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: Donald C. Burke, 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: (800) 882-0052, Option 4
Date of fiscal year end: 02/29/2008
Date of reporting period: 09/01/2007 - 11/30/2007
Item 1 - Schedule of Investments
BlackRock Senior High Income Fund, Inc.
Schedule of Investments as of November 30, 2007 (Unaudited) (in U.S. dollars)
Face
Industry Amount Corporate Bonds Value
Aerospace & Defense - 1.4% $ 400,000 Hawker Beechcraft Acquisition Co. LLC, 8.875%
due 4/01/2015 (g)(j) $ 395,000
4,210,000 Vought Aircraft Industries, Inc., 8% due 7/15/2011 4,083,700
--------------
4,478,700
Auto Components - 2.3% 5,070,000 The Goodyear Tire & Rubber Co., 8.663%
due 12/01/2009 (b) 5,095,350
1,000 The Goodyear Tire & Rubber Co., 8.625%
due 12/01/2011 1,045
1,495,000 Lear Corp., 8.75% due 12/01/2016 1,375,400
1,075,000 Metaldyne Corp., 11% due 6/15/2012 725,625
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) 8,645
--------------
7,206,065
Biotechnology - 0.8% 2,690,000 Angiotech Pharmaceuticals, Inc., 8.874%
due 12/01/2013 (b) 2,555,500
Building Products - 2.6% 3,500,000 CPG International I, Inc., 12.13% due 7/01/2012 (b) 3,412,500
1,500,000 CPG International I, Inc., 10.50% due 7/01/2013 1,440,000
3,350,000 Goodman Global Holding Co., Inc., 7.875%
due 12/15/2012 3,433,750
60,000 Momentive Performance Materials, Inc., 10.125%
due 12/01/2014 (g)(j) 55,050
--------------
8,341,300
Chemicals - 4.2% 610,000 American Pacific Corp., 9% due 2/01/2015 617,620
1,350,000 ArCo Chemical Co., 9.80% due 2/01/2020 1,336,500
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., 9.369% due 11/15/2014 (b) 1,530,000
1,170,000 Ineos Group Holdings Plc, 8.50% due 2/15/2016 (j) 1,053,000
4,365,000 NOVA Chemicals Corp., 7.863% due 11/15/2013 (b) 4,190,400
1,000,000 PolyOne Corp., 6.89% due 9/22/2008 1,000,000
--------------
13,342,670
Commercial Banks - 0.2% 500,000 Investcorp SA, 7.54% due 10/21/2008 501,026
Commercial Services & 550,000 PNA Intermediate Holding Corp., 11.869%
Supplies - 0.2% due 2/15/2013 (b)(g)(j) 506,000
Containers & Packaging - 5.1% 100,000 Berry Plastics Holding Corp., 8.866% due 9/15/2014 (b) 96,000
3,500,000 Clondalkin Acquisition BV, 6.991% due 12/15/2013 (b)(j) 3,307,500
215,000 Graphic Packaging International Corp., 9.50%
due 8/15/2013 212,850
4,285,000 Packaging Dynamics Finance Corp., 10%
due 5/01/2016 (j) 3,899,350
5,150,000 Smurfit Kappa Funding Plc, 7.75% due 4/01/2015 4,892,500
800,000 Smurfit-Stone Container Enterprises, Inc., 8.375% due
7/01/2012 782,000
1,300,000 Smurfit-Stone Container Enterprises, Inc., 8%
due 3/15/2017 1,248,000
2,000,000 Wise Metals Group LLC, 10.25% due 5/15/2012 1,880,000
--------------
16,318,200
Diversified Financial 680,000 Ford Motor Credit Co. LLC, 5.80% due 1/12/2009 647,039
Services - 1.8% 1,340,000 Ford Motor Credit Co. LLC, 7.993% due 1/13/2012 (b) 1,167,606
250,000 Ford Motor Credit Co. LLC, 9.693% due 4/15/2012 (b) 247,512
4,000,000 Highland Legacy Ltd., 11.161% due 6/01/2011 (b)(j) 3,758,000
