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 811-7456
Name of Fund: BlackRock Senior High Income Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, BlackRock Senior High Income Fund, Inc., 800 Scudders Mill
Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011,
Princeton, NJ, 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 02/28/2008
Date of reporting period: 03/01/07 - 05/31/07
Item 1 - Schedule of Investments
BlackRock Senior High Income Fund, Inc.
Schedule of Investments as of May 31, 2007 (unaudited) (in U.S. dollars)
Face
Industry Amount Corporate Bonds Value
Aerospace & Defense - 1.6% $ 5,510,000 Vought Aircraft Industries, Inc., 8% due 7/15/2011 $ 5,654,637
Automotive - 4.1% 680,000 Ford Motor Credit Co., 5.80% due 1/12/2009 669,748
2,240,000 Ford Motor Credit Co., 8.11% due 1/13/2012 (c) 2,250,918
250,000 Ford Motor Credit Co., 9.81% due 4/15/2012 (c) 270,008
5,070,000 The Goodyear Tire & Rubber Co., 9.14%
due 12/01/2009 (c)(k) 5,082,675
910,000 The Goodyear Tire & Rubber Co., 8.625%
due 12/01/2011 (k) 982,800
2,220,000 Lear Corp., 8.75% due 12/01/2016 2,131,200
1,075,000 Metaldyne Corp., 11% due 6/15/2012 1,104,560
770,000 Titan International, Inc., 8% due 1/15/2012 793,100
915,000 United Auto Group, Inc., 7.75% due 12/15/2016 (k) 924,150
700,000 Venture Holdings Co. LLC, 12% due 6/01/2009 (f) 0
3,325,000 Venture Holdings Co. LLC Series B, 9.50%
due 7/01/2005 (m) 13,300
---------------
14,222,459
Broadcasting - 0.5% 500,000 LIN Television Corp. Series B, 6.50% due 5/15/2013 505,000
1,325,000 Paxson Communications Corp., 8.606%
due 1/15/2012 (c)(k) 1,353,154
---------------
1,858,154
Cable - International - 0.1% 350,000 NTL Cable Plc, 8.75% due 4/15/2014 370,125
Cable - U.S. - 7.0% 3,175,000 Cablevision Systems Corp. Series B, 9.82%
due 4/01/2009 (c) 3,361,531
1,750,000 Charter Communications Holdings LLC, 10%
due 4/01/2009 1,798,125
1,319,000 Charter Communications Holdings LLC, 11.125%
due 1/15/2011 1,345,380
660,000 Charter Communications Holdings LLC, 10%
due 5/15/2011 669,900
275,000 Intelsat Bermuda Ltd., 11.409% due 6/15/2013 (c) 293,906
1,280,000 Intelsat Bermuda Ltd., 8.872% due 1/15/2015 (c) 1,308,800
3,410,000 Intelsat Corp., 9% due 6/15/2016 3,733,950
1,675,000 Intelsat Subsidiary Holding Co. Ltd., 8.25% due 1/15/2013 1,739,906
2,400,000 Intelsat Subsidiary Holding Co. Ltd., 8.625%
due 1/15/2015 2,571,000
1,875,000 Mediacom LLC, 9.50% due 1/15/2013 1,935,938
5,250,000 Rainbow National Services LLC, 8.75% due 9/01/2012 (k) 5,604,375
---------------
24,362,811
Chemicals - 4.8% 610,000 American Pacific Corp., 9% due 2/01/2015 (k) 615,338
1,350,000 ArCo Chemical Co., 9.80% due 2/01/2020 1,498,500
2,250,000 Compass Minerals International, Inc. Series B, 12%
due 6/01/2013 (i) 2,227,500
4,382,000 GEO Specialty Chemicals, Inc., 13.85% due 12/31/2009 (a) 3,615,150
1,500,000 Hexion U.S. Finance Corp., 9.86% due 11/15/2014 (c)(k) 1,567,500
1,170,000 Ineos Group Holdings Plc, 8.50% due 2/15/2016 (k) 1,177,310
430,000 Momentive Performance Materials, Inc., 10.125%
due 12/01/2014 (h)(k) 449,350
4,690,000 NOVA Chemicals Corp., 8.484% due 11/15/2013 (c) 4,760,350
1,000,000 PolyOne Corp., 6.89% due 9/22/2008 980,000
---------------
16,890,998
Consumer - Durables - 0.1% 250,000 Simmons Bedding Co., 7.875% due 1/15/2014 255,000
