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: 11/30/2010

 

Item 1 – Schedule of Investments

 

 

 

 

Schedule of Investments November 30, 2010 (Unaudited)

BlackRock Senior High Income Fund, Inc. (ARK)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Asset-Backed Securities (a)

 

Par
(000)

 

Value

 

ARES CLO Funds, Series 2005-
10A, Class B, 0.68%,
9/18/17 (b)

 

$

500

 

$

410,000

 

Goldentree Loan Opportunities III,
Ltd., Series 2007-3X, Class B,
0.94%, 5/01/22

 

 

700

 

 

535,500

 

LCM LP, Series 8A, Class C, 3.29%,
1/14/21 (b)

 

 

1,500

 

 

1,418,250

 

 

 

 

 

 

 

 

 

 

 

 

2,363,750

 

Total Asset-Backed Securities – 1.0%

 

 

 

 

 

2,363,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks (c)

 

Shares

 

 

 

 

Automobiles — 0.0%

 

 

 

 

 

 

 

General Motors Co.

 

 

2,060

 

 

70,452

 

Building Products — 0.2%

 

 

 

 

 

 

 

Masonite Worldwide Holdings

 

 

12,832

 

 

474,784

 

Nortek, Inc.

 

 

2,570

 

 

105,370

 

 

 

 

 

 

 

 

 

 

 

 

580,154

 

Capital Markets — 0.2%

 

 

 

 

 

 

 

E*Trade Financial Corp.

 

 

27,100

 

 

399,725

 

Chemicals — 0.0%

 

 

 

 

 

 

 

GEO Specialty Chemicals, Inc.

 

 

142,466

 

 

54,693

 

Wellman Holdings, Inc.

 

 

5,131

 

 

256

 

 

 

 

 

 

 

 

 

 

 

 

54,949

 

Containers & Packaging —0.1%

 

 

 

 

 

 

 

Smurfit Kappa Plc

 

 

18,171

 

 

160,154

 

Metals & Mining — 0.1%

 

 

 

 

 

 

 

Euramax International

 

 

935

 

 

282,807

 

Paper & Forest Products —0.7%

 

 

 

 

 

 

 

Ainsworth Lumber Co. Ltd.

 

 

244,434

 

 

600,043

 

Ainsworth Lumber Co. Ltd. (b)

 

 

421,556

 

 

1,034,846

 

 

 

 

 

 

 

 

 

 

 

 

1,634,889

 

Software — 0.2%

 

 

 

 

 

 

 

HMH Holdings/EduMedia

 

 

77,981

 

 

389,903

 

Total Common Stocks – 1.5%

 

 

 

 

 

3,573,033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

 

 

 

Aerospace & Defense — 0.7%

 

 

 

 

 

 

 

Bombardier, Inc., 7.75%,
3/15/20 (b)

 

 

900

 

 

967,500

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Aerospace & Defense (concluded)

 

 

 

 

 

 

 

Kratos Defense & Security
Solutions, Inc., 10.00%,
6/01/17

 

$

600

 

$

669,750

 

 

 

 

 

 

 

 

 

 

 

 

1,637,250

 

Airlines — 0.8%

 

 

 

 

 

 

 

Air Canada, 9.25%, 8/01/15 (b)

 

 

700

 

 

731,500

 

Delta Air Lines, Inc., Series B,
9.75%, 12/17/16

 

 

475

 

 

516,692

 

United Air Lines, Inc., 12.75%,
7/15/12

 

 

595

 

 

667,573

 

 

 

 

 

 

 

 

 

 

 

 

1,915,765

 

 

 

 

 

 

 

 

 

Auto Components — 1.2%

 

 

 

 

 

 

 

Icahn Enterprises LP:

 

 

 

 

 

 

 

7.75%, 1/15/16

 

 

160

 

 

159,200

 

8.00%, 1/15/18

 

 

2,690

 

 

2,669,825

 

Venture Holdings Co. LLC (c)(d)(e):

 

 

 

 

 

 

 

12.00%, 6/01/09

 

 

700

 

 

—

 

Series B, 9.50%, 7/01/05

 

 

3,325

 

 

333

 

 

 

 

 

 

 

 

 

 

 

 

2,829,358

 

Biotechnology — 0.1%

 

 

 

 

 

 

 

QHP Pharma, 10.25%,
3/15/15 (b)

 

 

236

 

 

238,488

 

Building Products — 4.2%

 

 

 

 

 

 

 

Associated Materials LLC, 9.13%,
11/01/17 (b)

 

 

430

 

 

438,600

 

Building Materials Corp. of
America, 7.00%, 2/15/20 (b)

 

 

675

 

 

695,250

 

CPG International I, Inc.:

 

 

 

 

 

 

 

7.50%, 7/01/12 (a)

 

 

3,500

 

 

3,478,125

 

10.50%, 7/01/13

 

 

1,500

 

 

1,524,375

 

Nortek, Inc., 11.00%, 12/01/13

 

 

2,581

 

 

2,716,947

 

Ply Gem Industries, Inc., 11.75%,
6/15/13

 

 

725

 

 

768,500

 

 

 

 

 

 

 

 

 

 

 

 

9,621,797

 

Capital Markets — 0.1%

 

 

 

 

 

 

 

KKR Group Finance Co., 6.38%,
9/29/20 (b)

 

 

280

 

 

284,666

 

Chemicals — 3.0%

 

 

 

 

 

 

 

American Pacific Corp., 9.00%,
2/01/15

 

 

610

 

 

610,763

 

CF Industries, Inc., 6.88%,
5/01/18

 

 

770

 

 

845,075

 

GEO Specialty Chemicals, Inc. (b):

 

 

 

 

 

 

 

7.50%, 3/31/15 (f)(g)

 

 

1,869

 

 

1,214,605

 

10.00%, 3/31/15

 

 

1,839

 

 

1,195,168

 

OXEA Finance/Cy SCA, 9.50%,
7/15/17 (b)

 

 

240

 

 

258,300

 

 

Portfolio Abbreviations

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:

 

 

CAD

Canadian Dollar

FKA

Formerly Known As

USD

US Dollar

 

 

 

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2010

1


 

 

 

Schedule of Investments (continued)

BlackRock Senior High Income Fund, Inc. (ARK)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Chemicals (concluded)

 

 

 

 

 

 

 

Wellman Holdings, Inc., Subordinate
Note (f):

 

 

 

 

 

 

 

(Second Lien), 10.00%,
1/29/19 (b)

 

$

2,383

 

$

2,073,210

 

(Third Lien), 5.00%,
1/29/19 (g)

 

 

1,680

 

 

655,335

 

 

 

 

 

 

 

 

 

 

 

 

6,852,456

 

Commercial Banks — 2.0%

 

 

 

 

 

 

 

CIT Group, Inc.:

 

 

 

 

 

 

 

7.00%, 5/01/16

 

 

380

 

 

373,350

 

7.00%, 5/01/17

 

 

4,465

 

 

4,353,375

 

 

 

 

 

 

 

 

 

 

 

 

4,726,725

 

Commercial Services &
Supplies — 1.5%

 

 

 

 

 

 

 

ACCO Brands Corp., 10.63%,
3/15/15

 

 

365

 

 

406,062

 

Brickman Group Holdings, Inc.,
9.13%, 11/01/18 (b)

 

 

265

 

 

268,313

 

The Geo Group, Inc., 7.75%,
10/15/17

 

 

450

 

 

477,000

 

Mobile Mini, Inc., 7.88%,
12/01/20 (b)

 

 

195

 

 

199,631

 

RSC Equipment Rental, Inc.,
10.00%, 7/15/17 (b)

 

 

550

 

 

607,750

 

West Corp. (b):

 

 

 

 

 

 

 

8.63%, 10/01/18

 

 

1,185

 

 

1,232,400

 

7.88%, 1/15/19

 

 

330

 

 

325,875

 

 

 

 

 

 

 

 

 

 

 

 

3,517,031

 

Consumer Finance — 0.9%

 

 

 

 

