-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Na9Rv1KRpllCkQoijFXlaZOIU5f3QG92yUASppF5baldZv/gq/ecYt9P3aoEYyJu Mppo3woSCaX1B9n+fhMwMg== 0001171200-10-000063.txt : 20100129 0001171200-10-000063.hdr.sgml : 20100129 20100128173210 ACCESSION NUMBER: 0001171200-10-000063 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091130 FILED AS OF DATE: 20100129 DATE AS OF CHANGE: 20100128 EFFECTIVENESS DATE: 20100129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK SENIOR HIGH INCOME FUND, INC. CENTRAL INDEX KEY: 0000896665 IRS NUMBER: 223226962 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07456 FILM NUMBER: 10555101 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: SENIOR HIGH INCOME PORTFOLIO INC DATE OF NAME CHANGE: 19930714 N-Q 1 i00007_ark-nq.htm

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: 02/28/2010

 

Date of reporting period: 11/30/2009

 

Item 1 – Schedule of Investments

 

 

BlackRock Senior High Income Fund, Inc. (ARK)

 

Schedule of Investments November 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Industry

 

Common Stocks (a)

 

Shares

 

Value

 

Auto Components - 0.2%

 

Lear Corp.

 

 

5,576

 

$

351,262

 

Building Products - 0.7%

 

Masonite Worldwide Holdings

 

 

40,055

 

 

1,401,925

 

Capital Markets - 0.2%

 

E*Trade Financial Corp.

 

 

271,000

 

 

444,440

 

Chemicals - 0.0%

 

GEO Specialty Chemicals, Inc. (b)

 

 

142,466

 

 

54,693

 

 

 

Wellman Holdings, Inc.

 

 

5,131

 

 

1,283

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55,976

 

Containers & Packaging - 0.1%

 

Smurfit Kappa Plc

 

 

18,171

 

 

148,987

 

Hotels, Restaurants &
Leisure - 0.0%

 

Lodgian, Inc.

 

 

41,866

 

 

53,170

 

Metals & Mining - 0.0%

 

Euramax International

 

 

935

 

 

28,047

 

Paper & Forest Products - 0.7%

 

Ainsworth Lumber Co. Ltd.

 

 

375,634

 

 

729,628

 

 

 

Ainsworth Lumber Co. Ltd. (b)

 

 

421,556

 

 

819,720

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,549,348

 

 

 

Total Common Stocks - 1.9%

 

 

 

 

 

4,033,155

 

 

 

Corporate Bonds

 

Par
(000)

 

 

 

 

Aerospace & Defense - 2.8%

 

Moog, Inc., 7.25%, 6/15/18

 

USD

5,000

 

 

4,800,000

 

 

 

TransDigm, Inc., 7.75%, 7/15/14 (b)

 

 

1,100

 

 

1,116,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,916,500

 

Airlines - 0.5%

 

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

 

 

500

 

 

500,000

 

 

 

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

 

 

600

 

 

610,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,110,500

 

Auto Components - 1.9%

 

The Goodyear Tire & Rubber Co., 8.63%, 12/01/11

 

 

4,000

 

 

4,095,000

 

 

 

Venture Holdings Co. LLC, 12.00%,
6/01/09 (a)(c)

 

 

700

 

 

—

 

 

 

Venture Holdings Co. LLC, Series B, 9.50%, 7/01/05 (a)(c)(d)

 

 

3,325

 

 

332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,095,332

 

Biotechnology - 0.1%

 

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

 

 

315

 

 

318,600

 

Building Products - 2.5%

 

CPG International I, Inc., 7.87%, 7/01/12 (e)

 

 

3,500

 

 

3,176,250

 

 

 

CPG International I, Inc., 10.50%, 7/01/13

 

 

1,500

 

 

1,361,250

 

 

 

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

 

 

725

 

 

692,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,229,875

 

Chemicals - 3.1%

 

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

 

 

610

 

 

568,825

 

 

 

GEO Specialty Chemicals, Inc., 7.50%,
3/31/15 (b)(f)(g)

 

 

1,869

 

 

1,214,605

 

 

 

GEO Specialty Chemicals, Inc., 10.00%, 3/31/15

 

 

1,839

 

 

1,195,168

 

 

 

Huntsman International LLC, 5.50%,
6/30/16 (b)

 

 

495

 

 

429,412

 

 

 

Wellman Holdings, Inc., Second Lien Subordinate Note, 10.00%, 1/29/19 (b)(f)

 

 

2,383

 

 

2,383,000

 

 

 

Wellman Holdings, Inc., Third Lien Subordinate
Note, 5.00%, 1/29/19 (f)(g)

 

 

1,599

 

 

799,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,590,510

 

Commercial Services & Supplies - 2.0%

 

ACCO Brands Corp., 10.63%, 3/15/15 (b)

 

 

365

 

 

393,744

 

 

 

Clean Harbors, Inc., 7.63%, 8/15/16 (b)

 

 

700

 

 

704,375

 

 

 

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

 

 

450

 

 

456,750

 

 

 

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

 

 

550

 

 

592,625

 

 

 

Sally Holdings LLC, 9.25%, 11/15/14

 

 

420

 

 

434,700

 

 

 

Sally Holdings LLC, 10.50%, 11/15/16

 

 

570

 

 

609,900

 

1


 

 

BlackRock Senior High Income Fund, Inc. (ARK)

 

Schedule of Investments November 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Industry

 

Corporate Bonds

 

Par
(000)

 

Value

 

 

 

Scientific Games International, Inc., 9.25%, 6/15/19

 

USD

960

 

$

997,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,189,294

 

Construction Materials - 1.2%

 

Nortek, Inc., 10.00%, 12/01/13

 

 

2,570

 

 

2,634,250

 

Consumer Finance - 1.1%

 

Ford Motor Credit Co. LLC, 3.03%, 1/13/12 (e)

 

 

1,340

 

 

1,214,710

 

 

 

Inmarsat Finance Plc, 7.38%, 12/01/17 (b)

 

 

1,150

 

 

1,161,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,376,210

 

Containers & Packaging - 3.0%

 

Berry Plastics Corp., 4.13%, 9/15/14 (e)

 

 

100

 

 

78,000

 

 

 

Berry Plastics Escrow LLC, 8.25%, 11/15/15 (b)

