UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-07456
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: Anne F. Ackerley, Chief Executive Officer, BlackRock Senior High Income Fund, Inc., 55 East 52nd Street, New York, NY 10055.
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 02/28/2011
Date of reporting period: 05/31/2010
Item 1 – Schedule of Investments
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Schedule of Investments May 31, 2010 (Unaudited) |
BlackRock Senior High Income Fund, Inc. (ARK) |
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(Percentages shown are based on Net Assets) |
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Common Stocks (a) |
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Shares |
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Value |
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Auto Components – 0.1% |
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Lear Corp. |
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5,425 |
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$ |
367,110 |
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Building Products — 0.3% |
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Masonite Worldwide Holdings |
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15,842 |
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708,930 |
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Capital Markets — 0.2% |
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E*Trade Financial Corp. |
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271,000 |
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401,080 |
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Chemicals — 0.0% |
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GEO Specialty Chemicals, Inc. |
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142,466 |
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54,693 |
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Wellman Holdings, Inc. |
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5,131 |
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256 |
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54,949 |
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Construction Materials — 0.1% |
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Nortek, Inc. |
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2,570 |
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115,650 |
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Containers & Packaging — 0.1% |
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Smurfit Kappa Plc |
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18,171 |
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138,826 |
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Metals & Mining — 0.1% |
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Euramax International |
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935 |
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186,980 |
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Paper & Forest Products — 1.2% |
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Ainsworth Lumber Co. Ltd. |
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366,934 |
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1,283,083 |
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Ainsworth Lumber Co. Ltd. (b) |
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421,556 |
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1,474,084 |
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2,757,167 |
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Software — 0.4% |
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HMH Holdings/EduMedia |
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153,615 |
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960,092 |
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Total Common Stocks – 2.5% |
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5,690,784 |
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Corporate Bonds |
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Par |
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Aerospace & Defense — 1.2% |
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Bombardier, Inc., 7.75%, |
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USD |
900 |
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911,250 |
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Kratos Defense & Security |
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600 |
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594,000 |
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TransDigm, Inc., 7.75%, |
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1,100 |
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1,100,000 |
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2,605,250 |
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Airlines — 0.5% |
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Delta Air Lines, Inc., Series B, |
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500 |
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541,250 |
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United Air Lines, Inc., 12.75%, |
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600 |
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637,500 |
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1,178,750 |
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Auto Components — 3.1% |
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The Goodyear Tire & Rubber Co., |
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4,000 |
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4,110,000 |
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Corporate Bonds |
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Par |
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Value |
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Auto Components (concluded) |
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Icahn Enterprises LP (b): |
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7.75%, 1/15/16 |
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USD |
750 |
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$ |
705,000 |
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8.00%, 1/15/18 |
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2,100 |
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1,974,000 |
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Venture Holdings Co. LLC (a)(c): |
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12.00%, 6/01/09 |
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700 |
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— |
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Series B, 9.50%, 7/01/05 |
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3,325 |
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333 |