--------------
5,820,157
Diversified Telecommunication 1,025,000 Qwest Corp., 8.241% due 6/15/2013 (b) 1,053,188
Services - 1.0% 2,000,000 Time Warner Telecom Holdings, Inc., 9.25%
due 2/15/2014 2,045,000
--------------
3,098,188
Electric Utilities - 0.8% 2,620,000 NSG Holdings LLC, 7.75% due 12/15/2025 (i)(j) 2,587,250
Electronic Equipment & 3,000,000 Communications & Power Industries, Inc., 8%
Instruments - 2.0% due 2/01/2012 3,007,500
3,125,000 NXP BV, 7.993% due 10/15/2013 (b) 2,953,125
350,000 NXP BV, 9.50% due 10/15/2015 318,500
--------------
6,279,125
Energy Equipment & 5,000,000 Ocean RIG ASA, 9.24% due 4/04/2011 (b) 4,925,000
Services - 2.5% 3,025,000 SemGroup LP, 8.75% due 11/15/2015 (j) 2,888,875
--------------
7,813,875
Gas Utilities - 0.5% 1,525,000 El Paso Performance-Linked Trust, 7.75%
due 7/15/2011 (j) 1,597,027
Health Care Equipment & 800,000 Biomet, Inc., 11.625% due 10/15/2017 (j) 789,000
Supplies - 0.9% 1,000,000 The Cooper Cos., Inc., 7.125% due 2/15/2015 970,000
600,000 LVB Acquisition Merger Sub, Inc., 10%
due 10/15/2017 (j) 606,750
600,000 LVB Acquisition Merger Sub, Inc., 10.375%
due 10/15/2017 (g)(j) 597,000
--------------
2,962,750
Health Care Providers & 1,315,000 Community Health Systems, Inc. Series WI, 8.875%
Services - 1.5% due 7/15/2015 1,328,150
3,000,000 Tenet Healthcare Corp., 7.375% due 2/01/2013 2,640,000
460,000 Universal Hospital Services, Inc., 8.288%
due 6/01/2015 (b)(j) 453,100
500,000 Universal Hospital Services, Inc., 8.50%
due 6/01/2015 (g)(j) 478,634
--------------
4,899,884
Hotels, Restaurants & 3,000,000 American Real Estate Partners LP, 7.125%
Leisure - 5.4% due 2/15/2013 (j) 2,805,000
4,475,000 CCM Merger, Inc., 8% due 8/01/2013 (j) 4,150,563
550,000 Galaxy Entertainment Finance Co. Ltd., 9.875%
due 12/15/2012 (j) 577,500
1,210,000 Little Traverse Bay Bands of Odawa Indians, 10.25%
due 2/15/2014 (j) 1,222,100
1,350,000 Pinnacle Entertainment, Inc., 7.50% due 6/15/2015 (j) 1,248,750
690,000 Shingle Springs Tribal Gaming Authority, 9.375%
due 6/15/2015 (j) 676,200
500,000 Snoqualmie Entertainment Authority, 9.062%
due 2/01/2014 (b)(j) 477,500
1,000,000 Station Casinos, Inc., 7.75% due 8/15/2016 940,000
1,650,000 Tropicana Entertainment LLC Series WI, 9.625%
due 12/15/2014 1,146,750
1,500,000 Tunica-Biloxi Gaming Authority, 9% due 11/15/2015 (j) 1,515,000
2,450,000 Universal City Florida Holding Co. I, 9.661%
due 5/01/2010 (b) 2,474,500
--------------
17,233,863
Household Durables - 0.3% 970,000 Jarden Corp., 7.50% due 5/01/2017 873,000
Independent Power Producers & 1,500,000 Energy Future Holding Corp., 11.25%
Energy Traders - 2.1% due 11/01/2017 (g)(j) 1,451,035
4,250,000 Texas Competitive Electric Holdings Co. LLC, 10.25%
due 11/01/2015 (j) 4,090,625
1,200,000 Texas Competitive Electric Holdings Co. LLC, 10.50%
due 11/01/2016 (g)(j) 1,131,000
--------------
6,672,660
Leisure Equipment & 3,525,000 Quiksilver, Inc., 6.875% due 4/15/2015 3,128,438
Products - 1.3% 1,750,000 True Temper Sports, Inc., 8.375% due 9/15/2011 1,085,000
