income.

The interest earned on securities purchased with the proceeds from leverage is paid to shareholders in the form of dividends, and the value of these portfolio holdings is reflected in the per share NAV. However, in order to benefit shareholders, the yield curve must be positively sloped; that is, short-term interest rates must be lower than long-term interest rates. If the yield curve becomes negatively sloped, meaning short-term interest rates exceed long-term interest rates, income to shareholders will be lower than if the Funds had not used leverage.

To illustrate these concepts, assume a Fund’s capitalization is $100 million and it borrows for an additional $30 million, creating a total value of $130 million available for investment in long-term securities. If prevailing short-term interest rates are 3% and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Fund pays borrowing costs and interest expense on the $30 million of borrowings based on the lower short-term interest rates. At the same time, the securities purchased by the Fund with assets received from the borrowings earn income based on long-term interest rates. In this case, the borrowing costs and interest expense of the borrowings is significantly lower than the income earned on the Fund’s long-term investments, and therefore the Fund’s shareholders are the beneficiaries of the incremental net income.

If short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental net income pickup will be reduced or eliminated completely. Furthermore, if prevailing short-term interest rates rise above long-term interest rates, the yield curve has a negative slope. In this case, the Fund pays higher short-term interest rates whereas the Fund’s total portfolio earns income based on lower long-term interest rates.

Furthermore, the value of the Funds’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the redemption value of the Funds’ borrowings does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Funds’ NAVs positively or negatively in addition to the impact on Fund performance from leverage from borrowings discussed above.

The use of leverage may enhance opportunities for increased income to the Funds, but as described above, it also creates risks as short- or long-term interest rates fluctuate. Leverage also will generally cause greater changes in the Funds’ NAVs, market prices and dividend rates than comparable portfolios without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the Fund’s net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, each Fund’s net income will be less than if leverage had not been used, and therefore the amount available for distribution to shareholders will be reduced. Each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause a Fund to incur losses. The use of leverage may limit each Fund’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Fund will incur expenses in connection with the use of leverage, all of which are borne by shareholders and may reduce income.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Funds are permitted to issue senior securities representing indebtedness up to 33¹/₃% of their total managed assets (each Fund’s net assets plus the proceeds of any outstanding borrowings). In addition, each Fund voluntarily limits its aggregate economic leverage to 50% of its managed assets. As of August 31, 2012, the Funds had aggregate economic leverage from borrowings through a credit facility as a percentage of their total managed assets as follows:


	Percent of Economic Leverage
COY		27	%
CYE		29	%
DSU		30	%
FRB		30	%
ARK		27	%


Derivative Financial Instruments

The Funds may invest in various derivative financial instruments, including financial futures contracts, foreign currency exchange contracts, options and swaps as specified in Note 2 of the Notes to Consolidated Financial Statements, which may constitute forms of economic leverage. Such derivative financial instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market, equity, credit, interest rate and/or foreign currency exchange rate risks. Derivative financial instruments involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative financial instrument. The Funds’ ability to use a

derivative financial instrument successfully depends on the investment advisor’s ability to predict pertinent market movements accurately, which cannot be assured. The use of derivative financial instruments may result in losses greater than if they had not been used, may require a Fund to sell or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation a Fund can realize on an investment, may result in lower dividends paid to shareholders or may cause a Fund to hold an investment that it might otherwise sell. The Funds’ investments in these instruments are discussed in detail in the Notes to Consolidated Financial Statements.



14	SEMI-ANNUAL REPORT	AUGUST 31, 2012


Consolidated Schedule of Investments		BlackRock Corporate High Yield Fund, Inc. (COY)
August 31, 2012 (Unaudited)		(Percentages shown are based on Net Assets)



Common Stocks	Shares		Value

Auto Components — 2.3%
Dana Holding Corp.		92,740	$	1,266,828
Delphi Automotive Plc (a)		153,225		4,641,186

				5,908,014
Biotechnology — 0.0%
Ironwood Pharmaceuticals, Inc. (a)		6,540		81,946
Capital Markets — 0.4%
American Capital Ltd. (a)		46,567		511,771
E*Trade Financial Corp. (a)		68,100		583,617

				1,095,388
Chemicals — 0.2%
ADA-ES, Inc. (a)		1,670		39,162
CF Industries Holdings, Inc.		940		194,589
Huntsman Corp.		12,750		183,345

				417,096
Commercial Banks — 0.2%
CIT Group, Inc. (a)		15,830		597,741
Communications Equipment — 0.3%
Loral Space & Communications Ltd.		11,463		841,614
Containers & Packaging — 0.0%
Smurfit Kappa Plc (a)		3,634		29,647
Diversified Financial Services — 0.5%
Kcad Holdings I Ltd.		210,194,127		1,393,797
Diversified Telecommunication Services — 0.2%
Level 3 Communications, Inc. (a)		20,920		450,826
Electrical Equipment — 0.0%
Medis Technologies Ltd.		67,974		204
Energy Equipment & Services — 1.0%
Laricina Energy Ltd. (a)		35,294		1,521,679
Osum Oil Sands Corp. (a)		74,000		938,372

				2,460,051
Hotels, Restaurants & Leisure — 0.0%
Travelport Worldwide Ltd.		70,685		9,189
Media — 2.2%
Belo Corp., Class A		20,724		151,285
Charter Communications, Inc. (a)		65,816		5,120,485
Clear Channel Outdoor Holdings, Inc., Class A (a)		8,934		46,903
Cumulus Media, Inc., Class A (a)		88,000		243,760
DISH Network Corp., Class A		5,420		173,386

				5,735,819
Metals & Mining — 0.1%
African Minerals Ltd. (a)		40,400		161,685
Oil, Gas & Consumable Fuels — 0.1%
African Petroleum Corp. Ltd. (a)		180,300		230,983
Paper & Forest Products — 0.1%
Ainsworth Lumber Co. Ltd. (a)(b)		41,686		91,344
Ainsworth Lumber Co. Ltd. (a)		36,744		80,514
Western Forest Products, Inc. (a)		147,968		160,615
Western Forest Products, Inc. (a)(b)		41,528		45,077

				377,550



Common Stocks	Shares		Value

Semiconductors & Semiconductor Equipment — 0.3%
NXP Semiconductors NV (a)		5,000	$	116,600
Spansion, Inc., Class A (a)		60,342		689,709
SunPower Corp.		123		551

				806,860
Software — 0.2%
Bankruptcy Management Solutions, Inc. (a)		468		5
HMH Holdings/EduMedia		19,102		468,005

				468,010
Total Common Stocks – 8.1%				21,066,420



Corporate Bonds	Par (000)
Aerospace & Defense — 0.7%
Huntington Ingalls Industries, Inc.:
6.88%, 3/15/18	USD	210		224,700
7.13%, 3/15/21		295		319,338
Kratos Defense & Security Solutions, Inc., 10.00%, 6/01/17		796		847,740
Meccanica Holdings USA, Inc., 6.25%, 7/15/19 (b)		405		366,463

				1,758,241
Air Freight & Logistics — 0.4%
National Air Cargo Group, Inc.:
Series 1 12.38%, 9/02/15		548		558,607
Series 2 12.38%, 8/16/15		555		565,094

