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: 02/28/2014

Date of reporting period: 08/31/2013

Item 1 – Report to Stockholders

AUGUST 31, 2013

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 Senior High Income Fund, Inc. (ARK)

Not FDIC Insured • May Lose Value • No Bank Guarantee


Table of Contents


	Page
Dear Shareholder		3
Semi-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		73
Consolidated Statements of Operations		74
Consolidated Statements of Changes in Net Assets		75
Consolidated Statements of Cash Flows		76
Financial Highlights		77
Notes to Consolidated Financial Statements		81
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements		93
Officers and Directors		97
Additional Information		98



2	SEMI-ANNUAL REPORT	AUGUST 31, 2013

Dear Shareholder

Though we’ve seen spates of volatility over the past year, riskier asset classes generally outperformed lower-risk investments. Financial markets rallied last fall after the European Central Bank and the US Federal Reserve announced aggressive monetary stimulus programs, substantially increasing global liquidity. But markets weakened later in the year amid slowing global trade as many European countries fell into recession and growth continued to decelerate in China. In the United States, investors became increasingly concerned about the “fiscal cliff” of tax increases and spending cuts that had been scheduled to take effect at the beginning of 2013. High levels of global market volatility persisted through year-end due to fears that bipartisan gridlock would preclude a timely resolution, putting the US economy at risk for recession.

The worst of the fiscal cliff was averted with a last-minute tax deal, allowing markets to get off to a good start in 2013. Money that had been pulled to the sidelines amid year-end tax-rate uncertainty poured back into the markets in January. Key indicators signaling modest but broad-based improvements in the world’s major economies coupled with the absence of negative headlines from Europe created an aura of comfort for investors. Global equities surged, while rising US Treasury yields pressured high quality fixed income assets. (Bond prices move in the opposite direction of yields.)

February brought a slowdown in global economic momentum and the pace of the rally moderated. In the months that followed, US equities outperformed international markets, as the US economic recovery showed greater stability compared to most other regions. Slow, but positive, growth in the United States was sufficient to support corporate earnings, while uncomfortably high unemployment reinforced investors’ expectations that the US Federal Reserve would keep interest rates low. International markets experienced higher levels of volatility given a resurgence of political instability in Italy and a severe banking crisis in Cyprus, while a poor outlook for European economies also dampened sentiment for overseas investment. Emerging markets significantly lagged the rest of the world as growth in these economies (particularly China and Brazil) fell short of expectations.

After peaking in late May, equity markets broadly sold off due to concerns about the US Federal Reserve reducing monetary stimulus. Volatility picked up considerably as investors abruptly retreated from risk assets and a sharp and dramatic rise in US Treasury yields resulted in tumbling prices for higher-quality fixed income investments. The downswing bottomed out in late June as a more dovish tone from the US central bank served to quell the extreme level of volatility in interest rates. Improving economic data and a positive outlook for corporate earnings helped financial markets regain strength in July, with major US equity indices hitting new record highs. However, markets slumped again in August as investors became more wary amid a number of unknowns. Mixed economic data spurred heightened uncertainty about the future of global growth and investors grew anxious about the timing and extent to which the US Federal Reserve would scale back on its asset-purchase program. Meanwhile, escalating political turmoil in Egypt and Syria renewed concerns about the impact of the broader issue of growing unrest in many countries across the Middle East-North Africa region.

On the whole, developed market equities generated strong returns for the 6- and 12-month periods ended August 31, 2013. Emerging markets, in contrast, suffered the impact of slowing growth and concerns about a shrinking global money supply. Extraordinary levels of interest rate volatility in the latter part of the period resulted in poor performance for most fixed income assets, especially US Treasury bonds and other higher quality sectors such as tax-exempt municipals and investment grade corporate bonds. Conversely, high yield bonds posted gains as the sector continued to benefit from investors’ ongoing search for income in the low-rate environment. Short-term interest rates remained near zero, keeping yields on money market securities near historical lows.

Markets remain volatile, and investors continue to face a number of uncertainties in the current environment. At BlackRock, we believe investors need to think globally and extend their scope across a broader array of asset classes and be prepared to move freely as market conditions change over time. We encourage you to talk with your financial advisor and visit www.blackrock.com for further insight about investing in today’s world.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

“Though we’ve seen spates of volatility over the past year, riskier asset classes generally outperformed lower-risk investments.”

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of August 31, 2013
	6-month			12-month
US large cap equities (S&P 500^® Index)		8.95	%		18.70	%
US small cap equities (Russell 2000^® Index)		11.73			26.27
International equities (MSCI Europe, Australasia, Far East Index)		3.71			18.66
Emerging market equities (MSCI Emerging Markets Index)		(10.29	)		0.54
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)		(6.10	)		(7.51	)
US investment grade bonds (Barclays US Aggregate Bond Index)		(2.61	)		(2.47	)
Tax-exempt municipal bonds (S&P Municipal Bond Index)		(5.99	)		(3.74	)
US high yield bonds (Barclays US Corporate High Yield 2% Issuer Capped Index)		0.84			7.56
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, 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.

On June 5, 2013, the Board of the Fund approved the reorganization of the Fund with BlackRock Corporate High Yield Fund VI, Inc., with BlackRock Corporate High Yield Fund VI, Inc. continuing as the surviving fund after the reorganization. On October 11, 2013, the shareholders of the Fund and BlackRock Corporate High Yield Fund VI, Inc. approved the reorganization, which is expected to be completed in late 2013.

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, 2013, the Fund returned (10.76)% based on market price and 2.53% based on net asset value (“NAV”). For the same period, the closed-end Lipper High Yield Funds (Leveraged) category posted an average return of (6.67)% based on market price and 1.46% based on NAV. All returns reflect reinvestment of dividends. The Fund moved from a premium to NAV to a discount 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?

The Fund benefited from a tactical allocation to equities, which rallied during the period. In fixed income, selection in the automotive, technology and consumer service industries boosted results. Exposure to senior secured floating rate loan interests (bank loans) also aided performance as the asset class outperformed high yield bonds for the six-month period.

Detracting from performance was the Fund’s exposure to issuers in the independent energy, electric and banking industries.

Describe recent portfolio activity.

The Fund actively managed risk throughout the period. The Fund began the period with a riskier stance, but gradually reduced risk in the early months of the period by taking advantage of market strength to sell its higher-beta holdings (securities with greater sensitivity to market movements). However, the Fund scaled back its risk exposure more aggressively when financial markets began to correct in mid-May.

The Fund’s focus on income-oriented credits with strong asset bases and good earnings visibility remained paramount to its investment selection process. While continuing to find value within credit sectors, during the period, the Fund tactically added to select positions in equity and equity-like assets with compelling total return opportunities. Given upward pressure on interest rates in the latter part of the period, the Fund reduced duration (sensitivity to interest rate movements) in its credit allocation. The Fund added to positions in floating rate loan interests as a means of lowering the Fund’s duration profile and hedging against the risk of further interest rate volatility. Over the six-month period, the Fund increased exposure to the technology and building materials industries, while decreasing risk within metals and chemicals.

Describe portfolio positioning at period end.

At period end, the Fund held 77% of its total portfolio in corporate bonds, 14% in floating rate loan interests and 7% in common stocks, with the remainder invested in preferred securities. The Fund’s highest-conviction holdings included HD Supply, Inc. (building materials), Caesars Entertainment Corp. (gaming) and Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc. (electric). The Fund held limited exposure to segments with minimal cash flow visibility and/or challenged industry dynamics.

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, 2013


		BlackRock Corporate High Yield Fund, Inc.

Fund Information


Symbol on New York Stock Exchange (“NYSE”)		COY
Initial Offering Date		June 25, 1993
Current Distribution Rate on Closing Market Price as of August 31, 2013 ($6.89)¹		8.62%
Current Monthly Distribution per Common Share²		$0.0495
Current Annualized Distribution per Common Share²		$0.5940
Economic Leverage as of August 31, 2013³		29%

Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate consists of income, net realized gains and/or a tax return of capital. Past performance does not guarantee future results.

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gain.

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.


