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 52nd Street, New York, NY 10055

 

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

 

Date of fiscal year end: 02/29/2012

 

Date of reporting period: 11/30/2011

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments November 30, 2011 (Unaudited)

BlackRock Senior High Income Fund, Inc. (ARK)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Asset-Backed Securities

 

Par
(000)

 

Value

 

ARES CLO Funds, Series 2005-10A,
Class B, 0.74%, 9/18/17 (a)(b)

 

USD

500

 

$

446,040

 

Canaras Summit CLO Ltd.,
Series 2007-1A, Class B, 0.83%,
6/19/21 (a)(b)

 

 

635

 

 

503,904

 

CSAM Funding, Series 2A,
Class B1, 7.05%, 10/15/16

 

 

500

 

 

487,500

 

Franklin CLO Ltd., Series 6A,
0.89%, 8/09/19 (a)(b)

 

 

810

 

 

648,000

 

Gannett Peak CLO Ltd., Series 2006-1X,
Class A2, 0.78%, 10/27/20 (b)

 

 

495

 

 

366,300

 

Greyrock CDO Ltd., Series 2005-1X,
Class A2L, 0.88%, 11/15/17 (b)

 

 

1,025

 

 

836,400

 

Portola CLO Ltd., Series 2007-1X,
Class B1, 1.91%, 11/15/21 (b)

 

 

645

 

 

534,898

 

T2 Income Fund CLO Ltd.,
Series 2007-1A, Class B, 1.00%,
7/15/19 (a)(b)

 

 

560

 

 

500,198

 

Total Asset-Backed Securities – 1.9%

 

 

 

 

 

4,323,240

 

 

 

 

 

 

 

 

 

 

Common Stocks (c)

 

 

Shares

 

 

 

 

Capital Markets — 0.1%

 

 

 

 

 

 

 

E*Trade Financial Corp.

 

 

27,100

 

 

248,778

 

Chemicals — 0.0%

 

 

 

 

 

 

 

GEO Specialty Chemicals, Inc.

 

 

142,466

 

 

62,685

 

Containers & Packaging — 0.1%

 

 

 

 

 

 

 

Smurfit Kappa Plc

 

 

18,171

 

 

109,874

 

Metals & Mining — 0.1%

 

 

 

 

 

 

 

Euramax International

 

 

935

 

 

257,097

 

Paper & Forest Products — 0.2%

 

 

 

 

 

 

 

Ainsworth Lumber Co. Ltd.

 

 

190,634

 

 

190,644

 

Ainsworth Lumber Co. Ltd. (a)

 

 

371,556

 

 

371,574

 

 

 

 

 

 

 

562,218

 

Software — 0.1%

 

 

 

 

 

 

 

HMH Holdings/EduMedia

 

 

75,676

 

 

113,514

 

Total Common Stocks – 0.6%

 

 

 

 

 

1,354,166

 

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Aerospace & Defense — 0.7%

 

 

 

 

 

 

 

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

 

USD

900

 

$

963,000

 

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

 

 

692

 

 

697,190

 

 

 

 

 

 

 

1,660,190

 

Airlines — 0.7%

 

 

 

 

 

 

 

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

 

 

500

 

 

455,000

 

American Airlines Pass-Through
Trust, Series 2011-2, Class A,
8.63%, 10/15/21

 

 

335

 

 

321,600

 

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

 

 

111

 

 

117,999

 

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

 

 

589

 

 

612,818

 

 

 

 

 

 

 

1,507,417

 

Auto Components — 1.6%

 

 

 

 

 

 

 

Delphi Corp., 6.13%, 5/15/21 (a)

 

 

290

 

 

292,175

 

Icahn Enterprises LP:

 

 

 

 

 

 

 

7.75%, 1/15/16

 

 

160

 

 

165,000

 

8.00%, 1/15/18

 

 

2,690

 

 

2,743,800

 

Titan International, Inc., 7.88%,
10/01/17

 

 

490

 

 

508,987

 

Venture Holdings Co. LLC (d):

 

 

 

 

 

 

 

12.00%, 6/01/09

 

 

700

 

 

70

 

Series B, 9.50%, 7/01/05 (c)

 

 

3,325

 

 

333

 

 

 

 

 

 

 

3,710,365

 

Biotechnology — 0.1%

 

 

 

 

 

 

 

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

 

 

121

 

 

122,630

 

Building Products — 0.4%

 

 

 

 

 

 

 

Building Materials Corp. of America (a):

 

 

 

 

 

 

 

7.00%, 2/15/20

 

 

485

 

 

501,975

 

6.75%, 5/01/21

 

 

410

 

 

407,950

 

 

 

 

 

 

 

909,925

 

Capital Markets — 0.8%

 

 

 

 

 

 

 

American Capital Ltd., 7.96%,
12/31/13 (e)

 

 

600

 

 

602,880

 

E*Trade Financial Corp., 12.50%,
11/30/17 (a)(f)(g)

 

 

935

 

 

1,056,550

 

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

 

 

280

 

 

287,656

 

 

 

 

 

 

 

1,947,086

 

Chemicals — 2.9%

 

 

 

 

 

 

 

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

 

 

610

 

 

590,938

 

Celanese US Holdings LLC, 5.88%,
6/15/21

 

 

300

 

 

305,250

 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

 

 

CAD

Canadian Dollar

FKA

Formerly Known As

USD

US Dollar

 

 

 

 

 

 

 

 

 

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2011

1          


 

 

 

 

Schedule of Investments (continued)

BlackRock Senior High Income Fund, Inc. (ARK)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Chemicals (concluded)

 

 

 

 

 

 

 

GEO Specialty Chemicals, Inc. (a):

 

 

 

 

 

 

 

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

 

USD

1,869

 

$

2,148,916

 

10.00%, 3/31/15

 

 

1,839

 

 

1,838,720

 

Huntsman International LLC,
8.63%, 3/15/21

 

 

150

 

 

152,250

 

Kinove German Bondco GmbH,
9.63%, 6/15/18 (a)

 

 

400

 

 

362,000

 

Lyondell Chemical Co., 11.00%,
5/01/18

 

 

712

 

 

767,122

 

LyondellBasell Industries NV,
6.00%, 11/15/21 (a)

 

 

80

 

 

81,600

 

Solutia, Inc., 7.88%, 3/15/20

 

 

430

 

 

457,950

 

 

 

 

 

 

 

6,704,746

 

Commercial Banks — 1.8%

 

 

 

 

 

 

 

CIT Group, Inc.:

 

 

 

 

 

 

 

7.00%, 5/01/15

 

 

450

 

 

450,000

 

7.00%, 5/01/16

 

 

640

 

 

633,280

 

7.00%, 5/01/17

 

 

2,571

 

 

2,545,290

 

7.00%, 5/02/17 (a)

 

 

400

 

 

394,000

 

 

 

 

 

 

 

4,022,570

 

Commercial Services & Supplies — 1.3%

 

 

 

 

 

 

 

ARAMARK Corp., 8.50%, 2/01/15

 

 

440

 

 

451,000

 

AWAS Aviation Capital Ltd., 7.00%,
10/17/16 (a)

 

 

528

 

 

527,936

 

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

 

 

60

 

 

53,400

 

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

 

 

450

 

 

473,625

 

Iron Mountain, Inc., 7.75%,
10/01/19

 

 

290

 

 

299,425

 

Mobile Mini, Inc., 7.88%,
12/01/20

 

 

335

 

 

335,000

 

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

 

 

550

 

 

600,875

 

West Corp., 8.63%, 10/01/18

 

 

165

 

 

164,588

 

 

 

 

 

 

 

2,905,849

 

Communications Equipment — 0.1%

 

 

 

 

 

 

 

EH Holding Corp., 6.50%,
6/15/19 (a)

 

 

320

 

 

