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: 02/28/2013

Item 1 – Report to Stockholders

FEBRUARY 28, 2013

ANNUAL REPORT

BlackRock Corporate High Yield Fund, Inc. (COY)

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

BlackRock Debt Strategies Fund, Inc. (DSU)

BlackRock Senior High Income Fund, Inc. (ARK)

Not FDIC Insured • May Lose Value • No Bank Guarantee


Table of Contents


	Page
Dear Shareholder		3
Annual Report:
Fund Summaries		4
The Benefits and Risks of Leveraging		12
Derivative Financial Instruments		12
Financial Statements:
Consolidated Schedules of Investments		13
Consolidated Statements of Assets and Liabilities		70
Consolidated Statements of Operations		71
Consolidated Statements of Changes in Net Assets		72
Consolidated Statements of Cash Flows		73
Financial Highlights		74
Notes to Consolidated Financial Statements		78
Report of Independent Registered Public Accounting Firm		89
Important Tax Information		89
Automatic Dividend Reinvestment Plan		90
Officers and Directors		91
Additional Information		94



2	ANNUAL REPORT	FEBRUARY 28, 2013

Dear Shareholder

Despite a number of headwinds, risk assets generated strong returns during the 6- and 12-month periods as investors sought meaningful yields in the ongoing low-interest-rate environment. About this time one year ago, the European debt crisis returned to the headlines as unresolved policy decisions left it unclear as to how troubled peripheral countries would finance their sovereign debt, causing yields to soar. In the second quarter of 2012, political instability in Greece and severe deficit and liquidity problems in Spain raised the specter of a full-blown euro collapse. 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, emerged as a particular concern. As the outlook for the global economy worsened, however, investors grew increasingly optimistic that the world’s largest central banks would soon intervene to stimulate growth. This theme, along with the announcement of the European Central Bank’s (“ECB’s”) firm commitment to preserve the euro currency bloc, drove most asset classes higher through the summer. Policy relief came in early September, when the ECB announced its decision to support the eurozone’s debt-laden countries with unlimited purchases of short term sovereign debt. Days later, the US Federal Reserve announced its own much-anticipated stimulus package.

Although financial markets world-wide were buoyed by accommodative monetary policies, risk assets weakened in the fall. Global trade began to slow as many European countries fell into recession and growth continued to decelerate in China, where a once-a-decade leadership change compounded uncertainty. In the United States, stocks slid on lackluster corporate earnings reports and market volatility rose in advance of the US Presidential election. In the post-election environment, investors grew increasingly concerned over the “fiscal cliff,” the automatic tax increases and spending cuts that had been scheduled to take effect at the beginning of 2013. There was widespread fear that the fiscal cliff would push the United States into recession unless politicians could agree upon alternate measures to reduce the deficit before the end of 2012. Worries that bipartisan gridlock would preclude a timely budget deal triggered higher levels of volatility in financial markets around the world in the months leading up to the last day of the year. Ultimately, the worst of the fiscal cliff was averted with a last-minute tax deal; however, decisions relating to spending cuts and the debt ceiling continued to weigh on investors’ minds.

Investors shook off the nerve-wracking finale to 2012 and began the New Year with a powerful equity rally. Money that had been pulled to the sidelines amid year-end tax-rate uncertainty poured back into the markets in January. Key indicators signaled modest but broad-based improvements in the world’s major economies, particularly in China. Global equities soared through January while rising US Treasury yields pressured high-quality fixed income assets. However, bond markets strengthened in February when economic momentum slowed and investors toned down their risk appetite. US stocks continued to rise, but at a more moderate pace. Uncertainty about how long the Federal Reserve would maintain its easing bias drove high levels of volatility later in the month, but these fears abated as the budget sequester (automatic spending cuts scheduled to take effect March 1) began to appear imminent and was deemed likely to deter any near-term curtailment of monetary easing policies. Outside the United States, equities largely declined as political uncertainty escalated after the Italian presidential election ended in a stalemate.

On the whole, riskier asset classes outperformed lower-risk investments for the 6- and 12-month periods ended February 28, 2013. International, US small cap and emerging market equities were the leading asset classes for the 6-month period, while US stocks and high yield bonds generated the strongest returns for the 12-month period. US Treasury yields remained relatively low overall, but have inched higher in recent months, pressuring Treasuries and investment-grade bonds. Tax-exempt municipal bonds, however, continued to benefit from favorable supply-and-demand dynamics. Near-zero short term interest rates continued to keep yields on money market securities near their all-time lows.

Investors continue to face many of the same risks as in years past. But we see a world of possibilities. BlackRock was built to provide the global market insight, breadth of capabilities, unbiased investment advice and deep risk management expertise these times require. Investors everywhere are asking, “So what do I do with my money?” Visit www.blackrock.com for answers.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

“Despite a number of headwinds, risk assets generated strong returns during the 6- and 12-month periods as investors sought meaningful yields in the ongoing low-interest-rate environment.”

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of February 28, 2013
	6-month			12-month
US large cap equities (S&P 500^® Index)		8.95	%		13.46	%
US small cap equities (Russell 2000^® Index)		13.02			14.02
International equities (MSCI Europe, Australasia, Far East Index)		14.41			9.84
Emerging market equities (MSCI Emerging Markets Index)		12.06			0.28
3-month Treasury bill (BofA Merrill Lynch 3-Month US Treasury Bill Index)		0.05			0.11
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)		(1.51	)		3.66
US investment grade bonds (Barclays US Aggregate Bond Index)		0.15			3.12
Tax-exempt municipal bonds (S&P Municipal Bond Index)		2.40			5.71
US high yield bonds (Barclays US Corporate High Yield 2% Issuer Capped Index)		6.67			11.79
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 February 28, 2013		BlackRock Corporate High Yield Fund, Inc.

Fund Overview

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 12-month period ended February 28, 2013, the Fund returned 12.44% based on market price and 15.53% based on net asset value (“NAV”). For the same period, the closed-end Lipper High Yield Funds (Leveraged) category posted an average return of 12.75% based on market price and 15.06% based on NAV. All returns reflect reinvestment of dividends. The Fund’s premium 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 the lower quality tiers of high yield credit had a positive impact on performance. From an industry perspective, holdings within non-captive diversified (finance companies), media cable and building materials boosted returns. The Fund’s exposure to select common stocks and preferred securities also enhanced results.

Detracting from performance was security selection within middle quality tier credits, where the Fund held its quality bias. On an industry basis, selection in metals, paper and independent energy impaired results. The Fund’s tactical allocation to floating rate loan interests (bank loans) hindered relative performance as the asset class underperformed high yield bonds during the period.

Describe recent portfolio activity.

As risk markets and high yield bond prices continued to surge over the period, the Fund moderated its risk positioning. The Fund maintained its focus on higher-quality income-oriented credit names with stable fundamentals, good earnings/revenue visibility and an attractive coupon rate. The Fund remained generally cautious of cyclical credits that tend to be more vulnerable to slower economic growth and bouts of weakness, but allowed some risk in companies with positive growth catalysts or idiosyncratic characteristics. Also during the period, the Fund increased exposure to floating rate loan interests as valuations appeared increasingly attractive relative to certain segments of the high yield universe such as higher-quality short-dated paper.

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, with the remainder in common stocks, preferred securities and other interests. The Fund held its largest industry exposures in healthcare, wirelines and gaming, while reflecting less emphasis on the riskier, more volatile segments of the market such as the banking sector and supermarkets and restaurant industries.

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	ANNUAL REPORT	FEBRUARY 28, 2013


		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 February 28, 2013 ($8.04)¹		7.61%
Current Monthly Distribution per Common Share²		$0.051
Current Annualized Distribution per Common Share²		$0.612
Economic Leverage as of February 28, 2013³		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 12.

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


	2/28/13		2/29/12		Change			High		Low
Market Price	$	8.04	$	7.76		3.61	%	$	8.29	$	6.63
Net Asset Value	$	7.76	$	7.29		6.45	%	$	7.81	$	7.00

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


Portfolio Composition


	2/28/13			2/29/12
Corporate Bonds		75	%		80	%
Floating Rate Loan Interests		17			12
Common Stocks		7			5
Preferred Securities		1			2
Other Interests		—			1


Credit Quality Allocation⁴


	2/28/13			2/29/12
A		—			1	%
BBB/Baa		6	%		6
BB/Ba		36			42
B		46			40
CCC/Caa		10			10
Not Rated		2			1

⁴

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



ANNUAL REPORT	FEBRUARY 28, 2013	5


Fund Summary as of February 28, 2013		BlackRock Corporate High Yield Fund III, Inc.