--------------
4,213,438
Machinery - 3.6% 2,700,000 Ahern Rentals, Inc., 9.25% due 8/15/2013 2,308,500
1,540,000 Esco Corp., 8.866% due 12/15/2013 (b)(j) 1,524,600
1,838,000 Invensys Plc, 9.875% due 3/15/2011 (j) 1,934,495
740,000 RBS Global, Inc., 9.50% due 8/01/2014 732,600
835,000 RBS Global, Inc., 8.875% due 9/01/2016 809,950
3,360,000 Terex Corp., 8% due 11/15/2017 3,376,800
770,000 Titan International, Inc., 8% due 1/15/2012 770,000
--------------
11,456,945
Marine - 0.3% 965,000 Navios Maritime Holdings, Inc., 9.50%
due 12/15/2014 991,538
Media - 6.7% 120,000 Affinion Group, Inc., 10.125% due 10/15/2013 120,300
395,000 Affinion Group, Inc., 11.50% due 10/15/2015 394,013
3,175,000 Cablevision Systems Corp. Series B, 9.644%
due 4/01/2009 (b) 3,222,625
1,750,000 Charter Communications Holdings LLC, 10%
due 4/01/2009 1,592,500
1,319,000 Charter Communications Holdings LLC, 11.125%
due 1/15/2011 1,035,415
660,000 Charter Communications Holdings LLC, 10%
due 5/15/2011 508,200
1,960,000 Idearc, Inc., 8% due 11/15/2016 1,832,600
275,000 Intelsat Bermuda Ltd., 10.829% due 6/15/2013 (b) 282,219
1,280,000 Intelsat Bermuda Ltd., 8.886% due 1/15/2015 (b) 1,281,600
1,875,000 Mediacom LLC, 9.50% due 1/15/2013 1,743,750
350,000 NTL Cable Plc, 8.75% due 4/15/2014 348,250
245,000 Network Communications, Inc., 10.75%
due 12/01/2013 245,000
1,325,000 Paxson Communications Corp., 8.493%
due 1/15/2012 (b)(j) 1,301,813
800,000 R.H. Donnelley Corp., 8.875% due 10/15/2017 (j) 754,000
5,250,000 Rainbow National Services LLC, 8.75%
due 9/01/2012 (j) 5,355,000
1,330,000 Windstream Regatta Holdings, Inc., 11%
due 12/01/2017 (j) 1,343,300
--------------
21,360,585
Metals & Mining - 4.3% 1,295,000 Aleris International, Inc., 9% due 12/15/2014 (g) 1,059,564
5,430,000 Freeport-McMoRan Copper & Gold, Inc., 8.394%
due 4/01/2015 (b) 5,525,025
1,731,000 Indalex Holding Corp. Series B, 11.50% due 2/01/2014 1,579,538
2,225,000 RathGibson, Inc., 11.25% due 2/15/2014 2,280,625
3,360,000 Ryerson, Inc., 12.574% due 11/01/2014 (b)(j) 3,234,000
--------------
13,678,752
Oil, Gas & Consumable 200,000 Berry Petroleum Co., 8.25% due 11/01/2016 202,500
Fuels - 3.3% 1,500,000 Chaparral Energy, Inc., 8.50% due 12/01/2015 1,327,500
1,580,000 Compton Petroleum Finance Corp., 7.625%
due 12/01/2013 1,477,300
4,530,000 Peabody Energy Corp., 7.375% due 11/01/2016 4,643,250
2,985,000 Sabine Pass LNG LP, 7.50% due 11/30/2016 2,820,825
--------------
10,471,375
Paper & Forest Products - 7.4% 3,275,000 Abitibi-Consolidated, Inc., 8.491% due 6/15/2011 (b) 2,591,344
4,575,000 Ainsworth Lumber Co. Ltd., 8.58% due 10/01/2010 (b) 3,202,500
2,500,000 Ainsworth Lumber Co. Ltd., 9.198% due 4/01/2013 (b) 1,768,750
7,400,000 Bowater, Inc., 7.991% due 3/15/2010 (b) 6,512,000
1,775,000 Domtar Corp., 7.125% due 8/15/2015 1,712,875
5,175,000 NewPage Corp., 11.161% due 5/01/2012 (b) 5,433,750
2,300,000 Verso Paper Holdings LLC Series B, 8.661%
due 8/01/2014 (b) 2,254,000
--------------
23,475,219
Pharmaceuticals - 1.2% 1,650,000 Elan Finance Plc, 7.75% due 11/15/2011 1,617,000