312,800

 

Consumer Finance — 0.2%

 

 

 

 

 

 

 

Ford Motor Credit Co. LLC:

 

 

 

 

 

 

 

7.00%, 4/15/15

 

 

140

 

 

150,709

 

6.63%, 8/15/17

 

 

300

 

 

321,815

 

 

 

 

 

 

 

472,524

 

Containers & Packaging — 0.5%

 

 

 

 

 

 

 

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

 

 

325

 

 

346,938

 

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

 

 

540

 

 

572,400

 

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

 

 

185

 

 

201,650

 

Sealed Air Corp., 8.38%,
9/15/21 (a)

 

 

110

 

 

117,425

 

 

 

 

 

 

 

1,238,413

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Diversified Financial Services — 3.1%

 

 

 

 

 

 

 

Ally Financial, Inc.:

 

 

 

 

 

 

 

8.30%, 2/12/15

 

USD

3,670

 

$

3,715,875

 

8.00%, 11/01/31

 

 

430

 

 

396,311

 

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

 

 

350

 

 

357,875

 

Reynolds Group Issuer, Inc. (a):

 

 

 

 

 

 

 

8.75%, 10/15/16

 

 

850

 

 

877,625

 

7.13%, 4/15/19

 

 

560

 

 

547,400

 

7.88%, 8/15/19

 

 

320

 

 

321,600

 

6.88%, 2/15/21

 

 

480

 

 

458,400

 

8.25%, 2/15/21

 

 

390

 

 

331,500

 

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

 

 

105

 

 

110,250

 

 

 

 

 

 

 

7,116,836

 

Diversified Telecommunication Services — 0.9%

 

 

 

 

 

 

 

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

 

 

520

 

 

536,250

 

Level 3 Financing, Inc., 4.20%,
2/15/15 (b)

 

 

1,295

 

 

1,157,406

 

Qwest Communications
International, Inc., Series B,
7.50%, 2/15/14

 

 

180

 

 

181,125

 

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

 

 

170

 

 

178,500

 

 

 

 

 

 

 

2,053,281

 

Electric Utilities — 0.2%

 

 

 

 

 

 

 

IPALCO Enterprises, Inc., 7.25%,
4/01/16 (a)

 

 

405

 

 

425,250

 

Energy Equipment & Services — 1.3%

 

 

 

 

 

 

 

Frac Tech Services LLC, 7.63%,
11/15/18 (a)

 

 

625

 

 

629,687

 

Key Energy Services, Inc., 6.75%,
3/01/21

 

 

380

 

 

375,725

 

MEG Energy Corp., 6.50%,
3/15/21 (a)

 

 

490

 

 

492,450

 

Oil States International, Inc.,
6.50%, 6/01/19

 

 

175

 

 

175,875

 

Peabody Energy Corp., 6.25%,
11/15/21 (a)

 

 

1,160

 

 

1,168,700

 

SunCoke Energy, Inc., 7.63%,
8/01/19 (a)

 

 

100

 

 

98,000

 

 

 

 

 

 

 

2,940,437

 

Gas Utilities — 0.1%

 

 

 

 

 

 

 

Targa Resources Partners LP,
6.88%, 2/01/21 (a)

 

 

250

 

 

250,000

 

Health Care Equipment & Supplies — 0.4%

 

 

 

 

 

 

 

DJO Finance LLC:

 

 

 

 

 

 

 

10.88%, 11/15/14

 

 

670

 

 

631,475

 

7.75%, 4/15/18

 

 

30

 

 

24,075

 

Teleflex, Inc., 6.88%, 6/01/19

 

 

250

 

 

252,813

 

 

 

 

 

 

 

908,363

 

Health Care Providers & Services — 2.9%

 

 

 

 

 

 

 

Aviv Healthcare Properties LP,
7.75%, 2/15/19

 

 

235

 

 

222,075

 

 

 

 

 

 

 

 

 

 

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2011

2          


 

 

 

 

Schedule of Investments (continued)

BlackRock Senior High Income Fund, Inc. (ARK)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Health Care Providers & Services (concluded)

 

 

 

 

 

 

 

HCA, Inc.:

 

 

 

 

 

 

 

8.50%, 4/15/19

 

USD

25

 

$

27,000

 

6.50%, 2/15/20

 

 

1,030

 

 

1,024,850

 

7.88%, 2/15/20

 

 

1,924

 

 

2,025,010

 

7.25%, 9/15/20

 

 

525

 

 

539,437

 

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

 

 

45

 

 

42,638

 

Omnicare, Inc., 7.75%, 6/01/20

 

 

480

 

 

505,800

 

Tenet Healthcare Corp.:

 

 

 

 

 

 

 

10.00%, 5/01/18

 

 

430

 

 

483,750

 

8.88%, 7/01/19

 

 

1,680

 

 

1,831,200

 

 

 

 

 

 

 

6,701,760

 

Health Care Technology — 0.8%

 

 

 

 

 

 

 

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

 

 

1,730

 

 

1,928,950

 

Hotels, Restaurants & Leisure — 1.6%

 

 

 

 

 

 

 

Diamond Resorts Corp., 12.00%,
8/15/18

 

 

540

 

 

511,650

 

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

 

 

282

 

 

234,060

 

MGM Resorts International:

 

 

 

 

 

 

 

10.38%, 5/15/14

 

 

1,220

 

 

1,366,400

 

11.13%, 11/15/17

 

 

1,300

 

 

1,454,375

 

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

 

 

220

 

 

22

 

 

 

 

 

 

 

3,566,507

 

Household Durables — 0.9%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,040,000

 

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

 

 

435

 

 

461,100

 

Standard Pacific Corp., 8.38%,
1/15/21

 

 

550

 

 

507,375

 

 

 

 

 

 

 

2,008,475

 

Independent Power Producers & Energy Traders — 3.2%

 

 

 

 

 

 

 

AES Corp.:

 

 

 

 

 

 

 

7.75%, 10/15/15

 

 

155

 

 

165,463

 

9.75%, 4/15/16

 

 

674

 

 

761,620

 

7.38%, 7/01/21 (a)

 

 

165

 

 

172,012

 

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

 

 

1,000

 

 

1,062,500

 

Calpine Corp. (a):

 

 

 

 

 

 

 

7.25%, 10/15/17

 

 

1,000

 

 

1,020,000

 

7.50%, 2/15/21

 

 

370

 

 

377,400

 

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

 

 

1,065

 

 

1,091,625

 

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

 

 

2,135

 

 

2,199,050

 

NRG Energy, Inc., 7.63%, 1/15/18

 

 

570

 

 

561,450

 

 

 

 

 

 

 

7,411,120

 

Industrial Conglomerates — 1.6%

 

 

 

 

 

 

 

Sequa Corp. (a):

 

 

 

 

 

 

 

11.75%, 12/01/15

 

 

1,430

 

 

1,512,225

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Industrial Conglomerates (concluded)

 

 

 

 

 

 

 

Sequa Corp. (a) (concluded):

 

 

 

 

 

 

 

13.50%, 12/01/15

 

USD

1,930

 

$

2,060,250

 

 

 

 

 

 

 

3,572,475

 

Insurance — 0.6%

 

 

 

 

 

 

 

CNO Financial Group, Inc., 9.00%,
1/15/18 (a)

 

 

851

 

 

893,550

 

Genworth Financial, Inc., 7.63%,
9/24/21

 

 

370

 

 

335,624

 

MPL 2 Acquisition Canco, Inc.,
9.88%, 8/15/18 (a)

 

 

220

 

 

193,600

 

 

 

 

 

 

 

1,422,774

 

IT Services — 0.5%

 

 

 

 

 

 

 

First Data Corp. (a):

 

 

 

 

 

 

 

7.38%, 6/15/19

 

 

570

 

 

535,800

 