Market Price and Net Asset Value Per Share Summary

	8/31/13		2/28/13		Change		High		Low
Market Price		$6.89		$8.04		(14.30)%		$8.39		$6.74
Net Asset Value		$7.64		$7.76		(1.55)%		$8.07		$7.44

Market Price and Net Asset Value History For the Past Five Years

LOGO


Overview of the Fund’s Long-Term Investments



Portfolio Composition	8/31/13			2/28/13
Corporate Bonds		77	%		75	%
Floating Rate Loan Interests		14			17
Common Stocks		7			7
Preferred Securities		2			1



Credit Quality Allocation⁴	8/31/13			2/28/13
BBB/Baa		4	%		6	%
BB/Ba		31			36
B		52			46
CCC/Caa		11			10
Not Rated		2			2

⁴

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



SEMI-ANNUAL REPORT	AUGUST 31, 2013	5


Fund Summary as of August 31, 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 six-month period ended August 31, 2013, the Fund returned (7.95)% based on market price and 2.61% based on NAV. For the same period, the closed-end Lipper High Yield Funds (Leveraged) category posted an average return of (6.67)% based on market price and 1.46% based on NAV. All returns reflect reinvestment of dividends. The Fund moved from a premium to NAV to a discount 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?

Detracting from performance was the Fund’s exposure to issuers in the independent energy, electric and chemicals industries.

Describe recent portfolio activity.

Describe portfolio positioning at period end.

At period end, the Fund held 76% of its total portfolio in corporate bonds, 14% in floating rate loan interests and 7% in common stocks, with the remainder invested in preferred securities and asset-backed securities. The Fund’s highest-conviction holdings included HD Supply, Inc. (building materials), Caesars Entertainment Corp. (gaming) and Level 3 Financing, Inc. (wirelines). The Fund held limited exposure to segments with minimal cash flow visibility and/or challenged industry dynamics.



6	SEMI-ANNUAL REPORT	AUGUST 31, 2013


		BlackRock Corporate High Yield Fund III, Inc.

Fund Information


Symbol on NYSE		CYE
Initial Offering Date		January 30, 1998
Current Distribution Rate on Closing Market Price as of August 31, 2013 ($6.97)¹		8.69%
Current Monthly Distribution per Common Share²		$0.0505
Current Annualized Distribution per Common Share²		$0.6060
Economic Leverage as of August 31, 2013³		29%

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gain.


Market Price and Net Asset Value Per Share Summary

	8/31/13		2/28/13		Change		High		Low
Market Price		$6.97		$7.89		(11.66)%		$8.07		$6.85
Net Asset Value		$7.76		$7.88		(1.52)%		$8.20		$7.56

Market Price and Net Asset Value History For the Past Five Years

LOGO


Overview of the Fund’s Long-Term Investments



Portfolio Composition	8/31/13			2/28/13
Corporate Bonds		76	%		73	%
Floating Rate Loan Interests		14			19
Common Stocks		7			6
Preferred Securities		2			2
Asset-Backed Securities		1			—



Credit Quality Allocation⁴	8/31/13			2/28/13
A		—			1	%
BBB/Baa		4	%		5
BB/Ba		31			36
B		51			45
CCC/Caa		12			10
Not Rated		2			3

⁴

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



SEMI-ANNUAL REPORT	AUGUST 31, 2013	7


Fund Summary as of August 31, 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.

On July 19, 2013, the Board of the Fund approved the reorganization of the Fund with each of BlackRock Senior High Income Fund, Inc. and BlackRock Strategic Bond Trust, with the Fund continuing as the surviving fund after the reorganizations. On October 25, 2013, the shareholders of the Fund, BlackRock Senior High Income Fund, Inc. and BlackRock Strategic Bond Trust approved their respective reorganizations, which is expected to be completed in late 2013. In connection with the Funds’ reorganizations, the Board of the Fund also approved an increase in the amount of the Fund’s authorized shares by 200 million shares.

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, 2013, the Fund returned (8.31)% based on market price and 2.37% based on NAV. For the same period, the closed-end Lipper High Yield Funds (Leveraged) category posted an average return of (6.67)% based on market price and 1.46% based on NAV. All returns reflect reinvestment of dividends. The Fund moved from a premium to NAV to a discount 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?

The Fund benefited from a tactical allocation to equities, which rallied during the period. In fixed income, selection in the chemicals, gaming and consumer service industries boosted results.

Detracting from performance was the Fund’s exposure to issuers in the independent energy, electric and wireless industries. Within floating rate loan interests (bank loans), holding limited exposure to lower-quality assets resulted in an opportunity cost to the Fund as this segment of the market outperformed higher-quality issues.

Describe recent portfolio activity.

Fund management continued to maintain a positive view on high yield and bank loan assets overall, while remaining focused on income-oriented credits with strong asset bases and good earnings visibility. Within the bank loan space, the Fund continued to prefer higher-quality, more liquid assets with attractive coupon rates. In high yield bonds, the Fund remained anchored in companies with more stable cash flows, but allowed some risk in companies with positive growth catalysts. Additionally, the Fund continued to find value in select equity and equity-like investments that provide upside potential to enhance total return. Over the six-month period, the Fund increased exposure to the technology and automotive industries, while decreasing risk within independent energy.

Describe portfolio positioning at period end.

At period end, the Fund held 54% of its total portfolio in floating rate loan interests, 42% in corporate bonds, with the remainder invested in asset-backed securities and common stocks. The Fund’s highest-conviction holdings included HD Supply, Inc. (building materials), Federal-Mogul Corp. (automotive) and Level 3 Financing, Inc. (wirelines).



8	SEMI-ANNUAL REPORT	AUGUST 31, 2013


		BlackRock Debt Strategies Fund, Inc.

Fund Information


Symbol on NYSE		DSU
Initial Offering Date		March 27, 1998
Current Distribution Rate on Closing Market Price as of August 31, 2013 ($3.94)¹		7.61%
Current Monthly Distribution per Common Share²		$0.025
Current Annualized Distribution per Common Share²		$0.300
Economic Leverage as of August 31, 2013³		28%

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gain.


Market Price and Net Asset Value Per Share Summary

	8/31/13		2/28/13		Change		High		Low
Market Price		$3.94		$4.46		(11.66)%		$4.65		$3.85
Net Asset Value		$4.32		$4.38		(1.37)%		$4.51		$4.27

Market Price and Net Asset Value History For the Past Five Years

LOGO


Overview of the Fund’s Long-Term Investments



Portfolio Composition	8/31/13			2/28/13
Floating Rate Loan Interests		54	%		53	%
Corporate Bonds		42			41
Asset-Backed Securities		2			3
Common Stocks		2			2
Other Interests		—			1



Credit Quality Allocation⁴	8/31/13			2/28/13
A		1	%		1	%
BBB/Baa		3			6
BB/Ba		29			34
B		53			45
CCC/Caa		10			10
Not Rated		4			4

⁴

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



SEMI-ANNUAL REPORT	AUGUST 31, 2013	9


Fund Summary as of August 31, 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.

On July 19, 2013, the Board of the Fund approved the reorganization of the Fund with BlackRock Debt Strategies Fund, Inc., with BlackRock Debt Strategies Fund, Inc. continuing as the surviving fund after the reorganization. On October 25, 2013, the shareholders of the Fund and BlackRock Debt Strategies Fund, Inc. approved the reorganization, which is expected to be completed in late 2013.

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, 2013, the Fund returned (6.93)% based on market price and 1.91% based on NAV. For the same period, the closed-end Lipper High Yield Funds (Leveraged) category posted an average return of (6.67)% based on market price and 1.46% based on NAV. All returns reflect reinvestment of dividends. The Fund’s discount 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?

The Fund benefited from a tactical allocation to equities, which rallied during the period. In fixed income, selection in the chemicals, metals and healthcare industries boosted results.

Detracting from performance was the Fund’s exposure to issuers in the media non cable, electric and wireless industries. Within floating rate loan interests (bank loans), holding limited exposure to lower-quality assets resulted in an opportunity cost to the Fund as this segment of the market outperformed higher-quality issues.

Describe recent portfolio activity.

Fund management continued to maintain a positive view on high yield and bank loan assets overall, while remaining focused on income-oriented credits with strong asset bases and good earnings visibility. Within the bank loan space, the Fund continued to prefer higher-quality, more liquid assets with attractive coupon rates. In high yield bonds, the Fund remained anchored in companies with more stable cash flows, but allowed some risk in companies with positive growth catalysts. Additionally, the Fund continued to find value in select equity and equity-like investments that provide upside potential to enhance total return. Over the six-month period, the Fund increased exposure to the consumer services and food & beverage industries, while decreasing risk within independent energy.