2,325,000 Elan Finance Plc, 8.869% due 11/15/2011 (b) 2,278,500
--------------
3,895,500
Real Estate Management & 6,000,000 Realogy Corp., 11% due 4/15/2014 (g)(j) 4,185,000
Development - 1.3%
Road & Rail - 0.7% 1,000,000 Atlantic Express Transportation Corp., 12.455%
due 4/15/2012 (b) 840,000
2,430,000 St. Acquisition Corp., 12.619% due 5/15/2015 (b)(j) 1,287,900
--------------
2,127,900
Semiconductors & Semiconductor 4,500,000 Avago Technologies Finance Pte. Ltd., 10.624%
Equipment - 2.7% due 6/01/2013 (b) 4,573,125
430,000 Freescale Semiconductor, Inc., 8.866%
due 12/15/2014 (b) 383,775
2,040,000 Freescale Semiconductor, Inc., 9.125%
due 12/15/2014 (g) 1,779,900
2,180,000 Spansion, Inc., 8.249% due 6/01/2013 (b)(j) 1,983,800
--------------
8,720,600
Specialty Retail - 0.8% 1,780,000 Michaels Stores, Inc., 10% due 11/01/2014 1,753,300
915,000 United Auto Group, Inc., 7.75% due 12/15/2016 869,250
--------------
2,622,550
Wireless Telecommunication 630,000 iPCS, Inc., 7.036% due 5/01/2013 (b) 585,900
Services - 1.3% 1,200,000 Nordic Telephone Co. Holdings ApS, 8.875%
due 5/01/2016 (j) 1,218,000
310,000 Orascom Telecom Finance SCA, 7.875%
due 2/08/2014 285,200
395,000 Orascom Telecom Finance SCA, 7.875%
due 2/08/2014 (j) 363,400
1,500,000 Rural Cellular Corp., 8.25% due 3/15/2012 1,556,250
--------------
4,008,750
Total Corporate Bonds (Cost - $243,354,285) - 70.5% 224,295,392
Floating Rate Loan Interests (l)
Aerospace & Defense - 0.4% 39,008 Hawker Beechcraft Acquisition Co. LLC Letter of
Credit, 5.198% due 3/31/2014 37,264
458,688 Hawker Beechcraft Acquisition Co. LLC Term Loan B,
6.809% - 7.198% due 3/31/2014 438,191
894,816 IAP Worldwide Services Inc. Term Loan, 11.50%
due 12/31/2012 802,650
--------------
1,278,105
Airlines - 0.4% 1,250,000 Delta Air Lines, Inc. First Lien Term Loan, 7.36%
due 5/15/2012 1,182,813
Auto Components - 1.0% 1,000,000 The Goodyear Tire & Rubber Co. First Lien Term
Loan, 6.43% due 4/30/2014 955,000
447,127 Intermet Corp. First Lien Term Loan, 10.724%
due 11/08/2010 422,535
648,148 Intermet Corp. Letter of Credit, 9.545%
due 11/08/2010 612,500
57,692 Metaldyne Corp. Letter of Credit, 8.999%
due 1/15/2012 51,923
392,308 Metaldyne Corp. Term Loan B, 8.999% due 1/15/2014 353,077
921,623 United Components, Inc. Term Loan D, 6.66% - 6.89%
due 6/30/2012 884,758
--------------
3,279,793
Biotechnology - 0.3% 1,000,000 Talecris Biotherapeutics, Inc. First Lien Term Loan,
8.16% - 8.38% due 11/13/2014 988,750
Chemicals - 3.6% 997,500 Huish Detergents, Inc. First Lien Term Loan, 7.20%
due 4/15/2014 887,063
1,121,206 Huntsman ICI Holdings Term Loan B, 6.533%
due 8/16/2012 1,098,004
997,500 ISP Chemco Term Loan B, 6.688% - 6.938% due 5/25/2014 943,136
1,560,000 Rockwood Specialties Group, Inc. Tranche D Term
Loan, 6.46% due 12/10/2012 1,496,517
8,000,000 Wellman, Inc. First Lien Term Loan, 8.911%
due 2/10/2009 7,040,000
--------------
11,464,720
Commercial Services & 628,168 Allied Waste North America, Inc. Term Loan,