 

 

 

Credit Acceptance Corp., 9.13%,
2/01/17 (b)

 

 

300

 

 

313,500

 

Ford Motor Credit Co. LLC:

 

 

 

 

 

 

 

3.04%, 1/13/12 (a)

 

 

1,340

 

 

1,340,000

 

6.63%, 8/15/17

 

 

400

 

 

412,288

 

 

 

 

 

 

 

 

 

 

 

 

2,065,788

 

Containers & Packaging — 1.9%

 

 

 

 

 

 

 

Ball Corp., 6.75%, 9/15/20

 

 

325

 

 

346,125

 

Berry Plastics Corp., 8.25%,
11/15/15

 

 

1,100

 

 

1,144,000

 

Clondalkin Acquisition BV, 2.29%,
12/15/13 (a)(b)

 

 

2,000

 

 

1,845,000

 

Crown Americas LLC, 7.63%,
5/15/17

 

 

400

 

 

432,000

 

Graphic Packaging International,
Inc., 9.50%, 6/15/17

 

 

555

 

 

602,175

 

 

 

 

 

 

 

 

 

 

 

 

4,369,300

 

Diversified Financial
Services — 3.5%

 

 

 

 

 

 

 

Ally Financial Inc.:

 

 

 

 

 

 

 

8.30%, 2/12/15

 

 

4,700

 

 

4,946,750

 

7.50%, 9/15/20 (b)

 

 

1,650

 

 

1,617,000

 

Axcan Intermediate Holdings, Inc.,
12.75%, 3/01/16

 

 

350

 

 

364,875

 

Reynolds Group DL Escrow, Inc.,
7.75%, 10/15/16 (b)

 

 

850

 

 

886,125

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Diversified Financial Services (concluded)

 

 

 

 

 

 

 

Reynolds Group Issuer, Inc.,
7.13%, 4/15/19 (b)

 

$

250

 

$

254,375

 

 

 

 

 

 

 

 

 

 

 

 

8,069,125

 

Diversified Telecommunication
Services — 2.3%

 

 

 

 

 

 

 

Frontier Communications Corp.,
8.25%, 4/15/17

 

 

515

 

 

566,500

 

ITC Deltacom, Inc., 10.50%,
4/01/16

 

 

650

 

 

697,125

 

Nordic Telephone Co. Holdings
ApS, 8.88%, 5/01/16 (b)

 

 

180

 

 

191,700

 

Qwest Corp., 8.38%, 5/01/16

 

 

3,000

 

 

3,600,000

 

tw telecom holdings, Inc., 8.00%,
3/01/18

 

 

230

 

 

242,650

 

 

 

 

 

 

 

 

 

 

 

 

5,297,975

 

Energy Equipment &
Services — 0.5%

 

 

 

 

 

 

 

Compagnie Generale de
Geophysique-Veritas, 7.50%,
5/15/15

 

 

725

 

 

743,125

 

Frac Tech Services LLC, 7.13%,
11/15/18 (b)

 

 

470

 

 

466,475

 

 

 

 

 

 

 

 

 

 

 

 

1,209,600

 

Food & Staples Retailing — 0.4%

 

 

 

 

 

 

 

Rite Aid Corp., 9.75%, 6/12/16

 

 

825

 

 

885,844

 

Food Products — 0.5%

 

 

 

 

 

 

 

B&G Foods, Inc., 7.63%, 1/15/18

 

 

500

 

 

518,125

 

Smithfield Foods, Inc., 10.00%,
7/15/14 (b)

 

 

560

 

 

632,800

 

 

 

 

 

 

 

 

 

 

 

 

1,150,925

 

Health Care Equipment &
Supplies — 0.7%

 

 

 

 

 

 

 

DJO Finance LLC, 10.88%,
11/15/14

 

 

710

 

 

773,900

 

Hologic, Inc., 2.00%,
12/15/37 (f)(h)

 

 

830

 

 

769,825

 

 

 

 

 

 

 

 

 

 

 

 

1,543,725

 

Health Care Providers &
Services — 1.7%

 

 

 

 

 

 

 

American Renal Holdings, 8.38%,
5/15/18 (b)

 

 

245

 

 

253,575

 

HCA, Inc., 8.50%, 4/15/19

 

 

210

 

 

228,900

 

inVentiv Health Inc., 10.00%,
8/15/18 (b)

 

 

210

 

 

206,325

 

Tenet Healthcare Corp.:

 

 

 

 

 

 

 

10.00%, 5/01/18

 

 

850

 

 

949,875

 

8.88%, 7/01/19

 

 

2,230

 

 

2,374,950

 

 

 

 

 

 

 

 

 

 

 

 

4,013,625

 

Health Care Technology — 0.9%

 

 

 

 

 

 

 

IMS Health, Inc., 12.50%,
3/01/18 (b)

 

 

1,580

 

 

1,840,700

 

MedAssets, Inc., 8.00%,
11/15/18 (b)

 

 

140

 

 

141,050

 

 

 

 

 

 

 

1,981,750

 

 

 

 

2

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2010


 

 

 

Schedule of Investments (continued)

BlackRock Senior High Income Fund, Inc. (ARK)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Hotels, Restaurants &
Leisure — 1.1%

 

 

 

 

 

 

 

Diamond Resorts Corp., 12.00%,
8/15/18 (b)

 

$

540

 

$

550,800

 

Little Traverse Bay Bands of
Odawa Indians, 9.00%,
8/31/20 (b)

 

 

397

 

 

327,525

 

MGM Resorts International:

 

 

 

 

 

 

 

10.38%, 5/15/14

 

 

720

 

 

799,200

 

11.13%, 11/15/17

 

 

750

 

 

847,500

 

Marina District Finance Co., Inc.,
9.88%, 8/15/18 (b)

 

 

40

 

 

38,300

 

Tropicana Entertainment LLC,
Series WI, 9.63%,
12/15/14 (c)(d)

 

 

220

 

 

528

 

 

 

 

 

 

 

 

 

 

 

 

2,563,853

 

Household Durables — 0.9%

 

 

 

 

 

 

 

Beazer Homes USA, Inc., 12.00%,
10/15/17

 

 

1,000

 

 

1,145,000

 

K. Hovnanian Enterprises, Inc.,
10.63%, 10/15/16

 

 

900

 

 

910,125

 

 

 

 

 

 

 

 

 

 

 

 

2,055,125

 

IT Services — 0.3%

 

 

 

 

 

 

 

First Data Corp., 10.55%,
9/24/15 (g)

 

 

705

 

 

595,471

 

Independent Power Producers &
Energy Traders — 3.2%

 

 

 

 

 

 

 

Calpine Construction Finance Co.
LP, 8.00%, 6/01/16 (b)

 

 

1,600

 

 

1,684,000

 

Calpine Corp., 7.50%, 2/15/21 (b)

 

 

495

 

 

486,337

 

Energy Future Holdings Corp.,
10.00%, 1/15/20 (b)

 

 

1,065

 

 

1,089,659

 

Energy Future Intermediate
Holding Co. LLC, 10.00%,
12/01/20

 

 

790

 

 

810,267

 

NRG Energy, Inc.:

 

 

 

 

 

 

 

7.25%, 2/01/14

 

 

1,300

 

 

1,326,000

 

7.38%, 2/01/16

 

 

1,460

 

 

1,467,300

 

8.50%, 6/15/19

 

 

500

 

 

507,500

 

 

 

 

 

 

 

 

 

 

 

 

7,371,063

 

Industrial Conglomerates — 1.6%

 

 

 

 

 

 

 

Sequa Corp. (b):

 

 

 

 

 

 

 

11.75%, 12/01/15

 

 

1,430

 

 

1,526,525

 

13.50%, 12/01/15 (g)

 

 

1,930

 

 

2,094,025

 

 

 

 

 

 

 

 

 

 

 

 

3,620,550

 

Machinery — 1.3%

 

 

 

 

 

 

 

ESCO Corp., 4.17%,
12/15/13 (a)(b)

 

 