Consumer - Non-Durables - 2.6% 4,725,000 Hines Nurseries, Inc., 10.25% due 10/01/2011 3,780,000
2,125,000 North Atlantic Trading Co., 9.25% due 3/01/2012 1,827,500
3,525,000 Quiksilver, Inc., 6.875% due 4/15/2015 3,432,469
---------------
9,039,969
Diversified Media - 2.0% 120,000 Affinion Group, Inc., 10.125% due 10/15/2015 131,400
395,000 Affinion Group, Inc., 11.50% due 10/15/2015 441,413
1,960,000 Idearc, Inc., 8% due 11/15/2016 2,031,050
245,000 Network Communications, Inc., 10.75% due 12/01/2013 260,005
1,350,000 Nielsen Finance LLC, 10% due 8/01/2014 (k) 1,471,500
2,450,000 Universal City Florida Holding Co. I, 10.106%
due 5/01/2010 (c) 2,529,625
---------------
6,864,993
Energy - Exploration & 200,000 Berry Petroleum Co., 8.25% due 11/01/2016 204,500
Production - 2.0% 1,500,000 Chaparral Energy, Inc., 8.50% due 12/01/2015 1,503,750
1,580,000 Compton Petroleum Finance Corp., 7.625% due 12/01/2013 1,595,800
2,985,000 Sabine Pass LNG LP, 7.50% due 11/30/2016 (k) 3,059,625
540,000 Stone Energy Corp., 8.106% due 7/15/2010 (c)(k) 540,000
---------------
6,903,675
Energy - Other - 2.7% 1,295,000 Aleris International, Inc., 9% due 12/15/2014 (h)(k) 1,334,112
5,000,000 Ocean RIG ASA, 9.35% due 4/04/2011 (c) 4,987,500
3,025,000 SemGroup LP, 8.75% due 11/15/2015 (k) 3,164,906
---------------
9,486,518
Financial - 2.4% 3,000,000 American Real Estate Partners LP, 7.125%
due 2/15/2013 (k) 2,947,500
4,000,000 Highland Legacy Ltd., 11.621% due 6/01/2011 (c)(k) 4,006,000
500,000 Investcorp SA, 7.54% due 10/21/2008 505,991
1,000,000 Pennant CBO Ltd., 13.43% due 3/14/2011 (k) 920,000
---------------
8,379,491
Gaming - 3.3% 4,475,000 CCM Merger, Inc., 8% due 8/01/2013 (k) 4,575,688
550,000 Galaxy Entertainment Finance Co. Ltd., 9.875%
due 12/15/2012 (k) 598,125
1,210,000 Little Traverse Bay Bands of Odawa Indians, 10.25%
due 2/15/2014 (k) 1,258,400
300,000 Penn National Gaming, Inc., 6.75% due 3/01/2015 304,500
500,000 Snoqualmie Entertainment Authority, 9.15%
due 2/01/2014 (c)(k) 511,250
1,000,000 Station Casinos, Inc., 7.75% due 8/15/2016 1,032,500
1,650,000 Tropicana Entertainment, LLC, 9.625% due 12/15/2014 (k) 1,666,500
1,500,000 Tunica-Biloxi Gaming Authority, 9% due 11/15/2015 (k) 1,595,625
---------------
11,542,588
Health Care - 4.0% 2,690,000 Angiotech Pharmaceuticals, Inc., 9.11% due 12/01/2013 (c) 2,797,600
1,875,000 CDRV Investors, Inc., 9.75% due 1/01/2015 (i) 1,703,906
1,000,000 The Cooper Cos., Inc., 7.125% due 2/15/2015 (k) 1,020,000
1,650,000 Elan Finance Plc, 7.75% due 11/15/2011 1,680,935
2,325,000 Elan Finance Plc, 9.36% due 11/15/2011 (c) 2,371,500
3,000,000 Tenet Healthcare Corp., 7.375% due 2/01/2013 2,827,500
500,000 Universal Hospital Services, Inc., 8.50%
due 6/01/2015 (h)(k) 510,510
460,000 Universal Hospital Services, Inc., 8.759%
due 6/01/2015 (c)(k) 466,900
700,000 VWR International, Inc., 8% due 4/15/2014 753,375
---------------
14,132,226
Housing - 5.1% 1,500,000 CPG International I, Inc., 10.50% due 7/01/2013 1,590,000
1,540,000 Esco Corp., 9.235% due 12/15/2013 (c)(k) 1,601,600
1,831,000 Goodman Global Holding Co., Inc., 8.36%
due 6/15/2012 (c) 1,851,599
4,750,000 Goodman Global Holding Co., Inc., 7.875% due 12/15/2012 4,833,125
