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: 08/31/2007
Date of reporting period: 09/01/06 - 11/30/06
Item 1 - Schedule of Investments
BlackRock Senior High Income Fund, Inc.
Schedule of Investments as of November 30, 2006 (in U.S. dollars)
Face
Industry Amount Corporate Bonds Value
Aerospace & $ 190,000 Argo-Tech Corp., 9.25% due 6/01/2011 $ 197,125
Defense - 1.7% 250,000 Bombardier, Inc., 8% due 11/15/2014 (i) 251,250
5,510,000 Vought Aircraft Industries, Inc., 8% due 7/15/2011 5,289,600
---------------
5,737,975
Automobiles - 0.2% 750,000 United Auto Group, Inc., 7.75% due 12/15/2016 (i) 750,000
Automotive - 3.2% 1,250,000 Delco Remy International, Inc., 9.374% due 4/15/2009 (f) 1,178,125
250,000 Ford Motor Credit Co., 9.824% due 4/15/2012 (f) 264,602
5,070,000 The Goodyear Tire & Rubber Co., 9.14% due 12/01/2009 (f)(i) 5,089,012
910,000 The Goodyear Tire & Rubber Co., 8.625% due 12/01/2011 (i) 923,650
2,220,000 Lear Corp., 8.75% due 12/01/2016 (i) 2,186,700
1,175,000 Metaldyne Corp., 11% due 6/15/2012 1,154,437
700,000 Venture Holdings Co. LLC, 12% due 6/01/2009 (c) 0
3,325,000 Venture Holdings Co. LLC Series B, 9.50% due 7/01/2005 (b) 13,300
---------------
10,809,826
Broadcasting - 0.5% 500,000 LIN Television Corp. Series B, 6.50% due 5/15/2013 475,000
1,325,000 Paxson Communications Corp., 8.624% due 1/15/2012 (f)(i) 1,338,250
---------------
1,813,250
Cable - International - 0.1% 350,000 NTL Cable Plc, 8.75% due 4/15/2014 365,750
Cable - U.S. - 7.7% 1,800,000 CSC Holdings, Inc., 7.25% due 7/15/2008 1,822,500
2,275,000 Cablevision Systems Corp. Series B, 9.87% due 4/01/2009 (f) 2,383,062
1,750,000 Charter Communications Holdings LLC, 10% due 4/01/2009 1,688,750
1,000,000 Charter Communications Holdings LLC, 11.75%
due 1/15/2010 945,000
2,000,000 Charter Communications Holdings LLC,
11.125% due 1/15/2011 1,840,000
1,000,000 Charter Communications Holdings LLC, 10% due 5/15/2011 897,500
1,115,000 Intelsat Subsidiary Holding Co. Ltd., 10.484% due 1/15/2012 (f) 1,128,937
1,675,000 Intelsat Subsidiary Holding Co. Ltd., 8.25% due 1/15/2013 1,706,406
2,400,000 Intelsat Subsidiary Holding Co. Ltd., 8.625% due 1/15/2015 2,493,000
1,875,000 Mediacom LLC, 9.50% due 1/15/2013 1,926,562
3,410,000 PanAmSat Corp., 9% due 6/15/2016 (i) 3,584,763
5,250,000 Rainbow National Services LLC, 8.75% due 9/01/2012 (i) 5,512,500
---------------
25,928,980
Chemicals - 9.0% 1,350,000 ArCo Chemical Co., 9.80% due 2/01/2020 1,535,625
2,250,000 Compass Minerals International, Inc. Series B,
12% due 6/01/2013 (j) 2,137,500
4,382,000 GEO Specialty Chemicals, Inc., 13.867% due 12/31/2009 (h) 3,615,150
616,000 Huntsman International, LLC, 9.875% due 3/01/2009 636,020
1,650,000 Lyondell Chemical Co., 11.125% due 7/15/2012 1,786,125
3,950,000 Lyondell Chemical Co., 8% due 9/15/2014 4,073,437
830,000 Lyondell Chemical Co., 8.25% due 9/15/2016 863,200
1,200,000 Millennium America, Inc., 7.625% due 11/15/2026 1,068,000
430,000 Momentive Performance Materials, Inc., 10.125%
due 12/01/2014 (i) 432,688
5,675,000 Nova Chemicals Corp., 8.502% due 11/15/2013 (f) 5,689,188
5,350,000 Omnova Solutions, Inc., 11.25% due 6/01/2010 5,724,500