 

 

1,100

 

 

1,086,250

 

 

 

Clondalkin Acquisition BV, 2.25%,
12/15/13 (b)(e)

 

 

2,000

 

 

1,765,000

 

 

 

Crown Americas LLC, 7.63%, 5/15/17 (b)

 

 

400

 

 

408,000

 

 

 

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

 

 

555

 

 

585,525

 

 

 

Packaging Dynamics Finance Corp., 10.00%, 5/01/16 (b)

 

 

1,650

 

 

1,221,000

 

 

 

Smurfit Kappa Funding Plc, 7.75%, 4/01/15

 

 

1,050

 

 

1,002,750

 

 

 

Solo Cup Co., 10.50%, 11/01/13 (b)

 

 

250

 

 

263,125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,409,650

 

Diversified Financial Services - 1.6%

 

Highland Legacy Ltd., 6.53%, 6/01/11 (b)(e)

 

 

4,000

 

 

2,400,000

 

 

 

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

 

 

955

 

 

964,550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,364,550

 

Diversified Telecommunication Services - 2.8%

 

Cincinnati Bell, Inc., 8.25%, 10/15/17

 

 

900

 

 

893,250

 

 

 

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

 

 

1,200

 

 

1,260,000

 

 

 

PAETEC Holding Corp., 8.88%, 6/30/17

 

 

600

 

 

595,500

 

 

 

Qwest Corp., 8.38%, 5/01/16 (b)

 

 

3,000

 

 

3,135,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,883,750

 

Electric Utilities - 0.4%

 

NSG Holdings LLC, 7.75%, 12/15/25 (b)

 

 

1,000

 

 

895,000

 

Food & Staples Retailing - 0.5%

 

Duane Reade, Inc., 11.75%, 8/01/15 (b)

 

 

155

 

 

167,012

 

 

 

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

 

 

825

 

 

891,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,058,012

 

Food Products - 0.4%

 

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

 

 

750

 

 

785,625

 

Health Care Equipment & Supplies - 0.8%

 

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

 

 

710

 

 

747,275

 

 

 

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

 

 

1,200

 

 

972,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,719,275

 

Health Care Providers & Services - 3.1%

 

Community Health Systems, Inc., Series WI, 8.88%, 7/15/15

 

 

1,880

 

 

1,917,600

 

 

 

DaVita, Inc., 7.25%, 3/15/15

 

 

525

 

 

522,375

 

 

 

Snoqualmie Entertainment Authority, 4.68%, 2/01/14 (b)(e)

 

 

500

 

 

255,000

 

 

 

Tenet Healthcare Corp., 10.00%, 5/01/18 (b)

 

 

850

 

 

945,625

 

 

 

Tenet Healthcare Corp., 8.88%, 7/01/19 (b)

 

 

2,775

 

 

2,969,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,609,850

 

Hotels, Restaurants & Leisure - 1.8%

 

American Real Estate Partners LP, 7.13%, 2/15/13

 

 

2,450

 

 

2,401,000

 

 

 

Little Traverse Bay Bands of Odawa Indians, 10.25%, 2/15/14 (a)(b)(c)

 

 

1,210

 

 

302,500

 

 

 

MGM Mirage, 10.38%, 5/15/14 (b)

 

 

185

 

 

197,487

 

 

 

MGM Mirage, 11.13%, 11/15/17 (b)

 

 

750

 

 

821,250

 

2


 

 

BlackRock Senior High Income Fund, Inc. (ARK)

 

Schedule of Investments November 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Industry

 

Corporate Bonds

 

Par
(000)

 

Value

 

 

 

Shingle Springs Tribal Gaming Authority, 9.38%, 6/15/15 (b)

 

USD

190

 

$

137,750

 

 

 

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

 

 

220

 

 

825

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,860,812

 

Household Durables - 1.6%

 

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

 

 

1,000

 

 

1,080,000

 

 

 

Jarden Corp., 7.50%, 5/01/17

 

 

985

 

 

975,150

 

 

 

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

 

 

1,265

 

 

1,290,300

 

 

 

KB Home, 6.38%, 8/15/11

 

 

106

 

 

106,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,451,715

 

IT Services - 2.1%

 

First Data Corp., 9.88%, 9/24/15

 

 

5,030

 

 

4,476,700

 

Independent Power Producers & Energy Traders - 3.3%

 

The AES Corp., 8.75%, 5/15/13 (b)

 

 

335

 

 

340,862

 

 

 

AES Eastern Energy LP, Series 99-B, 9.67%, 1/02/29

 

 

570

 

 

490,200

 

 

 

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

 

 

1,000

 

 

1,005,000

 

 

 

Dynegy Holdings, Inc., 8.38%, 5/01/16

 

 

1,260

 

 

1,156,050

 

 

 

Energy Future Holdings Corp., 11.25%, 11/01/17 (g)

 

 

910

 

 

569,000

 

 

 

NRG Energy, Inc., 7.25%, 2/01/14

 

 

3,000

 

 

3,026,250

 

 

 

NRG Energy, Inc., 8.50%, 6/15/19

 

 

500

 

 

505,000

 

 

 

Texas Competitive Electric Holdings Co. LLC, 10.50%, 11/01/16 (g)

 

 

71

 

 

45,273

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,137,635

 

Industrial Conglomerates - 1.4%

 

Sequa Corp., 11.75%, 12/01/15 (b)

 

 

1,430

 

 

1,272,700

 

 

 

Sequa Corp., 13.50%, 12/01/15 (b)(g)

 

 

1,937

 

 

1,684,951

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,957,651

 

Internet & Catalog Retail - 0.1%

 

NetFlix, Inc., 8.50%, 11/15/17 (b)

 

 

250

 

 

256,250

 

Life Sciences Tools & Services - 0.5%

 

Bio-Rad Laboratories, Inc., 6.13%, 12/15/14

 

 

1,035

 

 

1,006,537

 

Machinery - 2.0%

 

ESCO Corp., 4.13%, 12/15/13 (b)(e)

 

 

1,540

 

 

1,409,100

 

 

 

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

 

 

1,500

 

 

1,473,750

 

 

 

RBS Global, Inc., 8.88%, 9/01/16

 

 

835

 

 

722,275

 

 

 

Titan International, Inc., 8.00%, 1/15/12

 

 