2,050,000 Masonite Corp., 11% due 4/06/2015 (k) 1,937,250
6,000,000 Realogy Corp., 11% due 4/15/2014 (h)(k) 5,970,000
---------------
17,783,574
Information Technology - 2.0% 280,000 Compagnie Generale de Geophysique-Veritas, 7.75%
due 5/15/2017 295,400
3,710,000 Freescale Semiconductor, Inc., 9.125%
due 12/15/2014 (h)(k) 3,672,900
430,000 Freescale Semiconductor, Inc., 9.23%
due 12/15/2014 (c)(k) 430,538
240,000 Nortel Networks Ltd., 9.606% due 7/15/2011 (c)(k) 258,600
175,000 Sanmina-SCI Corp., 8.125% due 3/01/2016 170,188
2,180,000 Spansion, Inc., 8.485% due 6/01/2013 (c)(k) 2,207,250
---------------
7,034,876
Leisure - 0.4% 1,750,000 True Temper Sports, Inc., 8.375% due 9/15/2011 1,570,625
Manufacturing - 3.3% 3,000,000 Communications & Power Industries, Inc., 8%
due 2/01/2012 3,060,000
1,838,000 Invensys Plc, 9.875% due 3/15/2011 (k) 1,975,850
1,320,000 Jarden Corp., 7.50% due 5/01/2017 1,346,400
2,490,000 NXP BV, 8.106% due 10/15/2013 2,564,700
950,000 NXP BV, 9.50% due 10/15/2015 983,250
740,000 RBS Global, Inc., 9.50% due 8/01/2014 795,500
835,000 RBS Global, Inc., 8.875% due 9/01/2016 870,488
---------------
11,596,188
Metal - Other - 4.8% 5,430,000 Freeport-McMoRan Copper & Gold, Inc., 8.564%
due 4/01/2015 (c) 5,721,863
3,700,000 Indalex Holding Corp. Series B, 11.50% due 2/01/2014 3,926,625
4,530,000 Peabody Energy Corp., 7.375% due 11/01/2016 4,796,138
2,225,000 RathGibson, Inc., 11.25% due 2/15/2014 2,358,500
---------------
16,803,126
Packaging - 1.8% 100,000 Berry Plastics Holding Corp., 9.235% due 9/15/2014 (c) 102,375
4,285,000 Packaging Dynamics Finance Corp., 10% due 5/01/2016 (k) 4,327,850
2,000,000 Wise Metals Group LLC, 10.25% due 5/15/2012 1,900,000
---------------
6,330,225
Paper - 10.2% 3,275,000 Abitibi-Consolidated, Inc., 8.86% due 6/15/2011 (c) 3,086,688
4,975,000 Ainsworth Lumber Co. Ltd., 9.11% due 10/01/2010 (c) 4,079,500
2,500,000 Ainsworth Lumber Co. Ltd., 9.364% due 4/01/2013 (c) 1,925,000
1,100,000 Boise Cascade LLC, 8.235% due 10/15/2012 (c) 1,100,000
350,000 Boise Cascade LLC, 7.125% due 10/15/2014 350,000
7,475,000 Bowater, Inc., 8.36% due 3/15/2010 (c) 7,484,344
1,775,000 Domtar, Inc., 7.125% due 8/15/2015 1,786,094
215,000 Graphic Packaging International Corp., 9.50%
due 8/15/2013 228,706
5,175,000 NewPage Corp., 11.606% due 5/01/2012 (c) 5,750,719
5,150,000 Smurfit Kappa Funding Plc, 7.75% due 4/01/2015 5,291,625
800,000 Smurfit-Stone Container Enterprises, Inc., 8.375%
due 7/01/2012 816,000
1,300,000 Smurfit-Stone Container Enterprises, Inc., 8%
due 3/15/2017 (k) 1,309,750
2,300,000 Verso Paper Holdings LLC, 9.11% due 8/01/2014 (c)(k) 2,369,000
250,000 Verso Paper Holdings LLC, 11.375% due 8/01/2016 (k) 267,500
---------------
35,844,926
Retail - 0.6% 1,780,000 Michaels Stores, Inc., 10% due 11/01/2014 (k) 1,922,400
Service - 1.6% 2,700,000 Ahern Rentals, Inc., 9.25% due 8/15/2013 2,794,500
2,000,000 Neff Rental LLC, 11.25% due 6/15/2012 2,320,000
550,000 PNA Intermediate Holding Corp., 12.36%
due 2/15/2013 (c)(k) 561,000
---------------
5,675,500
Telecommunications - 2.5% 1,200,000 Nordic Telephone Co. Holdings ApS, 8.875%
due 5/01/2016 (k) 1,300,500
4,000,000 Qwest Communications International, Inc., 8.86%
due 2/15/2009 (c) 4,050,000
1,025,000 Qwest Corp., 8.61% due 6/15/2013 (c) 1,122,375
