<PAGE>
Investing
for the
[LOGO]
EATON VANCE 21st
=============
Century
[Photo of Pillars and Steps]
Semiannual Report June 30, 1999
[Photo of Bridge with Buildings]
EATON VANCE
ADVISERS
SENIOR
FLOATING-RATE
FUND
Global Management--Global Distribution
[Photo of Large Hall]
<PAGE>
Eaton Vance Advisers Senior Floating-Rate Fund as of June 30, 1999
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INVESTMENT UPDATE
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Investment Environment
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THE LOAN MARKET
o The volume of leveraged loan issuance continued to grow in the first half of
1999, rising to $147 billion through June 30. Following the difficulties in
the corporate bond market in the fourth quarter of 1998, many more companies
have turned to senior floating-rate loans as a financing alternative.
Concurrently, investor demand for this relatively stable asset class has
remained strong.
o In late June, the Federal Reserve raised the Federal Funds rate - a key
short-term interest rate barometer - by 25 basis points (.25%). That move was
immediately reflected in the LIBOR rate, the benchmark upon which
floating-rate loan interest rates are based.
o Once again, the reset feature of senior floating-rate loans distinguished them
from fixed-income vehicles. The quick response to the rate hike enabled loan
investors to benefit from a trend - rising interest rates - that had a
negative impact on most asset classes.
The Fund
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PERFORMANCE FOR THE PAST SIX MONTHS
o The Fund distributed $0.319 in income dividends during the six months ended
June 30, 1999. Based on a $9.97 net asset value on June 30, 1999, the Fund had
a distribution rate of 6.45%.(1) The Fund's SEC 30-day yield at June 30 was
6.44%.(2)
o The Fund had a six-month total return of 3.03%, which continued to protect
shareholders' purchasing power. By most measures, inflation advanced at an
annualized rate of 1.3% in the first half of 1999.
THE PORTFOLIO'S INVESTMENTS
o Industry diversification remained a major emphasis of the Portfolio. By June
30, the number of industries in the Portfolio had increased to 64. The average
loan as a percentage of the Portfolio's total net assets had declined to
0.27%. That is significant because a decline in the average loan size lessens
the potential impact on the Portfolio of an adverse development for a single
borrower.
o Broadcast media represented the Portfolio's largest industry sector at June
30. Capstar Radio Broadcast-ing is a major, nationwide owner of radio stations
and was recently purchased by Chancellor Media Corp. The Telecommunications
Act of 1996 enabled companies to own multiple radio properties in a single
market. That has helped large radio companies build market share while
realizing excellent econo-mies of scale. The combined company will own 463
stations in 105 markets.
o Cable television companies remained a large focus of the Portfolio. Charter
Communications LLC, which is owned by Microsoft co-founder Paul Allen, has
established itself as one of the nation's premier cable operators. Charter has
continued an aggressive acquisition strategy that included the recent purchase
of another Portfolio holding, Michigan-based Avalon Cable Holdings, Inc.
o The Portfolio maintained a selective exposure to industrial and cyclical
companies, such as National Gypsum Company, a leading manufacturer of
wallboard, and Jefferson Smurfit Corp., a major producer of paperboard and
containers. The Portfolio preferred low-cost operators that can fare well even
as the global economy struggles to recover. An improving global outlook should
lift the prospects of U.S. companies in the chemical, paper, and basic
industry areas.
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Shares of the Fund are not insured by the FDIC and are not deposits or other
obligations of, or guaranteed by, any depository institution. Shares are subject
to investment risks, including possible loss of principal invested. Yield will
change.
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Fund Information
AS OF JUNE 30, 1999
Performance(3)
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- -------------------------------------------------
Average Annual Total Returns (at net asset value)
- -------------------------------------------------
One year 6.51%
Life of Fund (3/20/98) 6.66
Five Largest Sector Weightings(4)
- ----------------------------------------------
BROADCAST MEDIA 6.9%
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CABLE TELEVISION 6.7%
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TELECOMMUNICATIONS -- LONG DISTANCE 5.2%
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COMMERCIAL SERVICES 5.0%
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HEALTH CARE -- MISC. 3.4%
- ----------------------------------------------
(1)The Fund's distribution rate represents actual distributions paid to
shareholders and is calculated daily by dividing the last distribution per share
(annualized) by the offering price. (2)The Fund's SEC yield is calculated by
dividing the net investment income per share for the 30-day period by the
offering price at the end of the period and annualizing the result. (3)Returns
are historical and are calculated by determining the percentage change in net
asset value with all distributions reinvested. (4)Sector weightings are subject
to change due to active management. Five largest sector weightings account for
27.2% of the Portfolio's investments, determined by dividing the total market
value of the holdings by the total net assets of the Portfolio.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when repurchased, may be worth
more or less than their original cost.