				1,123,701
Airlines — 1.5%
American Airlines Pass-Through Trust, Series 2011-2, Class A, 8.63%, 4/15/23		1,007		1,067,798
Continental Airlines, Inc.:
Series 1997-4, Class B 6.90%, 7/02/18		268		267,785
Series 2010-1, Class B 6.00%, 7/12/20		355		357,812
Delta Air Lines, Inc.:
Series 2002-1, Class G-1 6.72%, 7/02/24		555		601,640
Series 2009-1 Series B 9.75%, 6/17/18		173		187,232
Series 2010-1, Class B 6.38%, 7/02/17		447		447,000
US Airways Pass Through Trust:
Series 2011-1, Class C 10.88%, 10/22/14		620		635,357
Series 2012-1, Class C 9.13%, 10/01/15		420		428,400

				3,993,024
Auto Components — 2.1%
Dana Holding Corp., 6.75%, 2/15/21		410		441,775
Delphi Corp., 6.13%, 5/15/21		150		165,000
Icahn Enterprises LP, 8.00%, 1/15/18		2,995		3,189,675
IDQ Holdings, Inc., 11.50%, 4/01/17 (b)		355		371,419
International Automotive Components Group SL, 9.13%, 6/01/18 (b)		40		38,350
Jaguar Land Rover Plc, 8.25%, 3/15/20	GBP	439		735,238
Titan International, Inc., 7.88%, 10/01/17	USD	430		450,425

				5,391,882

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Consolidated Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:


AUD		Australian Dollar
CAD		Canadian Dollar
EBITDA		Earnings Before Interest, Taxes, Depreciation and Amortization
ETF		Exchange –Traded Fund
EUR		Euro


FKA		Formerly Known As
GBP		British Pound
LIBOR		London Interbank Offered Rate
PIK		Payment–in-Kind
SPDR		Standard and Poor’s Depository Receipts
USD		US Dollar

See Notes to Consolidated Financial Statements.



SEMI-ANNUAL REPORT	AUGUST 31, 2012	15

Consolidated Schedule of Investments (continued)

BlackRock Corporate High Yield Fund, Inc. (COY)

(Percentages shown are based on Net Assets)



Corporate Bonds	Par (000)		Value

Beverages — 0.2%
Crown European Holdings SA:
7.13%, 8/15/18 (b)	EUR	227	$	314,073
7.13%, 8/15/18		171		236,592

				550,665
Biotechnology — 0.0%
QHP Royalty Sub LLC, 10.25%, 3/15/15 (b)	USD	53		53,117
Building Products — 0.8%
Building Materials Corp. of America (b):
7.00%, 2/15/20		500		541,250
6.75%, 5/01/21		710		775,675
Momentive Performance Materials, Inc., 11.50%, 12/01/16		340		207,400
USG Corp., 9.75%, 1/15/18		550		589,875

				2,114,200
Capital Markets — 0.8%
E*Trade Financial Corp.:
12.50%, 11/30/17 (c)		980		1,118,425
2.25%, 8/31/19 (b)(d)(e)		226		193,230
KKR Group Finance Co. LLC, 6.38%, 9/29/20 (b)		600		679,171

				1,990,826
Chemicals — 4.3%
Basell Finance Co. BV, 8.10%, 3/15/27 (b)		380		507,300
Celanese US Holdings LLC, 5.88%, 6/15/21		1,640		1,812,200
Chemtura Corp., 7.88%, 9/01/18		285		307,087
Hexion US Finance Corp.:
6.63%, 4/15/20		215		217,150
9.00%, 11/15/20		285		243,675
Huntsman International LLC, 8.63%, 3/15/21		155		177,475
INEOS Finance Plc (b):
8.38%, 2/15/19		835		878,837
7.50%, 5/01/20		405		413,100
INEOS Group Holdings Plc, 8.50%, 2/15/16 (b)		135		127,238
Kinove German Bondco GmbH, 10.00%, 6/15/18	EUR	315		431,866
Kraton Polymers LLC, 6.75%, 3/01/19	USD	115		117,875
LyondellBasell Industries NV, 5.75%, 4/15/24		2,590		2,933,175
Nexeo Solutions LLC, 8.38%, 3/01/18		170		166,175
OXEA Finance/Cy SCA, 9.63%, 7/15/17 (b)	EUR	330		457,743
PolyOne Corp., 7.38%, 9/15/20	USD	200		218,500
TPC Group LLC, 8.25%, 10/01/17		310		340,225
Tronox Finance LLC, 6.38%, 8/15/20 (b)		1,740		1,757,400

				11,107,021
Commercial Banks — 1.1%
CIT Group, Inc.:
7.00%, 5/02/16 (b)		901		904,569
5.25%, 3/15/18		510		531,675
5.50%, 2/15/19 (b)		490		510,825
5.00%, 8/15/22		530		534,015
6.00%, 4/01/36		500		452,915

				2,933,999
Commercial Services & Supplies — 2.0%
ARAMARK Corp., 8.50%, 2/01/15		330		338,253
ARAMARK Holdings Corp., 8.63%, 5/01/16 (b)(c)		405		414,623
Aviation Capital Group Corp., 6.75%, 4/06/21 (b)		500		513,375
Brickman Group Holdings, Inc., 9.13%, 11/01/18 (b)		24		24,240
Casella Waste Systems, Inc., 7.75%, 2/15/19		430		425,700
Clean Harbors, Inc., 5.25%, 8/01/20 (b)		484		496,705
Covanta Holding Corp., 6.38%, 10/01/22		585		639,623
EC Finance Plc, 9.75%, 8/01/17	EUR	300		391,019
Mead Products LLC/ACCO Brands Corp., 6.75%, 4/30/20 (b)	USD	205		216,788



Corporate Bonds	Par (000)		Value

Commercial Services & Supplies (concluded)
Mobile Mini, Inc., 7.88%, 12/01/20	USD	335	$	359,287
RSC Equipment Rental, Inc., 8.25%, 2/01/21		800		876,000
Verisure Holding AB:
8.75%, 9/01/18	EUR	169		212,568
8.75%, 12/01/18		100		111,315
West Corp., 8.63%, 10/01/18	USD	125		126,875

				5,146,371
Communications Equipment — 1.8%
Avaya, Inc., 9.75%, 11/01/15		650		563,875
Frontier Communications Corp., 6.25%, 1/15/13		830		844,525
Hughes Satellite Systems Corp., 6.50%, 6/15/19		370		396,362
Zayo Group LLC/Zayo Capital, Inc.:
8.13%, 1/01/20		1,420		1,508,750
10.13%, 7/01/20		1,160		1,244,100

				4,557,612
Computers & Peripherals — 0.1%
SanDisk Corp., 1.50%, 8/15/17 (e)		200		221,500
Construction & Engineering — 0.2%
Boart Longyear Management Property Ltd., 7.00%, 4/01/21 (b)		175		181,563
H&E Equipment Services, Inc., 7.00%, 9/01/22 (b)		305		316,437
URS Corp., 5.00%, 4/01/22 (b)		65		65,909

				563,909
Construction Materials — 1.4%
HD Supply, Inc. (b):
8.13%, 4/15/19		1,425		1,546,125
11.00%, 4/15/20		1,350		1,485,000
Xefin Lux SCA:
8.00%, 6/01/18 (b)	EUR	233		285,741
8.00%, 6/01/18		200		245,271

				3,562,137
Consumer Finance — 0.8%
Credit Acceptance Corp., 9.13%, 2/01/17	USD	435		478,500
Ford Motor Credit Co. LLC:
7.00%, 4/15/15		480		534,327
12.00%, 5/15/15		670		834,150
6.63%, 8/15/17		131		150,595

				1,997,572
Containers & Packaging — 1.8%
Ardagh Packaging Finance Plc:
7.38%, 10/15/17 (b)		200		214,250
7.38%, 10/15/17 (b)	EUR	335		445,592
7.38%, 10/15/17		200		266,025
9.13%, 10/15/20 (b)	USD	365		379,600
9.13%, 10/15/20 (b)		205		214,225
9.13%, 10/15/20 (b)		204		212,670
Berry Plastics Corp.:
4.34%, 9/15/14 (f)		275		270,875
8.25%, 11/15/15		110		115,775
9.75%, 1/15/21		390		431,925
Beverage Packaging Holdings Luxembourg II SA, 8.00%, 12/15/16	EUR	617		760,541
GCL Holdings SCA, 9.38%, 4/15/18 (b)		244		297,696
Graphic Packaging International, Inc., 7.88%, 10/01/18	USD	340		379,100
OI European Group BV, 6.88%, 3/31/17	EUR	152		197,399
Sealed Air Corp., 8.38%, 9/15/21 (b)	USD	175		196,875
Tekni-Plex, Inc., 9.75%, 6/01/19 (b)		165		172,425

				4,554,973

See Notes to Consolidated Financial Statements.