770

 

 

752,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,357,800

 

Marine - 0.3%

 

Navios Maritime Holdings, Inc., 9.50%, 12/15/14

 

 

254

 

 

249,873

 

 

 

Navios Maritime Holdings, Inc., 8.88%, 11/01/17 (b)

 

 

450

 

 

461,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

711,123

 

Media - 5.2%

 

Affinion Group, Inc., 10.13%, 10/15/13

 

 

1,015

 

 

1,035,300

 

 

 

CSC Holdings, Inc., 8.50%, 4/15/14 (b)

 

 

390

 

 

409,987

 

 

 

Charter Communications Holdings LLC, 10.00%, 4/01/09 (a)(c)

 

 

1,121

 

 

5,605

 

 

 

Charter Communications Holdings LLC, 11.13%, 1/15/11 (a)(c)

 

 

1,319

 

 

65,950

 

 

 

Charter Communications Holdings LLC, 10.00%, 5/15/11 (a)(c)

 

 

660

 

 

3,300

 

 

 

EchoStar DBS Corp., 7.00%, 10/01/13

 

 

850

 

 

850,000

 

 

 

Intelsat Corp., 9.25%, 8/15/14

 

 

3,500

 

 

3,526,250

 

3


 

 

BlackRock Senior High Income Fund, Inc. (ARK)

 

Schedule of Investments November 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Industry

 

Corporate Bonds

 

Par
(000)

 

Value

 

 

 

Local Insight Regatta Holdings, Inc., 11.00%, 12/01/17

 

USD

644

 

$

386,400

 

 

 

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

 

 

2,500

 

 

2,687,500

 

 

 

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

 

 

1,500

 

 

1,500,000

 

 

 

WMG Acquisition Corp., 9.50%, 6/15/16 (b)

 

 

555

 

 

596,625

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,066,917

 

Metals & Mining - 1.9%

 

Aleris International, Inc., 9.00%, 12/15/14 (a)(c)

 

 

840

 

 

3,150

 

 

 

Murray Energy Corp., 10.25%, 10/15/15 (b)

 

 

420

 

 

411,600

 

 

 

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

 

 

2,175

 

 

761,250

 

 

 

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

 

 

1,800

 

 

1,588,500

 

 

 

Teck Resources Ltd., 10.75%, 5/15/19

 

 

1,075

 

 

1,255,062

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,019,562

 

Multiline Retail - 0.2%

 

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

 

 

198

 

 

221,265

 

 

 

Saks, Inc., 9.88%, 10/01/11

 

 

125

 

 

129,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

350,640

 

Oil, Gas & Consumable Fuels - 4.6%

 

Arch Coal, Inc., 8.75%, 8/01/16 (b)

 

 

750

 

 

772,500

 

 

 

Atlas Energy Operating Co. LLC, 12.13%, 8/01/17

 

 

825

 

 

921,937

 

 

 

Atlas Energy Resources LLC, 10.75%,
2/01/18 (b)

 

 

200

 

 

217,500

 

 

 

Chesapeake Energy Corp., 6.88%, 1/15/16

 

 

1,000

 

 

960,000

 

 

 

Denbury Resources, Inc., 9.75%, 3/01/16

 

 

520

 

 

549,900

 

 

 

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

 

 

775

 

 

759,500

 

 

 

Forest Oil Corp., 8.50%, 2/15/14 (b)

 

 

810

 

 

828,225

 

 

 

Forest Oil Corp., 7.25%, 6/15/19

 

 

205

 

 

194,237

 

 

 

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

 

 

800

 

 

788,000

 

 

 

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

 

 

550

 

 

548,625

 

 

 

Sabine Pass LNG LP, 7.50%, 11/30/16

 

 

2,985

 

 

2,477,550

 

 

 

SandRidge Energy, Inc., 3.91%, 4/01/14 (e)

 

 

1,000

 

 

845,752

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,863,726

 

Paper & Forest Products - 3.3%

 

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

 

 

1,291

 

 

787,404

 

 

 

Clearwater Paper Corp., 10.63%, 6/15/16 (b)

 

 

365

 

 

401,500

 

 

 

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

 

 

1,630

 

 

1,727,800

 

 

 

NewPage Corp., 6.53%, 5/01/12 (e)

 

 

5,175

 

 

3,182,625

 

 

 

Verso Paper Holdings LLC, 11.50%, 7/01/14 (b)

 

 

315

 

 

343,350

 

 

 

Verso Paper Holdings LLC, Series B, 4.03%, 8/01/14 (e)

 

 

745

 

 

558,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,001,429

 

Pharmaceuticals - 1.5%

 

Angiotech Pharmaceuticals, Inc., 4.01%, 12/01/13 (e)

 

 

2,690

 

 

2,219,250

 

 

 

Elan Corp. Plc, 8.75%, 10/15/16 (b)

 

 

520

 

 

488,800

 

 

 

Valeant Pharmaceuticals International, 8.38%,

 

 

 

 

 

 

 

 

 

6/15/16 (b)

 

 

450

 

 

463,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,171,550

 

Semiconductors & Semiconductor Equipment - 1.2%

 

Advanced Micro Devices, Inc., 8.13%,
12/15/17 (b)

 

 

400

 

 

377,500

 

 

 

Avago Technologies Finance Pte. Ltd., 5.86%, 6/01/13 (e)

 

 

766

 

 

766,479

 

 

 

Spansion, Inc., 3.79%, 6/01/13 (a)(b)(c)

 

 

1,460

 

 

1,518,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,662,379

 

4


 

 

BlackRock Senior High Income Fund, Inc. (ARK)

 

Schedule of Investments November 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Industry

 

Corporate Bonds

 

Par
(000)

 

Value

 

Specialty Retail - 0.4%

 

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

 

USD

915

 

$

885,262

 

Textiles, Apparel & Luxury Goods - 0.9%

 

Quiksilver, Inc., 6.88%, 4/15/15

 

 

2,525

 

 

1,931,625

 

Wireless Telecommunication Services - 3.2%

 

Cricket Communications, Inc., 9.38%, 11/01/14

 

 

140

 

 

134,750

 

 

 

Cricket Communications, Inc., 10.00%, 7/15/15

 

 

120

 

 

116,400

 

 

 

Cricket Communications, Inc., 7.75%,
5/15/16 (b)