Supplies - 6.7% 6.28% - 7.14% due 1/15/2012 599,901
378,159 Allied Waste North America, Inc. Tranche A Credit
Linked Deposit, 5.121% due 1/15/2012 361,142
296,287 Aramark Corp. Letter of Credit, 5.198% due 1/30/2014 282,509
4,145,552 Aramark Corp. Term Loan B, 7.198% due 1/30/2014 3,952,784
1,687,893 Euramax International Plc First Lien Term Loan,
8.244% due 6/29/2012 1,513,478
3,000,000 Euramax International Plc Second Lien Term Loan,
13.244% due 6/29/2013 2,572,500
1,140,917 John Maneely Co. Term Loan B, 8.125% - 8.499%
due 12/15/2013 1,017,454
689,325 Metokote Corp. Second Lien Term Loan,
7.76% - 8.55% due 11/27/2011 661,752
1,725,712 NES Rentals Holdings, Inc. Term Loan C, 11.875%
due 7/12/2013 1,622,169
7,000,359 Waste Services, Inc. Term Loan D, 6.92% - 8.05%
due 3/31/2011 6,807,849
1,980,037 West Corp. Term Loan, 7.128% - 7.468% due 10/31/2013 1,885,986
--------------
21,277,524
Computers & Peripherals - 0.7% 418,690 Intergraph Corp. Term Loan, 6.819% - 7.506%
due 5/15/2014 403,513
1,870,244 Reynolds and Reynolds Co. First Lien Term Loan,
7.198% due 10/31/2012 1,807,123
--------------
2,210,636
Construction Materials - 0.2% 781,250 Headwaters, Inc. Term Loan B-1, 6.79%
due 4/30/2011 760,602
Containers & Packaging - 1.5% 1,116,498 Anchor Glass Container Corp. Term Loan B,
7.003% - 7.791% due 5/03/2013 1,083,003
1,990,000 Graham Packaging Co. LP Term Loan B, 7.50% - 8%
due 4/15/2011 1,904,804
995,000 Graphic Packaging International Corp. Term Loan B,
7.018% - 7.51% due 8/08/2010 961,730
919,962 Solo Cup Co. Term Loan, 8.21% - 8.54%
due 2/27/2011 909,324
--------------
4,858,861
Distributors - 0.4% 1,488,750 Keystone Automotive Operations, Inc. Term Loan B,
8.206% - 8.699% due 1/15/2012 1,349,801
Diversified Financial 3,000,000 J.G. Wentworth Manufacturing Term Loan B, 7.45%
Services - 0.9% due 4/15/2014 2,797,500
Diversified Telecommunication 1,702,542 Winstar Communications Debtor In Possession,
Services - 0.8% 6.366% due 12/31/2006 (m) 2,653,127
Electrical Equipment - 0.2% 742,500 Generac Power Systems, Inc. First Lien Term Loan,
7.73% due 11/15/2013 638,815
Energy Equipment & 1,484,712 Dresser, Inc. First Lien Term Loan, 7.319% - 7.449%
Services - 0.9% due 5/15/2014 1,417,900
1,000,000 Dresser, Inc. Second Lien Term Loan, 11.129%
due 5/15/2015 947,500
85,714 MEG Energy Corp. Delayed Draw Term Loan, 7.23%
due 4/02/2008 82,429
492,500 MEG Energy Corp. Term Loan B, 7.20%
due 4/03/2013 477,233
--------------
2,925,062
Food & Staples Retailing - 1.9% 750,000 Bolthouse Farms, Inc. Second Lien Term Loan,
10.698% due 12/01/2013 736,875
229,462 Dole Food Co., Inc. Letter of Credit, 5.113%
due 4/12/2013 215,178
508,544 Dole Food Co., Inc. Term Loan B, 6.938% - 9.25%
due 4/12/2013 476,888
1,695,149 Dole Food Co., Inc. Term Loan C, 6.938% - 8.50% due
4/04/2013 1,589,626
967,874 Eight O'Clock Coffee Second Lien Term Loan, 8%
due 7/21/2012 929,159
496,250 McJunkin Corp. Term Loan B, 8.448% due 1/30/2014 490,047
1,401,962 Pierre Foods, Inc. Term Loan B, 8.88% due 6/30/2010 1,368,666