16	SEMI-ANNUAL REPORT	AUGUST 31, 2012

Consolidated Schedule of Investments (continued)

BlackRock Corporate High Yield Fund, Inc. (COY)

(Percentages shown are based on Net Assets)



Corporate Bonds	Par (000)		Value

Distributors — 0.6%
VWR Funding, Inc., 7.25%, 9/15/17 (b)(g)	USD	1,485	$	1,503,563
Diversified Consumer Services — 1.5%
Laureate Education, Inc., 9.25%, 9/01/19 (b)		555		555,000
Service Corp. International, 7.00%, 6/15/17		2,800		3,192,000
ServiceMaster Co., 8.00%, 2/15/20		175		186,594

				3,933,594
Diversified Financial Services — 4.1%
Aircastle Ltd., 6.75%, 4/15/17		430		464,400
Ally Financial, Inc.:
7.50%, 12/31/13		350		374,062
8.00%, 11/01/31		2,705		3,198,662
8.00%, 11/01/31		560		664,717
CNG Holdings, Inc., 9.38%, 5/15/20 (b)		280		285,600
DPL, Inc., 7.25%, 10/15/21 (b)		1,075		1,225,500
Gala Group Finance Plc, 8.88%, 9/01/18	GBP	300		444,201
General Motors Financial Co., Inc., 6.75%, 6/01/18	USD	270		299,361
Leucadia National Corp., 8.13%, 9/15/15		790		890,725
Reynolds Group Issuer, Inc.:
7.75%, 10/15/16	EUR	187		242,853
7.13%, 4/15/19	USD	230		247,825
9.75%, 4/15/19		260		264,225
7.88%, 8/15/19		315		350,438
9.88%, 8/15/19		955		1,009,912
8.25%, 2/15/21		125		122,813
WMG Acquisition Corp.:
9.50%, 6/15/16		110		120,175
11.50%, 10/01/18		382		419,245

				10,624,714
Diversified Telecommunication Services — 2.3%
Broadview Networks Holdings, Inc., 11.38%, 9/01/12 (a)(h)		1,000		675,000
Consolidated Communications Finance Co., 10.88%, 6/01/20 (b)		550		589,875
ITC Deltacom, Inc., 10.50%, 4/01/16		260		280,150
Level 3 Communications, Inc., 8.88%, 6/01/19 (b)		295		300,900
Level 3 Financing, Inc.:
8.13%, 7/01/19		1,224		1,282,140
7.00%, 6/01/20 (b)		525		522,375
8.63%, 7/15/20		785		839,950
OTE Plc, 5.00%, 8/05/13	EUR	104		113,377
Telenet Finance V Luxembourg SCA:
6.25%, 8/15/22		137		173,180
6.75%, 8/15/24		350		446,834
Windstream Corp.:
8.13%, 8/01/13	USD	400		422,000
7.88%, 11/01/17		360		391,500

				6,037,281
Electric Utilities — 0.7%
Mirant Mid Atlantic Pass Through Trust, Series B, 9.13%, 6/30/17		269		289,152
The Tokyo Electric Power Co., Inc., 4.50%, 3/24/14	EUR	1,150		1,439,671

				1,728,823
Electrical Equipment — 0.1%
Belden, Inc., 5.50%, 9/01/22 (b)	USD	340		340,850
Electronic Equipment, Instruments & Components — 0.5%
CDW LLC/CDW Finance Corp., 8.50%, 4/01/19		354		387,630
Jabil Circuit, Inc., 8.25%, 3/15/18		215		258,000
Micron Technology, Inc., 2.38%, 5/01/32 (b)(e)		407		387,159
NXP BV/NXP Funding LLC, 9.75%, 8/01/18 (b)		190		217,075

				1,249,864



Corporate Bonds	Par (000)		Value

Energy Equipment & Services — 3.4%
Atwood Oceanics, Inc., 6.50%, 2/01/20	USD	130	$	138,775
Calfrac Holdings LP, 7.50%, 12/01/20 (b)		360		352,800
Compagnie Générale de Géophysique, Veritas:
7.75%, 5/15/17		235		245,575
6.50%, 6/01/21		1,150		1,197,437
Forbes Energy Services Ltd., 9.00%, 6/15/19		335		324,950
FTS International Services LLC/ FTS International Bonds Inc., 8.13%, 11/15/18 (b)		1,615		1,667,487
Gulfmark Offshore, Inc., 6.38%, 3/15/22 (b)		145		147,900
Hornbeck Offshore Services, Inc., 5.88%, 4/01/20		290		295,800
Key Energy Services, Inc., 6.75%, 3/01/21		415		422,263
MEG Energy Corp. (b):
6.50%, 3/15/21		1,105		1,163,012
6.38%, 1/30/23		415		432,638
Oil States International, Inc., 6.50%, 6/01/19		290		308,125
Peabody Energy Corp.:
6.25%, 11/15/21 (b)		1,285		1,307,487
7.88%, 11/01/26		345		368,288
Precision Drilling Corp.:
6.63%, 11/15/20		70		73,500
6.50%, 12/15/21		275		288,750

				8,734,787
Food & Staples Retailing — 0.2%
Bakkavor Finance 2 Plc, 8.25%, 2/15/18	GBP	100		139,731
Rite Aid Corp., 9.25%, 3/15/20	USD	345		354,487

				494,218
Food Products — 0.4%
Darling International, Inc., 8.50%, 12/15/18		105		118,913
Del Monte Corp., 7.63%, 2/15/19		56		55,930
Post Holdings, Inc., 7.38%, 2/15/22 (b)		405		426,769
Smithfield Foods, Inc., 6.63%, 8/15/22		531		543,611

				1,145,223
Health Care Equipment & Supplies — 1.5%
Biomet, Inc.:
10.00%, 10/15/17		180		190,463
6.50%, 8/01/20 (b)		645		669,187
DJO Finance LLC:
10.88%, 11/15/14		476		496,825
8.75%, 3/15/18 (b)		415		440,937
7.75%, 4/15/18		95		86,925
Fresenius Medical Care US Finance, Inc., 6.50%, 9/15/18 (b)		192		215,280
Fresenius Medical Care US Finance II, Inc., 5.88%, 1/31/22 (b)		600		637,500
Fresenius US Finance II, Inc., 9.00%, 7/15/15 (b)		500		575,625
Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/01/19 (b)		255		231,413
Teleflex, Inc., 6.88%, 6/01/19		270		288,900

				3,833,055
Health Care Providers & Services — 7.3%
Aviv Healthcare Properties LP, 7.75%, 2/15/19		520		540,800
CHS/Community Health Systems, Inc.:
5.13%, 8/15/18		785		809,531
7.13%, 7/15/20		415		434,712
ConvaTec Healthcare E SA, 7.38%, 12/15/17 (b)	EUR	400		538,338
Crown Newco 3 Plc, 7.00%, 2/15/18 (b)	GBP	331		529,521
DaVita, Inc., 5.75%, 8/15/22	USD	849		882,960
HCA, Inc.:
8.50%, 4/15/19		120		135,300
6.50%, 2/15/20		2,160		2,373,300
7.88%, 2/15/20		85		94,881
7.25%, 9/15/20		2,405		2,665,041
5.88%, 3/15/22		250		265,938

See Notes to Consolidated Financial Statements.