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6,789,333 |
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Biotechnology — 0.1% |
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QHP Pharma, 10.25%, |
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302 |
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305,716 |
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Building Products — 2.9% |
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Building Materials Corp. of |
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675 |
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668,250 |
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CPG International I, Inc.: |
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7.18%, 7/01/12 (d) |
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3,500 |
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3,447,500 |
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10.50%, 7/01/13 |
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1,500 |
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1,515,000 |
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Ply Gem Industries, Inc., 11.75%, |
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725 |
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743,125 |
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6,373,875 |
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Chemicals — 3.5% |
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American Pacific Corp., 9.00%, |
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610 |
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597,038 |
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CF Industries, Inc., 6.88%, |
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770 |
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770,962 |
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GEO Specialty Chemicals, Inc.: |
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7.50%, 3/31/15 (b)(e)(f) |
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1,869 |
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1,214,605 |
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10.00%, 3/31/15 |
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1,839 |
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1,195,168 |
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Huntsman International LLC, |
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495 |
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430,650 |
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LBI Escrow Corp., 8.00%, |
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850 |
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864,875 |
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Wellman Holdings, Inc., |
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(Second Lien), 10.00%, |
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2,383 |
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2,073,210 |
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(Third Lien), 5.00%, 1/29/19 (e) |
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1,639 |
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639,352 |
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7,785,860 |
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Commercial Services & Supplies — 1.3% |
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ACCO Brands Corp., 10.63%, |
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365 |
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395,113 |
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Clean Harbors, Inc., 7.63%, |
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700 |
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717,500 |
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The Geo Group, Inc., 7.75%, |
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450 |
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448,313 |
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RSC Equipment Rental, Inc., |
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550 |
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591,937 |
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Portfolio Abbreviations |
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To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list: |
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CAD |
Canadian Dollar |
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FKA |
Formerly Known As |
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MSCI |
Morgan Stanley Capital International |
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USD |
US Dollar |
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BLACKROCK SENIOR HIGH INCOME FUND, INC. |
MAY 31, 2010 |
1 |
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Schedule of Investments (continued) |
BlackRock Senior High Income Fund, Inc. (ARK) |
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(Percentages shown are based on Net Assets) |
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Corporate Bonds |
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Par |
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Value |
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Commercial Services & Supplies |
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Scientific Games International, |
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USD |
655 |
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$ |
676,287 |
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2,829,150 |
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Construction Materials — 1.2% |
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Nortek, Inc., 11.00%, 12/01/13 |
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2,581 |
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2,684,679 |
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Consumer Finance — 1.2% |
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Credit Acceptance Corp., 9.13%, |
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300 |
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303,000 |
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Ford Motor Credit Co. LLC, 3.05%, |
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1,340 |
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1,286,400 |
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Inmarsat Finance Plc, 7.38%, |
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1,150 |
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1,147,125 |
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2,736,525 |
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Containers & Packaging — 2.9% |
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Ball Corp., 6.75%, 9/15/20 |
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325 |
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316,063 |
