BLACKROCK SENIOR HIGH INCOME FUND, INC.

/s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Senior High Income Fund, Inc.

N-Q 1 d565482dnq.htm BLACKROCK SENIOR HIGH INCOME FUND, INC. BLACKROCK SENIOR HIGH INCOME FUND, INC.

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: John M. Perlowski, Chief Executive Officer, BlackRock Senior High Income Fund, Inc., 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 02/28/2014

Date of reporting period: 05/31/2013


Item 1		–		Schedule of Investments


Consolidated Schedule of Investments May 31, 2013 (Unaudited)		BlackRock Senior High Income Fund, Inc. (ARK)
		(Percentages shown are based on Net Assets)


Asset-Backed Securities	Par (000)		Value
ACAS CLO Ltd., Class D(a)(b):
Series 2012-1A, 5.13%, 9/20/23	$	500	$	503,750
Series 2013-1A, 4.09%, 4/20/25		250		241,250
Apidos CDO XI, Series 2012-11A, Class D,
4.74%, 1/17/23(a)(b)		525		523,163
Atrium CDO Corp., Series 9A, Class D,
3.96%, 2/28/24(a)(b)		250		239,532
Carlyle Global Market Strategies CLO Ltd., Series 2012-4A, Class D,
4.78%, 1/20/25(a)(b)		300		300,150
CFIP CLO Ltd., Series 2013-1A, Class D,
4.04%, 4/20/24(a)(b)		500		481,350
CSAM Funding, Series 2A, Class B1,
7.05%, 10/15/16(a)		500		500,000
Fraser Sullivan CLO VII Ltd., Series 2012-7A, Class C,
4.28%, 4/20/23(a)(b)		405		404,996
Goldentree Loan Opportunities VI Ltd., Series 2012-6A, Class D,
4.48%, 4/17/22(a)(b)		650		650,130
Highbridge Loan Management Ltd., Series 2012-1A, Class C,
5.28%, 9/20/22(a)(b)		650		653,250
ING Investment Management, Series 2012-2A, Class D,
4.83%, 10/15/22(a)(b)		675		679,725
LCM IX LP, Series 9A, Class E,
4.48%, 7/14/22(a)(b)		500		456,500
LCM XI LP, Series 11A, Class D2,
4.23%, 4/19/22(a)(b)		700		700,000
Mountain View CLO Ltd., Series 2013-1A, Class D,
3.55%, 4/12/24(a)(b)		500		468,750
OZLM Funding Ltd., Series 2013-3A, Class C,
4.15%, 1/22/25(a)(b)		250		245,825
Regatta Funding LP, Series 2013-2A, Class C,
4.80%, 1/15/25(a)(b)		750		750,097
Symphony CLO IX LP, Series 2012-9A, Class D,
4.53%, 4/16/22(a)(b)		525		525,210
Symphony CLO X Ltd., Series 2012-10A, Class D,
5.53%, 7/23/23(a)(b)		650		654,875
West CLO Ltd., Series 2012-1A, Class C,
5.03%, 10/30/23(a)(b)		590		592,581

Total Asset-Backed Securities – 3.8%				9,571,134


Common Stocks(c)	Shares
Chemicals – 0.0%
GEO Specialty Chemicals, Inc.		142,466		108,274

Containers & Packaging – 0.1%
Smurfit Kappa Plc		18,171		304,844

Metals & Mining – 0.1%
Euramax International		935		186,980

Paper & Forest Products – 0.8%
Ainsworth Lumber Co. Ltd.		513,760		1,878,129

Software – 0.3%
HMH Holdings/EduMedia		30,022		794,075

Total Common Stocks – 1.3%				3,272,302


Corporate Bonds	Par (000)
Aerospace & Defense – 0.8%
Bombardier, Inc.,
4.25%, 1/15/16(a)		515		533,025
DigitalGlobe, Inc.,
5.25%, 2/01/21(a)		351		353,633
Huntington Ingalls Industries, Inc.,
7.13%, 3/15/21		375		411,562
Kratos Defense & Security Solutions, Inc.,
10.00%, 6/01/17		692		754,280

				2,052,500

Airlines – 0.8%
Air Canada Pass-Through Trust, Series 2013-1, Class C,
6.63%, 5/15/18(a)		143		146,546
American Airlines Pass-Through Trust, Series 2011-2, Class A,
8.63%, 4/15/23		196		206,408
Continental Airlines Pass-Through Trust, Series 2012-3, Class C,
6.13%, 4/29/18		780		819,000
Delta Air Lines Pass-Through Trust, Series 2009-1, Class B,
9.75%, 2/17/16		82		93,722
US Airways Pass-Through Trust, Series 2013-1, Class B,
5.38%, 11/15/21		795		816,862

				2,082,538

Auto Components – 1.6%
Affinia Group, Inc.,
7.75%, 5/01/21(a)		410		426,400
Delphi Corp.,
6.13%, 5/15/21		130		143,488
Icahn Enterprises LP:
7.75%, 1/15/16		110		113,850


		BLACKROCK SENIOR HIGH INCOME FUND, INC.		MAY 31, 2013		1


Consolidated Schedule of Investments (continued)		BlackRock Senior High Income Fund, Inc. (ARK)
		(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Auto Components (concluded)
Icahn Enterprises LP (concluded):
8.00%, 1/15/18	$	2,065	$	2,188,900
Schaeffler Finance BV,
4.75%, 5/15/21(a)		280		275,100
Titan International, Inc.:
7.88%, 10/01/17		490		524,300
7.88%, 10/01/17(a)		275		294,250
Venture Holdings Co. LLC(c)(d):
12.00%, 7/01/49		700		–
Series B, 9.50%, 7/01/05		3,325		–

				3,966,288

Beverages – 0.0%
Constellation Brands, Inc.,
7.25%, 5/15/17		30		35,063

Building Products – 0.6%
American Builders & Contractors Supply Co., Inc.,
5.63%, 4/15/21(a)		155		156,938
Building Materials Corp. of America(a):
7.00%, 2/15/20		485		518,950
6.75%, 5/01/21		410		443,825
Momentive Performance Materials, Inc.,
8.88%, 10/15/20		195		210,112
Texas Industries, Inc.,
9.25%, 8/15/20		196		217,070

				1,546,895

Chemicals – 3.7%
Ashland, Inc.,
3.88%, 4/15/18(a)		255		262,013
Axiall Corp.,
4.88%, 5/15/23(a)		91		91,455
Celanese US Holdings LLC,
5.88%, 6/15/21		372		410,130
Eagle Spinco, Inc.,
4.63%, 2/15/21(a)		312		314,340
GEO Specialty Chemicals, Inc.,
7.50%, 3/31/15		1,869		3,699,874
Huntsman International LLC:
4.88%, 11/15/20		348		351,480
8.63%, 3/15/21		395		441,412
INEOS Finance Plc,
7.50%, 5/01/20(a)		125		137,188
INEOS Group Holdings SA,
6.13%, 8/15/18(a)		255		251,175
LyondellBasell Industries NV,
5.00%, 4/15/19		913		1,030,534
NOVA Chemicals Corp.,
8.63%, 11/01/19		245		273,787
Nufarm Australia Ltd.,
6.38%, 10/15/19(a)		120		123,000
Orion Engineered Carbons Bondco GmbH,
9.63%, 6/15/18(a)		400		445,000
PetroLogistics LP/PetroLogistics Finance Corp.,
6.25%, 4/01/20(a)		98		98,735
Rentech Nitrogen Partners LP/Rentech Nitrogen Finance Corp.,
6.50%, 4/15/21(a)		359		363,487
Rockwood Specialties Group, Inc.,
4.63%, 10/15/20		552		563,040
Tronox Finance LLC,
6.38%, 8/15/20(a)		153		150,323
US Coatings Acquisition, Inc./Flash Dutch 2 BV,
7.38%, 5/01/21(a)		151		159,305

				9,166,278

Commercial Banks – 0.6%
CIT Group, Inc.:
5.00%, 5/15/17		330		351,450
6.63%, 4/01/18(a)		65		73,125
5.50%, 2/15/19(a)		930		1,006,725
5.00%, 8/15/22		94		100,110

				1,531,410

Commercial Services & Supplies – 3.6%
ARAMARK Holdings Corp.,
5.75%, 3/15/20(a)		547		566,145
AWAS Aviation Capital Ltd.,
7.00%, 10/17/16(a)		444		464,922
Brickman Group Holdings, Inc.,
9.13%, 11/01/18(a)		25		27,063
Catalent Pharma Solutions, Inc.,
7.88%, 10/15/18(a)		140		142,100
Covanta Holding Corp.,
6.38%, 10/01/22		420		453,062
The Geo Group, Inc.,
7.75%, 10/15/17		450		475,312
The Hertz Corp.:
7.50%, 10/15/18		780		848,250
6.75%, 4/15/19		150		162,937
5.88%, 10/15/20		235		247,925
7.38%, 1/15/21		1,742		1,924,910
6.25%, 10/15/22		225		244,406
Mead Products LLC/ACCO Brands Corp.,
6.75%, 4/30/20(a)		113		118,650
Mobile Mini, Inc.,
7.88%, 12/01/20		335		371,012
UR Merger Sub Corp.:
5.75%, 7/15/18		462		493,185
7.38%, 5/15/20		300		329,250
7.63%, 4/15/22		1,656		1,834,020
West Corp.,
8.63%, 10/01/18		165		181,088