2,000,000 Time Warner Telecom Holdings, Inc., 9.25% due 2/15/2014 2,147,500
---------------
8,620,375
Transportation - 1.4% 1,000,000 Atlantic Express Transportation Corp., 12.609%
due 4/15/2012 (c)(k) 997,500
1,000,000 Navios Maritime Holdings, Inc., 9.50% due 12/15/2014 (k) 1,061,250
3,030,000 St. Acquisition Corp., 13.107% due 5/15/2015 (c)(k) 2,939,100
---------------
4,997,850
Utility - 1.5% 1,525,000 El Paso Performance-Linked Trust, 7.75%
due 7/15/2011 (k) 1,612,688
2,620,000 NSG Holdings LLC, 7.75% due 12/15/2025 (k) 2,757,550
725,000 Williams Cos., Inc., 8.625% due 6/01/2010 756,719
---------------
5,126,957
Wireless Communications - 0.8% 630,000 iPCS, Inc., 7.48% due 5/01/2013 (c)(k) 631,575
310,000 Orascom Telecom Finance SCA, 7.875% due 2/08/2014 305,226
395,000 Orascom Telecom Finance SCA, 7.875% due 2/08/2014 (k) 386,606
1,500,000 Rural Cellular Corp., 8.25% due 3/15/2012 1,578,750
---------------
2,902,157
Total Corporate Bonds (Cost - $256,679,270) - 73.2% 256,172,423
Floating Rate Loan Interests (b)
Aerospace & Defense - 1.9% 78,014 Hawker Beechcraft Letter of Credit, 5.25% due 3/31/2014 78,376
921,986 Hawker Beechcraft Term Loan B, 7.32% due 3/31/2014 926,268
999,369 IAP Worldwide Services, Inc. Term Loan, 9.688%
due 12/31/2012 1,002,180
498,750 MRO Acquisitions Corp. First Lien Term Loan, 7.82%
due 9/15/2010 500,309
4,328,704 Standard Aero Holdings Term Loan, 7.59%
due 8/24/2012 4,328,704
---------------
6,835,837
Airlines - 0.4% 1,250,000 Delta Airlines First Lien Term Loan, 7.355% due 5/15/2012 1,254,375
Automotive - 5.1% 2,000,000 ADESA, Inc. Term Loan B, 7.57% due 10/30/2013 2,012,752
1,000,000 Goodyear Tire & Rubber Co., First Lien Term Loan, 7.10%
due 4/30/2014 1,003,929
447,127 Intermet Corp. First Lien Term Loan, 10.353%
due 11/08/2010 378,568
648,148 Intermet Corp., Letter of Credit, 10.20% due 11/08/2010 548,766
1,496,250 Keystone Automotive Operations, Inc. Term Loan B,
8.75% due 1/15/2012 1,451,363
57,692 Metaldyne Corp., Letter of Credit, 8.92% - 9.10%
due 1/15/2012 58,149
392,308 Metaldyne Corp., Term Loan B, 9.10% due 1/15/2014 395,414
1,066,667 Navistar International Transportation Corp., Revolving Credit,
5.22% - 8.61% due 6/30/2012 1,080,889
2,933,333 Navistar International Transportation Corp. Term Loan,
8.61% due 6/30/2012 2,972,443
1,995,000 Oshkosh Truck Corp. Term Loan B, 7.35% due 11/30/2013 2,002,481
987,453 United Components, Inc. Term Loan D, 7.61%
due 6/30/2012 992,391
4,750,000 Visteon Corp. Term Loan B, 8.35% - 8.38% due 6/13/2013 4,779,198
---------------
17,676,343
Beverages - 0.9% 1,500,000 Culligan International Dollar Loan, 7.57% due 11/24/2012 1,500,000
1,500,000 Culligan International Term Loan B, 9.50% due 4/24/2012 1,507,500
---------------
3,007,500
Broadcasting - 3.1% 3,000,000 Bresnan Telecommunications Term Loan B, 7.38%
due 9/29/2013 3,010,314
4,000,000 Ellis Communications Term Loan, 10% due 12/30/2011 3,990,000
3,758,389 Univision Communications, Inc. Delay Draw Term
Loan, 7.605% due 9/30/2014 3,752,970
---------------
10,753,284
Cable - U.S. - 7.2% 4,400,037 Cebridge Connections Second Lien Term Loan,
11.356% - 11.36% due 5/04/2014 4,538,916
3,155,173 Cebridge Connections Term Loan B, 7.34% - 7.35%
due 11/05/2013 3,156,946