Describe portfolio positioning at period end.

At period end, the Fund held 56% of its total portfolio in floating rate loan interests, 40% in corporate bonds, with the remainder invested in asset-backed securities, common stocks and preferred securities. The Fund’s highest-conviction holdings included HD Supply, Inc. (building materials), Intelsat Jackson Holdings SA (media non cable) and Level 3 Financing, Inc. (wirelines).



10	SEMI-ANNUAL REPORT	AUGUST 31, 2013


		BlackRock Senior High Income Fund, Inc.

Fund Information


Symbol on NYSE		ARK
Initial Offering Date		April 30, 1993
Current Distribution Rate on Closing Market Price as of August 31, 2013 ($3.90)¹		7.38%
Current Monthly Distribution per Common Share²		$0.024
Current Annualized Distribution per Common Share²		$0.288
Economic Leverage as of August 31, 2013³		26%

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gain.


Market Price and Net Asset Value Per Share Summary

	8/31/13		2/28/13		Change		High		Low
Market Price		$3.90		$4.34		(10.14)%		$4.78		$3.84
Net Asset Value		$4.28		$4.35		(1.61)%		$4.47		$4.23

Market Price and Net Asset Value History For the Past Five Years

LOGO


Overview of the Fund’s Long-Term Investments



Portfolio Composition	8/31/13			2/28/13
Floating Rate Loan Interests		56	%		54	%
Corporate Bonds		40			42
Asset-Backed Securities		2			3
Common Stocks		1			1
Preferred Securities		1			—



Credit Quality Allocation⁴	8/31/13			2/28/13
A		1	%		1	%
BBB/Baa		3			7
BB/Ba		35			37
B		56			51
CCC/Caa		1			1
Not Rated		4			3

⁴

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



SEMI-ANNUAL REPORT	AUGUST 31, 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 August 31, 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		29	%
CYE		29	%
DSU		28	%
ARK		26	%

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 4 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	SEMI-ANNUAL REPORT	AUGUST 31, 2013

Consolidated Schedule of Investments August 31, 2013 (Unaudited)

BlackRock Corporate High Yield Fund, Inc. (COY)

(Percentages shown are based on Net Assets)


Asset-Backed Securities	Par (000)				Value
ALM Loan Funding (a)(b)(c):
Series 2013-7R2A, Class B, 2.86%, 4/24/24		USD		375	$	358,126
Series 2013-7RA, Class C, 3.71%, 4/24/24				1,000		943,800
Series 2013-7RA, Class D, 5.26%, 4/24/24				450		413,325
Total Asset-Backed Securities — 0.6%						1,715,251



Common Stocks			Shares
Auto Components — 0.8%
Dana Holding Corp.				5,718		119,849
Delphi Automotive PLC				8,200		451,164
The Goodyear Tire & Rubber Co. (d)				77,979		1,568,938

						2,139,951
Automobiles — 1.5%
General Motors Co. (d)				115,397		3,932,730
Biotechnology — 0.0%
Ironwood Pharmaceuticals, Inc. (d)				6,540		76,191
Capital Markets — 1.9%
American Capital Ltd. (d)				341,246		4,258,750
E*Trade Financial Corp. (d)				44,900		630,396
Uranium Participation Corp. (d)				33,680		155,402

						5,044,548
Chemicals — 0.4%
Advanced Emissions Solutions, Inc. (d)				6,170		240,938
Huntsman Corp.				42,200		738,500

						979,438
Communications Equipment — 0.3%
Loral Space & Communications Ltd.				11,463		757,819
Containers & Packaging — 0.0%
Smurfit Kappa Group PLC				3,634		73,910
Diversified Financial Services — 0.5%
Kcad Holdings I Ltd. (d)				269,089,036		1,358,900
Diversified Telecommunication Services — 0.3%
Broadview Networks Holdings, Inc. (d)				32,500		204,750
Level 3 Communications, Inc. (d)				20,920		467,771

						672,521
Electrical Equipment — 0.0%
Medis Technologies Ltd. (d)				67,974		1
Energy Equipment & Services — 0.8%
Laricina Energy Ltd. (d)				35,294		1,185,514
Osum Oil Sands Corp. (d)				74,000		890,135

						2,075,649
Hotels, Restaurants & Leisure — 0.8%
Caesars Entertainment Corp. (d)				45,393		974,588
Common Stocks			Shares		Value
Hotels, Restaurants & Leisure (concluded)
Pinnacle Entertainment, Inc. (d)				8,176	$	193,608
Travelport LLC (d)(e)				895,979		792,941

						1,961,137
Insurance — 0.7%
American International Group, Inc. (d)				40,002		1,858,493
Media — 0.2%
Cablevision Systems Corp., Class A				30,253		536,386
Clear Channel Outdoor Holdings, Inc., Class A (d)				8,934		67,541

						603,927
Metals & Mining — 0.1%
African Minerals Ltd. (d)				40,400		119,284
Peninsula Energy Ltd. (d)				6,975,317		160,145

						279,429
Oil, Gas & Consumable Fuels — 0.0%
African Petroleum Corp. Ltd. (d)				180,300		19,257
Paper & Forest Products — 0.5%
Ainsworth Lumber Co. Ltd. (d)				146,558		403,511
Ainsworth Lumber Co. Ltd. (a)(d)				41,686		120,889
NewPage Corp. (d)				7,740		619,200
Western Forest Products, Inc. (d)				147,968		199,757
Western Forest Products, Inc.				41,528		55,986

						1,399,343
Semiconductors & Semiconductor Equipment — 0.0%
SunPower Corp. (d)				123		2,643
Software — 0.2%
HMH Holdings/EduMedia (d)				19,102		575,456
Trading Companies & Distributors — 0.3%
HD Supply Holdings, Inc. (d)				39,100		889,134
Wireless Telecommunication Services — 0.5%
Crown Castle International Corp. (d)				9,634		668,792
SBA Communications Corp., Class A (d)				9,634		722,550

						1,391,342
Total Common Stocks — 9.8%						26,091,819



Corporate Bonds			Par (000)
Aerospace & Defense — 0.7%
Bombardier, Inc., 4.25%, 1/15/16 (a)		USD		450		465,187
Huntington Ingalls Industries, Inc.:
6.88%, 3/15/18				145		156,238
7.13%, 3/15/21				235		253,800
Kratos Defense & Security Solutions, Inc., 10.00%, 6/01/17				796		859,680
Meccanica Holdings USA, Inc., 6.25%, 7/15/19 (a)				247		251,607

						1,986,512

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
	DIP	Debtor-In-Possession
	EUR	Euro
	GBP	British Pound
	S&P	Standard and Poor’s
	SPDR	Standard and Poor’s Depositary Receipts
	USD	US Dollar

See Notes to Consolidated Financial Statements.



SEMI-ANNUAL REPORT	AUGUST 31, 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
Air Freight & Logistics — 0.2%
National Air Cargo Group, Inc.:
Series 1, 12.38%, 9/02/15	USD		308	$	308,330
Series 2, 12.38%, 8/16/15			317		316,825

					625,155
Airlines — 2.3%
Air Canada Pass-Through Trust, Series 2013-1, Class C, 6.63%, 5/15/18 (a)			371		369,739
Continental Airlines Pass-Through Trust:
Series 1997-4, Class B, 6.90%, 7/02/18			89		92,395
Series 2010-1, Class B, 6.00%, 7/12/20			298		305,241
Series 2012-3, Class C, 6.13%, 4/29/18			850		862,325
Delta Air Lines Pass-Through Trust:
Series 2002-1, Class G-1, 6.72%, 7/02/24			531		578,509
Series 2009-1, Class B, 9.75%, 6/17/18			161		176,025
Series 2010-1, Class B, 6.38%, 7/02/17			447		463,763
US Airways Group, Inc., 6.13%, 6/01/18			305		276,788
US Airways Pass-Through Trust:
Series 2011-1, Class C, 10.88%, 10/22/14			421		444,422
Series 2012-1, Class C, 9.13%, 10/01/15			390		405,292
Series 2012-2, Class B, 6.75%, 12/03/22			300		309,750
Series 2012-2, Class C, 5.45%, 6/03/18			1,045		974,462
Series 2013-1, Class B, 5.38%, 5/15/23			875		831,250