				8,884,237


2		BLACKROCK SENIOR HIGH INCOME FUND, INC.		MAY 31, 2013


Consolidated Schedule of Investments (continued)		BlackRock Senior High Income Fund, Inc. (ARK)
		(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Communications Equipment – 0.6%
Avaya, Inc.,
7.00%, 4/01/19(a)	$	264	$	246,180
Zayo Group LLC/Zayo Capital, Inc.,
8.13%, 1/01/20		1,110		1,232,100

				1,478,280

Construction & Engineering – 0.1%
Safway Group Holding LLC/Safway Finance Corp.,
7.00%, 5/15/18(a)		200		201,000
Weekley Homes LLC/Weekley Finance Corp.,
6.00%, 2/01/23(a)		120		124,800

				325,800

Construction Materials – 0.9%
HD Supply, Inc.,
8.13%, 4/15/19		2,080		2,308,800

Consumer Finance – 0.2%
Ford Motor Credit Co. LLC:
7.00%, 4/15/15		140		153,721
6.63%, 8/15/17		300		348,895

				502,616

Containers & Packaging – 1.0%
Ardagh Packaging Finance Plc(a):
9.13%, 10/15/20		300		328,500
7.00%, 11/15/20		767		786,175
4.88%, 11/15/22		200		199,500
Ball Corp.,
6.75%, 9/15/20		325		351,000
Crown Americas LLC/Crown Americas Capital Corp. III,
6.25%, 2/01/21		589		643,482
Crown Americas LLC/Crown Americas Capital Corp. IV,
4.50%, 1/15/23(a)		85		83,088

				2,391,745

Distributors – 0.1%
VWR Funding, Inc.,
7.25%, 9/15/17		323		343,995

Diversified Consumer Services – 0.3%
APX Group, Inc.,
6.38%, 12/01/19(a)		321		320,197
Rent-A-Center, Inc.,
4.75%, 5/01/21(a)		256		250,880
ServiceMaster Co.,
8.00%, 2/15/20		125		128,594

				699,671

Diversified Financial Services – 4.3%
Aircastle Ltd.,
6.25%, 12/01/19		136		147,220
Ally Financial, Inc.:
8.30%, 2/12/15		2,420		2,662,000
8.00%, 11/01/31		203		259,840
8.00%, 11/01/31		1,060		1,367,400
CNG Holdings, Inc.,
9.38%, 5/15/20(a)		180		179,100
DPL, Inc.:
6.50%, 10/15/16		26		28,015
7.25%, 10/15/21		69		74,520
General Motors Financial Co., Inc.(a):
2.75%, 5/15/16		219		218,671
3.25%, 5/15/18		127		125,889
4.25%, 5/15/23		109		106,275
GETCO Financing Escrow LLC,
8.25%, 6/15/18(a)(e)		90		87,975
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
7.38%, 4/01/20(a)		210		211,050
Jefferies LoanCore LLC/JLC Finance Corp.,
6.88%, 6/01/20(a)		200		200,500
Reynolds Group Issuer, Inc.:
7.13%, 4/15/19		1,347		1,434,555
9.88%, 8/15/19		760		828,400
5.75%, 10/15/20		1,810		1,837,150
6.88%, 2/15/21		400		427,000
WMG Acquisition Corp.:
11.50%, 10/01/18		235		277,300
6.00%, 1/15/21(a)		312		329,160

				10,802,020

Diversified Telecommunication Services – 1.5%
CenturyLink, Inc., Series V,
5.63%, 4/01/20		342		353,542
Level 3 Financing, Inc.:
8.13%, 7/01/19		2,768		2,996,360
7.00%, 6/01/20		184		193,660
Lynx I Corp.,
5.38%, 4/15/21(a)		240		249,600

				3,793,162

Electric Utilities – 0.1%
Mirant Mid Atlantic Pass-Through Trust, Series B,
9.13%, 6/30/17		248		279,547

Electrical Equipment – 0.2%
Belden, Inc.,
5.50%, 9/01/22(a)		190		195,225
General Cable Corp.,
5.75%, 10/01/22(a)		350		360,500

				555,725

Energy Equipment & Services – 3.3%
Calfrac Holdings LP,
7.50%, 12/01/20(a)		920		947,600
Compagnie Générale de Géophysique, Veritas,
6.50%, 6/01/21		1,105		1,154,725
FTS International Services LLC/FTS International Bonds, Inc.,
8.13%, 11/15/18(a)		441		469,665


		BLACKROCK SENIOR HIGH INCOME FUND, INC.		MAY 31, 2013		3


Consolidated Schedule of Investments (continued)		BlackRock Senior High Income Fund, Inc. (ARK)
		(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Energy Equipment & Services (concluded)
Gulfmark Offshore, Inc.,
6.38%, 3/15/22	$	70	$	72,800
Hornbeck Offshore Services, Inc.,
5.88%, 4/01/20		140		145,950
MEG Energy Corp.(a):
6.50%, 3/15/21		745		771,075
6.38%, 1/30/23		252		258,300
Oil States International, Inc.:
6.50%, 6/01/19		711		766,102
5.13%, 1/15/23(a)		339		365,273
Peabody Energy Corp.:
6.00%, 11/15/18		523		559,610
6.25%, 11/15/21		567		592,515
Precision Drilling Corp.:
6.63%, 11/15/20		65		69,550
6.50%, 12/15/21		445		477,262
Rain CII Carbon LLC/CII Carbon Corp.,
8.25%, 1/15/21(a)		200		214,000
Seadrill Ltd.,
5.63%, 9/15/17(a)		963		987,075
Tervita Corp.,
8.00%, 11/15/18(a)		311		321,885

				8,173,387

Food Products – 0.4%
Hawk Acquisition Sub, Inc.,
4.25%, 10/15/20(a)		375		372,187
Post Holdings, Inc.,
7.38%, 2/15/22		295		328,556
Smithfield Foods, Inc.,
6.63%, 8/15/22		295		335,563

				1,036,306

Gas Utilities – 0.3%
Targa Resources Partners LP,
7.88%, 10/15/18		570		617,025

Health Care Equipment & Supplies – 1.0%
Biomet, Inc.(a):
6.50%, 8/01/20		640		673,600
6.50%, 10/01/20		1,362		1,379,025
DJO Finance LLC/DJO Finance Corp.:
8.75%, 3/15/18		185		204,425
7.75%, 4/15/18		30		31,050
Teleflex, Inc.,
6.88%, 6/01/19		250		270,000

				2,558,100

Health Care Providers & Services – 3.7%
Aviv Healthcare Properties LP,
7.75%, 2/15/19		365		398,763
CHS/Community Health Systems, Inc.:
5.13%, 8/15/18		185		192,863
8.00%, 11/15/19		166		182,600
7.13%, 7/15/20		176		193,160
DaVita HealthCare Partners, Inc.,
5.75%, 8/15/22		347		369,555
HCA, Inc.:
8.50%, 4/15/19		25		27,250
6.50%, 2/15/20		1,301		1,466,877
7.88%, 2/15/20		1,349		1,470,410
5.88%, 3/15/22		630		691,425
4.75%, 5/01/23		686		684,285
Hologic, Inc.,
6.25%, 8/01/20		716		765,225
inVentiv Health, Inc.,
9.00%, 1/15/18(a)		135		143,775
Omnicare, Inc.,
7.75%, 6/01/20		695		769,712
Tenet Healthcare Corp.:
6.25%, 11/01/18		425		470,687
4.50%, 4/01/21(a)		195		191,588
4.38%, 10/01/21(a)		323		313,310
Vanguard Health Holding Co II LLC:
8.00%, 2/01/18		135		143,269
7.75%, 2/01/19		590		631,300

				9,106,054

Health Care Technology – 0.8%
IMS Health, Inc.,
12.50%, 3/01/18(a)		1,730		2,030,588

Hotels, Restaurants & Leisure – 1.4%
Caesars Entertainment Operating Co., Inc.,
8.50%, 2/15/20		675		642,937
Carlson Wagonlit BV,
6.88%, 6/15/19(a)		200		210,500
Choice Hotels International, Inc.,
5.75%, 7/01/22		90		99,900
Diamond Resorts Corp.,
12.00%, 8/15/18		540		602,775
Isle of Capri Casinos, Inc.:
7.75%, 3/15/19		25		27,000
5.88%, 3/15/21		110		109,450
Little Traverse Bay Bands of Odawa Indians,
9.00%, 8/31/20(a)		282		273,540
MCE Finance Ltd.,
5.00%, 2/15/21(a)		352		352,000
Regal Entertainment Group,
5.75%, 2/01/25		101		100,748
Sabre, Inc.,
8.50%, 5/15/19(a)		300		330,750
Six Flags Entertainment Corp.,
5.25%, 1/15/21(a)		218		219,090
Tropicana Entertainment LLC,
9.63%, 12/15/14(c)(d)		220		–
Wynn Las Vegas LLC,
5.38%, 3/15/22		468		492,570

				3,461,260

Household Durables – 1.6%
Ashton Woods USA LLC/Ashton Woods Finance Corp.,
6.88%, 2/15/21(a)		190		196,888


4		BLACKROCK SENIOR HIGH INCOME FUND, INC.		MAY 31, 2013


Consolidated Schedule of Investments (continued)		BlackRock Senior High Income Fund, Inc. (ARK)
		(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Household Durables (concluded)
Beazer Homes USA, Inc.,
6.63%, 4/15/18	$	340	$	368,475
Brookfield Residential Properties, Inc.,
6.50%, 12/15/20(a)		345		369,150
K. Hovnanian Enterprises, Inc.,
7.25%, 10/15/20(a)		795		880,462
KB Home,
7.25%, 6/15/18		330		371,250
Libbey Glass, Inc.,
6.88%, 5/15/20		80		86,600
Standard Pacific Corp.,
8.38%, 1/15/21		1,120		1,344,000
Taylor Morrison Communities, Inc./Monarch Communities, Inc.,
5.25%, 4/15/21(a)		223		225,787