1,540

 

 

1,541,925

 

Navistar International Corp.,
8.25%, 11/01/21

 

 

1,330

 

 

1,426,425

 

 

 

 

 

 

 

 

 

 

 

 

2,968,350

 

Media — 5.4%

 

 

 

 

 

 

 

CCO Holdings LLC, 7.88%,
4/30/18 (b)

 

 

1,075

 

 

1,112,625

 

CSC Holdings, Inc., 8.50%,
4/15/14

 

 

390

 

 

427,538

 

Checkout Holding Corp.,
11/15/15 (b)(i)

 

 

745

 

 

450,725

 

Clear Channel Worldwide Holdings, Inc.:

 

 

 

 

 

 

 

9.25%, 12/15/17

 

 

340

 

 

360,400

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Media (concluded)

 

 

 

 

 

 

 

Clear Channel Worldwide Holdings,
Inc. (concluded):

 

 

 

 

 

 

 

Series B, 9.25%, 12/15/17

 

$

2,757

 

$

2,943,097

 

DISH DBS Corp.:

 

 

 

 

 

 

 

7.00%, 10/01/13

 

 

850

 

 

905,250

 

6.63%, 10/01/14

 

 

750

 

 

777,187

 

Interactive Data Corp., 10.25%,
8/01/18 (b)

 

 

900

 

 

972,000

 

The McClatchy Co., 11.50%,
2/15/17

 

 

85

 

 

89,038

 

Nielsen Finance LLC, 11.63%,
2/01/14

 

 

1,000

 

 

1,140,000

 

ProQuest LLC, 9.00%,
10/15/18 (b)

 

 

220

 

 

226,600

 

Regal Entertainment Group,
9.13%, 8/15/18

 

 

290

 

 

305,950

 

UPC Germany GmbH, 8.13%,
12/01/17 (b)

 

 

1,500

 

 

1,560,000

 

Virgin Media Secured Finance Plc,
6.50%, 1/15/18

 

 

1,250

 

 

1,320,312

 

 

 

 

 

 

 

 

 

 

 

 

12,590,722

 

Metals & Mining — 1.5%

 

 

 

 

 

 

 

Drummond Co., Inc., 9.00%,
10/15/14 (b)

 

 

553

 

 

583,415

 

FMG Resources August 2006 Pty
Ltd., 7.00%, 11/01/15 (b)

 

 

1,080

 

 

1,093,500

 

RathGibson, Inc., 11.25%,
2/15/14 (c)(d)

 

 

2,175

 

 

10,875

 

Ryerson, Inc., 7.66%,
11/01/14 (a)

 

 

1,800

 

 

1,678,500

 

 

 

 

 

 

 

 

 

 

 

 

3,366,290

 

Multiline Retail — 0.5%

 

 

 

 

 

 

 

Dollar General Corp., 11.88%,
7/15/17 (g)

 

 

948

 

 

1,099,680

 

Oil, Gas & Consumable
Fuels — 4.5%

 

 

 

 

 

 

 

Atlas Energy Operating Co. LLC:

 

 

 

 

 

 

 

12.13%, 8/01/17

 

 

825

 

 

1,080,750

 

10.75%, 2/01/18

 

 

75

 

 

91,406

 

Chesapeake Energy Corp., 6.63%,
8/15/20

 

 

1,382

 

 

1,392,365

 

Coffeyville Resources LLC, 9.00%,
4/01/15 (b)

 

 

260

 

 

276,900

 

Consol Energy, Inc., 8.25%,
4/01/20 (b)

 

 

900

 

 

974,250

 

Crosstex Energy LP, 8.88%,
2/15/18

 

 

55

 

 

57,337

 

Denbury Resources, Inc.:

 

 

 

 

 

 

 

9.75%, 3/01/16

 

 

520

 

 

575,900

 

8.25%, 2/15/20

 

 

351

 

 

382,590

 

El Paso Corp., 7.00%, 6/15/17

 

 

825

 

 

869,255

 

Energy Transfer Equity LP, 7.50%,
10/15/20

 

 

555

 

 

574,425

 

Forest Oil Corp., 8.50%, 2/15/14

 

 

280

 

 

303,800

 

Hilcorp Energy I LP, 7.63%,
4/15/21 (b)

 

 

350

 

 

358,750

 

Linn Energy LLC (b):

 

 

 

 

 

 

 

8.63%, 4/15/20

 

 

365

 

 

386,900

 

7.75%, 2/01/21

 

 

425

 

 

431,375

 

Massey Energy Co., 6.88%,
12/15/13

 

 

800

 

 

806,000

 

 

 

 

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2010

3


 

 

 

Schedule of Investments (continued)

BlackRock Senior High Income Fund, Inc. (ARK)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Oil, Gas & Consumable Fuels (concluded)

 

 

 

 

 

 

 

Niska Gas Storage US LLC, 8.88%,
3/15/18 (b)

 

$

365

 

$

383,250

 

OPTI Canada, Inc., 9.00%,
12/15/12 (b)

 

 

1,000

 

 

995,000

 

Petrohawk Energy Corp., 7.25%,
8/15/18

 

 

450

 

 

448,875

 

 

 

 

 

 

 

 

 

 

 

 

10,389,128

 

Paper & Forest Products — 1.8%

 

 

 

 

 

 

 

Ainsworth Lumber Co. Ltd.,
11.00%, 7/29/15 (b)(g)

 

 

1,356

 

 

1,213,776

 

Clearwater Paper Corp., 10.63%,
6/15/16

 

 

365

 

 

418,837

 

Georgia-Pacific LLC, 8.25%,
5/01/16 (b)

 

 

1,630

 

 

1,801,150

 

Verso Paper Holdings LLC:

 

 

 

 

 

 

 

11.50%, 7/01/14

 

 

315

 

 

341,775

 

Series B, 4.04%, 8/01/14 (a)

 

 

485

 

 

431,650

 

 

 

 

 

 

 

 

 

 

 

 

4,207,188

 

Pharmaceuticals — 0.4%

 

 

 

 

 

 

 

Angiotech Pharmaceuticals, Inc.,
4.05%, 12/01/13 (a)

 

 

810

 

 

662,175

 

Valeant Pharmaceuticals
International (b):

 

 

 

 

 

 

 

6.75%, 10/01/17

 

 

165

 

 

162,937

 

7.00%, 10/01/20

 

 

210

 

 

204,750

 

 

 

 

 

 

 

 

 

 

 

 

1,029,862

 

Professional Services — 0.1%

 

 

 

 

 

 

 

FTI Consulting, Inc., 6.75%,
10/01/20 (b)

 

 

295

 

 

297,950

 

Real Estate Investment Trusts
(REITs) — 0.3%

 

 

 

 

 

 

 

Omega Healthcare Investors, Inc.:

 

 

 

 

 

 

 

7.50%, 2/15/20

 

 

530

 

 

552,525

 

6.75%, 10/15/22 (b)

 

 

235

 

 

234,413

 

 

 

 

 

 

 

 

 

 

 

 

786,938

 

Road & Rail — 0.1%

 

 

 

 

 

 

 

The Hertz Corp., 7.50%,
10/15/18 (b)

 

 

265

 

 

267,650

 

Specialty Retail — 0.4%

 

 

 

 

 

 

 

United Auto Group, Inc., 7.75%,
12/15/16

 

 

845

 

 

830,213

 

Textiles, Apparel & Luxury
Goods — 0.3%

 

 

 

 

 

 

 

Phillips-Van Heusen Corp.:

 

 

 

 

 

 

 

7.38%, 5/15/20

 

 

485

 

 

520,163

 

7.75%, 11/15/23

 

 

215

 

 

234,525

 

 

 

 

 

 

 

 

 

 

 

 

754,688

 

Wireless Telecommunication
Services — 2.2%

 

 

 

 

 

 

 

Cricket Communications, Inc.:

 

 

 

 

 

 

 

10.00%, 7/15/15

 

 

90

 

 

94,950

 

7.75%, 5/15/16

 

 

1,770

 