<PAGE>
Eaton Vance Advisers Senior Floating-Rate Fund AS OF JUNE 30, 1999
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FINANCIAL STATEMENTS (Unaudited)
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Statement of Assets and Liabilities
As of June 30, 1999
Assets
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Investment in Senior Debt Portfolio, at value
(identified cost, $150,659,941) $150,574,779
Receivable for Fund shares sold 3,472,654
Receivable from Administrator 50,234
Prepaid expenses 120,368
Deferred organization expenses 4,938
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Total assets $154,222,973
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Liabilities
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Dividends payable $ 388,311
Payable for Fund shares redeemed 252,000
Payable to affiliate for Trustees' fees 49
Other accrued expenses 13,440
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Total liabilities $ 653,800
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Net Assets for 15,396,042 shares of beneficial
interest outstanding $153,569,173
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Sources of Net Assets
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Paid-in capital $153,772,952
Accumulated net realized loss from Portfolio (computed
on the basis of identified cost) (108,967)
Accumulated distributions in excess of net investment income (9,650)
Net unrealized depreciation from Portfolio (computed on the
basis of identified cost) (85,162)
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Total $153,569,173
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Net Asset Value, Offering and Redemption
Price Per Share
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($153,569,173 / 15,396,042 shares
of beneficial interest outstanding) $ 9.97
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See notes to financial statements
<PAGE>
Eaton Vance Advisers Senior Floating-Rate Fund AS OF JUNE 30, 1999
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FINANCIAL STATEMENTS CONT'D
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Statement of Operations
For the Six Months Ended
June 30, 1999
Investment Income
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Interest allocated from Portfolio $ 3,605,601
Facility fee income allocated from Portfolio 47,179
Miscellaneous allocated from Portfolio 1,402
Expenses allocated from Portfolio (333,902)
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Net investment income from Portfolio $ 3,320,280
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Expenses
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Administration fee $ 115,448
Trustees fees and expenses 183
Registration fees 74,157
Service fee 54,474
Transfer and dividend disbursing agent fees 24,129
Printing and postage 19,957
Custodian fee 4,464
Amortization of organization expenses 1,818
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Total expenses $ 294,630
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Deduct --
Preliminary allocation of expenses to the Administrator $ 50,234
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Total expense reductions $ 50,234
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Net expenses $ 244,396
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Net investment income $ 3,075,884
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Realized and Unrealized
Gain (Loss) from Portfolio
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Net realized gain (loss) --
Investment transactions (identified cost basis) $ (110,413)
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Net realized loss $ (110,413)
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Change in unrealized appreciation (depreciation) --
Investments $ (42,037)
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Net change in unrealized appreciation (depreciation) $ (42,037)
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Net realized and unrealized loss $ (152,450)
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Net increase in net assets from operations $ 2,923,434
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See notes to financial statements
<PAGE>
Eaton Vance Advisers Senior Floating-Rate Fund AS OF JUNE 30, 1999
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FINANCIAL STATEMENTS CONT'D
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<TABLE>
<CAPTION>
Statements of Changes in Net Assets
Six Months Ended
Increase (Decrease) June 30, 1999 Year Ended
in Net Assets (Unaudited) December 31, 1998(1)
- ------------------------------------------------------------------------------------------
<S> <C> <C>
From operations --
Net investment income $ 3,075,884 $ 1,270,352
Net realized gain (loss) (110,413) 1,446
Net change in unrealized
appreciation (depreciation) (42,037) (43,125)
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Net increase in net assets from operations $ 2,923,434 $ 1,228,673
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Distributions to shareholders --
From net investment income $ (3,067,228) $ (1,270,352)
In excess of net investment income -- (18,306)
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Total distributions to shareholders $ (3,067,228) $ (1,288,658)
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Transactions in shares of beneficial interest --
Proceeds from sale of shares $108,913,560 $ 68,306,599
Net asset value of shares issued to
shareholders in payment of distributions
declared 1,419,044 693,838
Cost of shares redeemed (13,892,228) (11,667,861)
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Net increase in net assets from Fund share
transactions $ 96,440,376 $ 57,332,576
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Net increase in net assets $ 96,296,582 $ 57,272,591
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Net Assets
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At beginning of period $ 57,272,591 --
- ------------------------------------------------------------------------------------------
At end of period $153,569,173 $ 57,272,591
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Accumulated distributions in excess of net investment income included in net assets
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At end of period $ (9,650) $ (18,306)
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(1)For the period from the start of business, March 20, 1998, to December 31, 1998.
</TABLE>
See notes to financial statements
<PAGE>
Eaton Vance Advisers Senior Floating-Rate Fund AS OF JUNE 30, 1999
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FINANCIAL STATEMENTS CONT'D
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Statement of Cash Flows
Six Months Ended
June 30, 1999
Increase (Decrease) in Cash (Unaudited)
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Cash Flows From (Used For) Operating Activities --
Purchase of interests in Senior Debt Portfolio $ (106,752,311)
Withdrawal of interests in Senior Debt Portfolio 15,782,975
Operating expenses paid (458,479)
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Net cash used for operating activities $ (91,427,815)
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Cash Flows From (Used For) Financing Activities --
Proceeds from shares sold $ 106,704,174
Payments for shares repurchased (13,892,228)
Cash distributions paid (excluding reinvestments
of distributions of $1,419,044) (1,384,131)
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Net cash from financing activities $ 91,427,815
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Net increase in cash --
- -------------------------------------------------------------------------------
Cash at Beginning of Period --
- -------------------------------------------------------------------------------
Cash at End of Period --
- -------------------------------------------------------------------------------
Reconciliation of Net Increase in Net Assets
From Operations to Net Cash Used For
Operating Activities
- -------------------------------------------------------------------------------
Net increase in net assets from operations $ 2,923,434
Decrease in deferred organization expenses 1,818
Increase in receivable from administrator (17,190)
Increase in prepaid expenses (1,242)
Increase in Payable to affiliate 49
Decrease in accrued expenses (197,518)
Net increase in investments (94,137,166)
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Net cash used for operating activities $ (91,427,815)
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See notes to financial statements
<PAGE>
Eaton Vance Advisers Senior Floating-Rate Fund AS OF JUNE 30, 1999
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FINANCIAL STATEMENTS CONT'D
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Financial Highlights
Six Months Ended
June 30, 1999 For the Period Ended
(Unaudited) December 31, 1998(1)(2)
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Net asset value -- Beginning of period $ 9.990 $10.000
- --------------------------------------------------------------------------------
Income (loss) from operations
- --------------------------------------------------------------------------------
Net investment income $ 0.321 $ 0.531
Net realized and unrealized loss (0.022) (0.002)
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Total income from operations $ 0.299 $ 0.529
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Less distributions
- --------------------------------------------------------------------------------
From net investment income $ (0.319) $(0.531)
In excess of net investment income -- $(0.008)
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Total distributions $ (0.319) $(0.539)
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Net asset value -- End of period $ 9.970 $ 9.990
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Total Return(3) 3.03% 5.41%
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Ratios/Supplemental Data+
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Net assets, end of period (000's omitted) $153,569 $57,273
Ratio (As a percentage of average daily net assets):
Net operating expenses(4) 1.19%(5) 1.40%(5)
Net interest expense(4) 0.01%(5) 0.01%(5)
Net investment income 6.38%(5) 6.60(5)
- --------------------------------------------------------------------------------
+The operating expenses of the Fund may reflect an allocation of expenses to
the Administrator. Had such action not been taken, the ratios and net
investment income per share would have been as follows:
Ratios (As a percentage of average daily net assets):
Operating expenses(4) 1.30%(5) 1.57(5)
Interest expense(4) 0.01%(5) 0.01(5)
Net investment income 6.27%(5) 6.43(5)
Net investment income per share $ 0.315 $ 0.517
- --------------------------------------------------------------------------------
(1)For the period from the start of business, March 20, 1998, to December 31,
1998.
(2)Net investment income per share was computed using average shares
outstanding.
(3)Total return is calculated assuming a purchase at the net asset value on the
first day and a sale at the net asset value on the last day of each period
reported. Dividends and distributions, if any, are assumed reinvested at the
net asset value on the reinvestment date. Total return is not computed on an
annualized basis.
(4)Includes the Fund's share of the Portfolio's allocated expenses.
(5)Annualized.