8.25%, 1/15/21

 

 

521

 

 

450,665

 

12.63%, 1/15/21

 

 

188

 

 

155,100

 

 

 

 

 

 

 

1,141,565

 

Machinery — 0.1%

 

 

 

 

 

 

 

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

 

 

204

 

 

212,670

 

Media — 7.6%

 

 

 

 

 

 

 

AMC Networks, Inc., 7.75%,
7/15/21 (a)

 

 

190

 

 

200,925

 

CCH II LLC, 13.50%, 11/30/16

 

 

1,700

 

 

1,959,250

 

CCO Holdings LLC:

 

 

 

 

 

 

 

7.25%, 10/30/17

 

 

260

 

 

265,525

 

7.88%, 4/30/18

 

 

565

 

 

585,481

 

Checkout Holding Corp., 10.69%,
11/15/15 (a)(g)

 

 

570

 

 

282,150

 

Cinemark USA, Inc., 8.63%,
6/15/19

 

 

195

 

 

209,625

 

Clear Channel Worldwide Holdings, Inc.:

 

 

 

 

 

 

 

9.25%, 12/15/17

 

 

340

 

 

356,150

 

Series B, 9.25%, 12/15/17

 

 

4,526

 

 

4,763,615

 

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

 

 

390

 

 

432,413

 

DISH DBS Corp.:

 

 

 

 

 

 

 

7.00%, 10/01/13

 

 

850

 

 

890,375

 

6.63%, 10/01/14

 

 

750

 

 

777,187

 

6.75%, 6/01/21

 

 

270

 

 

263,250

 

Interactive Data Corp., 10.25%,
8/01/18

 

 

810

 

 

866,700

 

Kabel BW Erste Beteiligungs
GmbH, 7.50%, 3/15/19 (a)

 

 

540

 

 

540,000

 

NAI Entertainment Holdings LLC,
8.25%, 12/15/17 (a)

 

 

530

 

 

552,525

 

Nielsen Finance LLC:

 

 

 

 

 

 

 

11.63%, 2/01/14

 

 

636

 

 

725,040

 

7.75%, 10/15/18

 

 

640

 

 

676,800

 

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

 

 

220

 

 

176,000

 

Unitymedia Hessen GmbH & Co.
KG (FKA UPC Germany GmbH),
8.13%, 12/01/17 (a)

 

 

1,500

 

 

1,548,750

 

 

 

 

 

 

 

 

 

 

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2011

3          


 

 

 

 

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)

 

 

 

 

 

 

 

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

 

USD

1,250

 

$

1,318,750

 

 

 

 

 

 

 

17,390,511

 

Metals & Mining — 0.9%

 

 

 

 

 

 

 

Novelis, Inc., 8.75%, 12/15/20

 

 

1,895

 

 

1,999,225

 

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

 

 

2,175

 

 

—

 

 

 

 

 

 

 

1,999,225

 

Multiline Retail — 0.5%

 

 

 

 

 

 

 

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

 

 

948

 

 

1,047,540

 

Oil, Gas & Consumable Fuels — 6.7%

 

 

 

 

 

 

 

Alpha Natural Resources, Inc.:

 

 

 

 

 

 

 

6.00%, 6/01/19

 

 

135

 

 

128,925

 

6.25%, 6/01/21

 

 

125

 

 

119,375

 

Arch Coal, Inc.:

 

 

 

 

 

 

 

7.00%, 6/15/19 (a)

 

 

115

 

 

112,125

 

7.25%, 10/01/20

 

 

368

 

 

360,640

 

7.25%, 6/15/21 (a)

 

 

360

 

 

349,200

 

Chesapeake Energy Corp.:

 

 

 

 

 

 

 

6.63%, 8/15/20

 

 

1,122

 

 

1,161,270

 

6.13%, 2/15/21

 

 

690

 

 

691,725

 

Chesapeake Oilfield Operating LLC,
6.63%, 11/15/19 (a)

 

 

140

 

 

138,075

 

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

 

 

240

 

 

255,600

 

Consol Energy, Inc.:

 

 

 

 

 

 

 

8.25%, 4/01/20

 

 

900

 

 

967,500

 

6.38%, 3/01/21 (a)

 

 

230

 

 

226,550

 

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

 

 

55

 

 

58,575

 

Denbury Resources, Inc.:

 

 

 

 

 

 

 

8.25%, 2/15/20

 

 

351

 

 

381,274

 

6.38%, 8/15/21

 

 

295

 

 

300,900

 

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

 

 

825

 

 

896,772

 

Energy XXI Gulf Coast, Inc., 7.75%,
6/15/19

 

 

665

 

 

638,400

 

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

 

 

220

 

 

236,500

 

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

 

 

1,105

 

 

1,138,150

 

Linn Energy LLC:

 

 

 

 

 

 

 

8.63%, 4/15/20

 

 

580

 

 

606,100

 

7.75%, 2/01/21

 

 

1,025

 

 

1,025,000

 

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

 

 

565

 

 

550,875

 

OGX Petroleo e Gas Participacoes
SA, 8.50%, 6/01/18 (a)

 

 

1,850

 

 

1,757,500

 

Oasis Petroleum, Inc.:

 

 

 

 

 

 

 

7.25%, 2/01/19 (a)

 

 

170

 

 

173,400

 

6.50%, 11/01/21

 

 

155

 

 

150,738

 

Petrohawk Energy Corp.:

 

 

 

 

 

 

 

10.50%, 8/01/14

 

 

310

 

 

345,262

 

7.88%, 6/01/15

 

 

415

 

 

441,975

 

7.25%, 8/15/18

 

 

275

 

 

308,000

 

Plains Exploration & Production Co.:

 

 

 

 

 

 

 

7.75%, 6/15/15

 

 

275

 

 

286,344

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Oil, Gas & Consumable Fuels (concluded)

 

 

 

 

 

 

 

Plains Exploration & Production Co.
(concluded):

 

 

 

 

 

 

 

6.75%, 2/01/22

 

USD

250

 

$

255,000

 

Range Resources Corp., 5.75%,
6/01/21

 

 

645

 

 

688,537

 

SandRidge Energy, Inc., 7.50%,
3/15/21

 

 

435

 

 

398,025

 

 

 

 

 

 

 

15,148,312

 

Paper & Forest Products — 1.5%

 

 

 

 

 

 

 

Ainsworth Lumber Co. Ltd.,
11.00%, 7/29/15 (a)(h)

 

 

700

 

 

440,892

 

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

 

 

365

 

 

405,150

 

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

 

 

1,630

 

 

1,791,471

 

Longview Fibre Paper & Packaging,
Inc., 8.00%, 6/01/16 (a)

 

 

145

 

 

145,725

 

Verso Paper Holdings LLC:

 

 

 

 

 

 

 

11.50%, 7/01/14

 

 

289

 

 

294,780

 

Series B, 4.18%, 8/01/14 (b)

 

 

485

 

 

305,550

 

 

 

 

 

 

 

3,383,568

 

Pharmaceuticals — 0.4%

 

 

 

 

 

 

 

Valeant Pharmaceuticals
International, 6.50%,
7/15/16 (a)

 

 

1,015

 

 

982,013

 

Real Estate Investment Trusts (REITs) — 0.4%

 

 

 

 

 

 

 

FelCor Lodging LP, 6.75%,
6/01/19

 

 

950

 

 

883,500

 

Real Estate Management & Development — 0.2%

 

 

 

 

 

 

 

Shea Homes LP, 8.63%,
5/15/19 (a)

 

 

440

 

 

402,600

 

Road & Rail — 1.3%

 

 

 

 

 

 

 

Avis Budget Car Rental LLC,
8.25%, 1/15/19

 

 

540

 

 

519,750

 

Florida East Coast Railway Corp.,
8.13%, 2/01/17

 

