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
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Date of Fiscal Year End
NOVEMBER 30, 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
CUSTODIAN
INVESTORS BANK & TRUST COMPANY
200 Clarendon Street
Boston, MA 02116
INDEPENDENT AUDITORS
DELOITTE & TOUCHE LLP
200 Berkeley Street
Boston, MA 02116-5022
Senior Debt Portfolio as of November 30, 2003
PORTFOLIO OF INVESTMENTS
(Expressed in United States Dollars)
Senior, Floating Rate Interests -- 85.8%(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 $ 32,074,104
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$ 32,074,104
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Aerospace and Defense -- 1.1%
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Alliant Techsystems, Inc.
$ 18,614,255 Term Loan, Maturing April 20, 2009 $ 18,790,700
Transdigm, Inc.
2,500,000 Term Loan, Maturing July 22, 2010 2,530,860
United Defense Industries, Inc.
15,159,235 Term Loan, Maturing June 30, 2009 15,228,270
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$ 36,549,830
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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 -- 5.0%
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Accuride Corp.
$ 6,420,000 Term Loan, Maturing September 30, 2004 $ 6,478,852
9,100,000 Term Loan, Maturing June 13, 2007 9,156,875
American Axle & Manufacturing, Inc.
8,767,698 Term Loan, Maturing April 30, 2006 8,795,097
Collins & Aikman
1,123,166 Term Loan, Maturing December 31, 2004 1,108,191
6,330,311 Term Loan, Maturing December 31, 2005 6,307,364
Dura Operating Corp.
1,488,693 Term Loan, Maturing March 31, 2007 1,500,325
Exide Corp.
10,000,000 DIP Loan, Maturing February 15, 2004 9,850,000
13,834,226 Term Loan, Maturing March 18, 2005(2) 9,891,472
6,910,178 Revolving Loan, Maturing March 18, 2005(2) 4,940,777
1,583,621 Term Loan, Maturing March 18, 2005(2) 1,132,289
Federal-Mogul Corp.
3,731,418 Term Loan, Maturing February 24, 2004 3,249,834
15,351,062 Term Loan, Maturing February 24, 2004 15,312,684
10,053,646 Revolving Loan, Maturing February 24, 2004 10,003,378
6,000,000 Term Loan, Maturing February 24, 2005 5,265,000
HLI Operating Co., Inc.
10,224,375 Term Loan, Maturing June 3, 2009 10,355,380
J.L. French Automotive Castings, Inc.
7,367,866 Term Loan, Maturing November 30, 2006 7,128,410
Metaldyne, Inc.
14,977,062 Term Loan, Maturing December 31, 2009 14,870,980
Safelite Glass Corp.
1,954,707 Term Loan, Maturing June 30, 2008 1,935,160
3,143,768 Term Loan, Maturing June 30, 2008 3,108,400
Tenneco Automotive
2,657,989 Term Loan, Maturing December 31, 2007 2,675,710
2,657,989 Term Loan, Maturing December 31, 2008 2,675,710
The Goodyear Tire & Rubber Co.
10,500,000 Term Loan, Maturing March 31, 2006 10,591,875
TRW Automotive Holdings Corp.
3,421,951 Term Loan, Maturing February 28, 2010 3,453,320
18,400,000 Term Loan, Maturing February 28, 2011 18,596,770
United Components, Inc.
1,732,500 Term Loan, Maturing June 30, 2010 1,747,659
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$ 170,131,512
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Broadcast Media -- 3.8%
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Block Communications
$ 4,229,490 Term Loan, Maturing November 30, 2009 $ 4,269,141
CanWest Media, Inc.
17,062,051 Term Loan, Maturing May 15, 2009 17,248,676
Citadel Communications Corp.
248,800 Term Loan, Maturing March 31, 2006 249,577
Comcorp Broadcasting, Inc.
5,161,797 Term Loan, Maturing June 30, 2007 5,135,988
Cumulus Media, Inc.
7,363,000 Term Loan, Maturing March 28, 2010 7,455,037
Discovery Communications, Inc.
1,592,878 Revolving Loan, Maturing December 31, 2004 1,505,270
13,400,000 Term Loan, Maturing December 31, 2005 13,391,625
Emmis Communication Corp.
11,775,370 Term Loan, Maturing August 31, 2009 11,922,562
Gray Television, Inc.
4,000,000 Term Loan, Maturing December 31, 2010 4,043,500
Lin Television Corp.
1,310,714 Term Loan, Maturing December 31, 2007 1,323,353
1,164,286 Term Loan, Maturing December 31, 2007 1,174,959
Nexstar Finance, LLC
594,595 Term Loan, Maturing December 31, 2010 595,524
1,405,405 Term Loan, Maturing December 31, 2010 1,413,751
PanAmSat Corp.
3,000,000 Term Loan, Maturing September 30, 2010 3,033,126
Paxson Communications Corp.
7,578,125 Term Loan, Maturing June 30, 2006 7,611,279
Radio One, Inc.
8,637,757 Term Loan, Maturing June 30, 2007 8,518,988
Sinclair Television Group, Inc.
18,852,920 Term Loan, Maturing December 31, 2009 19,021,258
Susquehanna Media Co.
20,941,051 Term Loan, Maturing June 30, 2008 21,150,461
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$ 129,064,075
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Cable Television -- 5.8%
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Adelphia
$ 2,602,029 DIP Loan, Maturing June 25, 2004 $ 2,625,882
Bresnan Communications, LLC
4,500,000 Term Loan, Maturing September 30, 2010 4,535,861
Century Cable Holdings, LLC
2,000,000 Term Loan, Maturing December 31, 2009(3) 1,727,500
Charter Communications Operating, LLC
6,666,667 Term Loan, Maturing March 18, 2007 6,393,753
1,994,937 Term Loan, Maturing March 18, 2008 1,930,225
3,907,827 Term Loan, Maturing September 18, 2008 3,768,610
Charter Communications VI
12,575,513 Term Loan, Maturing June 30, 2008 12,096,071
Charter Communications VIII
13,632,950 Term Loan, Maturing February 2, 2008 13,241,002
Classic Cable, Inc.
11,259,495 Term Loan, Maturing January 16, 2006 10,978,008
5,022,984 Term Loan, Maturing January 16, 2008 4,897,410
954,867 Revolving Loan, Maturing January 16, 2008 930,995
CSG Systems Intl, Inc.
6,575,833 Term Loan, Maturing December 31, 2007 6,512,132
DirectTV Holdings, LLC
22,000,000 Term Loan, Maturing March 6, 2010 22,147,136
Falcon Holding Group, L.P.
808,955 Revolving Loan, Maturing December 31, 2005 766,485
9,246,697 Term Loan, Maturing June 29, 2007 8,853,712
16,657,281 Term Loan, Maturing December 31, 2007 16,032,633
Frontiervision Operating Partners, L.P.
1,666,667 Revolving Loan, Maturing March 31, 2005(3) 1,616,667
13,386,316 Term Loan, Maturing March 31, 2006(3) 12,951,260
Hilton Head Communications
38,823,750 Term Loan, Maturing May 15, 2007 35,086,964
Insight Midwest Holdings, LLC
5,650,000 Term Loan, Maturing December 31, 2009 5,672,069
9,600,000 Term Loan, Maturing December 31, 2009 9,645,005
Mediacom Southeast
3,046,667 Revolving Loan, Maturing March 31, 2008 3,054,283
5,922,525 Term Loan, Maturing September 30, 2008 5,937,331
Olympus Cable Holdings, LLC
1,000,000 Term Loan, Maturing September 30, 2010(3) 867,500
RCN Corp.
2,661,248 Term Loan, Maturing June 30, 2007 2,519,316
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$ 194,787,810
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Casinos and Gaming -- 2.6%
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Alliance Gaming Corp.
$ 8,000,000 Term Loan, Maturing September 5, 2009 $ 8,070,000
Argosy Gaming Co.
9,775,000 Term Loan, Maturing June 30, 2008 9,842,203
Aztar Corp.
15,033,237 Term Loan, Maturing June 30, 2005 15,099,007
Boyd Gaming Corp.
7,159,375 Term Loan, Maturing June 24, 2008 7,199,646
Isle of Capri Casinos
10,342,500 Term Loan, Maturing April 25, 2008 10,424,113
Marina District Finance Co.
220,339 Revolving Loan, Maturing December 31, 2007 214,831
6,765,537 Term Loan, Maturing December 31, 2007 6,854,334
Mohegan Tribal Gaming Authority
3,150,000 Term Loan, Maturing March 31, 2008 3,157,875
Park Place Entertainment Corp.
7,458,962 Revolving Loan, Maturing December 31, 2003 7,441,866
Penn National Gaming, Inc.
995,002 Term Loan, Maturing July 31, 2006 1,001,589
Pinnacle Entertainment, Inc.
6,733,125 Term Loan, Maturing May 15, 2008 6,766,205
Scientific Games Corp.
2,000,000 Term Loan, Maturing December 31, 2009 2,030,000
Venetian Casino Resort, LLC/Las Vegas Sands, Inc.
1,000,000 Term Loan, Maturing June 4, 2007 1,001,250
8,881,306 Term Loan, Maturing June 4, 2008 8,999,721
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$ 88,102,640
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Chemicals -- 5.7%
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AOC, LLC
$ 20,360,962 Term Loan, Maturing September 30, 2006 $ 19,342,914
Arteva B.V. (Kosa)
2,109,501 Term Loan, Maturing December 31, 2005 2,088,406
17,999,756 Term Loan, Maturing December 31, 2006 17,954,757
Avecia Investments, Ltd.
2,013,959 Term Loan, Maturing June 30, 2007 1,933,401
4,568,961 Term Loan, Maturing June 30, 2008 4,386,203
CP Kelco U.S., Inc.
6,228,554 Term Loan, Maturing March 31, 2008 6,271,375
2,061,207 Term Loan, Maturing September 30, 2008 2,075,378
GEO Specialty Chemicals, Inc.
4,550,000 Term Loan, Maturing December 31, 2007 4,072,250
Georgia Gulf Corp.
8,067,513 Term Loan, Maturing May 12, 2009 8,138,103
Huntsman International
14,405,658 Term Loan, Maturing June 30, 2007 14,479,487
14,406,269 Term Loan, Maturing June 30, 2008 14,482,305
Huntsman, LLC
5,594,905 Term Loan, Maturing March 31, 2007 5,154,306
7,818,972 Term Loan, Maturing March 31, 2007 7,203,228
IMC Global, Inc.