 

1,809,825

 

Digicel Group Ltd., 12.00%,
4/01/14 (b)

 

 

800

 

 

928,000

 

Nextel Communications, Inc.:

 

 

 

 

 

 

 

Series E, 6.88%, 10/31/13

 

 

1,340

 

 

1,338,325

 

Series F, 5.95%, 3/15/14

 

 

100

 

 

96,500

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Wireless Telecommunication Services
(concluded)

 

 

 

 

 

 

 

Sprint Capital Corp.:

 

 

 

 

 

 

 

7.63%, 1/30/11

 

$

220

 

$

221,100

 

8.38%, 3/15/12

 

 

325

 

 

342,062

 

6.88%, 11/15/28

 

 

350

 

 

297,500

 

 

 

 

 

 

 

 

 

 

 

 

5,128,262

 

Total Corporate Bonds – 52.8%

 

 

 

 

 

122,134,176

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Floating Rate Loan Interests (a)

 

 

 

 

 

 

 

Aerospace & Defense — 0.7%

 

 

 

 

 

 

 

Hawker Beechcraft Acquisition Co., LLC:

 

 

 

 

 

 

 

Letter of Credit Linked
Deposit, 0.19%, 3/26/14

 

 

52

 

 

43,679

 

Term Loan, 2.26% - 2.29%,
3/26/14

 

 

864

 

 

732,633

 

TASC, Inc., Tranche B Term Loan,
5.75%, 12/18/15

 

 

873

 

 

875,529

 

 

 

 

 

 

 

 

 

 

 

 

1,651,841

 

Airlines — 0.5%

 

 

 

 

 

 

 

Delta Air Lines, Inc., Credit-Linked
Deposit Loan, 0.11% - 2.29%,
4/30/12

 

 

1,213

 

 

1,182,188

 

 

 

 

 

 

 

 

 

Auto Components — 1.7%

 

 

 

 

 

 

 

Allison Transmission, Inc., Term
Loan, 3.04%, 8/07/14

 

 

2,606

 

 

2,515,134

 

Dana Holding Corp., Term
Advance, 2.51% - 4.70%,
1/30/15

 

 

561

 

 

561,031

 

Global Autocare, Term Loan B,
6.00%, 11/02/16

 

 

815

 

 

815,509

 

 

 

 

 

 

 

 

 

 

 

 

3,891,674

 

Automobiles — 0.7%

 

 

 

 

 

 

 

Ford Motor Co.:

 

 

 

 

 

 

 

Tranche B-1 Term Loan,
3.01% - 3.05%, 12/15/13

 

 

1,542

 

 

1,525,272

 

Tranche B-2 Term Loan,
3.01%, 12/15/13

 

 

170

 

 

167,457

 

 

 

 

 

 

 

 

 

 

 

 

1,692,729

 

Biotechnology — 0.3%

 

 

 

 

 

 

 

Grifols SA, Term Loan B, 6.00%,
10/01/16

 

 

710

 

 

716,213

 

Building Products — 1.0%

 

 

 

 

 

 

 

Goodman Global, Inc.:

 

 

 

 

 

 

 

Term Loan B, 5.75%,
10/13/16

 

 

1,750

 

 

1,761,550

 

Term Loan (Second Lien),
9.00%, 10/13/17

 

 

600

 

 

613,650

 

 

 

 

 

 

 

 

 

 

 

 

2,375,200

 

Capital Markets — 0.5%

 

 

 

 

 

 

 

Nuveen Investments, Inc., Term
Loan (First Lien), 3.29%,
11/13/14

 

 

1,300

 

 

1,211,227

 

Chemicals — 4.2%

 

 

 

 

 

 

 

Arizona Chemical, Term Loan B,
6.75%, 11/18/16

 

 

600

 

 

603,375

 

 

 

 

4

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock Senior High Income Fund, Inc. (ARK)
 (Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Floating Rate Loan Interests (a)

 

Par
(000)

 

Value

 

Chemicals (concluded)

 

 

 

 

 

 

 

CF Industries, Inc., Term Loan B-1,
4.50%, 4/05/15

 

$

407

 

$

408,817

 

Chemtura Corp., Exit Term Loan,
5.50%, 8/16/16

 

 

800

 

 

804,666

 

Gentek Holding, LLC, Term Loan B,
6.75%, 9/30/15

 

 

1,400

 

 

1,417,500

 

Lyondell Chemical Co., Exit Term
Loan, 5.50%, 4/08/16

 

 

375

 

 

375,387

 

PQ Corp. (FKA Niagara Acquisition,
Inc.), Term Loan (First Lien),
3.51% - 3.73%, 7/30/14

 

 

1,676

 

 

1,592,634

 

Rockwood Specialties Group, Inc.,
Term Loan H, 6.00%, 5/15/14

 

 

736

 

 

737,585

 

Solutia, Inc., Term Loan, 4.50%,
3/17/17

 

 

903

 

 

906,488

 

Styron Sarl, Term Loan, 7.50%,
6/17/16

 

 

790

 

 

799,875

 

Tronox Worldwide LLC, Exit Term
Loan, 7.00%, 12/24/15

 

 

2,080

 

 

2,088,674

 

 

 

 

 

 

 

 

 

 

 

 

9,735,001

 

Commercial Banks — 0.5%

 

 

 

 

 

 

 

CIT Group, Inc., Tranche 3 Term
Loan, 6.25%, 1/20/12

 

 

1,213

 

 

1,231,042

 

Commercial Services &
Supplies — 3.5%

 

 

 

 

 

 

 

ARAMARK Corp.:

 

 

 

 

 

 

 

Letter of Credit-1 Facility,
0.10%, 1/26/14

 

 

33

 

 

32,562

 

Letter of Credit-2 Facility,
0.10%, 7/26/16

 

 

19

 

 

18,573

 

US Term Loan, 2.16%,
1/26/14

 

 

410

 

 

404,213

 

US Term Loan B, 3.54%,
7/26/16

 

 

284

 

 

282,408

 

AWAS Finance Luxembourg Sarl,
Term Loan B, 7.75%, 6/10/16

 

 

1,125

 

 

1,145,625

 

Altegrity, Inc., Incremental Term
Loan, 7.75%, 2/21/15

 

 

1,496

 

 

1,499,991

 

Casella Waste Systems, Inc., Term
Loan B, 7.00%, 4/09/14

 

 

217

 

 

218,608

 

Delos Aircraft, Inc., Term Loan 2,
7.00%, 3/17/16

 

 

1,075

 

 

1,091,317

 

International Lease Finance Corp.,
Term Loan 1, 6.75%, 3/17/15

 

 

1,500

 

 

1,519,285

 

Quad/Graphics, Inc., Term Loan,
5.50%, 4/20/16

 

 

499

 

 

487,736

 

Synagro Technologies, Inc., Term
Loan (First Lien), 2.26%,
4/02/14

 

 

554

 

 

487,999

 

Volume Services America, Inc.
(Centerplate), Term Loan B,
10.75%, 8/24/16

 

 

1,000

 

 

997,500

 

 

 

 

 

 

 

 

 

 

 

 

8,185,817

 

Communications
Equipment — 0.3%

 

 

 

 

 

 

 

Avaya, Inc., Term Loan B, 3.04%,
10/24/14

 

 

805

 

 

730,286

 

 

 

 

 

 

 

 

 

Floating Rate Loan Interests (a)

 

Par
(000)

 

Value

 

Construction & Engineering — 0.9%

 

 

 

 

 

 

 

Brand Energy & Infrastructure
Services, Inc. (FR Brand
Acquisition Corp.), Synthetic
Letter of Credit, Term Loan (First
Lien), 0.19%, 2/07/14

 

$

500

 

$

476,250

 

Safway Services, LLC, First Out
Tranche Loan, 9.00%, 12/18/17

 

 

1,500

 

 

1,500,000

 

 

 

 

 

 

 

 

 

 

 

 

1,976,250

 

Construction Materials — 0.2%

 

 

 

 

 

 

 