 

 

2,000

 

 

1,975,000

 

 

 

Crown Castle International Corp., 9.00%, 1/15/15

 

 

145

 

 

153,337

 

 

 

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

 

 

800

 

 

894,000

 

 

 

MetroPCS Wireless, Inc., 9.25%, 11/01/14

 

 

2,000

 

 

2,005,000

 

 

 

Nextel Communications, Inc., Series E, 6.88%, 10/31/13

 

 

690

 

 

655,500

 

 

 

Nextel Communications, Inc., Series F, 5.95%, 3/15/14

 

 

100

 

 

90,500

 

 

 

Orascom Telecom Finance SCA, 7.88%,
2/08/14 (b)

 

 

395

 

 

331,800

 

 

 

Sprint Capital Corp., 7.63%, 1/30/11

 

 

220

 

 

222,200

 

 

 

Sprint Capital Corp., 6.88%, 11/15/28

 

 

370

 

 

277,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,855,987

 

 

 

Total Corporate Bonds - 63.3%

 

 

 

 

 

135,212,083

 

 

 

Floating Rate Loan Interests (e)

 

 

 

 

 

 

 

Aerospace & Defense - 0.6%

 

Hawker Beechcraft Acquisition Co., LLC, Letter of Credit Facility Deposit, 2.28%, 3/26/14

 

 

94

 

 

69,799

 

 

 

Hawker Beechcraft Acquisition Co., LLC, Term Loan, 2.23% - 2.28%, 3/26/14

 

 

1,583

 

 

1,181,408

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,251,207

 

Airlines - 0.5%

 

Delta Air Lines, Inc., Credit-Linked Deposit Loan, 0.09% - 2.28%, 4/30/12

 

 

1,225

 

 

1,075,958

 

Auto Components - 3.0%

 

Allison Transmission, Inc., Term Loan, 2.99% - 3.04%, 8/07/14

 

 

5,053

 

 

4,421,613

 

 

 

Dana Holding Corp., Term Advance, 7.25%, 1/31/15

 

 

1,351

 

 

1,205,605

 

 

 

The Goodyear Tire & Rubber Co., Loan (Second Lien), 2.34%, 4/30/14

 

 

300

 

 

268,125

 

 

 

Lear Corp., Term Loan (Second Lien), 9.00%, 11/09/12

 

 

500

 

 

500,834

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,396,177

 

Automobiles - 0.4%

 

Ford Motor Co., Term Loan, 3.24% - 3.29%, 12/15/13

 

 

1,071

 

 

938,173

 

Beverages - 0.7%

 

Inbev NV/SA, Bridge Loan, 5.25%, 7/15/13

 

 

1,500

 

 

1,468,595

 

Building Products - 1.1%

 

Building Materials Corp., of America, Term Loan Advance, 3.00%, 2/22/14

 

 

1,226

 

 

1,109,001

 

 

 

Goodman Global Holdings, Term Loan B, 6.25%, 2/13/14

 

 

1,175

 

 

1,174,021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,283,022

 

Chemicals - 3.0%

 

Ashland Inc., Term B Borrowing, 7.65%, 5/13/14

 

 

324

 

 

329,327

 

 

 

Gentek, Inc., Term Loan B, 7.00%, 10/20/14

 

 

400

 

 

401,667

 

 

 

Nalco Co., Term Loan, 6.50%, 5/13/16

 

 

1,020

 

 

1,026,249

 

 

 

PQ Corp., (fka Niagara Acquisition, Inc.), Original Term Loan (First Lien), 3.49% - 3.54%, 7/30/14

 

 

3,938

 

 

3,465,000

 

 

 

Solutia Inc., Loan, 7.25%, 2/28/14

 

 

1,104

 

 

1,116,892

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,339,135

 

5


 

 

BlackRock Senior High Income Fund, Inc. (ARK)

 

Schedule of Investments November 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Industry

 

Floating Rate Loan Interests (e)

 

Par
(000)

 

 

Value

 

Commercial Services & Supplies - 1.7%

 

ARAMARK Corp., Facility Letter of Credit, 2.31%, 1/26/14

 

USD

71

 

$

63,847

 

 

 

ARAMARK Corp., U.S. Term Loan, 2.11% - 2.16%, 1/26/14

 

 

1,077

 

 

970,835

 

 

 

Casella Waste Systems, Inc., Term Loan B, 7.00%, 4/08/14

 

 

219

 

 

219,999

 

 

 

John Maneely Co., Term Loan, 3.49% - 3.53%, 12/09/13

 

 

866

 

 

792,271

 

 

 

Synagro Technologies, Inc., Term Loan (First Lien), 2.23% - 2.24%, 4/02/14

 

 

425

 

 

342,656

 

 

 

West Corp., Term Loan B3, 7.25%, 11/08/13

 

 

1,248

 

 

1,239,780

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,629,388

 

Construction & Engineering - 0.2%

 

Brand Energy & Infrastructure Services, Inc. (FR Brand Acquisition Corp.), Synthetic Letter of Credit Term Loan (First Lien), 2.44%, 2/07/14

 

 

500

 

 

446,875

 

Containers & Packaging - 0.3%

 

Graham Packaging Co., LP, Term Loan B, 2.50%, 10/07/11

 

 

597

 

 

576,046

 

Distributors - 0.2%

 

Keystone Automotive Operations, Inc., Loan, 3.74% - 5.75%, 1/12/12

 

 

616

 

 

385,290

 

Diversified Consumer Services - 1.8%

 

Coinmach Service Corp., Term Loan, 3.24% - 3.27%, 11/14/14

 

 

1,970

 

 

1,674,436

 

 

 

Laureate Education, Term Loan B, 7.00%, 12/31/14

 

 

2,250

 

 

2,168,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,842,874

 

Diversified Financial Services - 0.4%

 

Reynolds Group, Term Loan B, 6.25%, 10/28/15

 

 

900

 

 

897,750

 

Diversified Telecommunication Services - 0.6%

 

Cavtel Holdings, LLC, Term Loan, 10.50%, 12/31/12

 

 

425

 

 

334,688

 

 

 

Integra Telecom Holdings, Inc., Term Loan (First Lien), 10.50%, 8/31/13

 

 

894

 

 

888,507

 

 

 