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Berry Plastics Corp., 8.25%, |
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1,100 |
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1,080,750 |
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Clondalkin Acquisition BV, 2.26%, |
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2,000 |
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1,887,500 |
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Crown Americas LLC, 7.63%, |
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400 |
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402,000 |
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Graphic Packaging International, |
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555 |
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577,200 |
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Packaging Dynamics Finance |
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1,325 |
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1,134,531 |
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Smurfit Kappa Funding Plc, |
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1,050 |
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1,022,437 |
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6,420,481 |
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Diversified Financial Services — 5.3% |
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CIT Group, Inc., 7.00%, 5/01/17 |
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4,845 |
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4,372,612 |
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GMAC, Inc., 8.30%, 2/12/15 (b) |
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4,700 |
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4,717,625 |
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Highland Legacy Ltd., 6.59%, |
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4,000 |
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1,800,000 |
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Reynolds Group DL Escrow, Inc., |
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955 |
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945,450 |
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11,835,687 |
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Diversified Telecommunication Services — 3.1% |
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Cincinnati Bell, Inc., 8.25%, |
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900 |
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848,250 |
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ITC Deltacom, Inc., 10.50%, |
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900 |
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864,000 |
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New Communications Holdings, |
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1,460 |
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1,445,400 |
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Nordic Telephone Co. Holdings |
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180 |
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184,500 |
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Qwest Corp., 8.38%, 5/01/16 |
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3,000 |
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3,255,000 |
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TW Telecom Holdings, Inc., 8.00%, |
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230 |
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230,575 |
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6,827,725 |
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Corporate Bonds |
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Par |
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Value |
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Electric Utilities — 0.4% |
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NSG Holdings LLC, 7.75%, |
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USD |
1,000 |
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$ |
895,000 |
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Energy Equipment & Services — 0.4% |
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Expro Finance Luxembourg SCA, |
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1,000 |
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970,000 |
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Food & Staples Retailing — 0.4% |
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Rite Aid Corp., 9.75%, 6/12/16 |
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825 |
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875,531 |
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Food Products — 0.9% |
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B&G Foods, Inc., 7.63%, 1/15/18 |
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500 |
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498,750 |
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Bumble Bee Foods LLC, 7.75%, |
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|
380 |
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|
378,100 |
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Smithfield Foods, Inc., 10.00%, |
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1,050 |
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1,124,156 |
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2,001,006 |
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Health Care Equipment & Supplies — 0.6% |
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DJO Finance LLC, 10.88%, |
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|
710 |
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|
738,400 |
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Hologic, Inc., 2.00%, |
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|
830 |
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|
708,613 |
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1,447,013 |
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Health Care Providers & Services — 2.1% |
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American Renal Holdings, 8.38%, |
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|
245 |
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|
238,263 |
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DaVita, Inc., 7.25%, 3/15/15 |
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|
525 |
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|
522,375 |
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HCA, Inc.: |
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8.50%, 4/15/19 |
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|
210 |
|
|
219,450 |
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7.25%, 9/15/20 (b) |
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|
405 |
|
|
403,988 |