Fairmount Minerals Ltd., Term
Loan B, 6.75%, 8/05/16

 

 

350

 

 

354,521

 

Consumer Finance — 1.3%

 

 

 

 

 

 

 

AGFS Funding Co., Term Loan,
7.25%, 4/21/15

 

 

3,000

 

 

3,022,032

 

Containers & Packaging — 0.7%

 

 

 

 

 

 

 

Anchor Glass Container Corp.,
Term Loan (First Lien), 6.00%,
3/02/16

 

 

149

 

 

148,749

 

Berry Plastics Holding Corp., Term
Loan C, 2.27% - 2.28%,
4/03/15

 

 

495

 

 

464,128

 

Graham Packaging Co., LP, Term
Loan D, 6.00%, 9/16/16

 

 

900

 

 

907,312

 

 

 

 

 

 

 

 

 

 

 

 

1,520,189

 

Diversified Consumer
Services — 2.6%

 

 

 

 

 

 

 

Coinmach Service Corp., Term
Loan, 3.28%, 11/14/14

 

 

1,950

 

 

1,700,047

 

Laureate Education, Series A New
Term Loan, 7.00%, 8/15/14

 

 

2,938

 

 

2,921,220

 

ServiceMaster Co.:

 

 

 

 

 

 

 

Closing Date Term Loan,
2.76% - 2.80%, 7/24/14

 

 

1,402

 

 

1,325,223

 

Delayed Draw Term Loan,
2.76%, 7/24/14

 

 

140

 

 

131,972

 

 

 

 

 

 

 

 

 

 

 

 

6,078,462

 

Diversified Financial
Services — 1.2%

 

 

 

 

 

 

 

Reynolds Group Holdings, Inc.:

 

 

 

 

 

 

 

Incremental US Term Loan,
6.25%, 5/05/16

 

 

795

 

 

799,637

 

Term Loan D, 6.50%, 5/01/16

 

 

1,100

 

 

1,107,334

 

US Term Loan, 6.75%,
5/05/16

 

 

889

 

 

895,451

 

 

 

 

 

 

 

 

 

 

 

 

2,802,422

 

Diversified Telecommunication
Services — 1.8%

 

 

 

 

 

 

 

Hawaiian Telcom Communications,
Inc., Term Loan, 9.00%,
10/28/15

 

 

600

 

 

603,375

 

Integra Telecom Holdings, Inc.,
Term Loan, 9.25%, 4/15/15

 

 

923

 

 

931,047

 

Level 3 Communications,
Incremental Term Loan, 2.54%,
3/13/14

 

 

2,225

 

 

2,066,071

 

Wind Telecomunicazioni SpA:

 

 

 

 

 

 

 

Term Loan Facility B2, 3.47%,
5/26/14

 

 

298

 

 

296,436

 

 

 

 

 

 

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2010

5


 

 

 

 

Schedule of Investments (continued)

BlackRock Senior High Income Fund, Inc. (ARK)
 (Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Floating Rate Loan Interests (a)

 

Par
(000)

 

Value

 

Diversified Telecommunication
Services (concluded)

 

 

 

 

 

 

 

Wind Telecomunicazioni SpA
(concluded):

 

 

 

 

 

 

 

Term Loan Facility C2, 3.47%,
5/24/13

 

$

298

 

$

296,436

 

 

 

 

 

 

 

 

 

 

 

 

4,193,365

 

Electric Utilities — 0.8%

 

 

 

 

 

 

 

New Development Holdings LLC,
Term Loan, 7.00%, 7/03/17

 

 

1,746

 

 

1,773,346

 

Electrical Equipment — 0.3%

 

 

 

 

 

 

 

Baldor Electric Co., Term Loan,
5.25%, 1/31/14

 

 

572

 

 

573,896

 

Electronic Equipment, Instruments
& Components — 0.6%

 

 

 

 

 

 

 

CDW LLC (FKA CDW Corp.), Term
Loan, 4.25%, 10/10/14

 

 

1,369

 

 

1,318,117

 

Energy Equipment &
Services — 0.4%

 

 

 

 

 

 

 

MEG Energy Corp., Tranche D Term
Loan, 6.00%, 4/03/16

 

 

965

 

 

965,435

 

Food & Staples Retailing — 1.0%

 

 

 

 

 

 

 

Pilot Travel Centers LLC, Initial
Tranche B Term Loan, 5.25%,
6/30/16

 

 

1,076

 

 

1,087,789

 

U.S. Foodservice, Inc., Term
Loan B, 2.75% - 2.76%,
7/03/14

 

 

1,235

 

 

1,118,190

 

 

 

 

 

 

 

 

 

 

 

 

2,205,979

 

Food Products — 2.9%

 

 

 

 

 

 

 

Advance Pierre Foods, Term Loan
(Second Lien), 7.00% - 7.50%,
9/29/16

 

 

2,365

 

 

2,343,320

 

Dole Food Co., Inc., Tranche B-1
Term Loan, 5.00% - 5.50%,
3/02/17

 

 

436

 

 

436,919

 

Green Mountain Coffee, Inc., Term
Loan B, 6.00%, 11/09/16

 

 

700

 

 

703,938

 

Michael Foods Group, Inc. (FKA M-
Foods Holdings, Inc.), Term Loan
B, 6.25%, 6/29/16

 

 

499

 

 

503,270

 

Pilgrim’s Pride Corp., Term Loan A,
5.29%, 12/01/12

 

 

725

 

 

703,250

 

Pinnacle Foods Finance LLC,
Tranche D Term Loan, 6.00%,
4/02/14

 

 

958

 

 

969,040

 

Solvest Ltd. (Dole), Tranche C-1
Term Loan, 5.00% - 5.50%,
3/02/17

 

 

1,079

 

 

1,082,134

 

 

 

 

 

 

 

 

 

 

 

 

6,741,871

 

Health Care Equipment &
Supplies — 0.3%

 

 

 

 

 

 

 

DJO Finance LLC (FKA ReAble
Therapeutics Finance LLC), Term
Loan, 3.26%, 5/20/14

 

 

802

 

 

784,040

 

 

 

 

 

 

 

 

 

Floating Rate Loan Interests (a)

 

Par
(000)

 

Value

 

Health Care Providers &
Services — 4.9%

 

 

 

 

 

 

 

CHS/Community Health Systems, Inc.:

 

 

 

 

 

 

 

Delayed Draw Term Loan,
2.55%, 7/25/14

 

$

117

 

$

114,592

 

Term Loan Facility, 2.55%,
7/25/14

 

 

2,242

 

 

2,219,102

 

DaVita, Inc., Term Loan B, 4.50%,
10/20/16

 

 

1,100

 

 

1,102,750

 

Gentiva Health Services, Inc., Term
Loan B, 6.75%, 8/12/16

 

 

100

 

 

100,667

 

HCA, Inc.:

 

 

 

 

 

 

 

Tranche A-1 Term Loan,
1.79%, 11/16/12

 

 

2,395

 

 

2,341,225

 

Tranche B-1 Term Loan,
2.54%, 11/18/13

 

 

125

 

 

122,344

 

Harden Healthcare, Inc.:

 

 

 

 

 

 

 

Add-on Term Loan, 7.75%,
3/02/15

 

 

1,365

 

 

1,337,700

 

Tranche A Term Loan, 8.50%,
2/22/15

 

 

385

 

 

376,943

 

inVentiv Health, Inc. (FKA Ventive
Health, Inc.), Term Loan B,
6.50%, 7/31/16

 

 

2,120

 

 

2,130,600

 

Renal Advantage Holdings, Inc.,
Tranche B Term Loan, 6.00%,
6/03/16

 

 

599

 

 

599,248

 

Vanguard Health Holding Co. II,
LLC (Vanguard Health Systems,
Inc.), Initial Term Loan, 5.00%,
1/29/16

 

 

965

 

 

968,048

 

 

 

 

 

 

 

 

 

 

 

 

11,413,219

 

Health Care Technology — 1.0%

 

 

 

 

 

 