See notes to financial statements
<PAGE>
Eaton Vance Advisers Senior Floating-Rate Fund AS OF JUNE 30, 1999
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NOTES TO FINANCIAL STATEMENTS (Unaudited)
- -------------------------------------------------------------------------------
1 Significant Accounting Policies
- -------------------------------------------------------------------------------
Eaton Vance Advisers Senior Floating-Rate Fund (the Fund) was formed under a
Declaration of Trust dated February 19, 1998. The Fund is an entity of the
type commonly known as a Massachusetts business trust and is registered
under the Investment Company Act of 1940, as amended, as a non-diversified
closed-end management investment company. The Fund invests all of its
investable assets in interests in the Senior Debt Portfolio (the Portfolio),
a New York Trust, having the same investment objective as the Fund. The
value of the Fund's investment in the Portfolio reflects the Fund's
proportionate interest in the net assets of the Portfolio (1.8% at June 30,
1999). The performance of the Fund is directly affected by the performance
of the Portfolio. The financial statements of the Portfolio, including the
portfolio of investments, are included elsewhere in this report and should
be read in conjunction with the Fund's financial statements. The following
is a summary of significant accounting policies consistently followed by the
Fund in the preparation of its financial statements. The policies are in
conformity with generally accepted accounting principles.
A Investment Valuation -- Valuation of securities by the Portfolio is
discussed in Note 1A of the Portfolio's Notes to Financial Statements which
are included elsewhere in this report.
B Income -- The Fund's net investment income consists of the Fund's pro rata
share of the net investment income of the Portfolio, less all actual and
accrued expenses of the Fund determined in accordance with generally
accepted accounting principles.
C Federal Taxes -- The Fund's policy is to comply with the provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute to shareholders each year all of its taxable income, including
any net realized gain on investments. Accordingly, no provision for federal
income or excise tax is necessary.
D Deferred Organization Expenses -- Costs incurred by the Fund in connection
with its organization are being amortized on the straight-line basis over
five years.
F Use of Estimates -- The preparation of financial statements in conformity
with generally accepted accounting principles 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 income and expense during the reporting period. Actual results could
differ from those estimates.
G Interim Financial Statements -- The interim financial statements relating
to June 30, 1999 and for the six months then ended have not been audited by
independent certified public accountants, but in the opinion of the Fund's
management, reflect all adjustments, consisting only of normal recurring
adjustments, necessary for the fair presentation of the financial
statements.
2 Distributions to Shareholders
- --------------------------------------------------------------------------------
The net investment income of the Fund is determined daily, and substantially
all of the net investment income so determined is declared daily as a
dividend to shareholders of record at the time of declaration. Such daily
dividends will be paid monthly. Distributions of realized capital gains, if
any, are made at least annually. Shareholders may reinvest capital gain
distributions in additional shares of the Fund at the net asset value as of
the ex-dividend date. Distributions are paid in the form of additional
shares or, at the election of the shareholder, in cash. The Fund
distinguishes between distributions on a tax basis and a financial reporting
basis. Generally accepted accounting principles require that only
distributions in excess of tax basis earnings and profits be reported in the
financial statements as a return of capital. Differences in the recognition
or classification of income between the financial statements and tax
earnings and profits which result in over-distributions for financial
statement purposes only are classified as distributions in excess of net
investment income or accumulated net realized gains. Permanent differences
between book and tax accounting relating to distributions are reclassified
to paid-in capital.
3 Shares of Beneficial Interest
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The Declaration of Trust permits the Trustees to issue an unlimited number
of full and fractional shares of beneficial interest (without par value).
The Fund operates as an interval fund, meaning that it continuously accepts
new shareholder investments but permits share repurchases at net asset value
only once a quarter. The price will be established at the close of business
on the last day the repurchase offer is open. The Trustees approved
repurchase offers for the period from January 4, 1999 to January 25, 1999,
March 17, 1999 to April 7, 1999 and July 1, 1999 to July 22, 1999.
Transactions in Fund shares were as follows:
Six Months Ended
June 30, 1999 Period Ended
(Unaudited) December 31, 1998(1)
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Sales 10,911,836 6,830,309
Issued to shareholders electing to
receive payments of distributions in
Fund shares 142,203 69,386
Repurchases (1,391,076) (1,166,616)
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NET INCREASE 9,662,963 5,733,079
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(1)For the period from the start of business, March 20, 1998, to December
31, 1998.
4 Transactions with Affiliates
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The Fund is authorized to pay Eaton Vance Management (EVM) as compensation
for administrative services necessary to conduct the Fund's business. The
fee is computed at the annual rate of 0.35% of the average daily gross
assets of the Portfolio attributable to the Fund. Prior to May 1, 1999, the
amount of administration fees paid by the Fund to EVM was equal to 0.15%
(annually) of the average daily gross assets of the portfolio attributable
to the Fund. For the six months ended June 30, 1999, the fee amounted to
$115,448. To enhance the net income of the Fund, $50,234 of the Fund's
expenses were allocated, on a preliminary basis, to EVM for the six months
ended June 30, 1999. The Portfolio has engaged Boston Management and
Research (BMR), a subsidiary of EVM, to render investment advisory services.
See Note 2 of the Portfolio's Notes to Financial Statements which are
included elsewhere in this report. Except as to Trustees of the Fund and the
Portfolio who are not members of EVM's or BMR's organization, officers and
Trustees receive remuneration for their services to the Fund out of such
investment adviser fee.
Certain officers and Trustees of the Fund and of the Portfolio are officers
of the above organizations.
5 Service Plan
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Effective May 1, 1999, the Fund pays service fees pursuant to a Service Plan
(the Plan) designed to meet the service fee requirements of the sales charge
rule of the National Association of Securities Dealers, Inc. as if such rule
were applicable. The Plan provides that the Fund may make service fee
payments to the Principal Underwriter, Eaton Vance Distributors, Inc. (EVD),
a subsidiary of EVM, investment dealers or other persons in amounts not
exceeding 0.25% of the Fund's average daily net assets for any fiscal year.
The Fund paid or accrued service fees to or payable to EVD for the period
from May 1, 1999 to June 30, 1999 in the amount of $54,474. Service fee
payments are made for personal services and/or the maintenance of
shareholder accounts. Certain officers and Trustees of the Fund are officers
or directors of EVD.
6 Investment Transactions
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Increases and decreases in the Fund's investment in the Portfolio for the
six months ended June 30, 1999 aggregated $106,752,311 and $15,782,975,
respectively.
<PAGE>
Senior Debt Portfolio AS OF JUNE 30, 1999
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PORTFOLIO OF INVESTMENTS
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(Expressed in United States Dollars)
Senior, Secured, Floating Rate
Interests -- 90.31%(1)
Principal
Amount Borrower/Tranche Description Value
- -----------------------------------------------------------------------------
Aerospace/Defense -- 1.43%
- -----------------------------------------------------------------------------
Aerostructures Corporation
$ 17,936,551 Term loan, maturing December 31, 2003 $ 17,936,551
Aircraft Braking Systems Corp.