 

200

 

 

199,250

 

The Hertz Corp. (a):

 

 

 

 

 

 

 

7.50%, 10/15/18

 

 

915

 

 

917,287

 

6.75%, 4/15/19

 

 

375

 

 

363,750

 

7.38%, 1/15/21

 

 

925

 

 

915,750

 

 

 

 

 

 

 

2,915,787

 

Specialty Retail — 0.4%

 

 

 

 

 

 

 

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

 

 

845

 

 

857,675

 

Textiles, Apparel & Luxury Goods — 0.1%

 

 

 

 

 

 

 

Phillips-Van Heusen Corp., 7.75%,
11/15/23

 

 

215

 

 

233,161

 

Transportation Infrastructure — 0.1%

 

 

 

 

 

 

 

Aguila 3 SA, 7.88%, 1/31/18 (a)

 

 

176

 

 

167,200

 

Wireless Telecommunication Services — 2.6%

 

 

 

 

 

 

 

Cricket Communications, Inc.,
7.75%, 5/15/16

 

 

1,770

 

 

1,765,575

 

 

 

 

 

 

 

 

 

 

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2011

4          


 

 

 

 

Schedule of Investments (continued)

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


 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Wireless Telecommunication Services (concluded)

 

 

 

 

 

 

 

Digicel Group Ltd. (a):

 

 

 

 

 

 

 

12.00%, 4/01/14

 

USD

800

 

$

886,000

 

8.25%, 9/01/17

 

 

270

 

 

265,950

 

Sprint Capital Corp.:

 

 

 

 

 

 

 

8.38%, 3/15/12

 

 

325

 

 

330,687

 

6.88%, 11/15/28

 

 

2,280

 

 

1,590,300

 

Sprint Nextel Corp., 9.00%,
11/15/18 (a)

 

 

1,010

 

 

1,017,575

 

 

 

 

 

 

 

5,856,087

 

Total Corporate Bonds – 52.0%

 

 

 

 

 

118,442,157

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Floating Rate Loan Interests (b)

 

 

 

 

 

 

 

Aerospace & Defense — 0.3%

 

 

 

 

 

 

 

TransDigm, Inc., Term Loan (First
Lien), 4.00%, 2/14/17

 

 

744

 

 

736,663

 

Airlines — 0.5%

 

 

 

 

 

 

 

Delta Air Lines, Inc., Credit New
Term Loan B, 5.50%, 4/20/17

 

 

1,272

 

 

1,210,130

 

Auto Components — 1.7%

 

 

 

 

 

 

 

Allison Transmission, Inc., Term
Loan B, 2.75%, 8/07/14

 

 

2,459

 

 

2,369,075

 

Autoparts Holdings, Ltd.:

 

 

 

 

 

 

 

First Lien Term Loan, 6.50%,
7/28/17

 

 

600

 

 

599,442

 

Second Lien Term Loan,
10.50%, 1/29/18

 

 

900

 

 

864,000

 

 

 

 

 

 

 

3,832,517

 

Biotechnology — 0.2%

 

 

 

 

 

 

 

Grifols SA, Term Loan B, 6.00%,
6/01/17

 

 

454

 

 

452,161

 

Building Products — 1.2%

 

 

 

 

 

 

 

CPG International, Inc., Term Loan B,
6.00%, 2/18/17

 

 

596

 

 

556,792

 

Goodman Global Holdings, Inc.:

 

 

 

 

 

 

 

Initial Term Loan (First Lien),
5.75%, 10/28/16

 

 

1,629

 

 

1,623,599

 

Term Loan (Second Lien),
9.00%, 10/30/17

 

 

491

 

 

490,703

 

 

 

 

 

 

 

2,671,094

 

Capital Markets — 1.1%

 

 

 

 

 

 

 

HarbourVest Partners, Term Loan B
(First Lien), 6.25%, 12/16/16

 

 

882

 

 

877,756

 

Nuveen Investments, Inc. (First Lien):

 

 

 

 

 

 

 

Extended Term Loan, 3.37% -
3.42%, 11/13/14

 

 

371

 

 

349,621

 

Extended Term Loan, 1.50% -
6.00%, 5/13/17

 

 

295

 

 

288,731

 

Non-Extended Term Loan,
5.87% - 6.00%, 5/12/17

 

 

1,004

 

 

951,144

 

 

 

 

 

 

 

2,467,252

 

 

 

 

 

 

 

 

 

Floating Rate Loan Interests (b)

 

Par
(000)

 

Value

 

Chemicals — 4.7%

 

 

 

 

 

 

 

American Rock Salt Holdings LLC,
Term Loan B, 5.50%, 4/25/17

 

USD

1,189

 

$

1,168,217

 

Ashland, Inc., Term Loan B, 3.75%,
8/23/18

 

 

700

 

 

700,441

 

Chemtura Corp., Exit Term Loan B,
5.50%, 8/27/16

 

 

800

 

 

799,000

 

Gentek, Inc., Tranche B Term Loan,
5.00% - 5.75%, 10/06/15

 

 

1,094

 

 

1,079,575

 

Nexeo Solutions LLC, Term Loan B,
5.00%, 9/08/17

 

 

871

 

 

835,800

 

PolyOne Corp., Term Loan B,
1.25% - 3.75%, 11/01/17

 

 

350

 

 

349,562

 

PQ Corp. (FKA Niagara Acquisition,
Inc.), Original Term Loan facility
(First Lien), 3.51% - 3.68%,
7/30/14

 

 

1,395

 

 

1,307,416

 

Styron Sarl, Term Loan B, 6.00%,
8/02/17

 

 

1,165

 

 

1,002,201

 

Tronox Worldwide LLC, Exit Term
Loan, 7.00%, 10/15/15

 

 

2,313

 

 

2,308,917

 

Univar, Inc., Term Loan B, 5.00%,
6/30/17

 

 

1,290

 

 

1,243,659

 

 

 

 

 

 

 

10,794,788

 

Commercial Services & Supplies — 2.7%

 

 

 

 

 

 

 

Adesa, Inc. (KAR Holdings, Inc.),
Term Loan B, 5.00%, 5/19/17

 

 

1,247

 

 

1,229,485

 

Altegrity, Inc., Tranche D Term
Loan, 7.75%, 2/20/15

 

 

1,394

 

 

1,387,286

 

ARAMARK Corp.:

 

 

 

 

 

 

 

Letter of Credit – 1 Facility,
2.11%, 1/27/14

 

 

17

 

 

16,139

 

Letter of Credit - 2 Facility,
3.49%, 7/26/16

 

 

19

 

 

18,144

 

US Term Loan B, 2.24%, 1/27/14

 

 

205

 

 

200,348

 

US Term Loan B, 3.62%, 7/26/16

 

 

284

 

 

275,892

 

AWAS Finance Luxembourg Sarl,
Term Loan B, 5.25%, 6/10/16

 

 

601

 

 

594,309

 

Delos Aircraft, Inc., Term Loan B2,
7.00%, 3/17/16

 

 

1,075

 

 

1,076,075

 

Synagro Technologies, Inc., Term
Loan B, 2.25% - 2.26%,
4/02/14

 

 

493

 

 

416,018

 

Volume Services America, Inc.,
Term Loan B, 10.50% - 10.75%,
9/16/16

 

 

990

 

 

973,913

 

 

 

 

 

 

 

6,187,609

 

Communications Equipment — 0.8%

 

 

 

 

 

 

 

Avaya, Inc., Term Loan B1, 3.26%,
10/24/14

 

 

959

 

 

890,890

 

CommScope, Inc., Term Loan B,
5.00%, 1/14/18

 

 

831

 

 

827,094

 

 

 

 

 

 

 

1,717,984

 

Construction & Engineering — 1.1%

 

 

 

 

 

 

 