8,000,000 Charter Communications, Inc. Term Loan B, 7.32%
due 4/30/2014 7,999,504
5,000,000 Insight Midwest Holdings LLC Delay Draw Term Loan,
7.35% due 4/03/2014 5,031,640
1,992,653 Mediacom Communications Term Loan D, 7.10% - 7.11%
due 1/31/2015 1,992,343
2,561,081 Mediacom LLC Term Loan C, 7.09% - 7.11% due 1/31/2015 2,564,283
---------------
25,283,632
Chemicals - 3.9% 2,652,750 CII Carbon Term Loan B, 7.375% due 8/23/2012 2,659,382
1,194,012 Huntsman ICI Holdings Term Loan B, 7.07%
due 8/16/2012 1,199,609
1,568,000 Rockwood Specialties Group, Inc. Tranche D Term
Loan, 7.355% due 12/10/2012 1,579,760
8,000,000 Wellman, Inc. First Lien Term Loan, 9.356% due 2/10/2009 8,078,336
---------------
13,517,087
Consumer - Non-Durables - 0.4% 1,451,250 Solo Cup Co. Term Loan, 8.84% - 8.85% due 2/27/2011 1,473,926
Diversified Media - 3.9% 2,000,000 Affinion Group Term Loan, 11.66% due 3/01/2012 2,000,000
605,797 GateHouse Media, Inc. Delay Draw Term Loan,
7.35% - 7.36% due 9/15/2014 605,040
1,500,000 GateHouse Media, Inc. Term Loan B, 7.36%
due 9/15/2014 1,498,125
1,000,000 Hanley-Wood LLC Term Loan B, 7.59% - 7.61%
due 3/07/2014 995,417
2,992,500 Idearc, Inc. Term Loan B, 7.35% due 11/15/2014 3,013,639
3,482,500 Nielsen Finance LLC Term Loan B, 7.607% due 8/15/2013 3,509,709
750,000 Penton Media Term Loan, 7.60% - 7.605% due 2/15/2013 753,047
479,022 Riverdeep Group Ltd. Bridge Loan, 11.55% due 12/21/2007 479,022
750,000 Riverdeep Group Ltd. Term Loan B, 8.10% due 12/21/2013 753,516
---------------
13,607,515
Energy - Exploration & 450,000 Big West Oil & Gas Term Loan B, 9.50% due 5/15/2014 452,250
Production - 2.5% 6,000,000 Frontier Drilling Term Loan B, 8.60% due 6/21/2013 6,007,500
495,000 MEG Energy Corp. Term Loan B, 7.35% due 4/03/2013 498,480
1,000,000 Sandridge Energy Term Loan, 8.975% due 3/01/2014 1,030,000
803,571 Western Refining Co. LP Term Loan B, 7.07% due
3/15/2014 806,585
---------------
8,794,815
Energy - Other - 2.9% 330,833 Alon USA, Inc., Delay Draw Term Loan, 7.57%
due 6/22/2013 332,488
2,646,667 Alon USA, Inc., Term Loan B, 7.57% - 7.62% due 6/22/2013 2,659,900
1,500,000 Dresser, Inc. First Lien Term Loan, 7.82% due 5/15/2014 1,511,813
1,000,000 Dresser, Inc. Second Lien Term Loan, 11.07%
due 5/15/2015 1,018,750
2,468,750 Key Energy Services, Inc. Term Loan B, 7.85% - 7.856%
due 6/30/2012 2,481,094
2,000,000 Scorpion Drilling Ltd. Second Lien Term Loan, 13.61%
due 5/05/2015 2,130,000
---------------
10,134,045
Financial - 1.2% 1,000,000 J.G. Wentworth Manufacturing Second Lien Term Loan,
10.35% due 10/15/2014 1,014,375
3,000,000 J.G. Wentworth Manufacturing Term Loan B, 7.60%
due 4/15/2014 3,003,750
---------------
4,018,125
Food & Tobacco - 4.4% 329,207 Aramark Corp., Letter of Credit, 5.20% due 1/30/2014 331,377
4,606,443 Aramark Corp., Term Loan B, 7.35% due 1/30/2014 4,636,804
750,000 Bolthouse Farms, Inc. Second Lien Term Loan, 10.85%
due 12/01/2013 758,750
558,777 Dole Food Co., Inc., Letter of Credit, 5.226% due 4/12/2013 558,738
1,244,675 Dole Food Co., Inc., Term Loan B, 7.438% - 9.25%
due 4/12/2013 1,244,589
4,148,917 Dole Food Co., Inc., Term Loan C, 7.438% - 9.25%
due 4/04/2013 4,148,630
970,560 Eight O'Clock Coffee Second Lien Term Loan, 8.125%
due 7/21/2012 970,560