				3,842,612

Household Products – 0.3%
Spectrum Brands Escrow Corp.(a):
6.38%, 11/15/20		90		96,637
6.63%, 11/15/22		105		113,400
Spectrum Brands, Inc.,
9.50%, 6/15/18		435		481,219

				691,256

Independent Power Producers & Energy Traders – 3.7%
The AES Corp.,
4.88%, 5/15/23		14		13,755
Calpine Corp.,
7.50%, 2/15/21(a)		84		91,140
Dynegy, Inc.,
5.88%, 6/01/23(a)		249		245,265
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.:
6.88%, 8/15/17(a)		380		402,800
10.00%, 12/01/20(a)		630		714,262
10.00%, 12/01/20		4,160		4,737,200
11.75%, 3/01/22(a)(f)		427		486,246
GenOn REMA LLC:
Series B, 9.24%, 7/02/17		110		121,300
Series C, 9.68%, 7/02/26		448		488,320
Laredo Petroleum, Inc.:
9.50%, 2/15/19		495		560,588
7.38%, 5/01/22		185		203,500
NRG Energy, Inc.:
7.63%, 1/15/18		747		842,242
6.63%, 3/15/23(a)		71		75,083
QEP Resources, Inc.,
5.38%, 10/01/22		178		182,450

				9,164,151

Insurance – 0.1%
CNO Financial Group, Inc.,
6.38%, 10/01/20(a)		114		123,548
MPL 2 Acquisition Canco, Inc.,
9.88%, 8/15/18(a)		220		226,600

				350,148

Internet Software & Services – 0.1%
VeriSign, Inc.,
4.63%, 5/01/23(a)		205		206,025

IT Services – 1.4%
Ceridian Corp.,
8.88%, 7/15/19(a)		1,155		1,316,700
First Data Corp.:
7.38%, 6/15/19(a)		845		891,475
6.75%, 11/01/20(a)		565		590,425
8.25%, 1/15/21(a)		244		258,640
12.63%,1/15/21		97		105,973
WEX, Inc.,
4.75%, 2/01/23(a)		206		205,485

				3,368,698

Machinery – 0.3%
Navistar International Corp.,
8.25%, 11/01/21		195		198,656
Terex Corp.,
6.00%, 5/15/21		400		423,000
Trinseo Materials Operating SCA,
8.75%, 2/01/19(a)		216		215,190

				836,846

Media – 4.8%
AMC Networks, Inc.:
7.75%, 7/15/21		320		362,400
4.75%, 12/15/22		100		99,750
Cengage Learning Acquisitions, Inc.,
11.50%, 4/15/20(a)		254		204,470
Checkout Holding Corp.,
9.83%, 11/15/15(a)(g)		296		233,840
Cinemark USA, Inc.,
5.13%, 12/15/22		78		79,170
Clear Channel Worldwide Holdings, Inc.:
6.50%, 11/15/22(a)		360		378,000
6.50%, 11/15/22(a)		972		1,025,460
Series B, 7.63%, 3/15/20		635		674,687
DISH DBS Corp.:
4.25%, 4/01/18(a)		500		487,500
5.88%, 7/15/22		700		701,750
Intelsat Jackson Holdings SA:
7.25%, 10/15/20		1,230		1,334,550
5.50%, 8/01/23(a)(e)		1,030		1,009,400
Interactive Data Corp.,
10.25%, 8/01/18		810		909,225
The McClatchy Co.,
9.00%, 12/15/22(a)		120		129,600
MDC Partners, Inc.,
6.75%, 4/01/20(a)		135		138,037
NAI Entertainment Holdings LLC,
8.25%, 12/15/17(a)		476		514,080
Nielsen Finance LLC,
7.75%, 10/15/18		341		375,100
ProQuest LLC,
9.00%, 10/15/18(a)		75		75,938
Sirius XM Radio, Inc.(a):
4.25%, 5/15/20		238		233,240
4.63%, 5/15/23		117		112,320
Sterling Entertainment Corp.,
10.00%, 12/15/19		450		450,000


		BLACKROCK SENIOR HIGH INCOME FUND, INC.		MAY 31, 2013		5


Consolidated Schedule of Investments (continued)		BlackRock Senior High Income Fund, Inc. (ARK)
		(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Media (concluded)
Unitymedia Hessen GmbH & Co. KG:
7.50%, 3/15/19	$	540	$	585,900
5.50%, 1/15/23(a)		440		448,800
Univision Communications, Inc.,
6.75%, 9/15/22(a)		107		115,025
Virgin Media Secured Finance Plc,
6.50%, 1/15/18		1,250		1,315,625

				11,993,867

Metals & Mining – 2.4%
ArcelorMittal:
9.50%, 2/15/15		715		793,650
4.25%, 8/05/15		367		378,927
5.00%, 2/25/17		145		150,800
6.13%, 6/01/18		186		197,160
Commercial Metals Co.,
4.88%, 5/15/23		347		330,518
FMG Resources August 2006 Property Ltd.,
6.38%, 2/01/16(a)		235		239,700
Global Brass and Copper, Inc.,
9.50%, 6/01/19(a)		255		285,600
Kaiser Aluminum Corp.,
8.25%, 6/01/20		190		214,225
New Gold, Inc.(a):
7.00%, 4/15/20		65		68,900
6.25%, 11/15/22		255		262,650
Novelis, Inc.,
8.75%, 12/15/20		2,328		2,601,540
Perstorp Holding AB,
8.75%, 5/15/17(a)		205		211,663
RathGibson, Inc.,
11.25%, 2/15/14(c)(d)		2,175		–
Steel Dynamics, Inc.,
6.38%, 8/15/22(a)		205		223,450
Walter Energy, Inc.,
8.50%, 4/15/21(a)		61		61,305

				6,020,088

Multiline Retail – 0.3%
Dollar General Corp.,
4.13%, 7/15/17		127		137,828
Dufry Finance SCA,
5.50%, 10/15/20(a)		642		675,705

				813,533

Oil, Gas & Consumable Fuels – 7.1%
Access Midstream Partners LP/ACMP Finance Corp.:
6.13%, 7/15/22		415		444,050
4.88%, 5/15/23		190		187,625
Alpha Natural Resources, Inc.,
6.25%, 6/01/21		157		140,515
Bonanza Creek Energy, Inc.,
6.75%, 4/15/21(a)		36		37,620
Chaparral Energy, Inc.,
7.63%, 11/15/22		115		124,200
Chesapeake Energy Corp.:
7.25%, 12/15/18		25		28,813
6.63%, 8/15/20		265		294,812
6.88%, 11/15/20		150		168,750
6.13%, 2/15/21		235		256,150
5.75%, 3/15/23		475		494,000
Concho Resources, Inc.:
6.50%, 1/15/22		219		236,520
5.50%, 10/01/22		88		90,860
5.50%, 4/01/23		86		87,935
CONSOL Energy, Inc.:
8.25%, 4/01/20		975		1,077,375
6.38%, 3/01/21		128		133,760
Crosstex Energy LP,
8.88%, 2/15/18		195		209,625
Denbury Resources, Inc.,
4.63%, 7/15/23		373		360,877
Energy XXI Gulf Coast, Inc.,
7.75%, 6/15/19		665		711,550
EP Energy LLC/Everest Acquisition Finance, Inc.,
6.88%, 5/01/19		235		253,800
Halcon Resources Corp.,
8.88%, 5/15/21		351		357,142
Hilcorp Energy I LP,
7.63%, 4/15/21(a)		470		517,000
Holly Energy Partners LP,
6.50%, 3/01/20		80		85,000
Kinder Morgan Finance Co. LLC,
6.00%, 1/15/18(a)		480		529,896
Kodiak Oil & Gas Corp.,
8.13%, 12/01/19		320		360,000
LBC Tank Terminals Holding Netherlands BV,
6.88%, 5/15/23(a)		200		207,750
Linn Energy LLC:
6.25%, 11/01/19(a)		1,170		1,178,775
8.63%, 4/15/20		95		104,025
7.75%, 2/01/21		370		392,200
MarkWest Energy Partners LP:
6.25%, 6/15/22		82		88,560
5.50%, 2/15/23		159		166,155
4.50%, 7/15/23		150		145,875
Memorial Production Partners LP,
7.63%, 5/01/21(a)		127		127,635
Newfield Exploration Co.,
5.63%, 7/01/24		76		79,800
Northern Oil and Gas, Inc.,
8.00%, 6/01/20		265		275,600
Oasis Petroleum, Inc.:
7.25%, 2/01/19		135		145,463
6.50%,11/01/21		155		167,400
Offshore Group Investment Ltd.,
7.13%, 4/01/23(a)		246		253,995
Pacific Drilling SA,
5.38%, 6/01/20(a)(e)		223		220,770