SEMI-ANNUAL REPORT	AUGUST 31, 2012	17

Consolidated Schedule of Investments (continued)

BlackRock Corporate High Yield Fund, Inc. (COY)

(Percentages shown are based on Net Assets)



Corporate Bonds	Par (000)		Value

Health Care Providers & Services (concluded)
Hologic, Inc., 6.25%, 8/01/20 (b)	USD	1,464	$	1,550,010
IASIS Healthcare LLC, 8.38%, 5/15/19		1,420		1,354,325
INC Research LLC, 11.50%, 7/15/19 (b)		375		367,500
inVentiv Health, Inc., 10.00%, 8/15/18 (b)		115		96,888
Omnicare, Inc., 7.75%, 6/01/20		905		997,762
PSS World Medical, Inc., 6.38%, 3/01/22		307		324,653
Symbion, Inc., 8.00%, 6/15/16		315		318,347
Tenet Healthcare Corp.:
10.00%, 5/01/18		792		910,800
6.25%, 11/01/18		300		325,687
8.88%, 7/01/19		2,355		2,678,812
United Surgical Partners International, Inc., 9.00%, 4/01/20 (b)		270		289,913
Vanguard Health Holding Co. II LLC, 7.75%, 2/01/19 (b)		425		443,062

				18,928,081
Health Care Technology — 1.0%
IMS Health, Inc., 12.50%, 3/01/18 (b)		2,235		2,626,125
Hotels, Restaurants & Leisure — 4.6%
Affinity Gaming LLC/Affinity Gaming Finance Corp., 9.00%, 5/15/18 (b)		265		269,638
Caesars Entertainment Operating Co., Inc.:
11.25%, 6/01/17		1,270		1,368,425
10.00%, 12/15/18		2,935		1,849,050
8.50%, 2/15/20 (b)		280		276,150
Caesars Operating Escrow LLC, 9.00%, 2/15/20 (b)		1,533		1,525,335
Carlson Wagonlit BV, 6.88%, 6/15/19 (b)		295		306,800
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18	EUR	202		222,951
Diamond Resorts Corp., 12.00%, 8/15/18	USD	1,100		1,170,125
El Dorado Resorts LLC, 8.63%, 6/15/19 (b)		125		121,875
Enterprise Inns Plc, 6.50%, 12/06/18	GBP	296		406,553
Gategroup Finance Luxembourg SA, 6.75%, 3/01/19	EUR	250		321,525
Little Traverse Bay Bands of Odawa Indians, 9.00%, 8/31/20 (b)	USD	270		245,700
MGM Resorts International:
10.38%, 5/15/14		175		198,625
4.25%, 4/15/15 (e)		996		1,005,960
11.13%, 11/15/17		1,315		1,462,937
MTR Gaming Group, Inc., 11.50%, 8/01/19 (c)		136		139,406
Travelport LLC:
5.09%, 9/01/14 (f)		165		117,150
9.88%, 9/01/14		35		27,825
9.00%, 3/01/16		110		78,100
6.46%, 12/01/16 (b)(c)		385		297,456
Tropicana Entertainment LLC, 9.63%, 12/15/14 (a)(h)		315		—
Wynn Las Vegas LLC, 5.38%, 3/15/22 (b)		565		577,713

				11,989,299
Household Durables — 1.7%
Beazer Homes USA, Inc., 6.63%, 4/15/18 (b)		30		30,675
Jarden Corp., 7.50%, 1/15/20	EUR	285		386,255
Libbey Glass, Inc., 6.88%, 5/15/20 (b)	USD	560		597,100
Pulte Group, Inc., 6.38%, 5/15/33		175		152,250
Ryland Group, Inc., 6.63%, 5/01/20		315		332,325
Spie BondCo 3 SCA, 11.00%, 8/15/19	EUR	276		352,360
Standard Pacific Corp.:
10.75%, 9/15/16	USD	1,285		1,551,637
8.38%, 1/15/21		955		1,064,825

				4,467,427



Corporate Bonds	Par (000)		Value

Household Products — 0.3%
Ontex IV SA:
7.50%, 4/15/18 (b)	EUR	130	$	165,967
9.00%, 4/15/19		213		246,478
Spectrum Brands Holdings, Inc., 9.50%, 6/15/18	USD	330		376,613

				789,058
Independent Power Producers & Energy Traders — 3.3%
The AES Corp., 7.38%, 7/01/21		250		286,250
Calpine Corp. (b):
7.25%, 10/15/17		165		176,550
7.50%, 2/15/21		95		105,450
7.88%, 1/15/23		405		457,650
Energy Future Holdings Corp., 10.00%, 1/15/20		1,765		1,945,913
Energy Future Intermediate Holding Co. LLC:
6.88%, 8/15/17 (b)		280		285,950
10.00%, 12/01/20		2,786		3,127,285
11.75%, 3/01/22 (b)		547		582,555
GenOn REMA LLC, 9.24%, 7/02/17		222		238,967
Laredo Petroleum, Inc.:
9.50%, 2/15/19		445		505,075
7.38%, 5/01/22		345		370,875
QEP Resources, Inc., 5.38%, 10/01/22		305		312,625

				8,395,145
Industrial Conglomerates — 2.4%
Sequa Corp. (b):
11.75%, 12/01/15		2,190		2,299,500
13.50%, 12/01/15		3,759		3,984,277

				6,283,777
Insurance — 1.0%
Alliant Holdings I, Inc., 11.00%, 5/01/15 (b)		1,600		1,654,000
CNO Financial Group, Inc., 9.00%, 1/15/18 (b)		339		370,781
Genworth Financial, Inc., 7.63%, 9/24/21		390		398,502
MPL 2 Acquisition Canco, Inc., 9.88%, 8/15/18 (b)		235		210,325

				2,633,608
IT Services — 3.1%
Ceridian Corp., 8.88%, 7/15/19 (b)		1,355		1,453,237
Epicor Software Corp., 8.63%, 5/01/19		510		525,300
First Data Corp.:
7.38%, 6/15/19 (b)		1,445		1,491,962
8.88%, 8/15/20 (b)		495		539,550
6.75%, 11/01/20 (b)		815		808,888
8.25%, 1/15/21 (b)		570		565,013
12.63%, 1/15/21		1,528		1,547,100
SunGard Data Systems, Inc.:
7.38%, 11/15/18		500		531,250
7.63%, 11/15/20		550		589,875

				8,052,175
Machinery — 1.1%
SPX Corp., 6.88%, 9/01/17		160		177,600
UR Merger Sub Corp. (b):
5.75%, 7/15/18		236		249,570
7.38%, 5/15/20		405		429,300
7.63%, 4/15/22		1,935		2,089,800

				2,946,270
Media — 13.1%
Affinion Group, Inc., 7.88%, 12/15/18		745		532,675
AMC Networks, Inc., 7.75%, 7/15/21		205		232,163
CCH II LLC, 13.50%, 11/30/16		982		1,075,689
CCO Holdings LLC:
6.50%, 4/30/21		431		462,247
5.25%, 9/30/22		900		891,000
Cengage Learning Acquisitions, Inc., 11.50%, 4/15/20 (b)		1,055		1,110,387

See Notes to Consolidated Financial Statements.