PAETEC Holding Corp., Incremental Term Loan, 2.73%, 2/28/13

 

 

147

 

 

138,317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,361,512

 

Electrical Equipment - 0.2%

 

Generac Acquisition Corp., Term Loan (First Lien), 2.78%, 11/10/13

 

 

554

 

 

500,298

 

Energy Equipment & Services - 0.9%

 

Dresser, Inc., Term Loan B, 2.52%, 5/04/14

 

 

206

 

 

188,808

 

 

 

Dresser, Inc., Term Loan (Second Lien), 5.99% - 6.02%, 5/04/15

 

 

1,000

 

 

902,500

 

 

 

MEG Energy Corp., Delayed Draw Term Loan, 2.29%, 4/02/13

 

 

492

 

 

446,991

 

 

 

MEG Energy Corp., Initial Term Loan, 2.29%, 4/03/13

 

 

483

 

 

438,472

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,976,771

 

Food & Staples Retailing - 1.6%

 

McJunkin Corp., Term Loan, 5.50%, 1/31/14

 

 

348

 

 

331,380

 

 

 

Pilot Travel Centers Term Loan B, 0.00%, 11/18/15

 

 

1,250

 

 

1,251,041

 

 

 

Rite Aid Corp., Tranche 4 Term Loan, 9.50%, 6/10/15

 

 

1,200

 

 

1,234,000

 

 

 

SuperValu, Term Loan B, 1.50%, 6/02/12

 

 

635

 

 

599,916

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,416,337

 

Food Products - 1.4%

 

Dole Food Co., Inc., Credit-Linked Deposit, 7.78%, 4/12/13

 

 

828

 

 

831,598

 

6


 

 

BlackRock Senior High Income Fund, Inc. (ARK)

 

Schedule of Investments November 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Industry

 

Floating Rate Loan Interests (e)

 

Par
(000)

 

Value

 

 

 

Solvest, Ltd. (Dole), Tranche C Term Loan, 8.00%, 4/12/13

 

USD

622

 

$

625,078

 

 

 

Wm. Wrigley Jr. Co., Tranche B Term Loan, 6.50%, 9/30/14

 

 

1,675

 

 

1,679,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,136,412

 

Health Care Equipment & Supplies - 0.6%

 

Biomet, Inc., Dollar Term Loan, 3.25% - 3.29%, 3/25/15

 

 

350

 

 

330,750

 

 

 

DJO Finance LLC (ReAble Therapeutics Finance LLC), Term Loan, 3.23% - 3.28%, 5/20/14

 

 

983

 

 

922,322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,253,072

 

Health Care Providers & Services - 3.4%

 

CCS Medical, Inc. (Chronic Care), Term Loan (First Lien), 4.35%, 9/30/12 (a)(c)

 

 

250

 

 

130,833

 

 

 

CCS Medical Return of Capital, 0.00%, 9/30/11

 

 

500

 

 

261,666

 

 

 

CHS/Community Health Systems, Inc., Delayed Draw Term Loan, 2.51%, 7/25/14

 

 

101

 

 

91,860

 

 

 

CHS/Community Health Systems, Inc., Funded Term Loan, 2.48% - 2.51%, 7/25/14

 

 

1,929

 

 

1,763,053

 

 

 

Fresenius SE, Tranche B1 Term Loan, 6.75%, 9/26/14

 

 

645

 

 

646,403

 

 

 

Fresenius SE, Tranche B2 Term Loan, 6.75%, 9/26/14

 

 

347

 

 

348,224

 

 

 

HCA Inc., Tranche A-1 Term Loan, 1.78%, 11/17/12

 

 

3,466

 

 

3,218,616

 

 

 

Vanguard Health Holding Co., II, LLC (Vanguard Health System, Inc.), Replacement Term Loan, 2.48%, 9/23/11

 

 

875

 

 

847,099

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,307,754

 

Hotels, Restaurants & Leisure - 2.9%

 

Busch Entertainment Corp., Term Loan, 5.75%, 5/05/16

 

 

1,250

 

 

1,250,313

 

 

 

Harrah’s Operating Co., Inc., Term Loan B-2, 3.28%, 1/28/15

 

 

557

 

 

431,484

 

 

 

Harrah’s Operating, Term Loan B, 9.50%, 10/31/16

 

 

1,250

 

 

1,209,688

 

 

 

QCE, LLC (Quiznos), Term Loan (Second Lien), 2.56%, 11/05/13

 

 

968

 

 

778,434

 

 

 

Universal City Development Term Loan B, 7.75%, 10/29/14

 

 

1,250

 

 

1,243,360

 

 

 

VML US Finance LLC (aka Venetian Macau), New Project Term Loan, 5.79%, 5/25/13

 

 

995

 

 

940,690

 

 

 

VML US Finance LLC (aka Venetian Macau), Term B Delayed Draw Project Loan, 5.79%, 5/25/12

 

 

249

 

 

235,172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,089,141

 

IT Services - 2.4%

 

Audio Visual Services Group, Inc., Loan (Second Lien), 6.79%, 8/28/14 (g)

 

 

529

 

 

52,933

 

 

 

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

 

 

997

 

 

683,257

 

 

 

Ceridian Corp, U.S. Term Loan, 3.24% - 3.28%, 11/09/14

 

 

1,483

 

 

1,278,436

 

 

 

First Data Corp., Initial Tranche B-2 Term Loan, 3.03% - 3.04%, 9/24/14

 

 

1,474

 

 

1,224,527

 

 

 

First Data Corp., Initial Tranche B-3 Term Loan, 3.03% - 3.04%, 9/24/14

 

 

390

 

 

323,440

 

 

 

RedPrairie Corp., Tack-on Loan, 3.38%, 7/20/12

 

 

260

 

 

243,983

 

7


 

 

BlackRock Senior High Income Fund, Inc. (ARK)

 

Schedule of Investments November 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Industry

 

Floating Rate Loan Interests (e)

 

Par
(000)

 

Value

 

 

 

RedPrairie Corp., Term Loan B, 3.31% - 5.25%, 7/20/12

 

USD

605

 

$

568,608

 

 

 

SunGard Data Systems Inc. (Solar Capital Corp.), Incremental Term Loan, 6.75%, 2/28/14

 

 

748

 

 

752,225

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,127,409

 