6		BLACKROCK SENIOR HIGH INCOME FUND, INC.		MAY 31, 2013


Consolidated 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)
PBF Holding Co. LLC,
8.25%, 2/15/20	$	174	$	192,270
PDC Energy, Inc.,
7.75%, 10/15/22(a)		180		196,200
Petrobras Global Finance BV,
3.00%, 1/15/19		288		280,905
Plains Exploration & Production Co.,
6.88%, 2/15/23		228		257,925
Range Resources Corp.:
6.75%, 8/01/20		303		327,997
5.75%, 6/01/21		645		682,087
5.00%, 8/15/22		216		219,240
Regency Energy Partners LP,
4.50%, 11/01/23(a)		148		146,520
Rosetta Resources, Inc.,
5.63%, 5/01/21		143		143,358
Sabine Pass Liquefaction LLC(a):
5.63%, 2/01/21		1,080		1,084,050
5.63%, 4/15/23		281		281,000
Sabine Pass Liquefied Natural Gas LP:
7.50%, 11/30/16		1,490		1,661,350
6.50%, 11/01/20(a)		275		288,062
SandRidge Energy, Inc.:
8.75%, 1/15/20		35		37,625
7.50%, 2/15/23		411		423,330
SESI LLC,
6.38%, 5/01/19		280		302,400
SM Energy Co.:
6.50%, 11/15/21		225		245,813
6.50%, 1/01/23		105		115,500
Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
5.88%, 10/01/20(a)		66		68,805

				17,696,315

Paper & Forest Products – 0.2%
Ainsworth Lumber Co. Ltd.,
7.50%, 12/15/17(a)		300		324,000
Sappi Papier Holding GmbH,
8.38%, 6/15/19(a)		200		220,500

				544,500

Pharmaceuticals – 0.3%
Valeant Pharmaceuticals International(a):
6.50%, 7/15/16		181		187,335
6.38%, 10/15/20		228		239,400
7.25%, 7/15/22		350		379,750

				806,485

Real Estate Investment Trusts (REITs) – 0.5%
Cantor Commercial Real Estate Co. LP/CCRE Finance Corp.,
7.75%, 2/15/18(a)		236		244,260
Felcor Lodging LP:
6.75%, 6/01/19		690		736,575
5.63%, 3/01/23		109		110,908
iStar Financial, Inc.,
4.88%, 7/01/18		169		167,733

				1,259,476

Real Estate Management & Development – 1.0%
The Realogy Corp.(a):
3.38%, 5/01/16		284		281,870
7.63%, 1/15/20		1,130		1,279,725
Shea Homes LP,
8.63%, 5/15/19		790		896,650

				2,458,245

Road & Rail – 0.0%
Watco Cos. LLC/Watco Finance Corp.,
6.38%, 4/01/23(a)		75		78,938

Semiconductors & Semiconductor Equipment – 0.3%
NXP BV/NXP Funding LLC(a):
3.75%, 6/01/18		355		349,675
5.75%, 2/15/21		275		288,750

				638,425

Software – 1.0%
IAC/InterActiveCorp,
4.75%, 12/15/22(a)		196		192,570
Infor US, Inc.,
9.38%, 4/01/19		1,295		1,460,113
Nuance Communications, Inc.,
5.38%, 8/15/20(a)		700		708,750

				2,361,433

Specialty Retail – 0.5%
Claire’s Stores, Inc.,
9.00%, 3/15/19(a)		386		434,250
Penske Automotive Group, Inc.,
5.75%, 10/01/22(a)		260		273,975
Sally Holdings LLC:
6.88%, 11/15/19		350		388,063
5.75%, 6/01/22		160		168,400
Sonic Automotive, Inc.,
5.00%, 5/15/23(a)		50		49,625

				1,314,313

Textiles, Apparel & Luxury Goods – 0.2%
Levi Strauss & Co.,
6.88%, 5/01/22		140		155,225
PVH Corp.,
7.75%, 11/15/23		215		256,801

				412,026

Trading Companies & Distributors – 0.4%
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust, Series 2012-1(a):
Class A, 5.13%, 11/30/24		427		454,391
Class B, 6.50%, 5/30/21		448		465,416

				919,807


		BLACKROCK SENIOR HIGH INCOME FUND, INC.		MAY 31, 2013		7


Consolidated Schedule of Investments (continued)		BlackRock Senior High Income Fund, Inc. (ARK)
		(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Transportation Infrastructure – 0.1%
Aguila 3 SA, 7.88%, 1/31/18 (a)	$	176	$	189,420

Wireless Telecommunication Services – 3.5%
Crown Castle International Corp.,
5.25%, 1/15/23		615		622,688
Digicel Ltd.,
6.00%, 4/15/21(a)		882		877,590
MetroPCS Wireless, Inc.,
6.63%, 11/15/20		310		331,700
Softbank Corp.,
4.50%, 4/15/20(a)		660		669,710
Sprint Capital Corp.,
6.88%, 11/15/28		1,580		1,580,000
Sprint Nextel Corp.(a):
9.00%, 11/15/18		2,081		2,523,212
7.00%, 3/01/20		1,605		1,805,625
Wind Acquisition Finance SA,
6.50%, 4/30/20(a)		200		205,500

				8,616,025

Total Corporate Bonds – 62.0%				154,311,922


Floating Rate Loan Interests(b)
Aerospace & Defense – 0.3%
DigitalGlobe, Inc., Term Loan B,
3.75%, 1/31/20		485		487,668
Transdigm, Inc., Term Loan C,
3.75%, 2/28/20		244		246,892

				734,560

Airlines – 0.8%
Delta Air Lines, Inc., Term Loan B,
5.00%, 4/20/17		996		1,006,675
Northwest Airlines, Inc.:
Term Loan, 2.30%, 3/10/17		226		208,968
Term Loan, 1.68%, 9/10/18		94		83,375
Term Loan, 1.68%, 9/10/18		95		84,375
Term Loan, 1.68%, 9/10/18		95		84,375
US Airways Group Inc., Term Loan B1,
4.75%, 5/23/19		440		439,560

				1,907,328

Auto Components – 2.7%
Affinia Group Intermediate Holdings, Inc., Term Loan B2,
4.75%, 4/15/20		340		340,850
Autoparts Holdings Ltd.:
First Lien Term Loan, 6.50%, 7/28/17		834		821,763
Second Lien Term Loan, 10.50%, 1/29/18		900		888,750
Federal-Mogul Corp.:
Term Loan B, 2.13% - 2.14%, 12/29/14		1,666		1,630,127
Term Loan C, 2.13% - 2.14%, 12/28/15		1,020		996,955
FleetPride Corp., First Lien Term Loan,
5.25%, 11/20/19		339		338,516
The Goodyear Tire & Rubber Co., Second Lien Term Loan,
4.75%, 4/30/19		1,110		1,115,861
Schaeffler AG, Term Loan C,
4.25%, 1/27/17		50		50,604
Transtar Holding Co., First Lien Term Loan,
5.50%, 10/09/18		478		482,376

				6,665,802

Biotechnology – 0.2%
Grifols, Inc., Term Loan B,
4.25%, 6/01/17		562		566,587

Building Products – 0.7%
Armstrong World Industries, Inc., Term Loan B,
3.50%, 3/16/20		250		250,313
CPG International, Inc., Term Loan,
5.75%, 9/18/19		761		766,252
Wilsonart International Holdings LLC, Term Loan B,
4.00%, 10/31/19		748		748,312

				1,764,877

Capital Markets – 1.2%
American Capital Holdings, Inc., Term Loan,
5.50%, 8/22/16		541		547,763
HarbourVest Partners LLC, Term Loan B,
4.75%, 11/21/17		331		333,365
Knight Capital Group, Inc., Term Loan B,
5.25%, 11/21/17		415		410,850
Nuveen Investments, Inc., Term Loan,
4.19%, 5/13/17		1,590		1,594,309

				2,886,287

Chemicals – 2.9%
AI Chem & Cy S.C.A.:
Second Lien Term Loan, 8.25%, 4/03/20		235		240,875
Term Loan B1, 4.50%, 10/03/19		244		245,281
Term Loan B2, 4.50%, 10/03/19		126		127,422
American Rock Salt Holdings LLC, Term Loan,
5.50%, 4/25/17		1,015		1,021,126
Chemtura Corp., Exit Term Loan B,
5.50%, 8/27/16		796		803,286
Evergreen Acqco 1 LP, Term Loan,
5.00%, 7/09/19		422		423,637
General Chemical Corp., Term Loan,
5.00% - 5.75%, 10/06/15		453		456,386


8		BLACKROCK SENIOR HIGH INCOME FUND, INC.		MAY 31, 2013


Consolidated Schedule of Investments (continued)		BlackRock Senior High Income Fund, Inc. (ARK)
		(Percentages shown are based on Net Assets)


Floating Rate Loan Interests(b)	Par (000)		Value
Chemicals (concluded)
INEOS US Finance LLC, 6 year Term Loan,
3.00%, 5/04/18	$	666	$	665,243
Nexeo Solutions LLC, Term Loan B,
5.00%, 9/08/17		917		913,605
Tronox Pigments (Netherlands) BV, Term Loan,
4.50%, 3/19/20		600		605,216
Univar, Inc., Term Loan B,
5.00%, 6/30/17		295		292,728
US Coatings Acquisition, Inc., Term Loan,
4.75%, 2/03/20		1,480		1,490,552

				7,285,357

Commercial Services & Supplies – 2.6%
ADS Waste Holdings, Inc., Term Loan B,
4.25%, 10/09/19		912		917,612
Altegrity, Inc.:
Term Loan, 5.00%, 2/21/15		320		317,002
Tranche D Term Loan, 7.75%, 2/20/15		504		507,982
AWAS Finance Luxembourg 2012 SA, Term Loan,
3.50%, 7/16/18		155		156,124
AWAS Finance Luxembourg Sarl, Term Loan B,
3.50%, 6/10/16		507		510,584
Catalent Pharma Solutions, Inc., Term Loan,
6.50%, 12/29/17		215		217,419
Garda World Security Corp., Term Loan B,
4.50%, 11/13/19		303		306,510
KAR Auction Services, Inc., Term Loan B,
3.75%, 5/19/17		1,200		1,216,168
Learning Care Group (US) No. 2, Inc, Term Loan B,
6.00%, 5/08/19		200		200,376
Progressive Waste Solutions Ltd., Term Loan B,
3.50%, 10/24/19		294		296,714
Protection One, Inc., Term Loan,
4.25%, 3/21/19		505		508,688
Spin Holdco, Inc., Term Loan B,
4.25%, 11/15/19		685		688,425
West Corp., Term Loan B8,
4.25%, 6/29/18		650		654,738