18	SEMI-ANNUAL REPORT	AUGUST 31, 2012

Consolidated Schedule of Investments (continued)

BlackRock Corporate High Yield Fund, Inc. (COY)

(Percentages shown are based on Net Assets)



Corporate Bonds	Par (000)		Value

Media (concluded)
Checkout Holding Corp., 16.00%, 11/15/15 (b)(d)	USD	615	$	375,150
Cinemark USA, Inc., 8.63%, 6/15/19		200		224,000
Clear Channel Communications, Inc., 9.00%, 3/01/21		409		350,718
Clear Channel Worldwide Holdings, Inc.:
Series A, 9.25%, 12/15/17		1,379		1,492,767
Series B, 9.25%, 12/15/17		4,816		5,231,380
Series B, 7.63%, 3/15/20		1,494		1,449,180
Cox Enterprises, Inc. (b):
Loan Close 2, 12.00%, 8/15/18		655		655,708
Loan Close 3, 12.00%, 8/15/18		749		749,663
Shares Loan, 12.00%, 8/15/18		773		773,166
CSC Holdings LLC, 8.50%, 4/15/14		370		406,538
DISH DBS Corp., 5.88%, 7/15/22 (b)		680		685,100
Harron Communications LP, 9.13%, 4/01/20 (b)		300		324,750
Intelsat Jackson Holdings SA:
11.25%, 6/15/16		812		854,630
7.25%, 10/15/20 (b)		750		808,125
Intelsat Luxembourg SA:
11.25%, 2/04/17		560		588,000
11.50%, 2/04/17 (c)		1,100		1,155,000
Interactive Data Corp., 10.25%, 8/01/18		1,235		1,392,462
The Interpublic Group of Cos., Inc., 10.00%, 7/15/17		315		352,013
Kabel Deutschland Vertrieb und Service GmbH & Co. KG, 6.50%, 6/29/18 (b)	EUR	315		426,913
Lamar Media Corp., 5.88%, 2/01/22	USD	130		137,800
Live Nation Entertainment, Inc., 8.13%, 5/15/18 (b)		675		722,250
NAI Entertainment Holdings LLC, 8.25%, 12/15/17 (b)		513		571,995
Nielsen Finance LLC:
11.63%, 2/01/14		45		51,075
7.75%, 10/15/18		2,085		2,345,625
Odeon & UCI Finco Plc, 9.00%, 8/01/18 (b)	GBP	189		297,853
ProQuest LLC, 9.00%, 10/15/18 (b)	USD	460		422,050
ProtoStar I Ltd., 18.00%, 10/15/12 (a)(b)(e)(h)		812		406
Truven Health Analytics, Inc., 10.63%, 6/01/20 (b)		470		501,725
Unitymedia GmbH:
9.63%, 12/01/19	EUR	158		223,326
9.63%, 12/01/19 (b)		530		749,130
9.50%, 3/15/21		385		552,654
Unitymedia Hessen GmbH & Co. KG:
8.13%, 12/01/17 (b)	USD	817		884,402
8.13%, 12/01/17 (b)	EUR	122		165,536
7.50%, 3/15/19		722		994,404
UPC Holding BV, 9.88%, 4/15/18 (b)	USD	400		449,000
UPCB Finance II Ltd.:
6.38%, 7/01/20 (b)	EUR	753		989,744
6.38%, 7/01/20		300		394,320
WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 9/01/20 (b)	USD	275		283,250
Ziggo Bond Co. BV, 8.00%, 5/15/18 (b)	EUR	343		473,489
Ziggo Finance BV, 6.13%, 11/15/17 (b)		56		75,191

				33,884,649
Metals & Mining — 3.8%
Eco-Bat Finance Plc, 7.75%, 2/15/17		435		552,614
FMG Resources August 2006 Property Ltd. (b):
6.88%, 2/01/18	USD	325		309,563
6.88%, 4/01/22		165		151,800
Global Brass and Copper, Inc., 9.50%, 6/01/19 (b)		275		289,438
Goldcorp, Inc., 2.00%, 8/01/14 (e)		970		1,117,925
Kaiser Aluminum Corp., 8.25%, 6/01/20 (b)		205		217,300
New Gold, Inc., 7.00%, 4/15/20 (b)		140		147,350
New World Resources NV, 7.88%, 5/01/18	EUR	627		784,697



Corporate Bonds	Par (000)		Value

Metals & Mining (concluded)
Newmont Mining Corp., Series A, 1.25%, 7/15/14 (e)	USD	1,345	$	1,709,831
Novelis, Inc., 8.75%, 12/15/20		3,045		3,402,787
Schmolz + Bickenbach Luxembourg SA, 9.88%, 5/15/19	EUR	295		299,624
Steel Dynamics, Inc., 6.38%, 8/15/22 (b)	USD	225		232,875
Taseko Mines Ltd., 7.75%, 4/15/19		385		366,713
Vedanta Resources Plc, 8.25%, 6/07/21 (b)		245		233,975

				9,816,492
Multiline Retail — 0.3%
Dollar General Corp., 4.13%, 7/15/17		727		756,080
Oil, Gas & Consumable Fuels — 10.9%
Access Midstream Partners LP, 6.13%, 7/15/22		250		259,375
Alpha Appalachia Holdings, Inc., 3.25%, 8/01/15 (e)		746		669,535
Alpha Natural Resources, Inc.:
6.00%, 6/01/19		290		261,000
6.25%, 6/01/21		240		214,800
Aurora USA Oil & Gas, Inc., 9.88%, 2/15/17 (b)		610		637,450
Berry Petroleum Co., 6.38%, 9/15/22		375		399,375
BreitBurn Energy Partners LP, 7.88%, 4/15/22 (b)		235		239,700
CCS, Inc., 11.00%, 11/15/15 (b)		520		538,200
Chaparral Energy, Inc., 7.63%, 11/15/22 (b)		205		216,788
Chesapeake Energy Corp.:
7.25%, 12/15/18		15		15,713
6.63%, 8/15/20		165		169,538
6.88%, 11/15/20		160		166,000
6.13%, 2/15/21		545		540,912
Coffeyville Resources LLC, 9.00%, 4/01/15 (b)		103		109,695
Concho Resources, Inc.:
7.00%, 1/15/21		150		167,250
6.50%, 1/15/22		100		108,000
5.50%, 10/01/22		430		443,975
Consol Energy, Inc., 8.25%, 4/01/20		1,625		1,750,937
Continental Resources, Inc., 7.13%, 4/01/21		340		380,800
Copano Energy LLC, 7.13%, 4/01/21		275		287,375
Crosstex Energy LP:
8.88%, 2/15/18		165		176,138
7.13%, 6/01/22 (b)		140		139,300
Crown Oil Partners IV LP, 15.00%, 3/07/15		545		545,482
Denbury Resources, Inc., 8.25%, 2/15/20		42		47,670
Energy XXI Gulf Coast, Inc.:
9.25%, 12/15/17		510		568,650
7.75%, 6/15/19		815		865,937