248,750 Sturm Foods, Inc. First Lien Term Loan, 7.563%
due 1/30/2014 222,631
--------------
6,029,070
Food Products - 0.3% 968,750 Jetro Holdings, Inc. Term Loan, 7.74% due 5/11/2014 930,000
Health Care Equipment & 2,000,000 Biomet, Inc. Term Loan B, 8.203% due 12/28/2014 1,972,272
Supplies - 0.9% 1,000,000 ReAble Therapeutics Finance LLC Term Loan, 8.002%
due 5/14/2014 986,875
--------------
2,959,147
Health Care Providers & 489,827 Sterigenics International, Inc. Term Loan B,
Services - 0.1% 7.76% - 7.95% due 11/30/2013 470,234
Hotels, Restaurants & 2,962,500 Cedar Fair LP Term Loan B, 6.753% due 8/30/2012 2,784,009
Leisure - 3.8% 744,375 Greenwood Racing, Inc. Term Loan, 7.01% - 7.80%
due 11/15/2013 707,156
1,197,000 Las Vegas Sands LLC Term Loan B, 6.95%
due 5/04/2014 1,129,397
1,246,875 OSI Restaurant Partners, Inc. Term Loan B, 7%
due 5/15/2014 1,134,656
987,500 QCE LLC First Lien Term Loan, 7.45% due 5/05/2013 931,816
1,000,000 Riviera Holdings Corp. Term Loan B, 7.20%
due 5/11/2017 970,000
1,500,000 Venetian Macau US Finance Co. LLC Delay Draw
Term Loan, 7.45% due 5/25/2012 1,432,500
3,000,000 Venetian Macau US Finance Co. LLC Term Loan B,
7.60% due 5/25/2013 2,865,000
--------------
11,954,534
IT Services - 3.6% 1,638,379 Activant Solutions Term Loan B, 6.938% - 7.50%
due 5/02/2013 1,535,981
500,000 Audio Visual Services Corp. Second Lien Term Loan,
10.67% due 9/15/2014 477,500
2,000,000 Audio Visual Services Corp. Term Loan B, 7.42%
due 3/15/2014 1,917,500
750,000 First Data Corp. Term Loan B, 7.96% due 9/24/2014 709,594
693,977 RedPrairie Corp. Term Loan, 8.063% - 9.50%
due 7/31/2012 676,628
297,750 RedPrairie Corp. Term Loan, 8.75% due 1/31/2013 285,840
5,500,000 SunGard Data Systems, Inc. Term Loan B, 6.898%
due 2/11/2013 5,298,909
496,250 SunGard Data Systems, Inc. Term Loan B, 6.898%
due 2/28/2014 478,106
--------------
11,380,058
Independent Power Producers & 2,000,000 TXU Corp. Term Loan 3, 8.396% due 10/10/2014 1,965,454
Energy Traders - 0.9% 1,000,000 TXU Corp. Term Loan B 2, 8.396% due 10/14/2029 981,250
--------------
2,946,704
Insurance - 0.2% 500,000 Alliant Insurance Services Term Loan B, 7.99%
due 10/23/2014 478,750
Leisure Equipment & 1,331,110 Fender Musical Instruments Corp. Term Loan B, 7.65%
Products - 0.4% due 5/25/2014 1,217,966
Machinery - 3.7% 995,000 Harrington Holdings, Inc. Term Loan, 7.448%
due 1/15/2014 957,688
1,720,588 Invensys Plc Term Loan, 7.244% due 1/15/2011 1,703,382
1,529,412 Invensys Plc Term Loan A, 6.898% due 12/15/2010 1,491,176
1,000,000 Lincoln Industrial Second Lien Term Loan, 10.41% due
12/18/2014 980,000
997,500 Maxim Crane Term Loan B, 6.793% - 8.50%
due 6/14/2014 922,688
1,066,667 Navistar International Transportation Corp. Revolving Credit,
4.794% - 8.234% due 6/30/2012 1,032,000
2,933,333 Navistar International Transportation Corp. Term Loan,
8.234% due 6/30/2012 2,838,000
1,975,000 OshKosh Truck Corp. Term Loan B, 7.45%
due 11/30/2013 1,903,631
--------------
11,828,565
Media - 14.5% 2,000,000 Affinion Group, Inc. Term Loan, 11.678%