					6,089,961
Auto Components — 3.0%
Affinia Group, Inc., 7.75%, 5/01/21 (a)			621		638,077
Brighthouse Group PLC, 7.88%, 5/15/18	GBP		100		156,520
Continental Rubber of America Corp., 4.50%, 9/15/19 (a)	USD		150		151,575
Dana Holding Corp., 6.75%, 2/15/21			410		435,112
Delphi Corp., 6.13%, 5/15/21			65		71,013
GKN Holdings PLC, 5.38%, 9/19/22	GBP		180		283,962
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 8.00%, 1/15/18	USD		2,775		2,920,687
IDQ Holdings, Inc., 11.50%, 4/01/17 (a)			355		393,162
Jaguar Land Rover Automotive PLC, 8.25%, 3/15/20	GBP		439		753,793
Schaeffler Finance BV, 4.25%, 5/15/18	EUR		121		159,952
Schaeffler Holding Finance BV (f):
6.88%, 8/15/18 (a)	USD		450		468,000
6.88%, 8/15/18	EUR		310		420,979
Servus Luxembourg Holdings SCA, 7.75%, 6/15/18			200		268,348
Titan International, Inc.:
7.88%, 10/01/17	USD		430		455,800
7.88%, 10/01/17 (a)			455		482,300

					8,059,280
Building Products — 1.5%
American Builders & Contractors Supply Co., Inc., 5.63%, 4/15/21 (a)			425		412,250
Builders FirstSource, Inc., 7.63%, 6/01/21 (a)			372		372,000
Building Materials Corp. of America (a):
7.00%, 2/15/20			500		531,250
6.75%, 5/01/21			710		752,600
Cemex SAB de CV, 5.88%, 3/25/19 (a)			210		198,975
Momentive Performance Materials, Inc., 8.88%, 10/15/20			700		726,250
Texas Industries, Inc., 9.25%, 8/15/20			215		234,888
USG Corp., 9.75%, 1/15/18			645		743,362

					3,971,575
Capital Markets — 0.3%
E*Trade Financial Corp., 0.00%, 8/31/19 (g)(h)			226		306,795
Capital Markets (concluded)
KCG Holdings, Inc., 8.25%, 6/15/18 (a)	USD		209	$	205,342
Nuveen Investments, Inc., 9.13%, 10/15/17 (a)			194		191,090

					703,227
Chemicals — 2.0%
Axiall Corp., 4.88%, 5/15/23 (a)			99		91,823
Basell Finance Co. BV, 8.10%, 3/15/27 (a)			380		480,574
Celanese US Holdings LLC, 5.88%, 6/15/21			668		684,700
Huntsman International LLC, 8.63%, 3/15/21			155		172,825
INEOS Finance PLC, 7.50%, 5/01/20 (a)			405		433,350
INEOS Group Holdings SA:
6.13%, 8/15/18 (a)			275		266,062
6.50%, 8/15/18	EUR		261		335,327
Kraton Polymers LLC/Kraton Polymers Capital Corp., 6.75%, 3/01/19	USD		115		116,725
LSB Industries, Inc., 7.75%, 8/01/19 (a)			219		226,665
Nexeo Solutions LLC/Nexeo Solutions Finance Corp., 8.38%, 3/01/18			85		84,575
Nufarm Australia Ltd., 6.38%, 10/15/19 (a)			205		205,000
Orion Engineered Carbons Bondco GmbH, 10.00%, 6/15/18	EUR		315		464,717
PetroLogistics LP/PetroLogistics Finance Corp., 6.25%, 4/01/20 (a)	USD		157		151,897
PolyOne Corp., 7.38%, 9/15/20			200		220,500
Rockwood Specialties Group, Inc., 4.63%, 10/15/20			858		842,985
Tronox Finance LLC, 6.38%, 8/15/20 (a)			228		217,740
US Coatings Acquisition, Inc./Axalta Coating Systems Dutch Holding B BV:
5.75%, 2/01/21	EUR		100		130,513
7.38%, 5/01/21(a)	USD		328		335,380

					5,461,358
Commercial Banks — 1.1%
CIT Group, Inc.:
5.25%, 3/15/18			510		526,575
6.63%, 4/01/18 (a)			215		232,200
5.50%, 2/15/19 (a)			1,511		1,548,775
6.00%, 4/01/36			500		478,618
Lloyds TSB Bank PLC, 11.88%, 12/16/21 (c)	EUR		40		65,025

					2,851,193
Commercial Services & Supplies — 3.6%
AA Bond Co. Ltd., 9.50%, 7/31/43	GBP		160		264,689
ACCO Brands Corp., 6.75%, 4/30/20	USD		71		70,113
ADS Waste Holdings, Inc., 8.25%, 10/01/20 (a)			256		270,080
ARAMARK Corp., 5.75%, 3/15/20 (a)			596		607,920
Aviation Capital Group Corp., 6.75%, 4/06/21 (a)			500		526,506
Brickman Group Holdings, Inc., 9.13%, 11/01/18 (a)			24		25,710
Catalent Pharma Solutions, Inc., 7.88%, 10/15/18			466		471,825
Covanta Holding Corp., 6.38%, 10/01/22			585		593,598
EC Finance PLC, 9.75%, 8/01/17	EUR		451		649,650
Interactive Data Corp., 10.25%, 8/01/18			1,235		1,375,543
Mobile Mini, Inc., 7.88%, 12/01/20	USD		335		365,150
Mustang Merger Corp., 8.50%, 8/15/21 (a)			485		477,725
TransUnion LLC/TransUnion Financing Corp., 11.38%, 6/15/18			59		65,638
UR Merger Sub Corp.:
5.75%, 7/15/18			236		251,930
7.38%, 5/15/20			315		339,412
8.25%, 2/01/21			429		474,045
7.63%, 4/15/22			2,045		2,198,375
6.13%, 6/15/23			175		172,375

See Notes to Consolidated Financial Statements.



14	SEMI-ANNUAL REPORT	AUGUST 31, 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
Commercial Services & Supplies (concluded)
Verisure Holding AB:
8.75%, 9/01/18	EUR		169	$	244,578
8.75%, 12/01/18			100		139,764
West Corp., 8.63%, 10/01/18	USD		125		135,313

					9,719,939
Communications Equipment — 1.7%
Alcatel-Lucent USA, Inc.:
8.88%, 1/01/20 (a)			805		821,100
6.50%, 1/15/28			55		41,800
6.45%, 3/15/29			169		130,130
Avaya, Inc. (a):
7.00%, 4/01/19			250		228,750
10.50%, 3/01/21			740		571,650
CommScope Holding Co., Inc., 6.63%, 6/01/20 (a)(f)			440		435,600
Zayo Group LLC/Zayo Capital, Inc.:
8.13%, 1/01/20			830		900,550
10.13%, 7/01/20			1,355		1,537,925

					4,667,505
Computers & Peripherals — 0.1%
EMC Corp., Series B, 1.75%, 12/01/13 (g)			186		298,646
Construction & Engineering — 0.4%
Boart Longyear Management Property Ltd., 7.00%, 4/01/21 (a)			175		141,750
H&E Equipment Services, Inc., 7.00%, 9/01/22			408		433,500
Safway Group Holding LLC/Safway Finance Corp., 7.00%, 5/15/18 (a)			214		215,070
Weekley Homes LLC/Weekley Finance Corp., 6.00%, 2/01/23 (a)			143		138,710

					929,030
Construction Materials — 3.4%
Buzzi Unicem SpA, 6.25%, 9/28/18	EUR		126		177,349
HD Supply, Inc.:
8.13%, 4/15/19	USD		3,072		3,417,600
11.00%, 4/15/20			1,798		2,148,610
7.50%, 7/15/20 (a)			3,170		3,312,650
HeidelbergCement Finance Luxembourg SA, 7.50%, 4/03/20	EUR		51		79,537

					9,135,746
Consumer Finance — 0.6%
Credit Acceptance Corp., 9.13%, 2/01/17	USD		435		464,362
Ford Motor Credit Co. LLC:
12.00%, 5/15/15			670		781,485
6.63%, 8/15/17			131		147,927
IVS F. SpA, 7.13%, 4/01/20	EUR		195		257,077