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Tenet Healthcare Corp. (b): |
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|
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10.00%, 5/01/18 |
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|
850 |
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|
931,812 |
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8.88%, 7/01/19 |
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|
2,230 |
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|
2,338,712 |
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4,654,600 |
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Health Care Technology — 0.8% |
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|
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IMS Health, Inc., 12.50%, |
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|
1,580 |
|
|
1,813,050 |
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|
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Hotels, Restaurants & Leisure — 0.9% |
|
|
|
|
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|
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Little Traverse Bay Bands of |
|
|
1,210 |
|
|
400,813 |
|
|
MGM Mirage: |
|
|
|
|
|
|
|
|
13.00%, 11/15/13 |
|
|
80 |
|
|
91,200 |
|
|
10.38%, 5/15/14 (b) |
|
|
720 |
|
|
765,000 |
|
|
11.13%, 11/15/17 (b) |
|
|
750 |
|
|
811,875 |
|
|
Tropicana Entertainment LLC, |
|
|
220 |
|
|
297 |
|
|
|
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2,069,185 |
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Household Durables — 1.1% |
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|
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|
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Beazer Homes USA, Inc., 12.00%, |
|
|
1,000 |
|
|
1,110,000 |
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||
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2 |
BLACKROCK SENIOR HIGH INCOME FUND, INC. |
MAY 31, 2010 |
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|
|
Schedule of Investments (continued) |
BlackRock Senior High Income Fund, Inc. (ARK) |
|
|
(Percentages shown are based on Net Assets) |
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|
|
|
|
|
|
|
|
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Corporate Bonds |
|
Par |
|
Value |
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||
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|
|
|
|
|
|
|
|
|
Household Durables (concluded) |
|
|
|
|
|
|
|
|
K. Hovnanian Enterprises, Inc., |
|
USD |
1,200 |
|
$ |
1,227,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,337,000 |
|
|
|
|
|
|
|
|
|
|
|
Independent Power Producers & Energy Traders — 3.3% |
|
|
|
|
|
|
|
|
The AES Corp., 8.75%, |
|
|
139 |
|
|
141,085 |
|
|
AES Eastern Energy LP, Series 99- |
|
|
570 |
|
|
619,875 |
|
|
Calpine Construction Finance Co. |
|
|
1,600 |
|
|
1,616,000 |
|
|
Dynegy Holdings, Inc., 8.38%, |
|
|
1,260 |
|
|
1,039,500 |
|
|
Energy Future Holdings Corp., |
|
|
589 |
|
|
375,312 |
|
|
NRG Energy, Inc.: |
|
|
|
|
|
|
|
|
7.25%, 2/01/14 |
|
|
3,000 |
|
|
2,962,500 |
|
|
8.50%, 6/15/19 |
|
|
500 |
|
|
483,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,238,022 |
|
|
|
|
|
|
|
|
|
|
|
Industrial Conglomerates — 1.5% |
|
|
|
|
|
|
|
|
Sequa Corp. (b): |
|
|
|
|
|
|
|
|
11.75%, 12/01/15 |
|
|
1,430 |
|
|
1,430,000 |
|
|
13.50%, 12/01/15 (e) |
|
|
1,930 |
|
|
1,966,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,396,164 |
|
|
|
|
|
|
|
|
|
|
|
Machinery — 1.7% |
|
|
|
|
|
|
|
|
ESCO Corp., 4.13%, |
|
|
1,540 |
|
|
1,418,725 |
|
|
Navistar International Corp., |
|
|
1,500 |
|
|
1,500,000 |
|
|
Titan International, Inc., 8.00%, |
|
|
770 |
|
|
806,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,725,300 |
|
|
|
|
|
|
|
|
|
|
|
Media — 7.7% |
|
|
|
|
|
|
|
|
Affinion Group, Inc., 10.13%, |
|
|
1,455 |
|
|
1,480,463 |
|
|
CCO Holdings LLC, 7.88%, |
|
|
1,075 |
|
|
1,054,844 |
|
|
CSC Holdings, Inc., 8.50%, |
|
|
390 |
|
|
405,600 |
|
|
Clear
Channel Worldwide |
|
|
|
|
|
|
|
|
Series A, 9.25%, 12/15/17 |
|
|
340 |
|
|
344,250 |
|
|
Series B, 9.25%, 12/15/17 |
|
|
2,757 |
|
|
2,805,247 |
|
|
DISH DBS Corp.: |
|
|
|
|
|
|
|
|
7.00%, 10/01/13 |
|
|
850 |
|
|
862,750 |
|
|
6.63%, 10/01/14 |
|
|
750 |
|
|
738,750 |
|
|
Gannett Co., Inc., 9.38%, |
|
|
530 |
|
|
555,175 |
|
|
Intelsat Corp., 9.25%, 8/15/14 |
|
|
3,500 |
|
|
3,561,250 |
|
|
McClatchy Co., 11.50%, |
|
|
745 |
|
|
748,725 |
|
|
Nielsen Finance LLC, 11.63%, |
|
|
1,000 |
|
|
1,070,000 |
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
||
|
Media (concluded) |
|
|
|
|
|
|
|
|
UPC Germany GmbH, 8.13%, |
|
USD |
1,500 |
|
$ |
1,470,000 |
|
|
Virgin Media Secured Finance Plc, |
|
|
2,075 |
|
|
2,038,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,135,741 |
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining — 1.0% |
|
|
|
|
|
|
|
|
Aleris International, Inc., 9.00%, |
|
|
840 |
|
|
2,100 |
|
|
Murray Energy Corp., 10.25%, |
|
|
420 |
|
|
417,900 |
|
|
RathGibson, Inc., 11.25%, |
|
|
2,175 |
|
|
26,100 |
|
|
Ryerson, Inc., 7.72%, |
|
|
1,800 |
|
|
1,676,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,122,350 |
|
|
|
|
|
|
|
|
|
|
|
Multiline Retail — 0.8% |
|
|
|
|
|
|
|
|
Dollar General Corp.: |
|
|
|
|
|
|
|
|
10.63%, 7/15/15 |
|
|
660 |
|
|
719,400 |
|
|
11.88%, 7/15/17 (e) |
|
|
948 |
|
|
1,075,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,795,380 |
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels — 4.1% |
|
|
|
|
|
|
|
|
Arch Coal, Inc., 8.75%, |
|
|
140 |
|
|
142,800 |
|
|
Atlas Energy Operating Co. LLC: |
|
|
|
|
|
|
|
|
12.13%, 8/01/17 |
|
|
825 |
|
|
915,750 |
|
|
10.75%, 2/01/18 |
|
|
200 |
|
|
212,000 |
|
|
Coffeyville Resources LLC, 9.00%, |
|
|
260 |
|
|
257,400 |
|
|
Consol Energy, Inc., 8.25%, |
|
|
900 |
|
|
919,125 |
|
|
Crosstex Energy LP, 8.88%, |
|
|
330 |
|
|
325,050 |
|
|
Denbury Resources, Inc.: |
|
|
|
|
|
|
|
|
9.75%, 3/01/16 |
|
|
520 |
|
|
555,100 |
|
|
8.25%, 2/15/20 |
|
|
351 |
|
|
362,407 |
|
|
El Paso Corp., 7.00%, 6/15/17 |
|
|
775 |
|
|
757,001 |
|
|
Forest Oil Corp.: |
|
|
|
|
|
|
|
|
8.50%, 2/15/14 |
|
|
280 |
|
|
287,700 |
|
|
7.25%, 6/15/19 |
|
|
85 |
|
|
80,006 |
|
|
Massey Energy Co., 6.88%, |
|
|
800 |
|
|
768,000 |
|
|
OPTI Canada, Inc., 9.00%, |
|
|
1,000 |
|
|
1,005,000 |
|
|
Sabine Pass LNG LP, 7.50%, |
|
|
2,985 |
|
|
2,477,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,064,889 |
|
|
|
|
|
|
|
|
|
|
|
Paper & Forest Products — 1.8% |
|
|
|
|
|
|
|
|
Ainsworth Lumber Co. Ltd., |
|
|
1,323 |
|
|
1,220,557 |
|
|
Clearwater Paper Corp., 10.63%, |
|
|
365 |
|
|
400,587 |
|
|
Georgia-Pacific LLC, 8.25%, |
|
|
1,630 |
|
|
1,695,200 |
|
|
|
|
|
|
|
|
|||
|
|
BLACKROCK SENIOR HIGH INCOME FUND, INC. |
MAY 31, 2010 |
3 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Senior High Income Fund, Inc. (ARK) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Paper & Forest Products (concluded) |
|
|
|
|
|
|
|
|
Verso Paper Holdings LLC: |
|
|
|
|
|
|