due 3/01/2012 1,900,000
4,659,135 Cequel Communications LLC Second Lien Term Loan,
10.911% due 5/04/2014 4,373,763
1,643,156 Cequel Communications LLC Term Loan B,
6.66% - 8.50% due 11/05/2013 1,534,484
8,000,000 Charter Communications, Inc. Term Loan B, 6.99% due
4/30/2014 7,444,616
973,460 ClientLogic Holding Corp. Term Loan B,
7.253% - 7.698% due 1/30/2014 878,548
4,000,000 Ellis Communications Term Loan, 10% due 12/30/2011 3,980,000
605,797 GateHouse Media Operating, Inc. Delay Draw Term Loan,
7.07% - 7.25% due 9/15/2014 537,429
1,500,000 GateHouse Media Operating, Inc. Term Loan B, 7.07%
due 9/15/2014 1,330,715
995,000 Hanley-Wood LLC Term Loan B, 7.474% - 7.499%
due 3/07/2014 771,125
2,977,500 Idearc, Inc. Term Loan B, 7.20% due 11/15/2014 2,847,234
5,000,000 Insight Midwest Holdings LLC Delay Draw Term Loan,
7% due 4/03/2014 4,825,000
748,125 Knology, Inc. Term Loan B, 7.48% due 3/15/2012 714,459
1,982,665 Mediacom Communications Term Loan D, 6.53%
due 1/31/2015 1,863,705
2,548,244 Mediacom LLC Term Loan C, 6.53% due 1/31/2015 2,387,159
3,465,005 Nielsen Finance LLC Term Loan B, 6.915% - 7.146%
due 8/15/2013 3,281,647
746,250 Penton Media Term Loan, 7.234% - 7.448% due 2/15/2013 685,617
479,022 Riverdeep Group Ltd. Bridge Loan, 12.438%
due 12/21/2007 474,232
1,244,984 Riverdeep Group Ltd. Term Loan B, 7.948%
due 12/21/2013 1,233,832
1,500,000 Thomson Learning Inc. Term Loan, 7.95% due 6/30/2014 1,422,708
107,383 Univision Communications, Inc. Delay Draw Term Loan,
7.003% due 9/30/2014 98,344
3,758,389 Univision Communications, Inc. Delay Draw Term Loan,
7.21% due 9/30/2014 3,442,057
--------------
46,026,674
Multi-Utilities - 0.1% 500,000 Brand Energy & Infrastructure Services, Inc. Letter of
Credit, 7.50% due 2/15/2014 475,000
Oil, Gas & Consumable 447,500 Big West Oil & Gas Term Loan B, 7.448% due 5/15/2014 429,600
Fuels - 2.9% 4,000,000 Frontier Drilling Term Loan B, 8.99% due 6/21/2013 3,900,000
997,500 Petroleum Geo-Services ASA Term Loan B, 6.95% due
6/30/2015 966,744
1,000,000 SandRidge Energy, Inc. Term Loan B, 8.854%
due 3/01/2014 995,000
2,000,000 Scorpion Drilling Ltd. Second Lien Term Loan,
12.293% due 5/05/2015 2,090,000
926,250 Western Refining Co. LP Term Loan B, 6.559%
due 3/15/2014 888,428
--------------
9,269,772
Paper & Forest Products - 0.3% 27,448 Cenveo, Inc. Delay Draw Term Loan, 6.988%
due 9/07/2013 26,042
823,744 Cenveo, Inc. Term Loan C, 6.988% due 9/07/2013 781,528
--------------
807,570
Pharmaceuticals - 0.9% 2,992,500 Pharmaceutical Technologies & Services (PTS) Term
Loan, 7.448% due 4/15/2014 2,841,005
Real Estate Management & 5,000,000 LNR Property Corp. Term Loan B, 7.63%
Development - 2.3% due 7/12/2011 4,775,000
3,000,000 Realogy Corp. Letter of Credit, 4.976% due 9/22/2014 2,613,000
--------------
7,388,000
Road & Rail - 0.5% 1,686,047 Swift Transportation Co., Inc. Term Loan B, 7.938%
due 5/15/2014 1,427,345
Specialty Retail - 0.9% 1,995,000 ADESA, Inc. Term Loan B, 7.45% due 10/30/2013 1,883,493
493,530 Burlington Coat Factory Warehouse Corp.