10,449,804 Term Loan, Maturing November 17, 2006 10,546,465
Messer Griesham GmbH
10,924,711 Term Loan, Maturing April 30, 2009 11,028,266
9,468,781 Term Loan, Maturing April 30, 2010 9,558,536
Nalco Co.
17,150,000 Term Loan, Maturing November 4, 2010 17,293,631
NOVEON
4,068,083 Term Loan, Maturing December 31, 2009 4,111,306
Polymer Group, Inc.
28,121,954 Term Loan, Maturing December 31, 2006 28,086,801
Resolution Performance Products, LLC
2,236,105 Term Loan, Maturing November 14, 2008 2,230,514
Rockwood Specialties Group, Inc.
3,000,000 Term Loan, Maturing July 23, 2010 3,033,126
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$ 193,470,758
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Coal -- 0.1%
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Peabody Energy Corp.
$ 4,029,750 Term Loan, Maturing March 31, 2010 $ 4,075,504
- -----------------------------------------------------------------------------
$ 4,075,504
- -----------------------------------------------------------------------------
Commercial Services -- 3.3%
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Advanstar Communications, Inc.
$ 1,704,441 Term Loan, Maturing November 17, 2007 $ 1,704,441
Anthony Crane Rental, L.P.
21,789,175 Term Loan, Maturing July 20, 2006(3) 11,722,576
Coinmach Laundry Corp.
2,087,304 Term Loan, Maturing July 25, 2008 2,099,045
9,310,000 Term Loan, Maturing July 25, 2009 9,361,401
Corrections Corp. of America
7,144,538 Term Loan, Maturing March 31, 2008 7,229,380
Environmental Systems Products Holdings, Inc.
6,374,984 Term Loan, Maturing December 31, 2004 6,374,984
7,904,413 Term Loan, Maturing December 31, 2004 7,785,847
Gate Gourmet Borrower, LLC
7,550,000 Term Loan, Maturing December 31, 2008 7,441,469
Identity Now Holdings, LLC
5,510,233 Term Loan, Maturing November 30, 2006(3) 5,510,233
Interline Brands, Inc.
4,443,750 Term Loan, Maturing November 30, 2009 4,467,360
Language Line, LLC
4,000,000 Term Loan, Maturing December 31, 2008 4,022,500
Metokote Corp.
4,813,940 Term Loan, Maturing November 2, 2005 4,771,818
Panavision International, L.P.
94,957 Term Loan, Maturing March 31, 2004 88,785
656,364 Revolving Loan, Maturing May 31, 2004 613,700
19,878,216 Term Loan, Maturing March 31, 2005 18,735,219
Volume Services, Inc.
20,144,203 Term Loan, Maturing June 30, 2004 20,119,023
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$ 112,047,781
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Communications Equipment -- 0.2%
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Amphenol Corp.
$ 7,351,400 Term Loan, Maturing May 6, 2010 $ 7,404,242
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$ 7,404,242
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Construction Materials -- 0.4%
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Formica Corp.
$ 465,826 Term Loan, Maturing May 1, 2004 $ 451,852
1,381,240 Revolving Loan, Maturing May 1, 2004 1,339,803
8,793,297 Term Loan, Maturing April 30, 2006 8,529,498
NCI Building Systems, Inc.
1,406,582 Term Loan, Maturing July 31, 2008 1,416,253
Truseal Technologies, Inc.
2,394,500 Term Loan, Maturing July 1, 2004(3) 2,394,500
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$ 14,131,906
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Containers and Packaging - Metal and Glass -- 1.2%
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Impress Metal Packaging Holdings B.V.
$ 5,730,770 Term Loan, Maturing December 31, 2006 $ 5,741,515
Owens-Illinois, Inc.
8,250,000 Term Loan, Maturing April 1, 2007 8,287,381
8,250,000 Term Loan, Maturing April 1, 2008 8,309,301
Silgan Holdings, Inc.
18,118,724 Term Loan, Maturing December 31, 2008 18,239,521
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$ 40,577,718
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Containers and Packaging - Paper -- 2.2%
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Blue Ridge Paper Products, Inc.
$ 2,036,084 Revolving Loan, Maturing March 31, 2005(3) $ 1,588,145
204,019 Term Loan, Maturing March 31, 2005(3) 159,135
2,730,584 Term Loan, Maturing March 31, 2006(3) 2,129,855
Graphic Packaging International, Inc.
25,500,000 Term Loan, Maturing August 8, 2009 25,821,938
Greif Bros. Corp.
2,628,233 Term Loan, Maturing August 31, 2008 2,642,312
Impaxx, Inc.
6,440,662 Term Loan, Maturing December 31, 2005(3) 4,122,024
Jefferson Smurfit Corp.
484,091 Revolving Loan, Maturing March 31, 2005 477,435
5,141,715 Term Loan, Maturing March 31, 2007 5,176,530
Port Townsend Paper Corp.
7,166,250 Term Loan, Maturing March 16, 2007 6,664,612
Printpack Holdings, Inc.
5,910,038 Term Loan, Maturing April 30, 2009 5,937,123
Stone Container Corp.
15,571,310 Term Loan, Maturing June 30, 2009 15,697,826
2,872,468 Term Loan, Maturing June 30, 2009 2,895,807
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$ 73,312,742
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Containers and Packaging - Plastics -- 1.2%
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Berry Plastics Corp.
$ 3,000,000 Term Loan, Maturing July 22, 2010 $ 3,007,500
5,431,250 Term Loan, Maturing July 22, 2010 5,485,563
Consolidated Container Holdings, LLC
13,929,556 Term Loan, Maturing June 30, 2007 13,209,857
Crown Cork & Seal Co., Inc.
10,225,000 Term Loan, Maturing September 15, 2008 10,325,972
Tekni-Plex, Inc.
7,322,998 Term Loan, Maturing June 30, 2008 7,318,421
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$ 39,347,313
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Educational Services -- 0.6%
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Jostens, Inc.
$ 1,400,000 Term Loan, Maturing July 15, 2010 $ 1,413,965
Knowledge Learning Corp.
5,122,000 Term Loan, Maturing May 15, 2010 5,122,000
Weekly Reader Corp.
14,128,012 Term Loan, Maturing September 30, 2007 14,163,332
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$ 20,699,297
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Electronic Equipment & Instruments -- 0.1%
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Juno Lighting, Inc.
$ 4,854,322 Term Loan, Maturing November 30, 2006 $ 4,842,187
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$ 4,842,187
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Entertainment -- 2.0%
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AMF Bowling Worldwide, Inc.
$ 1,741,748 Term Loan, Maturing February 28, 2008 $ 1,750,456
Amfac Resorts, Inc.
8,837,472 Term Loan, Maturing September 30, 2005 8,826,425
8,837,472 Term Loan, Maturing September 30, 2004 8,826,425
Blockbuster Entertainment Corp.
520,879 Revolving Loan, Maturing July 1, 2004 516,777
10,445,746 Term Loan, Maturing July 1, 2004 10,433,347
Hollywood Entertainment Corp.
2,537,500 Term Loan, Maturing March 31, 2008 2,555,341
Six Flags Theme Parks, Inc.
15,515,000 Term Loan, Maturing June 30, 2009 15,510,842
Universal City Development Partners, L.P.
8,868,101 Term Loan, Maturing June 30, 2007 8,929,069
Vivendi Universal Entertainment LLP
10,250,000 Term Loan, Maturing June 30, 2008 10,334,563
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$ 67,683,245
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Environmental Services -- 0.9%
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Allied Waste Industries, Inc.
$ 3,207,143 Term Loan, Maturing January 15, 2010 $ 3,233,868
19,002,321 Term Loan, Maturing January 15, 2010 19,129,789
Casella Waste Systems, Inc.
5,900,000 Term Loan, Maturing January 24, 2010 5,953,100
Waste Connections
1,000,000 Term Loan, Maturing October 22, 2010 1,012,813
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$ 29,329,570
- -----------------------------------------------------------------------------
Food, Beverages and Tobacco -- 2.8%
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American Seafood Holdings, Inc.
$ 1,362,380 Term Loan, Maturing September 30, 2007 $ 1,357,272
4,994,323 Term Loan, Maturing March 31, 2009 5,019,295
Aurora Foods, Inc.
2,385,714 Revolving Loan, Maturing September 30, 2005 2,437,902
3,405,881 Term Loan, Maturing September 30, 2006 3,472,936
3,160,520 Term Loan, Maturing September 30, 2006 3,227,681
2,576,912 Term Loan, Maturing March 31, 2007 2,626,036
Dean Foods Co.
12,147,161 Term Loan, Maturing July 15, 2008 12,255,344
Del Monte Corp.
8,764,503 Term Loan, Maturing December 20, 2010 8,873,148
Dr. Pepper/Seven Up Bottling Group, Inc.
2,170,594 Term Loan, Maturing October 7, 2007 2,183,483
DS Waters Enterprises, L.P.
2,500,000 Term Loan, Maturing November 7, 2009 2,536,458
Eagle Family Foods, Inc.
5,085,059 Term Loan, Maturing December 31, 2005 4,898,605
Interstate Brands Corp.
4,765,625 Term Loan, Maturing July 19, 2006 4,765,625
11,485,625 Term Loan, Maturing July 19, 2007 11,533,003
5,917,575 Term Loan, Maturing July 19, 2007 5,929,594
Merisant Co.
5,460,000 Term Loan, Maturing January 31, 2010 5,514,600
Nutra Sweet
1,980,089 Term Loan, Maturing June 30, 2007 1,985,039
3,276,000 Term Loan, Maturing June 30, 2008 3,230,955
Reddy Ice Group, Inc.
1,000,000 Term Loan, Maturing July 31, 2009 1,011,042
Seminis Vegetable Seeds, Inc.
1,000,000 Term Loan, Maturing September 30, 2009 1,012,917
Southern Wine & Spirits of America, Inc.
12,343,750 Term Loan, Maturing June 28, 2008 12,456,905
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$ 96,327,840
- -----------------------------------------------------------------------------
Funeral Service -- 0.4%
- -----------------------------------------------------------------------------
Alderwoods Group
$ 720,062 Term Loan, Maturing September 28, 2008 $ 730,639
Cornerstone Family Services, Inc.
8,288,307 Term Loan, Maturing March 31, 2007 7,096,863
Prime Succession, Inc.