|
|
11.50%, 7/01/14 (b) |
|
USD |
315 |
|
$ |
336,263 |
|
|
Series B, 4.09%, 8/01/14 (d) |
|
|
485 |
|
|
403,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,056,369 |
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals — 0.3% |
|
|
|
|
|
|
|
|
Angiotech Pharmaceuticals, Inc., |
|
|
955 |
|
|
744,900 |
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts (REITs) — 0.2% |
|
|
|
|
|
|
|
|
Omega Healthcare Investors, Inc., |
|
|
530 |
|
|
524,700 |
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment — 0.3% |
|
|
|
|
|
|
|
|
Advanced Micro Devices, Inc., |
|
|
125 |
|
|
122,656 |
|
|
STATS ChipPAC Ltd.: |
|
|
|
|
|
|
|
|
7.50%, 7/19/10 |
|
|
150 |
|
|
150,188 |
|
|
6.75%, 11/15/11 |
|
|
330 |
|
|
329,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
602,431 |
|
|
|
|
|
|
|
|
|
|
|
Specialty Retail — 0.4% |
|
|
|
|
|
|
|
|
United Auto Group, Inc., 7.75%, |
|
|
845 |
|
|
796,413 |
|
|
|
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods — 1.3% |
|
|
|
|
|
|
|
|
Phillips-Van Heusen Corp.: |
|
|
|
|
|
|
|
|
7.38%, 5/15/20 |
|
|
485 |
|
|
487,425 |
|
|
7.75%, 11/15/23 |
|
|
215 |
|
|
227,928 |
|
|
Quiksilver, Inc., 6.88%, 4/15/15 |
|
|
2,525 |
|
|
2,209,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,924,728 |
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services — 3.4% |
|
|
|
|
|
|
|
|
Cricket Communications, Inc.: |
|
|
|
|
|
|
|
|
10.00%, 7/15/15 |
|
|
140 |
|
|
143,500 |
|
|
7.75%, 5/15/16 |
|
|
1,770 |
|
|
1,796,550 |
|
|
Digicel Group Ltd., 12.00%, |
|
|
800 |
|
|
888,000 |
|
|
MetroPCS Wireless, Inc.: |
|
|
|
|
|
|
|
|
9.25%, 11/01/14 |
|
|
2,000 |
|
|
2,040,000 |
|
|
9.25%, 11/01/14 |
|
|
10 |
|
|
10,300 |
|
|
Nextel Communications, Inc.: |
|
|
|
|
|
|
|
|
Series E, 6.88%, 10/31/13 |
|
|
1,340 |
|
|
1,283,050 |
|
|
Series F, 5.95%, 3/15/14 |
|
|
100 |
|
|
92,250 |
|
|
Orascom Telecom Finance SCA, |
|
|
395 |
|
|
355,500 |
|
|
Sprint Capital Corp.: |
|
|
|
|
|
|
|
|
7.63%, 1/30/11 |
|
|
220 |
|
|
223,850 |
|
|
8.38%, 3/15/12 |
|
|
325 |
|
|
334,750 |
|
|
6.88%, 11/15/28 |
|
|
370 |
|
|
307,562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,475,312 |
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds – 61.7% |
|
|
|
|
|
137,038,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Floating Rate Loan Interests (d) |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense — 0.3% |
|
|
|
|
|
|
|
|
Hawker Beechcraft Acquisition Co., LLC: |
|
|
|
|
|
|
|
|
Letter of Credit Facility |
|
USD |
52 |
|
$ |
42,317 |
|
|
Term Loan, 2.29% - 2.35%, |
|
|
868 |
|
|
713,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
755,772 |
|
|
|
|
|
|
|
|
|
|
|
Airlines — 0.5% |
|
|
|
|
|
|
|
|
Delta Air Lines, Inc., Credit-Linked |
|
|
1,213 |
|
|
1,157,937 |
|
|
|
|
|
|
|
|
|
|
|
Auto Components — 3.4% |
|
|
|
|
|
|
|
|
Affinion Group Holdings, Inc.: |
|
|
|
|
|
|
|
|
Loan, 7.89%, 3/01/12 |
|
|
1,479 |
|
|
1,391,851 |
|
|
Term Loan B, 5.00%, 4/08/16 |
|
|
750 |
|
|
717,188 |
|
|
Allison Transmission, Inc., Term |
|
|
4,981 |
|
|
4,516,024 |
|
|
Dana Holding Corp., Term |
|
|
598 |
|
|
574,366 |
|
|
The Goodyear Tire & Rubber Co., |
|
|
300 |
|
|
276,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,475,742 |
|
|
|
|
|
|
|
|
|
|
|
Automobiles — 0.7% |
|
|
|
|
|
|
|
|
Ford Motor Co.: |
|
|
|
|
|
|
|
|
Tranche B-1 Term Loan, |
|
|
1,160 |
|
|
1,080,186 |
|
|
Tranche B-2 Term Loan, |
|
|
595 |
|
|
552,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,632,276 |
|
|
|
|
|
|
|
|
|
|
|
Beverages — 0.6% |
|
|
|
|
|
|
|
|
SW Acquisitions Co., Inc., Term |
|
|
1,447 |
|
|
1,442,354 |
|
|
|
|
|
|
|
|
|
|
|
Building Products — 1.2% |
|
|
|
|
|
|
|
|
Building Materials Corp. of |
|
|
1,220 |
|
|
1,178,034 |
|
|
Goodman Global, Inc., Term Loan, |
|
|
1,523 |
|
|
1,521,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,699,136 |
|
|
|
|
|
|
|
|
|
|
|
Chemicals — 4.0% |
|
|
|
|
|
|
|
|
CF Industries Holdings, Inc., Bridge |
|
|
2,210 |
|
|
2,207,635 |
|
|
Chemtura Corp., Debtor in |
|
|
800 |
|
|
801,500 |
|
|
Gentek Holding, LLC, Tranche B |
|
|
399 |
|
|
398,751 |
|
|
Nalco Co., Term Loan, 6.50%, |
|
|
1,017 |
|
|
1,016,465 |
|
|
PQ Corp., Term Loan (First Lien), |
|
|
2,521 |
|
|
2,291,065 |
|
|
|
|
|
|
|
||
|
4 |
BLACKROCK SENIOR HIGH INCOME FUND, INC. |
MAY 31, 2010 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Senior High Income Fund, Inc. (ARK) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Floating Rate Loan Interests (d) |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Chemicals (concluded) |
|
|
|
|
|
|
|
|
Rockwood Specialties Group, Inc., |
|
USD |
878 |
|
$ |
876,604 |
|
|
Solutia, Inc., Term Loan, 4.75%, |
|
|
1,250 |
|
|
1,247,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,839,936 |
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies — 2.2% |
|
|
|
|
|
|
|
|
ARAMARK Corp.: |
|
|
|
|
|
|
|
|
Facility Letter of Credit, |
|
|
23 |
|
|
21,862 |
|
|
Line of Credit, 3.60%, |
|
|
41 |
|
|
39,974 |
|
|
Term Loan B, 3.54%, 7/26/16 |
|
|
628 |
|
|
607,832 |
|
|
US Term Loan, 2.17%, |
|
|
349 |
|
|
332,430 |
|
|
Adesa, Inc. (KAR Holdings, Inc.), |
|
|
611 |
|
|
579,618 |
|
|
Casella Waste Systems, Inc., Term |
|
|
218 |
|
|
217,804 |
|
|
International Lease Finance Corp.: |
|
|
|
|
|
|
|
|
Term Loan 1, 6.75%, 2/23/15 |
|
|
1,100 |
|
|
1,074,150 |
|
|
Term Loan 2, 7.00%, 3/05/16 |
|
|
950 |
|
|
924,350 |
|
|
Synagro Technologies, Inc., Term |
|
|
423 |
|
|
380,015 |
|
|
West Corp., Incremental Term B-3 |
|
|
767 |
|
|
765,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,943,871 |
|
|
|
|
|
|
|
|
|
|
|
Construction & Engineering — 0.9% |
|
|
|
|
|
|
|
|
Brand Energy & Infrastructure |
|
|
500 |
|
|
447,500 |
|
|
Safway Services, LLC, First Out |
|
|
1,500 |
|
|
1,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,947,500 |
|
|
|
|
|
|
|
|
|
|
|
Consumer Finance — 1.1% |
|
|
|
|
|
|
|
|
American General Finance Corp., |
|
|
2,500 |
|
|
2,420,000 |
|
|
|
|
|
|
|
|
|
|
|
Containers & Packaging — 0.7% |
|
|
|
|
|
|
|
|
Anchor Glass Container Corp., |
|
|
418 |
|
|
413,383 |
|
|
BWAY Corp.: |
|
|
|
|
|
|
|
|
Term Loan, 5.50%, 5/21/17 |
|
|
731 |
|
|
727,478 |
|
|
Term Loan Canada, 5.50%, |
|
|
69 |
|
|
68,388 |
|
|
Berry Plastics Holding Corp., Term |
|
|
497 |
|
|
445,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,654,731 |
|
|
|
|
|
|
|
|
|
|
|
Diversified Consumer Services — 2.1% |
|
|
|
|
|
|
|
|
Coinmach Service Corp., Term |
|
|
1,960 |
|
|
1,703,888 |
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Loan Interests (d) |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Diversified Consumer Services (concluded) |
|
|
|
|
|
|
|
|
Laureate Education, Series A New |
|
USD |
2,953 |
|
$ |
2,916,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,620,300 |
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services — 1.3% |
|
|
|
|
|
|
|
|
MSCI, Inc., Term Loan B, 4.75%, |
|
|
1,175 |
|
|
1,170,594 |
|
|
Reynolds Group Holdings, Inc.: |
|
|
|
|
|
|
|
|
Term Loan (First Lien), 5.75%, |
|
|
800 |
|
|
794,000 |
|
|