					1,650,851
Containers & Packaging — 1.6%
Ardagh Packaging Finance PLC:
7.38%, 10/15/17			100		140,690
9.13%, 10/15/20 (a)	USD		409		436,607
9.13%, 10/15/20 (a)			365		387,813
7.00%, 11/15/20 (a)			230		223,675
5.00%, 11/15/22	EUR		200		255,253
Berry Plastics Corp., 9.75%, 1/15/21	USD		170		196,775
Beverage Packaging Holdings Luxembourg II SA, 8.00%, 12/15/16	EUR		617		815,491
Crown Americas LLC/Crown Americas Capital Corp. III, 6.25%, 2/01/21	USD		15		15,750
GCL Holdings SCA, 9.38%, 4/15/18 (a)	EUR		244		348,281
Graphic Packaging International, Inc., 7.88%, 10/01/18	USD		340		369,750
OI European Group BV, 4.88%, 3/31/21	EUR		301		401,715
Pactiv LLC, 7.95%, 12/15/25	USD		431		381,435
Tekni-Plex, Inc., 9.75%, 6/01/19 (a)			367		411,040

					4,384,275
Distributors — 0.5%
VWR Funding, Inc., 7.25%, 9/15/17	USD		1,260	$	1,310,400
Diversified Consumer Services — 1.0%
APX Group, Inc. (a):
6.38%, 12/01/19			903		851,077
8.75%, 12/01/20			547		538,795
Laureate Education, Inc., 9.25%, 9/01/19 (a)			1,145		1,236,600

					2,626,472
Diversified Financial Services — 5.6%
Aircastle Ltd.:
6.75%, 4/15/17			345		365,700
6.25%, 12/01/19			295		307,537
Ally Financial, Inc.:
7.50%, 12/31/13			350		356,125
8.00%, 3/15/20			276		317,745
7.50%, 9/15/20			186		209,250
8.00%, 11/01/31			3,165		3,639,750
8.00%, 11/01/31			201		227,884
CNG Holdings, Inc., 9.38%, 5/15/20 (a)			116		108,750
Co-Operative Group Ltd. (i):
6.88%, 7/08/20	GBP		160		234,935
7.50%, 7/08/26			100		144,897
DPL, Inc.:
6.50%, 10/15/16	USD		298		314,390
7.25%, 10/15/21			777		792,540
Gala Group Finance PLC, 8.88%, 9/01/18	GBP		600		990,259
General Motors Financial Co., Inc.:
6.75%, 6/01/18	USD		270		300,713
4.25%, 5/15/23(a)			228		205,200
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 4/01/20 (a)			465		460,350
Jefferies LoanCore LLC/JLC Finance Corp., 6.88%, 6/01/20 (a)			660		648,450
Leucadia National Corp., 8.13%, 9/15/15			790		880,850
Reynolds Group Issuer, Inc.:
7.13%, 4/15/19			430		457,412
9.00%, 4/15/19			535		552,387
7.88%, 8/15/19			100		110,000
9.88%, 8/15/19			430		456,875
5.75%, 10/15/20			2,075		2,056,844
WMG Acquisition Corp., 11.50%, 10/01/18			702		809,055

					14,947,898
Diversified Telecommunication Services — 3.3%
Broadview Networks Holdings, Inc., 10.50%, 11/15/17			500		495,000
CenturyLink, Inc., Series V, 5.63%, 4/01/20			1,272		1,246,560
Cequel Communications Holdings I LLC/Cequel Capital Corp., 5.13%, 12/15/21 (a)			390		358,800
Consolidated Communications Finance Co., 10.88%, 6/01/20			320		368,000
Frontier Communications Corp., 8.50%, 4/15/20			485		529,862
Level 3 Communications, Inc., 8.88%, 6/01/19			295		314,912
Level 3 Financing, Inc.:
8.13%, 7/01/19			1,417		1,498,477
7.00%, 6/01/20			395		397,962
8.63%, 7/15/20			1,604		1,716,280
Telenet Finance V Luxembourg SCA:
6.25%, 8/15/22	EUR		237		314,171
6.75%, 8/15/24			350		468,360
tw telecom holdings, Inc.:
5.38%, 10/01/22	USD		275		261,938
5.38%, 10/01/22 (a)			235		223,838
Windstream Corp.:
7.88%, 11/01/17			360		399,600
7.75%, 10/15/20			144		147,240
6.38%, 8/01/23			220		198,825

					8,939,825

See Notes to Consolidated Financial Statements.



SEMI-ANNUAL REPORT	AUGUST 31, 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
Electric Utilities — 0.6%
Homer City Generation LP (f):
8.14%, 10/01/19	USD		140	$	140,700
8.73%, 10/01/26			205		208,075
Mirant Mid Atlantic Pass-Through Trust, Series B, 9.13%, 6/30/17			214		224,536
The Tokyo Electric Power Co., Inc., 4.50%, 3/24/14	EUR		800		1,055,455

					1,628,766
Electrical Equipment — 0.9%
Belden, Inc.:
5.50%, 9/01/22 (a)			340		329,800
5.50%, 4/15/23			110		139,566
General Cable Corp., 5.75%, 10/01/22 (a)	USD		560		539,000
International Wire Group Holdings, Inc., 8.50%, 10/15/17 (a)			257		267,280
Rexel SA, 5.13%, 6/15/20	EUR		339		454,760
Techem GmbH, 6.13%, 10/01/19			300		425,891
Trionista TopCo GmbH, 6.88%, 4/30/21			100		133,492

					2,289,789
Electronic Equipment, Instruments & Components — 0.1%
Jabil Circuit, Inc., 8.25%, 3/15/18	USD		215		253,163
Energy Equipment & Services — 3.7%
Atwood Oceanics, Inc., 6.50%, 2/01/20			130		139,100
Calfrac Holdings LP, 7.50%, 12/01/20 (a)			306		308,295
CGG:
6.50%, 6/01/21			1,150		1,164,375
7.75%, 5/15/17			235		240,875
FTS International Services LLC/FTS International Bonds, Inc., 8.13%, 11/15/18 (a)			612		653,310
Genesis Energy LP/Genesis Energy Finance Corp., 5.75%, 2/15/21			47		46,295
Gulfmark Offshore, Inc., 6.38%, 3/15/22			145		146,813
Hornbeck Offshore Services, Inc., 5.88%, 4/01/20			290		293,625
MEG Energy Corp., 6.50%, 3/15/21 (a)			1,309		1,331,907
Oil States International, Inc.:
6.50%, 6/01/19			611		644,605
5.13%, 1/15/23 (a)			315		344,137
Parker Drilling Co., 7.50%, 8/01/20 (a)			360		353,700
Peabody Energy Corp.:
6.00%, 11/15/18			619		615,905
6.25%, 11/15/21			611		589,615
7.88%, 11/01/26			345		344,138
4.75%, 12/15/41 (g)			392		303,310
Precision Drilling Corp.:
6.63%, 11/15/20			70		73,675
6.50%, 12/15/21			165		172,425
Rain CII Carbon LLC/CII Carbon Corp., 8.25%, 1/15/21 (a)			214		214,000
Seadrill Ltd., 5.63%, 9/15/17 (a)			1,254		1,263,405
Tervita Corp., 8.00%, 11/15/18 (a)			252		251,370
Trionista Holdco GmbH, 5.00%, 4/30/20	EUR		302		403,130

					9,898,010
Food & Staples Retailing — 0.6%
Bakkavor Finance 2 PLC:
8.25%, 2/15/18	GBP		213		344,115
8.75%, 6/15/20			200		323,887
R&R Ice Cream PLC, 9.25%, 5/15/18 (f)	EUR		100		135,469
Rite Aid Corp.:
9.25%, 3/15/20			345		390,281
6.75%, 6/15/21 (a)	USD		379		383,738
Zobele Holding SpA, 7.88%, 2/01/18	EUR		100		137,452

					1,714,942
Food Products — 0.9%
Darling International, Inc., 8.50%, 12/15/18	USD		105		115,500
Findus Bondco SA:
9.13%, 7/01/18	EUR		153		212,849
9.50%, 7/01/18	GBP		100		162,579
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 4.88%, 5/01/21 (a)	USD		360		334,800
Post Holdings, Inc., 7.38%, 2/15/22			530		559,150
Smithfield Foods, Inc., 6.63%, 8/15/22			431		441,775
Sun Merger Sub, Inc. (a):
5.25%, 8/01/18			515		516,931
5.88%, 8/01/21			161		160,598