14,242,032 Term Loan, Maturing March 31, 2004(2)(3) 6,408,914
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$ 14,236,416
- -----------------------------------------------------------------------------
Health Care - Equipment and Supplies -- 1.1%
- -----------------------------------------------------------------------------
Circon Corp.
$ 2,463,168 Term Loan, Maturing October 31, 2006(3) $ 2,311,851
Conmed Corp.
4,466,306 Term Loan, Maturing December 31, 2007 4,519,344
Fisher Scientific International, LLC
1,694,922 Term Loan, Maturing March 31, 2010 1,707,210
4,818,421 Term Loan, Maturing March 31, 2010 4,853,354
Kinetic Concepts, Inc.
6,533,625 Term Loan, Maturing October 3, 2009 6,601,006
Leiner Health Products Inc.
7,364,220 Term Loan, Maturing March 31, 2004 7,327,399
Quintiles Transnational Corp.
6,950,000 Term Loan, Maturing September 25, 2009 7,028,188
Sybron Dental Management
1,853,046 Term Loan, Maturing June 6, 2009 1,863,933
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$ 36,212,285
- -----------------------------------------------------------------------------
Health Care - Providers and Services -- 5.0%
- -----------------------------------------------------------------------------
Alaris Medical Systems, Inc.
$ 1,295,917 Term Loan, Maturing June 30, 2009 $ 1,310,820
Alliance Imaging, Inc.
9,398,601 Term Loan, Maturing June 10, 2008 9,322,238
Amerisource Bergen Corp.
11,600,000 Term Loan, Maturing March 31, 2005 11,600,000
Caremark RX, Inc.
7,480,879 Term Loan, Maturing March 31, 2006 7,522,959
Community Health Systems, Inc.
2,000,000 Term Loan, Maturing July 5, 2010 2,016,876
32,160,038 Term Loan, Maturing July 5, 2010 32,465,558
Concentra Operating Corp.
8,877,750 Term Loan, Maturing June 30, 2009 8,972,076
Cross Country Healthcare, Inc.
2,850,000 Term Loan, Maturing June 5, 2009 2,885,625
DaVita, Inc.
14,959,596 Term Loan, Maturing March 31, 2009 15,059,332
Express Scripts, Inc.
4,993,590 Term Loan, Maturing March 31, 2008 5,037,728
FHC Health Systems, Inc.
4,242,322 Term Loan, Maturing April 30, 2005 4,229,065
5,454,414 Term Loan, Maturing April 30, 2006 5,437,369
Fresenius Medical Care Holdings, Inc.
14,513,625 Term Loan, Maturing February 21, 2010 14,672,375
Magellan Health Services, Inc.
2,165,148 Term Loan, Maturing February 12, 2005 2,162,441
2,165,148 Term Loan, Maturing February 12, 2006 2,157,932
Medco Health Solutions, Inc.
13,750,000 Term Loan, Maturing June 30, 2010 13,911,136
Mediq/PRN Life Support Services, Inc.
13,083,175 Term Loan, Maturing May 29, 2006 13,017,759
Team Health
4,758,030 Term Loan, Maturing October 31, 2007 4,682,201
3,807,593 Term Loan, Maturing October 31, 2008 3,790,934
Triad Hospitals Holdings, Inc.
7,392,236 Term Loan, Maturing March 31, 2008 7,455,380
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$ 167,709,804
- -----------------------------------------------------------------------------
Hotels -- 0.6%
- -----------------------------------------------------------------------------
Extended Stay America
$ 15,154,061 Term Loan, Maturing December 31, 2007 $ 15,316,967
Vail Resorts, Inc.
1,990,000 Term Loan, Maturing December 10, 2008 2,011,558
Wyndham International, Inc.
1,851,786 Revolving Loan, Maturing June 30, 2004 1,752,637
- -----------------------------------------------------------------------------
$ 19,081,162
- -----------------------------------------------------------------------------
Household Furnishing and Appliances -- 0.9%
- -----------------------------------------------------------------------------
Sealy Mattress Co.
$ 4,353,513 Term Loan, Maturing December 15, 2004 $ 4,360,044
6,344,758 Term Loan, Maturing December 15, 2005 6,354,275
8,288,581 Term Loan, Maturing December 15, 2006 8,301,013
Simmons Co.
1,596,880 Term Loan, Maturing October 30, 2005 1,601,870
4,217,840 Term Loan, Maturing October 30, 2006 4,233,657
Tempur-Pedic, Inc.
1,995,000 Term Loan, Maturing June 30, 2009 2,006,222
The Boyds Collection, Ltd.
4,079,320 Term Loan, Maturing April 21, 2005 3,997,734
- -----------------------------------------------------------------------------
$ 30,854,815
- -----------------------------------------------------------------------------
Household Products -- 1.2%
- -----------------------------------------------------------------------------
Central Garden & Pet Co.
$ 2,493,750 Term Loan, Maturing May 19, 2009 $ 2,510,895
Church & Dwight Co., Inc.
3,663,682 Term Loan, Maturing September 30, 2007 3,710,852
Rayovac Corp.
10,098,734 Term Loan, Maturing September 30, 2009 10,138,705
The Scotts Co.
10,750,000 Term Loan, Maturing September 30, 2010 10,885,332
United Industries Corp.
9,570,875 Term Loan, Maturing January 20, 2006 9,642,656
Werner Holding Co.
3,550,000 Term Loan, Maturing June 11, 2009 3,242,332
- -----------------------------------------------------------------------------
$ 40,130,772
- -----------------------------------------------------------------------------
Insurance -- 0.6%
- -----------------------------------------------------------------------------
Hilb, Rogal & Hobbs Co.
$ 6,171,875 Term Loan, Maturing June 30, 2007 $ 6,237,451
Infinity Property and Casualty Corp.
9,467,281 Term Loan, Maturing June 30, 2010 9,550,120
U.S.I. Holdings Corp.
2,992,500 Term Loan, Maturing August 11, 2008 3,014,944
- -----------------------------------------------------------------------------
$ 18,802,515
- -----------------------------------------------------------------------------
Leisure -- 0.7%
- -----------------------------------------------------------------------------
New England Sports Ventures, LLC
$ 23,400,000 Term Loan, Maturing February 28, 2005 $ 23,400,000
- -----------------------------------------------------------------------------
$ 23,400,000
- -----------------------------------------------------------------------------
Leisure, Equipment and Products -- 0.3%
- -----------------------------------------------------------------------------
Bell Sports, Inc.
$ 12,421,022 Term Loan, Maturing March 30, 2007(3) $ 11,178,919
- -----------------------------------------------------------------------------
$ 11,178,919
- -----------------------------------------------------------------------------
Machinery -- 1.0%
- -----------------------------------------------------------------------------
Colfax Corp.
$ 3,473,625 Term Loan, Maturing May 30, 2009 $ 3,490,993
Flowserve Corp.
4,281,673 Term Loan, Maturing June 30, 2007 4,299,070
13,856,380 Term Loan, Maturing June 30, 2009 13,968,963
Rexnord Corp.
5,542,937 Term Loan, Maturing November 30, 2009 5,581,909
The Manitowoc Co.
3,396,629 Term Loan, Maturing June 30, 2007 3,419,980
Thermadyne Holdings Corp.
3,754,742 Term Loan, Maturing March 31, 2008 3,715,317
- -----------------------------------------------------------------------------
$ 34,476,232
- -----------------------------------------------------------------------------
Manufacturing -- 5.6%
- -----------------------------------------------------------------------------
Advanced Glassfiber Yarns, LLC
$ 14,054,014 Term Loan, Maturing September 30, 2005(2) $ 8,783,758
AMSCAN Holdings, Inc.
1,994,987 Term Loan, Maturing June 15, 2007 2,006,624
Amsted Industries, Inc.
9,975,000 Term Loan, Maturing October 15, 2010 10,041,503
Chart Industries, Inc.
8,690,183 Term Loan, Maturing September 15, 2009 8,646,732
Citation Corp.
12,799,173 Term Loan, Maturing December 1, 2007 10,415,327
Dresser, Inc.
3,273,158 Term Loan, Maturing March 31, 2007 3,311,440
Gentek, Inc.
5,452,871 Term Loan, Maturing November 12, 2008 5,448,329
Ingram Industries, Inc.
7,226,897 Term Loan, Maturing June 30, 2008 7,281,099
Joan Fabrics Corp.
1,840,415 Term Loan, Maturing June 30, 2005 1,794,404
1,306,492 Term Loan, Maturing June 30, 2006 1,273,829
JohnsonDiversey, Inc.
3,243,150 Term Loan, Maturing November 30, 2008 3,255,818
7,297,122 Term Loan, Maturing November 30, 2009 7,371,611
Motor Coach Industries
11,107,990 Term Loan, Maturing June 15, 2006 8,997,472
Mueller Group, Inc.
11,603,125 Term Loan, Maturing May 31, 2008 11,646,637
National Waterworks, Inc.
4,948,980 Term Loan, Maturing November 22, 2009 4,992,283
Panolam Industries, Inc.
10,993,448 Term Loan, Maturing December 31, 2006 10,993,448
Polypore, Inc.
2,776,930 Term Loan, Maturing December 31, 2006 2,804,699
12,312,500 Term Loan, Maturing December 31, 2007 12,430,491
SPX Corp.
30,911,667 Term Loan, Maturing September 30, 2009 31,236,239
Synthetic Industries, Inc.
13,706,651 Term Loan, Maturing December 30, 2007 11,993,319
Trimas Corp.
15,508,778 Term Loan, Maturing December 31, 2009 15,559,833
Walter Industries, Inc.
8,308,371 Term Loan, Maturing April 17, 2010 8,355,106
- -----------------------------------------------------------------------------
$ 188,640,001
- -----------------------------------------------------------------------------
Metals and Mining -- 0.9%
- -----------------------------------------------------------------------------
Compass Minerals Group, Inc.
$ 668,305 Term Loan, Maturing November 28, 2009 $ 674,222
Handy & Harman
15,373,445 Term Loan, Maturing December 31, 2006 15,373,445
Stillwater Mining Co.
13,355,917 Term Loan, Maturing June 30, 2007 13,355,917
- -----------------------------------------------------------------------------
$ 29,403,584
- -----------------------------------------------------------------------------
Miscellaneous -- 0.4%
- -----------------------------------------------------------------------------
Laidlaw International, Inc.
$ 9,800,000 Term Loan, Maturing June 19, 2009 $ 9,884,221
Weight Watchers International, Inc.