EP Energy LLC/EP Energy Finance, Inc., 6.88%, 5/01/19 (b)		315		337,837
EP Energy LLC/Everest Acquisition Finance, Inc., 7.75%, 9/01/22 (b)		195		195,488
EV Energy Partners LP, 8.00%, 4/15/19		140		144,550
Hilcorp Energy I LP, 7.63%, 4/15/21 (b)		690		759,000
Holly Energy Partners LP, 6.50%, 3/01/20 (b)		145		151,525
Kodiak Oil & Gas Corp., 8.13%, 12/01/19 (b)		320		340,000
Linn Energy LLC:
6.50%, 5/15/19 (b)		90		89,550
6.25%, 11/01/19 (b)		1,865		1,841,687
8.63%, 4/15/20		205		221,400
7.75%, 2/01/21		185		192,863
MarkWest Energy Partners LP:
6.25%, 6/15/22		75		79,688
5.50%, 2/15/23		200		204,500
Newfield Exploration Co., 6.88%, 2/01/20		715		781,137
Northern Oil and Gas, Inc., 8.00%, 6/01/20 (b)		285		290,700
Oasis Petroleum, Inc.:
7.25%, 2/01/19		240		253,200
6.50%, 11/01/21		270		275,400

See Notes to Consolidated Financial Statements.



SEMI-ANNUAL REPORT	AUGUST 31, 2012	19

Consolidated Schedule of Investments (continued)

BlackRock Corporate High Yield Fund, Inc. (COY)

(Percentages shown are based on Net Assets)



Corporate Bonds	Par (000)		Value

Oil, Gas & Consumable Fuels (concluded)
Offshore Group Investments Ltd.:
11.50%, 8/01/15 (b)	USD	1,215	$	1,342,575
11.50%, 8/01/15		300		331,500
OGX Petroleo e Gas Participacoes SA (b):
8.50%, 6/01/18		2,057		1,825,587
8.38%, 4/01/22		640		544,000
PBF Holding Co. LLC, 8.25%, 2/15/20 (b)		275		287,375
PetroBakken Energy Ltd., 8.63%, 2/01/20 (b)		1,105		1,129,862
Petroleum Geo-Services ASA, 7.38%, 12/15/18 (b)		530		565,775
Pioneer Natural Resources Co.:
6.88%, 5/01/18		425		514,547
7.50%, 1/15/20		135		168,840
Range Resources Corp.:
8.00%, 5/15/19		345		381,225
5.75%, 6/01/21		900		957,375
5.00%, 8/15/22		403		419,624
Sabine Pass Liquified Natural Gas LP, 7.50%, 11/30/16		560		599,200
Samson Investment Co., 9.75%, 2/15/20 (b)		78		80,340
SandRidge Energy, Inc.:
7.50%, 3/15/21 (b)		630		637,875
7.50%, 3/15/21		230		232,875
8.13%, 10/15/22 (b)		235		245,575
7.50%, 2/15/23 (b)		515		517,575
SESI LLC:
6.38%, 5/01/19		300		318,000
7.13%, 12/15/21		215		239,188
SM Energy Co.:
6.63%, 2/15/19		120		125,400
6.50%, 11/15/21		240		250,800
6.50%, 1/01/23 (b)		115		119,888
Vanguard Natural Resources, 7.88%, 4/01/20		250		250,000

				28,163,121
Paper & Forest Products — 1.3%
Ainsworth Lumber Co. Ltd., 11.00%, 7/29/15 (b)(c)		372		338,190
Boise Paper Holdings LLC:
9.00%, 11/01/17		55		60,913
8.00%, 4/01/20		105		116,025
Clearwater Paper Corp.:
10.63%, 6/15/16		370		413,475
7.13%, 11/01/18		535		584,487
Longview Fibre Paper & Packaging, Inc., 8.00%, 6/01/16 (b)		315		326,025
NewPage Corp., 11.38%, 12/31/14 (a)(h)		1,935		1,310,962
Sappi Papier Holding GmbH (b):
8.38%, 6/15/19		200		210,500
6.63%, 4/15/21		120		111,000

				3,471,577
Pharmaceuticals — 1.0%
Capsugel Finance Co. SCA:
9.88%, 8/01/19 (b)	EUR	200		281,118
9.88%, 8/01/19		100		140,559
Pharmaceutical Product Development, Inc., 9.50%, 12/01/19 (b)	USD	160		178,400
Spectrum Brands, Inc., 6.75%, 3/15/20 (b)		240		252,000
Valeant Pharmaceuticals International (b):
6.50%, 7/15/16		1,140		1,202,700
6.75%, 8/15/21		520		527,800

				2,582,577
Professional Services — 0.4%
FTI Consulting, Inc., 6.75%, 10/01/20		850		907,375



Corporate Bonds	Par (000)		Value

Real Estate Investment Trusts (REITs) — 0.7%
Felcor Lodging LP, 6.75%, 6/01/19	USD	1,110	$	1,190,475
The Rouse Co. LP, 6.75%, 11/09/15		480		505,800

				1,696,275
Real Estate Management & Development — 2.3%
CBRE Services, Inc., 6.63%, 10/15/20		310		338,675
Crescent Resources LLC/Crescent Ventures, Inc., 10.25%, 8/15/17 (b)		650		666,250
Forest City Enterprises, Inc., 7.63%, 6/01/15		392		389,795
Realogy Corp.:
11.50%, 4/15/17		360		382,500
12.00%, 4/15/17		90		94,275
7.88%, 2/15/19 (b)		1,895		1,951,850
7.63%, 1/15/20 (b)		465		506,850
9.00%, 1/15/20 (b)		305		329,400
Shea Homes LP, 8.63%, 5/15/19		1,145		1,273,812

				5,933,407
Road & Rail — 1.3%
Florida East Coast Railway Corp., 8.13%, 2/01/17		410		430,500
The Hertz Corp.:
7.50%, 10/15/18		505		544,769
6.75%, 4/15/19 (b)		265		278,250
7.38%, 1/15/21		380		413,250
Hertz Holdings Netherlands BV:
8.50%, 7/31/15	EUR	172		234,730
8.50%, 7/31/15 (b)		1,031		1,407,019

				3,308,518
Semiconductors & Semiconductor Equipment — 0.2%
Spansion LLC, 7.88%, 11/15/17	USD	540		526,500
Software — 1.3%
Audatex North America, Inc., 6.75%, 6/15/18 (b)		480		514,800
Infor US, Inc., 9.38%, 4/01/19 (b)		1,520		1,645,400
Nuance Communications, Inc., 5.38%, 8/15/20 (b)		805		823,112
Sophia LP, 9.75%, 1/15/19 (b)		408		438,600

				3,421,912
Specialty Retail — 2.8%
Asbury Automotive Group, Inc., 8.38%, 11/15/20		335		370,175
Claire’s Stores, Inc., 9.00%, 3/15/19 (b)		450		466,875
House of Fraser Funding Plc, 8.88%, 8/15/18	GBP	480		677,377
Limited Brands, Inc.:
8.50%, 6/15/19	USD	745		894,000
5.63%, 2/15/22		150		157,875
Party City Holdings, Inc., 8.88%, 8/01/20 (b)		729		770,917
Penske Automotive Group, Inc., 5.75%, 10/01/22 (b)		495		504,900
Phones4u Finance Plc, 9.50%, 4/01/18 (b)	GBP	370		566,942
QVC, Inc. (b):
7.13%, 4/15/17	USD	210		222,122
7.50%, 10/01/19		565		626,028
7.38%, 10/15/20		270		300,853
5.13%, 7/02/22		392		410,872
Sally Holdings LLC:
6.88%, 11/15/19		500		558,750
5.75%, 6/01/22		400		430,500
Sonic Automotive, Inc., 9.00%, 3/15/18		345		376,913

				7,335,099
Textiles, Apparel & Luxury Goods — 0.2%
Levi Strauss & Co., 6.88%, 5/01/22		400		415,000
Trading Companies & Distributors — 0.6%
Ashtead Capital, Inc., 6.50%, 7/15/22 (b)		455		473,200
Doric Nimrod Air Finance Alpha Ltd. (b):
Series 2012-1, Class A, 5.13%, 11/30/24		550		558,250
Series 2012-1, Class B, 6.50%, 5/30/21		530		536,265

				1,567,715

See Notes to Consolidated Financial Statements.