US Term Loan, |
|
|
894 |
|
|
880,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,844,808 |
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services — 0.9% |
|
|
|
|
|
|
|
|
Level 3 Communications, |
|
|
1,225 |
|
|
1,101,188 |
|
|
US Telepacific Corp., Term Loan |
|
|
400 |
|
|
399,250 |
|
|
Wind Telecomunicazioni SpA: |
|
|
|
|
|
|
|
|
Term Loan B2 Facility, 4.66%, |
|
|
300 |
|
|
287,250 |
|
|
Term Loan C2 Facility, 3.66%, |
|
|
300 |
|
|
287,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,074,938 |
|
|
|
|
|
|
|
|
|
|
|
Electrical Equipment — 0.3% |
|
|
|
|
|
|
|
|
Baldor Electric Co., Term Loan, |
|
|
592 |
|
|
589,498 |
|
|
|
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments & Components — 0.5% |
|
|
|
|
|
|
|
|
CDW Computer Centers, Inc., Term |
|
|
1,215 |
|
|
1,069,200 |
|
|
|
|
|
|
|
|
|
|
|
Energy Equipment & Services — 0.4% |
|
|
|
|
|
|
|
|
MEG Energy Corp., Term Loan D, |
|
|
970 |
|
|
955,264 |
|
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing — 1.4% |
|
|
|
|
|
|
|
|
Pierre Foods, Term Loan B, 7.00%, |
|
|
588 |
|
|
590,500 |
|
|
Pilot Travel Centers, Term Loan B, |
|
|
1,250 |
|
|
1,247,991 |
|
|
Rite Aid Corp., Tranche 4 Term |
|
|
1,196 |
|
|
1,212,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,051,110 |
|
|
|
|
|
|
|
|
|
|
|
Food Products — 2.3% |
|
|
|
|
|
|
|
|
Dole Food Co., Inc.: |
|
|
|
|
|
|
|
|
Credit-Linked Deposit, 8.07%, |
|
|
828 |
|
|
826,714 |
|
|
Term Loan B, 5.00% - 5.50%, |
|
|
565 |
|
|
563,996 |
|
|
Term Loan C, 5.00%, 2/10/17 |
|
|
1,403 |
|
|
1,400,825 |
|
|
Pilgrim’s Pride Corp., Term Loan A, |
|
|
725 |
|
|
717,750 |
|
|
|
|
|
|
|
|
|||
|
|
BLACKROCK SENIOR HIGH INCOME FUND, INC. |
MAY 31, 2010 |
5 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Senior High Income Fund, Inc. (ARK) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Floating Rate Loan Interests (d) |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
Food Products (concluded) |
|
|
|
|
|
|
|
|
Pinnacle Foods Finance LLC, |
|
USD |
1,700 |
|
$ |
1,680,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,189,630 |
|
|
|
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies — 0.4% |
|
|
|
|
|
|
|
|
DJO Finance LLC (ReAble |
|
|
881 |
|
|
846,663 |
|
|
|
|
|
|
|
|
|
|
|
Health Care Providers & Services — 3.4% |
|
|
|
|
|
|
|
|
Ardent Health Services, Inc., Term |
|
|
600 |
|
|
586,500 |
|
|
CHS/Community Health Systems, Inc.: |
|
|
|
|
|
|
|
|
Delayed Draw Term Loan, |
|
|
105 |
|
|
98,537 |
|
|
Funded Term Loan, 2.60% - |
|
|
2,017 |
|
|
1,885,941 |
|
|
DaVita, Inc., Tranche B-1 Term |
|
|
300 |
|
|
292,667 |
|
|
HCA, Inc.: |
|
|
|
|
|
|
|
|
Tranche A-1 Term Loan, |
|
|
2,755 |
|
|
2,606,010 |
|
|
Tranche B-1 Term Loan, |
|
|
125 |
|
|
118,125 |
|
|
Harden Healthcare, Term Loan A, |
|
|
398 |
|
|
390,218 |
|
|
Renal Advantage Holdings, Inc., |
|
|
600 |
|
|
597,000 |
|
|
Vanguard Health Holding Co. II, |
|
|
1,100 |
|
|
1,085,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,660,148 |
|
|
|
|
|
|
|
|
|
|
|
Health Care Technology — 0.7% |
|
|
|
|
|
|
|
|
IMS Healthcare, Term Loan B, |
|
|
1,584 |
|
|
1,570,191 |
|
|
|
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure — 3.0% |
|
|
|
|
|
|
|
|
Blackstone UTP Capital LLC, Loan, |
|
|
1,247 |
|
|
1,246,875 |
|
|
Harrah’s Operating Co., Inc.: |
|
|
|
|
|
|
|
|
Term Loan B-2, 3.32%, |
|
|
7 |
|
|
5,717 |
|
|
Term Loan B-3, 3.32%, |
|
|
1,700 |
|
|
1,416,666 |
|
|
Term Loan B-4, 9.50%, |
|
|
1,247 |
|
|
1,247,740 |
|
|
Six Flags Theme Parks, Inc., Exit |
|
|
1,750 |
|
|
1,738,426 |
|
|
VML US Finance LLC (FKA Venetian |
|
|
|
|
|
|
|
|
New Project Term Loan, |
|
|
832 |
|
|
802,194 |
|
|
Term B Delayed Draw Project |
|
|
208 |
|
|
200,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,657,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Floating Rate Loan Interests (d) |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
IT Services — 2.6% |
|
|
|
|
|
|
|
|
Audio Visual Services Group, Inc., |
|
USD |
992 |
|
$ |
739,313 |
|
|
Ceridian Corp., US Term Loan, |
|
|
1,470 |
|
|
1,347,806 |
|
|
First Data Corp.: |
|
|
|
|
|
|
|
|
Initial Tranche B-2 Term Loan, |
|
|
1,817 |
|
|
1,527,898 |
|
|
Initial Tranche B-3 Term Loan, |
|
|
1,613 |
|
|
1,357,853 |
|
|
SunGard Data Systems, Inc. (Solar |
|
|
855 |
|
|
849,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,821,998 |
|
|
|
|
|
|
|
|
|
|
|
Independent Power Producers & Energy Traders — 0.5% |
|
|
|
|
|
|
|
|
Dynegy Holdings, Inc.: |
|
|
|
|
|
|
|
|
Term Letter of Credit Facility, |
|
|
463 |
|
|
440,106 |
|
|
Tranche B Term Loan, 4.11%, |
|
|
37 |
|
|
35,338 |
|
|
Texas Competitive Electric Holdings Co., |
|
|
|
|
|
|
|
|
Initial Tranche B-2 Term Loan, |
|
|
483 |
|
|
370,721 |
|
|
Initial Tranche B-3 Term Loan, |
|
|
227 |
|
|
173,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,019,166 |
|
|
|
|
|
|
|
|
|
|
|
Industrial Conglomerates — 0.2% |
|
|
|
|
|
|
|
|
Sequa Corp., Term Loan, 3.48% - |
|
|
450 |
|
|
411,027 |
|
|
|
|
|
|
|
|
|
|
|
Insurance — 0.1% |
|
|
|
|
|
|
|
|
Alliant Holdings I, Inc., Term Loan, |
|
|
142 |
|
|
129,866 |
|
|
|
|
|
|
|
|
|
|
|
Internet & Catalog Retail — 0.3% |
|
|
|
|
|
|
|
|
FTD Group, Inc., Tranche B Term |
|
|
573 |
|
|
571,740 |
|
|
|
|
|
|
|
|
|
|
|
Leisure Equipment & Products — 0.1% |
|
|
|
|
|
|
|
|
Fender Musical Instruments Corp.: |
|
|
|
|
|
|
|
|
Delayed Draw Loan, 2.61%, |
|
|
109 |
|
|
95,647 |
|
|
Initial Loan, 2.55%, 6/09/14 |
|
|
216 |
|
|
189,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
284,994 |
|
|
|
|
|
|
|
|
|
|
|
Machinery — 1.0% |
|
|
|
|
|
|
|
|
Bucyrus International, |
|
|
425 |
|
|
422,521 |
|
|
Generac Acquisition Corp., Term |
|
|
145 |
|
|
133,395 |
|
|
LN Acquisition Corp. (Lincoln |
|
|
1,000 |
|
|
880,000 |
|
|
|
|
|
|
|
||
|
6 |
BLACKROCK SENIOR HIGH INCOME FUND, INC. |
MAY 31, 2010 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Senior High Income Fund, Inc. (ARK) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Floating Rate Loan Interests (d) |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
||
|
Machinery (concluded) |
|
|
|
|
|
|
|
|
Oshkosh Truck Corp., Term Loan B, |
|
USD |
780 |
|
$ |
779,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,214,998 |
|
|
|
|
|
|
|
|
|
|
|
Media — 9.5% |
|
|
|
|
|
|
|
|
Cengage Learning Acquisitions, |
|
|
4,069 |
|
|
4,089,284 |
|
|
Charter Communications Operating, |
|
|
|
|
|
|
|
|
New Term Loan, 2.30%, |
|
|
274 |
|
|
253,135 |
|
|
Term Loan B1, 7.25%, |
|
|
625 |
|
|
624,903 |
|
|
Term Loan C, 3.55%, 9/06/16 |
|
|
2,725 |
|
|
2,536,559 |
|
|
Ellis Communications KDOC, LLC, |
|
|
3,879 |
|
|
1,454,482 |
|
|
HMH Publishing Co., Ltd., Tranche |
|
|
1,899 |
|
|
1,738,878 |
|
|
Hanley-Wood, LLC (FSC |
|
|
978 |
|
|
537,625 |
|
|
Mediacom Illinois, LLC (FKA |
|
|
498 |
|
|
491,157 |
|
|
Newsday, LLC, Fixed Rate Term |
|
|
3,250 |
|
|
3,412,500 |
|
|
Penton Media, Inc., Term Loan |
|
|
728 |
|
|
526,167 |
|
|
Sinclair Television Group, Inc., |
|
|
462 |
|
|
462,260 |
|
|
Sunshine Acquisition Ltd. (FKA HIT |