1,838,749 Term Loan, Maturing December 31, 2007 1,853,919
236,051 Term Loan, Maturing December 31, 2007 238,043
- -----------------------------------------------------------------------------
$ 11,976,183
- -----------------------------------------------------------------------------
Office Equipment and Supplies -- 0.6%
- -----------------------------------------------------------------------------
General Binding Corp.
$ 7,000,000 Term Loan, Maturing January 15, 2008 $ 7,000,000
Identity Group, Inc.
6,335,000 Term Loan, Maturing April 30, 2007(3) 4,130,420
Iron Mountain, Inc.
8,609,043 Term Loan, Maturing February 15, 2008 8,694,367
Xerox Corp.
2,000,000 Term Loan, Maturing September 30, 2008 2,014,688
- -----------------------------------------------------------------------------
$ 21,839,475
- -----------------------------------------------------------------------------
Oil and Gas -- 1.6%
- -----------------------------------------------------------------------------
Citgo Petroleum Co.
$ 5,250,000 Term Loan, Maturing February 27, 2006 $ 5,460,000
Columbia Natural Resources, LLC
5,490,000 Revolving Loan, Maturing August 28, 2008 5,476,275
Cumberland Farms, Inc.
2,485,207 Term Loan, Maturing September 8, 2008 2,485,207
9,940,830 Term Loan, Maturing September 8, 2008 9,990,534
Sprague Energy Corp.
9,352,459 Revolving Loan, Maturing August 10, 2007 9,329,078
The Premcor Refining Group, Inc.
8,900,000 Term Loan, Maturing February 11, 2006 8,997,348
WEG Acquisition, L.P.
4,832,564 Term Loan, Maturing June 17, 2008 4,886,930
Williams Production RMT Co.
6,533,625 Term Loan, Maturing May 30, 2007 6,623,462
- -----------------------------------------------------------------------------
$ 53,248,834
- -----------------------------------------------------------------------------
Paper and Forest Products -- 0.4%
- -----------------------------------------------------------------------------
Alabama River & Newsprint
$ 11,278,479 Term Loan, Maturing June 30, 2004 $ 10,996,517
Buckeye Technologies, Inc.
3,500,000 Term Loan, Maturing April 15, 2010 3,532,813
- -----------------------------------------------------------------------------
$ 14,529,330
- -----------------------------------------------------------------------------
Personal Products -- 1.0%
- -----------------------------------------------------------------------------
Armkel, LLC
$ 1,135,592 Term Loan, Maturing March 31, 2009 $ 1,146,238
Mary Kay Cosmetics, Inc.
7,301,291 Term Loan, Maturing September 30, 2007 7,353,006
Playtex Products, Inc.
25,139,526 Term Loan, Maturing May 31, 2009 25,134,297
- -----------------------------------------------------------------------------
33,633,541
- -----------------------------------------------------------------------------
Publishing and Printing -- 4.9%
- -----------------------------------------------------------------------------
American Media Operations, Inc.
$ 356,446 Term Loan, Maturing April 1, 2006 $ 356,000
18,076,298 Term Loan, Maturing April 1, 2008 18,254,802
CBD Media, LLC
1,982,500 Term Loan, Maturing December 31, 2009 2,005,630
Dex Media East, LLC
4,236,087 Term Loan, Maturing November 8, 2008 4,262,562
298,643 Term Loan, Maturing May 8, 2009 301,536
Dex Media West, LLC
8,458,647 Term Loan, Maturing September 9, 2009 8,523,846
16,912,650 Term Loan, Maturing March 9, 2010 17,099,399
Hollinger International Publishing, Inc.
1,963,500 Term Loan, Maturing September 30, 2009 1,993,567
Journal Register Co.
25,716,546 Term Loan, Maturing September 30, 2006 25,604,036
Liberty Group Operating, Inc.
8,561,713 Term Loan, Maturing April 30, 2007 8,636,628
Merrill Corp.
578,839 Term Loan, Maturing November 15, 2006 578,839
9,687,069 Term Loan, Maturing November 15, 2007 9,687,069
Moore Holdings U.S.A., Inc.
12,369,000 Term Loan, Maturing March 15, 2010 12,416,670
Morris Publishing Group, LLC
10,000,000 Term Loan, Maturing March 31, 2011 10,093,750
R.H. Donnelley, Inc.
4,458,750 Term Loan, Maturing June 30, 2010 4,519,750
Sun Media Corp.
3,926,641 Term Loan, Maturing February 7, 2009 3,943,820
The McClatchy Co.
3,928,009 Term Loan, Maturing September 10, 2005 3,908,369
9,266,130 Term Loan, Maturing September 10, 2007 9,311,015
The Reader's Digest Association, Inc.
6,434,704 Term Loan, Maturing May 20, 2008 6,451,364
Transwestern Publishing Co., LLC
8,864,923 Term Loan, Maturing June 27, 2008 8,932,793
Yell Group, PLC
10,000,000 Term Loan, Maturing July 8, 2008 9,978,130
- -----------------------------------------------------------------------------
$ 166,859,575
- -----------------------------------------------------------------------------
Real Estate -- 5.6%
- -----------------------------------------------------------------------------
AGBRI Octagon
$ 12,619,772 Term Loan, Maturing May 31, 2004 $ 12,525,124
AIMCO Properties, L.P.
2,535,364 Term Loan, Maturing February 28, 2004 2,554,379
20,400,000 Term Loan, Maturing May 30, 2008 20,616,750
American Skiing Co. Resort Properties, Inc.
6,480,000 Term Loan, Maturing June 30, 2004(2)(3) 5,896,800
AP-Knight, L.P.
7,723,841 Term Loan, Maturing December 31, 2004 7,714,186
Concordia Properties, LLC
6,500,000 Term Loan, Maturing January 31, 2006 6,504,063
Crescent Real Estate Equities, L.P.
19,750,000 Term Loan, Maturing May 31, 2005 19,712,969
Fairfield Resorts, Inc.
3,348,000 Revolving Loan, Maturing March 21, 2006 3,331,260
10,230,000 Term Loan, Maturing March 21, 2006 10,178,850
Istar Financial, Inc.
5,000,000 Term Loan, Maturing July 24, 2006 4,987,500
iStar Walden
1,000,000 Term Loan, Maturing June 30, 2004 1,002,500
Lennar Corp.
594,980 Term Loan, Maturing May 2, 2007 596,988
Macerich Partnership, L.P.
8,265,600 Term Loan, Maturing July 15, 2005 8,306,928
OLY Hightop Parent
27,260,619 Term Loan, Maturing March 31, 2006 27,328,771
Shelbourne Properties, L.P.
1,801,275 Term Loan, Maturing February 19, 2006 1,799,023
The Woodlands Commercial Properties Co., L.P.
7,742,501 Term Loan, Maturing November 26, 2005 7,790,891
Tower Financing I, LLC
7,450,000 Term Loan, Maturing July 9, 2008 7,459,313
Trizec Properties, Inc.
29,000,000 Term Loan, Maturing May 29, 2005 28,927,500
Wilmorite Holdings, L.P.
13,303,500 Term Loan, Maturing March 31, 2006 13,370,018
- -----------------------------------------------------------------------------
$ 190,603,813
- -----------------------------------------------------------------------------
Restaurants -- 0.5%
- -----------------------------------------------------------------------------
AFC Enterprises, Inc.
$ 2,389,800 Term Loan, Maturing May 23, 2009 $ 2,395,177
Buffets, Inc.
7,078,930 Term Loan, Maturing June 30, 2009 7,105,476
CKE Restaurants, Inc.
1,000,000 Term Loan, Maturing April 1, 2008 1,015,000
Jack in the Box, Inc.
6,257,725 Term Loan, Maturing July 22, 2007 6,304,658
- -----------------------------------------------------------------------------
$ 16,820,311
- -----------------------------------------------------------------------------
Retail - Food and Drug -- 3.6%
- -----------------------------------------------------------------------------
Domino's, Inc.
$ 18,698,150 Term Loan, Maturing June 25, 2010 $ 18,850,073
Fleming Companies, Inc.
6,001,269 Revolving Loan, Maturing June 18, 2008 5,966,263
13,170,645 Term Loan, Maturing June 18, 2008 13,077,358
Giant Eagle, Inc.
17,037,042 Term Loan, Maturing August 6, 2009 17,136,419
Rite Aid Corp.
34,750,000 Term Loan, Maturing April 30, 2008 35,296,583
Roundy's, Inc.
21,971,875 Term Loan, Maturing June 6, 2009 22,081,734
The Pantry, Inc.
9,547,036 Term Loan, Maturing March 31, 2007 9,666,374
- -----------------------------------------------------------------------------
$ 122,074,804
- -----------------------------------------------------------------------------
Retail - Multiline -- 0.6%
- -----------------------------------------------------------------------------
Kmart Corp.
$ 15,000,000 Term Loan, Maturing May 6, 2006 $ 15,093,750
Rent-A-Center, Inc.
4,987,500 Term Loan, Maturing May 28, 2009 5,039,714
- -----------------------------------------------------------------------------
$ 20,133,464
- -----------------------------------------------------------------------------
Retail - Specialty -- 2.0%
- -----------------------------------------------------------------------------
Advance Stores Co., Inc.
$ 370,871 Term Loan, Maturing November 30, 2006 $ 373,652
8,190,376 Term Loan, Maturing November 30, 2007 8,254,367
4,218,773 Term Loan, Maturing November 30, 2007 4,266,234
Charming Shoppes, Inc.
96,836 Revolving Loan, Maturing August 31, 2004(3) 96,836
CSK Auto, Inc.
9,500,000 Term Loan, Maturing June 20, 2009 9,592,036
Jo-Ann Stores, Inc.
9,000,000 Term Loan, Maturing April 30, 2005 8,955,000
Mall of America Kay-Bee Toy, Inc.
14,473,690 Revolving Loan, Maturing December 7, 2005 14,401,322
Oriental Trading Co.
6,418,750 Term Loan, Maturing August 4, 2010 6,478,926
Petro Stopping Centers, L.P.
4,670,448 Term Loan, Maturing July 31, 2006 4,600,391
Travelcenters of America, Inc.
10,434,753 Term Loan, Maturing November 30, 2008 10,509,758
- -----------------------------------------------------------------------------
$ 67,528,522
- -----------------------------------------------------------------------------
Road and Rail -- 0.4%
- -----------------------------------------------------------------------------
Kansas City Southern Industries, Inc.