1,401,962 Pierre Foods, Inc. Term Loan B, 7.61% due 6/30/2010 1,406,344
992,500 QCE LLC First Lien Term Loan, 7.598% due 5/05/2013 997,214
250,000 Sturm Foods, Inc. First Lien Term Loan, 7.938%
due 1/30/2014 250,938
---------------
15,303,944
Gaming - 2.6% 1,300,000 Edge-Star Partners LLC First Lien Term Loan, 9.36%
due 11/18/2007 1,300,000
200,000 Edge-Star Partners LLC First Lien Term Loan, 9.36%
due 11/18/2007 200,000
748,125 Greenwood Racing, Inc. Term Loan, 7.57% due 11/15/2013 751,866
1,200,000 Las Vegas Sands Term Loan B, 7.07% due 5/04/2014 1,203,323
1,500,000 Venetian Macau US Finance Co. LLC Delay Draw Term Loan,
7.60% due 5/25/2012 1,505,859
4,000,000 Venetian Macau US Finance Co. LLC Term Loan B,
7.60% due 5/25/2013 4,033,180
---------------
8,994,228
Health Care - 2.7% 497,500 Community Health Systems, Inc. Term Loan B, 7.10%
due 12/15/2013 498,278
1,107,600 DaVita, Inc. Term Loan B, 6.82% - 6.86% due 7/30/2012 1,110,716
2,000,000 Health Management Associates, Inc. Term Loan B,
7.10% due 1/15/2014 2,008,056
3,000,000 Pharmaceutical Technologies & Services (PTS) Term Loan,
7.60% due 4/15/2014 3,007,032
497,500 Sterigenics International, Inc. Term Loan B, 7.86% due
11/30/2013 499,366
2,347,414 VWR International, Inc. Tranche B Term Loan, 7.61%
due 4/07/2011 2,354,750
---------------
9,478,198
Housing - 2.7% 1,476,563 Headwaters, Inc. Term Loan B-1, 7.36% due 4/30/2011 1,476,563
5,000,000 LNR Property Corp. Term Loan B, 8.11% due 7/12/2011 5,019,645
3,000,000 Realogy Corp. Letter of Credit, 8.35% due 9/22/2014 3,001,173
---------------
9,497,381
Information Technology - 3.9% 1,638,380 Activant Solutions Term Loan B, 7.375% due 5/02/2013 1,634,284
500,000 Audio Visual Services Corp. Second Lien Term Loan, 10.85%
due 9/15/2014 501,875
2,000,000 Audio Visual Services Corp. Term Loan B, 7.60%
due 3/15/2014 2,010,000
973,460 ClientLogic Holding Corp. Term Loan B, 7.82%
due 1/30/2014 978,328
464,286 Intergraph Corp. Term Loan, 7.61% due 5/15/2014 467,574
697,491 RedPrairie Corp. Term Loan, 8.375% - 10.25% due 7/31/2012 699,235
299,250 RedPrairie Corp. Term Loan, 8.375% due 1/31/2013 299,998
1,990,000 Reynolds and Reynolds Company First Lien Term Loan,
7.35% due 10/31/2012 2,002,081
3,000,000 Sanmina-SCI Corp. Term Loan, 8.375% due 1/30/2008 3,011,250
498,750 SunGard Data Systems, Inc. Term Loan B, 7.356%
due 2/28/2014 502,407
1,653,750 Telcordia Technologies, Inc. Term Loan, 8.11%
due 9/15/2012 1,635,145
---------------
13,742,177
Leisure - 1.3% 2,977,500 Cedar Fair LP Term Loan B, 7.32% due 8/30/2012 3,007,090
1,500,000 National Cinemedia LLC Term Loan B, 7.09%
due 2/28/2015 1,500,804
---------------
4,507,894
Manufacturing - 3.2% 500,000 Brand Energy Letter of Credit, 7.625% due 2/15/2014 500,000
1,000,000 Harrington Holdings, Inc. Term Loan, 7.84%
due 1/15/2014 1,005,000
1,000,000 Huish Detergents, Inc. First Lien Term Loan, 7.32%
due 4/15/2014 1,001,563
1,529,412 Invensys PLC Bonding Tranche, 7.356% due 12/15/2010 1,533,873
1,720,588 Invensys PLC Term Loan, 7.347% due 1/15/2011 1,731,342
1,207,964 John Maneely Co. Term Loan B, 8.571% - 8.622%
due 12/15/2013 1,205,133
3,348,427 Metokote Corp. Second Lien Term Loan, 8.32% - 8.36%
due 11/27/2011 3,356,798
1,000,000 Mueller Water Products Term Loan B, 7.07%
due 5/16/2014 1,007,500