|
|
975 |
|
|
897,609 |
|
|
UPC Financing Partnership, Facility |
|
|
1,750 |
|
|
1,690,208 |
|
|
Weather Channel, Term Loan B, |
|
|
1,230 |
|
|
1,226,680 |
|
|
Worldcolor Press Inc. and |
|
|
497 |
|
|
501,021 |
|
|
Yell Group Plc TPI, Term Loan A, |
|
|
703 |
|
|
682,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,124,499 |
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining — 1.5% |
|
|
|
|
|
|
|
|
Euramax International, Inc., Domestic |
|
|
|
|
|
|
|
|
10.00%, 6/29/13 |
|
|
858 |
|
|
800,899 |
|
|
14.00%, 6/29/13 (e) |
|
|
879 |
|
|
820,470 |
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Loan Interests (d) |
|
|
Par |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining (concluded) |
|
|
|
|
|
|
|
|
RathGibson, Inc., Loan (Debtor in |
|
USD |
1,796 |
|
$ |
1,795,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,416,929 |
|
|
|
|
|
|
|
|
|
|
|
Multi-Utilities — 0.2% |
|
|
|
|
|
|
|
|
FirstLight Power Resources, Inc. (FKA |
|
|
|
|
|
|
|
|
Synthetic Letter of Credit, |
|
|
44 |
|
|
41,814 |
|
|
Term B Advance (First Lien), |
|
|
428 |
|
|
404,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
446,012 |
|
|
|
|
|
|
|
|
|
|
|
Multiline Retail — 0.6% |
|
|
|
|
|
|
|
|
Dollar General Corp., Tranche B-2 |
|
|
983 |
|
|
937,160 |
|
|
The Neiman Marcus Group, Inc., |
|
|
535 |
|
|
487,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,425,125 |
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels — 1.5% |
|
|
|
|
|
|
|
|
Big West Oil, LLC: |
|
|
|
|
|
|
|
|
Delayed Draw Loan, 4.50%, |
|
|
546 |
|
|
538,661 |
|
|
Initial Advance Loan, 4.50%, |
|
|
434 |
|
|
428,480 |
|
|
Initial Advance Loan, 12.00%, |
|
|
750 |
|
|
751,250 |
|
|
Tronox Worldwide LLC: |
|
|
|
|
|
|
|
|
Tranche B-1 Term Loan, |
|
|
750 |
|
|
752,344 |
|
|
Tranche B-2 Term Loan, |
|
|
750 |
|
|
752,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,223,079 |
|
|
|
|
|
|
|
|
|
|
|
Personal Products — 0.3% |
|
|
|
|
|
|
|
|
American Safety Razor Co., LLC: |
|
|
|
|
|
|
|
|
Loan (Second Lien), 10.50%, |
|
|
600 |
|
|
247,500 |
|
|
Term Loan (First Lien), 6.75%, |
|
|
361 |
|
|
328,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
575,696 |
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals — 0.9% |
|
|
|
|
|
|
|
|
Warner Chilcott Co., LLC, Term |
|
|
681 |
|
|
679,699 |
|
|
Warner Chilcott Corp.: |
|
|
|
|
|
|
|
|
Additional Term Loan, 5.75%, |
|
|
316 |
|
|
315,422 |
|
|
Term Loan B-1, 5.75%, |
|
|
526 |
|
|
525,235 |
|
|
Term Loan B-2, 5.75%, |
|
|
494 |
|
|
492,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,013,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK SENIOR HIGH INCOME FUND, INC. |
MAY 31, 2010 |
7 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Senior High Income Fund, Inc. (ARK) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Floating Rate Loan Interests (d) |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
||
|
Professional Services — 0.4% |
|
|
|
|
|
|
|
|
Booz Allen Hamilton, Inc., Term |
|
USD |
998 |
|
$ |
996,004 |
|
|
|
|
|
|
|
|
|
|
|
Real Estate Management & Development — 1.1% |
|
|
|
|
|
|
|
|
Realogy Corp., Synthetic Letter of |
|
|
2,918 |
|
|
2,459,452 |
|
|
|
|
|
|
|
|
|
|
|
Software — 0.5% |
|
|
|
|
|
|
|
|
Reynolds & Reynolds, Term Loan, |
|
|
354 |
|
|
350,946 |
|
|
Telcordia Technologies, Inc., Term |
|
|
700 |
|
|
687,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,038,696 |
|
|
|
|
|
|
|
|
|
|
|
Specialty Retail — 0.7% |
|
|
|
|
|
|
|
|
Bass Pro Group LLC, Term Loan B, |
|
|
350 |
|
|
348,023 |
|
|
Burlington Coat Factory |
|
|
355 |
|
|
325,839 |
|
|
Michaels Stores, Inc., Term Loan B-1: |
|
|
|
|
|
|
|
|
2.56% - 2.81%, 10/31/13 |
|
|
733 |
|
|
666,983 |
|
|
4.81% - 5.06%, 7/31/16 |
|
|
298 |
|
|
283,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,623,927 |
|
|
|
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods — 0.5% |
|
|
|
|
|
|
|
|
PVH/Hilfiger, US Term Loan B, |
|
|
1,000 |
|
|
999,531 |
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services — 1.2% |
|
|
|
|
|
|
|
|
Cavtel Holdings, LLC, Term Loan, |
|
|
400 |
|
|
369,028 |
|
|
Digicel International Finance Ltd., |
|
|
1,802 |
|
|
1,752,181 |
|
|
MetroPCS Wireless, Inc., Tranche B |
|
|
497 |
|
|
476,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,597,491 |
|
|
|
|
|
|
|
|
|
|
|
Total Floating Rate Loan |
|
|
|
|
|
124,492,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Interests (h) |
|
Beneficial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto Components — 0.1% |
|
|
|
|
|
|
|
|
Intermet Liquidating Trust, Class A |
|
|
320 |
|
|
79,148 |
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services — 0.4% |
|
|
|
|
|
|
|
|
J.G. Wentworth LLC Preferred |
|
|
— |
(i) |
|
951,244 |
|
|
|
|
|
|
|
|
|
|
|
Media — 0.0% |
|
|
|
|
|
|
|
|
Adelphia Preferred Escrow |
|
|
3 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Other Interests (j) |
|
Beneficial |
|
Value |
|
||
|
|
|
|
|
|
|
||
|
Media (concluded) |
|
|
|
|
|
|
|
|
Adelphia Recovery Trust |
|
USD |
250 |
|
$ |
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25 |
|
|
|
|
|
|
|
|
|
|
|
Total Other Interests – 0.5% |
|
|
|
|
|
1,030,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants (k) |
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media — 0.0% |
|
|
|
|
|
|
|
|
Charter Communications (Expires |
|
|
6,862 |
|
|
29,164 |
|
|
|
|
|
|
|
|
|
|
|
Total Warrants – 0.0% |
|
|
|
|
|
29,164 |
|
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments |
|
|
|
|
|
268,280,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds, |
|
|
5,755,125 |
|
|
5,755,125 |
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Securities |
|
|
|
|
|
5,755,125 |
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
|
|
|
|
274,036,019 |
|
|
Liabilities in Excess of Other Assets – (23.3)% |
|
|
|
|
|
(51,800,449 |
) |
|
|
|
|
|
|
|
|
|
|
Net Assets – 100.0% |
|
|
|
|
$ |
222,235,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of May 31, 2010, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
300,355,035 |
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
7,584,847 |
|
|
|
Gross unrealized depreciation |
|
|
(33,903,863 |
) |
|
|
|
|
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(26,319,016 |
) |
|
|
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing security. |
|
|
|
|
(b) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
|
|
|
|
(c) |
Issuer filed for bankruptcy and/or is in default of interest payments. |
|
|
|
|
(d) |
Variable rate security. Rate shown is as of report date. |
|
|
|
|
(e) |
Represents a payment-in-kind security which may pay interest/dividends in additional face/shares. |
|
|
|
|
(f) |
Convertible security. |
|
|
|
|
(g) |
Represents a step-down bond that pays an initial coupon rate for the first period and then a lower coupon rate for the following periods. Rate shown reflects the current yield as of report date. |
|
|
|
|
|
|
|
|
|
8 |
BLACKROCK SENIOR HIGH INCOME FUND, INC. |