$ 3,424,137 Term Loan, Maturing June 12, 2008 $ 3,441,258
RailAmerica, Inc.
1,246,667 Term Loan, Maturing May 31, 2009 1,258,666
1,742,400 Term Loan, Maturing May 31, 2009 1,759,171
7,695,600 Term Loan, Maturing May 31, 2009 7,769,670
- -----------------------------------------------------------------------------
$ 14,228,765
- -----------------------------------------------------------------------------
Semiconductor Equipment and Products -- 0.2%
- -----------------------------------------------------------------------------
AMI Semiconductor
$ 1,500,000 Term Loan, Maturing September 30, 2008 $ 1,515,938
Fairchild Semiconductor Corp.
4,688,250 Term Loan, Maturing June 19, 2008 4,727,317
- -----------------------------------------------------------------------------
$ 6,243,255
- -----------------------------------------------------------------------------
Telecommunications - Wireless -- 1.6%
- -----------------------------------------------------------------------------
American Tower, L.P.
$ 933,958 Term Loan, Maturing December 31, 2006 $ 935,125
2,277,079 Term Loan, Maturing December 31, 2007 2,291,698
Centennial Cellular Corp.
390,555 Term Loan, Maturing November 30, 2006 391,183
596,633 Term Loan, Maturing November 30, 2007 597,591
Cricket Communications, Inc.
3,200,000 Term Loan, Maturing June 30, 2007(2) 2,000,000
Crown Castle Operating Co.
11,350,000 Term Loan, Maturing September 15, 2007 11,476,269
Dobson Cellular Systems, Inc.
5,150,000 Term Loan, Maturing March 31, 2010 5,222,193
Nextel Communications, Inc.
15,966,825 Term Loan, Maturing March 31, 2009 16,034,684
Spectrasite Communications, Inc.
1,541,244 Term Loan, Maturing December 31, 2007 1,562,050
Western Wireless
9,738,333 Term Loan, Maturing September 30, 2007 9,621,171
3,607,817 Term Loan, Maturing September 30, 2008 3,611,951
Winstar Communications, Inc.
5,535,460 DIP Loan, Maturing March 31, 2004(2)(3) 407,410
- -----------------------------------------------------------------------------
$ 54,151,325
- -----------------------------------------------------------------------------
Telecommunications - Wireline -- 1.6%
- -----------------------------------------------------------------------------
Broadwing, Inc.
$ 174,208 Revolving Loan, Maturing December 31, 2005 $ 172,030
Cincinnati Bell, Inc.
14,000,000 Term Loan, Maturing June 30, 2008 14,159,684
Fairpoint Communications, Inc.
23,919,325 Term Loan, Maturing March 31, 2007 24,038,922
Qwest, Corp.
15,750,000 Term Loan, Maturing June 4, 2007 16,234,313
- ----------------------------------------------------------------------------
$ 54,604,949
- ----------------------------------------------------------------------------
Textiles and Apparel -- 0.3%
- -----------------------------------------------------------------------------
St. John Knits International, Inc.
$ 1,097,550 Term Loan, Maturing July 31, 2007 $ 1,100,809
4,450,861 Term Loan, Maturing July 31, 2007 4,464,770
Walls Industries, Inc.
3,355,869 Term Loan, Maturing February 28, 2005(3) 2,349,108
4,993,291 Term Loan, Maturing February 28, 2006(3) 3,495,304
- -----------------------------------------------------------------------------
$ 11,409,991
- -----------------------------------------------------------------------------
Theaters -- 0.7%
- -----------------------------------------------------------------------------
Cinemark USA, Inc.
$ 6,483,750 Term Loan, Maturing March 31, 2009 $ 6,563,448
Hollywood Theater Holdings, Inc.
7,660,624 Term Loan, Maturing March 31, 2006(3) 7,181,835
Loews Cineplex Entertainment Corp.
4,397,727 Term Loan, Maturing September 30, 2006 4,397,727
1,460,198 Term Loan, Maturing September 30, 2006 1,466,890
Regal Cinemas, Inc.
2,961,290 Term Loan, Maturing June 30, 2009 2,995,840
- -----------------------------------------------------------------------------
$ 22,605,740
- -----------------------------------------------------------------------------
Utility -- 1.3%
- -----------------------------------------------------------------------------
CenterPoint Energy, Inc.
$ 28,000,000 Term Loan, Maturing October 7, 2006 $ 28,297,500
Michigan Electric Transmission Co., LLC
2,221,875 Term Loan, Maturing June 30, 2007 2,233,447
Pacific Energy Group, LLC
13,700,000 Term Loan, Maturing July 26, 2009 13,815,601
- -----------------------------------------------------------------------------
$ 44,346,548
- -----------------------------------------------------------------------------
Total Senior, Floating Rate Interests
(identified cost $2,951,053,026) $2,904,192,269
- -----------------------------------------------------------------------------
Corporate Bonds and Notes -- 0.3%
Principal
Amount
(000's omitted) Security Value
- -----------------------------------------------------------------------------
Auto Components -- 0.1%
- -----------------------------------------------------------------------------
Key Plastics, Jr. Secured Sub. Note
$ 628 4.009%, 4/26/07(2)(3) $ 628,239
Key Plastics, Sr. Secured Sub. Note
1,691 7.009%, 4/26/07(2)(3) 1,691,135
- -----------------------------------------------------------------------------
$ 2,319,374
- -----------------------------------------------------------------------------
Business Services -- 0.2%
- -----------------------------------------------------------------------------
Advanstar Communications, Sr. Secured Sub.
$ 5,486 Notes 8.63%, 8/15/08 $ 5,719,416
- -----------------------------------------------------------------------------
$ 5,719,416
- -----------------------------------------------------------------------------
Total Corporate Bonds and Notes
(identified cost $7,829,297) $ 8,038,790
- -----------------------------------------------------------------------------
Common Stocks, Preferred Stocks
and Warrants -- 0.7%
Shares/Rights Security Value
- -----------------------------------------------------------------------------
505,552 Carlyle Key Partners III, L.P.(2)(3) $ 505,552
366,368 Chart Industries, Inc. Common Stock(2)(3) 5,198,762
33,278 Environmental Systems Products Holdings
Common Stock(2)(3) 0
6,213 Environmental Systems Products Holdings
Preferred (Series A)(2) 4,814,756
204,854 Gentek, Inc. Common Stock(2) 7,579,598
369 Gentek, Inc. Stock Warrant Class A(2)(3) 0
195 Gentek, Inc. Stock Warrant Class B(2)(3) 0
95 Gentek, Inc. Stock Warrant Class C(2)(3) 0
133,410 Hayes Lemmerz International Common Stock(2) 2,147,901
445 Hayes Lemmerz International Preferred
Stock(2)(3) 31,528
124 Identity Now Holdings Common Stock(2)(3) 0
126 KAC Mezzanine Holdings Co. Warrants
Class A(2)(3) 0
115 KAC Mezzanine Holdings Co. Warrants
Class B(2)(3) 0
217 Key Plastics LLC Preferred Stock
(Series A)(2)(3) 217,432
52 Knowledge Universe Inc. Common Stock(2)(3) 52,000
331 Leiner Health Products, Inc. Preferred
Stock(2)(3) 0
32,910 MEDIQ Incorporated Preferred Stock
(Series A)(2)(3) 0
34,364 Professional Services Industries Holdings,
Inc.(2)(3) 0
12,592 RoTech Medical Corp. Common Stock(2) 275,135
297,015 Safelite Glass Corporation Common Stock(2)(3) 1,559,329
20,048 Safelite Realty Corporation Common Stock(2)(3) 0
262,175 Thermadyne Holdings Corp. Common Stock(2) 3,146,100
- -----------------------------------------------------------------------------
Total Common Stocks, Preferred Stocks
and Warrants (identified cost, $16,251,957) $ 25,528,093
- -----------------------------------------------------------------------------
Commercial Paper -- 9.9%
Principal
Amount
(000's omitted) Security Value
- -----------------------------------------------------------------------------
Barton Capital Corp.
$ 41,143 0.00%, 1/5/04 $ 41,099,800
Cafco, LLC
22,900 1.05%, 12/9/03 22,894,657
23,950 1.09%, 1/15/04 23,917,368
Ciesco L.P.
29,142 1.05%, 12/12/03 29,132,650
CRC Funding, LLC
50,000 1.05%, 12/8/03 49,989,792
CXC, LLC
29,000 1.04%, 12/12/03 28,990,785
15,000 1.05%, 12/18/03 14,992,563
General Electric Capital Corp.
50,000 1.04%, 12/3/03 49,997,111
Old Line Funding Corp.
42,984 1.04%, 12/10/03 42,972,824
Transamerica Finance Corp.
29,650 1.05%, 12/12/03 29,640,486
- -----------------------------------------------------------------------------
Total Commercial Paper
(amortized cost $333,628,036) $ 333,628,036
- -----------------------------------------------------------------------------
Short-Term Investments -- 2.4%
Principal
Amount
(000's omitted) Security Value
- -----------------------------------------------------------------------------
Investors Bank & Trust Company Time Deposit
$ 82,777,000 1.07%, 12/1/03 $ 82,777,000
- -----------------------------------------------------------------------------
Total Short-Term Investments
(at amortized cost, $82,777,000) $ 82,777,000
- -----------------------------------------------------------------------------
Total Investments -- 99.1%
(identified cost $3,391,539,316) $3,354,164,188
- -----------------------------------------------------------------------------
Other Assets, Less Liabilities -- 0.9% $ 30,140,620
- -----------------------------------------------------------------------------
Net Assets -- 100% $3,384,304,808
- -----------------------------------------------------------------------------
Note - At November 30, 2003, the Portfolio had unfunded commitments amounting
to $76,849,321 under various credit agreements.
(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 three years.
(2) Non-income producing security.
(3) Security valued at fair value using methods determined in good faith by or
at the direction of the Trustees.