				6,498,342

Communications Equipment – 2.8%
Alcatel-Lucent USA, Inc.:
Term Loan B, 6.25%, 8/01/16		415		419,208
Term Loan C, 7.25%, 1/30/19		2,040		2,059,858
Avaya, Inc.:
Extended Term Loan B3, 4.77%, 10/26/17		1,170		1,049,675
Term Loan B5, 8.00%, 3/30/18		198		188,901
CommScope, Inc., Term Loan,
3.75%, 1/12/18		819		826,136
Riverbed Technology, Inc., Term Loan,
4.00%, 12/18/19		365		368,858
Zayo Group LLC, Term Loan B,
4.50%, 7/02/19		2,149		2,148,763

				7,061,399

Construction & Engineering – 0.5%
BakerCorp International, Inc., Term Loan,
4.25%, 2/14/20		674		678,299
Centaur LLC, First Lien Term Loan,
5.25%, 2/15/19		540		544,725

				1,223,024

Construction Materials – 1.0%
HD Supply, Inc., Senior Debt B,
4.50%, 10/12/17		2,494		2,511,846

Consumer Finance – 0.5%
Moneygram International, Inc, Term Loan B,
4.25%, 3/28/20		320		320,800
Murray Energy Corp., Term Loan B,
4.75%, 5/24/19		195		196,121
Springleaf Financial Funding Co., Term Loan,
5.50%, 5/10/17		668		669,450

				1,186,371

Containers & Packaging – 0.8%
Pact Group Pty Ltd., Term Loan B,
3.75%, 5/29/20		895		903,950
Sealed Air Corp., Term Loan,
4.00%, 10/03/18		359		362,758
Tekni-Plex, Inc., Term Loan B,
5.50%, 8/25/19		745		741,275

				2,007,983

Distributors – 0.7%
ABC Supply Co., Inc., Term Loan,
3.50%, 4/16/20		1,125		1,128,150
Crossmark Holdings, Inc., Term Loan,
4.50%, 12/20/19		224		224,438
VWR Funding, Inc., Extended Term Loan,
4.19%, 4/03/17		264		266,539

				1,619,127

Diversified Consumer Services – 1.3%
Bright Horizons Family Solutions, Inc., Term Loan B,
4.00% - 5.25%, 1/30/20		539		542,286
Dundee Holdco 4 Ltd., Term Loan,
5.50%, 3/28/20		210		211,313
Education Management LLC, Term Loan C3,
8.25%, 3/29/18		100		94,256
Laureate Education, Inc., Extended Term Loan,
5.25%, 6/18/18		705		707,553


		BLACKROCK SENIOR HIGH INCOME FUND, INC.		MAY 31, 2013		9


Consolidated Schedule of Investments (continued)		BlackRock Senior High Income Fund, Inc. (ARK)
		(Percentages shown are based on Net Assets)


Floating Rate Loan Interests(b)	Par (000)		Value
Diversified Consumer Services (concluded)
ROC Finance LLC, Term Loan,
5.00%, 3/27/19	$	230	$	231,610
ServiceMaster Co., Term Loan,
4.25%, 1/31/17		868		867,785
Weight Watchers International, Inc., Term Loan B2,
3.75%, 4/02/20		705		704,605

				3,359,408

Diversified Financial Services – 1.5%
ION Trading Technologies Ltd., Inc, First Lien Term Loan,
4.50%, 5/22/20		380		382,690
Reynolds Group Holdings, Inc., Term Loan,
4.75%, 9/28/18		1,133		1,142,389
Telesat LLC, Term Loan B,
3.50%, 3/28/19		1,375		1,381,733
WMG Acquisition Corp.:
Delayed Draw Term Loan 1, 4.25%, 7/06/20		325		322,802
Delayed Draw Term Loan 2, 3.75%, 7/06/20		50		50,012
Term Loan, 3.75%, 5/18/20		375		376,875

				3,656,501

Diversified Telecommunication Services – 2.9%
Consolidated Communications, Inc., Term Loan B3,
5.25%, 12/31/18		878		885,261
Hawaiian Telcom Communications, Inc., Term Loan B,
7.00%, 2/28/17		862		866,579
Integra Telecom, Inc., Term Loan,
6.00%, 2/22/19		440		444,400
Level 3 Financing, Inc.:
Term Loan, 4.75%, 8/01/19		2,725		2,744,593
Term Loan B, 4.75%, 2/01/16		527		531,964
Syniverse Holdings, Inc., Delayed Draw Term Loan,
4.00%, 4/23/19		435		436,497
US Telepacific Corp., Term Loan B,
5.75%, 2/23/17		1,356		1,353,847

				7,263,141

Electronic Equipment, Instruments & Components – 0.2%
CDW LLC, Term Loan,
3.50%, 4/29/20		500		498,125

Energy Equipment & Services – 1.2%
API Heat Transfer, Inc., Term Loan,
5.25%, 4/30/19		360		360,000
Dynegy Holdings, Inc., Term Loan B2,
4.00%, 4/23/20		520		521,191
MEG Energy Corp., Term Loan,
3.75%, 3/31/20		1,537		1,544,617
Tervita Corp., Term Loan,
6.25%, 5/15/18		349		352,717
Unifrax Corp., Term Loan,
4.25%, 11/28/18		209		210,654

				2,989,179

Food & Staples Retailing – 1.6%
JC Penney Corp., Inc., First Lien Term Loan,
6.00%, 5/21/18		1,200		1,215,756
Pilot Travel Centers LLC, Term Loan B2,
4.25%, 8/07/19		453		448,198
Rite Aid Corp.:
Second Lien Term Loan, 5.75%, 8/21/20		225		231,984
Term Loan 6, 4.00%, 2/21/20		210		211,094
Sprouts Farmers Markets Holdings, LLC, Term Loan,
4.50%, 4/23/20		375		375,000
Supervalu, Inc, Term Loan B,
5.00%, 3/21/19		490		487,873
US Foods, Inc., Term Loan,
4.50%, 3/29/19		1,100		1,095,875

				4,065,780

Food Products – 1.3%
Advance Pierre Foods, Inc., Term Loan,
5.75%, 7/10/17		509		511,747
Del Monte Foods Co., Term Loan,
4.00%, 3/08/18		644		646,430
Dole Food Co., Inc., Term Loan,
3.75%, 4/01/20		655		656,520
Performance Food Group Co., Second Lien Term Loan,
6.25%, 11/29/19		645		645,161
Pinnacle Foods Finance LLC, Term Loan G,
3.25%, 4/29/20		675		675,000

				3,134,858

Health Care Equipment & Supplies – 3.2%
Arysta LifeScience Corp., First Lien Term Loan,
4.50%, 5/25/20		845		848,701
Bausch & Lomb, Inc., Term Loan,
4.00%, 5/17/19		1,126		1,128,324
Biomet, Inc., Extended Term Loan B,
3.94% - 4.03%, 7/25/17		497		499,736
BSN Medical Acquisition Holding GmbH, Term Loan B1A,
5.00%, 8/28/19		720		726,300
Capital Safety North America Holding, Inc., Term Loan,
4.50%, 1/21/19		668		669,519
DJO Finance LLC, Term Loan B3,
4.75%, 9/15/17		1,340		1,357,202


10		BLACKROCK SENIOR HIGH INCOME FUND, INC.		MAY 31, 2013


Consolidated Schedule of Investments (continued)		BlackRock Senior High Income Fund, Inc. (ARK)
		(Percentages shown are based on Net Assets)


Floating Rate Loan Interests(b)	Par (000)		Value
Health Care Equipment & Supplies (concluded)
Hologic, Inc., Term Loan B,
4.50%, 8/01/19	$	1,202	$	1,208,976
IASIS Healthcare LLC, Term Loan B2,
4.50%, 5/03/18		99		98,854
Immucor, Inc., Term Loan B2,
5.00%, 8/17/18		965		971,806
LHP Hospital Group, Inc., Term Loan,
9.00%, 7/03/18		397		404,940

				7,914,358

Health Care Providers & Services – 2.5%
American Renal Holdings, Inc., First Lien Term Loan,
4.50%, 9/22/19		560		561,053
Ardent Medical Services, Inc., Term Loan,
6.75%, 7/02/18		269		272,242
CHG Buyer Corp., First Lien Term Loan,
5.00%, 11/22/19		415		418,674
ConvaTec, Inc., Term Loan,
5.00%, 12/22/16		1,035		1,046,914
DaVita, Inc.:
Term Loan B, 4.50%, 10/20/16		1,075		1,084,390
Term Loan B2, 4.00%, 11/01/19		589		594,852
Emergency Medical Services Corp., Term Loan,
4.00%, 5/25/18		380		381,629
Genesis HealthCare Corp., Term Loan B,
10.00% - 10.75%, 9/25/17		469		483,533
inVentiv Health, Inc.:
Combined Term Loan, 7.50%, 8/04/16		260		256,602
Incremental Term Loan B3, 7.75%, 5/15/18		333		329,401
Surgical Care Affiliates, Inc., Term Loan B,
4.25%, 6/29/18		405		406,268
US Renal Care, Inc., First Lien Term Loan,
6.25%, 7/02/19		476		481,759