MAY 31, 2010 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Senior High Income Fund, Inc. (ARK) |
|
|
|
|
|
|
|
(h) |
The investment is held by a wholly owned taxable subsidiary of the Fund. |
|
|
|
|
(i) |
Amount is less than $1,000. |
|
|
|
|
(j) |
Other interests represent beneficial interest in liquidation trusts and other reorganization entities and are non-income producing. |
|
|
|
|
(k) |
Warrants entitle the Fund to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date. |
|
|
|
|
(l) |
Represents the current yield as of report date. |
|
|
|
|
(m) |
Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Shares
at |
|
Net Activity |
|
Shares
at |
|
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Liquidity |
|
1,938,484 |
|
3,816,641 |
|
5,755,125 |
|
$ |
940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• |
Foreign currency exchange contracts as of May 31, 2010 were as follows: |
|||||||||||||
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Currency |
|
Currency |
|
Counterparty |
|
Settlement |
|
Unrealized |
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
USD |
|
590,411 |
|
CAD |
|
599,500 |
|
Citibank NA |
|
7/28/10 |
|
$ |
20,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• |
Credit default swaps on single-name issues – buy protection outstanding as of May 31, 2010 were as follows: |
||||||||||||
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Issuer |
|
Pay |
|
Counterparty |
|
Expiration |
|
Notional |
|
Unrealized |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
K. Hovnanian Enterprises, Inc. |
|
5.00% |
|
Goldman Sachs Bank USA |
|
December 2011 |
|
USD |
460 |
|
$ |
4,992 |
|
|
K. Hovnanian Enterprises, Inc. |
|
5.00% |
|
Goldman Sachs Bank USA |
|
December 2012 |
|
USD |
225 |
|
|
2,662 |
|
|
Boston Scientific Corp. |
|
1.00% |
|
Goldman Sachs Bank USA |
|
December 2014 |
|
USD |
500 |
|
|
16,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
$ |
24,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease. |
||||||||||||
|
|
|
|
|
|
||
|
BLACKROCK SENIOR HIGH INCOME FUND, INC. |
MAY 31, 2010 |
9 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Senior High Income Fund, Inc. (ARK) |
|
|
|
|
|
• |
Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
|
• |
Level 1 — price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
|
|
|
• |
Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
|
|
|
• |
Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments) |
|
|
|
|
|
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its annual report. |
||
|
|
|
|
|
The following tables summarize the inputs used as of May 31, 2010 in determining the fair valuation of the Fund’s investments: |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$ |
2,760,203 |
|
$ |
1,728,560 |
|
$ |
1,202,021 |
|
$ |
5,690,784 |
|
|
Corporate Bonds |
|
|
— |
|
|
130,115,446 |
|
|
6,922,667 |
|
|
137,038,113 |
|
|
Floating Rate Loan Interests |
|
|
— |
|
|
107,107,100 |
|
|
17,385,316 |
|
|
124,492,416 |
|
|
Other Interests |
|
|
— |
|
|
— |
|
|
1,030,417 |
|
|
1,030,417 |
|
|
Warrants |
|
|
29,164 |
|
|
— |
|
|
— |
|
|
29,164 |
|
|
Short-Term Securities |
|
|
5,755,125 |
|
|
— |
|
|
— |
|
|
5,755,125 |
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded Loan Commitments |
|
|
— |
|
|
— |
|
|
(18,424 |
) |
|
(18,424 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
8,544,492 |
|
$ |
238,951,106 |
|
$ |
26,521,997 |
|
$ |
274,017,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Financial Instruments1 |
|||||||||||||
|
|
|||||||||||||
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit contracts |
|
|
— |
|
$ |
24,648 |
|
|
— |
|
$ |
24,648 |
|
|
Foreign currency |
|
|
— |
|
|
20,861 |
|
|
— |
|
|
20,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
— |
|
$ |
45,509 |
|
|
— |
|
$ |
45,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Derivative financial instruments are swaps, and foreign currency exchange contracts which are shown at the unrealized appreciation/depreciation on the instrument. |
|
|
|
|
|
|
||
|
10 |
BLACKROCK SENIOR HIGH INCOME FUND, INC. |
MAY 31, 2010 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock Senior High Income Fund, Inc. (ARK) |
The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining the fair value.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common |
|
Corporate |
|
Floating
Rate |
|
Other |
|
Unfunded
Loan |
|
Total |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Balance, as of February 28, 2010 |
|
$ |
179,112 |
|
$ |
8,012,790 |
|
$ |
17,012,972 |
|
$ |
1,066,529 |
|
|
— |
|
$ |
26,271,403 |
|
|
Accrued discounts/premiums |
|
|
— |
|
|
19,891 |
|
|
14,306 |
|
|
— |
|
|
— |
|
|
34,197 |
|
|
Net realized gain (loss) |
|
|
— |
|
|
— |
|
|
(156,102 |
) |
|
75,231 |
|
|
— |
|
|
(80,871 |
) |
|
Net change in unrealized appreciation/depreciation2 |
|
|
178,467 |
|
|
(1,110,098 |
) |
|
1,134,688 |
|
|
(3,870 |
) |
$ |
(18,424 |
) |
|
180,763 |
|
|
Purchases |
|
|
— |
|
|
(1 |
) |
|
2,585,181 |
|
|
— |
|
|
— |
|
|
2,585,180 |
|
|
Sales |
|
|
— |
|
|
85 |
|
|
(5,345,210 |
) |
|
(107,473 |
) |
|
— |
|
|
(5,452,598 |
) |
|
Transfers in3 |
|
|
960,092 |
|
|
— |
|
|
7,882,709 |
|
|
— |
|
|
— |
|
|
8,842,801 |
|
|
Transfers out3 |
|
|
(115,650 |
) |
|
— |
|
|
(5,743,228 |
) |
|
— |
|
|
— |
|
|
(5,858,878 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, as of May 31, 2010 |
|
$ |
1,202,021 |
|
$ |
6,922,667 |
|
$ |
17,385,316 |
|
$ |
1,030,417 |
|
$ |
(18,424 |
) |
$ |
26,521,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
The change in unrealized appreciation/depreciation on securities still held at May 31, 2010 was $(419,078). |
|
|
|
|
3 |
The Fund’s policy is to recognize transfers in and transfers out as of the end of the period of the event or the change in circumstances that caused the transfer. |
|
|
|
|
|
|
||
|
BLACKROCK SENIOR HIGH INCOME FUND, INC. |
MAY 31, 2010 |
11 |
|
Item 2 – |
Controls and Procedures |
||
|
|
|
||
|
2(a) – |
The registrant's principal executive and principal financial officers or persons performing similar functions have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended. |
||
|
|
|
||
|
2(b) – |
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. |
||
|
|
|
||
|
Item 3 – |
Exhibits |
||
|
|
|
||
|
|
Certifications – Attached hereto |
||
|
|
|
||
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
||
|
|
|
||
|
|
BlackRock Senior High Income Fund, Inc. |
||
| By: | /s/ Anne F. Ackerley | ||
| Anne F. Ackerley | |||
| Chief Executive Officer of | |||
| BlackRock Senior High Income Fund, Inc. | |||
| Date: July 23, 2010 | |||
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | |||
| By: | /s/ Anne F. Ackerley | ||
| Anne F. Ackerley | |||
| Chief Executive Officer (principal executive officer) of | |||
| BlackRock Senior High Income Fund, Inc. | |||
| Date: July 23, 2010 | |||
| By: | /s/ Neal J. Andrews | ||
| Neal J. Andrews | |||
| Chief Financial Officer (principal financial officer) of | |||
| BlackRock Senior High Income Fund, Inc. | |||
| Date: July 23, 2010 | |||