See notes to financial statements
Senior Debt Portfolio as of November 30, 2003
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
(Expressed in United States Dollars)
As of November 30, 2003
Assets
- ---------------------------------------------------------------------------
Investments, at value
(identified cost, $3,391,539,316) $3,354,164,188
Cash 18,159,464
Receivable for investments sold 83,762
Interest receivable 12,759,109
Prepaid expenses 587,499
- ---------------------------------------------------------------------------
Total assets $3,385,754,022
- ---------------------------------------------------------------------------
Liabilities
- ---------------------------------------------------------------------------
Payable for investments purchased $ 1,246,715
Payable to affiliate for Trustees' fees 625
Accrued expenses 201,874
- ---------------------------------------------------------------------------
Total liabilities $ 1,449,214
- ---------------------------------------------------------------------------
Net assets applicable to investors' interest in Portfolio $3,384,304,808
- ---------------------------------------------------------------------------
Sources of Net Assets
- ---------------------------------------------------------------------------
Net proceeds from capital contributions and withdrawals $3,421,679,936
Net unrealized depreciation (computed on the basis
of identified cost) (37,375,128)
- ---------------------------------------------------------------------------
Total $3,384,304,808
- ---------------------------------------------------------------------------
See notes to financial statements
Senior Debt Portfolio as of November 30, 2003
FINANCIAL STATEMENTS
Statements of Operations
(Expressed in United States Dollars)
For the year ended
November 30, 2003
Investment Income
- ----------------------------------------------------------------------------
Interest $ 170,939,623
- ----------------------------------------------------------------------------
Total investment income $ 170,939,623
- ----------------------------------------------------------------------------
Expenses
- ----------------------------------------------------------------------------
Investment adviser fee $ 16,227,885
Trustees' fees and expenses 26,992
Custodian fee 949,742
Legal and accounting services 780,209
Interest expense 423,399
Miscellaneous 311,305
- ----------------------------------------------------------------------------
Total expenses $ 18,719,532
- ----------------------------------------------------------------------------
Net investment income $ 152,220,091
- ----------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
- ----------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost basis) $(160,763,753)
- ----------------------------------------------------------------------------
Net realized loss $(160,763,753)
- ----------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ 298,517,125
- ----------------------------------------------------------------------------
Net change in unrealized appreciation
(depreciation) $ 298,517,125
- ----------------------------------------------------------------------------
Net realized and unrealized gain $ 137,753,372
- ----------------------------------------------------------------------------
Net increase in net assets from operations $ 289,973,463
- ----------------------------------------------------------------------------
See notes to financial statements
Senior Debt Portfolio as of November 30, 2003
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
(Expressed in United States Dollars)
Year Ended Period Ended Year Ended
Increase (Decrease) in Net Assets November 30, 2003 November 30, 2002(1) December 31, 2001
- ---------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 152,220,091 $ 220,464,152 $ 492,628,551
Net realized loss (160,763,753) (168,749,487) (249,556,701)
Net change in unrealized
appreciation
(depreciation) 298,517,125 (938,985) 1,083,118
- ---------------------------------------------------------------------------------------------------
Net increase in net assets
from operations $ 289,973,463 $ 50,775,680 $ 244,154,968
- ---------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 153,927,132 $ 159,219,324 $ 538,735,738
Withdrawals (1,144,525,995) (1,855,138,450) (3,074,603,727)
- ---------------------------------------------------------------------------------------------------
Net decrease in net assets
from capital transactions $ (990,598,863) $(1,695,919,126) $(2,535,867,989)
- ---------------------------------------------------------------------------------------------------
Net decrease in net assets $ (700,625,400) $(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 $ 3,384,304,808 $ 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 November 30, 2003
FINANCIAL STATEMENTS
Supplementary Data
(Expressed in United States Dollars)
Year Ended Period Ended
November 30, November 30, Year Ended December 31,
---------------------------------------------------------------------------
2003 2002(1) 2001 2000 1999 1998
- -------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- -------------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of average daily net assets):
- -------------------------------------------------------------------------------------------------------------------------
Operating expenses 0.50% 0.47%(2) 0.47% 0.44% 0.56% 0.93%
Interest expense 0.01% 0.01%(2) 0.01% 0.01% 0.01% 0.01%
Net investment income 4.14% 4.77%(2) 7.04% 8.62% 7.32% 7.12%
Portfolio turnover 47% 42% 33% 47% 64% 56%
- -------------------------------------------------------------------------------------------------------------------------
Total Return(3) 8.19% 0.85% 3.35% -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $3,384,305 $4,084,930 $5,730,074 $8,021,787 $9,386,851 $6,430,334
- -------------------------------------------------------------------------------------------------------------------------
(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.
See notes to financial statements
Senior Debt Portfolio as of November 30, 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 November 30, 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 54.4%,
1.4%, 41.3%, 2.1% and 0.7% 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 advisor, 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 year ended
November 30, 2003, the effective annual rate, based on average daily gross
assets, was 0.44% and amounted to $16,227,885. 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 year ended November 30, 2003, no significant amounts have been deferred.
During the year ended November 30, 2003 the Portfolio engaged in purchase
and sale transactions with other funds that also utilize BMR, or an
affiliate of BMR, as investment adviser. These purchase and sale
transactions complied with Rule 17a-7 under the Investment Company Act of
1940 and amounted to $0 and $8,388,717, respectively.
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 year ended
November 30, 2003 aggregated $1,488,209,699 and $2,327,021,224,
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
$423,399 for the year ended November 30, 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 year ended November 30, 2003. As
of November 30, 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 November 30, 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 November 30, 2003, as computed on a federal income tax
basis, were as follows:
Aggregate cost $3,391,539,316
---------------------------------------------------------------------------
Gross unrealized appreciation $ 30,342,644
Gross unrealized depreciation (67,717,772)
---------------------------------------------------------------------------
Net unrealized depreciation $ (37,375,128)
---------------------------------------------------------------------------
7 Fiscal Year End Change
- --------------------------------------------------------------------------------
Effective October 21, 2002, the Portfolio changed its fiscal year-end to
November 30, 2002.
Senior Debt Portfolio as of November 30, 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 November 30, 2003, the related statement of operations for
the year then ended, the statements of changes in net assets for the year
ended November 30, 2003, the period from January 1, 2002 to November 30, 2002
and the year ended December 31, 2001, and the supplementary data for year
ended November 30, 2003, the period from January 1, 2002 to November 30, 2002
and for each of the years in the four-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 November 30, 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 November 30, 2003, the results of its operations,
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
January 21, 2004
Eaton Vance Prime Rate Reserves
MANAGEMENT AND ORGANIZATION
FUND MANAGEMENT. The Trustees of Eaton Vance Prime Rate Reserves (the Trust) and Senior Debt Portfolio (the Portfolio) are
responsible for the overall management and supervision of the Trust's and Portfolio's affairs. The Trustees and officers of the
Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the
same company for the last five years. The "noninterested Trustees" consist of those Trustees who are not "interested persons" of
the Trust, as that term is defined under the 1940 Act. Trustees and officers of the Trust and the Portfolio hold indefinite terms
of office. The business address of each Trustee and officer is The Eaton Vance Building, 255 State Street, Boston, Massachusetts
02109. As used below, "EVC" refers to Eaton Vance Corp., "EV" refers to Eaton Vance, Inc., "EVM" refers to Eaton Vance Management,
"BMR" refers to Boston Management and Research and "EVD" refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate
parent and trustee, respectively, of EVM and BMR. EVD is the Trust's principal underwriter, the Portfolio's placement agent and a
wholly-owned subsidiary of EVM.
Number of
Portfolios in
Position(s) with Term of Office Fund Complex Other
the Fund and and Length of Principal Occupation(s) During Overseen By Directorships
Name and Date of Birth Portfolio Service Past Five Years Trustee(1) Held
- ---------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE(s)
Jessica M. Bibliowicz Trustee Since 1998 Chairman, President and Chief 193 Director of
11/28/59 Executive Officer of National National
Financial Partners (financial Financial
services company) (since April Partners
1999). President and Chief
Operating Officer of John A.
Levin & Co. (registered
investment adviser) (July 1997 to
April 1999) and a Director of
Baker, Fentress & Company which
owns John A. Levin & Co. (July
1997 to April 1999). Ms.
Bibliowicz is an interested
person because of her affiliation
with a brokerage firm.
James B. Hawkes Trustee Trustee of the Chairman, President and Chief 195 Director of EVC
11/9/41 Trust since 1989; Executive Officer of BMR, EVC,
of the Portfolio EVM and EV; Director of EV; Vice
since 1992 President and Director of EVD.
Trustee and/or officer of 195
registered investment companies
in the Eaton Vance Fund Complex.
Mr. Hawkes is an interested
person because of his positions
with BMR, EVM, EVC and EV, which
are affiliates of the Fund and
the Portfolio.
Eaton Vance Prime Rate Reserves
MANAGEMENT AND ORGANIZATION CONT'D
Number of
Portfolios in
Position(s) with Term of Office Fund Complex Other
the Fund and and Length of Principal Occupation(s) During Overseen By Directorships
Name and Date of Birth Portfolio Service Past Five Years Trustee(1) Held
- ---------------------------------------------------------------------------------------------------------------------------------
NONINTERESTED TRUSTEE(s)
Samuel L. Hayes, III Trustee Trustee of the Jacob H. Schiff Professor of 195 Director of
2/23/35 Trust since 1989; Investment Banking Emeritus, Tiffany & Co.
of the Portfolio Harvard University Graduate (specialty
since 1994 School of Business retailer) and
Administration. Telect, Inc.
(telecom-
munication
services
company)
William H. Park Trustee Since 2003 President and Chief Executive 192 None
9/19/47 Officer, Prizm Capital
Management, LLC (investment
management firm) (since 2002).
Executive Vice President and
Chief Financial Officer, United
Asset Management Corporation (a
holding company owning
institutional investment
management firms) (1982-2001).
Ronald A. Pearlman Trustee Since 2003 Professor of Law, Georgetown 192 None
7/10/40 University Law Center (since
1999). Tax Partner Covington &
Burling, Washington, DC
(1991-2000).
Norton H. Reamer Trustee Trustee of the President and Chief Executive 195 None
9/21/35 Trust since 1989; Officer of Asset Management
of the Portfolio Finance Corp. (a specialty
since 1994 finance company serving the
investment management industry)
(since October 2003). President,
Unicorn Corporation (an
investment and financial advisory
services company) (since
September 2000). Formerly,
Chairman, Hellman, Jordan
Management Co., Inc. (an
investment management company)
(2000-2003). Formerly, Advisory
Director of Berkshire Capital
Corporation (investment banking
firm) (2002-2003). Formerly,
Chairman of the Board, United
Asset Management Corporation (a
holding company owning
institutional investment
management firms) and Chairman,
President and Director, UAM Funds
(mutual funds) (1980-2000).
Lynn A. Stout Trustee Since 1998 Professor of Law, University of 195 None
9/14/57 California at Los Angeles School
of Law (since July 2001).