26,415,183 Term loan, maturing September 30, 2005 26,415,183
Fairchild Holdings Corporation
20,000,000 Term loan, maturing April 30, 2006 20,000,000
Hexcel Corporation
24,850,716 Term loan, maturing August 25, 2005 24,850,716
SWM Holdings, Inc.
3,944,646 Term loan, maturing May 27, 2005 3,944,646
3,580,929 Term loan, maturing May 27, 2006 3,580,929
United Defense Industries, Inc.
11,059,469 Term loan, maturing October 6, 2005 11,059,469
10,678,031 Term loan, maturing October 6, 2006 10,678,031
- -----------------------------------------------------------------------------
$ 118,465,525
- -----------------------------------------------------------------------------
Airlines -- 0.19%
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Continental Airlines, Inc.
$ 15,775,492 Term loan, maturing December 31, 2006 $ 15,775,492
- -----------------------------------------------------------------------------
$ 15,775,492
- -----------------------------------------------------------------------------
Auto parts -- Aftermarket -- 1.77%
- -----------------------------------------------------------------------------
AAS Holdings, LLC
$ 9,920,012 Term loan, maturing October 30, 2004 $ 9,920,012
Car Components Technologies, Inc.
5,687,500 Term loan, maturing February 17, 2005 5,687,500
Exide Corporation
34,731,765 Term loan, maturing March 18, 2005 34,731,765
Federal-Mogul Corporation
54,000,000 Term loan, maturing February 24, 2005 54,000,000
J.L. French Automotive Castings, Inc.
11,842,105 Term loan, maturing November 30, 2006 11,842,105
Keystone Automotive Operations, Inc.
11,891,272 Term loan, maturing March 31, 2006 11,891,272
Lund Industries, Incorporated
4,476,144 Term loan, maturing December 31, 2004 4,476,144
2,831,925 Term loan, maturing December 31, 2005 2,831,925
Plas-Tech (Engineered) Products, Inc.
5,049,020 Term loan, maturing April 1, 2002 5,049,020
3,941,176 Term loan, maturing April 1, 2004 3,941,176
Safelite Glass Corp.
1,390,429 Term loan, maturing December 17, 2004 1,390,429
1,390,429 Term loan, maturing December 17, 2005 1,390,429
- -----------------------------------------------------------------------------
$ 147,151,776
- -----------------------------------------------------------------------------
Automobile -- 2.08%
- -----------------------------------------------------------------------------
Accuride Corporation
$ 23,512,500 Term loan, maturing January 21, 2006 $ 23,512,500
5,750,000 Term loan, maturing January 21, 2007 5,750,000
American Axle & Manufacturing, Inc.
5,000,000 Term loan, maturing April 30, 2006 5,000,000
American Bumper & MFG. Co.
10,000,000 Term loan, maturing May 31, 2006 10,000,000
Cambridge Industries, Inc.
25,480,000 Term loan, maturing June 30, 2005 25,480,000
Collins & Aikman Products Co.
11,000,000 Term loan, maturing June 30, 2004 11,000,000
27,060,000 Term loan, maturing June 30, 2005 27,060,000
12,000,000 Term loan, maturing June 30, 2006 12,000,000
Dura Operating Corp.
12,500,000 Term loan, maturing March 31, 2006 12,500,000
Key Plastics
16,458,750 Term loan, maturing March 26, 2005 16,458,750
Stanadyne Automotive Corporation
4,686,450 Term loan, maturing December 10, 2004 4,686,450
Venture Holdings Trust
19,000,000 Term loan, maturing April 1, 2005 19,000,000
- -----------------------------------------------------------------------------
$ 172,447,700
- -----------------------------------------------------------------------------
Beverages -- Alcoholic -- 0.12%
- -----------------------------------------------------------------------------
Pabst Brewing Company
$ 10,000,000 Term loan, maturing April 30, 2004 $ 10,000,000
- -----------------------------------------------------------------------------
$ 10,000,000
- -----------------------------------------------------------------------------
Beverages -- Soft Drink -- 0.84%
- -----------------------------------------------------------------------------
Canandaigua Brands, Inc.
$ 20,000,000 Term loan, maturing June 30, 2005 $ 20,000,000
Dr. Pepper Bottling Holdings, Inc.
14,962,500 Term loan, maturing December 31, 2005 14,962,500
Triarc Companies, Inc.
10,148,983 Term loan, maturing March 1, 2006 10,148,983
24,763,517 Term loan, maturing March 31, 2006 24,763,517
- -----------------------------------------------------------------------------
$ 69,875,000
- -----------------------------------------------------------------------------
Broadcast Media -- 6.91%
- -----------------------------------------------------------------------------
American Media Operations Inc.
$ 15,000,000 Term loan, maturing April 1, 2006 $ 15,000,000
9,000,000 Term loan, maturing April 1, 2007 9,000,000
Bahakel Communications
14,824,747 Term loan, maturing December 31, 2005 14,824,747
Benedek Broadcasting Corporation
28,000,000 Term loan, maturing November 20, 2007 28,000,000
Black Entertainment Television
24,000,000 Term loan, maturing June 30, 2006 24,000,000
Capstar Radio Broadcasting Corp
10,000,000 Term loan, maturing May 31, 2004 10,000,000
18,000,000 Term loan, maturing November 30, 2004 18,000,000
88,767,340 Term loan, maturing May 31, 2005 88,767,340
Chancellor Radio Broadcast Company
16,200,313 Revolving loan, maturing June 30, 2005 16,200,313
57,571,429 Term loan, maturing June 30, 2005 57,571,429
Comcorp Broadcasting, Inc.
6,250,000 Term loan, maturing June 30, 2007 6,250,000
Discovery Communications, Inc.
30,000,000 Term loan, maturing May 13, 2004 30,000,000
Emmis Broadcasting Corporation
38,000,000 Term loan, maturing February 28, 2007 38,000,000
Lin Television Corp.
22,825,607 Term loan, maturing March 31, 2007 22,825,607
Retlaw Broadcasting, LLC
7,425,000 Term loan, maturing March 31, 2006 7,425,000
Sinclair Broadcast Group, Inc.
6,106,897 Revolving loan, maturing August 15, 2005 6,106,897
41,666,667 Term loan, maturing December 31, 2004 41,666,667
Spartan Communications, Inc.
12,406,250 Term loan, maturing June 30, 2005 12,406,250
Susquehanna Media Co.
20,000,000 Term loan, maturing June 30, 2008 20,000,000
TLMD Aquisition Co.
29,000,000 Term loan, maturing March 31, 2007 29,000,000
UCA Corp.