				6,317,317

Health Care Technology – 1.1%
IMS Health, Inc., Term Loan B1,
3.75%, 9/01/17		1,372		1,378,935
Kinetic Concepts, Inc., Term Loan C1,
5.50%, 5/04/18		691		699,468
MedAssets, Inc., Term Loan B,
4.00%, 12/13/19		256		257,104
Merge Healthcare, Inc, Term Loan B,
6.00%, 4/23/19		355		356,775

				2,692,282

Hotels, Restaurants & Leisure – 3.7%
Alpha D2 Ltd., Extended Term Loan B2,
6.00%, 4/30/19		619		625,594
Caesars Entertainment Operating Co., Inc., Extended Term Loan B6,
5.44%, 1/26/18		125		111,591
Golden Living, Term Loan,
5.00%, 5/04/18		544		523,311
Harrah’s Property Co., Mezzanine Term Loan,
3.69%, 2/13/14		2,965		2,705,562
Kasima LLC, Term Loan B,
3.25%, 5/14/21		530		530,996
MGM Resorts International:
Term Loan A, 3.28%, 12/20/17		249		249,560
Term Loan B, 3.50%, 12/20/19		663		664,717
OSI Restaurant Partners LLC, Term Loan,
3.50%, 10/25/19		340		339,755
Sabre, Inc., Term Loan B,
5.25%, 2/19/19		304		307,824
Six Flags Theme Parks, Inc., Term Loan B,
4.00% - 5.25%, 12/20/18		206		208,532
Station Casinos, Inc., Term Loan B,
5.00%, 3/01/20		1,585		1,599,661
Travelport LLC, Extended Delayed Draw Term Loan,
4.96%, 8/21/15		148		147,728
Twin River Worldwide Holdings, Inc., Term Loan B,
5.25%, 9/27/18		538		543,828
Wendy’s International, Inc., Term Loan B,
3.25%, 5/15/19		541		543,956

				9,102,615

Household Products – 0.5%
Anchor Hocking LLC, Term Loan,
7.50%, 5/06/20		185		186,850
Spectrum Brands, Inc., Term Loan,
4.50% - 5.50%, 12/17/19		872		881,436
Waddington North America, Inc., First Lien Term Loan,
4.75%, 5/16/20		260		260,650

				1,328,936

Independent Power Producers & Energy Traders – 1.1%
The AES Corp., Term Loan B,
3.75%, 6/01/18		728		734,713
Calpine Construction Finance Co. LP, Term Loan 1,
3.00%, 4/24/20		280		277,970
Calpine Corp., Term Loan B1,
4.00%, 4/02/18		402		405,119
La Frontera Generation LLC, Term Loan,
4.50%, 9/30/20		1,030		1,037,725
Star West Generation LLC, Term Loan B,
5.00%, 3/13/20		386		387,446

				2,842,973


		BLACKROCK SENIOR HIGH INCOME FUND, INC.		MAY 31, 2013		11


Consolidated Schedule of Investments (continued)		BlackRock Senior High Income Fund, Inc. (ARK)
		(Percentages shown are based on Net Assets)


Floating Rate Loan Interests(b)	Par (000)		Value
Industrial Conglomerates – 0.5%
Sequa Corp., Term Loan B,
5.25%, 6/19/17	$	1,128	$	1,139,072

Insurance – 1.0%
Alliant Holdings I, Inc., Term Loan B,
5.00%, 12/20/19		399		400,995
Asurion LLC, Term Loan B1,
4.50%, 5/24/19		574		575,920
CNO Financial Group, Inc.:
Term Loan B1, 3.00%, 9/28/16		351		352,976
Term Loan B2, 3.75%, 9/20/18		507		509,088
Cooper Gay Swett & Crawford Ltd., First Lien Term Loan,
5.00%, 4/06/20		400		404,500
Cunningham Lindsey US, Inc., First Lien Term Loan,
5.00%, 12/10/19		344		347,149

				2,590,628

Internet Software & Services – 0.2%
Web.com Group, Inc., Term Loan B,
4.50%, 10/27/17		581		589,050

IT Services – 3.2%
CCC Information Services, Inc., Term Loan,
4.00%, 12/20/19		204		205,510
Ceridian Corp., Extended Term Loan,
5.95%, 5/09/17		951		957,522
First Data Corp.:
Extended Term Loan B, 4.20%, 3/23/18		3,299		3,283,456
Term Loan, 4.20%, 9/24/18		835		830,708
Genpact International, Inc., Term Loan B,
4.25%, 8/30/19		517		521,927
InfoGroup, Inc., Term Loan,
7.50%, 5/25/18		336		305,835
SunGard Data Systems, Inc.:
Term Loan D, 4.50%, 1/31/20		254		257,542
Term Loan E, 4.00%, 3/08/20		165		166,754
TransUnion LLC, Term Loan,
4.25%, 2/10/19		1,449		1,459,423

				7,988,677

Leisure Equipment & Products – 0.1%
FGI Operating Co. LLC, Term Loan,
5.50%, 4/19/19		283		283,362

Life Sciences Tools & Services – 0.1%
Patheon, Inc., Term Loan,
7.25%, 12/06/18		264		266,971

Machinery – 2.3%
Alliance Laundry Systems LLC, Term Loan,
4.50%, 12/07/18		219		220,392
Dematic SA, Term Loan,
5.25%, 12/27/19		539		542,690
Generac Power Systems, Inc., Term Loan B,
3.50%, 5/30/20		750		749,685
Intelligrated, Inc., First Lien Term Loan,
4.50%, 7/30/18		398		400,487
Navistar International Corp., Term Loan B,
5.75%, 8/07/17		609		620,489
Rexnord LLC, Term Loan B,
3.75%, 4/02/18		453		457,951
Silver II US Holdings LLC, Term Loan,
4.00%, 12/13/19		1,845		1,845,762
Wabash National Corp., Term Loan B,
4.50%, 5/02/19		946		951,149

				5,788,605

Media – 8.0%
AMC Entertainment, Inc., Term Loan,
3.50%, 4/30/20		700		701,421
Capsugel Holdings US, Inc., Term Loan B,
4.75%, 8/01/18		568		572,867
Cengage Learning Acquisitions, Inc.:
Non-Extended Term Loan, 2.70%, 7/03/14		191		150,077
Tranche 1 Incremental, 7.50%, 7/03/14		659		517,819
Charter Communications Operating LLC, Term Loan E,
3.00%, 4/10/20		690		685,812
Cumulus Media, Inc., First Lien Term Loan,
4.50%, 9/17/18		1,091		1,100,556
EMI Music Publishing Ltd., Term Loan B,
4.25%, 6/29/18		368		370,337
Fender Musical Instrument Corp., Term Loan B,
5.75%, 4/03/19		100		99,792
Foxco Acquisition Sub LLC, Term Loan B,
5.50%, 7/14/17		657		665,186
Getty Images, Inc., Term Loan B,
4.75%, 10/18/19		968		972,413
Gray Television, Inc., Term Loan B,
4.75%, 10/15/19		492		498,542
Houghton Mifflin Harcourt Publishing Co., DIP Term Loan B,
5.25%, 6/01/18		802		801,900
Hubbard Broadcasting, Term Loan B,
4.50%, 4/28/17		484		486,304
Intelsat Jackson Holdings SA, Term Loan B1,
4.25%, 4/02/18		5,319		5,350,667
Interactive Data Corp., Term Loan B,
3.75%, 2/11/18		891		893,219
Kabel Deutschland GmbH, Term Loan F1,
3.25%, 2/01/19		990		989,010
NEP Supershooters LP, Term Loan,
4.75%, 1/18/20		628		635,105


12		BLACKROCK SENIOR HIGH INCOME FUND, INC.		MAY 31, 2013


Consolidated Schedule of Investments (continued)		BlackRock Senior High Income Fund, Inc. (ARK)
		(Percentages shown are based on Net Assets)


Floating Rate Loan Interests(b)	Par (000)		Value
Media (concluded)
Nielsen Finance LLC, Term Loan E,
2.95%, 5/02/16	$	221	$	222,971
Rentpath, Inc., Term Loan B,
6.25%, 5/02/20		515		506,631
Salem Communications Corp., Term Loan B,
4.50%, 3/16/20		385		389,562
Sinclair Television Group, Inc., Term Loan B,
3.00%, 4/09/20		200		200,964
Univision Communications, Inc., Converted Extended Term Loan,
4.50%, 3/02/20		1,029		1,025,744
UPC Financing Partnership, Term Loan AH,
3.25%, 6/30/21		425		424,480
Virgin Media Investment Holdings, Term Loan B,
3.50%, 2/17/20		980		978,109
WC Luxco Sarl, Term Loan B3,
4.25%, 3/15/18		262		263,818
WideOpenWest Finance LLC, Term Loan B,
4.75%, 3/26/19		342		344,768

				19,848,074

Metals & Mining – 2.8%
Ameriforge Group, Inc., First Lien Term Loan,
6.00%, 12/19/19		354		358,245
Constellium Holdco BV, Term Loan B,
6.25%, 3/25/20		790		802,837
FMG America Finance, Inc., Term Loan,
5.25%, 10/18/17		1,751		1,759,168
Novelis, Inc., Term Loan,
3.75%, 3/10/17		1,975		2,002,612
SunCoke Energy, Inc., Term Loan B,
4.00%, 7/26/18		258		258,484
Walter Energy, Inc., Term Loan B,
5.75%, 4/02/18		1,195		1,198,670
Windsor Financing LLC, Term Loan B,
6.25%, 12/05/17		596		615,543