Fund Overview

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 12-month period ended February 28, 2013, the Fund returned 11.20% based on market price and 16.16% based on NAV. For the same period, the closed-end Lipper High Yield Funds (Leveraged) category posted an average return of 12.75% based on market price and 15.06% based on NAV. All returns reflect reinvestment of dividends. The Fund’s premium 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?

Describe recent portfolio activity.

Describe portfolio positioning at period end.

At period end, the Fund held 73% of its total portfolio in corporate bonds and 19% in floating rate loan interests, with the remainder in common stocks and preferred securities. The Fund held its largest industry exposures in healthcare, wirelines and gaming, while reflecting less emphasis on the riskier, more volatile segments of the market such as the banking sector and supermarkets and restaurant industries.



6	ANNUAL REPORT	FEBRUARY 28, 2013


		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 February 28, 2013 ($7.89)¹		7.98%
Current Monthly Distribution per Common Share²		$0.0525
Current Annualized Distribution per Common Share²		$0.6300
Economic Leverage as of February 28, 2013³		28%

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:


	2/28/13		2/29/12		Change			High		Low
Market Price	$	7.89	$	7.75		1.81	%	$	8.19	$	7.10
Net Asset Value	$	7.88	$	7.41		6.34	%	$	7.93	$	7.11

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


Portfolio Composition


	2/28/13			2/29/12
Corporate Bonds		73	%		77	%
Floating Rate Loan Interests		19			15
Common Stocks		6			6
Preferred Securities		2			2


Credit Quality Allocation⁴


	2/28/13			2/29/12
A		1	%		1	%
BBB/Baa		5			7
BB/Ba		36			38
B		45			43
CCC/Caa		10			10
Not Rated		3			1

⁴

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



ANNUAL REPORT	FEBRUARY 28, 2013	7


Fund Summary as of February 28, 2013		BlackRock Debt Strategies Fund, Inc.

Fund Overview

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 12-month period ended February 28, 2013, the Fund returned 16.87% based on market price and 14.78% based on NAV. For the same period, the closed-end Lipper High Yield Funds (Leveraged) category posted an average return of 12.75% based on market price and 15.06% based on NAV. All returns reflect reinvestment of dividends. The Fund began the period with neither a discount nor a premium to NAV, and ended the period with a premium to NAV, 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 securities (including both bonds and loans) had a positive impact on performance. From an industry perspective, holdings within chemicals, consumer cyclical services and gaming boosted returns. The Fund’s exposure to select common stocks and preferred securities also enhanced results.

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 floating rate loan interests 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 media non-cable industries hindered returns for the period.

Describe recent portfolio activity.

As risk markets and high yield bond prices continued to surge over the period, the Fund moderated its risk positioning. Fund management continued to maintain a positive view on high yield and floating rate loan interest assets overall, but turned its focus toward purchasing higher-quality income-oriented credit names with stable fundamentals and an attractive coupon rate. The Fund remained generally cautious of cyclical credits that tend to be more vulnerable to slower economic growth and bouts of weakness, but allowed some risk in companies with positive growth catalysts or idiosyncratic characteristics.

Describe portfolio positioning at period end.

At period end, the Fund held 53% of its total portfolio in floating rate loan interests and 41% in corporate bonds, with the remainder in asset-backed securities, common stocks and other interests. The Fund held its largest industry exposures in healthcare, consumer services (housing-related) and chemicals, while reflecting less emphasis on the riskier, more volatile segments of the market such as food and beverage and supermarkets.



8	ANNUAL REPORT	FEBRUARY 28, 2013


		BlackRock Debt Strategies Fund, Inc.

Fund Information


Symbol on NYSE		DSU
Initial Offering Date		March 27, 1998
Yield on Closing Market Price as of February 28, 2013 ($4.46)¹		7.26%
Current Monthly Distribution per Common Share²		$0.027
Current Annualized Distribution per Common Share²		$0.324
Economic Leverage as of February 28, 2013³		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:


	2/28/13		2/29/12		Change			High		Low
Market Price	$	4.46	$	4.13		7.99	%	$	4.62	$	3.91
Net Asset Value	$	4.38	$	4.13		6.05	%	$	4.39	$	4.00

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


Portfolio Composition


	2/28/13			2/29/12
Floating Rate Loan Interests		53	%		54	%
Corporate Bonds		41			43
Asset-Backed Securities		3			1
Common Stocks		2			1
Other Interests		1			1


Credit Quality Allocation⁴


	2/28/13			2/29/12
A		1	%		1	%
BBB/Baa		6			5
BB/Ba		34			36
B		45			45
CCC/Caa		10			8
Not Rated		4			5

⁴

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



ANNUAL REPORT	FEBRUARY 28, 2013	9


Fund Summary as of February 28, 2013		BlackRock Senior High Income Fund, Inc.

Fund Overview

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 12-month period ended February 28, 2013, the Fund returned 15.32% based on market price and 13.08% based on NAV. For the same period, the closed-end Lipper High Yield Funds (Leveraged) category posted an average return of 12.75% based on market price and 15.06% 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 had a positive impact on performance. From an industry perspective, holdings within chemicals and gaming boosted returns. The Fund’s exposure to select common stocks and preferred securities also enhanced results.

Describe recent portfolio activity.

Describe portfolio positioning at period end.

At period end, the Fund held 54% of its total portfolio in floating rate loan interests and 42% in corporate bonds, with the remainder in asset-backed securities and common stocks. The Fund held its largest industry exposures in healthcare, wirelines and chemicals, while reflecting less emphasis on the riskier, more volatile segments of the market such as food and beverage and supermarkets.



10	ANNUAL REPORT	FEBRUARY 28, 2013


		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 February 28, 2013 ($4.34)¹		6.91%
Current Monthly Distribution per Common Share²		$0.025
Current Annualized Distribution per Common Share²		$0.300
Economic Leverage as of February 28, 2013³		28%

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:


	2/28/13		2/29/12		Change			High		Low
Market Price	$	4.34	$	4.06		6.90	%	$	4.60	$	3.80
Net Asset Value	$	4.35	$	4.15		4.82	%	$	4.37	$	4.03

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


Portfolio Composition


	2/28/13			2/29/12
Floating Rate Loan Interests		54	%		56	%
Corporate Bonds		42			41
Asset-Backed Securities		3			2
Common Stocks		1			1


Credit Quality Allocation⁴


	2/28/13			2/29/12
A		1	%		1	%
BBB/Baa		7			6
BB/Ba		37			39
B		51			48
CCC/Caa		1			3
Not Rated		3			3

⁴

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



ANNUAL REPORT	FEBRUARY 28, 2013	11


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 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 February 28, 2013, 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		28	%
DSU		29	%
ARK		28	%

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.



12	ANNUAL REPORT	FEBRUARY 28, 2013

Consolidated Schedule of Investments February 28, 2013

BlackRock Corporate High Yield Fund, Inc. (COY)

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Auto Components — 0.8%
Dana Holding Corp.		109,649	$	1,834,428
Delphi Automotive Plc (a)		8,200		340,518

				2,174,946
Biotechnology — 0.0%
Ironwood Pharmaceuticals, Inc. (a)		6,540		97,642
Capital Markets — 1.7%
American Capital Ltd. (a)		257,408		3,598,564
E*Trade Financial Corp. (a)		68,100		729,351
Uranium Participation Corp. (a)		33,680		174,401

				4,502,316
Chemicals — 0.5%
ADA-ES, Inc. (a)		1,670		44,372
CF Industries Holdings, Inc.		3,200		642,656
Huntsman Corp.		31,600		544,468

				1,231,496
Commercial Banks — 0.6%
CIT Group, Inc. (a)		36,681		1,535,467
Communications Equipment — 0.2%
Loral Space & Communications Ltd.		11,463		667,605
Containers & Packaging — 0.0%
Smurfit Kappa Plc		3,634		56,360
Diversified Financial Services — 0.8%
Bank of America Corp.		22,100		248,183
Kcad Holdings I Ltd.		269,089,036		1,816,351

				2,064,534
Diversified Telecommunication Services — 0.2%
Broadview Networks Holdings, Inc. (a)		32,500		217,425
Level 3 Communications, Inc. (a)		20,920		417,981

				635,406
Electrical Equipment — 0.0%
Medis Technologies Ltd. (a)		67,974		1
Energy Equipment & Services — 0.8%
Laricina Energy Ltd.		35,294		1,197,857
Osum Oil Sands Corp.		74,000		977,697

				2,175,554
Hotels, Restaurants & Leisure — 0.2%
Caesars Entertainment Corp. (a)		39,748		496,850
Travelport LLC		70,685		707