72,500,000 Term loan, maturing May 15, 2007 72,500,000
White Knight Broadcasting, Inc.
6,250,000 Term loan, maturing June 30, 2007 6,250,000
- -----------------------------------------------------------------------------
$ 573,794,250
- -----------------------------------------------------------------------------
Building Materials -- 1.94%
- -----------------------------------------------------------------------------
Dal-Tile Group, Inc
$ 1,521,263 Revolving loan, maturing December 31, 2002 $ 1,521,263
4,492,646 Term loan, maturing December 31, 2002 4,492,646
Dayton Superior Corporation
16,000,000 Term loan, maturing September 29, 2005 16,000,000
Falcon Building Products, Inc.
10,627,143 Term loan, maturing June 29, 2007 10,627,143
4,448,571 Term loan, maturing June 29, 2006 4,448,571
National Gypsum Company
94,738,095 Term loan, maturing September 30, 2003 94,738,095
Reliant Building Products, Inc.
12,283,654 Term loan, maturing March 31, 2004 12,283,654
Truseal Technologies, Inc.
7,234,319 Term loan, maturing July 1, 2004 7,234,319
U.S. Aggregates, Inc.
9,733,929 Term loan, maturing March 31, 2006 9,733,929
- -----------------------------------------------------------------------------
$ 161,079,620
- -----------------------------------------------------------------------------
Cable Television -- 6.67%
- -----------------------------------------------------------------------------
Avalon Cable Holdings Finance, Inc.
$ 11,500,000 Term loan, maturing October 31, 2006 $ 11,500,000
Benchmark Genesis, LLC
8,000,000 Term loan, maturing September 30, 2007 8,000,000
Bresnan Telecommunications Co., LLC
18,050,000 Term loan, maturing January 29, 2008 18,050,000
Charter Communications Operating, LLC.
174,000,000 Term loan, maturing March 18, 2008 174,000,000
Chelsea Communications, Inc.
19,750,000 Term loan, maturing December 31, 2004 19,750,000
Classic Cable, Inc.
25,000,000 Term loan, maturing October 31, 2007 25,000,000
Falcon Holding Group, L.P.
19,279,009 Term loan, maturing June 29, 2007 19,279,009
61,983,491 Term loan, maturing December 31, 2007 61,983,491
Frontiervision Operating Partners, L.P.
54,000,000 Term loan, maturing March 31, 2006 54,000,000
HPI Acquisition Co., LLC
10,000,000 Term loan, maturing December 31, 2006 10,000,000
Intermedia Partners Group VI (Holdco)
14,500,000 Term loan, maturing April 30, 2008 14,500,000
Intermedia Partners Group - IV
40,813,636 Term loan, maturing January 1, 2005 40,813,636
Intermedia Partners VI (Opco)
42,750,000 Term loan, maturing April 30, 2008 42,750,000
RCN Corporation
23,000,000 Term loan, maturing June 30, 2007 23,000,000
TWFANCH-One Co.
31,000,000 Term loan, maturing December 31, 2007 31,000,000
- -----------------------------------------------------------------------------
$ 553,626,136
- -----------------------------------------------------------------------------
Chemicals -- 3.19%
- -----------------------------------------------------------------------------
AOC, LLC.
$ 16,969,118 Term loan, maturing September 30, 2006 $ 16,969,118
Arteva B.V. (Kosa)
4,995,727 Term loan, maturing December 31, 2005 4,995,727
27,776,000 Term loan, maturing December 31, 2006 27,776,000
Huntsman Corporation
1,307,993 Term loan, maturing September 30, 2003 1,307,993
14,482,577 Term loan, maturing December 31, 2004 14,482,577
5,163,660 Term loan, maturing December 31, 2005 5,163,660
Lyondell Petrochemical Company
23,807,304 Term loan, maturing June 30, 2003 23,807,304
9,678,384 Term loan, maturing June 30, 2005 9,678,384
67,830,000 Term loan, maturing June 30, 2007 67,830,000
Polymer Group, Inc.
29,688,032 Term loan, maturing December 20, 2005 29,688,032
Sterling Chemical
20,808,758 Term loan, maturing September 30, 2004 20,808,758
Sterling Pulp Chemicals (Sask) Ltd.
6,575,441 Term loan, maturing June 30, 2005 6,575,441
Sybron Chemicals Inc.
18,768,750 Term loan, maturing July 31, 2004 18,768,750
United Industries Corporation
16,957,500 Term loan, maturing January 20, 2006 16,957,500
- -----------------------------------------------------------------------------
$ 264,809,244
- -----------------------------------------------------------------------------
Chemicals -- Specialty -- 0.10%
- -----------------------------------------------------------------------------
Vinings Industries, Inc.
$ 8,099,728 Term loan, maturing March 31, 2005 $ 8,099,728
- -----------------------------------------------------------------------------
$ 8,099,728
- -----------------------------------------------------------------------------
Coal -- 0.78%
- -----------------------------------------------------------------------------
Alliance Coal Corporation
$ 2,067,694 Term loan, maturing December 31, 2001 $ 2,067,694
14,618,533 Term loan, maturing December 31, 2002 14,618,533
P&L Coal Holdings Corporation
38,269,231 Term loan, maturing June 30, 2006 38,269,231
Quaker Coal Company
9,900,000 Term loan, maturing June 30, 2006 9,900,000
- -----------------------------------------------------------------------------
$ 64,855,458
- -----------------------------------------------------------------------------
Commercial Services -- 4.97%
- -----------------------------------------------------------------------------
Advanstar Communications Inc.
$ 18,924,000 Term loan, maturing April 30, 2005 $ 18,924,000
American Floral Services, Inc.
4,750,000 Term loan, maturing June 30, 2004 4,750,000
Brickman Holdings Corp
7,738,887 Term loan, maturing January 14, 2006 7,738,887
Caterair International Corporation
39,630,199 Term loan, maturing March 1, 2007 39,630,199
Dimac Corporation
5,714,286 Term loan, maturing June 30, 2006 5,714,286
4,285,714 Term loan, maturing December 31, 2006 4,285,714
Erickson Air-Crane Co.
8,797,500 Term loan, maturing December 31, 2004 8,797,500
Metokote Corporation
9,500,000 Term loan, maturing November 2, 2005 9,500,000
Morris Material Handling, Inc.
6,912,500 Term loan, maturing March 31, 2003 6,912,500
Nationsrent, Inc.
7,000,000 Term loan, maturing September 24, 2004 7,000,000
5,000,000 Term loan, maturing September 24, 2005 5,000,000
Omni Services, Inc.
42,488,481 Term loan, maturing October 30, 2005 42,488,481
Outdoor Systems, Inc.