				6,995,559

Multiline Retail – 0.9%
99 Cents Only Stores, Term Loan,
5.25%, 1/11/19		690		699,600
Apex Tool Group LLC, Term Loan B,
4.50%, 2/01/20		460		462,949
BJ’s Wholesale Club, Inc., Replacement Term Loan,
4.25%, 9/26/19		388		389,143
The Neiman Marcus Group, Inc., Extended Term Loan,
4.00%, 5/16/18		615		614,360

				2,166,052

Oil, Gas & Consumable Fuels – 3.4%
Chesapeake Energy Corp., Unsecured Term Loan,
5.75%, 12/01/17		1,230		1,260,049
Everest Acquisition LLC, Term Loan B3,
3.50%, 5/24/18		645		648,064
Gibson Energy ULC, Term Loan B,
4.75%, 6/15/18		692		700,086
GIM Channelview Cogeneration LLC, Term Loan B,
4.25%, 5/04/20		435		436,087
Obsidian Natural Gas Trust, Term Loan,
7.00%, 11/02/15		722		725,858
Pacific Drilling SA, Term Loan B,
4.50%, 5/30/18		530		532,152
Panda Temple Power LCC, Term Loan B,
7.25%, 4/03/19		330		337,013
Philadelphia Energy Solutions LLC, Term Loan B,
6.25%, 4/04/18		560		569,800
Power Team Services LLC:
Delayed Draw Term Loan, 4.25%, 5/06/20		23		23,348
First Lien Term Loan, 4.25%, 5/06/20		187		186,784
Ruby Western Pipeline Holdings LLC, Term Loan B,
3.50%, 3/27/20		420		422,100
Samson Investment Co., Second Lien Term Loan,
6.00%, 9/25/18		275		276,444
Tesoro Corp., Term Loan B,
2.25%, 1/29/16		515		520,150
Total Safety US, Inc., First Lien Term Loan,
5.75%, 2/21/20		385		387,406
Vantage Drilling Co.:
Term Loan, 6.25%, 10/26/17		1,073		1,083,322
Term Loan B, 5.75%, 3/22/19		380		384,435

				8,493,098

Paper & Forest Products – 0.2%
NewPage Corp., Exit Term Loan, 12/21/18		440		448,800

Pharmaceuticals – 2.9%
Aptalis Pharma, Inc., Term Loan B,
5.50%, 2/10/17		1,177		1,180,791
Par Pharmaceutical Co., Inc., Term Loan B,
4.25%, 9/30/19		1,741		1,742,985
Pharmaceutical Product Development, Inc., Term Loan B,
4.25%, 12/05/18		1,576		1,586,073
Quintiles Transnational Corp., Term Loan B,
4.50%, 6/08/18		683		690,169
RPI Finance Trust, Incremental Tranche 2,
4.00%, 11/09/18		167		167,542
Valeant Pharmaceuticals International, Inc.:
Term Loan C1, 3.50%, 12/11/19		623		626,848
Term Loan D1, 3.50%, 2/13/19		654		657,306


		BLACKROCK SENIOR HIGH INCOME FUND, INC.		MAY 31, 2013		13


Consolidated Schedule of Investments (continued)		BlackRock Senior High Income Fund, Inc. (ARK)
		(Percentages shown are based on Net Assets)


Floating Rate Loan Interests(b)	Par (000)		Value
Pharmaceuticals (concluded)
Warner Chilcott Corp.:
Incremental Term Loan B1, 4.25%, 3/15/18	$	145	$	145,736
Term Loan B1, 4.25%, 3/15/18		333		334,790
Term Loan B2, 4.25%, 3/15/18		118		118,633

				7,250,873

Professional Services – 1.2%
Booz Allen Hamilton, Inc., Term Loan B,
4.50%, 7/31/19		602		605,990
Emdeon Business Services LLC, Term Loan B2,
3.75%, 11/02/18		1,193		1,200,105
ON Assignment, Inc, Loan B,
3.50%, 4/30/20		240		241,272
Sirva Worldwide, Inc., Term Loan,
7.50%, 3/27/19		400		397,000
Truven Health Analytics, Inc., Term Loan B,
4.50%, 6/01/19		556		556,728

				3,001,095

Real Estate Investment Trusts (REITs) – 0.5%
iStar Financial, Inc., Term Loan,
4.50%, 9/28/17		1,341		1,353,795

Real Estate Management & Development – 1.2%
Realogy Corp.:
Extended Letter of Credit, 4.45%, 10/10/16		978		987,216
Extended Term Loan, 4.50%, 3/05/20		1,940		1,957,382

				2,944,598

Road & Rail – 0.2%
Road Infrastructure Investment LLC, Term Loan B,
6.25%, 3/30/18		429		432,644

Semiconductors & Semiconductor Equipment – 0.5%
Freescale Semiconductor, Inc.:
Term Loan B3, 4.25%, 12/01/16		150		150,450
Term Loan B4, 5.00%, 3/02/20		800		803,568
NXP BV, Term Loan C,
4.75%, 1/11/20		364		371,369

				1,325,387

Software – 2.1%
Blackboard, Inc., Term Loan B2,
6.25%, 10/04/18		147		149,563
CompuCom Systems, Inc., Term Loan B,
4.25%, 5/08/20		160		160,600
Evertec, Inc., Term Loan B,
3.50%, 4/15/20		230		229,368
GCA Services Group, Inc., Term Loan B,
5.25%, 11/01/19		414		416,630
Infor US, Inc., Term Loan B2,
5.25% - 6.25%, 4/05/18		1,906		1,923,727
RP Crown Parent LLC, First Lien Term Loan,
6.75%, 12/21/18		454		459,962
Sophia LP, Term Loan B,
4.50%, 7/19/18		628		632,519
SS&C Technologies, Inc.:
Term Loan B-1, 5.00%, 6/07/19		729		732,397
Term Loan B-2, 5.00%, 6/07/19		75		75,765
StoneRiver Holdings, Inc., First Lien Term Loan,
4.75%, 11/15/19		430		430,181

				5,210,712

Specialty Retail – 4.4%
Academy Ltd., Term Loan,
4.50%, 8/03/18		1,087		1,096,353
Atlantic Aviation FBO, Inc., Term Loan B,
3.25%, 5/20/20		255		255,240
Bass Pro Group LLC, Term Loan,
4.00%, 11/20/19		568		570,771
Burlington Coat Factory Warehouse Corp., Term Loan B1,
5.50%, 2/23/17		330		331,644
David’s Bridal, Inc., Term Loan B,
5.00%, 10/11/19		863		867,868
Equinox Holdings, Inc, Repriced Term Loan B,
4.25%, 1/31/20		425		427,656
The Gymboree Corp., Initial Term Loan,
5.00%, 2/23/18		67		65,071
Harbor Freight Tools USA, Inc., Term Loan B,
6.50%, 11/14/17		422		427,435
Jo-Ann Stores, Inc., Term Loan,
4.00%, 3/16/18		384		386,316
Leslie’s Poolmart, Inc., Term Loan B,
5.25%, 10/16/19		679		685,148
Michaels Stores, Inc., Term Loan,
3.75%, 1/28/20		730		733,095
Party City Holdings, Inc., Term Loan B,
4.25%, 7/29/19		1,461		1,461,303
PETCO Animal Supplies, Inc., Term Loan,
4.00%, 11/24/17		1,065		1,074,785
Reddy Ice Corp., First Lien Term Loan,
6.75%, 3/28/19		1,075		1,079,031
SRAM LLC, Term Loan B,
4.00% - 5.25%, 6/07/18		218		218,119
Things Remembered, Inc., Term Loan B,
8.00%, 5/24/18		747		742,942


14		BLACKROCK SENIOR HIGH INCOME FUND, INC.		MAY 31, 2013


Consolidated Schedule of Investments (continued)		BlackRock Senior High Income Fund, Inc. (ARK)
		(Percentages shown are based on Net Assets)


Floating Rate Loan Interests(b)	Par (000)			Value
Specialty Retail (concluded)
Toys ‘R’ Us Delaware, Inc.:
Incremental Term Loan B2, 5.25%, 5/25/18	$	154		$	152,345
Term Loan B3, 5.25%, 5/25/18		47			46,668
The Yankee Candle Co., Inc., Term Loan B,
5.25%, 4/02/19		451			451,220

					11,073,010

Textiles, Apparel & Luxury Goods – 0.8%
Ascend Performance Materials LLC, Term Loan B,
6.75%, 4/10/18		867			870,880
PVH Corp., Term Loan B,
3.25%, 2/13/20		565			567,401
Wolverine Worldwide, Inc., Term Loan B,
4.00%, 7/31/19		456			460,517

					1,898,798

Thrifts & Mortgage Finance – 0.3%
Insight Global, Inc., First Lien Term Loan,
6.00%, 10/31/19		424			427,117
Ocwen Financial Corp., Term Loan,
5.00%, 2/15/18		355			359,143

					786,260

Trading Companies & Distributors – 0.2%
WESCO Distribution, Inc., Term Loan B,
4.50%, 12/12/19		479			481,587

Transportation Infrastructure – 0.1%
Livingston International, Inc., First Lien Term Loan,
5.00%, 4/16/19		290			290,545