Formerly, Professor of Law,
Georgetown University Law Center.
Eaton Vance Prime Rate Reserves
MANAGEMENT AND ORGANIZATION CONT'D
Position(s) with Term of Office
the Fund and and Length of Principal Occupation(s) During
Name and Date of Birth Portfolio Service Past Five Years
- ---------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL OFFICERS WHO ARE NOT TRUSTEES
Scott H. Page President Since 2002(2) Vice President of EVM and BMR. Officer of 13 registered
11/30/59 investment companies managed by EVM or BMR.
Payson F. Swaffield Vice President Vice President of
8/13/56 the Trust since
1998; of the
Portfolio since Vice President of EVM and BMR. Officer of 13 registered
1996 investment companies managed by EVM or BMR.
Alan R. Dynner Secretary Since 1997 Vice President, Secretary and Chief Legal Officer of BMR, EVM,
10/10/40 EVD, EV and EVC. Officer of 195 registered investment companies
managed by EVM or BMR.
Barbara E. Campbell Treasurer Since 2002(2) Vice President of EVM and BMR. Officer of 195 registered
6/19/57 investment companies managed by EVM or BMR.
(1) Includes both master and feeder funds in a master-feeder structure.
(2) Prior to 2002, Mr. Page served as Vice President of the Fund since 1998 and of the Portfolio since 1996 and Ms. Campbell
served as Assistant Treasurer of the Trust since 1991 and of the Portfolio since 1992.
The SAI for the Fund includes additional information about the Trustees and officers of the Fund and the Portfolio and can be
obtained without charge by calling 1-800-225-6265.
EV Classic Senior Floating-Rate Fund
MANAGEMENT AND ORGANIZATION
FUND MANAGEMENT. The Trustees of EV Classic Senior Floating-Rate Fund (the Fund) and Senior Debt Portfolio (the Portfolio) are
responsible for the overall management and supervision of the Trust's and Portfolio's affairs. The Trustees and officers of the
Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the
same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The
"noninterested Trustees" consist of those Trustees who are not "interested persons" of the Trust and the Portfolio, as that term
is defined under the 1940 Act. The business address of each Trustee and officer is The Eaton Vance Building, 255 State Street,
Boston, Massachusetts 02109. As used below, "EVC" refers to Eaton Vance Corp., "EV" refers to Eaton Vance, Inc., "EVM" refers to
Eaton Vance Management, "BMR" refers to Boston Management and Research and "EVD" refers to Eaton Vance Distributors, Inc. EVC and
EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund's principal underwriter, the Portfolio's
placement agent and a wholly-owned subsidiary of EVM.
Number of
Portfolios in
Position(s) with Term of Office Fund Complex Other
the Fund and and Length of Principal Occupation(s) During Overseen By Directorships
Name and Date of Birth Portfolio Service Past Five Years Trustee(1) Held
- ---------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE(s)
Jessica M. Bibliowicz Trustee Since 1998 Chairman, President and Chief 193 None
11/28/59 Executive Officer of National
Financial Partners (financial
services company) (since April
1999). President and Chief
Operating Officer of John A.
Levin & Co. (registered
investment adviser) (July 1997 to
April 1999) and a Director of
Baker, Fentress & Company, which
owns John A. Levin & Co. (July
1997 to April 1999). Ms.
Bibliowicz is an interested
person because of her affiliation
with a brokerage firm.
James B. Hawkes Trustee Trustee of the Chairman, President and Chief 195 Director of EVC
11/9/41 Fund since 1993; Executive Officer of BMR, EVM and
of the Portfolio EV; Director of EV; Vice
since 1992 President and Director of EVD.
Trustee and/or officer of 195
registered investment companies
in the Eaton Vance Fund Complex.
Mr. Hawkes is an interested
person because of his positions
with BMR, EVM, EVC and EV, which
are affiliates of the Fund and
the Portfolio.
EV Classic Senior Floating-Rate Fund
MANAGEMENT AND ORGANIZATION CONT'D
Number of
Portfolios in
Position(s) with Term of Office Fund Complex Other
the Fund and and Length of Principal Occupation(s) During Overseen By Directorships
Name and Date of Birth Portfolio Service Past Five Years Trustee(1) Held
- ---------------------------------------------------------------------------------------------------------------------------------
NONINTERESTED TRUSTEE(s)
Samuel L. Hayes, III Trustee Since 1994 Jacob H. Schiff Professor of 195 Director of
2/23/35 Investment Banking Emeritus, Tiffany & Co.
Harvard University Graduate (specialty
School of Business retailer) and
Administration. Telect, Inc.
(telecommunica-
tion services
company)
William H. Park Trustee Since 2003 President and Chief Executive 192 None
9/19/47 Officer, Prizm Capital
Management, LLC (investment
management firm) (since 2002).
Executive Vice President and
Chief Financial Officer, United
Asset Management Corporation (a
holding company owning
institutional investment
management firms) (1982-2001).
Ronald A. Pearlman Trustee Since 2003 Professor of Law, Georgetown 192 None
7/10/40 University Law Center (since
1999). Tax Partner Covington &
Burling, Washington, DC
(1991-2000).
Norton H. Reamer Trustee Since 1994 President and Chief Executive 195 None
9/21/35 Officer of Asset Management
Finance Corp. (a specialty
finance Corp. (a specialty
finance company serving the
investment management industry)
(since October 2003). President,
Unicorn Corporation (an
investment and financial advisory
services company) (since
September 2000). Formerly,
Chairman, Hellman, Jordan
Management Co., Inc. (an
investment management company)
(2000-2003). Advisory Director of
Berkshire Capital Corporation
(investment banking firm)
(2002-2003). Formerly, Chairman
of the Board, United Asset
Management Corporation (a holding
company owning institutional
investment management firms) and
Chairman, President and Director,
UAM Funds (mutual funds)
(1980-2000).
Lynn A. Stout Trustee Since 1998 Professor of Law, University of 195 None
9/14/57 California at Los Angeles School
of Law (since July 2001).
Formerly, Professor of Law,
Georgetown University Law Center.
EV Classic Senior Floating-Rate Fund
MANAGEMENT AND ORGANIZATION CONT'D
Position(s) with Term of Office
the Fund and and Principal Occupation(s) During
Name and Date of Birth the Portfolio Length of Service Past Five Years(1)
- ---------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL OFFICERS WHO ARE NOT TRUSTEES
Scott H. Page President Since 2002(2) Vice President of EVM and BMR. Officer of 13 registered
11/30/59 investment companies managed by EVM or BMR.
Payson F. Swaffield Vice President Vice Presdient of
8/13/56 the Fund since
1998; of the
Portfolio since Vice President of EVM and BMR. Officer of 13 registered
1996 investment companies managed by EVM or BMR.
Alan R. Dynner Secretary Since 1997 Vice President, Secretary and Chief Legal Officer of BMR, EVM,
10/10/40 EVD and EVC. Officer of 195 registered investment companies
managed by EVM or BMR.
Barbara E. Campbell Treasurer Since 2002(2) Vice President of EVM and BMR. Officer of 195 registered
6/19/57 investment companies managed by EVM or BMR.
(1) Includes both master and feeder funds in a master-feeder structure.
(2) Prior to 2002, Mr. Page served as Vice President of the Fund since 1998 and of the Portfolio since 1996 and Ms. Campbell
served as Assistant Treasurer of the Fund since 1993 and of the Portfolio since 1992.
The SAI for the Fund includes additional information about the Trustees and officers of the Fund and Portfolio and can be obtained
without charge by calling 1-800-225-6265.
Eaton Vance Advisers Senior Floating-Rate Fund
MANAGEMENT AND ORGANIZATION
FUND MANAGEMENT. The Trustees of Eaton Vance Advisers Senior Floating-Rate Fund (the Fund) and Senior Debt Portfolio (the
Portfolio) are responsible for the overall management and supervision of the Trust's and Portfolio's affairs. The Trustees and
officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other
offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of
office. The "noninterested Trustees" consist of those Trustees who are not "interested persons" of the Trust and the Portfolio, as
that term is defined under the 1940 Act. The business address of each Trustee and officer is The Eaton Vance Building, 255 State
Street, Boston, Massachusetts 02109. As used below, "EVC" refers to Eaton Vance Corp., "EV" refers to Eaton Vance, Inc., "EVM"
refers to Eaton Vance Management, "BMR" refers to Boston Management and Research and "EVD" refers to Eaton Vance Distributors,
Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund's principal underwriter, the
Portfolio's placement agent and a wholly-owned subsidiary of EVM.
Number of
Portfolios in
Position(s) with Term of Office Fund Complex Other
the Fund and and Length of Principal Occupation(s) During Overseen By Directorships
Name and Date of Birth the Portfolio Service Past Five Years Trustee(1) Held
- ----------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEES
Jessica M. Bibliowicz Trustee Since 1998 Chairman, President and Chief 193 None
11/28/59 Executive Officer of National
Financial Partners (financial
services company) (since April
1999). President and Chief
Operating Officer of John A.
Levin & Co. (registered
investment adviser) (July 1997 to
April 1999) and a Director of
Baker, Fentress & Company which
owns John A. Levin & Co. (July
1997 to April 1999). Ms.
Bibliowicz is an interested
person because of her affiliation
with a brokerage firm.
James B. Hawkes Trustee Trustee of the Chairman, President and Chief 195 Director of EVC
11/9/41 Fund since 1998; Executive Officer of BMR, EVC,
of the Portfolio EVM and EV; Director of EV; Vice
since 1992 President and Director of EVD.
Trustee and/or officer of 195
registered investment companies
in the Eaton Vance Fund Complex.
Mr. Hawkes is an interested
person because of his positions
with BMR, EVM, EVC and EV, which
are affiliates of the Fund and
the Portfolio.
Eaton Vance Advisers Senior Floating-Rate Fund
MANAGEMENT AND ORGANIZATION CONT'D
Number of
Portfolios in
Position(s) with Term of Office Fund Complex Other
the Fund and and Length of Principal Occupation(s) During Overseen By Directorships
Name and Date of Birth the Portfolio Service Past Five Years Trustee(1) Held
- ----------------------------------------------------------------------------------------------------------------------------------
NONINTERESTED TRUSTEE(s)
Samuel L. Hayes, III Trustee Trustee of the Jacob H. Schiff Professor of 195 Director of
2/23/35 Fund since 1998; Investment Banking Emeritus, Tiffany & Co.
of the Portfolio Harvard University Graduate (specialty
since 1994 School of Business retailer) and
Administration. Telect, Inc.