38,550,620 Term loan, maturing June 30, 2004 38,550,620
Outsourcing Solutions, Corp.
13,934,238 Term loan, maturing October 15, 2003 13,934,238
Philips Services Corp.
6,334,756 Revolving loan, maturing August 12, 2002* 4,434,329
PSI Acquisition Corporation
16,830,000 Term loan, maturing September 30, 2003 16,830,000
Safety-Kleen Services, Inc.
978,402 Revolving loan, maturing April 3, 2004 978,402
2,060,890 Term loan, maturing April 3, 2004 2,060,890
31,188,511 Term loan, maturing April 3, 2005 31,188,511
31,188,511 Term loan, maturing April 3, 2006 31,188,511
SC International Services, Inc.
22,292,864 Term loan, maturing March 1, 2007 22,292,864
Tartan Textile Services, Inc.
9,950,000 Term loan, maturing April 30, 2005 9,950,000
United Rentals, Inc.
18,500,000 Term loan, maturing June 30, 2005 18,500,000
46,000,000 Term loan, maturing June 30, 2006 46,000,000
Volume Services, Inc.
16,334,341 Term loan, maturing December 31, 2002 16,334,341
- -----------------------------------------------------------------------------
$ 412,984,273
- -----------------------------------------------------------------------------
Communications -- Equip/Mfrs -- 1.94%
- -----------------------------------------------------------------------------
Amphenol Corporation
$ 5,000,000 Term loan, maturing May 19, 2004 $ 5,000,000
43,886,250 Term loan, maturing May 19, 2006 43,886,250
Communications & Power Industries, Inc.
1,483,145 Term loan, maturing August 11, 2000 1,483,145
7,986,808 Term loan, maturing August 12, 2002 7,986,808
Communications Instruments
12,000,000 Term loan, maturing March 15, 2004 12,000,000
Dynatech Corporation
10,462,467 Term loan, maturing March 31, 2005 10,462,467
10,462,467 Term loan, maturing March 31, 2006 10,462,467
10,462,467 Term loan, maturing March 31, 2007 10,462,467
Prodelin Holding Corporation
9,397,081 Term loan, maturing May 31, 2006 9,397,081
Superior Telecom, Inc.
659,310 Revolving loan, maturing November 27, 2005 659,310
6,534,554 Term loan, maturing November 27, 2005 6,534,554
25,568,369 Term loan, maturing November 27, 2006 25,568,369
Telex Communications, Inc.
4,754,602 Term loan, maturing November 6, 2004 4,754,602
Viasystems, Inc.
5,935,714 Term loan, maturing March 31, 2004 5,935,714
3,909,091 Term loan, maturing June 30, 2004 3,909,091
2,400,000 Term loan, maturing June 30, 2005 2,400,000
- -----------------------------------------------------------------------------
$ 160,902,325
- -----------------------------------------------------------------------------
Computer Software & Services -- 1.29%
- -----------------------------------------------------------------------------
Bridge Information Systems America
$ 8,250,000 Term loan, maturing May 29, 2004 $ 8,250,000
18,000,000 Term loan, maturing May 29, 2005 18,000,000
Computer Associates International, Inc.
40,000,000 Term loan, maturing June 24, 2003 40,000,000
Decisionone Corporation
5,694,000 Revolving loan, maturing August 7, 2003* 3,701,100
16,224,000 Term loan, maturing August 7, 2003* 10,545,600
2,381,034 Term loan, maturing August 7, 2005* 1,547,672
Paul G. Allen
25,000,000 Term loan, maturing June 10, 2003 25,000,000
- -----------------------------------------------------------------------------
$ 107,044,372
- -----------------------------------------------------------------------------
Computer Systems -- 0.43%
- -----------------------------------------------------------------------------
Genicom Corporation
$ 13,966,084 Term loan, maturing September 5, 2004 $ 13,966,084
Titan Corporation
22,000,000 Term loan, maturing June 9, 2005 22,000,000
- -----------------------------------------------------------------------------
$ 35,966,084
- -----------------------------------------------------------------------------
Conglomerates -- 0.96%
- -----------------------------------------------------------------------------
American Marketing Industries, Inc.
$ 945,000 Term loan, maturing August 31, 2001 $ 945,000
5,414,247 Term loan, maturing November 30, 2002 5,414,247
6,451,500 Term loan, maturing November 30, 2003 6,451,500
6,612,785 Term loan, maturing November 30, 2004 6,612,785
5,431,250 Term loan, maturing November 16, 2005 5,431,250
SPX Corporation
53,098,750 Term loan, maturing September 30, 2006 53,098,750
1,875,000 Term loan, maturing January 21, 2007 1,875,000
- -----------------------------------------------------------------------------
$ 79,828,532
- -----------------------------------------------------------------------------
Containers -- Metal & Glass -- 1.21%
- -----------------------------------------------------------------------------
Ball Corporation
$ 27,362,500 Term loan, maturing March 10, 2006 $ 27,362,500
Graham Packaging Company
7,541,406 Term loan, maturing January 31, 2006 7,541,406
10,974,844 Term loan, maturing January 31, 2007 10,974,844
Reid Plastics, Inc.
9,617,490 Term loan, maturing November 12, 2003 9,617,490
7,254,664 Term loan, maturing November 12, 2004 7,254,664
Silgan Holdings Inc.
19,925,863 Term loan, maturing June 30, 2005 19,925,863
Tekni-Plex, Inc.
17,858,863 Term loan, maturing March 31, 2006 17,858,863
- -----------------------------------------------------------------------------
$ 100,535,630
- -----------------------------------------------------------------------------
Containers -- Paper -- 3.31%
- -----------------------------------------------------------------------------
Gaylord Container Corporation
$ 14,925,000 Term loan, maturing June 19, 2004 $ 14,925,000
IPC, Inc.
39,802,344 Term loan, maturing September 30, 2004 39,802,344
Jefferson Smurfit Corporation
24,218,750 Term loan, maturing March 31, 2005 24,218,750
70,147,500 Term loan, maturing March 24, 2006 70,147,500
Packaging Corporation Of America
4,690,083 Term loan, maturing March 31, 2006 4,690,083
19,698,347 Term loan, maturing March 31, 2007 19,698,347
19,698,347 Term loan, maturing March 31, 2008 19,698,347
RIC Holding, Inc.
8,684,802 Revolving loan, maturing February 28, 2003 8,684,802
19,394,448 Term loan, maturing February 28, 2003 19,394,448
10,353,752 Term loan, maturing February 28, 2004 10,353,752
4,102,301 Term loan, maturing August 28, 2004 4,102,301
Stone Container Corporation
27,851,814 Term loan, maturing October 1, 2003 27,851,814
Stronghaven, Inc.