BakerCorp., Inc., Term Loan B,
5.00%, 6/01/18

 

 

484

 

 

478,224

 

 

 

 

 

 

 

 

 

 

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2011

5          


 

 

 

 

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

 

Construction & Engineering (concluded)

 

 

 

 

 

 

 

Brand Energy & Infrastructure
Services, Inc. (FR Brand
Acquisition Corp.), Synthetic
Letter of Credit, Term Loan (First
Lien), 2.63%, 2/07/14

 

USD

500

 

$

409,375

 

Safway Services, LLC, First Out
Tranche Loan, 9.00%, 12/16/17

 

 

1,500

 

 

1,500,000

 

 

 

 

 

 

 

2,387,599

 

Consumer Finance — 0.8%

 

 

 

 

 

 

 

Springleaf Finance Corp. (FKA
AGFS Funding Co.), Term Loan,
5.50%, 5/10/17

 

 

2,145

 

 

1,859,458

 

Containers & Packaging — 0.6%

 

 

 

 

 

 

 

Berry Plastics Holding Corp., Term
Loan C, 2.25%, 4/03/15

 

 

490

 

 

461,094

 

Sealed Air Corp., Term Loan B,
4.75%, 10/03/18

 

 

913

 

 

920,480

 

 

 

 

 

 

 

1,381,574

 

Diversified Consumer Services — 2.9%

 

 

 

 

 

 

 

Coinmach Service Corp., Term
Loan B, 3.25% - 3.32%,
11/20/14

 

 

2,171

 

 

1,930,066

 

Laureate Education, Inc., Extended
Term Loan, 5.25%, 8/15/18

 

 

3,072

 

 

2,862,493

 

ServiceMaster Co.:

 

 

 

 

 

 

 

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

 

 

174

 

 

164,905

 

Term Loan, 2.75% - 2.83%,
7/24/14

 

 

1,750

 

 

1,655,923

 

 

 

 

 

 

 

6,613,387

 

Diversified Financial Services — 0.8%

 

 

 

 

 

 

 

Reynolds Group Holdings, Inc.:

 

 

 

 

 

 

 

Tranche B Term Loan, 6.50%,
2/09/18

 

 

458

 

 

449,498

 

Tranche C Term Loan, 6.50%,
8/09/18

 

 

1,470

 

 

1,443,540

 

 

 

 

 

 

 

1,893,038

 

Diversified Telecommunication Services — 3.2%

 

 

 

 

 

 

 

Hawaiian Telcom Communications,
Inc., Exit Term Loan, 9.00%,
11/01/15

 

 

1,350

 

 

1,357,479

 

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

 

 

913

 

 

798,344

 

Level 3 Financing, Inc.:

 

 

 

 

 

 

 

Term Loan B2, 5.75%,
9/03/18

 

 

2,050

 

 

1,983,375

 

Term Loan B3, 5.75%,
8/31/18

 

 

775

 

 

749,813

 

Tranche A Term Loan, 2.65%,
3/13/14

 

 

1,100

 

 

1,032,625

 

US Telepacific Corp., Term Loan B,
5.75%, 2/23/17

 

 

1,375

 

 

1,298,660

 

 

 

 

 

 

 

7,220,296

 

 

 

 

 

 

 

 

 

Floating Rate Loan Interests (b)

 

Par
(000)

 

Value

 

Electronic Equipment, Instruments & Components — 1.2%

 

 

 

 

 

 

 

Aeroflex, Inc., Term Loan B, 4.25%,
5/09/18

 

USD

264

 

$

249,135

 

CDW LLC (FKA CDW Corp.),
Non-Extended Term Loan,
3.75%, 10/10/14

 

 

1,101

 

 

1,057,000

 

Sensata Technologies Finance Co., LLC,
Term Loan, 4.00%, 5/11/18

 

 

1,436

 

 

1,416,046

 

 

 

 

 

 

 

2,722,181

 

Energy Equipment & Services — 2.0%

 

 

 

 

 

 

 

CCS Corp., Term Loan B, 3.37%,
11/14/14

 

 

707

 

 

644,612

 

Dynegy Holdings, Inc.:

 

 

 

 

 

 

 

Coal Co. Term Loan, 9.25%,
8/04/16

 

 

866

 

 

864,117

 

Gas Co. Term Loan, 9.25%,
8/04/16

 

 

1,584

 

 

1,595,772

 

MEG Energy Corp., Term Loan B,
4.00%, 3/16/18

 

 

1,560

 

 

1,542,731

 

 

 

 

 

 

 

4,647,232

 

Food & Staples Retailing — 0.5%

 

 

 

 

 

 

 

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

 

 

1,220

 

 

1,107,672

 

Food Products — 2.8%

 

 

 

 

 

 

 

Advance Pierre Foods, Inc., Term Loan,
(First Lien), 7.00%, 9/30/16

 

 

2,591

 

 

2,574,528

 

Del Monte Corp., Term Loan,
4.50%, 3/08/18

 

 

2,504

 

 

2,366,020

 

Pinnacle Foods Finance LLC:

 

 

 

 

 

 

 

Tranche B Term Loan, 2.75% -
2.87%, 4/02/14

 

 

120

 

 

117,410

 

Tranche D Term Loan, 6.00%,
4/02/14

 

 

800

 

 

799,539

 

Solvest, Ltd. (Dole):

 

 

 

 

 

 

 

Tranche B-2 Term Loan,
5.00% - 6.00%, 7/06/18

 

 

204

 

 

202,780

 

Tranche C-2 Term Loan, 5.00%
- 6.00%, 7/06/18

 

 

379

 

 

376,591

 

 

 

 

 

 

 

6,436,868

 

Health Care Equipment & Supplies — 1.2%

 

 

 

 

 

 

 

Biomet, Inc., Term Loan B, 3.26% -
3.36%, 3/25/15

 

 

135

 

 

129,712

 

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

 

 

874

 

 

841,015

 

Iasis Healthcare LLC, Term Loan,
5.00%, 5/03/18

 

 

735

 

 

706,198

 

Immucor, Inc., Term Loan B,
7.25%, 8/17/18

 

 

980

 

 

983,430

 

 

 

 

 

 

 

2,660,355

 

Health Care Providers & Services — 4.9%

 

 

 

 

 

 

 

CHS/Community Health Systems, Inc.:

 

 

 

 

 

 

 

Extended Term Loan B,
3.76% - 4.02%, 1/25/17

 

 

125

 

 

120,625

 

Non-Extended Delayed Draw
Term Loan, 2.51%, 7/25/14

 

 

47

 

 

45,748

 

 

 

 

 

 

 

 

 

 

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2011

6          


 

 

 

 

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 Providers & Services (concluded)

 

 

 

 

 

 

 

CHS/Community Health Systems, Inc.
(concluded):

 

 

 

 

 

 

 

Non-Extended Term Loan,
2.51% - 2.77%, 7/25/14

 

USD

895

 

$

862,886

 

ConvaTec, Inc., Term Loan, 5.75%,
12/22/16

 

 

1,095

 

 

1,071,760

 

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

 

 

1,092

 

 

1,086,291

 

Emergency Medical Services, Term
Loan, 5.25% - 6.00%, 5/25/18

 

 

1,095

 

 

1,060,297

 

Harden Healthcare, Inc.:

 

 

 

 

 

 

 

Term Loan A, 8.50%, 3/02/15

 

 

336

 

 

329,607

 

Tranche A Additional Term
Loan, 7.75%, 3/02/15

 

 

1,183

 

 

1,158,892

 

HCA, Inc., Tranche B-3 Term Loan,
3.62%, 5/01/18

 

 

856

 

 

809,382

 

Health Management Associates,
Term Loan B, 4.50%, 11/16/18

 

 

835

 

 

831,176

 

inVentiv Health, Inc. (FKA Ventive
Health, Inc.):