Term Loan B, 7.32% due 4/15/2013 444,999
746,250 Claire's Stores Term Loan B, 7.948% due 5/24/2014 654,602
--------------
2,983,094
Trading Companies & 728,561 United Rentals, Inc. Term Loan, 6.658%
Distributors - 0.3% due 2/14/2011 708,070
306,466 United Rentals, Inc. Tranche B Credit Linked Deposit,
5.32% due 2/14/2011 297,846
--------------
1,005,916
Wireless Telecommunication 2,750,000 Centennial Cellular Operating Co. Term Loan,
Services - 1.3% 7.081% - 7.198% due 2/09/2011 2,667,500
997,500 IPC Systems First Lien Term Loan, 7.448%
due 5/25/2014 882,788
609,626 NG Wireless Term Loan, 7.559% - 7.948%
due 7/31/2014 600,481
--------------
4,150,769
Total Floating Rate Loan Interests
(Cost - $191,675,173) - 58.0% 184,236,282
Shares
Held Common Stocks
Chemicals - 0.0% 142,466 GEO Specialty Chemicals, Inc. (e) 142,466
Containers & Packaging - 0.1% 18,171 Smurfit Kappa Plc (e) 316,341
Hotels, Restaurants & Leisure - 0.2% 41,866 Lodgian, Inc. (e) 479,784
Total Common Stocks (Cost - $2,818,960) - 0.3% 938,591
Warrants (k)
Wireless Telecommunication 600 American Tower Corp. (expires 8/01/2008) 382,800
Services - 0.1%
Total Warrants (Cost - $39,036) - 0.1% 382,800
Beneficial
Interest Other Interests (c)
Auto Components - 0.0% $ 4,130,972 Cambridge Industries, Inc. (Litigation Trust Certificates) 41
Media - 0.0% 2,500 Adelphia Preferred Escrow 0
250,000 Adelphia Recovery Trust Series ACC-6B INT 25
--------------
25
Total Other Interests (Cost - $25) - 0.0% 66
Short-Term Securities
3,758,172 BlackRock Liquidity Series,
LLC Cash Sweep Series, 4.75% (d)(h) 3,758,172
Total Short-Term Securities (Cost - $3,758,172) - 1.2% 3,758,172
Total Investments (Cost - $441,645,651*) - 130.1% 413,611,303
Liabilities in Excess of Other Assets - (30.1%) (95,632,821)
--------------
Net Assets - 100.0% $ 317,978,482
==============
* The cost and unrealized appreciation (depreciation) of investments
as of November 30, 2007, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 441,371,761
======================
Gross unrealized appreciation $ 5,356,649
Gross unrealized depreciation (33,117,107)
----------------------
Net unrealized depreciation $ (27,760,458)
======================
(a) Convertible security.
(b) Floating rate security.
(c) Other interests represent beneficial interest in liquidation trusts and
other reorganization entities and are non-income producing.
(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 $ (1,092,453) $ 167,727
(e) Non-income producing security.
(f) Non-income producing security; issuer filed for bankruptcy or is in
default of interest payments.
(g) Represents a pay-in-kind security which may pay interest/dividends in
additional face/shares.
(h) Represents the current yield as of November 30, 2007.
(i) Subject to principal paydowns.
(j) The security may be offered and sold to "qualified institutional buyers"
under Rule 144A of the Securities Act of 1933.
(k) Warrants entitle the Fund to purchase a predetermined number of shares
of common stock and are non-income producing. The purchase price and
number of shares are subject to adjustment under certain conditions
until the expiration date.
(l) Floating rate loan interests in which the Fund invests generally pay
interest at rates that are periodically determined 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 LIBOR (London InterBank Offered Rate), (ii) the prime rate offered
by one or more U.S. banks, or (iii) the certificate of deposit rate.
(m) As a result of bankruptcy proceedings, the company did not repay the
principal amount of 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 November 30, 2007 were as follows:
Unrealized
Notional Appreciation
Amount (Depreciation)
Sold credit default protection on
Ford Motor Credit Company and
receive 2.05%
Broker, Deutsche Bank AG London
Expires March 2010 $ 5,000,000 $ (317,370)
Bought credit default protection on
Frontier Drilling and pay 3.45%
Broker, Lehman Brothers Special Finance
Expires, September 2012 $ 1,750,000 42,716
Bought credit default protection on
Frontier Drilling ASA and pay 4.00%
Broker, Lehman Brothers Special Finance
Expires, September 2012 $ 1,500,000 10,056
-------------
Total $ (264,598)
=============
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 and 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/ Donald C. Burke
-------------------
Donald C. Burke,
Chief Executive Officer of
BlackRock Senior High Income Fund, Inc.
Date: January 16, 2008
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/ Donald C. Burke
-------------------
Donald C. Burke,
Chief Executive Officer (principal executive officer) of
BlackRock Senior High Income Fund, Inc.
Date: January 16, 2008
By: /s/ Neal J. Andrews
-------------------
Neal J. Andrews,
Chief Financial Officer (principal financial officer) of
BlackRock Senior High Income Fund, Inc.
Date: January 16, 2008