Independent Power Producers & Energy Traders - 0.5%

 

Dynegy Holdings Inc., Term Letter of Credit Facility Term Loan, 3.99%, 4/02/13

 

 

463

 

 

436,829

 

 

 

Dynegy Holdings Inc., Tranche B Term Loan, 3.99%, 4/02/13

 

 

37

 

 

35,255

 

 

 

Texas Competitive Electric Holdings Co., LLC (TXU), Initial Tranche B-2 Term Loan, 3.74% - 3.78%, 10/10/14

 

 

485

 

 

361,302

 

 

 

Texas Competitive Electric Holdings Co., LLC (TXU), Initial Tranche B-3 Term Loan, 3.74% - 3.78%, 10/10/14

 

 

228

 

 

168,165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,001,551

 

Industrial Conglomerates - 0.2%

 

Sequa Corp., Term Loan, 3.58% - 3.94%, 12/03/14

 

 

450

 

 

388,688

 

Insurance - 0.1%

 

Alliant Holdings I, Inc., Term Loan, 3.28%, 8/21/14

 

 

143

 

 

129,106

 

Internet & Catalog Retail - 0.3%

 

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

 

 

688

 

 

682,799

 

Leisure Equipment & Products - 0.8%

 

Fender Musical Instruments Corp., Delayed Draw Loan, 2.54%, 6/09/14

 

 

659

 

 

556,756

 

 

 

Fender Musical Instruments Corp., Initial Loan, 2.54%, 6/09/14

 

 

1,304

 

 

1,102,236

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,658,992

 

Life Sciences Tools & Services - 0.3%

 

Life Technologies Corp., Term B Facility, 5.25%, 11/23/15

 

 

597

 

 

596,107

 

Machinery - 1.4%

 

LN Acquisition Corp. (Lincoln Industrial), Initial Term Loan (Second Lien), 6.04%, 1/09/15

 

 

1,000

 

 

660,000

 

 

 

Navistar Financial Corp., Tranche A Term Loan, 2.25%, 3/27/10

 

 

750

 

 

737,813

 

 

 

Oshkosh Truck Corp., Term B Loan, 6.29% - 6.33%, 12/06/13

 

 

1,582

 

 

1,576,446

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,974,259

 

Media - 11.7%

 

Affinion Group Holdings, Inc., Loan, 8.27%, 3/01/12 (g)

 

 

1,420

 

 

1,260,517

 

 

 

Cengage Learning Acquisitions, Inc. (Thomson Learning), Tranche 1 Incremental Term Loan, 7.50%, 7/03/14

 

 

4,090

 

 

4,023,190

 

 

 

Cequel Communications, LLC, Term Loan, 2.26% - 4.25%, 11/05/13

 

 

1,397

 

 

1,288,577

 

 

 

Cequel Communications, LLC, Tranche B Term Loan (Second Lien), 6.26%, 5/05/14

 

 

1,413

 

 

1,405,818

 

 

 

Charter Communications, Term Loan B1, 7.25%, 3/25/14

 

 

1,000

 

 

1,010,000

 

 

 

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

 

 

3,879

 

 

1,086,013

 

 

 

HMH Publishing Co., Ltd., Tranche A Term Loan, 5.28%, 6/12/14

 

 

4,656

 

 

3,951,967

 

8


 

 

BlackRock Senior High Income Fund, Inc. (ARK)

 

Schedule of Investments November 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Industry

 

Floating Rate Loan Interests (e)

 

Par
(000)

 

Value

 

 

 

Hanley-Wood, LLC (FSC Acquisition), Term Loan, 2.48% - 2.53%, 3/08/14

 

USD

983

 

$

412,650

 

 

 

Lamar Media Corp., Series B Incremental Loan, 5.50%, 9/28/12

 

 

1,325

 

 

1,314,201

 

 

 

Lamar Media Corp., Term Loan, 5.50%, 9/30/12

 

 

236

 

 

234,376

 

 

 

MCC Iowa LLC (Mediacom Broadband Group), Tranche E Term Loan, 6.50%, 1/03/16

 

 

274

 

 

274,477

 

 

 

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

 

 

500

 

 

498,125

 

 

 

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

 

 

3,250

 

 

3,401,668

 

 

 

Penton Media, Inc., Term Loan (First Lien), 2.48% - 2.53%, 2/01/13

 

 

731

 

 

478,055

 

 

 

Sinclair Broadcast Group, Term Loan B, 6.50%, 10/16/15

 

 

500

 

 

500,209

 

 

 

Sunshine Acquisition Ltd., (aka HIT Entertainment), Term Facility, 2.53%, 3/20/12

 

 

1,200

 

 

1,029,000

 

 

 

United Pan Europe Communications, Term Loan, 3.74%, 12/31/16

 

 

1,750

 

 

1,663,375

 

 

 

World Color Press Inc. and World Color (USA) Corp. (fka Quebecor World Inc.), Advance, 9.00%, 7/23/12

 

 

499

 

 

500,345

 

 

 

Yell Group Plc TPI, Term Loan A, 7.12%, 8/09/11

 

 

750

 

 

686,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,018,813

 

Metals & Mining - 1.3%

 

Euramax International, Inc., Domestic Term Loan, 10.00%, 6/29/13 (g)

 

 

858

 

 

531,788

 

 

 

Euramax International, Inc., Domestic Term Loan, 14.00%, 6/29/13 (g)

 

 

863

 

 

535,349

 

 

 

RathGibson, Inc., Debtor in Possession Loan, 10.50% - 10.75%, 2/10/10

 

 

1,796

 

 

1,795,560

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,862,697

 

Multi-Utilities - 0.4%

 

FirstLight Power Resources, Inc. (fka NE Energy, Inc.), Synthetic Letter of Credit, 2.81%, 11/01/13

 

 

103

 

 

93,545

 

 

 

FirstLight Power Resources, Inc. (fka NE Energy, Inc.), Term B Advance (First Lien), 2.81%, 11/01/13

 

 

797

 

 

726,018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

819,563

 

Multiline Retail - 0.4%

 

Dollar General Corp., Tranche B-2 Term Loan, 2.98%, 7/07/14

 

 

748

 

 

696,483

 

 

 

The Neiman Marcus Group Inc., Term Loan, 2.24% - 2.32%, 4/06/13

 

 

130

 

 