 

 

 

 

 

 

 

Combined Term Loan, 6.50%,
8/04/16

 

 

1,412

 

 

1,379,354

 

Incremental Term Loan B3,
6.75%, 5/15/18

 

 

734

 

 

717,241

 

Medpace, Inc., Term Loan,
6.50% - 7.25%, 6/19/17

 

 

1,047

 

 

1,000,243

 

Renal Advantage Holdings, Inc.,
Term Loan B, 5.75%, 12/07/16

 

 

695

 

 

693,013

 

 

 

 

 

 

 

11,166,515

 

Health Care Technology — 1.0%

 

 

 

 

 

 

 

IMS Health, Inc., Term Loan B,
4.50%, 8/26/17

 

 

1,034

 

 

1,030,244

 

Kinetic Concepts, Inc., Term Loan
B, 7.00%, 5/04/18

 

 

700

 

 

703,283

 

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

 

 

551

 

 

544,388

 

 

 

 

 

 

 

2,277,915

 

Hotels, Restaurants & Leisure — 3.2%

 

 

 

 

 

 

 

Caesars Entertainment Operating Co.,
Inc.:

 

 

 

 

 

 

 

Term Loan B-2, 3.26% - 3.42%,
1/28/15

 

 

177

 

 

150,838

 

Term Loan B-3, 3.37% - 3.42%,
1/28/15

 

 

2,957

 

 

2,522,878

 

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

 

 

733

 

 

721,535

 

Dunkin’ Brands, Inc., Term
Loan B-2, 4.00%, 11/23/17

 

 

1,364

 

 

1,342,061

 

Golden Living, Term Loan, 5.00%,
5/04/18

 

 

548

 

 

472,852

 

SeaWorld Parks & Entertainment,
Inc. (FKA SW Acquisitions Co.,
Inc.), Term Loan B, 4.00%,
8/17/17

 

 

777

 

 

771,647

 

 

 

 

 

 

 

 

 

Floating Rate Loan Interests (b)

 

Par
(000)

 

Value

 

Hotels, Restaurants & Leisure (concluded)

 

 

 

 

 

 

 

Six Flags Theme Parks, Inc., Term
Loan B, (First Lien), 5.25% -
6.00%, 6/30/16

 

USD

1,353

 

$

1,346,058

 

 

 

 

 

 

 

7,327,869

 

Independent Power Producers & Energy Traders — 1.0%

 

 

 

 

 

 

 

AES Corp., Term Loan, 4.25%,
6/01/18

 

 

945

 

 

934,616

 

Texas Competitive Electric
Holdings Co. LLC (TXU),
Extended Term Loan, 4.75%,
10/10/17

 

 

1,878

 

 

1,222,880

 

 

 

 

 

 

 

2,157,496

 

Industrial Conglomerates — 1.1%

 

 

 

 

 

 

 

Sequa Corp.:

 

 

 

 

 

 

 

Incremental Term Loan,
7.00%, 12/03/14

 

 

305

 

 

304,237

 

Term Loan, 3.63% - 3.70%,
12/03/14

 

 

1,225

 

 

1,180,153

 

Tomkins Plc, Term Loan B, 4.25%,
9/21/16

 

 

1,127

 

 

1,117,207

 

 

 

 

 

 

 

2,601,597

 

Internet Software & Services — 0.2%

 

 

 

 

 

 

 

Web.com Group, Inc., Term Loan B,
7.00%, 10/27/17

 

 

625

 

 

551,562

 

IT Services — 3.9%

 

 

 

 

 

 

 

Ceridian Corp., Term Loan, 3.26% -
3.38%, 11/10/14

 

 

1,233

 

 

1,093,824

 

First Data Corp.:

 

 

 

 

 

 

 

Extended Term Loan B, 4.26%,
3/23/18

 

 

3,799

 

 

3,171,192

 

Initial Tranche B-1 Term Loan

 

 

333

 

 

294,782

 

Initial Tranche B-3 Term Loan,
3.01%, 9/24/14

 

 

141

 

 

125,014

 

infoGROUP, Inc., Term Loan,
5.75%, 5/22/18

 

 

473

 

 

452,885

 

iPayment, Inc., Term Loan B,
5.75%, 5/08/17

 

 

625

 

 

611,326

 

NeuStar, Inc., Term Loan B, 5.00%,
11/08/18

 

 

775

 

 

774,341

 

SunGard Data Systems, Inc. (Solar
Capital Corp.), Tranche B Term
Loan, 3.93% - 4.06%, 2/26/16

 

 

402

 

 

392,071

 

TransUnion LLC, Term Loan B,
4.75%, 2/12/18

 

 

1,955

 

 

1,944,844

 

 

 

 

 

 

 

8,860,279

 

Machinery — 0.4%

 

 

 

 

 

 

 

Terex Corp., Term Loan B, 5.50%,
4/28/17

 

 

850

 

 

847,875

 

Media — 11.0%

 

 

 

 

 

 

 

Acosta, Inc., Term Loan, 4.75%,
3/01/18

 

 

581

 

 

562,398

 

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

 

 

739

 

 

673,564

 

 

 

 

 

 

 

 

 

 

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2011

7          


 

 

 

 

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)

 

 

 

 

 

 

 

AMC Networks, Inc., Term Loan B,
4.00%, 12/31/18

 

USD

1,097

 

$

1,088,110

 

Capsugel Healthcare Ltd., Term
Loan, 5.25%, 8/01/18

 

 

800

 

 

799,248

 

Cengage Learning Acquisitions, Inc.
(FKA Thomson Learning):

 

 

 

 

 

 

 

Term Loan, 2.51%, 7/03/14

 

 

757

 

 

639,262

 

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

 

 

669

 

 

617,052

 

Charter Communications Operating,
LLC:

 

 

 

 

 

 

 

Extended Term Loan, 3.62%,
9/06/16

 

 

2,115

 

 

2,075,803

 

Term Loan, 7.25%, 3/06/14

 

 

24

 

 

23,890

 

Cumulus Media, Inc., Term Loan,
5.75%, 9/17/18

 

 

1,100

 

 

1,070,212

 

Gray Television, Inc., Term Loan B,
3.75%, 12/31/14

 

 

773

 

 

754,700

 

HMH Publishing Co., Ltd., Term
Loan, 6.44%, 6/12/14

 

 

1,349

 

 

927,475

 

Hubbard Broadcasting, Term Loan B
(Second Lien), 5.25%, 4/28/17

 

 

599

 

 

588,026

 

Intelsat Jackson Holdings SA,
Tranche B Term Loan, 5.25%,
4/02/18

 

 

5,854

 

 

5,775,720

 

Interactive Data Corp., Term Loan
B, 4.50%, 2/12/18

 

 

896

 

 

877,590

 

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

 

 

490

 

 

481,425

 

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

 

 

3,250

 

 

3,343,437

 

Nielsen Finance LLC, Class C Term
Loan, 3.50%, 5/02/16

 

 

224

 

 

217,699

 

Sinclair Television Group, Inc.,
Tranche B Term Loan, 4.00%,
10/28/16

 

 

833

 

 

829,798

 

Sunshine Acquisition Ltd. (FKA HIT
Entertainment), Term Facility,
5.50%, 6/01/12

 

 

960

 

 

946,287

 

Univision Communications, Inc.,
Extended First Lien Term Loan,
4.51%, 3/31/17

 

 

978

 

 

874,998

 

UPC Financing Partnership:

 

 

 

 

 

 

 

Term Loan AB, 4.75%, 12/29/17

 

 

350

 

 

341,688

 

Term Loan T, 3.87%,
12/30/16

 

 

425

 

 

412,203

 

WC Luxco Sarl, New Term Loan B-3,
4.25%, 3/15/18

 

 

313

 

 

307,633

 