				497,557
Insurance — 1.1%
American International Group, Inc. (a)		76,001		2,888,798
Media — 1.3%
Belo Corp., Class A		20,724		179,055
Charter Communications, Inc., Class A (a)		38,669		3,340,615
Clear Channel Outdoor Holdings, Inc., Class A (a)		8,934		67,899

				3,587,569
Common Stocks	Shares		Value
Metals & Mining — 0.1%
African Minerals Ltd. (a)		40,400	$	172,616
Peninsula Energy Ltd. (a)		6,975,317		233,057

				405,673
Oil, Gas & Consumable Fuels — 0.0%
African Petroleum Corp. Ltd. (a)		180,300		34,992
Paper & Forest Products — 0.6%
Ainsworth Lumber Co. Ltd. (a)		146,558		464,722
Ainsworth Lumber Co. Ltd. (a)(b)		41,686		131,778
NewPage Corp.		7,740		657,900
Western Forest Products, Inc. (a)		147,968		188,659
Western Forest Products, Inc. (a)		41,528		50,337

				1,493,396
Semiconductors & Semiconductor Equipment — 0.3%
Freescale Semiconductor Ltd. (a)		3,716		57,338
NXP Semiconductors NV (a)		8,710		281,507
Spansion, Inc., Class A (a)		37,172		437,143
SunPower Corp. (a)		123		1,444

				777,432
Software — 0.1%
Bankruptcy Management Solutions, Inc. (a)		468		4
HMH Holdings/EduMedia (a)		19,102		350,202

				350,206
Total Common Stocks – 9.3%				25,176,950


Corporate Bonds	Par (000)
Aerospace & Defense — 1.0%
Bombardier, Inc., 4.25%, 1/15/16 (b)		USD 560		581,000
Huntington Ingalls Industries, Inc.:
6.88%, 3/15/18		145		157,959
7.13%, 3/15/21		235		256,150
Kratos Defense & Security Solutions, Inc., 10.00%, 6/01/17		796		878,585
Meccanica Holdings USA, Inc., 6.25%, 7/15/19 (b)		405		416,170
Spirit Aerosystems, Inc., 7.50%, 10/01/17		309		327,540

				2,617,404
Air Freight & Logistics — 0.4%
National Air Cargo Group, Inc.:
Series 1, 12.38%, 9/02/15		510		513,043
Series 2, 12.38%, 8/16/15		517		519,451

				1,032,494
Airlines — 1.7%
American Airlines Pass-Through Trust, Series 2011-2, Class A, 8.63%, 4/15/23		623		648,240
Continental Airlines Pass-Through Trust:
Series 1997-4, Class B, 6.90%, 7/02/18		181		183,540
Series 2010-1, Class B, 6.00%, 7/12/20		326		336,142
Series 2012-3, Class C, 6.13%, 4/29/18		850		847,875

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	GBP	British Pound
	CAD	Canadian Dollar	LIBOR	London Interbank Offered Rate
	DIP	Debtor-In-Possession	PIK	Payment–in-Kind
	EBITDA	Earnings Before Interest, Taxes,	S&P	Standard and Poor’s
		Depreciation and Amortization	TBA	To Be Announced
	EUR	Euro	USD	US Dollar
	FKA	Formerly Known As

See Notes to Consolidated Financial Statements.



ANNUAL REPORT	FEBRUARY 28, 2013	13

Consolidated Schedule of Investments (continued)

BlackRock Corporate High Yield Fund, Inc. (COY)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Airlines (concluded)
Delta Air Lines Pass-Through Trust:
Series 2002-1, Class G-1, 6.72%, 7/02/24		USD 531	$	587,797
Series 2009-1, Class B, 9.75%, 6/17/18		167		185,363
Series 2010-1, Class B, 6.38%, 7/02/17		447		465,997
US Airways Pass-Through Trust:
Series 2011-1, Class C, 10.88%, 10/22/14		517		545,386
Series 2012-1, Class C, 9.13%, 10/01/15		390		417,300
Series 2012-2, Class B, 6.75%, 12/03/22		300		313,500

				4,531,140
Auto Components — 2.0%
Continental Rubber of America Corp., 4.50%, 9/15/19 (b)		150		153,000
Dana Holding Corp., 6.75%, 2/15/21		410		446,388
Delphi Corp.:
6.13%, 5/15/21		65		70,850
5.00%, 2/15/23		140		145,775
Icahn Enterprises LP, 8.00%, 1/15/18		2,775		2,972,719
IDQ Holdings, Inc., 11.50%, 4/01/17 (b)		355		388,725
Jaguar Land Rover Automotive Plc (FKA Jaguar Land Rover Plc), 8.25%, 3/15/20		GBP 439		746,702
Titan International, Inc., 7.88%, 10/01/17		USD 430		461,175

				5,385,334
Beverages — 0.1%
Crown European Holdings SA:
7.13%, 8/15/18		EUR 71		100,341
7.13%, 8/15/18 (b)		174		245,907

				346,248
Building Products — 0.9%
Building Materials Corp. of America (b):
7.00%, 2/15/20		USD 500		541,250
6.75%, 5/01/21		710		762,363
Grohe Holding GmbH, 8.75%, 12/15/17 (c)		EUR 100		136,756
Momentive Performance Materials, Inc., 8.88%, 10/15/20		USD 320		328,400
USG Corp., 9.75%, 1/15/18		645		758,681

				2,527,450
Capital Markets — 0.4%
E*Trade Financial Corp., 0.01%, 8/31/19 (b)(d)(e)		226		236,311
KKR Group Finance Co. LLC, 6.38%, 9/29/20 (b)		400		470,391
Nuveen Investments, Inc., 9.13%, 10/15/17 (b)		435		437,175

				1,143,877
Chemicals — 3.6%
Axiall Corp., 4.88%, 5/15/23 (b)		162		164,430
Basell Finance Co. BV, 8.10%, 3/15/27 (b)		380		501,600
Celanese US Holdings LLC, 5.88%, 6/15/21		1,187		1,296,797
Ciech Group Financing AB, 9.50%, 11/30/19		EUR 140		199,227
Eagle Spinco, Inc., 4.63%, 2/15/21 (b)		USD 343		348,574
Huntsman International LLC, 8.63%, 3/15/21		155		175,150
INEOS Finance Plc, 7.50%, 5/01/20 (b)		405		436,387
Kraton Polymers LLC, 6.75%, 3/01/19		115		119,600
LyondellBasell Industries NV, 5.75%, 4/15/24		2,390		2,778,375
Nexeo Solutions LLC, 8.38%, 3/01/18		85		83,088
Nufarm Australia Ltd., 6.38%, 10/15/19 (b)		205		217,300
Orion Engineered Carbons Bondco GmbH (FKA Kinove German Bondco GmbH), 10.00%, 6/15/18		EUR 315		456,485
OXEA Finance/Cy SCA, 9.63%, 7/15/17 (b)		330		471,888
PolyOne Corp., 7.38%, 9/15/20		USD 200		221,500
Corporate Bonds	Par (000)		Value
Chemicals (concluded)
Rockwood Specialties Group, Inc., 4.63%, 10/15/20		USD 685	$	708,975
Tronox Finance LLC, 6.38%, 8/15/20 (b)		1,241		1,233,244
US Coatings Acquisition, Inc./Flash Dutch 2 BV:
5.75%, 2/01/21		EUR 100		133,166
7.38%, 5/01/21 (b)		USD 328		339,480

				9,885,266
Commercial Banks — 0.9%
CIT Group, Inc.:
5.25%, 3/15/18		510		548,250
6.63%, 4/01/18 (b)		285		323,475
5.50%, 2/15/19 (b)		490		532,875
5.00%, 8/15/22		430		460,100
6.00%, 4/01/36		500		489,815

				2,354,515
Commercial Services & Supplies — 2.2%
ADS Waste Holdings, Inc., 8.25%, 10/01/20 (b)		256		275,200
ARAMARK Holdings Corp. (b):
8.63%, 5/01/16 (f)		405		413,104
5.75%, 3/15/20 (g)		596		607,920
Aviation Capital Group Corp., 6.75%, 4/06/21 (b)		500		541,171
Brickman Group Holdings, Inc., 9.13%, 11/01/18 (b)		24		25,800
Casella Waste Systems, Inc., 7.75%, 2/15/19		49		46,918
Catalent Pharma Solutions, Inc., 7.88%, 10/15/18 (b)		571		578,137
Clean Harbors, Inc., 5.25%, 8/01/20		484		498,520
Covanta Holding Corp., 6.38%, 10/01/22		585		634,336
EC Finance Plc, 9.75%, 8/01/17		EUR 451		640,323
HDTFS, Inc. (b):
5.88%, 10/15/20		USD 60		62,400
6.25%, 10/15/22		245		263,375
Mead Products LLC/ACCO Brands Corp., 6.75%, 4/30/20 (b)		71		75,171
Mobile Mini, Inc., 7.88%, 12/01/20		335		372,688
RSC Equipment Rental, Inc., 8.25%, 2/01/21		429		486,379
Verisure Holding AB:
8.75%, 9/01/18		EUR 169		238,289
8.75%, 12/01/18		100		133,166
West Corp., 8.63%, 10/01/18		USD 125		133,125