20	SEMI-ANNUAL REPORT	AUGUST 31, 2012

Consolidated Schedule of Investments (continued)

BlackRock Corporate High Yield Fund, Inc. (COY)

(Percentages shown are based on Net Assets)



Corporate Bonds	Par (000)		Value

Transportation Infrastructure — 0.2%
Aguila 3 SA, 7.88%, 1/31/18 (b)	USD	398	$	419,393
Wireless Telecommunication Services — 4.2%
Cricket Communications, Inc.:
7.75%, 5/15/16		226		238,430
7.75%, 10/15/20		205		198,850
Digicel Group Ltd. (b):
9.13%, 1/15/15		1,711		1,727,738
8.25%, 9/01/17		1,135		1,203,100
10.50%, 4/15/18		900		972,000
Matterhorn Mobile Holdings SA, 8.25%, 2/15/20	EUR	190		258,698
MetroPCS Wireless, Inc., 6.63%, 11/15/20	USD	710		734,850
NII Capital Corp., 7.63%, 4/01/21		324		250,290
SBA Telecommunications, Inc., 5.75%, 7/15/20 (b)		262		273,790
Sprint Capital Corp., 6.88%, 11/15/28		1,876		1,697,780
Sprint Nextel Corp. (b):
9.00%, 11/15/18		1,590		1,876,200
7.00%, 3/01/20		1,220		1,335,900

				10,767,626
Total Corporate Bonds – 105.7%				273,331,003



Floating Rate Loan Interests (f)
Airlines — 0.2%
Delta Air Lines, Inc., Credit Term Loan B, 5.50%, 4/20/17		395		397,607
Auto Components — 0.5%
Federal-Mogul Corp., Term Loan B, 2.17%—2.18%, 12/29/14		895		854,406
Schaeffler AG, Term Loan C2, 6.00%, 1/27/17		360		361,051

				1,215,457
Building Products — 0.1%
Goodman Global, Inc., Term Loan (Second Lien), 9.00%, 10/30/17		318		322,360
Capital Markets — 0.7%
American Capital Holdings, Term Loan, 5.50%, 7/19/16		743		745,786
Nuveen Investments, Inc.:
Incremental Term Loan, 7.25%, 5/13/17		600		602,700
Second Lien Term Loan, 8.25%, 2/28/19		380		382,375

				1,730,861
Chemicals — 0.6%
Evergreen Acqco 1 LP, Term Loan B, 6.25%, 7/09/19		155		156,454
INEOS US Finance LLC, 6 Year Term Loan, 6.50%, 5/04/18		1,047		1,048,904
PQ Corp., Term Loan B, 3.98%, 7/30/14		313		307,178

				1,512,536
Communications Equipment — 0.8%
Avaya, Inc., Term Loan B1, 3.18%, 10/24/14		229		219,639
Zayo Group, LLC, Term Loan B, 7.13%, 7/02/19		1,905		1,932,985

				2,152,624
Construction & Engineering — 0.7%
Safway Services LLC, Mezzanine Loan, 15.63%, 12/16/17		1,750		1,750,000
Construction Materials — 0.4%
HD Supply, Inc., Senior Debt B, 7.25%, 10/12/17		1,045		1,067,645



Floating Rate Loan Interests (f)	Par (000)		Value

Consumer Finance — 1.5%
Springleaf Financial Funding Co., Term Loan, 5.50%, 5/10/17	USD	3,940	$	3,805,055
Diversified Consumer Services — 0.1%
Laureate Education, Inc., Extended Term Loan, 5.25%, 6/18/18		134		131,018
ServiceMaster Co.:
Delayed Draw Term Loan, 2.74%, 7/24/14		8		7,539
Term Loan, 2.75%—2.97%, 7/24/14		76		75,702

				214,259
Diversified Financial Services — 0.5%
Residential Capital LLC:
DIP Term Loan A1, 5.00%, 11/18/13		1,150		1,152,875
DIP Term Loan A2, 6.75%, 11/18/13		170		171,984

				1,324,859
Diversified Telecommunication Services — 0.5%
Level 3 Financing, Inc.:
2016 Term Loan B, 4.75%, 2/01/16		645		646,290
2019 Term Loan B, 5.25%, 8/01/19		530		530,774

				1,177,064
Electronic Equipment, Instruments & Components — 0.1%
CDW LLC, Extended Term Loan, 4.00%, 7/14/17		251		247,978
Energy Equipment & Services — 1.0%
Dynegy Midwest Generation LLC, Coal Co. Term Loan, 9.25%, 8/04/16		1,325		1,374,396
Dynegy Power LLC, Gas Co. Term Loan, 9.25%, 8/04/16		963		1,007,771
Tervita Corp., Incremental Term Loan, 6.50%, 10/17/14		249		248,544

				2,630,711
Food & Staples Retailing — 0.0%
US Foods, Inc.(FKA U.S. Foodservice, Inc.), Extended Term Loan B, 5.75%, 3/31/17		69		66,935
Food Products — 0.1%
Advance Pierre Foods, Term Loan (Second Lien), 11.75%, 9/29/17		200		201,200
Health Care Equipment & Supplies — 0.3%
Bausch & Lomb, Inc., Term Loan B, 5.25%, 5/17/19		440		441,465
LHP Hospital Group, Inc., Term Loan, 9.00%, 7/03/18		260		261,950

				703,415
Health Care Providers & Services — 0.5%
Harden Healthcare LLC:
Add on Term Loan A, 7.75%, 3/02/15		369		357,628
Term Loan A, 8.50%, 3/02/15		323		316,806
inVentiv Health, Inc., Combined Term Loan, 6.50%, 8/04/16		698		649,917

				1,324,351
Hotels, Restaurants & Leisure — 1.2%
Caesars Entertainment Operating Co., Inc.:
Extended Term Loan B6, 5.49%, 1/26/18		185		162,626
Incremental Term Loan B4, 9.50%, 10/31/16		448		456,533
Term Loan B1, 3.24%, 1/28/15		371		352,042
Term Loan B2, 3.24%, 1/28/15		409		388,020
Term Loan B3, 3.24%—3.46%, 1/28/15		895		848,628
OSI Restaurant Partners LLC:
Revolver, 2.49%—4.50%, 6/14/13		9		8,463
Term Loan B, 2.56%, 6/14/14		86		85,297
Sabre, Inc., Non Extended Initial Term Loan, 2.23%, 9/30/14		57		56,665

See Notes to Consolidated Financial Statements.