					2,504,182
Health Care Equipment & Supplies — 2.3%
Biomet, Inc.:
6.50%, 8/01/20			1,644		1,685,100
6.50%, 10/01/20			1,900		1,895,250
DJO Finance LLC/DJO Finance Corp.:
8.75%, 3/15/18			350		378,875
7.75%, 4/15/18			95		93,338
9.88%, 4/15/18			540		567,000
Fresenius Medical Care US Finance, Inc., 5.75%, 2/15/21 (a)			260		265,200
Fresenius US Finance II, Inc., 9.00%, 7/15/15 (a)			500		556,875
IDH Finance PLC, 6.00%, 12/01/18	GBP		103		159,220
Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/01/19	USD		212		220,745
Teleflex, Inc., 6.88%, 6/01/19			270		283,500

					6,105,103
Health Care Providers & Services — 5.6%
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp., 7.75%, 2/15/19			520		556,400
CHS/Community Health Systems, Inc.:
5.13%, 8/15/18			785		802,662
8.00%, 11/15/19			98		102,900
7.13%, 7/15/20			637		643,370
ConvaTec Healthcare E SA, 7.38%, 12/15/17 (a)	EUR		300		422,267
Crown Newco 3 PLC:
7.00%, 2/15/18	GBP		100		158,224
7.00%, 2/15/18 (a)			331		523,723
DaVita HealthCare Partners, Inc., 5.75%, 8/15/22	USD		819		810,810
HCA Holdings, Inc., 6.25%, 2/15/21			670		671,675
HCA, Inc.:
8.50%, 4/15/19			120		129,600
6.50%, 2/15/20			1,345		1,444,194
7.88%, 2/15/20			255		275,081
7.25%, 9/15/20			1,095		1,192,181
5.88%, 3/15/22			540		557,550
4.75%, 5/01/23			363		338,951
Health Management Associates, Inc., 7.38%, 1/15/20			190		212,325
Hologic, Inc., 6.25%, 8/01/20			1,125		1,172,812
IASIS Healthcare LLC/IASIS Capital Corp., 8.38%, 5/15/19			87		91,133
inVentiv Health, Inc., 9.00%, 1/15/18 (a)			580		591,600
Omnicare, Inc.:
7.75%, 6/01/20			0.00		0.00
3.75%, 4/01/42 (g)			268		371,348
Symbion, Inc., 8.00%, 6/15/16			315		330,750

See Notes to Consolidated Financial Statements.



16	SEMI-ANNUAL REPORT	AUGUST 31, 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
Health Care Providers & Services (concluded)
Tenet Healthcare Corp.:
6.25%, 11/01/18	USD		1,080	$	1,140,750
6.75%, 2/01/20			480		470,400
4.38%, 10/01/21 (a)			701		636,158
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 7.75%, 2/01/19			992		1,061,440
Voyage Care Bondco PLC, 6.50%, 8/01/18	GBP		110		169,274

					14,877,578
Health Care Technology — 1.0%
IMS Health, Inc. (a):
12.50%, 3/01/18			2,065		2,436,700
6.00%, 11/01/20	USD		132		135,465

					2,572,165
Hotels, Restaurants & Leisure — 3.2%
Carlson Wagonlit BV, 6.88%, 6/15/19 (a)			295		299,425
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18	EUR		453		607,688
Diamond Resorts Corp., 12.00%, 8/15/18	USD		1,232		1,367,520
Enterprise Inns PLC, 6.50%, 12/06/18	GBP		296		459,858
Gategroup Finance Luxembourg SA, 6.75%, 3/01/19	EUR		361		489,044
Intralot Finance Luxembourg SA, 9.75%, 8/15/18			400		547,163
Isle of Capri Casinos, Inc.:
7.75%, 3/15/19	USD		45		46,463
5.88%, 3/15/21			201		185,925
Little Traverse Bay Bands of Odawa Indians, 9.00%, 8/31/20 (a)			270		264,600
MCE Finance Ltd., 5.00%, 2/15/21 (a)			620		568,850
MTR Gaming Group, Inc., 11.50%, 8/01/19 (f)			256		269,737
Playa Resorts Holding BV, 8.00%, 8/15/20 (a)			150		153,000
PNK Finance Corp., 6.38%, 8/01/21 (a)			474		472,815
Regal Entertainment Group, 5.75%, 2/01/25			80		73,600
Six Flags Entertainment Corp., 5.25%, 1/15/21 (a)			547		516,915
Station Casinos LLC, 7.50%, 3/01/21			1,298		1,336,940
Travelport LLC/Travelport Holdings, Inc. (a):
6.40%, 3/01/16 (c)			82		79,453
11.88%, 9/01/16			31		30,155
Tropicana Entertainment LLC/Tropicana Finance Corp., 9.63%, 12/15/14 (d)(e)			315		—
The Unique Pub Finance Co. PLC, Series A3, 6.54%, 3/30/21	GBP		300		468,397
Vougeot Bidco PLC, 7.88%, 7/15/20			203		323,240
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.38%, 3/15/22	USD		70		69,125

					8,629,913
Household Durables — 2.6%
Algeco Scotsman Global Finance PLC, 9.00%, 10/15/18	EUR		100		136,460
Ashton Woods USA LLC/Ashton Woods Finance Corp., 6.88%, 2/15/21 (a)	USD		210		207,900
Beazer Homes USA, Inc., 6.63%, 4/15/18			30		31,613
Brookfield Residential Properties, Inc., 6.50%, 12/15/20 (a)			375		383,437
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 7/01/22 (a)			267		263,663
Jarden Corp., 7.50%, 1/15/20	EUR		285		397,410
K. Hovnanian Enterprises, Inc., 7.25%, 10/15/20 (a)	USD		870		917,850
Libbey Glass, Inc., 6.88%, 5/15/20			264		282,150
Pulte Group, Inc., 6.38%, 5/15/33			175		156,625
RPG Byty Sro, 6.75%, 5/01/20	EUR		180		229,571
The Ryland Group, Inc., 6.63%, 5/01/20	USD		315		326,812
Household Durables (concluded)
Spie BondCo 3 SCA, 11.00%, 8/15/19	EUR		276		406,725
Standard Pacific Corp.:
10.75%, 9/15/16	USD		1,185		1,407,187
8.38%, 1/15/21			880		985,600
Taylor Morrison Communities, Inc./Monarch Communities, Inc. (a):
7.75%, 4/15/20			275		300,437
5.25%, 4/15/21			247		233,415
William Lyon Homes, Inc., 8.50%, 11/15/20			275		291,500

					6,958,355
Household Products — 0.7%
Ontex IV SA:
7.50%, 4/15/18	EUR		100		138,794
7.50%, 4/15/18 (a)			130		180,433
9.00%, 4/15/19			313		429,189
Spectrum Brands Escrow Corp. (a):
6.38%, 11/15/20	USD		351		363,285
6.63%, 11/15/22			230		235,750
Spectrum Brands, Inc.:
9.50%, 6/15/18			330		363,000
6.75%, 3/15/20			89		93,895

					1,804,346
Independent Power Producers & Energy Traders — 4.0%
Calpine Corp., 7.50%, 2/15/21 (a)			42		44,520
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.:
6.88%, 8/15/17 (a)			378		382,253
11.25%, 12/01/18 (a)(f)			657		515,848
10.00%, 12/01/20			3,373		3,554,299
10.00%, 12/01/20 (a)			1,700		1,787,125
12.25%, 3/01/22 (a)			1,140		1,268,250
GenOn REMA LLC:
Series B, 9.24%, 7/02/17			86		88,283
Series C, 9.68%, 7/02/26			384		407,040
Laredo Petroleum, Inc.:
9.50%, 2/15/19			445		495,062
7.38%, 5/01/22			345		363,975
NRG Energy, Inc., 7.63%, 1/15/18			1,453		1,609,197
QEP Resources, Inc., 5.38%, 10/01/22			305		291,275

					10,807,127
Industrial Conglomerates — 0.2%
Sequa Corp., 7.00%, 12/15/17 (a)			420		420,000
Insurance — 0.8%
A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub LLC, 7.88%, 12/15/20 (a)			1,035		1,058,288
CNO Financial Group, Inc., 6.38%, 10/01/20 (a)			206		215,270
MPL 2 Acquisition Canco, Inc., 9.88%, 8/15/18 (a)			605		623,150
TMF Group Holding BV, 9.88%, 12/01/19	EUR		100		138,120

					2,034,828
Internet Software & Services — 0.3%
Bankrate, Inc., 6.13%, 8/15/18 (a)	USD		269		265,974
Cerved Technologies SpA:
6.38%, 1/15/20	EUR		100		133,513
8.00%, 1/15/21			100		132,495
VeriSign, Inc., 4.63%, 5/01/23 (a)	USD		255		238,425

					770,407
IT Services — 4.7%
Ceridian Corp.:
11.25%, 11/15/15			115		116,438
8.88%, 7/15/19 (a)			1,540		1,732,500

See Notes to Consolidated Financial Statements.