				6,026,022
Communications Equipment — 1.1%
Alcatel-Lucent USA, Inc.:
6.50%, 1/15/28		55		42,350
6.45%, 3/15/29		169		131,398
Avaya, Inc., 9.75%, 11/01/15		523		514,501
Zayo Group LLC/Zayo Capital, Inc.:
8.13%, 1/01/20		870		972,225
10.13%, 7/01/20		1,160		1,360,100

				3,020,574
Computers & Peripherals — 0.2%
EMC Corp., Series B, 1.75%, 12/01/13 (e)		186		269,002
SanDisk Corp., 1.50%, 8/15/17 (e)		255		313,969

				582,971
Construction & Engineering — 0.3%
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)		408		446,760
Weekley Homes LLC, 6.00%, 2/01/23 (b)		143		145,860

				774,183

See Notes to Consolidated Financial Statements.



14	ANNUAL REPORT	FEBRUARY 28, 2013

Consolidated Schedule of Investments (continued)

BlackRock Corporate High Yield Fund, Inc. (COY)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Construction Materials — 2.1%
Buzzi Unicem SpA, 6.25%, 9/28/18		EUR 126	$	176,952
HD Supply, Inc. (b):
8.13%, 4/15/19		USD 1,170		1,317,712
11.00%, 4/15/20		1,215		1,464,075
7.50%, 7/15/20		1,783		1,785,229
11.50%, 7/15/20		480		553,200
HeidelbergCement AG, 7.50%, 4/03/20		EUR 51		80,233
Xefin Lux SCA, 8.00%, 6/01/18 (b)		233		326,627

				5,704,028
Consumer Finance — 0.5%
Credit Acceptance Corp., 9.13%, 2/01/17		USD 435		474,150
Ford Motor Credit Co. LLC:
12.00%, 5/15/15		670		813,212
6.63%, 8/15/17		131		152,982

				1,440,344
Containers & Packaging — 2.2%
Ardagh Packaging Finance Plc:
7.38%, 10/15/17 (b)		200		217,750
7.38%, 10/15/17		EUR 200		283,304
7.38%, 10/15/17 (b)		335		474,535
9.13%, 10/15/20 (b)		USD 409		447,855
9.13%, 10/15/20 (b)		365		397,850
7.00%, 11/15/20 (b)		441		442,102
4.88%, 11/15/22 (b)		200		197,000
5.00%, 11/15/22		EUR 200		259,152
Berry Plastics Corp.:
4.18%, 9/15/14 (c)		USD 275		275,000
8.25%, 11/15/15		110		114,642
9.75%, 1/15/21		170		196,350
Beverage Packaging Holdings Luxembourg II SA, 8.00%, 12/15/16		EUR 617		807,699
Crown Americas LLC/Crown Americas Capital Corp. III, 6.25%, 2/01/21		USD 10		10,900
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 1/15/23 (b)		112		109,480
GCL Holdings SCA, 9.38%, 4/15/18 (b)		EUR 244		345,695
Graphic Packaging International, Inc., 7.88%, 10/01/18		USD 340		374,000
Pactiv LLC, 7.95%, 12/15/25		377		353,437
Tekni-Plex, Inc., 9.75%, 6/01/19 (b)		509		562,445

				5,869,196
Distributors — 0.5%
VWR Funding, Inc., 7.25%, 9/15/17 (b)		1,260		1,326,150
Diversified Consumer Services — 2.1%
313 Group, Inc. (b):
6.38%, 12/01/19		903		880,425
8.75%, 12/01/20		547		540,163
Laureate Education, Inc., 9.25%, 9/01/19 (b)		1,145		1,245,187
Service Corp. International, 7.00%, 6/15/17		2,590		2,929,937
ServiceMaster Co., 8.00%, 2/15/20		175		185,500

				5,781,212
Diversified Financial Services — 5.0%
Air Lease Corp., 4.50%, 1/15/16		540		552,150
Aircastle Ltd.:
6.75%, 4/15/17		295		317,863
6.25%, 12/01/19		345		380,363
Ally Financial, Inc.:
7.50%, 12/31/13		350		367,500
8.00%, 11/01/31		2,784		3,497,400
CNG Holdings, Inc., 9.38%, 5/15/20 (b)		439		432,964
Co-Operative Group Ltd. (h):
5.63%, 7/08/20		GBP 160		254,379
6.25%, 7/08/26		100		159,745
Corporate Bonds	Par (000)		Value
Diversified Financial Services (concluded)
DPL, Inc.:
6.50%, 10/15/16		USD 298	$	312,900
7.25%, 10/15/21		777		833,332
Gala Group Finance Plc, 8.88%, 9/01/18		GBP 600		983,048
General Motors Financial Co., Inc., 6.75%, 6/01/18		USD 270		310,500
Leucadia National Corp., 8.13%, 9/15/15		790		892,700
Reynolds Group Issuer, Inc.:
7.13%, 4/15/19		230		246,963
9.00%, 4/15/19		435		461,100
7.88%, 8/15/19		215		237,575
9.88%, 8/15/19		515		563,925
5.75%, 10/15/20		1,915		1,977,237
WMG Acquisition Corp.:
11.50%, 10/01/18		382		443,598
6.00%, 1/15/21 (b)		290		300,150

				13,525,392
Diversified Telecommunication Services — 2.4%
Broadview Networks Holdings, Inc., 10.50%, 11/15/17		500		488,750
Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp., 6.38%, 9/15/20 (b)		435		449,681
Consolidated Communications Finance Co., 10.88%, 6/01/20 (b)		320		362,400
Level 3 Communications, Inc., 8.88%, 6/01/19 (b)		295		318,600
Level 3 Financing, Inc.:
8.13%, 7/01/19		1,084		1,181,560
7.00%, 6/01/20 (b)		395		414,750
8.63%, 7/15/20		785		871,350
Lynx I Corp., 5.38%, 4/15/21 (b)		265		271,625
OTE Plc, 7.25%, 2/12/15 (h)		EUR 101		132,520
Telenet Finance V Luxembourg SCA:
6.25%, 8/15/22		237		317,151
6.75%, 8/15/24		350		477,505
tw telecom Holdings, Inc., 5.38%, 10/01/22		USD 275		286,687
Windstream Corp.:
8.13%, 8/01/13		400		410,480
7.88%, 11/01/17		360		407,700
7.50%, 4/01/23		75		78,375
6.38%, 8/01/23 (b)		75		73,500

				6,542,634
Electric Utilities — 0.7%
Mirant Mid Atlantic Pass-Through Trust, Series B, 9.13%, 6/30/17		269		298,531
The Tokyo Electric Power Co., Inc., 4.50%, 3/24/14		EUR 1,150		1,533,362

				1,831,893
Electrical Equipment — 0.5%
Belden, Inc., 5.50%, 9/01/22 (b)		USD 340		348,500
General Cable Corp., 5.75%, 10/01/22 (b)		560		574,000
Techem GmbH, 6.13%, 10/01/19		EUR 300		416,144

				1,338,644
Electronic Equipment, Instruments & Components — 0.1%
Jabil Circuit, Inc., 8.25%, 3/15/18		USD 215		258,538
NXP BV/NXP Funding LLC, 9.75%, 8/01/18 (b)		100		114,250

				372,788
Energy Equipment & Services — 3.7%
Atwood Oceanics, Inc., 6.50%, 2/01/20		130		141,375
Calfrac Holdings LP, 7.50%, 12/01/20 (b)		306		307,530

See Notes to Consolidated Financial Statements.