 

IMS Health, Inc., Tranche B Dollar
Term Loan, 5.25%, 2/26/16

 

 

1,454

 

 

1,467,110

 

MedAssets, Inc., Term Loan B,
5.25%, 11/15/16

 

 

900

 

 

903,937

 

 

 

 

 

 

 

 

 

 

 

 

2,371,047

 

Hotels, Restaurants &
Leisure — 4.9%

 

 

 

 

 

 

 

Blackstone UTP Capital LLC, Loan,
7.75%, 11/06/14

 

 

1,241

 

 

1,253,031

 

Dunkin’ Finance Corp., Term
Loan B, 5.75%, 11/09/17

 

 

1,300

 

 

1,311,955

 

Harrah’s Operating Co., Inc.:

 

 

 

 

 

 

 

Term Loan B-3, 3.29%,
1/28/15

 

 

2,298

 

 

2,005,736

 

Term Loan B-4, 9.50%,
10/31/16

 

 

1,241

 

 

1,281,100

 

SW Acquisitions Co., Inc., Term
Loan, 5.75%, 6/01/16

 

 

1,440

 

 

1,447,720

 

Six Flags Theme Parks, Inc.,
Tranche B Term Loan (First
Lien), 6.25%, 6/30/16

 

 

1,838

 

 

1,846,106

 

Travelport LLC (FKA Travelport,
Inc.), Delayed Draw Term Loan,
2.79%, 8/23/13

 

 

250

 

 

241,655

 

VML US Finance LLC (FKA Venetian
Macau):

 

 

 

 

 

 

 

New Project Term Loan,
4.80%, 5/27/13

 

 

824

 

 

824,328

 

 

 

 

6

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock Senior High Income Fund, Inc. (ARK)
 (Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Floating Rate Loan Interests (a)

 

Par
(000)

 

Value

 

Hotels, Restaurants &
Leisure (concluded)

 

 

 

 

 

 

 

VML US Finance LLC (FKA Venetian
Macau) (concluded):

 

 

 

 

 

 

 

Term B Delayed Draw Project
Loan, 4.78%, 5/25/12

 

$

543

 

$

542,482

 

Term B Funded Project Loan,
4.80%, 5/27/13

 

 

583

 

 

582,548

 

 

 

 

 

 

 

 

 

 

 

 

11,336,661

 

Household Durables — 0.5%

 

 

 

 

 

 

 

Visant Corp. (FKA Jostens), Term
Loan B, 7.00%, 12/20/16

 

 

1,205

 

 

1,214,791

 

IT Services — 3.9%

 

 

 

 

 

 

 

Audio Visual Services Group, Inc.,
Tranche B Term Loan (First
Lien), 2.54%, 2/28/14

 

 

214

 

 

172,487

 

Ceridian Corp., US Term Loan,
3.25% - 3.27%, 11/09/14

 

 

1,560

 

 

1,468,629

 

EVERTEC, Inc., Term Loan B,
7.00%, 8/20/16

 

 

675

 

 

671,625

 

First Data Corp.:

 

 

 

 

 

 

 

Initial Tranche B-1 Term Loan,
3.00%, 9/24/14

 

 

1,085

 

 

976,500

 

Initial Tranche B-2 Term Loan,
3.00%, 9/24/14

 

 

1,440

 

 

1,295,967

 

Initial Tranche B-3 Term Loan,
3.00%, 9/24/14

 

 

1,064

 

 

959,356

 

SunGard Data Systems, Inc. (Solar
Capital Corp.):

 

 

 

 

 

 

 

Incremental Term Loan,
6.75%, 2/28/14

 

 

851

 

 

851,908

 

Tranche B US Term Loan,
3.90% - 4.04%, 2/28/16

 

 

411

 

 

406,608

 

TransUnion Corp., Term Loan B,
6.75%, 6/15/17

 

 

2,244

 

 

2,267,380

 

 

 

 

 

 

 

 

 

 

 

 

9,070,460

 

Independent Power Producers &
Energy Traders — 0.3%

 

 

 

 

 

 

 

Dynegy Holdings, Inc.:

 

 

 

 

 

 

 

Term Letter of Credit Facility,
4.01%, 4/02/13

 

 

192

 

 

187,294

 

Tranche B Term Loan, 4.01%,
4/02/13

 

 

15

 

 

14,961

 

Texas Competitive Electric Holdings Co.,
LLC (TXU):

 

 

 

 

 

 

 

Initial Tranche B-2 Term Loan,
3.76% - 4.07%, 10/10/14

 

 

480

 

 

370,769

 

Initial Tranche B-3 Term Loan,
3.75%, 10/10/14

 

 

225

 

 

173,438

 

 

 

 

 

 

 

 

 

 

 

 

746,462

 

Industrial Conglomerates — 0.7%

 

 

 

 

 

 

 

Sequa Corp., Term Loan, 3.54% -
3.55%, 12/03/14

 

 

475

 

 

450,326

 

Tomkins Plc, Term Loan B, 6.25%,
9/16/16

 

 

1,250

 

 

1,263,672

 

 

 

 

 

 

 

 

 

 

 

 

1,713,998

 

Insurance — 0.1%

 

 

 

 

 

 

 

Alliant Holdings I, Inc., Term Loan,
3.29%, 8/21/14

 

 

139

 

 

135,046

 

 

 

 

 

 

 

 

 

Floating Rate Loan Interests (a)

 

Par
(000)

 

Value

 

Internet & Catalog Retail — 0.3%

 

 

 

 

 

 

 

FTD Group, Inc., Tranche B Term
Loan, 6.75%, 8/26/14

 

$

573

 

$

573,861

 

Media — 10.0%

 

 

 

 

 

 

 

Affinion Group, Inc., Tranche B
Term Loan, 5.00%, 10/09/16

 

 

746

 

 

740,964

 

Cengage Learning Acquisitions, Inc.
(Thomson Learning):

 

 

 

 

 

 

 

Term Loan, 2.54%, 7/03/14

 

 

2,750

 

 

2,534,469

 

Tranche 1 Incremental Term
Loan, 7.50%, 7/03/14

 

 

676

 

 

678,104

 

Charter Communications Operating,
LLC:

 

 

 

 

 

 

 

Term Loan B1, 7.25%,
3/06/14

 

 

769

 

 

797,061

 

Term Loan C, 3.54%, 9/06/16

 

 

2,238

 

 

2,188,461

 

Ellis Communications KDOC, LLC,
Loan, 10.00%, 12/30/11

 

 

3,879

 

 

1,454,482

 

Getty Images, Inc., Term Loan B,
5.25%, 10/29/16

 

 

1,500

 

 

1,511,625

 

HMH Publishing Co., Ltd., Tranche
A Term Loan, 5.48% - 5.79%,
6/12/14

 

 

1,396

 

 

1,289,597

 

Hanley-Wood, LLC (FSC
Acquisition), Term Loan, 2.56%,
3/10/14

 

 

973

 

 

429,845

 

Interactive Data Corp., Term Loan,
6.75%, 1/29/17

 

 

698

 

 

707,554

 

Mediacom Illinois, LLC (FKA
Mediacom Communications,
LLC), Tranche D Term Loan,
5.50%, 3/31/17

 

 

495

 

 

490,050

 

Newsday, LLC, Fixed Rate Term
Loan, 10.50%, 8/01/13

 

 

3,250

 

 

3,445,000

 

Penton Media, Inc., Term Loan
(First Lien), 5.00%, 8/01/14

 

 

728

 

 

544,982

 

Sinclair Television Group, Inc., New
Tranche B Term Loan, 5.50%,
10/29/15

 

 

1,011

 

 

1,023,779

 

Sunshine Acquisition Ltd. (FKA HIT
Entertainment), Term Facility,
5.54%, 6/01/12

 

 

970

 

 

938,386

 

TWCC Holdings Corp.,
Replacement Term Loans,
5.00%, 9/14/15

 

 

1,026

 

 

1,031,184

 

UPC Financing Partnership, Facility
Term Loan, 4.25%, 12/30/16

 