SEMI-ANNUAL REPORT	AUGUST 31, 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
IT Services (concluded)
Ceridian Corp.(concluded):
11.00%, 3/15/21 (a)	USD		2,405	$	2,777,775
Epicor Software Corp., 8.63%, 5/01/19			510		538,050
First Data Corp. (a):
7.38%, 6/15/19			2,203		2,285,612
8.88%, 8/15/20			495		534,600
6.75%, 11/01/20			1,242		1,269,945
10.63%, 6/15/21			676		671,775
11.75%, 8/15/21			327		305,745
SunGard Data Systems, Inc.:
7.38%, 11/15/18			500		531,250
6.63%, 11/01/19			1,371		1,391,565
WEX, Inc., 4.75%, 2/01/23 (a)			453		412,230

					12,567,485
Machinery — 0.4%
Cleaver-Brooks, Inc., 8.75%, 12/15/19 (a)			300		318,000
DH Services Luxembourg Sarl, 7.75%, 12/15/20 (a)			85		87,763
Navistar International Corp., 8.25%, 11/01/21			335		332,906
SPX Corp., 6.88%, 9/01/17			160		177,200
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 8.75%, 2/01/19 (a)			168		164,220

					1,080,089
Media — 9.7%
AMC Networks, Inc.:
7.75%, 7/15/21			205		226,525
4.75%, 12/15/22			267		250,313
Cablevision Systems Corp., 5.88%, 9/15/22			490		467,950
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.25%, 9/30/22			540		492,750
5.13%, 2/15/23			685		614,788
Cengage Learning Acquisitions, Inc., 11.50%, 4/15/20 (a)(d)(e)			537		393,353
Checkout Holding Corp., 9.91%, 11/15/15 (a)(h)			418		337,535
Cinemark USA, Inc., 5.13%, 12/15/22			232		216,920
Clear Channel Communications, Inc.:
9.00%, 12/15/19 (b)			618		594,825
9.00%, 3/01/21			1,122		1,065,900
Clear Channel Worldwide Holdings, Inc.:
6.50%, 11/15/22			568		563,740
Series B, 7.63%, 3/15/20			883		885,207
Series B, 6.50%, 11/15/22			1,743		1,743,000
DISH DBS Corp.:
4.25%, 4/01/18			485		477,725
5.13%, 5/01/20			827		800,122
5.88%, 7/15/22			600		588,000
DreamWorks Animation SKG, Inc., 6.88%, 8/15/20 (a)			164		168,510
Harron Communications LP/Harron Finance Corp., 9.13%, 4/01/20 (a)			840		911,400
Intelsat Jackson Holdings SA, 5.50%, 8/01/23 (a)			757		702,118
Intelsat Luxembourg SA, 6.75%, 6/01/18 (a)			1,160		1,200,600
Live Nation Entertainment, Inc. (a):
8.13%, 5/15/18			675		737,444
7.00%, 9/01/20			178		185,120
Lynx I Corp., 6.00%, 4/15/21	GBP		930		1,444,824
The McClatchy Co., 9.00%, 12/15/22	USD		502		529,610
Midcontinent Communications & Finance Corp., 6.25%, 8/01/21 (a)			861		863,152
NAI Entertainment Holdings LLC, 8.25%, 12/15/17 (a)			456		493,939
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (a)			316		319,950
Media (concluded)
Nara Cable Funding Ltd., 8.88%, 12/01/18	EUR		200		278,406
Nielsen Finance LLC/Nielsen Finance Co.:
11.63%, 2/01/14			45		46,859
7.75%, 10/15/18			1,111		1,208,212
Odeon & UCI Finco PLC, 9.00%, 8/01/18 (a)	GBP		189		301,680
ProQuest LLC/ProQuest Notes Co., 9.00%, 10/15/18 (a)	USD		166		166,830
ProtoStar I Ltd., 18.00%, 10/15/13 (a)(d)(e)(g)			812		406
RCN Telecom Services LLC/RCN Capital Corp., 8.50%, 8/15/20 (a)			240		237,600
Sirius XM Radio, Inc. (a):
4.25%, 5/15/20			474		433,710
5.75%, 8/01/21			326		319,480
4.63%, 5/15/23			233		205,623
Sterling Entertainment Corp., 10.00%, 12/15/19			800		800,000
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:
7.50%, 3/15/19	EUR		722		1,032,955
5.50%, 1/15/23 (a)	USD		475		432,250
Unitymedia KabelBW GmbH, 9.50%, 3/15/21	EUR		385		577,401
Univision Communications, Inc. (a):
8.50%, 5/15/21	USD		266		287,945
6.75%, 9/15/22			112		116,200
5.13%, 5/15/23			648		611,550
UPCB Finance II Ltd.:
6.38%, 7/01/20 (a)	EUR		753		1,043,818
6.38%, 7/01/20			100		138,621
WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 9/01/20 (a)	USD		329		340,515

					25,855,381
Metals & Mining — 3.6%
ArcelorMittal:
9.50%, 2/15/15			300		329,250
4.25%, 8/05/15			268		276,040
4.25%, 3/01/16			125		127,500
5.00%, 2/25/17			340		347,650
6.13%, 6/01/18			305		314,150
Eco-Bat Finance PLC, 7.75%, 2/15/17	EUR		435		586,416
FMG Resources August 2006 Property Ltd. (a):
6.38%, 2/01/16			925		947,715
6.00%, 4/01/17	USD		1,251		1,272,892
Global Brass & Copper, Inc., 9.50%, 6/01/19 (a)			275		299,750
Kaiser Aluminum Corp., 8.25%, 6/01/20			205		228,575
New Gold, Inc., 6.25%, 11/15/22 (a)			275		263,313
Novelis, Inc., 8.75%, 12/15/20			2,815		3,061,312
Peninsula Energy Ltd., 0.00%, 12/14/14			500		500,000
Perstorp Holding AB, 8.75%, 5/15/17 (a)			205		209,613
Steel Dynamics, Inc., 6.38%, 8/15/22			225		234,563
Taseko Mines Ltd., 7.75%, 4/15/19			385		379,225
Vedanta Resources PLC, 8.25%, 6/07/21 (a)			245		230,300

					9,608,264
Multiline Retail — 0.4%
Dollar General Corp., 4.13%, 7/15/17			727		763,429
Dufry Finance SCA, 5.50%, 10/15/20 (a)			203		207,172

					970,601
Oil, Gas & Consumable Fuels — 9.1%
Access Midstream Partners LP/ACMP Finance Corp.:
5.88%, 4/15/21			273		280,507
6.13%, 7/15/22			250		256,875
4.88%, 5/15/23			411		382,230

See Notes to Consolidated Financial Statements.