ANNUAL REPORT	FEBRUARY 28, 2013	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
Energy Equipment & Services (concluded)
Compagnie Générale de Géophysique, Veritas:
7.75%, 5/15/17		USD 235	$	242,344
6.50%, 6/01/21		1,150		1,196,000
FTS International Services LLC/FTS International Bonds, Inc., 8.13%, 11/15/18 (b)		995		1,029,825
Genesis Energy LP/Genesi Energy Finance Corp., 5.75%, 2/15/21 (b)		156		161,460
Gulfmark Offshore, Inc., 6.38%, 3/15/22		145		149,712
Hornbeck Offshore Services, Inc., 5.88%, 4/01/20		290		304,500
MEG Energy Corp. (b):
6.50%, 3/15/21		1,250		1,318,750
6.38%, 1/30/23		330		341,550
Oil States International, Inc.:
6.50%, 6/01/19		290		310,300
5.13%, 1/15/23 (b)		125		125,000
Peabody Energy Corp.:
6.00%, 11/15/18		211		224,187
6.25%, 11/15/21		1,074		1,116,960
7.88%, 11/01/26		345		369,150
4.75%, 12/15/66 (e)		655		556,341
Precision Drilling Corp.:
6.63%, 11/15/20		70		74,375
6.50%, 12/15/21		275		291,500
Rain CII Carbon LLC/CII Carbon Corp., 8.25%, 1/15/21 (b)		214		224,700
Seadrill Ltd., 5.63%, 9/15/17 (b)		1,254		1,269,675
Tervita Corp., 8.00%, 11/15/18 (b)		342		352,260

				10,107,494
Food & Staples Retailing — 0.3%
Bakkavor Finance 2 Plc, 8.25%, 2/15/18		GBP 213		327,979
Rite Aid Corp., 9.25%, 3/15/20		USD 345		386,400
Zobele Holding SpA, 7.88%, 2/01/18		EUR 100		132,513

				846,892
Food Products — 0.5%
Darling International, Inc., 8.50%, 12/15/18		USD 105		119,438
Del Monte Corp., 7.63%, 2/15/19		56		58,100
Post Holdings, Inc., 7.38%, 2/15/22		530		572,400
Smithfield Foods, Inc., 6.63%, 8/15/22		431		468,712

				1,218,650
Health Care Equipment & Supplies — 2.3%
Biomet, Inc. (b):
6.50%, 8/01/20		1,625		1,718,437
6.50%, 10/01/20		1,975		2,034,250
DJO Finance LLC:
8.75%, 3/15/18		350		386,313
7.75%, 4/15/18		95		94,525
9.88%, 4/15/18		400		427,000
Fresenius Medical Care US Finance II, Inc., 5.63%, 7/31/19 (b)		192		207,840
Fresenius Medical Care US Finance, Inc., 5.75%, 2/15/21 (b)		260		283,400
Fresenius US Finance II, Inc., 9.00%, 7/15/15 (b)		500		573,750
Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/01/19 (b)		295		289,100
Teleflex, Inc., 6.88%, 6/01/19		270		293,625

				6,308,240
Health Care Providers & Services — 8.0%
Aviv Healthcare Properties LP, 7.75%, 2/15/19		520		557,700
Care UK Health & Social Care Plc, 9.75%, 8/01/17		GBP 65		99,348
Corporate Bonds	Par (000)		Value
Health Care Providers & Services (concluded)
CHS/Community Health Systems, Inc.:
5.13%, 8/15/18		USD 785	$	825,231
7.13%, 7/15/20		415		447,163
ConvaTec Healthcare E SA, 7.38%, 12/15/17 (b)		EUR 400		553,553
Crown Newco 3 Plc:
7.00%, 2/15/18 (b)		GBP 331		518,463
7.00%, 2/15/18		100		156,635
DaVita HealthCare Partners, Inc., 5.75%, 8/15/22		USD 819		853,808
HCA Holdings, Inc., 6.25%, 2/15/21		1,010		1,065,550
HCA, Inc.:
8.50%, 4/15/19		120		132,900
6.50%, 2/15/20		1,880		2,105,600
7.88%, 2/15/20		255		282,731
7.25%, 9/15/20		2,225		2,469,750
5.88%, 3/15/22		200		215,500
4.75%, 5/01/23		985		982,538
Hologic, Inc., 6.25%, 8/01/20 (b)		1,464		1,544,520
IASIS Healthcare LLC, 8.38%, 5/15/19		596		613,880
INC Research LLC, 11.50%, 7/15/19 (b)		320		341,600
inVentiv Health, Inc., 9.00%, 1/15/18 (b)		580		604,650
Omnicare, Inc.:
7.75%, 6/01/20		905		1,004,550
3.75%, 4/01/42 (e)		148		154,290
Symbion, Inc., 8.00%, 6/15/16		315		329,175
Tenet Healthcare Corp.:
6.25%, 11/01/18		979		1,084,242
8.88%, 7/01/19		2,355		2,661,150
6.75%, 2/01/20		480		513,600
4.50%, 4/01/21 (b)		661		651,911
Vanguard Health Holding Co. II LLC:
8.00%, 2/01/18		223		237,495
7.75%, 2/01/19 (b)		425		455,281
Voyage Care Bondco Plc, 6.50%, 8/01/18		GBP 110		169,796

				21,632,610
Health Care Technology — 1.0%
IMS Health, Inc. (b):
12.50%, 3/01/18		USD 2,065		2,488,325
6.00%, 11/01/20		132		137,280

				2,625,605
Hotels, Restaurants & Leisure — 3.3%
Caesars Entertainment Operating Co., Inc.:
10.00%, 12/15/18		541		357,060
8.50%, 2/15/20		183		178,425
Caesars Operating Escrow LLC, 9.00%, 2/15/20 (b)		931		919,362
Carlson Wagonlit BV, 6.88%, 6/15/19 (b)		295		308,275
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18		EUR 453		579,586
Diamond Resorts Corp., 12.00%, 8/15/18		USD 1,100		1,210,000
El Dorado Resorts LLC, 8.63%, 6/15/19 (b)		125		124,219
Enterprise Inns Plc, 6.50%, 12/06/18		GBP 296		441,188
Gategroup Finance Luxembourg SA, 6.75%, 3/01/19		EUR 250		336,179
Little Traverse Bay Bands of Odawa Indians, 9.00%, 8/31/20 (b)		USD 270		259,200
MCE Finance Ltd., 5.00%, 2/15/21 (b)		620		620,000
MTR Gaming Group, Inc., 11.50%, 8/01/19 (f)		136		141,102
Regal Entertainment Group, 5.75%, 2/01/25		241		236,180
Six Flags Entertainment Corp., 5.25%, 1/15/21 (b)		547		536,060
Station Casinos LLC:
3.66%, 6/18/18		615		615,000
7.50%, 3/01/21 (b)		1,080		1,086,750

See Notes to Consolidated Financial Statements.



16	ANNUAL REPORT	FEBRUARY 28, 2013

Consolidated Schedule of Investments (continued)

BlackRock Corporate High Yield Fund, Inc. (COY)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Hotels, Restaurants & Leisure (concluded)
Travelport LLC:
4.94%, 9/01/14 (c)		USD 165	$	150,150
6.31%, 12/01/16 (b)(f)		398		361,041
Tropicana Entertainment LLC, 9.63%, 12/15/14 (a)(i)		315		—
The Unique Pub Finance Co. Plc, Series A3, 6.54%, 3/30/21		GBP 100		151,326
Wynn Las Vegas LLC, 5.38%, 3/15/22		USD 360		378,450

				8,989,553
Household Durables — 2.6%
Algeco Scotsman Global Finance Plc, 9.00%, 10/15/18		EUR 100		135,777
Ashton Woods USA LLC, 6.88%, 2/15/21 (b)		USD 210		211,050
Beazer Homes USA, Inc., 6.63%, 4/15/18		30		32,062
Brookfield Residential Properties, Inc., 6.50%, 12/15/20 (b)		375		397,500
Jarden Corp., 7.50%, 1/15/20		EUR 285		400,918
K. Hovnanian Enterprises, Inc., 7.25%, 10/15/20 (b)		USD 870		957,000
Libbey Glass, Inc., 6.88%, 5/15/20		560		600,600
PH Holding LLC, 9.75%, 12/31/17		315		308,700
Pulte Group, Inc., 6.38%, 5/15/33		175		177,625
The Ryland Group, Inc., 6.63%, 5/01/20		315		346,500
Spie BondCo 3 SCA, 11.00%, 8/15/19		EUR 276		401,770
Standard Pacific Corp.:
10.75%, 9/15/16		USD 1,185		1,475,325
8.38%, 1/15/21		880		1,045,000
United Rentals North America, Inc., 5.75%, 7/15/18		236		253,995
William Lyon Homes, Inc., 8.50%, 11/15/20 (b)		275		295,625