Weather Channel, Term Loan B,
4.25%, 2/13/17

 

 

761

 

 

756,562

 

 

 

 

 

 

 

24,984,780

 

Metals & Mining — 2.0%

 

 

 

 

 

 

 

Novelis, Inc., Term Loan, 3.75%,
3/10/17

 

 

1,638

 

 

1,608,279

 

 

 

 

 

 

 

 

 

Floating Rate Loan Interests (b)

 

Par
(000)

 

Value

 

Metals & Mining (concluded)

 

 

 

 

 

 

 

SunCoke Energy, Inc., Term Loan
B, 4.00% - 5.25%, 7/26/18

 

USD

848

 

$

833,037

 

Walter Energy, Inc., Term Loan B,
4.00%, 4/02/18

 

 

2,209

 

 

2,165,794

 

 

 

 

 

 

 

4,607,110

 

Multi-Utilities — 0.1%

 

 

 

 

 

 

 

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

 

 

332

 

 

318,715

 

Multiline Retail — 0.3%

 

 

 

 

 

 

 

Dollar General Corp., Tranche B-2
Term Loan, 3.00% - 3.01%,
7/07/14

 

 

598

 

 

594,684

 

Oil, Gas & Consumable Fuels — 1.1%

 

 

 

 

 

 

 

Gibson Energy, Term Loan B,
5.75%, 6/15/18

 

 

798

 

 

795,008

 

Obsidian Natural Gas Trust, Term
Loan, 7.00%, 11/02/15

 

 

1,679

 

 

1,670,122

 

 

 

 

 

 

 

2,465,130

 

Paper & Forest Products — 0.2%

 

 

 

 

 

 

 

NewPage Corp., DIP Term Loan,
8.00%, 3/07/13

 

 

350

 

 

351,312

 

Pharmaceuticals — 1.9%

 

 

 

 

 

 

 

Aptalis Pharma, Inc., Term Loan B,
5.50%, 2/10/17

 

 

943

 

 

896,910

 

Endo Pharmaceuticals Holdings,
Inc., Term Loan B, 4.00%,
6/18/18

 

 

644

 

 

642,304

 

Pharmaceutical Products
Development, Term Loan B,
6.25%, 11/19/18

 

 

930

 

 

916,878

 

Quintiles Transnational Corp., Term
Loan B, 5.00%, 6/08/18

 

 

703

 

 

682,140

 

RPI Finance Trust, Term Loan
Tranche 2, 4.00%, 5/09/18

 

 

599

 

 

594,263

 

Warner Chilcott Corp.:

 

 

 

 

 

 

 

Term Loan B-1, 4.25%,
3/15/18

 

 

455

 

 

447,466

 

Term Loan B-2, 4.25%,
3/15/18

 

 

227

 

 

223,733

 

 

 

 

 

 

 

4,403,694

 

Professional Services — 1.2%

 

 

 

 

 

 

 

Booz Allen Hamilton, Inc., Tranche
B Term Loan, 4.00%, 8/03/17

 

 

347

 

 

345,556

 

Emdeon, Inc., Term Loan B, 6.75%,
11/02/18

 

 

1,300

 

 

1,303,705

 

Fifth Third Processing Solutions,
LLC, Term Loan B (First Lien),
4.50%, 11/03/16

 

 

1,092

 

 

1,085,399

 

 

 

 

 

 

 

2,734,660

 

Real Estate Investment Trusts (REITs) — 0.7%

 

 

 

 

 

 

 

Istar Financial, Inc., Term Loan
(Second Lien), 5.00%, 6/28/13

 

 

1,621

 

 

1,598,958

 

 

 

 

 

 

 

 

 

 

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2011

8          


 

 

 

 

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

 

Real Estate Management & Development — 1.7%

 

 

 

 

 

 

 

Realogy Corp.:

 

 

 

 

 

 

 

Delayed Draw Term Loan,
3.44%, 10/10/13

 

USD

1,771

 

$

1,637,694

 

Extended Synthetic Letter of
Credit, 4.44%, 10/10/16

 

 

1,108

 

 

980,682

 

Extended Term Loan, 4.69%,
10/10/16

 

 

1,405

 

 

1,243,451

 

 

 

 

 

 

 

3,861,827

 

Road & Rail — 0.3%

 

 

 

 

 

 

 

Avis Budget Car Rental LLC,
Incremental Term Loan, 6.25%,
9/21/18

 

 

575

 

 

576,081

 

Semiconductors & Semiconductor Equipment — 0.7%

 

 

 

 

 

 

 

Freescale Semiconductor, Inc.,
Extended Term Loan B, 4.50%,
12/01/16

 

 

582

 

 

549,664

 

Microsemi Corp., Term Loan B,
5.75%, 2/02/18

 

 

580

 

 

578,916

 

NXP B.V., Incremental Term Loan,
1.25% - 4.25%, 12/12/17

 

 

480

 

 

460,502

 

 

 

 

 

 

 

1,589,082

 

Software — 0.1%

 

 

 

 

 

 

 

Blackboard, Inc., Term Loan B,
7.50%, 10/04/18

 

 

325

 

 

308,480

 

Specialty Retail — 3.6%

 

 

 

 

 

 

 

Academy Ltd., Term Loan, 6.00%,
8/03/18

 

 

1,000

 

 

981,670

 

Burlington Coat Factory
Warehouse Corp., Term Loan B,
6.25%, 2/23/17

 

 

970

 

 

942,656

 

General Nutrition Centers, Inc.,
Term Loan B, 4.25%, 3/02/18

 

 

1,125

 

 

1,098,754

 

J. Crew Group, Inc., Term Loan B,
4.75%, 3/07/18

 

 

338

 

 

310,813

 

Jo-Ann Stores, Inc., Term Loan,
4.75%, 3/16/18

 

 

398

 

 

376,110

 

Michaels Stores, Inc.:

 

 

 

 

 

 

 

Term Loan B-1, 2.63% -
2.69%, 10/31/13

 

 

239

 

 

232,267

 

Term Loan B-2, 4.88% -
4.94%, 7/31/16

 

 

1,199

 

 

1,165,730

 

Petco Animal Supplies, Inc., Term
Loan, 4.50%, 11/24/17

 

 

1,520

 

 

1,474,060

 

Toys ‘R’ Us Delaware, Inc.:

 

 

 

 

 

 

 

Initial Loan, 6.00%, 9/01/16

 

 

1,205

 

 

1,188,377

 

Term Loan B2, 5.25%,
5/25/18

 

 

398

 

 

389,873

 

 

 

 

 

 

 

8,160,310

 

Wireless Telecommunication Services — 1.7%

 

 

 

 

 

 

 

Digicel International, Tranche A,
2.88%, 3/30/12

 

 

328

 

 

326,463

 

MetroPCS Wireless, Inc., Term
Loan B, 4.00% - 4.06%,
3/16/18

 

 

570

 

 

551,586

 

 

 

 

 

 

 

 

 

Floating Rate Loan Interests (b)

 

Par
(000)

 

Value

 

Wireless Telecommunication Services (concluded)

 

 

 

 

 

 

 

Vodafone Americas Finance 2, Inc.,
Initial Loan, 6.88%, 8/11/15

 

USD

2,943

 

$

2,936,039

 

 

 

 

 

 

 

3,814,088

 

Total Floating Rate Loan Interests – 72.6%

 

 

 

 

 

165,159,877

 

 

 

 

 

 

 

 

 

 

 

Other Interests (c)(i)

 

Beneficial
Interest
(000)

 

 

 

 

Auto Components — 0.0%

 

 

 

 

 

 

 

Intermet Liquidating Trust, Class A

 

 

320

 

 

—

 

Diversified Financial Services — 0.5%

 

 

 

 

 

 

 

ARK JGW SPV, LLC (J.G. Wentworth LLC
Preferred Equity Interests) (j)