(telecommunicati
on services
company)
William H. Park Trustee Since 2003 President and Chief Executive 192 None
9/19/47 Officer, Prizm Capital
Management, LLC (investment
management firm) (since 2002).
Executive Vice President and
Chief Financial Officer, United
Asset Management Corporation (a
holding company owning
institutional investment
management firms) (1982-2001).
Ronald A. Pearlman Trustee Since 2003 Professor of Law, Georgetown 192 None
7/10/40 University Law Center (since
1999). Tax Partner Covington &
Burling, Washington, DC
(1991-2000).
Norton H. Reamer Trustee Trustee of the President and Chief Executive 195 None
9/21/35 Fund since 1998; Officer of Asset Management
of the Portfolio Finance Corp. (a specialty
since 1994 finance company serving the
investment management industry)
(since October 2003). President,
Unicorn Corporation (an
investment and financial advisory
services company) (since
September 2000). Formerly,
Chairman, Hellman, Jordan
Management Co., Inc. (an
investment management company)
(2000-2003). Formerly, Advisory
Director of Berkshire Capital
Corporation (investment banking
firm) (2002-2003). Formerly,
Chairman of the Board, United
Asset Management Corporation (a
holding company owning
institutional investment
management firms) and Chairman,
President and Director, UAM Funds
(mutual funds) (1980-2000).
Lynn A. Stout Trustee Since 1998 Professor of Law, University of 195 None
9/14/57 California at Los Angeles School
of Law (since July 2001).
Formerly, Professor of Law,
Georgetown University Law Center.
Eaton Vance Advisers Senior Floating-Rate Fund
MANAGEMENT AND ORGANIZATION CONT'D
Position(s) with Term of Office
the Fund and and Length of Principal Occupation(s) During
Name and Date of Birth the Portfolio Service Past Five Years(1)
- ---------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL OFFICERS WHO ARE NOT TRUSTEES
Scott H. Page President Since 2002(2) Vice President of EVM and BMR. Officer of 13 registered
11/30/59 investment companies managed by EVM or BMR.
Payson F. Swaffield Vice President Vice President of
8/13/56 the Fund since
1998; of the
Portfolio since Vice President of EVM and BMR. Officer of 13 registered
1996 investment companies managed by EVM or BMR.
Alan R. Dynner Secretary Secretary of the
10/10/40 Fund since 1998; Vice President, Secretary and Chief Legal Officer of BMR, EVM,
of the Portfolio EVD, EV and EVC. Officer of 195 registered investment companies
since 1997 managed by EVM or BMR.
Barbara E. Campbell Treasurer Since 2002(2) Vice President of EVM and BMR. Officer of 195 registered
6/19/57 investment companies managed by EVM or BMR.
(1) Includes both master and feeder funds in a master-feeder structure.
(2) Prior to 2002, Mr. Page served as Vice President of the Fund since 1998 and of the Portfolio since 1996 and Ms. Campbell
served as Assistant Treasurer of the Fund since 1998 and of the Portfolio since 1992.
The SAI for the Fund includes additional information about the Trustees and officers of the Fund and the Portfolio and can be
obtained without charge by calling 1-800-225-6265.
Eaton Vance Institutional Senior Floating-Rate Fund
MANAGEMENT AND ORGANIZATION
FUND MANAGEMENT. The Trustees of Eaton Vance Institutional Senior Floating- Rate Fund (the Fund) and Senior Debt Portfolio (the
Portfolio) are responsible for the overall management and supervision of the Trust's and Portfolio's affairs. The Trustees and
officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other
offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of
office. The "noninterested Trustees" consist of those Trustees who are not "interested persons" of the Trust and the Portfolio, as
that term is defined under the 1940 Act. The business address of each Trustee and officer is The Eaton Vance Building, 255 State
Street, Boston, Massachusetts 02109. As used below, "EVC" refers to Eaton Vance Corp., "EV" refers to Eaton Vance, Inc., "EVM"
refers to Eaton Vance Management, "BMR" refers to Boston Management and Research and "EVD" refers to Eaton Vance Distributors,
Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund's principal underwriter, the
Portfolio's placement agent and a wholly-owned subsidiary of EVM.
Number of
Portfolios in
Position(s) with Term of Office Fund Complex Other
the Fund and and Length of Principal Occupation(s) During Overseen By Directorships
Name and Date of Birth the Portfolio Service Past Five Years Trustee(1) Held
- ----------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE(s)
Jessica M. Bibliowicz Trustee Trustee of the Chairman, President and Chief 193 None
11/28/59 Fund since 1999; Executive Officer of National
of the Portfolio Financial Partners (financial
since 1998 services company) (since April
1999). President and Chief
Operating Officer of John A.
Levin & Co. (registered
investment adviser) (July 1997 to
April 1999) and a Director of
Baker, Fentress & Company which
owns John A. Levin & Co. (July
1997 to April 1999). Ms.
Bibliowicz is an interested
person because of her affiliation
with a brokerage firm.
James B. Hawkes Trustee Trustee of the Chairman, President and Chief 195 Director of EVC
11/9/41 Fund since 1999; Executive Officer of BMR, EVC,
of the Portfolio EVM and EV; Director of EV; Vice
since 1992 President and Director of EVD.
Trustee and/or officer of 195
registered investment companies
in the Eaton Vance Fund Complex.
Mr. Hawkes is an interested
person because of his positions
with BMR, EVM, EVC and EV, which
are affiliates of the Fund and
the Portfolio.
Eaton Vance Institutional Senior Floating-Rate Fund
MANAGEMENT AND ORGANIZATION
Number of
Portfolios in
Position(s) with Term of Office Fund Complex Other
the Fund and and Length of Principal Occupation(s) During Overseen By Directorships
Name and Date of Birth the Portfolio Service Past Five Years Trustee(1) Held
- -----------------------------------------------------------------------------------------------------------------------------------
NONINTERESTED TRUSTEE(s)
Samuel L. Hayes, III Trustee Trustee of the Jacob H. Schiff Professor of 195 Director of
2/23/35 Fund since 1999; Investment Banking Emeritus, Tiffany & Co.
of the Portfolio Harvard University Graduate (specialty
since 1994 School of Business retailer) and
Administration. Telect, Inc.
(telecommunicati
on services
company)
William H. Park Trustee Since 2003 President and Chief Executive 192 None
9/19/47 Officer, Prizm Capital
Management, LLC (investment
management firm) (since 2002).
Executive Vice President and
Chief Financial Officer, United
Asset Management Corporation (a
holding company owning
institutional investment
management firms) (1982-2001).
Ronald A. Pearlman Trustee Since 2003 Professor of Law, Georgetown 192 None
7/10/40 University Law Center (since
1999). Tax Partner Covington &
Burling, Washington, DC
(1991-2000).
Norton H. Reamer Trustee Trustee of the President and Chief Executive 195 None
9/21/35 Fund since 1999; Officer of Asset Management
of the Portfolio Finance Corp. (a specialty
since 1994 finance company serving the
investment management industry)
(since October 2003). President,
Unicorn Corporation (an
investment and financial advisory
services company) (since
September 2000). Formerly,
Chairman, Hellman, Jordan
Management Co., Inc. (an
investment management company)
(2000-2003). Formerly, Advisory
Director of Berkshire Capital
Corporation (investment banking
firm) (2002-2003). Formerly,
Chairman of the Board, United
Asset Management Corporation (a
holding company owning
institutional investment
management firms) and Chairman,
President and Director, UAM Funds
(mutual funds) (1980-2000).
Lynn A. Stout Trustee Trustee of the Professor of Law, University of 195 None
9/14/57 Fund since 1999; California at Los Angeles School
of the Portfolio of Law (since July 2001).
since 1998 Formerly, Professor of Law,
Georgetown University Law Center.
Eaton Vance Institutional Senior Floating-Rate Fund
MANAGEMENT AND ORGANIZATION
Position(s) with Term of Office
the Fund and and Length of Principal Occupation(s) During
Name and Date of Birth the Portfolio Service Past Five Years(1)
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL OFFICERS WHO ARE NOT TRUSTEES
Scott H. Page President Since 2002(2) Vice President of EVM and BMR. Officer of 13 registered
11/30/59 investment companies managed by EVM or BMR.
Payson F. Swaffield Vice President Vice President of
8/13/56 the Fund since
1999; of the
Portfolio since Vice President of EVM and BMR. Officer of 13 registered
1996 investment companies managed by EVM or BMR.
Alan R. Dynner Secretary Secretary of the
10/10/40 Fund since 1999; Vice President, Secretary and Chief Legal Officer of BMR, EVM,
of the Portfolio EVD, EV and EVC. Officer of 195 registered investment companies
since 1997 managed by EVM or BMR.
Barbara E. Campbell Treasurer Since 2002(2) Vice President of EVM and BMR. Officer of 195 registered
6/19/57 investment companies managed by EVM or BMR.
(1) Includes both master and feeder funds in a master-feeder structure.
(2) Prior to 2002, Mr. Page served as Vice President of the Fund since 1999 and of the Portfolio since 1996 and Ms. Campbell served
as Assistant
Treasurer of the Fund since 1999 and of the Portfolio since 1992.
The SAI for the Fund includes additional information about the Trustees and officers of the Fund and the Portfolio and can be
obtained without charge by calling 1-800-225-6265.
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, Samuel L. Hayes, III and
Norton H. Reamer, each an independent trustee, as its audit committee financial
experts. Mr. Park is a certified public accountant who is the President and
Chief Executive Officer of Prizm Capital Management, LLC (a fixed income
investment management firm). Previously, he served as Executive Vice President
and Chief Financial Officer of United Asset Management Corporation ("UAM") (a
holding company owning institutional investment management firms). Mr. Hayes is
the Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard
University Graduate School of Business Administration. Mr. Reamer is the
President of Unicorn Capital (an investment and financial advisory services
company), Chairman of Hellman, Jordan Management Co., Inc. (an investment
management company) and Advisory Director of Berkshire Capital Corporation (an
investment banking firm). Previously, Mr. Reamer was Chairman of the Board of
UAM and Chairman, President and Director of the UAM Funds (mutual funds).
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: January 21, 2004
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: January 21, 2004
----------------
By: /s/ Scott H. Page
-----------------------
Scott H. Page
President
Date: January 21, 2004
----------------