110,572

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

807,055

 

Oil, Gas & Consumable Fuels - 0.9%

 

Big West Oil, LLC, Delayed Advance Loan, 4.50%, 5/15/14

 

 

546

 

 

518,862

 

 

 

Big West Oil, LLC, Initial Advance Loan, 4.50%, 5/15/14

 

 

434

 

 

412,731

 

 

 

ScorpionDrilling Ltd., Loan (Second Lien), 7.78%, 5/08/14

 

 

1,145

 

 

1,059,125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,990,718

 

9


 

 

BlackRock Senior High Income Fund, Inc. (ARK)

 

Schedule of Investments November 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Industry

 

Floating Rate Loan Interests (e)

 

Par
(000)

 

Value

 

Packaging - 0.2%

 

Berry Plastics Corp., Term Loan C, 2.30%, 4/02/15

 

USD

500

 

$

420,416

 

Paper & Forest Products - 0.2%

 

Georgia-Pacific LLC, Term Loan B, 2.24% - 2.30%, 12/22/12

 

 

515

 

 

489,135

 

Personal Products - 0.2%

 

American Safety Razor, Term Loan (First Lien), 2.79%, 7/25/13

 

 

250

 

 

234,583

 

 

 

American Safety Razor Co., LLC, Loan (Second Lien), 6.54%, 1/30/14

 

 

175

 

 

143,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

378,375

 

Pharmaceuticals - 0.8%

 

Warner Chilcott, Term Loan A, 5.50%, 10/14/14

 

 

644

 

 

641,649

 

 

 

Warner Chilcott, Term Loan B, 5.75%, 3/30/15

 

 

322

 

 

320,824

 

 

 

Warner Chilcott, Term Loan B1, 5.75%, 4/30/15

 

 

708

 

 

705,814

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,668,287

 

Real Estate Management & Development - 1.2%

 

Realogy Corp., Synthetic Letter of Credit, 3.24%, 10/10/13

 

 

2,933

 

 

2,486,517

 

Specialty Retail - 0.6%

 

Adesa, Inc. (KAR Holdings, Inc.), Initial Term Loan, 2.49%, 10/21/13

 

 

750

 

 

688,750

 

 

 

Michaels Stores, Inc., Term Loan B, 2.56%, 10/31/13

 

 

308

 

 

265,243

 

 

 

Michaels Stores, Inc., Term Loan B, 4.81%, 7/31/16

 

 

415

 

 

368,192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,322,185

 

Wireless Telecommunication Services - 0.8%

 

Digicel International Finance Ltd., Tranche A, 2.81%, 3/30/12

 

 

1,283

 

 

1,228,808

 

 

 

MetroPCS Wireless, Inc., Tranche B Term Loan, 2.50% - 2.56%, 11/03/13

 

 

500

 

 

460,625

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,689,433

 

 

 

Total Floating Rate Loan Interests - 50.2%

 

 

 

 

 

107,083,892

 

 

 

Other Interests (i)

 

Beneficial
Interest
(000)

 

 

 

 

Auto Components - 0.1%

 

Internet Liquidating Trust, Class A

 

 

649

 

 

194,641

 

 

 

Lear Corp. Escrow

 

 

555

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

194,647

 

Diversified Financial Services - 0.4%

 

JG Wentworth LLC Preferred Equity Interests

 

 

—

 (j)

 

860,854

 

Media - 0.0%

 

Adelphia Preferred Escrow

 

 

3

 

 

—

 

 

 

Adelphia Recovery Trust, Series ACC-6B INT

 

 

250

 

 

25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25

 

 

 

Total Other Interests - 0.5%

 

 

 

 

 

1,055,526

 

 

 

Warrants (k)

 

Shares

 

 

 

 

Auto Components - 0.1%

 

Lear Corp. (expires 11/09/14)

 

 

2,175

 

 

133,786

 

 

 

Total Warrants - 0.1%

 

 

 

 

 

133,786

 

 

 

Total Long-Term Investments
(Cost - $284,152,657) - 116.0%

 

 

 

 

 

247,518,442

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

 

 

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.16% (l)(m)

 

 

2,851,401

 

 

2,851,401

 

 

 

Total Short-Term Securities
(Cost - $2,851,401) - 1.3%

 

 

 

 

 

2,851,401

 

 

 

Total Investments
(Cost - $287,004,058*) - 117.3%

 

 

 

 

 

250,369,843

 

 

 

Liabilities in Excess of Other Assets - (17.3)%

 

 

 

 

 

(37,008,089

)

 

 

 

 

 

 

 

 

 

Net Assets - 100.0%

 

 

 

 

$

213,361,754

 

 

 

 

 

 

 

 

10


 

BlackRock Senior High Income Fund, Inc. (ARK)

Schedule of Investments November 30, 2009 (Unaudited)

 

 

   *

The cost and unrealized appreciation (depreciation) of investments as of November 30, 2009, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

287,502,611

 

 

 

Gross unrealized appreciation

 

$

7,866,683

 

Gross unrealized depreciation

 

 

(44,999,451

)

 

 

Net unrealized depreciation

 

$

(37,132,768

)

 

 

 

 

(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)

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

 

 

(e)

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

 

 

(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 reflects the current yield as of report date.

 

 

(i)

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

 

 

(j)

Amount is less than $1,000.

 

 

(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)

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, were as follows:

 

 

 

 

 

 

 

 

                               Affiliate

 

Net
Activity

 

Income

 

BlackRock Liquidity Funds, TempFund, Institutional Class

 

USD

2,851,401

 

$

5,897

 

BlackRock Liquidity Series, LLC Cash Sweep Series

 

USD

  (4,346,896

)

$

1,670

 

 

 

(m)

Represents the current yield as of report date.

 

 

   •

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 ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

 

 

   •

Foreign currency exchange contracts as of November 30, 2009 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency
Purchased

 

Currency
Sold

 

Settlement
Date

 

Counterparty

 

Unrealized
Appreciation

 

USD

576,268

 

CAD

599,500

 

1/27/10

 

Citibank NA

 

$

8,242

 

11


 

BlackRock Senior High Income Fund, Inc. (ARK)

Schedule of Investments November 30, 2009 (Unaudited)

 

 

   •

Credit default swaps on single-name issues — buy protection outstanding as of November 30, 2009 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuer

 

Pay
Fixed
Rate

 

Counterparty

 

Expiration

 

Notional
Amount
(000)

 

Unrealized
Appreciation
(Depreciation)

 

K Hovnanian Enterprises, Inc.