 

1,750

 

 

1,717,187

 

Univision Communications, Inc.,
Exit Term Loan, 4.51%, 3/31/17

 

 

1,020

 

 

950,008

 

Yell Group Plc/Yell Finance (UK)
Ltd., Facility A3, 2.76%,
8/09/11

 

 

633

 

 

613,828

 

 

 

 

 

 

 

 

 

 

 

 

23,086,566

 

Metals & Mining — 0.7%

 

 

 

 

 

 

 

Euramax International, Inc., Domestic
Term Loan:

 

 

 

 

 

 

 

10.00%, 6/29/13

 

 

858

 

 

814,837

 

12.00%, 6/29/13

 

 

813

 

 

772,109

 

 

 

 

 

 

 

 

 

 

 

 

1,586,946

 

 

 

 

 

 

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2010

7


 

 

 

 

Schedule of Investments (continued)

BlackRock Senior High Income Fund, Inc. (ARK)
 (Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Floating Rate Loan Interests (a)

 

Par
(000)

 

Value

 

Multi-Utilities — 0.2%

 

 

 

 

 

 

 

FirstLight Power Resources, Inc. (FKA
NE Energy, Inc.):

 

 

 

 

 

 

 

Synthetic Letter of Credit,
0.16%, 11/01/13

 

$

7

 

$

6,903

 

Term B Advance (First Lien),
2.81%, 11/01/13

 

 

391

 

 

375,569

 

 

 

 

 

 

 

 

 

 

 

 

382,472

 

Multiline Retail — 0.5%

 

 

 

 

 

 

 

Dollar General Corp., Tranche B-2
Term Loan, 3.01%, 7/07/14

 

 

598

 

 

594,414

 

The Neiman Marcus Group, Inc.,
Term Loan B, 4.30%, 4/06/16

 

 

504

 

 

493,560

 

 

 

 

 

 

 

 

 

 

 

 

1,087,974

 

Oil, Gas & Consumable
Fuels — 0.3%

 

 

 

 

 

 

 

Big West Oil, LLC, Term Loan,
12.00%, 7/23/15

 

 

594

 

 

604,883

 

Personal Products — 0.3%

 

 

 

 

 

 

 

NBTY, Inc., Term Loan B, 6.25%,
9/20/17

 

 

700

 

 

707,870

 

Pharmaceuticals — 0.7%

 

 

 

 

 

 

 

Warner Chilcott Co., LLC, Term
Loan A, 6.00%, 10/30/14

 

 

372

 

 

371,637

 

Warner Chilcott Corp.:

 

 

 

 

 

 

 

Additional Term Loan, 6.25%,
4/30/15

 

 

359

 

 

361,141

 

Term Loan B-1, 6.25%,
4/30/15

 

 

148

 

 

149,088

 

Term Loan B-2, 6.25%,
4/30/15

 

 

245

 

 

246,540

 

Term Loan B-3, 6.50%,
2/20/16

 

 

280

 

 

282,363

 

Term Loan B-4, 6.50%,
2/20/16

 

 

95

 

 

95,865

 

 

 

 

 

 

 

 

 

 

 

 

1,506,634

 

Professional Services — 0.9%

 

 

 

 

 

 

 

Booz Allen Hamilton, Inc.,
Tranche C Term Loan, 6.00%,
7/31/15

 

 

993

 

 

994,733

 

Fifth Third Processing Solutions,
LLC, Term Loan B, 5.50%,
10/21/16

 

 

1,100

 

 

1,103,575

 

 

 

 

 

 

 

 

 

 

 

 

2,098,308

 

Real Estate Investment Trusts
(REITs) — 0.1%

 

 

 

 

 

 

 

iStar Financial, Inc., Term Loan
(Second Lien), 1.75%, 6/28/11

 

 

225

 

 

215,312

 

Real Estate Management &
Development — 0.6%

 

 

 

 

 

 

 

Realogy Corp., Synthetic Letter of
Credit, 0.11%, 10/10/13

 

 

1,470

 

 

1,349,325

 

Semiconductors & Semiconductor
Equipment — 0.5%

 

 

 

 

 

 

 

Freescale Semiconductor, Inc.,
Extended Maturity Term Loan,
4.51%, 12/01/16

 

 

389

 

 

365,420

 

 

 

 

 

 

 

 

 

Floating Rate Loan Interests (a)

 

Par
(000)

 

Value

 

Semiconductors & Semiconductor
Equipment (concluded)

 

 

 

 

 

 

 

Microsemi Corp., Term Loan B,
5.44%, 10/25/17

 

$

700

 

$

705,833

 

 

 

 

 

 

 

 

 

 

 

 

1,071,253

 

Software — 0.2%

 

 

 

 

 

 

 

Telcordia Technologies, Inc., Term
Loan, 6.75%, 4/30/16

 

 

547

 

 

550,158

 

Specialty Retail — 2.2%

 

 

 

 

 

 

 

Burlington Coat Factory
Warehouse Corp., Term Loan,
2.51% - 2.52%, 5/28/13

 

 

355

 

 

344,705

 

Gymboree Corp., Term Loan B,
5.50%, 11/09/17

 

 

900

 

 

903,536

 

Michaels Stores, Inc.:

 

 

 

 

 

 

 

Term Loan B-1, 2.56%,
10/31/13

 

 

433

 

 

417,531

 

Term Loan B-2, 4.81%,
7/31/16

 

 

798

 

 

790,064

 

Petco Animal Supplies, Inc., Term
Loan B, 6.00%, 8/18/17

 

 

1,600

 

 

1,602,800

 

Toys ‘R’ US, Inc., Term Loan B,
6.00%, 8/17/16

 

 

1,122

 

 

1,128,801

 

 

 

 

 

 

 

 

 

 

 

 

5,187,437

 

Textiles, Apparel & Luxury
Goods — 0.3%

 

 

 

 

 

 

 

Philips Van Huesen Corp., US
Tranche B Term Loan, 4.75%,
5/06/16

 

 

748

 

 

755,874

 

Wireless Telecommunication
Services — 2.3%

 

 

 

 

 

 

 

Cavtel Holdings, LLC, Term Loan,
11.50%, 12/31/12

 

 

401

 

 

401,950

 

Digicel International Finance Ltd.,
US Term Loan (Non-Rollover),
2.81%, 3/30/12

 

 

1,764

 

 

1,710,968

 

MetroPCS Wireless, Inc.,
Tranche B-2 Term Loan, 3.81%,
11/03/16

 

 

453

 

 

452,191

 

Vodafone Americas Finance 2 Inc.,
Initial Loan, 6.88%, 7/30/15

 

 

2,750

 

 

2,791,250

 

 

 

 

 

 

 

 

 

 

 

 

5,356,359

 

Total Floating Rate Loan
Interests – 65.3%

 

 

 

 

 

151,036,059

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Interests (j)

 

Beneficial
Interest
(000)

 

 

 

 

Auto Components — 0.0%

 

 

 

 

 

 

 

Intermet Liquidating Trust, Class A

 

 

320

 

 

96

 

Diversified Financial
Services — 0.4%

 

 

 

 

 

 

 

J.G. Wentworth LLC Preferred
Equity Interests (k)

 

 

—

(l)

 

951,244

 

Media — 0.0%

 

 

 

 

 

 

 

Adelphia Preferred Escrow

 

 

3

 

 

—

 

 

 

 

8

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock Senior High Income Fund, Inc. (ARK)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Other Interests (j)

 

Beneficial
Interest
(000)

 

Value

 

Media (concluded)

 

 

 

 

 

 

 

Adelphia Recovery Trust, Series
ACC-6B INT

 

$

250

 

$

25

 

 

 

 

 

 

 

 

 

 

 

 

25

 

Metals & Mining — 0.3%

 

 

 

 

 

 

 

RathGibson Acquisition Corp.,
LLC (k)

 

 

137

 

 

729,063

 

Total Other Interests – 0.7%

 

 

 

 

 

1,680,428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants (m)