				7,039,447
Household Products — 0.6%
Ontex IV SA:
7.50%, 4/15/18		EUR 100		135,777
7.50%, 4/15/18 (b)		130		176,510
9.00%, 4/15/19		213		285,034
Spectrum Brands Escrow Corp. (b):
6.38%, 11/15/20		USD 351		373,376
6.63%, 11/15/22		230		247,825
Spectrum Brands, Inc.:
9.50%, 6/15/18		330		374,138
6.75%, 3/15/20 (b)		89		95,898

				1,688,558
Independent Power Producers & Energy Traders — 3.8%
The AES Corp., 7.38%, 7/01/21		250		282,500
Calpine Corp. (b):
7.25%, 10/15/17		149		158,499
7.50%, 2/15/21		85		92,438
7.88%, 1/15/23		364		403,130
Energy Future Intermediate Holding Co. LLC:
6.88%, 8/15/17 (b)		690		727,950
10.00%, 12/01/20 (b)		1,325		1,493,937
10.00%, 12/01/20		2,476		2,810,260
GenOn REMA LLC:
Series B 9.24%, 7/02/17		222		245,081
Series C 9.68%, 7/02/26		280		305,200
Laredo Petroleum, Inc.:
9.50%, 2/15/19		445		502,850
7.38%, 5/01/22		345		374,325
NRG Energy, Inc.:
7.63%, 1/15/18		1,394		1,597,872
6.63%, 3/15/23 (b)		595		633,675
QEP Resources, Inc.:
5.38%, 10/01/22		305		319,487
5.25%, 5/01/23		235		243,225

				10,190,429
Corporate Bonds	Par (000)		Value
Industrial Conglomerates — 0.2%
Sequa Corp., 7.00%, 12/15/17 (b)		USD 525	$	528,938
Insurance — 0.6%
Alliant Holdings I, Inc., 7.88%, 12/15/20 (b)		1,035		1,040,175
CNO Financial Group, Inc., 6.38%, 10/01/20 (b)		206		218,360
MPL 2 Acquisition Canco, Inc., 9.88%, 8/15/18 (b)		235		232,650
TMF Group Holding BV, 9.88%, 12/01/19		EUR 100		131,860

				1,623,045
Internet Software & Services — 0.1%
Cerved Technologies SpA:
6.38%, 1/15/20		100		129,902
8.00%, 1/15/21		100		126,965
Equinix, Inc., 4.88%, 4/01/20		USD 137		137,000

				393,867
IT Services — 3.3%
Ceridian Corp., 8.88%, 7/15/19 (b)		1,150		1,296,625
Epicor Software Corp., 8.63%, 5/01/19		510		549,525
First Data Corp.:
7.38%, 6/15/19 (b)		1,445		1,519,056
8.88%, 8/15/20 (b)		495		546,975
6.75%, 11/01/20 (b)		1,750		1,795,937
8.25%, 1/15/21 (b)		117		119,633
11.25%, 1/15/21 (b)		457		466,140
12.63%, 1/15/21		750		799,687
SunGard Data Systems, Inc.:
7.38%, 11/15/18		500		536,875
6.63%, 11/01/19 (b)		735		755,213
WEX, Inc., 4.75%, 2/01/23 (b)		453		438,278

				8,823,944
Machinery — 1.6%
Dematic SA, 7.75%, 12/15/20 (b)		85		86,913
The Manitowoc Co., Inc., 5.88%, 10/15/22		435		445,875
Silver II Borrower/Silver II US Holdings LLC, 7.75%, 12/15/20 (b)		258		268,320
SPX Corp., 6.88%, 9/01/17		160		178,800
Terex Corp., 6.00%, 5/15/21		430		446,125
Trinseo Materials Operating SCA, 8.75%, 2/01/19 (b)		378		376,582
UR Merger Sub Corp.:
7.38%, 5/15/20		405		443,475
7.63%, 4/15/22		1,795		1,987,962
6.13%, 6/15/23		175		183,750

				4,417,802
Media — 9.8%
Affinion Group, Inc., 7.88%, 12/15/18		362		275,120
AMC Networks, Inc.:
7.75%, 7/15/21		205		232,675
4.75%, 12/15/22		328		326,770
Cablevision Systems Corp., 5.88%, 9/15/22		490		475,300
CCO Holdings LLC:
5.25%, 9/30/22		715		703,381
5.13%, 2/15/23		570		555,750
Cengage Learning Acquisitions, Inc., 11.50%, 4/15/20 (b)		537		424,230
Checkout Holding Corp., 11.49%, 11/15/15 (b)(d)		395		291,806
Cinemark USA, Inc.:
8.63%, 6/15/19		200		221,750
5.13%, 12/15/22 (b)		194		194,970
Clear Channel Communications, Inc., 9.00%, 12/15/19 (b)(g)		684		636,120

See Notes to Consolidated Financial Statements.



ANNUAL REPORT	FEBRUARY 28, 2013	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
Media (concluded)
Clear Channel Worldwide Holdings, Inc.:
6.50%, 11/15/22 (b)		USD 568	$	593,560
6.50%, 11/15/22 (b)		1,533		1,613,483
Series B, 7.63%, 3/15/20		1,039		1,075,365
DISH DBS Corp.:
5.88%, 7/15/22		600		633,000
5.00%, 3/15/23 (b)		620		615,350
Harron Communications LP, 9.13%, 4/01/20 (b)		300		330,000
Intelsat Jackson Holdings SA:
7.25%, 10/15/20		640		686,400
6.63%, 12/15/22 (b)		177		178,328
Intelsat Luxembourg SA:
11.25%, 2/04/17		560		595,000
11.50%, 2/04/17		2,056		2,186,559
Interactive Data Corp., 10.25%, 8/01/18		1,235		1,400,181
The Interpublic Group of Cos., Inc., 10.00%, 7/15/17		315		339,806
Kabel Deutschland Vertrieb und Service GmbH & Co. KG, 6.50%, 6/29/18 (b)		EUR 315		440,364
Live Nation Entertainment, Inc., 8.13%, 5/15/18 (b)		USD 675		732,375
Lynx I Corp., 6.00%, 4/15/21		GBP 930		1,449,655
Lynx II Corp., 6.38%, 4/15/23 (b)		USD 200		207,250
The McClatchy Co., 9.00%, 12/15/22 (b)		390		412,425
NAI Entertainment Holdings LLC, 8.25%, 12/15/17 (b)		513		559,170
Nara Cable Funding Ltd., 8.88%, 12/01/18		EUR 200		274,165
Nielsen Finance LLC:
11.63%, 2/01/14		USD 45		49,163
7.75%, 10/15/18		1,111		1,230,433
Odeon & UCI Finco Plc, 9.00%, 8/01/18 (b)		GBP 189		298,191
ProQuest LLC, 9.00%, 10/15/18 (b)		USD 166		164,755
ProtoStar I Ltd., 18.00%, 10/15/13		812		406
Sterling Entertainment Corp., 10.00%, 12/15/19		800		800,000
Unitymedia GmbH:
9.63%, 12/01/19 (b)		EUR 530		765,633
9.50%, 3/15/21		385		572,302
Unitymedia Hessen GmbH & Co. KG:
7.50%, 3/15/19		722		1,025,085
5.50%, 1/15/23 (b)		USD 475		479,750
Univision Communications, Inc., 6.75%, 9/15/22 (b)		412		444,960
UPCB Finance II Ltd.:
6.38%, 7/01/20		EUR 300		415,165
6.38%, 7/01/20 (b)		753		1,042,064
WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 9/01/20 (b)		USD 329		345,450
Ziggo Bond Co. BV, 8.00%, 5/15/18 (b)		EUR 163		229,829