9,099,844 Term loan, maturing May 15, 2004 8,735,850
2,364,720 Term loan, maturing May 15, 2005 2,270,132
- -----------------------------------------------------------------------------
$ 274,573,470
- -----------------------------------------------------------------------------
Cosmetics -- 1.24%
- -----------------------------------------------------------------------------
AM Cosmetics, Inc.
$ 1,135,936 Revolving loan, maturing May 30, 2004 $ 1,135,936
1,831,215 Term loan, maturing May 30, 2004 1,831,215
3,662,430 Term loan, maturing May 30, 2006 3,662,430
3,662,430 Subordinated debt, maturing May 30, 2007* 2,820,071
American Safety Razor Compancy
3,680,000 Term loan, maturing April 30, 2007 3,680,000
Mary Kay Inc.
18,752,527 Term loan, maturing March 6, 2004 18,752,527
Revlon Consumer Products Corporation
71,280,000 Term loan, maturing May 29, 2002 71,280,000
- -----------------------------------------------------------------------------
$ 103,162,179
- -----------------------------------------------------------------------------
Drugs -- 0.63%
- -----------------------------------------------------------------------------
Express Scripts, Inc.
$ 5,000,000 Term loan, maturing March 31, 2006 $ 5,000,000
8,737,019 Term loan, maturing March 31, 2007 8,737,019
King Pharmaceuticals, Inc.
15,422,500 Term loan, maturing December 31, 2005 15,422,500
Robert's Pharmaceutical Corporation
22,782,519 Term loan, maturing June 30, 2003 22,782,519
- -----------------------------------------------------------------------------
$ 51,942,038
- -----------------------------------------------------------------------------
Electrical Equipment -- 0.37%
- -----------------------------------------------------------------------------
Gentek, Inc.
$ 5,000,000 Term loan, maturing April 30, 2006 $ 5,000,000
22,000,000 Term loan, maturing April 30, 2007 22,000,000
Stoneridge
3,980,000 Term loan, maturing December 31, 2005 3,980,000
- -----------------------------------------------------------------------------
$ 30,980,000
- -----------------------------------------------------------------------------
Electronics -- Instrumentation -- 0.20%
- -----------------------------------------------------------------------------
Packard Bioscience Company
$ 16,841,936 Term loan, maturing March 31, 2002 $ 16,841,936
- -----------------------------------------------------------------------------
$ 16,841,936
- -----------------------------------------------------------------------------
Electronics -- Semiconductor -- 0.36%
- -----------------------------------------------------------------------------
Fairchild Semiconductor Corporation
$ 29,500,000 Term loan, maturing December 15, 2004 $ 29,500,000
- -----------------------------------------------------------------------------
$ 29,500,000
- -----------------------------------------------------------------------------
Engineering & Construction -- 0.18%
- -----------------------------------------------------------------------------
Building One Services Corporation
$ 9,975,000 Term loan, maturing April 30, 2004 $ 9,975,000
International Technology Corporation
4,901,316 Term loan, maturing June 11, 2006 4,901,316
- -----------------------------------------------------------------------------
$ 14,876,316
- -----------------------------------------------------------------------------
Entertainment -- 2.00%
- -----------------------------------------------------------------------------
Carmike Cinemas, Inc.
$ 14,837,813 Term loan, maturing February 25, 2005 $ 14,837,813
Hollywood Theater Holdings, Inc.
8,977,500 Term loan, maturing March 31, 2006 8,977,500
Minnesota Vikings Holdings, Inc.
8,000,000 Term loan, maturing February 12, 2004 8,000,000
Palace Station Hotel & Casino, Inc.
9,000,000 Term loan, maturing September 30, 2000 9,000,000
PEI Holdings, Inc.
11,000,000 Term loan, maturing December 31, 2005 11,000,000
Regal Cinemas Inc.
24,750,000 Term loan, maturing May 27, 2005 24,750,000
21,642,702 Term loan, maturing May 27, 2006 21,642,702
9,958,235 Term loan, maturing May 27, 2007 9,958,235
SFX Entertainment, Inc
25,816,667 Term loan, maturing March 31, 2006 25,816,667
United Artists Theatre Co.
31,802,500 Term loan, maturing April 21, 2006 31,802,500
- -----------------------------------------------------------------------------
$ 165,785,417
- -----------------------------------------------------------------------------
Financial -- Misc. -- 0.13%
- -----------------------------------------------------------------------------
Altamira Management Ltd.
$ 10,968,182 Term loan, maturing September 30, 2004 $ 10,968,182
- -----------------------------------------------------------------------------
$ 10,968,182
- -----------------------------------------------------------------------------
Food Wholesalers -- 0.29%
- -----------------------------------------------------------------------------
Fleming Companies Inc.
$ 24,283,984 Term loan, maturing July 25, 2004 $ 24,283,984
- -----------------------------------------------------------------------------
$ 24,283,984
- -----------------------------------------------------------------------------
Foods -- 2.86%
- -----------------------------------------------------------------------------
Aurora Foods, Inc.
$ 5,452,571 Term loan, maturing September 30, 2005 $ 5,452,571
12,983,750 Term loan, maturing September 30, 2006 12,983,750
B&G Foods, Inc.
12,500,000 Term loan, maturing March 31, 2006 12,500,000
Del Monte Corporation
4,500,607 Term loan, maturing March 31, 2003 4,500,607
31,162,649 Term loan, maturing March 31, 2005 31,162,649
Domino's Inc.
10,963,773 Term loan, maturing December 21, 2006 10,963,773
10,963,773 Term loan, maturing December 21, 2007 10,963,773
Eagle Family Foods, Inc
12,403,571 Term loan, maturing December 31, 2005 12,403,571
8,409,296 Term loan, maturing August 31, 2005 8,409,296
Favorite Brands International, Inc.
12,416,667 Term loan, maturing May 19, 2005 12,292,500
International Home Foods, Inc.
322,809 Revolving loan, maturing March 31, 2003 322,809
1,790,881 Term loan, maturing March 31, 2003 1,790,881
14,294,833 Term loan, maturing September 30, 2005 14,294,833
22,411,719 Term loan, maturing September 30, 2006 22,411,719
New World Pasta
9,310,000 Term loan, maturing January 28, 2006 9,310,000
Purina Mills, Inc.
12,947,511 Term loan, maturing March 12, 2007 12,947,511
Southern Foods Group, L.P.
9,711,643 Term loan, maturing February 28, 2006 9,711,643
Specialty Foods Corporation
10,717,944 Revolving loan, maturing January 31, 2000 10,717,944
18,434,111 Term loan, maturing January 31, 2000 18,434,111
Specialty Foods Master Trust
16,000,000 Term loan, maturing December 15, 2001 16,000,000
- -----------------------------------------------------------------------------
$ 237,573,941
- -----------------------------------------------------------------------------
Hardware & Tools -- 0.17%
- -----------------------------------------------------------------------------
Werner Holding Co.