 

5.00

%

Goldman Sachs International

 

December 2011

 

USD

460

 

$

(6,163

)

Masco Corp.

 

5.30

%  

JPMorgan Chase Bank NA

 

March 2014

 

USD

1,000

 

 

(116,579

)

Mohawk Industries, Inc.

 

4.45

%

JPMorgan Chase Bank NA

 

March 2014

 

USD

1,000

 

 

(85,020

)

Ford Motor Co.

 

5.00

%

Deutsche Bank AG

 

September 2014

 

USD

725

 

 

4,093

 

Boston Scientific Corp.

 

1.00

%

Goldman Sachs Bank USA

 

December 2014

 

USD

500

 

 

6,020

 

Total

 

 

 

 

 

 

 

 

 

 

$

(197,649

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

•

Currency Abbreviations:

 

 

 

 

CAD          Canadian Dollar

 

USD          US Dollar

 

 

 

•

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 methodology 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.

 

 

 

 

The following table summarizes the inputs used as of November 30, 2009 in determining the fair valuation of the Fund’s investments:

12


 

BlackRock Senior High Income Fund, Inc. (ARK)

Schedule of Investments November 30, 2009 (Unaudited)

 

 

 

 

 

Valuation Inputs

 

Investments in
Securities

 

 

 

Assets

 

 

 

Level 1

 

 

 

 

Long-Term Investments:

 

 

 

 

Common Stocks

 

$

2,980,425

 

Short-Term Securities

 

 

2,851,401

 

 

 

Total Level 1

 

 

5,831,826

 

 

 

Level 2

 

 

 

 

Long-Term Investments:

 

 

 

 

Common Stocks

 

 

968,707

 

Corporate Bonds

 

 

126,653,528

 

Floating Rate Loan Interests

 

 

76,720,978

 

Warrants

 

 

133,786

 

 

 

Total Level 2

 

 

204,476,999

 

 

 

Level 3

 

 

 

 

Long-Term Investments:

 

 

 

 

Common Stocks

 

 

84,023

 

Corporate Bonds

 

 

8,558,555

 

Floating Rate Loan Interests

 

 

30,362,914

 

Other Interests

 

 

1,055,526

 

 

 

Total Level 3

 

 

40,061,018

 

 

 

Total

 

$

250,369,843

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Other Financial Instruments1

 

 

 

Assets

 

Liabilities

 

 

 

 

Level 1

 

 

—

 

 

—

 

Level 2

 

$

18,355

 

$

(207,762

)

Level 3

 

 

—

 

 

(10,617

)

Total

 

$

18,355

 

$

(218,379

)

 

 

 

 

 

1Other financial instruments are foreign currency exchange contracts, swaps and unfunded loan commitments which are shown at the unrealized appreciation/depreciation on the instrument.

 

 

 

The following is a reconciliation of investments for unobservable inputs (Level 3) used in determining fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in Securities

 

 

 

 

 

Common
Stocks

 

Corporate
Bond

 

Floating Rate
Loan Interest

 

Other
Interests

 

Total

 

Balance, as of February 28, 2009

 

$

55,976

 

$

8,229,614

 

$

44,351,082

 

$

25

 

$

52,636,697

 

Accrued discounts/premiums

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Realized gain (loss)

 

 

—

 

 

—

 

 

(8,436,486

)

 

—

 

 

(8,436,486

)

Change in unrealized appreciation/Depreciation2

 

 

—

 

 

888,600

 

 

24,467,337

 

 

—

 

 

25,355,937

 

Net purchases (sales)

 

 

—

 

 

(3,469,432

)

 

(25,790,800

)

 

(6,000

)

 

(29,266,232

)

Net transfers in/out of Level 3

 

 

28,047

 

 

2,909,773

 

 

(4,228,219

)

 

1,061,501

 

 

(228,898

)

 

 

Balance, as of November 30, 2009

 

$

84,023

 

$

8,558,555

 

$

30,362,914

 

$

1,055,526

 

$

40,061,018

 

 

 

 

 

 

2The change in unrealized appreciation/depreciation on securities still held at November 30, 2009 was $7,861,549.

13


 

BlackRock Senior High Income Fund, Inc. (ARK)

Schedule of Investments November 30, 2009 (Unaudited)

 

 

 

The following is a reconciliation of other financial instruments for unobservable inputs (Level 3) used in determining fair value:

 

 

 

 

 

 

 

Other Financial
Instruments1

 

Balance, as of February 28, 2009

 

 

—

 

Accrued discounts/premiums

 

 

—

 

Realized gain (loss)

 

 

—

 

Change in unrealized appreciation/depreciation

 

 

—

 

Net purchases (sales)

 

 

—

 

Net transfers in/out of Level 3

 

$

(10,617

)

Balance, as of November 30, 2009

 

$

(10,617

)

 

 

 

 

 

1Other financial instruments are unfunded loan commitments.

14

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: January 22, 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: January 22, 2010
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Senior High Income Fund, Inc.
     
  Date: January 22, 2010

 

 EX-99.CERT 2 i00007_ex99-cert.htm

EX-99. CERT

 

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

 

I, Anne F. Ackerley, Chief Executive Officer (principal executive officer) of BlackRock Senior High Income Fund, Inc., certify that:

1.

I have reviewed this report on Form N-Q of BlackRock Senior High Income Fund, Inc.;
   

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

   

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
   

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
     

 

a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     

 

b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     

 

c)

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
     

 

d)

disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
   

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
     

 

a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
     

 

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
     
Date: January 22, 2010
 
/s/ Anne F. Ackerley  
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock Senior High Income Fund, Inc.

 

EX-99. CERT

 

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

 

I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Senior High Income Fund, Inc., certify that:

1.

I have reviewed this report on Form N-Q of BlackRock Senior High Income Fund, Inc.;
   

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

   

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
   

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
     

 

a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     

 

b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     

 

c)

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
     

 

d)

disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
   

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
     

 

a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
     

 

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date: January 22, 2010
 
/s/ Neal J. Andrews  
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Senior High Income Fund, Inc.

 

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