1,000,000 PolyOne Corp., 6.89% due 9/22/2008 962,500
1,322,000 Rockwood Specialties Group, Inc., 10.625% due 5/15/2011 1,407,930
700,000 Tronox Worldwide LLC, 9.50% due 12/01/2012 728,000
---------------
30,659,863
Consumer - Durables - 1.3% 4,450,000 Simmons Bedding Co., 7.875% due 1/15/2014 4,427,750
Consumer - Non- 4,725,000 Hines Nurseries, Inc., 10.25% due 10/01/2011 3,803,625
Durables - 3.3% 2,000,000 Levi Strauss & Co., 10.122% due 4/01/2012 (f) 2,060,000
2,125,000 North Atlantic Trading Co., 9.25% due 3/01/2012 1,880,625
3,525,000 Quiksilver, Inc., 6.875% due 4/15/2015 3,441,281
---------------
11,185,531
Diversified Media - 2.0% 120,000 Affinion Group, Inc., 10.125% due 10/15/2013 126,900
500,000 Affinion Group, Inc., 11.50% due 10/15/2015 527,500
1,960,000 Idearc, Inc., 8% due 11/15/2016 (i) 1,991,850
245,000 Network Communications, Inc., 10.75% due 12/01/2013 247,756
1,350,000 Nielsen Finance LLC, 10% due 8/01/2014 (i) 1,427,625
2,450,000 Universal City Florida Holding Co. I, 10.121% due 5/01/2010 (f) 2,517,375
---------------
6,839,006
Energy - Exploration & 200,000 Berry Petroleum Co., 8.25% due 11/01/2016 200,000
Production - 2.7% 1,500,000 Chaparral Energy, Inc., 8.50% due 12/01/2015 1,500,000
3,000,000 Compton Petroleum Finance Corp., 7.625% due 12/01/2013 2,850,000
4,120,000 Sabine Pass LNG LP, 7.50% due 11/30/2016 (i) 4,125,150
540,000 Stone Energy Corp., 8.124% due 7/15/2010 (f)(i) 535,950
---------------
9,211,100
Energy - Other - 2.7% 974,000 Dresser-Rand Group, Inc., 7.375% due 11/01/2014 978,870
5,000,000 Ocean RIG ASA, 9.37% due 4/04/2011 4,975,000
3,025,000 SemGroup LP, 8.75% due 11/15/2015 (i) 3,055,250
---------------
9,009,120
Financial - 1.7% 4,000,000 Highland Legacy Ltd. CLO, 11.621% due 6/01/2011 (f)(i) 4,010,800
500,000 Investcorp SA, 7.54% due 10/21/2008 507,439
290,000 NCO Group, Inc., 10.244% due 11/15/2013 (f)(i) 287,100
1,000,000 Pennant CBO Ltd., 13.43% due 3/14/2011 (i) 800,000
---------------
5,605,339
Gaming - 5.4% 5,925,000 CCM Merger, Inc., 8% due 8/01/2013 (i) 5,717,625
5,450,000 Galaxy Entertainment Finance Co. Ltd., 10.354%
due 12/15/2010 (f)(i) 5,831,500
550,000 Galaxy Entertainment Finance Co. Ltd., 9.875%
due 12/15/2012 (i) 587,125
2,000,000 Inn of the Mountain Gods Resort & Casino, 12% due
11/15/2010 2,130,000
1,210,000 Little Traverse Bay Bands of Odawa Indians, 10.25%
due 2/15/2014 (i) 1,216,050
300,000 Penn National Gaming, Inc., 6.75% due 3/01/2015 294,750
1,000,000 Station Casinos, Inc., 7.75% due 8/15/2016 1,028,750
1,500,000 Tunica-Biloxi Gaming Authority, 9% due 11/15/2015 (i) 1,548,750
---------------
18,354,550
Health Care - 2.6% 1,875,000 CDRV Investors, Inc., 9.75% due 1/01/2015 (j) 1,462,500
1,650,000 Elan Finance Plc, 7.75% due 11/15/2011 1,604,625
2,325,000 Elan Finance Plc, 9.374% due 11/15/2011 (f) 2,313,375
3,000,000 Tenet Healthcare Corp., 7.375% due 2/01/2013 2,737,500
700,000 VWR International, Inc., 8% due 4/15/2014 714,000
---------------
8,832,000
Housing - 3.8% 1,831,000 Goodman Global Holding Co., Inc., 8.36% due 6/15/2012 (f) 1,867,620
4,750,000 Goodman Global Holding Co., Inc., 7.875% due 12/15/2012 4,583,750
4,000,000 Masonite Corp., 11% due 4/06/2015 (i) 3,640,000
500,000 Scranton Products, Inc., 10.50% due 7/01/2013 508,750
2,500,000 Technical Olympic USA, Inc., 8.25% due 4/01/2011 (i) 2,362,500
---------------
12,962,620
Information 3,800,000 Amkor Technology, Inc., 9.25% due 2/15/2008 3,857,000
Technology - 4.8% 2,365,000 Freescale Semiconductor, Inc., 9.125% due 12/15/2014 (i)(l) 2,365,000
430,000 Freescale Semiconductor, Inc., 9.244% due 12/15/2014 (f)(i) 428,387
495,000 Freescale Semiconductor, Inc., 10.125% due 12/15/2016 (i) 500,569
765,000 MagnaChip Semiconductor SA, 8.61% due 12/15/2011 (f) 680,850
4,675,000 SunGard Data Systems, Inc., 9.125% due 8/15/2013 4,902,906
2,325,000 SunGard Data Systems, Inc., 9.973% due 8/15/2013 (f) 2,415,094
1,075,000 Telcordia Technologies, Inc., 10% due 3/15/2013 (i) 924,500
---------------
16,074,306
Leisure - 0.5% 2,000,000 True Temper Sports, Inc., 8.375% due 9/15/2011 1,785,000
Manufacturing - 1.8% 3,000,000 Communications & Power Industries, Inc., 8% due 2/01/2012 3,045,000
1,838,000 Invensys Plc, 9.875% due 3/15/2011 (i) 1,980,445
1,020,000 NXP B.V., 9.50% due 10/15/2015 (i) 1,046,775
---------------
6,072,220
Metal - Other - 4.6% 1,000,000 Indalex Holding Corp., 11.50% due 2/01/2014 1,070,000
2,950,000 Indalex Holding Corp., 11.50% due 2/01/2014 (i) 3,075,375
5,000,000 James River Coal Co., 9.375% due 6/01/2012 4,400,000
4,530,000 Peabody Energy Corp., 7.375% due 11/01/2016 4,762,163
2,225,000 RathGibson, Inc., 11.25% due 2/15/2014 2,336,250
---------------
15,643,788
Packaging - 1.8% 4,285,000 Packaging Dynamics Finance Corp., 10% due 5/01/2016 (i) 4,306,425
2,000,000 Wise Metals Group LLC, 10.25% due 5/15/2012 1,760,000
---------------
6,066,425
Paper - 10.1% 3,275,000 Abitibi-Consolidated, Inc., 8.86% due 6/15/2011 (f) 3,111,250
4,975,000 Ainsworth Lumber Co. Ltd., 9.117% due 10/01/2010 (f) 4,203,875
2,500,000 Ainsworth Lumber Co. Ltd., 9.367% due 4/01/2013 (f) 1,968,750
1,100,000 Boise Cascade LLC, 8.249% due 10/15/2012 (f) 1,102,750
350,000 Boise Cascade LLC, 7.125% due 10/15/2014 336,000
7,475,000 Bowater, Inc., 8.36% due 3/15/2010 (f) 7,549,750
1,775,000 Domtar, Inc., 7.125% due 8/15/2015 1,699,562
485,000 Graphic Packaging International Corp., 9.50% due 8/15/2013 499,550
5,150,000 JSG Funding Plc, 7.75% due 4/01/2015 4,944,000
5,175,000 NewPage Corp., 11.621% due 5/01/2012 (f) 5,601,938
800,000 Smurfit-Stone Container Enterprises, Inc., 8.375% due 7/01/2012 774,000
2,300,000 Verso Paper Holdings LLC, 9.121% due 8/01/2014 (f)(i) 2,346,000
250,000 Verso Paper Holdings LLC, 11.375% due 8/01/2016 (i) 260,000
---------------
34,397,425
Pharmaceuticals - 0.8% 2,690,000 Angiotech Pharmaceuticals, Inc., 9.103% due 12/01/2013 (i) 2,690,000
Retail - 1.9% 1,780,000 Michaels Stores, Inc., 10% due 11/01/2014 (i) 1,817,825
2,250,000 Neiman-Marcus Group, Inc., 9% due 10/15/2015 2,438,438
2,000,000 Neiman-Marcus Group, Inc., 10.375% due 10/15/2015 2,212,500
---------------
6,468,763
Service - 3.8% 2,700,000 Ahern Rentals, Inc., 9.25% due 8/15/2013 2,808,000
2,325,000 MSW Energy Holdings LLC, 8.50% due 9/01/2010 2,418,000
2,000,000 Neff Rental LLC, 11.25% due 6/15/2012 2,175,000
5,450,000 United Rentals North America, Inc., 7.75% due 11/15/2013 5,450,000
---------------
12,851,000
Telecommunications - 2.9% 1,045,000 Cincinnati Bell, Inc., 7.25% due 7/15/2013 1,071,125
1,200,000 Nordic Telephone Co. Holdings ApS, 8.875% due 5/01/2016 (i) 1,269,000
240,000 Nortel Networks Ltd., 9.624% due 7/15/2011 (f)(i) 249,000
4,000,000 Qwest Communications International, Inc.,
8.874% due 2/15/2009 (f) 4,045,000
1,025,000 Qwest Corp., 8.61% due 6/15/2013 (f) 1,110,844
2,000,000 Time Warner Telecom Holdings, Inc., 9.25% due 2/15/2014 2,130,000
---------------
9,874,969
Utility - 1.1% 450,000 Conexant Systems, Inc., 9.124% due 11/15/2010 (f)(i) 455,062
240,000 Dynegy Holdings, Inc., 8.375% due 5/01/2016 249,600
2,000,000 El Paso Performance-Linked Trust, 7.75% due 7/15/2011 (i) 2,070,000
210,000 Reliant Energy, Inc., 9.50% due 7/15/2013 223,388
725,000 Williams Cos., Inc., 8.625% due 6/01/2010 762,877
---------------
3,760,927
Wireless 1,500,000 Rural Cellular Corp., 8.25% due 3/15/2012 1,556,250
Communications - 0.5%
Total Corporate Bonds (Cost - $284,320,114) - 82.5% 279,733,733
Floating Rate Loan Interests**
Aerospace & Defense - 1.4% 4,736,111 Standard Aero Holdings Term Loan, 7.57% - 7.63% due 8/24/2012 4,744,991
Airlines - 0.1% 500,000 Delta Air Lines Debtor in Possession Term Loan B,
10.118% due 3/16/2008 503,203
Automotive - 6.6% 5,000,000 General Motors Acceptance Corp. Term Loan B,
7.745% due 11/17/2013 5,000,000
1,851,852 Intermet Corp. First Lien Term Loan, 10.39% due 11/08/2010 1,416,667
648,148 Intermet Corp. Letter of Credit, 10.32% due 11/08/2010 495,833
1,995,000 JL French Corp. First Lien Term Loan, 8.375% due 6/05/2011 1,882,781
1,850,213 Metaldyne Corp. Term Loan D, 9.875% due 12/31/2009 1,853,105
4,000,000 Metaldyne Corp. Term Loan D, 3.50% - 9.875% due 8/18/2011 4,000,000
269,660 Metaldyne Term Loan D, 9.875% - 10.125% due 12/31/2009 270,081
1,092,618 Tenneco Automotive, Inc. Term Loan B, 7.36% due 12/12/2010 1,096,374
479,968 Tenneco Automotive, Inc. Tranche B-1 Credit Linked Deposit,
7.32% due 12/12/2010 481,618
1,163,001 United Components, Inc. Term Loan D, 7.63% due 6/30/2012 1,165,908
4,750,000 Visteon Corp. Term Loan B, 8.61% due 6/13/2013 4,745,250
---------------
22,407,617
Broadcasting - 1.2% 4,000,000 Ellis Communications Term Loan, 10% due 12/30/2011 3,990,000
Cable - U.S. - 10.5% 5,000,000 Adelphia Communications Corp. Term Loan B,
10.25% due 6/30/2009 4,877,715
4,158,981 Cebridge Connections Second Lien Term Loan,
11.376% due 5/04/2014 4,138,186
2,155,172 Cebridge Connections Term Loan B, 7.62% due 11/05/2013 2,147,933
3,000,000 Century Cable Holdings LLC Discretionary Term Loan, 10.25%
due 12/31/2009 2,923,125
8,000,000 Charter Communications, Inc. Term Loan B, 8.005%
due 4/28/2013 8,050,504
3,750,000 Insight Midwest Holdings LLC Delayed Draw Term Loan,
7.61% due 4/03/2014 3,767,813
1,250,000 Insight Midwest Holdings LLC Term Loan B,
7.61% due 4/06/2014 1,255,938
1,997,648 Mediacom Communications Term Loan D, 6.82% - 7.37%
due 1/31/2015 1,986,099
2,567,500 Mediacom LLC Term Loan C, 6.87% - 7.27% due 1/31/2015 2,557,872
4,000,000 Olympus Cable Holdings LLC Term Loan B, 10.25%
due 9/30/2010 3,903,124
---------------
35,608,309
Chemicals - 4.7% 2,666,250 CII Carbon Term Loan B, 7.375% - 7.438% due 8/23/2012 2,666,250
2,406,580 Celanese Holdings LLC Term Loan B, 7.37% due 4/06/2011 2,409,997
1,540,673 Huntsman ICI Holdings Term Loan B, 7.07% due 8/16/2012 1,538,105
1,576,000 Rockwood Specialties Group, Inc. Tranche D Term Loan,
7.376% due 12/13/2012 1,581,910
8,000,000 Wellman, Inc. First Lien Term Loan, 9.371% due 2/10/2009 7,855,000
---------------
16,051,262
Consumer - Non- 1,193,749 Culligan International Co. Term Loan, 7.07% due 9/30/2011 1,194,495
Durables - 0.8% 1,458,750 Solo Cup Co. Term Loan, 9.75% due 2/27/2011 1,461,711
---------------
2,656,206
Diversified Media - 1.9% 3,000,000 Idearc, Inc. Term Loan B, 7.32% due 11/15/2014 3,013,314
2,000,000 Nielsen Finance LLC Term Loan B, 8.125% due 8/09/2013 2,005,416
1,500,000 Nielsen Finance LLC Term Loan B, 8.125% due 8/15/2013 1,504,062
---------------
6,522,792
Energy - Exploration & 6,000,000 Frontier Drilling Term Loan B, 8.68% due 6/21/2013 6,000,000
Production - 1.9% 497,500 MEG Energy Corp. Term Loan B, 7.375% due 4/03/2013 497,944
---------------
6,497,944
Energy - Other - 2.3% 332,500 Alon USA, Inc. Delayed Draw, 7.62% - 7.896% due 6/22/2013 333,747
2,660,000 Alon USA, Inc. Term Loan B, 7.62% - 7.931% due 6/22/2013 2,669,975
330,000 Exco Resources, Inc. Second Lien Term Loan,
11.375% - 11.438% due 10/31/2011 333,300
2,481,250 Key Energy Services, Inc. Term Loan B, 9.07% - 9.12%
due 6/30/2012 2,487,453
2,000,000 Scorpion Drilling Ltd. Second Lien Term Loan,
13.57% due 5/05/2015 2,060,000
---------------
7,884,475
Financial - 1.3% 4,250,000 JG Wentworth Manufacturing Term Loan, 8.867% due 4/12/2011 4,287,188
Food & Tobacco - 3.4% 750,000 Bolthouse Farms, Inc. Second Lien Term Loan,
10.867% due 12/16/2013 755,000
1,867,833 Commonwealth Brands Term Loan, 7.688% due 12/22/2012 1,877,639
500,000 DS Waters Enterprises, LP Term Loan B, 7.82% due 11/15/2012 500,625
465,116 Dole Food Co., Inc. Letter of Credit, 5.244% - 7.438%
due 4/12/2013 459,819
1,041,279 Dole Food Co., Inc. Term Loan B, 7.438% - 9.25%
due 4/12/2013 1,029,419
3,470,930 Dole Food Co., Inc. Term Loan C, 7.438% - 9.25%
due 4/04/2013 3,431,396
1,000,000 Eight O'Clock Coffee Second Lien Term Loan, 8.125%
due 7/21/2012 1,000,000
1,426,667 Pierre Foods, Inc. Term Loan B, 7.50% due 6/30/2010 1,427,558
997,500 QCE LLC First Lien Term Loan, 7.63% due 5/05/2013 993,131
---------------
11,474,587
Gaming - 1.1% 750,000 Greenwood Racing, Inc. Term Loan, 7.57% due 11/15/2013 751,875
3,000,000 Venetian Macau U.S. Finance Co. LLC Term Loan B,
8.12% due 5/25/2013 3,013,875
---------------
3,765,750
Health Care - 1.0% 500,000 Sterigenics International, Inc. Term Loan B, 7.86%
due 11/30/2013 500,938
2,959,462 VWR International, Inc. Tranche B Term Loan, 7.63%
due 4/07/2011 2,965,012
---------------
3,465,950
Housing - 2.9% 2,336,169 Headwaters, Inc. Term Loan B-1, 7.38% due 4/30/2011 2,324,488
111,842 LIONS Gables Realty Term Loan B, 7.07% due 3/30/2007 111,865
5,000,000 LNR Property Corp. Term Loan B, 8.12% due 7/12/2011 5,010,415
2,500,000 Ply Gem Industries, Inc. First Lien Term Loan,
11.07% due 10/31/2011 2,515,625
---------------
9,962,393
Information 1,683,508 Activant Solutions Term Loan B, 7.375% due 5/02/2013 1,668,777
Technology - 3.0% 1,730,000 Fidelity National Information Solutions, Inc. Term Loan B,
7.07% due 3/08/2013 1,729,881
2,000,000 The Reynolds and Reynolds Company First Lien Term Loan,
7.82% due 10/31/2012 2,007,500
3,000,000 Sanmina-SCI Corp. Term Loan, 7.82% due 1/30/2008 3,006,000
1,662,188 Telcordia Technologies, Inc. Term Loan, 7.86% due 9/15/2012 1,617,516
---------------
10,029,674
Leisure - 0.9% 2,992,500 Cedar Fair LP Term Loan B, 7.867% due 8/30/2012 3,016,192
Manufacturing - 2.0% 1,529,412 Invensys Plc Bonding Tranche, 7.446% due 12/15/2010 1,537,059
1,720,588 Invensys Plc Term Loan, 7.398% due 1/15/2011 1,729,191
3,447,500 Metokote Corp. Second Lien Term Loan, 8.37% - 8.74%
due 11/27/2011 3,438,881
---------------
6,705,131
Metal - Other - 1.4% 2,005,263 Euramax International Plc Second Lien Term Loan,
12.489% due 6/29/2013 1,932,572
994,737 Euramax International Plc Second Lien Term Loan,
12.49% due 6/29/2013 958,678
1,700,843 Euramax International Plc Tranche 3 Term Loan B,
8.188% due 6/29/2012 1,702,119
---------------
4,593,369
Packaging - 1.2% 1,916,380 Anchor Glass Container Corp. Term Loan B,
7.617% - 7.62% due 5/03/2013 1,916,380
2,000,000 Graham Packaging Co. LP Second Lien Term Loan,
9.688% due 4/07/2012 2,018,750
---------------
3,935,130
Paper - 0.7% 2,500,000 Georgia-Pacific Corp. Second Lien Term Loan C, 8.39%
due 12/23/2013 2,505,370
Retail - 0.2% 175,051 General Nutrition Centers, Inc. Tranche B Term Loan,
8.07% due 12/05/2009 175,707
500,000 Petco Animal Supplies, Inc. Term Loan, 8.10% due 10/31/2012 501,750
---------------
677,457
Service - 3.1% 961,684 Allied Waste North America, Inc. Term Loan,
7.12% - 7.21% due 1/15/2012 959,742
382,057 Allied Waste North America, Inc. Tranche A Credit Linked
Deposit, 5.323% due 1/15/2012 381,381
2,000,000 NES Rentals Holdings, Inc. Term Loan C, 12.125% due 7/20/2013 2,011,666
736,111 United Rentals, Inc. Term Loan, 7.32% due 2/14/2011 738,565
333,333 United Rentals, Inc. Tranche B Credit Linked Deposit,
7.584% due 2/14/2011 334,444
3,900,000 Waste Services, Inc. Term Loan B, 8.32% - 8.58% due 3/31/2011 3,909,750
2,149,200 Waste Services, Inc. Term Loan B, 8.32% due 3/31/2011 2,162,633
---------------
10,498,181
Telecommunications - 0.7% 1,702,542 Winstar Communications Debtor in Possession,
6.366% due 12/31/2006 (c) 2,340,995
Utility - 1.3% 1,500,000 Calpine Corp. Second Lien Debtor in Possession,
9.367% due 12/20/2007 1,521,251
849,722 Covanta Delay Draw Term Loan, 7.621% due 6/30/2012 847,598
1,105,000 Covanta Energy Corp. Second Lien Term Loan,
10.871% due 6/24/2013 1,122,956
750,000 Generac Portable Products, Inc. First Lien Term Loan,
7.82% due 11/15/2013 752,344
---------------
4,244,149
Wireless 2,750,000 Centennial Cellular Operating Co. Term Loan,
Communications - 2.0% 7.617% - 7.62% due 2/09/2011 2,767,760
2,000,000 MetroPCS, Inc. Term Loan B, 7.875% due 11/15/2013 1,998,000
2,000,000 West Corp. Term Loan, 8.07% due 10/31/2013 1,996,072
---------------
6,761,832
Total Floating Rate Loan Interests