---------------
11,341,209
Metal - Other - 1.3% 3,000,000 Euramax International Plc Second Lien Term Loan, 13.35%
due 6/29/2013 2,949,375
1,696,527 Euramax International Plc Tranche 3 Term Loan B,
8.375% due 6/29/2012 1,691,578
---------------
4,640,953
Packaging - 1.3% 1,567,095 Anchor Glass Container Corp. Term Loan B, 7.60% - 7.61%
due 5/03/2013 1,559,259
2,000,000 Graham Packaging Term Loan B, 7.625% due 4/15/2011 2,015,416
1,000,000 Graphic Packaging International Term Loan B, 8.75%
due 8/08/2010 1,008,542
---------------
4,583,217
Paper - 0.2% 27,586 Cenveo, Inc. Delay Draw Term Loan, 7.10% due 9/07/2013 27,621
827,586 Cenveo, Inc. Term Loan C, 7.10% due 9/07/2013 828,621
---------------
856,242
Personal Products - 0.3% 1,000,000 KIK Corp First Lien Term Loan, 7.61% due 5/30/2014 1,005,000
Retail - 0.7% 500,000 Burlington Coat Factory Warehouse Corp. Term Loan B,
7.61% due 4/15/2013 498,646
1,500,000 Claire's Stores Term Loan B, 8.07% due 5/24/2014 1,492,970
498,750 PETCO Animal Supplies, Inc. Term Loan, 8.10%
due 10/31/2012 502,847
---------------
2,494,463
Service - 4.0% 807,272 Allied Waste North America, Inc., Term Loan, 7.06% - 7.15%
due 1/15/2012 811,020
382,057 Allied Waste North America, Inc., Tranche A Credit
Linked Deposit, 5.32% due 1/15/2012 384,074
800,000 Brickman Group, Inc. Term Loan, 7.34% - 7.399%
due 1/30/2014 802,000
1,000,000 Brock Holdings Term Loan, 7.32% due 2/28/2014 1,003,750
750,000 Inmar, Inc. Term Loan B, 7.82% due 5/15/2013 754,688
1,725,712 NES Rentals Holdings, Inc. Term Loan C, 12.125%
due 7/12/2013 1,736,498
732,336 United Rentals, Inc. Term Loan, 7.32% due 2/14/2011 735,279
333,333 United Rentals, Inc. Tranche B Credit Linked Deposit,
5.32% due 2/14/2011 334,673
7,530,327 Waste Services, Inc. Term Loan D, 7.82% due 3/31/2011 7,586,804
---------------
14,148,786
Steel - 0.1% 498,750 McJunkin Corp. Term Loan B, 7.60% due 1/30/2014 501,867
Telecommunications - 1.0% 750,000 Knology, Inc. Term Loan B, 7.59% due 3/15/2012 752,344
1,702,542 Winstar Communications Debtor in Possession, 6.366%
due 12/31/2006 (m) 2,568,000
---------------
3,320,344
Transportation - 0.9% 3,000,000 Swift Transportation Co., Inc. Term Loan B, 8.375%
due 5/15/2014 2,992,875
Utility - 0.2% 742,500 Generac Portable Products, Inc. First Lien Term Loan,
7.85% due 11/15/2013 734,810
Wireless Communications - 2.2% 1,000,000 American Cellular Network Term Loan B, 7.32%
due 3/15/2014 1,005,500
2,750,000 Centennial Cellular Operating Co. Term Loan, 7.35% - 7.36%
due 2/09/2011 2,768,906
2,000,000 Crown Castle Operating Co. Term Loan, 6.899%
due 3/15/2014 2,003,592
1,995,000 West Corp. Term Loan, 7.763% - 8.11% due 10/31/2013 2,009,963
---------------
7,787,961
Total Floating Rate Loan Interests
(Cost - $228,826,298) - 66.4% 232,288,033
Shares
Held Common Stocks
Chemicals - 0.0% 142,466 GEO Specialty Chemicals, Inc. (e) 142,466
Leisure - 0.2% 41,866 Lodgian, Inc. (e) 635,945
Paper - 0.1% 18,171 Smurfit Kappa Plc (e) 464,555
Total Common Stocks (Cost - $2,818,960) - 0.3% 1,242,966
Warrants (l)
Wireless Communications - 0.1% 600 American Tower Corp. (expires 8/01/2008) 365,346
Total Warrants (Cost - $39,036) - 0.1% 365,346
Beneficial
Interest Other Interests (g)
Automotive - 0.0% $ 4,130,972 Cambridge Industries, Inc.