18	SEMI-ANNUAL REPORT	AUGUST 31, 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 (continued)
Alpha Appalachia Holdings, Inc., 3.25%, 8/01/15 (g)	USD		817	$	749,087
Athlon Holdings LP/Athlon Finance Corp., 7.38%, 4/15/21 (a)			175		176,750
Aurora USA Oil & Gas, Inc. (a):
9.88%, 2/15/17			610		643,550
7.50%, 4/01/20			305		301,950
Bonanza Creek Energy, Inc., 6.75%, 4/15/21			78		79,365
BreitBurn Energy Partners LP/BreitBurn Finance Corp., 7.88%, 4/15/22			235		232,650
Carrizo Oil & Gas, Inc., 7.50%, 9/15/20			215		226,825
Chaparral Energy, Inc., 7.63%, 11/15/22			205		205,513
Chesapeake Energy Corp.:
7.25%, 12/15/18			110		124,575
6.63%, 8/15/20			77		82,583
6.88%, 11/15/20			248		268,460
6.13%, 2/15/21			69		71,760
Concho Resources, Inc.:
7.00%, 1/15/21			75		82,313
6.50%, 1/15/22			270		286,200
5.50%, 10/01/22			333		325,507
5.50%, 4/01/23			67		64,990
CONSOL Energy, Inc.:
8.00%, 4/01/17			388		409,340
8.25%, 4/01/20			285		302,100
Continental Resources, Inc., 7.13%, 4/01/21			340		372,300
Crosstex Energy LP/Crosstex Energy Finance Corp., 8.88%, 2/15/18			140		148,750
Crown Oil Partners IV LP, 15.00%, 3/07/15			568		591,110
CrownRock LP/CrownRock Finance, Inc., 7.13%, 4/15/21 (a)			314		310,860
Denbury Resources, Inc., 4.63%, 7/15/23			708		631,890
Energy XXI Gulf Coast, Inc.:
9.25%, 12/15/17			430		478,375
7.75%, 6/15/19			490		509,600
EP Energy LLC/EP Energy Finance, Inc., 9.38%, 5/01/20			195		214,500
EP Energy LLC/Everest Acquisition Finance, Inc., 6.88%, 5/01/19			315		334,687
EV Energy Partners LP/EV Energy Finance Corp., 8.00%, 4/15/19			140		140,000
Halcon Resources Corp., 8.88%, 5/15/21			384		384,960
Hilcorp Energy I LP/Hilcorp Finance Corp., 7.63%, 4/15/21 (a)			243		258,795
Holly Energy Partners LP/Holly Energy Finance Corp., 6.50%, 3/01/20			145		149,350
Kodiak Oil & Gas Corp.:
8.13%, 12/01/19			320		350,400
5.50%, 2/01/22 (a)			148		142,820
Legacy Reserves LP/Legacy Reserves Finance Corp., 6.63%, 12/01/21 (a)			140		133,000
Lightstream Resources Ltd., 8.63%, 2/01/20 (a)			237		225,150
Linn Energy LLC/Linn Energy Finance Corp.:
6.50%, 5/15/19			41		38,540
6.25%, 11/01/19 (a)			649		597,080
8.63%, 4/15/20			710		713,550
7.75%, 2/01/21			55		53,350
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.:
6.25%, 6/15/22			147		153,615
4.50%, 7/15/23			225		204,750
Memorial Production Partners LP/Memorial Production Finance Corp., 7.63%, 5/01/21			181		174,665
Newfield Exploration Co., 6.88%, 2/01/20			715		748,962
Northern Oil & Gas, Inc., 8.00%, 6/01/20			285		289,275
Oil, Gas & Consumable Fuels (concluded)
Oasis Petroleum, Inc.:
7.25%, 2/01/19	USD		185		196,100
6.50%, 11/01/21			270		283,500
Offshore Group Investment Ltd., 7.13%, 4/01/23			388		373,450
Pacific Drilling SA, 5.38%, 6/01/20 (a)			373		359,945
PBF Holding Co. LLC/PBF Finance Corp., 8.25%, 2/15/20			89		91,003
PDC Energy, Inc., 7.75%, 10/15/22			190		199,500
Penn Virginia Corp., 8.50%, 5/01/20			184		184,000
Petrobras Global Finance BV, 3.00%, 1/15/19			320		294,339
Petroleum Geo-Services ASA, 7.38%, 12/15/18 (a)			730		799,350
Range Resources Corp.:
8.00%, 5/15/19			345		370,875
6.75%, 8/01/20			111		119,603
5.75%, 6/01/21			896		938,560
5.00%, 8/15/22			296		289,340
5.00%, 3/15/23			157		153,468
Regency Energy Partners LP/Regency Energy Finance Corp., 6.88%, 12/01/18			107		114,758
RKI Exploration & Production LLC/RKI Finance Corp., 8.50%, 8/01/21 (a)			116		116,000
Rosetta Resources, Inc., 5.63%, 5/01/21			245		236,425
Sabine Pass Liquefaction LLC (a):
5.63%, 2/01/21			1,074		1,025,670
5.63%, 4/15/23			309		286,597
Sabine Pass LNG LP:
7.50%, 11/30/16			1,595		1,756,494
6.50%, 11/01/20 (a)			300		301,500
SandRidge Energy, Inc.:
8.75%, 1/15/20			28		29,260
7.50%, 2/15/23			277		267,997
SESI LLC, 6.38%, 5/01/19			188		197,870
Seven Generations Energy Ltd., 8.25%, 5/15/20 (a)			93		95,325
SM Energy Co.:
6.63%, 2/15/19			192		200,640
6.50%, 11/15/21			240		252,000
6.50%, 1/01/23			283		291,490
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 7.50%, 7/01/21 (a)			260		263,900
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.88%, 10/01/20 (a)			142		141,645
Vanguard Natural Resources LLC/VNR Finance Corp., 7.88%, 4/01/20			250		253,125

					24,387,193
Paper & Forest Products — 0.6%
Ainsworth Lumber Co. Ltd., 7.50%, 12/15/17 (a)			292		308,060
Boise Paper Holdings LLC/Boise Co-Issuer Co., 8.00%, 4/01/20			105		112,612
Boise Paper Holdings LLC/Boise Finance Co., 9.00%, 11/01/17			55		57,888
Clearwater Paper Corp.:
7.13%, 11/01/18			535		575,125
4.50%, 2/01/23			40		36,200
NewPage Corp., 11.38%, 12/31/14 (d)(e)			1,785		—
Sappi Papier Holding GmbH (a):
8.38%, 6/15/19			200		209,000
6.63%, 4/15/21			120		111,600
Unifrax I LLC/Unifrax Holding Co., 7.50%, 2/15/19 (a)			240		240,600

					1,651,085

See Notes to Consolidated Financial Statements.



SEMI-ANNUAL REPORT	AUGUST 31, 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
Pharmaceuticals — 2.2%
Capsugel Finance Co. SCA:
9.88%, 8/01/19	EUR		100	$	146,042
9.88%, 8/01/19 (a)			200		292,085
Jaguar Holding Co. II/Jaguar Merger Sub, Inc., 9.50%, 12/01/19 (a)	USD		600		678,000
Valeant Pharmaceuticals International (a):
6.88%, 12/01/18			841		891,460
6.38%, 10/15/20			248		252,030
6.75%, 8/15/21			412		424,360
VPII Escrow Corp. (a):
6.75%, 8/15/18			2,255		2,387,481
7.50%, 7/15/21			136		145,520
Warner Chilcott Co. LLC/Warner Chilcott Finance LLC, 7.75%, 9/15/18			565		617,263

					5,834,241
Professional Services — 0.3%
La Financiere Atalian SA, 7.25%, 1/15/20	EUR		120		154,633
Truven Health Analytics, Inc., 10.63%, 6/01/20	USD		470		499,375

					654,008
Real Estate Investment Trusts (REITs) — 0.7%
Cantor Commercial Real Estate Co. LP/CCRE Finanace Corp., 7.75%, 2/15/18 (a)			261		266,872
Felcor Lodging LP:
6.75%, 6/01/19			934		978,365
5.63%, 3/01/23			235		218,550
Host Hotels & Resorts LP, 2.50%, 10/15/29 (a)(g)			110		149,875
iStar Financial, Inc., 4.88%, 7/01/18			375		363,750

					1,977,412
Real Estate Management & Development — 2.4%
CBRE Services, Inc., 6.63%, 10/15/20			310		329,375
Crescent Resources LLC/Crescent Ventures, Inc., 10.25%, 8/15/17 (a)			785		843,875
Realogy Corp. (a):
7.88%, 2/15/19			2,165		2,354,437
7.63%, 1/15/20			465		520,800
9.00%, 1/15/20			305		352,275
Realogy Group LLC/Sunshine Group Florida Ltd., 3.38%, 5/01/16 (a)			311		308,668
Shea Homes LP/Shea Homes Funding Corp., 8.63%, 5/15/19			1,290		1,415,775
Woodside Homes Co. LLC/Woodside Homes Finance, Inc., 6.75%, 12/15/21 (a)			415		412,925

					6,538,130
Road & Rail — 0.7%
The Hertz Corp.: