FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-08876
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Senior Debt Portfolio
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(Exact Name of Registrant as Specified in Charter)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
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(Address of Principal Executive Offices)
Alan R. Dynner
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
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(Name and Address of Agent for Services)
(617) 482-8260
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(Registrant's Telephone Number)
November 30, 2003
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Date of Fiscal Year End
May 31, 2003
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Date of Reporting Period
ITEM 1. REPORTS TO STOCKHOLDERS
INVESTMENT ADVISER OF SENIOR DEBT PORTFOLIO
BOSTON MANAGEMENT AND RESEARCH
The Eaton Vance Building
255 State Street
Boston, MA 02109
PRINCIPAL UNDERWRITER
EATON VANCE DISTRIBUTORS, INC.
The Eaton Vance Building
255 State Street
Boston, MA 02109
(617) 482-8260
CUSTODIAN
INVESTORS BANK & TRUST COMPANY
200 Clarendon Street
Boston, MA 02116
TRANSFER AGENT
PFPC Inc.
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
SENIOR DEBT PORTFOLIO AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS
(EXPRESSED IN UNITED STATES DOLLARS)
SENIOR, FLOATING RATE
INTERESTS -- 87.1%(1)
PRINCIPAL
AMOUNT BORROWER/TRANCHE DESCRIPTION VALUE
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Advertising -- 0.9%
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LAMAR MEDIA CORP.
$ 31,750,000 Term loan, maturing June 30, 2010 $ 31,785,719
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$ 31,785,719
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Aerospace & Defense -- 1.1%
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ALLIANCE IMAGING, INC.
$ 19,855,532 Term loan, maturing April 20, 2009 $ 19,920,063
TRANSDIGM HOLDING COMPANY
1,513,818 Term loan, maturing May 15, 2006 1,525,172
4,228,457 Term loan, maturing May 15, 2007 4,260,170
UNITED DEFENSE INDUSTRIES, INC.
15,366,328 Term loan, maturing June 30, 2009 15,400,626
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$ 41,106,031
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Air Freight & Couriers -- 0.3%
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PIEDMONT
$ 4,680,432 Term loan, maturing July 23, 2006 $ 4,633,627
4,680,442 Term loan, maturing July 23, 2007 4,633,638
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$ 9,267,265
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Auto Components -- 5.4%
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ACCURIDE CORPORATION
$ 551,133 Term loan, maturing January 21, 2005 $ 531,843
19,611,719 Term loan, maturing January 21, 2006 18,778,221
5,520,000 Term loan, maturing January 21, 2007 5,347,500
AMERICAN AXLE & MANUFACTURING, INC.
12,749,365 Term loan, maturing April 30, 2006 12,739,625
COLLINS & AIKMAN
1,308,652 Term loan, maturing December 31, 2004 1,298,837
7,318,045 Term loan, maturing December 31, 2005 7,306,615
DURA OPERATING CORP.
1,496,231 Term loan, maturing March 31, 2007 1,495,296
EXIDE CORPORATION
10,000,000 DIP loan, maturing February 15, 2004 9,850,000
6,910,178 Revolving loan, maturing March 18, 2005* 3,956,077
1,583,621 Term loan, maturing March 18, 2005* 906,623
13,834,226 Term loan, maturing March 18, 2006* 7,885,509
FEDERAL-MOGUL CORPORATION
9,934,845 Revolving loan, maturing February 24, 2004 9,885,171
3,731,418 Term loan, maturing February 24, 2004 2,912,838
6,000,000 Term loan, maturing February 24, 2005 4,728,000
15,351,062 Term loan, maturing February 24, 2006 15,274,306
HAYES LEMMERZ INTERNATIONAL, INC.
1,887,958 Revolving loan, maturing June 16, 2005* 1,604,764
80,150 Term loan, maturing June 16, 2005* 68,127
4,317,500 Term loan, maturing June 16, 2006* 3,662,678
J.L. FRENCH AUTOMOTIVE CASTINGS, INC.
7,367,866 Term loan, maturing November 30, 2006 6,884,349
KEYSTONE AUTOMOTIVE OPERATIONS, INC.
10,618,129 Term loan, maturing March 31, 2006 10,538,493
METALDYNE, INC.
16,978,750 Term loan, maturing December 31, 2009 15,867,168
SAFELITE GLASS CORP.
1,962,801 Term loan, maturing June 30, 2008 1,933,359
3,152,174 Term loan, maturing June 30, 2009 3,104,891
STANADYNE AUTOMOTIVE CORPORATION
5,770,818 Term loan, maturing December 10, 2004 5,592,877
TENNECO AUTOMOTIVE
2,953,593 Term loan, maturing December 31, 2007 2,875,651
2,953,593 Term loan, maturing December 31, 2008 2,881,395
THE GOODYEAR TIRE & RUBBER COMPANY
9,000,000 Term loan, maturing March 31, 2006 8,730,000
TRW AUTOMOTIVE HOLDINGS CORP.
1,800,000 Term loan, maturing February 28, 2010 1,796,251
24,400,000 Term loan, maturing February 28, 2011 24,495,868
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$ 192,932,332
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Broadcast Media -- 4.2%
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BLOCK COMMUNICATIONS
$ 4,251,990 Term loan, maturing November 30, 2009 $ 4,267,935
CANWEST MEDIA, INC.
23,901,074 Term loan, maturing May 15, 2008 23,980,999
14,932,478 Term loan, maturing May 15, 2009 14,982,412
CITADEL COMMUNICATIONS CORP.
832,000 Term loan, maturing March 31, 2006 832,000
7,822,222 Term loan, maturing December 31, 2008 7,847,644
COMCORP BROADCASTING, INC.
2,594,933 Term loan, maturing June 30, 2007 2,504,111
CUMULUS MEDIA, INC.
7,400,000 Term loan, maturing March 28, 2010 7,429,289
DISCOVERY COMMUNICATIONS, INC.
13,400,000 Term loan, maturing December 31, 2005 12,931,000
EMMIS COMMUNICATION CORPORATION
6,775,370 Term loan, maturing August 31, 2009 6,791,706
GRAY TELEVISION, INC.
3,000,000 Term loan, maturing December 31, 2010 3,019,125
LIN TELEVISION CORP.
2,500,000 Term loan, maturing December 31, 2007 2,505,000
NEXSTAR FINANCE, LLC
2,000,000 Term loan, maturing December 31, 2010 2,005,693
PAXSON COMMUNICATIONS CORPORATION
7,616,875 Term loan, maturing June 30, 2006 7,588,312
RADIO ONE, INC.
9,367,708 Term loan, maturing June 30, 2007 9,180,354
SINCLAIR BROADCAST GROUP, INC.
20,400,000 Term loan, maturing December 31, 2009 20,435,516
SUSQUEHANNA MEDIA CO.
21,047,350 Term loan, maturing June 30, 2008 21,126,278
WHITE KNIGHT BROADCASTING, INC.
2,566,864 Term loan, maturing June 30, 2007 2,477,023
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$ 149,904,397
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Cable Television -- 6.4%
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ADELPHIA
$ 2,650,000 DIP loan, maturing June 25, 2004 $ 2,659,938
BRESNAN COMMUNICATIONS, LLC
4,500,000 Term loan, maturing September 30, 2010 4,434,376
CENTURY CABLE HOLDINGS, LLC
5,600,000 Term loan, maturing June 30, 2009 4,639,998
3,200,000 Term loan, maturing December 31, 2009 2,634,400
CHARTER COMMUNICATIONS OPERATING, LLC.
6,666,667 Term loan, maturing March 18, 2007 5,977,087
3,927,663 Term loan, maturing September 18, 2008 3,615,634
CHARTER COMMUNICATIONS VI
13,466,250 Term loan, maturing March 18, 2008 11,710,830
CHARTER COMMUNICATIONS VIII
15,707,404 Term loan, maturing February 2, 2008 14,405,936
CLASSIC CABLE, INC.
5,022,984 Term loan, maturing January 16, 2008 4,596,031
11,341,601 Term loan, maturing January 16, 2009 10,377,565
CSG SYSTEMS INTL, INC.
6,575,833 Term loan, maturing December 31, 2007 6,419,657
DIRECTTV HOLDINGS, LLC
20,000,000 Term loan, maturing March 6, 2010 20,146,260
FALCON HOLDING GROUP, L.P.
1,940,299 Revolving loan, maturing December 31, 2005 1,649,254
9,295,238 Term loan, maturing June 30, 2007 8,226,286
16,744,721 Term loan, maturing December 31, 2007 14,986,525
FRONTIERVISION OPERATING PARTNERS, L.P.
1,666,667 Revolving loan, maturing March 31, 2005 1,572,222
13,386,316 Term loan, maturing March 31, 2006 12,583,137
HILTON HEAD COMMUNICATIONS
60,348,750 Term loan, maturing May 15, 2007 47,856,559
INSIGHT MIDWEST HOLDINGS, LLC
9,600,000 Term loan, maturing December 31, 2009 9,571,334
MEDIACOM SOUTHEAST
3,233,333 Revolving loan, maturing March 31, 2008 3,205,042
5,952,513 Term loan, maturing September 30, 2008 5,803,700
OLYMPUS CABLE HOLDINGS, LLC
2,000,000 Term loan, maturing September 30, 2009 1,742,142
1,000,000 Term loan, maturing September 30, 2010 889,250
RCN CORPORATION
10,250,625 Term loan, maturing June 30, 2007 8,341,446
VIDEOTRON LTEE
20,406,948 Term loan, maturing December 1, 2009 20,253,896
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$ 228,298,505
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Casinos & Gaming -- 3.3%
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ALLIANCE GAMING CORPORATION
$ 18,562,500 Term loan, maturing November 30, 2006 $ 18,659,174
ARGOSY GAMING COMPANY
9,825,000 Term loan, maturing June 30, 2008 9,882,309
AZTAR CORPORATION
15,111,739 Term loan, maturing June 30, 2005 15,102,295
BOYD GAMING CORPORATION
7,195,625 Term loan, maturing June 24, 2008 7,215,413
ISLE OF CAPRI CASINOS
10,395,000 Term loan, maturing April 25, 2008 10,435,603
MANDALAY RESORT GROUP
18,731,844 Term loan, maturing August 18, 2006 18,564,044
MARINA DISTRICT FINANCE COMPANY
5,264,633 Term loan, maturing December 31, 2007 5,259,700
MGM MIRAGE
4,275,000 Revolving loan, maturing April 10, 2005 4,196,182
MOHEGAN TRIBAL GAMING AUTHORITY
3,150,000 Term loan, maturing March 31, 2008 3,142,125
PARK PLACE ENTERTAINMENT CORPORATION
7,805,347 Revolving loan, maturing December 31, 2003 7,678,510
PINNACLE ENTERTAINMENT, INC.
6,750,000 Term loan, maturing May 15, 2008 6,771,094
VENETIAN CASINO RESORT, LLC/LAS VEGAS SANDS, INC.
1,000,000 Term loan, maturing June 4, 2007 992,188
8,926,275 Term loan, maturing June 4, 2008 8,991,365
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$ 116,890,002
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Chemicals -- 5.8%
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AOC,LLC.
$ 20,410,528 Term loan, maturing September 30, 2006 $ 20,206,423
ARTEVA B.V. (KOSA)
2,940,134 Term loan, maturing December 31, 2005 2,822,528
18,155,598 Term loan, maturing December 31, 2006 18,008,084
AVECIA INVESTMENTS LIMITED
2,696,378 Term loan, maturing June 30, 2007 2,655,932
5,933,799 Term loan, maturing June 30, 2008 5,844,792
CP KELCO U.S., INC.
8,133,765 Term loan, maturing March 31, 2008 8,069,370
2,723,741 Term loan, maturing September 30, 2008 2,702,178
FOAMEX L.P.
886,266 Term loan, maturing June 30, 2005 829,766
805,699 Term loan, maturing June 30, 2006 754,335
1,278,318 Term loan, maturing June 30, 2007 1,196,825
GEO SPECIALTY CHEMICALS, INC.
4,596,429 Term loan, maturing December 31, 2007 4,240,205
GEORGIA GULF CORPORATION
8,986,400 Term loan, maturing May 12, 2009 9,031,332
GGP/HOMART
13,158,938 Term loan, maturing November 25, 2003 13,134,265
HUNTSMAN INT'L
1,925,349 Term loan, maturing June 3, 2006 1,890,052
14,405,658 Term loan, maturing June 30, 2007 14,384,050
14,406,269 Term loan, maturing June 30, 2008 14,394,268
HUNTSMAN LLC
11,434,420 Term loan, maturing March 31, 2007 10,395,797
5,485,201 Term loan, maturing March 31, 2008 4,986,964
IMC GLOBAL, INC.
666,667 Revolving loan, maturing May 31, 2005 626,667
10,505,842 Term loan, maturing November 17, 2006 10,533,199
MESSER GRIESHAM GMBH
10,924,711 Term loan, maturing April 30, 2009 10,995,262
10,240,105 Term loan, maturing April 30, 2010 10,306,236
MILLENIUM CHEMICALS INC.
1,648,804 Term loan, maturing June 30, 2006 1,653,957
NOVEON
10,835,000 Term loan, maturing September 30, 2008 10,874,667
POLYMER GROUP, INC.
28,307,730 Term loan, maturing December 31, 2006 26,595,112
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$ 207,132,266
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Coal -- 0.3%
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ARCH WESTERN RESOURCES, LLC.
$ 6,000,000 Term loan, maturing April 30, 2008 $ 6,018,750
PEABODY ENERGY CORPORATION
4,050,000 Term loan, maturing March 21, 2010 4,078,856
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$ 10,097,606
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Commercial Services -- 4.1%
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ADVANSTAR COMMUNICATIONS INC.
$ 4,275,000 Term loan, maturing November 17, 2006 $ 4,018,500
19,144,286 Term loan, maturing November 17, 2007 18,362,567
AMERICAN MARKETING INDUSTRIES, INC.
3,534,986 Term loan, maturing November 30, 2003* 91,945
4,213,132 Term loan, maturing November 30, 2004* 109,583
4,319,263 Term loan, maturing November 30, 2005* 111,019
3,547,576 Term loan, maturing November 30, 2006* 92,272
ANTHONY CRANE RENTAL, L.P.
22,696,333 Term loan, maturing July 20, 2006 12,596,465
COINMACH LAUNDRY CORPORATION
2,087,304 Term loan, maturing July 25, 2008 2,082,086
9,310,000 Term loan, maturing July 25, 2009 9,336,766
CORRECTIONS CORPORATION OF AMERICA
12,291,662 Term loan, maturing May 31, 2008 12,346,975
ENVIRONMENTAL SYSTEMS PRODUCTS HLDGS, INC.
7,659,723 Term loan, maturing December 31, 2004 7,046,944
8,586,971 Term loan, maturing December 31, 2004 8,343,676
GATE GOURMET BORROWER LLC
7,550,000 Term loan, maturing December 31, 2008 6,983,750
IDENTITY NOW HOLDINGS, LLC
5,510,233 Term loan, maturing November 30, 2006 5,510,233
METOKOTE CORPORATION
5,075,765 Term loan, maturing November 2, 2005 4,996,456
MSX INTERNATIONAL, INC.
16,486,559 Term loan, maturing December 31, 2006 14,837,903
PANAVISION INTERNATIONAL, L.P.
656,364 Revolving loan, maturing March 31, 2004 603,855
189,913 Term loan, maturing March 31, 2004 174,720
21,418,595 Term loan, maturing March 31, 2005 19,633,719
VOLUME SERVICES, INC.
20,249,947 Term loan, maturing June 30, 2003 20,098,072
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$ 147,377,506
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Communications Equipment -- 0.4%
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AMPHENOL CORPORATION
$ 5,785,000 Term loan, maturing May 6, 2010 $ 5,820,722
SUPERIOR TELECOM, INC.
2,247,973 Revolving loan, maturing November 27, 2005* 681,965
3,323,162 Term loan, maturing November 27, 2005* 1,038,099
22,181,718 Term loan, maturing November 27, 2006* 6,929,188
TELEX COMMUNICATIONS, INC.
1,245,654 Term loan, maturing November 6, 2004 1,146,002
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$ 15,615,976
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Construction Materials -- 0.4%
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FORMICA CORPORATION
$ 1,381,240 Revolving loan, maturing May 1, 2004 $ 1,212,038
465,826 Term loan, maturing May 1, 2004 408,763
8,793,297 Term loan, maturing April 30, 2006 7,979,917
NCI BUILDING SYSTEMS, INC.
1,481,013 Term loan, maturing July 31, 2008 1,486,566
TRUSEAL TECHNOLOGIES, INC.
3,894,500 Term loan, maturing July 1, 2004 3,894,500
U.S. AGGREGATES, INC.
1,581,061 Term loan, maturing March 31, 2006* 679,856
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$ 15,661,640
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Containers & Packaging - Metal & Glass -- 0.8%
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IMPRESS METAL PACKAGING HOLDINGS B.V.
$ 9,894,092 Term loan, maturing December 31, 2006 $ 9,795,151
SILGAN HOLDINGS INC.
18,118,724 Term loan, maturing December 31, 2008 18,133,817
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$ 27,928,968
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Containers & Packaging - Paper -- 2.8%
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BLUE RIDGE PAPER PRODUCTS, INC.
$ 2,551,801 Revolving loan, maturing March 31, 2005 $ 2,424,210
518,587 Term loan, maturing March 31, 2005 492,658
9,980,607 Term loan, maturing March 31, 2006 9,731,092
GRAPHIC PACKAGING CORPORATION
1,883,750 Term loan, maturing February 28, 2009 1,889,637
GREIF BROS. CORPORATION
3,458,813 Term loan, maturing August 31, 2008 3,461,407
IMPAXX, INC.
1,432,324 Term loan, maturing December 31, 2005 916,688
5,192,761 Term loan, maturing December 31, 2006 3,323,367
JEFFERSON SMURFIT CORPORATION
618,182 Revolving loan, maturing March 31, 2005 594,227
5,141,715 Term loan, maturing March 31, 2007 5,109,415
PACKAGING DYNAMICS, LLC.
16,199,583 Term loan, maturing November 20, 2008 16,159,084
PORT TOWNSEND PAPER CORPORATION
7,203,000 Term loan, maturing March 16, 2007 6,698,790
PRINTPACK HOLDINGS, INC.
5,940,038 Term loan, maturing April 30, 2009 5,959,836
RIVERWOOD INTERNATIONAL CORPORATION
466,667 Revolving loan, maturing December 31, 2005 464,917
25,740,000 Term loan, maturing March 31, 2007 25,740,000
STONE CONTAINER CORPORATION
15,649,557 Term loan, maturing June 30, 2009 15,577,429
2,886,903 Term loan, maturing December 31, 2009 2,876,377
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$ 101,419,134
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Containers & Packaging - Plastics -- 1.1%
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BERRY PLASTICS CORPORATION
$ 5,458,750 Term loan, maturing June 30, 2010 $ 5,486,044
CONSOLIDATED CONTAINER HOLDINGS LLC
14,012,264 Term loan, maturing June 30, 2007 12,825,607
CROWN CORK & SEAL COMPANY, INC.
10,225,000 Term loan, maturing September 15, 2008 10,262,066
TEKNI-PLEX, INC.
9,949,845 Term loan, maturing June 30, 2008 9,791,274
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$ 38,364,991
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Educational Services -- 0.9%
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JOSTENS, INC.
$ 6,618,561 Term loan, maturing December 31, 2009 $ 6,632,347
KINDERCARE LEARNING CENTERS, INC.
1,473,333 Revolving loan, maturing February 13, 2005 1,414,400
6,346,480 Term loan, maturing February 13, 2006 6,171,952
KNOWLEDGE LEARNING CORPORATION
5,200,000 Term loan, maturing May 15, 2010 5,154,500
WEEKLY READER CORPORATION
14,201,596 Term loan, maturing September 30, 2007 13,917,564
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$ 33,290,763
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Electronic Equipment & Instruments -- 0.3%
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JUNO LIGHTING, INC.
$ 6,521,186 Term loan, maturing November 30, 2006 $ 6,504,883
KNOWLES ELECTRONICS, INC.
6,461,434 Term loan, maturing June 29, 2007 6,009,134
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$ 12,514,017
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Entertainment -- 2.7%
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AMF BOWLING WORLDWIDE, INC.
$ 1,953,125 Term loan, maturing February 28, 2008 $ 1,953,939
AMFAC RESORTS, INC.
8,931,488 Term loan, maturing September 30, 2003 8,909,159
8,931,488 Term loan, maturing September 30, 2004 8,909,159
BLOCKBUSTER ENTERTAINMENT CORP.
911,538 Revolving loan, maturing July 1, 2004 902,651
19,399,242 Term loan, maturing July 1, 2004 19,302,246
HOLLYWOOD ENTERTAINMENT CORPORATION
3,237,500 Term loan, maturing March 31, 2008 3,242,897
METRO-GOLDWYN-MAYER STUDIOS INC.
5,000,000 Term loan, maturing June 11, 2007 4,968,750
27,000,000 Term loan, maturing June 11, 2008 26,978,913
SIX FLAGS THEME PARKS INC.
5,430,833 Revolving loan, maturing June 30, 2008 5,267,908
15,515,000 Term loan, maturing June 30, 2009 15,430,955
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$ 95,866,577
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Environmental Services -- 0.8%
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ALLIED WASTE INDUSTRIES, INC.
$ 3,207,143 Term loan, maturing January 15, 2010 $ 3,229,192
19,242,857 Term loan, maturing July 15, 2010 19,381,175
CASELLA WASTE SYSTEMS, INC.
5,900,000 Term loan, maturing January 24, 2010 5,934,108
INTERNATIONAL TECHNOLOGY CORPORATION
12,717,743 Term loan, maturing June 11, 2004* 1,081,008
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$ 29,625,483
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Food, Beverages & Tobacco -- 2.6%
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AMERICAN SEAFOOD HOLDINGS INC.
$ 1,481,246 Term loan, maturing September 30, 2007 $ 1,474,457
5,019,638 Term loan, maturing March 31, 2009 5,037,679
AURORA FOODS, INC.
1,994,286 Revolving loan, maturing September 30, 2005 1,769,929
3,511,689 Term loan, maturing September 30, 2006 3,252,702
2,582,684 Term loan, maturing March 31, 2007 2,383,817
3,410,231 Term loan, maturing September 30, 2007 3,142,528
COTT CORPORATION
673,000 Term loan, maturing December 31, 2006 675,524
DEAN FOODS COMPANY
3,993,750 Term loan, maturing July 15, 2007 3,986,262
16,115,047 Term loan, maturing July 15, 2008 16,149,839
DEL MONTE CORPORATION
6,733,456 Term loan, maturing December 20, 2010 6,809,207
DR. PEPPER/SEVEN UP BOTTLING GROUP, INC.
2,181,899 Term loan, maturing October 7, 2007 2,150,874
EAGLE FAMILY FOODS, INC.
5,241,522 Term loan, maturing December 31, 2005 4,861,512
INTERSTATE BRANDS CORPORATIONS
4,125,000 Term loan, maturing July 19, 2006 4,063,125
11,544,375 Term loan, maturing July 19, 2007 11,505,413
5,947,538 Term loan, maturing July 19, 2008 5,910,364
MICHAEL FOODS, INC.
1,632,368 Term loan, maturing March 30, 2008 1,641,890
NUTRA SWEET
3,274,528 Term loan, maturing June 30, 2007 3,264,977
3,451,000 Term loan, maturing June 30, 2008 2,803,938
SOUTHERN WINE & Spirits of America, Inc.
12,406,250 Term loan, maturing June 28, 2008 12,441,149
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$ 93,325,186
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Funeral Service -- 0.4%
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CORNERSTONE FAMILY SERVICES, INC.
$ 8,480,522 Term loan, maturing March 31, 2007 $ 7,293,249
PRIME SUCCESSION, INC.
14,242,033 Term loan, maturing August 1, 2003* 6,693,755
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$ 13,987,004
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Health Care - Equipment & Supplies -- 0.8%
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ADVANCE MEDICAL OPTICS, INC.
$ 3,917,813 Term loan, maturing June 30, 2008 $ 3,931,282
CIRCON CORPORATION
2,472,428 Term loan, maturing October 31, 2006 2,320,542
CONMED CORPORATION
4,477,500 Term loan, maturing December 31, 2007 4,484,964
FISHER SCIENTIFIC INTERNATIONAL, LLC
7,125,000 Term loan, maturing March 31, 2010 7,162,406
LEINER HEALTH PRODUCTS INC.
7,549,651 Term loan, maturing March 31, 2004 6,992,864
MAXXIM MEDICAL, INC.
4,174,264 Term loan, maturing October 31, 2007* 626,140
4,174,264 Term loan, maturing October 31, 2008* 626,140
NUTRAMAX PRODUCTS, INC.
329,191 Note claim, maturing July 3, 2003 329,191
SYBRON DENTAL MANAGEMENT
3,402,782 Term loan, maturing June 6, 2009 3,416,819
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$ 29,890,348
- ------------------------------------------------------------------------------
Health Care - Providers & Services -- 4.1%
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ALLIANCE IMAGING, INC.
$ 9,398,601 Term loan, maturing June 10, 2008 $ 9,064,951
AMERISOURCE BERGEN CORPORATION
13,050,000 Term loan, maturing March 31, 2005 12,886,875
CAREMARK RX, INC.
7,518,853 Term loan, maturing March 31, 2006 7,523,553
COMMUNITY HEALTH SYSTEMS, INC.
34,327,500 Term loan, maturing July 5, 2010 34,255,103
CONCENTRA MANAGED CARE, INC.
6,601,600 Term loan, maturing December 31, 2005 6,502,576
5,806,301 Term loan, maturing December 31, 2006 5,719,206
DAVITA, INC.
11,837,418 Term loan, maturing March 31, 2009 11,868,491
EXPRESS SCRIPTS, INC.
2,916,667 Term loan, maturing March 31, 2008 2,918,490
FHC HEALTH SYSTEMS, INC.
5,483,274 Term loan, maturing April 30, 2005 5,209,110
5,483,274 Term loan, maturing April 30, 2006 5,209,110
FRESENIUS MEDICAL CARE HOLDINGS, INC.
14,650,000 Term loan, maturing February 21, 2010 14,688,149
MAGELLAN HEALTH SERVICES, INC.
2,165,148 Term loan, maturing February 12, 2005 2,042,455
2,165,148 Term loan, maturing February 12, 2006 2,042,455
MEDIQ/PRN LIFE SUPPORT SERVICES, INC.
13,083,175 Term loan, maturing May 29, 2006 11,905,689
TEAM HEALTH
5,237,670 Term loan, maturing October 31, 2007 5,090,360
3,807,593 Term loan, maturing October 31, 2008 3,731,441
TRIAD HOSPITALS HOLDINGS, INC.
7,385,365 Term loan, maturing March 31, 2008 7,434,463
- ------------------------------------------------------------------------------
$ 148,092,477
- ------------------------------------------------------------------------------
Hotels -- 0.7%
- ------------------------------------------------------------------------------
EXTENDED STAY AMERICA
$ 15,308,694 Term loan, maturing December 31, 2007 $ 15,260,854
WYNDHAM INTERNATIONAL, INC.
4,616,654 Term loan, maturing June 30, 2004 3,861,504
8,898,439 Term loan, maturing June 30, 2006 7,214,410
- ------------------------------------------------------------------------------
$ 26,336,768
- ------------------------------------------------------------------------------
Household Furnish & Appliances -- 1.2%
- ------------------------------------------------------------------------------
GOODMAN MANUFACTURING COMPANY, L.P.
$ 1,019,970 Term loan, maturing September 30, 2003 $ 1,017,420
10,871,654 Term loan, maturing July 31, 2005 10,895,441
SEALY MATTRESS COMPANY
4,353,513 Term loan, maturing December 15, 2004 4,328,481
6,344,758 Term loan, maturing December 15, 2005 6,305,104
8,288,581 Term loan, maturing December 15, 2006 8,236,777
SIMMONS COMPANY
3,232,212 Term loan, maturing October 30, 2005 3,245,681
4,506,689 Term loan, maturing October 30, 2006 4,529,223
THE BOYDS COLLECTION, LTD.
2,889,518 Term loan, maturing April 21, 2005 2,831,728
- ------------------------------------------------------------------------------
$ 41,389,855
- ------------------------------------------------------------------------------
Household Products -- 2.0%
- ------------------------------------------------------------------------------
CENTRAL GARDEN & PET COMPANY
$ 2,500,000 Term loan, maturing May 19, 2009 $ 2,513,282
CHURCH & DWIGHT CO. INC.
7,195,625 Term loan, maturing September 30, 2007 7,240,598
RAYOVAC CORPORATION
10,098,734 Term loan, maturing September 30, 2009 10,117,669
SAMSONITE CORPORATION
17,966,570 Term loan, maturing June 24, 2006 16,529,244
THE IMPERIAL DECOR HOME GROUP, INC.
1,417,283 Medium term note, maturing April 4, 2006 708,642
THE SCOTTS COMPANY
12,743,116 Term loan, maturing December 31, 2007 12,799,657
UNITED INDUSTRIES CORPORATION
12,108,273 Term loan, maturing January 20, 2006 12,130,976
WERNER HOLDING CO.
6,304,120 Term loan, maturing November 30, 2004 6,281,791
4,160,557 Term loan, maturing November 30, 2005 4,147,555
- ------------------------------------------------------------------------------
$ 72,469,414
- ------------------------------------------------------------------------------
Insurance -- 0.3%
- ------------------------------------------------------------------------------
HILB, ROGAL AND HAMILTON COMPANY
$ 6,203,125 Term loan, maturing June 30, 2007 $ 6,230,264
WILLIS CORROON CORPORATION
3,552,186 Term loan, maturing February 19, 2007 3,527,765
- ------------------------------------------------------------------------------
$ 9,758,029
- ------------------------------------------------------------------------------
Leisure -- 0.9%
- ------------------------------------------------------------------------------
NEW ENGLAND SPORTS VENTURES, LLC
$ 32,000,000 Term loan, maturing February 28, 2005 $ 32,000,000
- ------------------------------------------------------------------------------
$ 32,000,000
- ------------------------------------------------------------------------------
Leisure Equipment & Products -- 0.3%
- ------------------------------------------------------------------------------
BELL SPORTS, INC.
$ 12,458,248 Term loan, maturing March 30, 2007 $ 10,838,675
- ------------------------------------------------------------------------------
$ 10,838,675
- ------------------------------------------------------------------------------
Machinery -- 1.3%
- ------------------------------------------------------------------------------
FLOWSERVE CORPORATION
$ 4,917,650 Term loan, maturing June 30, 2007 $ 4,882,306
15,938,469 Term loan, maturing June 30, 2009 15,966,139
REXNORD CORPORATION
5,861,111 Term loan, maturing November 30, 2009 5,909,952
TEREX CORPORATION
6,589,657 Term loan, maturing June 30, 2009 6,439,624
THE MANITOWOC COMPANY
10,119,750 Term loan, maturing June 30, 2007 10,143,784
THERMADYNE HOLDINGS CORPORATION
3,754,742 Term loan, maturing March 31, 2008 3,754,742
- ------------------------------------------------------------------------------
$ 47,096,547
- ------------------------------------------------------------------------------
Manufacturing -- 6.0%
- ------------------------------------------------------------------------------
ADVANCED GLASSFIBER YARNS LLC
$ 14,054,014 Term loan, maturing September 30, 2005* $ 6,254,036
AMSCAN HOLDINGS, INC.
2,000,000 Term loan, maturing June 15, 2007 2,000,000
CHART INDUSTRIES, INC.
18,519,645 Term loan, maturing March 31, 2006* 14,260,126
CITATION CORPORATION
12,815,244 Term loan, maturing December 1, 2007 10,604,615
DAYTON SUPERIOR CORPORATION
1,310,906 Term loan, maturing September 29, 2005 1,199,479
DRESSER, INC.
3,273,158 Term loan, maturing March 31, 2007 3,285,141
GENTEK, INC.
16,580,232 Term loan, maturing April 30, 2007 9,823,787
6,457,890 Term loan, maturing April 30, 2008 3,823,071
INGRAM INDUSTRIES, INC.
7,263,489 Term loan, maturing June 30, 2008 7,245,331
JOAN FABRICS CORPORATION
12,534 Term loan, maturing September 30, 2004 11,970
2,107,627 Term loan, maturing June 30, 2005 2,044,398
1,313,278 Term loan, maturing June 30, 2006 1,273,880
JOHNSONDIVERSEY, INC.
4,169,146 Term loan, maturing November 30, 2008 4,180,436
8,415,000 Term loan, maturing November 30, 2009 8,465,625
MATTHEW WARREN, INC.
7,079,638 Term loan, maturing May 31, 2005 6,675,641
2,536,876 Term loan, maturing May 31, 2006 2,379,887
MOTOR COACH INDUSTRIES
11,303,972 Term loan, maturing June 15, 2006 9,650,766
MUELLER GROUP, INC.
11,661,875 Term loan, maturing May 31, 2008 11,646,260
NATIONAL WATERWORKS HOLDINGS, INC.
5,851,000 Term loan, maturing November 22, 2009 5,913,167
NEENAH FOUNDRY COMPANY
14,106,476 Term loan, maturing September 30, 2005 13,683,282
PANOLAM INDUSTRIES, INC.
12,847,328 Term loan, maturing December 31, 2006 12,526,145
POLYPORE INCORPORATED
2,791,281 Term loan, maturing December 31, 2006 2,798,259
12,375,000 Term loan, maturing December 31, 2007 12,436,875
SPX CORPORATION
10,853,177 Term loan, maturing September 30, 2009 10,852,504
20,058,490 Term loan, maturing March 31, 2010 20,057,246
SYNTHETIC INDUSTRIES, INC.
13,759,133 Term loan, maturing December 30, 2007 11,351,285
TRIMAS CORPORATION
11,195,913 Term loan, maturing December 31, 2009 11,217,746
WALTER INDUSTRIES, INC.
8,800,000 Term loan, maturing April 17, 2010 8,731,254
- ------------------------------------------------------------------------------
$ 214,392,212
- ------------------------------------------------------------------------------
Metals & Mining -- 0.9%
- ------------------------------------------------------------------------------
BETTER MINERALS AND AGGREGATES
$ 4,634,379 Term loan, maturing June 30, 2006 $ 4,588,035
COMPASS MINERALS GROUP, INC.
671,697 Term loan, maturing November 28, 2009 676,315
HANDY & HARMAN
16,750,985 Term loan, maturing December 31, 2006 16,332,210
STILLWATER MINING COMPANY
13,425,917 Term loan, maturing June 30, 2007 12,418,973
- ------------------------------------------------------------------------------
$ 34,015,533
- ------------------------------------------------------------------------------
Miscellaneous -- 0.1%
- ------------------------------------------------------------------------------
WEIGHT WATCHERS INTERNATIONAL, INC.
$ 1,484,738 Term loan, maturing December 31, 2007 $ 1,494,017
879,845 Term loan, maturing December 31, 2008 885,344
- ------------------------------------------------------------------------------
$ 2,379,361
- ------------------------------------------------------------------------------
Office Equipment & Supplies -- 0.5%
- ------------------------------------------------------------------------------
IDENTITY GROUP, INC.
$ 6,335,000 Term loan, maturing April 30, 2007 $ 3,325,875
IRON MOUNTAIN INCORPORATED
8,626,348 Term loan, maturing February 15, 2008 8,663,320
XEROX CORPORATION
7,718,819 Term loan, maturing April 30, 2005 7,689,873
- ------------------------------------------------------------------------------
$ 19,679,068
- ------------------------------------------------------------------------------
Oil & Gas -- 0.4%
- ------------------------------------------------------------------------------
CITGO PETROLEUM COMPANY
$ 5,250,000 Term loan, maturing February 27, 2006 $ 5,302,500
THE PREMCOR REFINING GROUP, INC.
8,900,000 Term loan, maturing February 11, 2006 8,922,250
- ------------------------------------------------------------------------------
$ 14,224,750
- ------------------------------------------------------------------------------
Paper & Forest Products -- 0.5%
- ------------------------------------------------------------------------------
ALABAMA RIVER & NEWSPRINT
$ 11,720,549 Term loan, maturing June 30, 2003 $ 11,163,823
BEAR ISLAND PAPER COMPANY, LLC
7,140,533 Term loan, maturing December 31, 2005 7,033,425
- ------------------------------------------------------------------------------
$ 18,197,248
- ------------------------------------------------------------------------------
Personal Products -- 1.0%
- ------------------------------------------------------------------------------
ARMKEL, LLC
$ 1,426,304 Term loan, maturing March 31, 2009 $ 1,435,753
MARY KAY COSMETICS, INC.
9,940,686 Term loan, maturing September 30, 2007 9,992,457
PLAYTEX PRODUCTS, INC.
25,267,138 Term loan, maturing May 31, 2009 25,156,594
- ------------------------------------------------------------------------------
$ 36,584,804
- ------------------------------------------------------------------------------
Publishing & Printing -- 3.9%
- ------------------------------------------------------------------------------
AMERICAN MEDIA OPERATIONS INC.
$ 738,634 Term loan, maturing April 1, 2006 $ 737,018
18,168,997 Term loan, maturing April 1, 2008 18,228,610
BELL ACTIMEDIA, INC.
2,493,750 Term loan, maturing November 29, 2009 2,519,468
DEX MEDIA, INC.
328,659 Term loan, maturing November 8, 2009 333,001
HOLLINGER INTERNATIONAL PUBLISHING, INC.
1,973,417 Term loan, maturing September 30, 2009 2,000,551
JOURNAL REGISTER COMPANY
25,768,709 Term loan, maturing September 30, 2006 25,575,444
LIBERTY GROUP OPERATING, INC.
8,606,074 Term loan, maturing April 30, 2007 8,595,317
MERRILL CORPORATION
698,483 Term loan, maturing November 15, 2006 633,874
9,845,189 Term loan, maturing November 15, 2007 8,934,509
MOORE HOLDINGS U.S.A. INC.
12,400,000 Term loan, maturing March 15, 2010 12,481,381
MORRIS COMMUNICATIONS CORPORATION
13,000,000 Term loan, maturing September 30, 2009 13,060,944
R.H. DONNELLEY INC.
3,491,250 Term loan, maturing June 30, 2010 3,525,436
SUN MEDIA CORPORATION
3,947,141 Term loan, maturing February 7, 2009 3,957,009
THE MCCLATCHY COMPANY
4,585,561 Term loan, maturing September 10, 2005 4,562,634
10,810,485 Term loan, maturing September 10, 2007 10,827,382
THE READER'S DIGEST ASSOCIATION, INC.
6,947,500 Term loan, maturing May 20, 2008 6,856,314
THE SHERIDAN GROUP, INC.
6,899,285 Term loan, maturing January 30, 2005 6,692,307
TRANSWESTERN PUBLISHING COMPANY LLC
11,326,121 Term loan, maturing June 27, 2008 11,352,080
- ------------------------------------------------------------------------------
$ 140,873,279
- ------------------------------------------------------------------------------
Real Estate -- 5.3%
- ------------------------------------------------------------------------------
125 WEST 55TH STREET
$ 10,799,206 Term loan, maturing June 9, 2004 $ 10,799,206
AGBRI OCTAGON
15,157,329 Term loan, maturing May 31, 2004 15,043,649
AIMCO PROPERTIES, L.P.
2,535,364 Term loan, maturing February 28, 2004 2,538,533
AMERICAN SKIING COMPANY RESORT PROPERTIES, INC.
6,480,000 Term loan, maturing June 30, 2003* 5,896,800
AP-KNIGHT LP
9,649,131 Term loan, maturing December 31, 2004 9,637,069
CRESCENT REAL ESTATE EQUITIES, L.P.
21,250,000 Term loan, maturing May 31, 2005 21,196,875
FAIRFIELD RESORTS, INC.
4,546,667 Revolving loan, maturing March 21, 2006 4,523,933
10,230,000 Term loan, maturing March 21, 2006 10,178,850
ISTAR WALDEN
1,000,000 Term loan, maturing June 30, 2003 990,000
LENNAR CORPORATION
6,854,000 Term loan, maturing May 2, 2007 6,865,995
MACERICH PARTNERSHIP, L.P.
8,601,600 Term loan, maturing July 15, 2005 8,612,352
NEWKIRK MASTER, L.P.
10,917,841 Term loan, maturing December 31, 2004 10,986,077
OLY HIGHTOP PARENT
27,260,619 Term loan, maturing March 31, 2006 27,328,771
SHELBOURNE PROPERTIES, L.P.
5,186,364 Term loan, maturing February 19, 2006 5,179,881
THE WOODLANDS COMMERCIAL PROPERTIES CO., L.P.
7,742,501 Term loan, maturing November 26, 2005 7,761,857
TRIZEC PROPERTIES, INC.
29,000,000 Term loan, maturing May 29, 2005 28,927,500
WILMORITE HOLDINGS, L.P.
13,575,000 Term loan, maturing March 31, 2006 13,541,063
- ------------------------------------------------------------------------------
$ 190,008,411
- ------------------------------------------------------------------------------
Restaurants -- 0.6%
- ------------------------------------------------------------------------------
AFC ENTERPRISES INC.
$ 3,908,781 Term loan, maturing May 23, 2009 $ 3,888,424
BUFFETS, INC.
12,856,659 Term loan, maturing June 30, 2009 12,551,314
JACK IN THE BOX, INC.
2,294,250 Term loan, maturing July 22, 2007 2,305,721
O'CHARLEY'S INC.
2,350,000 Term loan, maturing January 27, 2009 2,357,344
- ------------------------------------------------------------------------------
$ 21,102,803
- ------------------------------------------------------------------------------
Retail - Food & Drug -- 4.1%
- ------------------------------------------------------------------------------
DOMINO'S INC.
$ 23,080,612 Term loan, maturing June 30, 2008 $ 23,138,314
DUANE READE INC.
3,000,000 Revolving loan, maturing February 15, 2006 2,955,000
3,438,761 Term loan, maturing February 15, 2007 3,447,356
FLEMING COMPANIES, INC.
3,281,679 Revolving loan, maturing June 18, 2008 2,797,632
11,920,645 Term loan, maturing June 18, 2009 9,977,580
GIANT EAGLE, INC.
17,616,875 Term loan, maturing August 6, 2009 17,646,242
RITE AID CORPORATION
30,750,000 Term loan, maturing April 30, 2008 30,988,313
ROUNDY'S, INC.
22,083,125 Term loan, maturing June 6, 2009 22,121,086
SDM CORPORATION
25,472,136 Term loan, maturing February 4, 2009 25,533,167
THE PANTRY, INC.
7,800,000 Term loan, maturing March 31, 2007 7,751,250
- ------------------------------------------------------------------------------
$ 146,355,940
- ------------------------------------------------------------------------------
Retail - Multiline -- 0.3%
- ------------------------------------------------------------------------------
KMART CORPORATION
$ 10,500,000 Term loan, maturing May 6, 2006 $ 10,500,000
RENT-A-CENTER, INC.
1,000,000 Term loan, maturing May 28, 2009 1,000,000
- ------------------------------------------------------------------------------
$ 11,500,000
- ------------------------------------------------------------------------------
Retail - Specialty -- 1.6%
- ------------------------------------------------------------------------------
ADVANCE STORES COMPANY, INC.
$ 521,305 Term loan, maturing November 30, 2006 $ 519,676
11,512,577 Term loan, maturing November 30, 2007 11,548,554
5,930,004 Term loan, maturing May 31, 2008 5,946,063
CHARMING SHOPPES, INC.
114,443 Revolving loan, maturing August 31, 2004 114,443
CSK AUTO, INC.
11,250,000 Term loan, maturing December 21, 2004 11,290,433
JO-ANN STORES, INC.
9,000,000 Term loan, maturing April 30, 2005 8,955,000
MALL OF AMERICA KAY-BEE TOY, INC.
4,210,528 Revolving loan, maturing December 7, 2005 4,189,475
PETCO ANIMAL SUPPLIES INC.
911,248 Term loan, maturing October 2, 2008 914,476
PETRO STOPPING CENTERS, L.P.
4,737,289 Term loan, maturing July 31, 2006 4,571,484
TRAVELCENTERS OF AMERICA, INC.
10,487,856 Term loan, maturing November 30, 2008 10,537,023
- ------------------------------------------------------------------------------
$ 58,586,627
- ------------------------------------------------------------------------------
Road & Rail -- 0.4%
- ------------------------------------------------------------------------------
KANSAS CITY SOUTHERN INDUSTRIES, INC.
$ 3,441,475 Term loan, maturing June 12, 2008 $ 3,449,005
RAILAMERICA AUSTRALIA FINANCE PTY. LTD.
1,742,400 Term loan, maturing May 31, 2009 1,741,964
RAILAMERICA CANADA CORP.
1,452,000 Term loan, maturing May 31, 2009 1,451,637
RAILAMERICA TRANSPORTATION CORP.
7,695,600 Term loan, maturing May 31, 2009 7,693,676
- ------------------------------------------------------------------------------
$ 14,336,282
- ------------------------------------------------------------------------------
Telecommunications - Wireline -- 1.9%
- ------------------------------------------------------------------------------
ALEC HOLDINGS, INC.
$ 7,655,451 Term loan, maturing November 30, 2006 $ 7,623,550
4,629,599 Term loan, maturing November 30, 2007 4,610,308
BROADWING INC.
1,660,780 Revolving loan, maturing December 31, 2003 1,610,957
3,441,114 Term loan, maturing December 31, 2004 3,433,946
26,615,281 Term loan, maturing December 31, 2005 26,318,228
FAIRPOINT COMMUNICATIONS, INC.
23,919,325 Term loan, maturing March 31, 2007 24,009,023
- ------------------------------------------------------------------------------
$ 67,606,012
- ------------------------------------------------------------------------------
Telecommunications - Wireless -- 1.3%
- ------------------------------------------------------------------------------
AMERICAN TOWER, L.P.
$ 1,644,349 Term loan, maturing December 31, 2006 $ 1,608,379
3,535,610 Term loan, maturing December 31, 2007 3,510,701
CENTENNIAL CELLULAR CORP.
589,212 Term loan, maturing November 30, 2006 532,132
900,112 Term loan, maturing November 30, 2007 812,914
CRICKET COMMUNICATIONS, INC.
3,200,000 Term loan, maturing June 30, 2007* 1,120,000
NEXTEL COMMUNICATIONS, INC.
15,044,750 Term loan, maturing March 31, 2009 14,599,200
SPECTRASITE COMMUNICATIONS, INC.
1,795,225 Term loan, maturing December 31, 2007 1,796,720
WESTERN WIRELESS
14,607,500 Term loan, maturing September 30, 2007 13,548,456
6,753,075 Term loan, maturing September 30, 2008 6,256,245
WINSTAR COMMUNICATIONS, INC.
6,837,157 DIP loan, maturing June 30, 2003* 1,709,289
- ------------------------------------------------------------------------------
$ 45,494,036
- ------------------------------------------------------------------------------
Textiles & Apparel -- 0.3%
- ------------------------------------------------------------------------------
ST. JOHN KNITS INTERNATIONAL, INC.
$ 4,460,818 Term loan, maturing July 31, 2007 $ 4,469,182
WALLS INDUSTRIES, INC.
3,547,358 Term loan, maturing February 28, 2005 2,837,887
5,184,780 Term loan, maturing February 28, 2006 4,147,824
- ------------------------------------------------------------------------------
$ 11,454,893
- ------------------------------------------------------------------------------
Theaters -- 0.7%
- ------------------------------------------------------------------------------
CINEMARK USA, INC.
$ 6,500,000 Term loan, maturing March 31, 2008 $ 6,530,472
HOLLYWOOD THEATER HOLDINGS, INC.
8,030,033 Term loan, maturing March 31, 2006 7,528,156
LOEWS CINEPLEX ENTERTAINMENT CORPORATION
1,954,590 Term loan, maturing September 30, 2006 1,929,241
1,500,000 Revolving loan, maturing March 31, 2007 1,485,000
4,561,364 Term loan, maturing May 31, 2008 4,515,750
2,693,182 Term loan, maturing May 31, 2008 2,666,250
- ------------------------------------------------------------------------------
$ 24,654,869
- ------------------------------------------------------------------------------
Utility -- 0.7%
- ------------------------------------------------------------------------------
INTERNATIONAL TRANSMISSION COMPANY
$ 4,800,000 Term loan, maturing March 18, 2009 $ 4,842,000
ITC HOLDING CORP.
3,200,000 Term loan, maturing March 18, 2009 3,213,334
MICHIGAN ELECTRIC TRANSMISSION COMPANY, LLC
2,233,125 Term loan, maturing June 30, 2007 2,239,172
PACIFIC ENERGY GROUP, LLC
13,700,000 Term loan, maturing July 26, 2009 13,768,500
- ------------------------------------------------------------------------------
$ 24,063,006
- ------------------------------------------------------------------------------
Total Senior Floating Rate Interests
(identified cost $3,294,439,935) $3,125,772,615
----------------------------------------------------------------------------
CORPORATE BONDS AND NOTES -- 0.1%
PRINCIPAL
AMOUNT
(000'S OMITTED) SECURITY VALUE
- ------------------------------------------------------------------------------
Auto Components -- 0.1%
- ------------------------------------------------------------------------------
KEY PLASTICS, JR. SECURED SUB. NOTES
$ 628 4.009%, 4/26/07 $ 628,239
1,691 7.009%, 4/26/07 1,691,135
- ------------------------------------------------------------------------------
$ 2,319,374
- ------------------------------------------------------------------------------
Environmental Services -- 0.0%
- ------------------------------------------------------------------------------
PHILIPS SERVICES CORP.
$ 6 6.00%, 4/15/10* $ --
- ------------------------------------------------------------------------------
$ --
- ------------------------------------------------------------------------------
Total Corporate Bonds and Notes
(identified cost $2,324,170) $ 2,319,374
- ------------------------------------------------------------------------------
COMMON STOCKS, PREFERRED STOCKS AND WARRANTS -- 0.2%
SHARES/RIGHTS SECURITY VALUE
- ------------------------------------------------------------------------------
505,552 Carlyle-Key Partners III, L.P. $ 505,552
179,459 Chart Industries Stock Warrants* --
33,278 Environmental Systems Products Holdings Common Stock* --
6,029 Environmental Systems Products Holdings Preferred
(Series A)* 1,537,290
124 Identity Now Holdings Common Stock* --
510,222 IHDG Realty Common Stock* --
510,222 Imperial Home Decor Group Holding Common Stock* --
126 KAC Mezzanine Holdings Co. Warrants Class A* --
115 KAC Mezzanine Holdings Co. Warrants Class B* --
217 Key Plastics LLC Preferred Stock (Series A)* 217,432
52 Knowledge Universe Inc. Common Stock* 52,000
331 Leiner Health Products, Inc. Preferred Stock* --
32,910 MEDIQ Incorporated Preferred Stock (Series A)* --
150,373 Philips Services Corporation Common Stock* 33,008
34,364 Professional Services Industries Holdings, Inc.* --
125,917 Rotech Healthcare, Inc. Common Stock* 2,297,985
12,592 RoTech Medical Corp. Common Stock* 229,804
297,015 Safelite Glass Corporation Common Stock* 1,559,329
20,048 Safelite Realty Corporation Common Stock* --
30 Teligent, Inc. Common Stock* --
262,175 Thermadyne Holdings Corp. Common Stock* 2,752,838
- ------------------------------------------------------------------------------
Total Common Stocks, Preferred Stocks and Warrants
(identified cost, $9,711,912) $ 9,185,238
- ------------------------------------------------------------------------------
COMMERCIAL PAPER -- 11.1%
PRINCIPAL
AMOUNT
(000'S OMITTED) SECURITY VALUE
- ------------------------------------------------------------------------------
BARTON CAPITAL CORP.
$ 19,459 1.25%, 6/16/03 $ 19,448,865
25,000 1.25%, 6/20/03 24,983,507
ENTERPRISE FUNDING CORP.
11,455 1.25%, 6/13/03 11,450,227
50,000 1.25%, 6/19/03 49,968,750
GENERAL ELECTRIC CAPITAL CORP.
105,846 1.35%, 6/2/03 105,842,031
KITTY HAWK FUNDING CORP.
25,000 1.25%, 6/20/03 24,983,507
OLD LINE FUNDING CORP.
27,538 1.245%, 6/6/03 27,533,238
PRUDENTIAL FUNDING
31,000 1.35%, 6/2/03 30,998,838
QUINCY CAPITAL CORP.
11,571 1.25%, 6/9/03 11,567,786
31,178 1.27%, 6/17/03 31,160,402
19,416 1.25%, 6/25/03 19,399,820
TRANSAMERICA FINANCE CORP.
40,525 1.25%, 6/23/03 40,494,043
- ------------------------------------------------------------------------------
Total Commercial Paper
(amortized cost, $397,831,014) $ 397,831,014
- ------------------------------------------------------------------------------
Total Investments -- 98.5%
(identified cost, $3,704,307,031) $3,535,108,241
- ------------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.5% $ 52,782,440
- ------------------------------------------------------------------------------
Net Assets -- 100% $3,587,890,681
- ------------------------------------------------------------------------------
* Non-income producing security.
(1) Senior floating rate interests often require prepayments from excess cash
flows or permit the borrower to repay at its election. The degree to which
borrowers repay, whether as a contractual requirement or at their
election, cannot be predicted with accuracy. As a result, the actual
remaining maturity may be substantially less than the stated maturities
shown. However, it is anticipated that the senior floating rate interests
will have an expected average life of approximately two to four years.
Note: At May 31, 2003, the Portfolio had unfunded commitments amounting to
$89,689,554 under various credit agreements.
See notes to financial statements
SENIOR DEBT PORTFOLIO AS OF MAY 31, 2003
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
(Expressed in United States Dollars)
As of May 31, 2003
Assets
- ------------------------------------------------------------------------------
Investments, at value
(identified cost, $3,704,307,031) $3,535,108,241
Cash 38,025,128
Receivable for investments sold 6,667
Interest receivable 14,437,985
Prepaid expenses 577,732
- ------------------------------------------------------------------------------
Total assets $3,588,155,753
- ------------------------------------------------------------------------------
Liabilities
Payable to affiliate for Trustees' fees $ 5,527
Accrued expenses 259,545
- ------------------------------------------------------------------------------
Total liabilities $ 265,072
- ------------------------------------------------------------------------------
Net assets applicable to investors' interest in Portfolio $3,587,890,681
- ------------------------------------------------------------------------------
Sources of Net Assets
Net proceeds from capital contributions and withdrawals $3,757,089,471
Net unrealized depreciation (computed on the basis of
identified cost) (169,198,790)
- ------------------------------------------------------------------------------
Total $3,587,890,681
- ------------------------------------------------------------------------------
See notes to financial statements
STATEMENT OF OPERATIONS
Six Months Ended
Investment Income May 31, 2003
- ------------------------------------------------------------------------------
Interest $ 92,292,995
- ------------------------------------------------------------------------------
Total investment income $ 92,292,995
- ------------------------------------------------------------------------------
Expenses
Investment adviser fee $ 8,416,732
Trustees' fees and expenses 16,076
Custodian fee 486,447
Legal and accounting services 417,140
Interest expense 223,703
Miscellaneous 152,590
- ------------------------------------------------------------------------------
Total expenses $ 9,712,688
- ------------------------------------------------------------------------------
Net investment income $ 82,580,307
- ------------------------------------------------------------------------------
Realized and Unrealized
Gain (Loss)
Net realized gain (loss) --
Investment transactions (identified cost basis) $ (99,148,873)
- ------------------------------------------------------------------------------
Net realized loss $ (99,148,873)
- ------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ 166,693,463
- ------------------------------------------------------------------------------
Net change in unrealized appreciation
(depreciation) $ 166,693,463
- ------------------------------------------------------------------------------
Net realized and unrealized gain $ 67,544,590
- ------------------------------------------------------------------------------
Net increase in net assets from operations $ 150,124,897
- ------------------------------------------------------------------------------
See notes to financial statements
SENIOR DEBT PORTFOLIO AS OF MAY 31, 2003
FINANCIAL STATEMENTS
STATEMENTS OF CHANGES IN NET ASSETS
(Expressed in United States Dollars)
INCREASE (DECREASE) SIX MONTHS ENDED PERIOD ENDED YEAR ENDED
IN NET ASSETS MAY 31, 2003 NOVEMBER 30, 2002(1) DECEMBER 31, 2001
- ----------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 82,580,307 $ 220,464,152 $ 492,628,551
Net realized loss (99,148,873) (168,749,487) (249,556,701)
Net change in unrealized appreciation (depreciation) 166,693,463 (938,985) 1,083,118
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 150,124,897 $ 50,775,680 $ 244,154,968
- ----------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 43,548,083 $ 159,219,324 $ 538,735,738
Withdrawals (690,712,507) (1,855,138,450) (3,074,603,727)
- ----------------------------------------------------------------------------------------------------------------------
Net decrease in net assets from capital transactions $ (647,164,424) $(1,695,919,126) $(2,535,867,989)
- ----------------------------------------------------------------------------------------------------------------------
Net decrease in net assets $ (497,039,527) $(1,645,143,446) $(2,291,713,021)
- ----------------------------------------------------------------------------------------------------------------------
NET ASSETS
- ----------------------------------------------------------------------------------------------------------------------
At beginning of period $ 4,084,930,208 $ 5,730,073,654 $ 8,021,786,675
- ----------------------------------------------------------------------------------------------------------------------
At end of period $ 3,587,890,681 $ 4,084,930,208 $ 5,730,073,654
- ----------------------------------------------------------------------------------------------------------------------
(1) For the eleven months ended November 30, 2002.
See notes to financial statements
SENIOR DEBT PORTFOLIO AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
STATEMENT OF CASH FLOWS
(Expressed in United States Dollars)
SIX MONTHS ENDED
INCREASE (DECREASE) IN CASH MAY 31, 2003
- ----------------------------------------------------------------------------
Cash flows from (used for) operating activities --
Purchase of loan interests $ (698,259,457)
Proceeds from sales and principal repayments 1,265,940,899
Interest received 93,444,325
Facility fees received 831,042
Interest paid (241,858)
Increase in prepaid expenses (19,347)
Operating expenses paid (9,460,507)
Net decrease in short-term investments 23,122,684
- ----------------------------------------------------------------------------
Net cash from operating activities $ 675,357,781
- ----------------------------------------------------------------------------
Cash flows from (used for) financing activities --
Proceeds from capital contributions $ 43,548,083
Payments for capital withdrawals (690,712,507)
- ----------------------------------------------------------------------------
Net cash used for financing activities $ (647,164,424)
- ----------------------------------------------------------------------------
Net increase in cash $ 28,193,357
- ----------------------------------------------------------------------------
Cash at beginning of period $ 9,831,771
- ----------------------------------------------------------------------------
Cash at end of period $ 38,025,128
- ----------------------------------------------------------------------------
Reconciliation of Net Increase in Net Assets
From Operations to Net Cash From
Operating Activities
- ----------------------------------------------------------------------------
Net increase in net assets from operations $ 150,124,897
Decrease in receivable for investments sold 573,024
Decrease in interest receivable 4,142,532
Increase in prepaid expenses (19,347)
Decrease in payable to affiliate (506)
Increase in accrued expenses 10,829
Net decrease in investments 520,526,352
- ----------------------------------------------------------------------------
Net cash from operating activities $ 675,357,781
- ----------------------------------------------------------------------------
See notes to financial statements
SENIOR DEBT PORTFOLIO AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
(EXPRESSED IN UNITED STATES DOLLARS)
SIX MONTHS
ENDED PERIOD ENDED
MAY 31, NOVEMBER 30, YEAR ENDED DECEMBER 31,
--------------- ------------- --------------------------------------------------------------------
2003 2002(1) 2001 2000 1999 1998 1997
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of average daily net assets):
Expenses 0.50%(2) 0.47%(2) 0.47% 0.44% 0.56% 0.93% 0.94%
Interest expense 0.01%(2) 0.01%(2) 0.01% 0.01% 0.01% 0.01% 0.02%
Net investment income 4.31%(2) 4.77%(2) 7.04% 8.62% 7.32% 7.12% 7.12%
Portfolio turnover 21% 42% 33% 47% 64% 56% 81%
- --------------------------------------------------------------------------------------------------------------------------------
Total Return(3) 4.01% 0.85% 3.35% -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
Net assets, end of year
(000's omitted) $3,587,891 $4,084,930 $5,730,074 $8,021,787 $9,386,851 $6,430,334 $4,035,072
- --------------------------------------------------------------------------------------------------------------------------------
(1) For the eleven-month period ended November 30, 2002.
(2) Annualized.
(3) Total return is required to be disclosed for fiscal years beginning after December 15, 2000.
SENIOR DEBT PORTFOLIO AS OF MAY 31, 2003
NOTES TO FINANCIAL STATEMENTS
1 Significant Accounting Policies
- ------------------------------------------------------------------------------
Senior Debt Portfolio (the Portfolio) is registered under the Investment
Company Act of 1940 as a non-diversified, closed-end investment company
which was organized as a trust under the laws of the State of New York on
May 1, 1992. The Declaration of Trust permits the Trustees to issue
interests in the Portfolio. At May 31, 2003, the Eaton Vance Prime Rate
Reserves, Eaton Vance Advisers Senior Floating-Rate Fund, EV Classic Senior
Floating-Rate Fund, Eaton Vance Medallion Senior Floating-Rate Fund, and
Eaton Vance Institutional Senior Floating-Rate Fund held approximate 55.0%,
1.3%, 40.7%, 2.2% and 0.8% interests in the Portfolio, respectively. The
following is a summary of significant accounting policies followed by the
Portfolio in the preparation of its financial statements. The policies are
in conformity with accounting principles generally accepted in the United
States of America.
A Investment Valuation -- The Portfolio's investments are primarily in
interests in senior floating-rate loans (Senior Loans). Certain senior loans
are deemed to be liquid if reliable market quotations are readily available
for them. Liquid Senior Loans are valued on the basis of prices furnished by
a pricing service. Other Senior Loans are valued at fair value by the
Portfolio's investment adviser, Boston Management and Research (BMR), under
procedures established by the Trustees as permitted by Section 2(a)(41) of
the Investment Company Act of 1940. Such procedures include the
consideration of relevant factors, data and information relating to fair
value, including (i) the characteristics of and fundamental analytical data
relating to the Senior Loan, including the cost, size, current interest
rate, period until next interest rate reset, maturity and base lending rate
of the Senior Loan, the terms and conditions of the Senior Loan and any
related agreements, and the position of the Senior Loan in the Borrower's
debt structure; (ii) the nature, adequacy and value of the collateral,
including the Portfolio's rights, remedies and interests with respect to the
collateral; (iii) the creditworthiness of the Borrower, based on an
evaluation of its financial condition, financial statements and information
about the Borrower's business, cash flows, capital structure and future
prospects; (iv) information relating to the market for the Senior Loan
including price quotations for and trading in the Senior Loan, and interests
in similar Senior Loans and the market environment and investor attitudes
towards the Senior Loan and interests in similar Senior Loans; (v) the
experience, reputation, stability and financial condition of the agent and
any intermediate participant in the Senior Loan; and (vi) general economic
and market conditions affecting the fair value of the Senior Loan. Non-Loan
Portfolio holdings (other than short-term obligations, but including listed
issues) may be valued on the basis of prices furnished by one or more
pricing services which determine prices for normal, institutional-size
trading units of such securities using market information, transactions for
comparable securities and various relationships between securities which are
generally recognized by institutional traders. In certain circumstances,
portfolio securities will be valued at the last sales price on the exchange
that is the primary market for such securities, or the average of the last
quoted bid price and asked price for those securities for which the over-
the-counter market is the primary market or for listed securities in which
there were no sales during the day. Marketable securities listed in the
NASDAQ National Market System are valued at the NASDAQ official closing
price. The value of interest rate swaps will be based upon a dealer
quotation. Short-term obligations which mature in 60 days or less are valued
at amortized cost, if their original term to maturity when acquired by the
Portfolio was 60 days or less, or are valued at amortized cost using their
value on the 61st day prior to maturity, if their original term to maturity
when acquired by the Portfolio was more than 60 days, unless in each case
this is determined not to represent fair value. Repurchase agreements are
valued at cost plus accrued interest. Other portfolio securities for which
there are no quotations or valuations are valued at fair value as determined
in good faith by or on behalf of the Trustees.
B Income -- Interest income from Senior Loans is recorded on the accrual
basis at the then-current interest rate, while all other interest income is
determined on the basis of interest accrued, adjusted for amortization of
premium or discount when required. Facility fees received are recognized as
income over the expected term of the loan.
C Income Taxes -- The Portfolio is treated as a partnership for federal tax
purposes. No provision is made by the Portfolio for federal or state taxes
on any taxable income of the Portfolio because each investor in the
Portfolio is ultimately responsible for the payment of any taxes. Since at
least one of the Portfolio's investors is a regulated investment company
that invests all or substantially all of its assets in the Portfolio, the
Portfolio normally must satisfy the applicable source of income and
diversification requirements (under the Internal Revenue Code) in order for
its investors to satisfy them. The Portfolio will allocate at least annually
among its investors each investor's distributive share of the Portfolio's
net investment income, net realized capital gains, and any other items of
income, gain, loss, deduction or credit. Withholding taxes on foreign
dividends and capital gains have been provided for in accordance with the
Portfolio's understanding of the applicable countries' tax rules and rates.
D Interest Rate Swaps -- The Portfolio may use interest rate swaps for risk
management purposes and not as a speculative investment. Pursuant to these
agreements the Portfolio receives quarterly payments at a rate equal to a
predetermined three-month LIBOR. In exchange, the Portfolio makes semi-
annual payments at a predetermined fixed rate of interest. During the term
of the outstanding swap agreement, changes in the underlying value of the
swap are recorded as unrealized gains and losses. The value of the swap is
determined by changes in the relationship between two rates of interest. The
Portfolio is exposed to credit loss in the event of non-performance by the
swap counterparty. The Portfolio does not anticipate non-performance by the
counterparty. Risk may also arise from the unanticipated movements in value
of interest rates.
E Other -- Investment transactions are accounted for on a trade date basis.
F Use of Estimates -- The preparation of the financial statements in
conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of revenue and expense during
the reporting period. Actual results could differ from those estimates.
2 Investment Advisory Fee and Other Transactions with Affiliates
- ------------------------------------------------------------------------------
The investment advisory fee is paid to BMR as compensation for investment
advisory services rendered to the Portfolio. The fee is computed at a
monthly rate of 19/240 of 1% (0.95% annually) of the Portfolio's average
daily gross assets up to and including $1 billion and at reduced rates as
daily gross assets exceed that level. Effective May 1, 1999, the Trustees of
the Portfolio voted to accept a waiver of BMR's compensation so that the
aggregate advisory fees paid by the Portfolio under the advisory agreement
during any fiscal year will not exceed, on an annual basis, 0.50% of average
daily gross assets of the Portfolio up to and including $1 billion and at
reduced rates as daily gross assets exceed that level. For the six months
ended May 31, 2003, the effective annual rate, based on average daily gross
assets, was 0.44% and amounted to $8,416,732. Except as to Trustees of the
Portfolio who are not members of BMR's organization, officers and Trustees
receive remuneration for their services to the Portfolio out of such
investment adviser fee.
Certain officers and Trustees of the Portfolio are officers of BMR. Trustees
of the Portfolio that are not affiliated with the Investment Adviser may
elect to defer receipt of all or a percentage of their annual fees in
accordance with the terms of the Trustees Deferred Compensation Plan. For
the six months ended May 31, 2003, no significant amounts have been
deferred.
3 Investments
- ------------------------------------------------------------------------------
The Portfolio invests primarily in Senior Loans. The ability of the issuers
of the Senior Loans to meet their obligations may be affected by economic
developments in a specific industry. The cost of purchases and the proceeds
from principal repayments and sales of Senior Loans for the six months ended
May 31, 2003 aggregated $698,259,457 and $1,265,367,083, respectively.
4 Short-Term Debt and Credit Agreements
- ------------------------------------------------------------------------------
The Portfolio participates with other portfolios managed by BMR in a $500
million unsecured line of credit agreement with a group of banks to permit
the Portfolio to invest in accordance with its investment practices.
Interest is charged under the credit agreement at the bank's base rate or at
an amount above LIBOR. Interest expense includes a commitment fee of
$223,703 for the six months ended May 31, 2003, which is computed at the
annual rate of 0.10% of the credit agreement. There were no significant
borrowings under this agreement during the six months ended May 31, 2003. As
of May 31, 2003, the Portfolio had no borrowings outstanding.
5 Financial Instruments
- ------------------------------------------------------------------------------
The Portfolio may trade in financial instruments with off-balance sheet risk
in the normal course of its investing activities and to assist in managing
exposure to various market risks. These financial instruments include
written options, financial futures contracts and interest rate swaps and may
involve, to a varying degree, elements of risk in excess of the amounts
recognized for financial statement purposes. The notional or contractual
amounts of these instruments represent the investment the Portfolio has in
particular classes of financial instruments and does not necessarily
represent the amounts potentially subject to risk. The measurement of the
risks associated with these instruments is meaningful only when all related
and offsetting transactions are considered. At May 31, 2003, there were no
outstanding obligations under these financial instruments.
6 Federal Income Tax Basis of Unrealized Appreciation (Depreciation)
- ------------------------------------------------------------------------------
The cost and unrealized appreciation (depreciation) in the value of the
investments owned at May 31, 2003, as computed on a federal income tax
basis, were as follows:
Aggregate cost $3,704,307,031
-------------------------------------------------------------------------
Gross unrealized appreciation $ 7,811,070
Gross unrealized depreciation (177,009,860)
-------------------------------------------------------------------------
Net unrealized depreciation $ (169,198,790)
-------------------------------------------------------------------------
7 Fiscal Year End Change
- ------------------------------------------------------------------------------
Effective October 21, 2002, the Portfolio changed its fiscal year end to
November 30.
SENIOR DEBT PORTFOLIO AS OF MAY 31, 2003
INDEPENDENT AUDITORS' REPORT
To the Trustees and Investors
of Senior Debt Portfolio:
- ------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of Senior Debt Portfolio (the
Portfolio) as of May 31, 2003, the related statements of operations and cash
flows for the six month period then ended, the statements of changes in net
assets for the six month period ended May 31, 2003, the period from January 1,
2002 to November 30, 2002, and the year ended December 31, 2001, and the
supplementary data for the six month period ended May 31, 2003, the period
from January 1, 2002 to November 30, 2002, and each of the years in the five
year period ended December 31, 2001. These financial statements and
supplementary data are the responsibility of the Portfolio's management. Our
responsibility is to express an opinion on these financial statements and
supplementary data based on our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the
financial statements and supplementary data are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities and Senior Loans owned at May 31, 2003 by
correspondence with the custodian and selling or agent banks; where replies
were not received from selling or agent banks, we performed other auditing
procedures. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements and supplementary data referred to
above present fairly, in all material respects, the financial position of
Senior Debt Portfolio as of May 31, 2003, and the results of its operations,
its cash flows, the changes in its net assets and its supplemental data for
the respective stated periods, in conformity with accounting principles
generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
July 11, 2003
Senior Debt Portfolio
Officers
SCOTT H. PAGE
President and
Co-Portfolio Manager
PAYSON F. SWAFFIELD
Vice President and
Co-Portfolio Manager
BARBARA E. CAMPBELL
Treasurer
ALAN R. DYNNER
Secretary
Trustees
JESSICA M. BIBLIOWICZ
JAMES B. HAWKES
SAMUEL L. HAYES, III
WILLIAM H. PARK
RONALD A. PEARLMAN
NORTON H. REAMER
LYNN A. STOUT
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics applicable to its Principal
Executive Officer, Principal Financial Officer and Principal Accounting
Officer. The registrant undertakes to provide a copy of such code of ethics to
any person upon request, without charge, by calling 1-800-262-1122.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The registrant's Board has designated William H. Park, an independent trustee,
as its audit committee financial expert.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not required in this filing.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES
(a) It is the conclusion of the registrant's principal executive officer and
principal financial officer that the effectiveness of the registrant's current
disclosure controls and procedures (such disclosure controls and procedures
having been evaluated within 90 days of the date of this filing) provide
reasonable assurance that the information required to be disclosed by the
registrant has been recorded, processed, summarized and reported within the
time period specified in the Commission's rules and forms and that the
information required to be disclosed by the registrant has been accumulated
and communicated to the registrant's principal executive officer and principal
financial officer in order to allow timely decisions regarding required
disclosure.
(b) There have been no significant changes in the registrant's internal
controls or in other factors that could significantly affect these controls
subsequent to the date of their evaluation, including any corrective actions
with regard to significant deficiencies and material weaknesses.
ITEM 10. EXHIBITS
(a)(1) Registrant's Code of Ethics - Not applicable (please see Item 2).
(a)(2)(i) Treasurer's Section 302 certification.
(a)(2)(ii) President's Section 302 certification.
(b) Combined Section 906 certification.
SIGNATURES
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.
Senior Debt Portfolio
By: /s/ SCOTT H. PAGE
--------------------------
Scott H. Page
President
Date: July 15, 2003
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/ BARBARA E. CAMPBELL
--------------------------
Barbara E. Campbell
Treasurer
Date: July 15, 2003
By: /s/ SCOTT H. PAGE
--------------------------
Scott H. Page
President
Date: July 15, 2003