Wireless Telecommunication Services – 2.1%
Cricket Communications, Inc., Term Loan,
4.75%, 10/10/19		434			436,082
Light Tower Fiber LLC, First Lien Term Loan,
4.50%, 4/13/20		580			584,715
Time Warner Telecom Holdings, Inc., Term Loan B,
2.70%, 4/17/20		1,020			1,023,570
Vodafone Americas Finance 2, Inc., Term Loan,
6.88%, 8/11/15(h)		3,046			3,083,772

					5,128,139

Total Floating Rate Loan Interests – 79.0%					196,859,754


Other Interests(c)(i)	Beneficial Interest (000)
Auto Components – 0.0%
Intermet Liquidating Trust, Class A		320			–

Diversified Financial Services – 0.3%
J.G.Wentworth LLC Preferred Equity Interests		–	(j)		602,598

Media – 0.0%
Adelphia Preferred Escrow		3			–
Adelphia Recovery Trust, Series ACC-6B		250			7,500

					7,500

Total Other Interests – 0.3%					610,098


Municipal Bonds	Par (000)
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:
5.00%, 12/01/19		280			288,450
5.50%, 12/01/22		90			93,720
5.25%, 12/01/25		60			61,757

Total Municipal Bonds – 0.2%					443,927


Trust Preferreds	Shares
Diversified Financial Services – 0.7%
GMAC Capital Trust I, Series 2,
8.13%, 2/15/40(b)		61,650			1,634,862


Warrants(k)
Chemicals – 0.1%
GEO Specialty Chemicals, Inc., (Expires 3/31/15)		172,462			129,347

Media – 0.1%
Charter Communications, Inc. (issued/exercisable 11/30/09, 1 share for 1 warrant, Expires 11/30/14, Strike Price $51.28)		6,862			437,452


		BLACKROCK SENIOR HIGH INCOME FUND, INC.		MAY 31, 2013		15


Consolidated Schedule of Investments (continued)		BlackRock Senior High Income Fund, Inc. (ARK)
		(Percentages shown are based on Net Assets)


Warrants(k)	Shares		Value
Software – 0.0%
HMH Holdings/EduMedia (issued/exercisable 3/09/10, 19 shares for 1 warrant, Expires 6/22/19, Strike Price $42.27)		982		–

Total Warrants – 0.2%			$	566,799

Total Long-Term Investments (Cost – $364,471,404) – 147.5%				367,270,798


Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.06%(l)(m)		4,604,071		4,604,071

Total Short-Term Securities (Cost – $4,604,071) – 1.8%				4,604,071

*Total Investments (Cost 369,075,475) – 149.3%**				371,874,869
Liabilities in Excess of Other Assets – (49.3)%				(122,753,497	)

Net Assets – 100.0%			$	249,121,372

*	As of May 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	367,316,427

Gross unrealized appreciation	$	16,414,186
Gross unrealized depreciation		(11,855,744	)

Net unrealized appreciation	$	4,558,442

Notes to Schedule of Investments

(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b)	Variable rate security. Rate shown is as of report date.

(c)	Non-income producing security.

(d)	Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

(e)	When-issued security. Unsettled when-issued transactions were as follows:


Counterparty	Value		Unrealized Depreciation
Credit Suisse Group AG	$	1,009,400	$	(20,600	)
Goldman Sachs Group, Inc.	$	220,770	$	(2,230	)
Jefferies & Co.	$	87,975	$	(2,025	)

(f)	Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

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

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

(i)	Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

(j)	Amount is less than $500.

(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 of the warrants, if any.


16		BLACKROCK SENIOR HIGH INCOME FUND, INC.		MAY 31, 2013


Consolidated Schedule of Investments (continued)		BlackRock Senior High Income Fund, Inc. (ARK)

(l)	Investments in issuers considered to be an affiliate of the Fund during the period ended May 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at February 28, 2013		Net Activity		Shares Held at May 31, 2013		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		2,447,698		2,156,373		4,604,071	$	536

(m)	Represents the current yield as of report date.

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
	DIP	Debtor-In-Possession
	EBITDA	Earnings Before Interest Taxes Depreciation and Amortization
	RB	Revenue Bonds
	USD	US Dollar

•

Foreign currency exchange contracts as of May 31, 2013 were as follows:

Currency
Purchased

Currency

Sold

Counterparty

Settlement
Date

Unrealized
Appreciation

USD

140,191

CAD

143,000

Goldman Sachs Group, Inc.

7/17/13

2,403

•

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. These definitions 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 derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

•

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 derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, please refer to the Fund’s most recent financial statements as contained in its annual report.


		BLACKROCK SENIOR HIGH INCOME FUND, INC.		MAY 31, 2013		17


Consolidated Schedule of Investments (continued)		BlackRock Senior High Income Fund, Inc. (ARK)

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy as of May 31, 2013:


	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		–		–		$	9,571,134	$	9,571,134
Common Stocks	$	1,878,129	$	1,098,919			295,254		3,272,302
Corporate Bonds		–		149,888,508			4,423,414		154,311,922
Floating Rate Loan Interests		–		179,461,574			17,398,180		196,859,754
Other Interests		7,500		–			602,598		610,098
Taxable Municipal Bonds		–		443,927			–		443,927
Trust Preferreds		1,634,862		–			–		1,634,862
Warrants		437,452		–			129,347		566,799
Short-Term Securities		4,604,071		–			–		4,604,071
Unfunded Loan Commitments		–		101			–		101

Total	$	8,562,014	$	330,893,029		$	32,419,927	$	371,874,970


	Level 1		Level 2			Level 3		Total
Derivative Financial Instruments¹
Assets:
Foreign currency exchange contracts		–	$	2,403			–	$	2,403


¹Derivative financial instruments are foreign currency exchange contracts which are valued at the unrealized appreciation/depreciation on the instrument.

Certain of the Fund’s assets and/or liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of May 31, 2013, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2			Level 3		Total
Assets:
Cash	$	20,178		–			–	$	20,178
Foreign currency at value		11,117		–			–		11,117
Liabilities:
Loans payable		–	$	(106,000,000	)		–		(106,000,000	)

Total	$	31,295	$	(106,000,000	)		–	$	(105,968,705	)

There were no transfers between Level 1 and Level 2 during the period ended May 31, 2013.


18		BLACKROCK SENIOR HIGH INCOME FUND, INC.		MAY 31, 2013


Consolidated Schedule of Investments (concluded)		BlackRock Senior High Income Fund, Inc. (ARK)

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. 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			Warrants		Total
Assets:
Opening Balance, as of February 28, 2013	$	10,426,035		$	93,315	$	3,916,065	$	16,996,955		$	645,641		$	11,124	$	32,089,135
Transfers into Level 3¹		238,750			193,992		–		3,468,859			–			–		3,901,601
Transfers out of Level 3²		–			–		–		(4,778,757	)		–			–		(4,778,757	)
Accrued discounts/premiums		12,777			–		21,854		15,843			–			–		50,474
Net realized gain (loss)		94,295			–		–		68,991			–			–		163,286
Net change in unrealized appreciation/depreciation³		(13,121	)		7,947		485,495		18,541			(43,043	)		118,223		574,042
Purchases		468,750			–		–		6,641,606			–			–		7,110,356
Sales		(1,656,352	)		–		–		(5,033,858	)		–			–		(6,690,210	)

Closing Balance, as of May 31, 2013	$	9,571,134		$	295,254	$	4,423,414	$	17,398,180		$	602,598		$	129,347	$	32,419,927

Transfers into and transfers out of Level 3 represent the values as of the beginning of the reporting period. As of February 28, 2013, the Fund used observable inputs in determining the value of certain investments. As of May 31, 2013, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $3,901,601 transferred from Level 2 to Level 3 in the disclosure hierarchy.

Transfers into and transfers out of Level 3 represent the values as of the beginning of the reporting period. As of February 28, 2013, the Fund used significant unobservable inputs in determining the value of certain investments. As of May 31, 2013, the Fund used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $4,778,757 transferred from Level 3 to Level 2 in the disclosure hierarchy.

³	The change in unrealized appreciation/depreciation on investments still held as of May 31, 2013 was $646,760.

The following table summarizes the valuation techniques used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (“Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 investments as of May 31, 2013. The table does not include Level 3 investments with values based upon unadjusted third party pricing information. Level 3 investments valued using third party pricing information was $27,289,490. A significant change in such third party pricing information could result in a significantly lower or higher value of such Level 3 investments.


	Value		Valuation Techniques	Unobservable Inputs¹	Range of Unobservable Inputs Utilized
Assets:
Common Stocks	$	108,274	Market Comparable Companies	EBITDA Multiple	5.50x
Corporate Bonds²		3,699,874	Market Comparable Companies	EBITDA Multiple	5.50x
		450,000	Market Comparable Companies	Last 12 Months EBITDA Multiple	10.00x
Floating Rate Loan Interests		742,942	Market Comparable Yield Analysis	Yield	8.13%
Warrants		129,347	Market Comparable Companies	EBITDA Multiple	5.50x

Total	$	5,130,437

¹	A change to the unobservable input may result in a significant change to the value of the investment as follows:


Unobservable Input	Impact to Value if Input Increases	Impact to Value if Input Decreases
EBITDA Multiple	Increase	Decrease
Last 12 Months EBITDA Multiple	Increase	Decrease
Yield	Decrease	Increase

For the period ended May 31, 2013, the valuation technique for certain investments classified as corporate bonds changed to a market approach. The investment was previously valued using acquisition cost. Market information became available for this investment which is considered to be a more relevant measure of fair value for this investment.


		BLACKROCK SENIOR HIGH INCOME FUND, INC.		MAY 31, 2013		19


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/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Senior High Income Fund, Inc.

Date: July 25, 2013

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.

Date: July 25, 2013

Date: July 25, 2013