 

Shares

 

 

 

 

Media — 0.0%

 

 

 

 

 

 

 

Charter Communications, Inc.
(Expires 11/30/14)

 

 

6,862

 

 

30,879

 

Total Long-Term Investments
(Cost – $295,107,415) – 121.3%

 

 

 

 

 

280,818,325

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

BlackRock Liquidity Funds,
TempFund, Institutional Class,
0.18%, (n)(o)

 

 

2,970,118

 

 

2,970,118

 

Total Short-Term Securities
(Cost – $2,970,118) – 1.3%

 

 

 

 

 

2,970,118

 

Total Investments
(Cost – $298,077,533*) – 122.6%

 

 

 

 

 

283,788,443

 

Liabilities in Excess of Other Assets – (22.6) %

 

 

 

 

 

(52,382,334

)

 

 

 

 

 

Net Assets – 100.0%

 

 

 

 

$

231,406,109

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of November 30, 2010, as computed for federal income tax purposes were as follows:

 

 

 

 

 

 

 

 

 

 

Aggregate cost

 

 

 

 

$

298,578,245

 

 

 

 

 

 

 

 

Gross unrealized appreciation

 

 

 

 

$

11,050,093

 

 

Gross unrealized depreciation

 

 

 

 

 

(25,839,895

)

 

 

 

 

 

 

 

Net unrealized depreciation

 

 

 

 

$

(14,789,802

)

 

 

 

 

 

 

 

 

(a)

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

 

 

(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)

Non-income producing security.

 

 

(d)

Issuer filed for bankruptcy and/or is in default of interest payments.

 

 

(e)

As a result of bankruptcy proceedings, the company did not repay the principal amount or accrued interest of the security upon maturity.

 

 

(f)

Convertible security.

 

 

(g)

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

 

 

(h)

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 is as of report date.

 

 

(i)

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

 

 

(j)

Other interests represent beneficial interest in liquidation trusts and other reorganization entities and are non-income producing.

 

 

(k)

The investment is held by a wholly-owned taxable subsidiary of the Fund.

 

 

(l)

Amount is less than $1,000.

 

 

(m)

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, if any.

 

 

(n)

Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares at
February 28,
2010

 

Net Activity

 

Shares at
November
30, 2010

 

Income

 

 

 

BlackRock Liquidity Funds, TempFund, Institutional Class

 

1,938,484

 

1,031,634

 

2,970,118

 

$

4,273

 

 

 

 

(o)

Represents the current yield as of report date.

 

 

 

 

 

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2010

9


 

 

 

 

Schedule of Investments (continued)

BlackRock Senior High Income Fund, Inc. (ARK)

 

 

•

Foreign currency exchange contracts as of November 30, 2010 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency
Purchased

 

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation)

 

CAD

234,000

 

USD

 

229,197

 

Citibank N.A.

 

1/19/11

 

$

(1,484

)

USD

885,034

 

CAD

 

900,000

 

UBS AG

 

1/19/11

 

 

9,215

 

 

 

 

 

 

 

 

 

 

 

 

$

7,731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

•

Credit default swaps on single-name issues - buy protection outstanding as of November 30, 2010 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuer

Pay
Fixed
Rate

 

Counterparty

 

Expiration

 

Notional
Amount
(000)

 

Unrealized
Appreciation

 

K. Hovnanian
Enterprises, Inc.

5.00%

 

Goldman Sachs International

 

December 2011

 

USD

460

 

$

6,269

 

K. Hovnanian
Enterprises, Inc.

5.00%

 

Goldman Sachs International

 

September 2013

 

USD

200

 

$

7,599

 

Total

 

 

 

 

 

 

 

 

 

$

13,868

 

 

 

 

 

 

 

 

 

 

 

 

 

 

•

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.

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivatives, 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 and derivatives)

 

 

 

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 semi-annual report.

 

 

 

 

 

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2010

10


 

 

 

 

Schedule of Investments (concluded)

BlackRock Senior High Income Fund, Inc. (ARK)

The following tables summarize the inputs used as of November 30, 2010 in determining the fair valuation of the Fund’s investments and derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-Backed Securities

 

 

—

 

 

—

 

$

2,363,750

 

$

2,363,750

 

Common Stocks

 

$

1,650,374

 

$

1,477,807

 

 

444,852

 

 

3,573,033

 

Corporate Bonds

 

 

—

 

 

116,995,525

 

 

5,138,651

 

 

122,134,176

 

Floating Rate Loan Interests

 

 

—

 

 

118,557,489

 

 

32,478,570

 

 

151,036,059

 

Other Interests

 

 

—

 

 

—

 

 

1,680,428

 

 

1,680,428

 

Warrants

 

 

30,879

 

 

—

 

 

—

 

 

30,879

 

Short-Term Securities

 

 

2,970,118

 

 

—

 

 

—

 

 

2,970,118

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Unfunded Loan Commitments

 

 

—

 

 

—

 

 

(8,164

)

 

(8,164

)

 

 

Total

 

$

4,651,371

 

$

237,030,821

 

$

42,098,087

 

$

283,780,279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Financial Instruments1

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit contracts

 

 

—

 

$

13,868

 

 

—

 

$

13,868

 

Foreign currency exchange contracts

 

 

—

 

 

9,215

 

 

—

 

 

9,215

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency exchange contracts

 

 

—

 

 

(1,484

)

 

—

 

 

(1,484

)

Total

 

 

—

 

$

21,599

 

 

—

 

$

21,599

 

 

 

 

 

1

Derivative financial instruments are swaps and foreign currency exchange contracts. Swaps and foreign currency exchange contracts are shown at the unrealized appreciation/depreciation on the instrument.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-
Backed
Securities

 

Common Stocks

 

Corporate Bonds

 

Floating Rate
Loan Interests

 

Other Interests

 

Unfunded Loan
Commitments

 

Total

 

Balance, as of February 28, 2010

 

 

—

 

$

179,112

 

$

8,012,790

 

$

17,012,972

 

$

1,066,529

 

$

—

 

$

26,271,403

 

Accrued discounts/premiums.

 

 

—

 

 

—

 

 

116,330

 

 

217,800

 

 

—

 

 

—

 

 

334,130

 

Net realized gain (loss)

 

 

—

 

 

—

 

 

(1,236,041

)

 

(41,007

)

 

140,207

 

 

—

 

 

(1,136,841

)

Net change in unrealized appreciation/depreciation2

 

 

—

 

 

291,009

 

 

965,345

 

 

639,323

 

 

(1,006,319

)

$

(8,164

)

 

881,194

 

Purchases

 

 

—

 

 

—

 

 

40,983

 

 

2,938,905

 

 

—

 

 

—

 

 

2,979,888

 

Sales

 

 

—

 

 

—

 

 

(2,760,756

)

 

(8,218,676

)

 

(200,295

)

 

—

 

 

(11,179,727

)

Transfers in3

 

 

2,363,750

 

 

389,903

 

 

—

 

 

22,620,650

 

 

1,680,306

 

 

—

 

 

27,054,609

 

Transfers out3

 

 

 

 

 

(415,172

)

 

—

 

 

(2,691,397

)

 

—

 

 

—

 

 

(3,106,569

)

 

 

Balance, as of November 30, 2010

 

$

2,363,750

 

$

444,852

 

$

5,138,651

 

$

32,478,570

 

$

1,680,428

 

$

(8,164

)

$

42,098,087

 

 

 

 

 

2

The change in the unrealized appreciation/depreciation on the securities still held on November 30, 2010 was $(620,828).

 

 

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.

NOVEMBER 30, 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 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

 

2(b) –

There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

 

Item 3 –

Exhibits

 

 

 

Certifications – Attached hereto

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

BlackRock Senior High Income Fund, Inc.
   
  By: /s/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer (principal executive officer) of
    BlackRock Senior High Income Fund, Inc.
   
  Date: January 26, 2011
   
  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: January 26, 2011
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Senior High Income Fund, Inc.
     
  Date: January 26, 2011