(Cost - $193,798,125) - 57.6% 195,130,147
Shares
Held Common Stocks
Chemicals - 0.0% 142,466 GEO Specialty Chemicals, Inc. (e) 142,466
Leisure - 0.2% 41,866 Lodgian, Inc. (e) 600,777
Total Common Stocks (Cost - $2,818,936) - 0.2% 743,243
Preferred Stocks
Cable - U.S. - 0.0% 2,500 Adelphia Communications Corp. Series B, 13% (e) 875
Total Preferred Stocks (Cost - $225,000) - 0.0% 875
Warrants (g)
Paper - 0.0% 3,500 MDP Acquisitions Plc (expires 10/01/2013) 70,000
Wireless Communications - 0.1% 600 American Tower Corp. (expires 8/01/2008) 320,443
Total Warrants (Cost - $39,036) - 0.1% 390,443
Beneficial
Interest Other Interests (d)
Automotive - 0.0% $ 4,130,972 Cambridge Industries, Inc. (Litigation Trust Certificates) 41
Health Care - 0.0% 10,284 MEDIQ Inc. (Preferred Stock Escrow due 2/01/2006) 0
Total Other Interests (Cost - $0) - 0.0% 41
Beneficial
Interest Short-Term Securities
$ 6,362,941 BlackRock Liquidity Series, LLC Cash Sweep
Series I, 5.26% (a)(k) 6,362,941
Total Short-Term Securities (Cost - $6,362,941) - 1.9% 6,362,941
Total Investments (Cost - $487,564,152*) - 142.3% 482,361,423
Liabilities in Excess of Other Assets - (42.3%) (143,407,523)
---------------
Net Assets - 100.0% $ 338,953,900
===============
* The cost and unrealized appreciation (depreciation) of investments
as of November 30, 2006, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 487,233,814
==================
Gross unrealized appreciation $ 9,789,064
Gross unrealized depreciation (14,661,455)
------------------
Net unrealized depreciation $ (4,872,391)
==================
** Floating rate loan interests in which the Fund invests generally
pay 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 Offered Rate ("LIBOR"), (ii) the prime
rate offered by one or more U.S. banks, or (iii) the certificate of
deposit rate.
(a) Represents the current yield as of November 30, 2006.
(b) As a result of bankruptcy proceedings, the company did not repay
the principal amount of the security upon maturity and is non-income
producing.
(c) Non-income producing security; issuer filed for bankruptcy or is in
default of interest payments.
(d) Other interests represent beneficial interest in liquidation trusts
and other reorganization entities and are non-income producing.
(e) Non-income producing security.
(f) Floating rate security.
(g) 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.
(h) Convertible security.
(i) The security may be offered and sold to "qualified institutional buyers"
under Rule 144A of the Securities Act of 1933.
(j) Represents a step-up bond; the interest rate shown is the effective
yield at the time of purchase by the Fund.
(k) 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 I $ 6,362,941 $ 153,797
(l) Represents a pay-in-kind security which may pay interest/dividends
in additional face/shares.
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.
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: January 23, 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: January 23, 2007
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke
Chief Financial Officer
BlackRock Senior High Income Fund, Inc.
Date: January 23, 2007