				26,523,494
Metals & Mining — 4.9%
ArcelorMittal:
9.50%, 2/15/15		USD 300		338,625
4.25%, 8/05/15		360		372,723
4.25%, 3/01/16		125		128,750
5.00%, 2/25/17		385		400,593
6.13%, 6/01/18		385		415,145
6.00%, 3/01/21		55		58,370
6.75%, 2/25/22		454		499,903
7.50%, 10/15/39		56		58,053
7.25%, 3/01/41		213		212,468
Eco-Bat Finance Plc, 7.75%, 2/15/17		EUR 435		586,371
FMG Resources August 2006 Property Ltd. (b):
6.38%, 2/01/16		USD 405		421,795
6.00%, 4/01/17		443		461,827
Corporate Bonds	Par (000)		Value
Metals & Mining (concluded)
Global Brass and Copper, Inc., 9.50%, 6/01/19 (b)		USD 275	$	299,063
GoldCorp, Inc., 2.00%, 8/01/14 (e)		970		1,016,075
Kaiser Aluminum Corp., 8.25%, 6/01/20		205		229,088
New Gold, Inc. (b):
7.00%, 4/15/20		140		151,200
6.25%, 11/15/22		275		289,438
New World Resources NV:
7.88%, 5/01/18		EUR 230		307,927
7.88%, 1/15/21		310		374,366
Newmont Mining Corp., Series A, 1.25%, 7/15/14 (e)		USD 1,345		1,485,384
Novelis, Inc., 8.75%, 12/15/20		2,815		3,152,800
Peninsula Energy Ltd., 11.00%, 12/14/14		500		500,000
Perstorp Holding AB, 8.75%, 5/15/17 (b)		205		215,250
Schmolz + Bickenbach Luxembourg SA, 9.88%, 5/15/19		EUR 295		344,813
Steel Dynamics, Inc., 6.38%, 8/15/22 (b)		USD 225		240,750
Taseko Mines Ltd., 7.75%, 4/15/19		385		383,075
Vedanta Resources Plc, 8.25%, 6/07/21 (b)		245		278,688
Walter Energy, Inc., 9.88%, 12/15/20 (b)		122		132,675

				13,355,215
Multiline Retail — 0.4%
Dollar General Corp., 4.13%, 7/15/17		727		768,802
Dufry Finance SCA, 5.50%, 10/15/20 (b)		403		420,128

				1,188,930
Oil, Gas & Consumable Fuels — 9.1%
Access Midstream Partners LP:
6.13%, 7/15/22		250		268,125
4.88%, 5/15/23		345		341,550
Alpha Appalachia Holdings, Inc., 3.25%, 8/01/15 (e)		817		779,724
Aurora USA Oil & Gas, Inc., 9.88%, 2/15/17 (b)		610		655,750
BreitBurn Energy Partners LP, 7.88%, 4/15/22		235		249,688
Carrizo Oil & Gas, Inc., 7.50%, 9/15/20		215		225,750
Chaparral Energy, Inc., 7.63%, 11/15/22		205		222,425
Chesapeake Energy Corp.:
7.25%, 12/15/18		110		124,300
6.63%, 8/15/20		165		180,675
6.88%, 11/15/20		160		176,000
6.13%, 2/15/21		69		73,140
Concho Resources, Inc.:
7.00%, 1/15/21		150		165,750
6.50%, 1/15/22		270		294,300
5.50%, 10/01/22		204		212,415
CONSOL Energy, Inc., 8.25%, 4/01/20		285		314,212
Continental Resources, Inc., 7.13%, 4/01/21		340		385,900
Crosstex Energy LP, 8.88%, 2/15/18		140		150,850
Crown Oil Partners IV LP, 15.00%, 3/07/15		556		585,003
CVR Refining LLC/Coffeyville Finance, Inc., 6.50%, 11/01/22 (b)		350		352,625
Denbury Resources, Inc., 4.63%, 7/15/23		708		694,725
Energy XXI Gulf Coast, Inc.:
9.25%, 12/15/17		430		485,900
7.75%, 6/15/19		490		525,525
EP Energy LLC/Everest Acquisition Finance, Inc.:
6.88%, 5/01/19		315		343,350
7.75%, 9/01/22		195		211,088
EV Energy Partners LP, 8.00%, 4/15/19		140		146,650
Halcon Resources Corp., 8.88%, 5/15/21 (b)		384		412,800
Hilcorp Energy I LP, 7.63%, 4/15/21 (b)		243		267,908
Holly Energy Partners LP, 6.50%, 3/01/20 (b)		145		155,150
Kodiak Oil & Gas Corp., 8.13%, 12/01/19		320		360,000

See Notes to Consolidated Financial Statements.



18	ANNUAL REPORT	FEBRUARY 28, 2013

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)
Linn Energy LLC:
6.50%, 5/15/19		USD 41	$	42,435
6.25%, 11/01/19 (b)		1,084		1,105,680
8.63%, 4/15/20		100		110,625
7.75%, 2/01/21		140		151,200
MarkWest Energy Partners LP:
5.50%, 2/15/23		200		210,000
4.50%, 7/15/23		140		136,850
Newfield Exploration Co., 6.88%, 2/01/20		715		766,837
Northern Oil and Gas, Inc., 8.00%, 6/01/20		285		297,825
Oasis Petroleum, Inc.:
7.25%, 2/01/19		185		199,800
6.50%, 11/01/21		270		291,600
Offshore Group Investments Ltd., 11.50%, 8/01/15		633		689,970
PBF Holding Co. LLC, 8.25%, 2/15/20 (b)		205		222,938
PDC Energy, Inc., 7.75%, 10/15/22 (b)		190		200,925
PetroBakken Energy Ltd., 8.63%, 2/01/20 (b)		564		575,280
Petroleum Geo-Services ASA, 7.38%, 12/15/18 (b)		730		803,000
Plains Exploration & Production Co., 6.88%, 2/15/23		965		1,112,162
Range Resources Corp.:
8.00%, 5/15/19		345		379,500
5.75%, 6/01/21		932		992,580
5.00%, 8/15/22		371		379,347
Regency Energy Partners LP:
6.88%, 12/01/18		372		401,760
5.50%, 4/15/23		618		651,990
Sabine Pass Liquefaction LLC, 5.63%, 2/01/21 (b)		1,490		1,538,425
Sabine Pass Liquified Natural Gas LP:
7.50%, 11/30/16		1,395		1,541,475
6.50%, 11/01/20 (b)		300		316,500
SandRidge Energy, Inc., 7.50%, 2/15/23		484		506,990
SESI LLC:
6.38%, 5/01/19		300		321,750
7.13%, 12/15/21		215		238,113
SM Energy Co.:
6.63%, 2/15/19		120		128,700
6.50%, 11/15/21		240		261,000
6.50%, 1/01/23		355		384,287
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.88%, 10/01/20 (b)		142		148,035
Vanguard Natural Resources, 7.88%, 4/01/20		250		262,500

				24,731,357
Paper & Forest Products — 0.8%
Ainsworth Lumber Co. Ltd., 7.50%, 12/15/17 (b)		325		350,187
Boise Paper Holdings LLC:
9.00%, 11/01/17		55		59,469
8.00%, 4/01/20		105		115,763
Clearwater Paper Corp., 7.13%, 11/01/18		535		579,137
Longview Fibre Paper & Packaging, Inc., 8.00%, 6/01/16 (b)		315		330,750
NewPage Corp., 11.38%, 12/31/14 (a)(i)		1,788		—
Sappi Papier Holding GmbH (b):
8.38%, 6/15/19		200		224,000
6.63%, 4/15/21		120		124,200
Unifrax I LLC, 7.50%, 2/15/19 (b)		240		243,600

				2,027,106
Pharmaceuticals — 1.5%
Capsugel Finance Co. SCA:
9.88%, 8/01/19		EUR 100		146,874
9.88%, 8/01/19 (b)		200		293,749
Corporate Bonds	Par (000)		Value
Pharmaceuticals (concluded)
Elan Corp. Plc, 6.25%, 10/15/19 (b)		USD 424	$	486,010
Jaguar Holding Co. II/Jaguar Merger Sub, Inc., 9.50%, 12/01/19 (b)		370		424,575
Mylan, Inc., 6.00%, 11/15/18 (b)		100		110,137
Valeant Pharmaceuticals International (b):
6.50%, 7/15/16		399		419,199
6.88%, 12/01/18		708		769,065
6.38%, 10/15/20		370		398,213
6.75%, 8/15/21		445		481,156
Warner Chilcott Co. LLC, 7.75%, 9/15/18		565		610,200

				4,139,178
Professional Services — 0.3%
La Financiere Atalian SA, 7.25%, 1/15/20		EUR 120		156,901
Truven Health Analytics, Inc., 10.63%, 6/01/20 (b)		USD 470		526,400

				683,301
Real Estate Investment Trusts (REITs) — 0.7%
Cantor Commercial Real Estate Co. LP, 7.75%, 2/15/18 (b)		261		262,305
Felcor Lodging LP:
6.75%, 6/01/19		934		1,003,466
5.63%, 3/01/23 (b)		235		236,469
The Rouse Co. LP, 6.75%, 11/09/15		480		499,200