SEMI-ANNUAL REPORT	AUGUST 31, 2012	21

Consolidated Schedule of Investments (continued)

BlackRock Corporate High Yield Fund, Inc. (COY)

(Percentages shown are based on Net Assets)



Floating Rate Loan Interests (f)	Par (000)		Value

Hotels, Restaurants & Leisure (concluded)
Station Casinos, Inc., Term Loan B1, 3.23%, 6/17/16		USD 785	$	746,113
Travelport LLC:
Extended Tranche A Term Loan, 6.44%, 9/28/12		177		53,166
Extended Tranche B Term Loan, 13.94%, 12/01/16		571		45,708

				3,203,261
Industrial Conglomerates — 0.1%
Sequa Corp.:
Incremental Term Loan, 6.25%, 12/03/14		164		163,986
Term Loan, 3.69%—3.72%, 12/03/14		140		139,038

				303,024
IT Services — 0.3%
Ceridian Corp., Extended Term Loan, 5.99%, 5/09/17		62		62,323
First Data Corp., 2018 Term Loan B, 4.24%, 3/23/18		720		679,802

				742,125
Leisure Equipment & Products — 0.2%
Eastman Kodak Co., DIP Term Loan B, 8.50%, 7/19/13		600		594,453
Machinery — 0.5%
Navistar International Corp., Term Loan B, 7.00%, 8/17/17		620		623,175
Rexnord Corp., Term Loan B, 5.00%, 4/02/18		542		544,406

				1,167,581
Media — 4.7%
Affinion Group, Inc., Term Loan B, 5.00%, 7/15/15		40		33,616
Cengage Learning Acquisitions, Inc.:
Non-Extended Term Loan, 2.49%, 7/03/14		293		270,168
Tranche 1 Incremental, Term Loan, 7.50%, 7/03/14		1,432		1,386,000
Cequel Communications LLC, Term Loan B, 4.00%, 2/14/19		399		398,170
Clear Channel Communications, Inc.:
Term Loan B, 3.88%, 1/28/16		1,774		1,373,868
Term Loan C, 3.88%, 1/28/16		348		264,946
EMI Music Publishing Ltd., Term Loan B, 5.50%, 6/29/18		400		402,700
Intelsat Jackson Holdings SA, Tranche B Term Loan, 5.25%, 4/02/18		5,706		5,724,099
Interactive Data Corp., Term Loan B, 4.50%, 2/12/18		379		379,596
Newsday LLC, Fixed Rate Term Loan, 10.50%, 8/01/13		1,375		1,382,452
Thomson Reuters (Healthcare), Inc., Term Loan B, 6.75%, 6/06/19		345		347,443
Univision Communications, Inc., Extended Term Loan, 4.48%, 3/31/17		279		269,452

				12,232,510
Metals & Mining — 0.2%
Constellium Holding Co. BV, Term Loan B, 9.25%, 5/25/18		390		382,200
Multiline Retail — 0.5%
HEMA Holding BV, Mezzanine, 8.64%, 7/05/17	EUR	1,154		1,205,001
Oil, Gas & Consumable Fuels — 0.8%
Chesapeake Energy Corp., Unsecured Term Loan, 8.50%, 12/01/17	USD	1,090		1,092,343
Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15		926		926,279

				2,018,622



Floating Rate Loan Interests (f)	Par (000)		Value

Paper & Forest Products — 0.4%
Ainsworth Lumber Co. Ltd., Term Loan, 5.25%, 6/26/14 (g)	USD	360	$	348,300
Verso Paper Finance Holdings LLC, Term Loan, 6.49%—7.24%, 2/01/13		1,420		710,209

				1,058,509
Pharmaceuticals — 0.1%
Pharmaceutical Product Development, Inc., Term Loan B, 6.25%, 12/05/18		288		291,496
Real Estate Investment Trusts (REITs) — 0.5%
iStar Financial, Inc.:
Term Loan A1, 5.00%, 6/28/13		1,388		1,389,104
Term Loan A2, 7.00%, 6/30/14		5		5,005

				1,394,109
Real Estate Management & Development — 0.4%
Realogy Corp.:
Extended Letter of Credit Loan, 4.50%, 10/10/16		104		99,974
Extended Term Loan, 4.49%, 10/10/16		689		664,920
Stockbridge SBE Holdings LLC, Term Loan B, 13.00%, 5/02/17		170		169,150

				934,044
Semiconductors & Semiconductor Equipment — 0.0%
NXP BV, Term Loan A-2, 5.50%, 3/03/17		65		65,443
Software — 0.4%
Infor US, Inc. (FKA Lawson Software, Inc.), Term Loan B, 6.25%, 4/05/18		1,127		1,138,762
Specialty Retail — 0.1%
Claire’s Stores, Inc., Term Loan B, 2.98%—3.20%, 5/29/14		356		349,553
Textiles, Apparel & Luxury Goods — 0.4%
Ascend Performance Materials LLC, Term Loan B, 6.75%, 4/10/18		1,047		1,037,771
Wireless Telecommunication Services — 0.0%
Crown Castle International Corp., Term Loan B, 4.00%, 1/31/19		54		54,320
Total Floating Rate Loan Interests — 19.4%				50,017,701



Other Interests (i)	Beneficial Interest (000)
Chemicals — 0.0%
Wellman Holdings, Inc., Litigation Trust Certificate		2,650		26
Media — 0.0%
Adelphia Escrow (a)		700		7
Adelphia Recovery Trust (a)		878		88

				95
Total Other Interests — 0.0%				121



Preferred Securities

Capital Trusts — 0.2%	Par (000)
Insurance — 0.2%
Genworth Financial, Inc., 6.15%, 11/15/66 (f)		790		474,000

See Notes to Consolidated Financial Statements.



22	SEMI-ANNUAL REPORT	AUGUST 31, 2012

Consolidated Schedule of Investments
(continued)

BlackRock Corporate High Yield Fund, Inc. (COY)

(Percentages shown are based on Net Assets)



Preferred Stocks	Shares		Value

Auto Components — 0.4%
Dana Holding Corp., 4.00% (b)(e)		7,570	$	884,744
Diversified Financial Services — 1.4%
Ally Financial, Inc., 7.00% (b)		4,023		3,663,319
Total Preferred Stocks – 1.8%				4,548,063



Trust Preferreds
Diversified Financial Services — 0.8%
GMAC Capital Trust I, Series 2, 8.13%, 2/15/40 (b)		70,660		1,746,206
RBS Capital Funding Trust VII, 6.08% (a)(f)(h)(j)		26,500		454,210
Total Trust Preferreds — 0.8%				2,200,416
Total Preferred Securities — 2.8%				7,222,479



Warrants (k)
Health Care Providers & Services — 0.0%
HealthSouth Corp. (Expires 1/16/14)		29,930		—
Media — 0.0%
New Vision Holdings LLC (Expires 9/30/14)		15		—
Software — 0.0%
Bankruptcy Management Solutions, Inc. (Expires 9/28/17)		312		—
HMH Holdings/EduMedia (Issued/Exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27)		1,070		—
Total Warrants – 0.0%				—
Total Long-Term Investments (Cost — $345,014,624) — 136.0%				351,637,724



Options Purchased	Contracts
Over-the-Counter Call Options — 0.0%
Marsico Parent Superholdco LLC, Strike Price USD 942.86, Expires 12/14/19, Broker Goldman Sachs Group, Inc.		17		—
Total Options Purchased (Cost — $16,622) — 0.0%				—
Total Investments (Cost — $345,031,246) — 136.0%				351,637,724
Liabilities in Excess of Other Assets — (36.0)%				(93,146,505	)

Net Assets — 100.0%			$	258,491,219

(a)

Non-income producing security.

(b)

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.

(c)

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

(d)

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

(e)

Convertible security.

(f)

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

(g)

When-issued security. Unsettled when-issued transaction was as follows:


Counterparty		Value