 

 

—

(k)

 

1,054,539

 

Media — 0.0%

 

 

 

 

 

 

 

Adelphia Preferred Escrow

 

 

3

 

 

—

 

Adelphia Recovery Trust, Series
ACC-6B INT

 

 

250

 

 

1,250

 

 

 

 

 

 

 

1,250

 

Total Other Interests – 0.5%

 

 

 

 

 

1,055,789

 

 

 

 

 

 

 

 

 

 

 

Preferred Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stocks

 

Shares

 

 

 

 

Diversified Financial Services — 0.0%

 

 

 

 

 

 

 

Ally Financial, Inc., 7.00% (a)

 

 

90

 

 

63,051

 

Total Preferred Stocks – 0.0%

 

 

 

 

 

63,051

 

 

 

 

 

 

 

 

 

 

Trust Preferreds

 

 

 

 

 

 

 

Diversified Financial Services — 0.2%

 

 

 

 

 

 

 

GMAC Capital Trust I, Series 2,
8.13%, 2/15/40 (b)

 

 

22,630

 

 

429,970

 

Total Trust Preferreds – 0.2%

 

 

 

 

 

429,970

 

Total Preferred Securities – 0.2%

 

 

 

 

 

493,021

 

 

 

 

 

 

 

 

 

 

 

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2011

9          


 

 

 

 

Schedule of Investments (continued)

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


 

 

 

 

 

 

 

 

Warrants (l)

 

Shares

 

Value

 

Media — 0.0%

 

 

 

 

 

 

 

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

 

 

6,862

 

$

80,011

 

Total Warrants – 0.0%

 

 

 

 

 

80,011

 

Total Investments (Cost — $306,102,083*) - 127.8%

 

 

 

 

 

290,908,261

 

Liabilities in Excess of Other Assets – (27.8)%

 

 

 

 

 

(63,359,507

)

Net Assets – 100.0%

 

 

 

 

$

227,548,754

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of November 30, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

304,881,934

 

Gross unrealized appreciation

 

$

5,658,700

 

Gross unrealized depreciation

 

 

(19,632,373

)

Net unrealized depreciation

 

$

(13,973,673

)

 

 

(a)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. 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 interest payments.

 

(e)

Represents a step-down bond that pays an initial coupon rate for the first period and then a lower coupon rate for the following periods. Rate shown is as of report date.

 

(f)

Convertible security.

 

(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)

Wholly-owned subsidiary.

 

(k)

Amount is less than $500.

 

(l)

Warrants entitle the Fund to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.


 

 

•

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
Held at
February 28,
2011

 

Net
Activity

 

Shares
Held at
November 30,
2011

 

Income

 

BlackRock Liquidity
Funds, TempFund,
Institutional Class

 

 

270,650

 

 

(270,650

)

 

—

 

$

747

 

 

 

•

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.

 

 

•

Foreign currency exchange contracts as of November 30, 2011 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Depreciation

 

CAD

89,000

 

USD

88,771

 

Deutsche Bank

 

1/18/12

 

$

(1,613

)

 

 

 

 

 

 

AG

 

 

 

 

 

 

USD

441,752

 

CAD

471,000

 

UBS AG

 

1/18/12

 

 

(19,497

)

Total

 

 

 

 

 

 

 

 

 

$

(21,110

)

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs 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 and liabilities

 

 

 

 

•

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

•

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

 

 

 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 does not necessarily correspond to the Fund’s perceived risk of investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.


 

 

 

 

 

 

 

 

 

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2011

10          


 

 

 

 

Schedule of Investments (concluded)

BlackRock Senior High Income Fund, Inc. (ARK)

The following tables summarize the inputs used as of November 30, 2011 in determining the fair valuation of the Fund’s investments and derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long Term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-Backed Securities

 

 

—

 

$

1,450,141

 

$

2,873,099

 

$

4,323,240

 

Common Stocks

 

$

439,422

 

 

738,545

 

 

176,199

 

 

1,354,166

 

Corporate Bonds

 

 

—

 

 

114,220,036

 

 

4,222,121

 

 

118,442,157

 

Floating Rate Loan Interests

 

 

—

 

 

151,007,548

 

 

14,152,329

 

 

165,159,877

 

Other Interests

 

 

1,250

 

 

—

 

 

1,054,539

 

 

1,055,789

 

Preferred Securities

 

 

429,970

 

 

63,051

 

 

—

 

 

493,021

 

Warrants

 

 

80,011

 

 

—

 

 

—

 

 

80,011

 

Total

 

$

950,653

 

$

267,479,321

 

$

22,478,287

 

$

290,908,261

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Derivative Financial Instruments1

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency exchange contracts

 

 

—

 

$

(21,110

)

 

—

 

$

(21,110

)

 

 

1

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-
Backed
Securities

 

Common
Stocks

 

Corporate
Bonds

 

Floating Rate
Loan
Interests

 

Other
Interests

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, as of February 28, 2011

 

$

3,467,413

 

$

433,333

 

$

6,609,156

 

$

18,685,436

 

$

2,125,823

 

$

31,321,161

 

Accrued discounts/premium

 

 

30,628

 

 

—

 

 

130,942

 

 

51,314

 

 

—

 

 

212,884

 

Net realized gain (loss)

 

 

50,449

 

 

18,884

 

 

(5,307,987

)

 

35,542

 

 

860,167

 

 

(4,342,945

)

Net change in unrealized appreciation/depreciation2

 

 

(350,904

)

 

(253,193

)

 

7,580,268

 

 

1,661,968

 

 

(293,606

)

 

8,344,533

 

Purchases

 

 

1,586,263

 

 

—

 

 

43,053

 

 

4,884,987

 

 

68,532

 

 

6,582,835

 

Sales

 

 

(1,470,750

)

 

(22,825

)

 

(4,833,529

)

 

(9,969,741

)

 

(1,706,374

)

 

(18,003,219

)

Transfers in3

 

 

—

 

 

—

 

 

218

 

 

3,983,360

 

 

—

 

 

3,983,578

 

Transfers out3

 

 

(440,000

)

 

—

 

 

—

 

 

(5,180,537

)

 

(3

)

 

(5,620,540

)

Balance, as of November 30, 2011

 

$

2,873,099

 

$

176,199

 

$

4,222,121

 

$

14,152,329

 

$

1,054,539

 

$

22,478,287

 

 

 

2

The change in unrealized appreciation/depreciation on securities still held on November 30, 2011 was $(800,197).

 

 

3

The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the period of the event or the change in circumstances that caused the transfer.

A reconciliation of Level 3 investments and derivative financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets.


 

 

 

 

 

 

 

 

 

BLACKROCK SENIOR HIGH INCOME FUND, INC.

NOVEMBER 30, 2011

11          

Item 2 –

Controls and Procedures

 

 

2(a) –

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

 

2(b) –

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

 

 

Item 3 –

Exhibits

 

 

 

Certifications – Attached hereto

 

 

 

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

 

 

 

BlackRock Senior High Income Fund, Inc.
   

 

 By: /s/ John M. Perlowski

 

 

 

John M. Perlowski

 

 

Chief Executive Officer (principal executive officer) of

 

 

BlackRock Senior High Income Fund, Inc.

 

 

 

Date: January 23, 2012

 

 

 

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/ John M. Perlowski

 

 

 

John M. Perlowski

 

 

Chief Executive Officer (principal executive officer) of

 

 

BlackRock Senior High Income Fund, Inc.

 

 

 

Date: January 23, 2012

 

 

 

 By: /s/ Neal J. Andrews

 

 

 

Neal J. Andrews

 

 

Chief Financial Officer (principal financial officer) of

 

 

BlackRock Senior High Income Fund, Inc.

 

 

 

 

Date: January 23, 2012