				2,001,440
Real Estate Management & Development — 2.6%
CBRE Services, Inc., 6.63%, 10/15/20		310		334,800
Country Garden Holdings Co. Ltd., 7.50%, 1/10/23 (b)		200		207,500
Crescent Resources LLC/Crescent Ventures, Inc., 10.25%, 8/15/17 (b)		785		845,837
Forest City Enterprises, Inc., 7.63%, 6/01/15		392		391,020
Mattamy Group Corp., 6.50%, 11/15/20 (b)		345		343,706
Realogy Corp.:
11.50%, 4/15/17		360		383,850
12.00%, 4/15/17		90		96,075
7.88%, 2/15/19 (b)		1,895		2,060,812
7.63%, 1/15/20 (b)		465		524,288
9.00%, 1/15/20 (b)		305		349,988
Shea Homes LP, 8.63%, 5/15/19		1,290		1,431,900

				6,969,776
Road & Rail — 0.5%
The Hertz Corp.:
7.50%, 10/15/18		505		551,712
6.75%, 4/15/19 (b)		265		285,538
7.38%, 1/15/21		400		441,000
Hertz Holdings Netherlands BV, 8.50%, 7/31/15		EUR 72		99,945

				1,378,195
Semiconductors & Semiconductor Equipment — 0.4%
Micron Technology, Inc., Series C, 2.38%, 5/01/32 (b)(e)		USD 247		274,942
NXP BV/NXP Funding LLC, 5.75%, 2/15/21 (b)		305		311,862
Spansion LLC, 7.88%, 11/15/17		540		569,700

				1,156,504
Software — 1.2%
IAC/InterActiveCorp, 4.75%, 12/15/22 (b)		386		377,315
Igloo Holdings Corp., 8.25%, 12/15/17 (b)(f)		274		280,850
Infor US, Inc., 9.38%, 4/01/19		1,410		1,582,725
Interface Security Systems Holdings, Inc., 9.25%, 1/15/18 (b)		139		141,433
Nuance Communications, Inc., 5.38%, 8/15/20 (b)		465		470,812
Sophia LP, 9.75%, 1/15/19 (b)		408		451,350

				3,304,485

See Notes to Consolidated Financial Statements.



ANNUAL REPORT	FEBRUARY 28, 2013	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
Specialty Retail — 3.0%
Asbury Automotive Group, Inc., 8.38%, 11/15/20		USD 335	$	373,525
Claire’s Stores, Inc., 9.00%, 3/15/19 (b)		797		884,670
House of Fraser Funding Plc:
8.88%, 8/15/18 (b)		GBP 259		416,491
8.88%, 8/15/18		221		355,384
Limited Brands, Inc.:
8.50%, 6/15/19		USD 745		912,625
5.63%, 2/15/22		150		158,625
Michaels Stores, Inc., 7.75%, 11/01/18		215		234,619
New Academy Finance Co. LLC, 8.00%, 6/15/18 (b)(f)		197		203,402
Party City Holdings, Inc., 8.88%, 8/01/20 (b)		929		1,010,287
Penske Automotive Group, Inc., 5.75%, 10/01/22 (b)		1,015		1,061,944
QVC, Inc.:
7.13%, 4/15/17 (b)		210		218,728
7.50%, 10/01/19 (b)		565		623,586
7.38%, 10/15/20 (b)		270		299,279
5.13%, 7/02/22		12		12,689
Sally Holdings LLC:
6.88%, 11/15/19		500		557,500
5.75%, 6/01/22		470		496,437
Sonic Automotive, Inc., 9.00%, 3/15/18		345		379,500

				8,199,291
Textiles, Apparel & Luxury Goods — 0.2%
Levi Strauss & Co., 6.88%, 5/01/22		400		434,500
Phillips-Van Heusen Corp., 4.50%, 12/15/22		233		229,796

				664,296
Trading Companies & Distributors — 0.6%
Ashtead Capital, Inc., 6.50%, 7/15/22 (b)		455		490,263
Doric Nimrod Air Finance Alpha Ltd., Series 2012-1 (b):
6.50%, 5/30/21		530		560,293
5.13%, 11/30/24		550		591,250

				1,641,806
Transportation Infrastructure — 0.2%
Aguila 3 SA, 7.88%, 1/31/18 (b)		398		421,880
Wireless Telecommunication Services — 4.3%
Cricket Communications, Inc., 7.75%, 10/15/20		543		553,860
Crown Castle International Corp., 5.25%, 1/15/23 (b)		1,029		1,054,725
Digicel Group Ltd. (b):
8.25%, 9/01/17		1,135		1,197,425
8.25%, 9/30/20		420		447,930
6.00%, 4/15/21 (g)		1,045		1,042,388
MetroPCS Wireless, Inc., 6.63%, 11/15/20		627		655,999
NII Capital Corp., 7.63%, 4/01/21		324		226,800
Phones4u Finance Plc:
9.50%, 4/01/18		GBP 100		156,635
9.50%, 4/01/18 (b)		370		579,551
Sprint Capital Corp., 6.88%, 11/15/28		USD 1,566		1,581,660
Sprint Nextel Corp. (b):
9.00%, 11/15/18		2,165		2,684,600
7.00%, 3/01/20		1,370		1,602,900

				11,784,473
Total Corporate Bonds — 103.3%				280,565,560
Floating Rate Loan Interests (c)	Par (000)		Value
Airlines — 1.1%
Delta Air Lines, Inc., Term Loan B, 4.50%, 4/20/17		USD 393	$	396,212
Northwest Airlines, Inc., Term Loan:
2.32%, 3/10/17		662		616,322
2.32%, 3/10/17		1,199		1,116,269
1.70%, 9/10/18		544		485,683
1.70%, 9/10/18		540		482,112

				3,096,598
Auto Components — 1.1%
Federal-Mogul Corp.:
Term Loan B, 2.14%, 12/29/14		1,345		1,251,325
Term Loan C, 2.14%, 12/28/15		675		627,125
Schaeffler AG, Term Loan B2, 6.00%, 1/27/17		1,225		1,224,694

				3,103,144
Building Products — 0.1%
Wilsonart International Holdings LLC, Term Loan B, 5.50%, 10/31/19		390		394,095
Capital Markets — 0.6%
American Capital Holdings, Inc., Term Loan, 5.50%, 8/22/16		858		866,580
Nuveen Investments, Inc.:
Incremental Term Loan, 7.25%, 5/13/17		440		442,200
Second Lien Term Loan, 8.25%, 2/28/19		380		387,600

				1,696,380
Chemicals — 0.4%
INEOS US Finance LLC, 6 Year Term Loan, 6.50%, 5/04/18		343		349,769
US Coatings Acquisition, Inc.:
Term Loan, 4.75%, 2/03/20		650		657,891
Term Loan B, 5.25%, 2/03/20		EUR 70		92,319

				1,099,979
Communications Equipment — 1.4%
Alcatel-Lucent:
Term Loan D, 7.75%, 1/31/19		505		661,043
Term Loan C, 7.25%, 1/31/19		USD 1,290		1,304,190
Avaya, Inc., Term Loan B5, 8.00%, 3/30/18		114		114,397
Zayo Group, LLC Refinancing, Term Loan B, 5.25%, 7/12/19		1,667		1,672,467

				3,752,097
Construction & Engineering — 0.6%
Safway Services LLC, Mezzanine Loan, 9.88%, 12/16/17		1,750		1,750,000
Construction Materials — 0.4%
HD Supply, Inc., Senior Debt B, 4.50%, 10/12/17		1,040		1,042,541
Consumer Finance — 1.1%
Springleaf Financial Funding Co., Term Loan, 5.50%, 5/10/17		2,948		2,958,436
Diversified Consumer Services — 0.2%
Laureate Education, Inc., Extended Term Loan, 5.25%, 6/18/18		134		134,349
ServiceMaster Co., Term Loan, 4.25%, 4/01/17		425		423,558

				557,907
Diversified Telecommunication Services — 0.8%
Level 3 Financing, Inc.:
2016 Term Loan B, 4.75%, 2/01/16		643		650,626
2019 Term Loan B, 5.25%, 8/01/19		530		535,411
Term Loan, 4.75%, 8/01/19		900		907,200

				2,093,237

See Notes to Consolidated Financial Statements.



20	ANNUAL REPORT	FEBRUARY 28, 2013

Consolidated Schedule of Investments (continued)

BlackRock Corporate High Yield Fund, Inc. (COY)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)	Par (000)		Value
Energy Equipment & Services — 0.9%
Dynegy Midwest Generation LLC, Coal Co. Term Loan, 9.25%, 8/04/16		USD 1,152	$	1,188,849
Dynegy Power LLC, Gas Co. Term Loan, 9.25%, 8/04/16		958		996,276
Tervita Corp., Incremental Term Loan, 6.50%, 5/01/18		135		135,697

				2,320,822
Food & Staples Retailing — 0.0%
Rite Aid Corp., Second Lien Term Loan, 5.75%, 7/07/20		100		102,278