(Litigation Trust Certificates) 41
Cable - U.S. - 0.0% 2,500 Adelphia Preferred Escrow 0
250,000 Adelphia Recovery Trust Series ACC-6B INT 25
---------------
25
Health Care - 0.0% 10,284 MEDIQ, Inc. (Preferred Stock Escrow due 2/01/2006) (g) 0
Total Other Interests (Cost - $25) - 0.0% 66
Short-Term Securities
$ 3,114,350 BlackRock Liquidity Series,
LLC Cash Sweep Series, 5.26% (d)(j) 3,114,350
Total Short-Term Securities (Cost - $3,114,350) - 0.9% 3,114,350
Total Investments (Cost - $491,477,939*) - 140.9% 493,183,184
Liabilities in Excess of Other Assets - (40.9%) (143,228,333)
---------------
Net Assets - 100.0% $ 349,954,851
===============
* The cost and unrealized appreciation (depreciation) of investments
as of May 31, 2007, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 491,204,049
===================
Gross unrealized appreciation $ 12,870,641
Gross unrealized depreciation (10,891,506)
-------------------
Net unrealized appreciation $ 1,979,135
===================
(a) Convertible security.
(b) Floating rate loan interests in which the Fund invests generally pays
interest at rates that are periodically redetermined by reference to a
base lending rate plus a premium. The base lending rates are generally
(i) the lending rate offered by one or more major European banks, such
as London InterBank Rate ("LIBOR"), (ii) the prime rate offered by one
or more U.S. banks, or (iii) the certificate of deposit rate.
(c) Floating rate security.
(d) Investments in companies considered to be an affiliate of the Fund,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
were as follows:
Net Interest
Affiliate Activity Income
BlackRock Liquidity Series, LLC
Cash Sweep Series $ (1,736,275) $ 92,858
(e) Non-income producing security.
(f) Non-income producing security; issuer filed for bankruptcy or is in
default of interest payments.
(g) Other interests represent beneficial interest in liquidation trusts
and other reorganization entities and are non-income producing.
(h) Represents a pay-in-kind security which may pay interest/dividends in
additional face/shares.
(i) Represents a step bond; the interest rate shown reflects the effective
yield at the time of purchase.
(j) Represents the current yield as of May 31, 2007.
(k) The security may be offered and sold to "qualified institutional buyers"
under Rule 144A of the Securities Act of 1933.
(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.
(m) As a result of bankruptcy proceedings, the company did not repay the
principal amount of the security upon maturity and is non-income producing.
o For Fund compliance purposes, the Fund's industry classifications refer
to any one or more of the industry sub-classifications used by one or
more widely recognized market indexes or ratings group indexes, and/or
as defined by Fund management. This definition may not apply for purposes
of this report, which may combine industry sub-classifications for
reporting ease. Industries are shown as a percent of net assets.
o Swaps outstanding as of May 31, 2007 were as follows:
Notional Unrealized
Amount Appreciation
Sold credit default protection on Ford
Motor Credit Co. and receive 2.05%
Broker, Deustche Bank AG London
Expires March 2010 $ 5,000,000 $ 4,090
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the
registrant's disclosure controls and procedures are effective based
on our evaluation of these controls and procedures as of a date
within 90 days prior to the filing date of this report.
2(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act
(17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter of
the period covered by this report that has materially affected, or is
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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock Senior High Income Fund, Inc.
Date: July 24, 2007
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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock Senior High Income Fund, Inc.
Date: July 24, 2007
By: /s/ Donald C. Burke
-------------------
Donald C. Burke
Chief Financial Officer
BlackRock Senior High Income Fund, Inc.
Date: July 24, 2007