$ 9,506,522 Term loan, maturing November 30, 2004 $ 9,506,522
4,875,750 Term loan, maturing November 30, 2005 4,875,750
- -----------------------------------------------------------------------------
$ 14,382,272
- -----------------------------------------------------------------------------
Health Care -- Diversified -- 1.25%
- -----------------------------------------------------------------------------
Conmed Corporation
$ 12,719,388 Term loan, maturing December 30, 2004 $ 12,719,388
Dade Behring Holdings, Inc.
8,500,000 Term loan, maturing June 30, 2005 8,500,000
8,500,000 Term loan, maturing June 30, 2006 8,500,000
FHC Health Systems, Inc.
9,155,019 Term loan, maturing April 30, 2005 9,155,019
9,155,019 Term loan, maturing April 30, 2006 9,155,019
Integrated Health Services, Inc.
32,505,000 Term loan, maturing September 15, 2003 32,505,000
19,700,000 Term loan, maturing December 31, 2005 19,700,000
Team Health
3,866,667 Term loan, maturing March 12, 2006 3,866,667
- -----------------------------------------------------------------------------
$ 104,101,093
- -----------------------------------------------------------------------------
Health Care -- Misc. -- 3.38%
- -----------------------------------------------------------------------------
Alliance Imaging, Inc.
$ 2,842,369 Term loan, maturing December 18, 2003 $ 2,842,369
7,406,108 Term loan, maturing June 18, 2004 7,406,108
9,097,074 Term loan, maturing December 18, 2004 9,097,074
6,000,000 Term loan, maturing December 18, 2005 6,000,000
Extendicare Health Services, Inc.
20,326,282 Term loan, maturing December 31, 2004 20,326,282
Genesis Health Ventures, Inc.
7,680,191 Term loan, maturing September 30, 2004 7,680,191
7,642,824 Term loan, maturing June 1, 2005 7,642,824
Imed Corporation
7,080,000 Term loan, maturing November 30, 2002 7,080,000
6,403,318 Term loan, maturing November 30, 2003 6,403,318
6,403,318 Term loan, maturing November 30, 2004 6,403,318
7,958,496 Term loan, maturing May 31, 2005 7,958,496
Kinetic Concepts, Inc.
2,493,671 Term loan, maturing December 31, 2004 2,493,671
2,493,671 Term loan, maturing December 31, 2005 2,493,671
Leiner Health Products Inc.
11,261,602 Term loan, maturing December 30, 2004 11,261,602
6,867,610 Term loan, maturing December 30, 2005 6,867,610
Magellan Health Services, Inc.
13,398,311 Term loan, maturing February 12, 2005 13,398,311
13,398,311 Term loan, maturing February 12, 2006 13,398,311
Mariner Post-Acute Network (f/k/a Paragon)
12,425,000 Term loan, maturing March 31, 2005 12,425,000
12,425,000 Term loan, maturing March 31, 2006 12,425,000
Mediq/PRN Life Support Services, Inc.
16,000,000 Term loan, maturing May 29, 2006 16,000,000
National Medical Care, Inc.
29,000,000 Term loan, maturing September 30, 2003 29,000,000
Sun Healthcare Group, Inc.
4,448,461 Term loan, maturing October 9, 2004* 2,780,288
4,448,461 Term loan, maturing October 9, 2005* 2,780,288
The Multicare Companies Inc.
7,876,575 Term loan, maturing September 30, 2004 7,876,575
2,612,197 Term loan, maturing June 1, 2005 2,612,197
Total Renal Care Holdings, Inc.
42,570,000 Term loan, maturing March 31, 2008 42,570,000
WGL Acquisition Corp.
13,912,138 Term loan, maturing July 10, 2004 13,912,138
- -----------------------------------------------------------------------------
$ 281,134,642
- -----------------------------------------------------------------------------
Heavy Duty Trucks & Parts -- 0.17%
- -----------------------------------------------------------------------------
Johnstown America Industries, Inc.
$ 5,050,000 Term loan, maturing April 30, 2007 $ 5,050,000
Oshkosh Truck Corporation
4,640,000 Term loan, maturing March 31, 2005 4,640,000
4,640,000 Term loan, maturing March 31, 2006 4,640,000
- -----------------------------------------------------------------------------
$ 14,330,000
- -----------------------------------------------------------------------------
Hospital Management -- 0.58%
- -----------------------------------------------------------------------------
Community Health Systems, Inc.
$ 15,849,405 Term loan, maturing December 31, 2003 $ 15,849,405
15,849,405 Term loan, maturing December 31, 2004 15,849,405
16,790,989 Term loan, maturing December 31, 2005 16,790,989
- -----------------------------------------------------------------------------
$ 48,489,799
- -----------------------------------------------------------------------------
Hotels -- Motels -- 1.80%
- -----------------------------------------------------------------------------
Allegro Resorts Corporation
$ 19,700,000 Term loan, maturing February 11, 2005 $ 19,700,000
Aztar Corporation
19,000,000 Term loan, maturing June 30, 2005 19,000,000
Extended Stay America
2,310,000 Revolving loan, maturing December 31, 2002 2,310,000
5,890,000 Term loan, maturing December 31, 2002 5,890,000
10,000,000 Term loan, maturing December 31, 2003 10,000,000
Felcor Suite Hotels, Inc.
15,000,000 Term loan, maturing July 1, 2001 15,000,000
Starwood Hotels & Resorts
53,000,000 Term loan, maturing January 23, 2003 53,000,000
25,000,000 Term loan, maturing February 23, 2003 25,000,000
- -----------------------------------------------------------------------------
$ 149,900,000
- -----------------------------------------------------------------------------
Household Furnish & Appliances -- 2.26%
- -----------------------------------------------------------------------------
Alliance Laundry Holdings LLC.
$ 14,500,000 Term loan, maturing September 30, 2005 $ 14,500,000
Furniture Brands International, Inc.
50,500,000 Term loan, maturing June 27, 2007 50,500,000
Goodman Manufacturing Company, L.P.
7,875,521 Term loan, maturing September 30, 2003 7,875,521
47,245,000 Term loan, maturing July 31, 2005 47,245,000
Home Interiors & Gifts, Inc.
18,333,648 Term loan, maturing June 30, 2006 18,333,648
Sealy Mattress Company
12,033,955 Term loan, maturing December 15, 2004 12,033,955
8,669,109 Term loan, maturing December 15, 2005 8,669,109
11,078,788 Term loan, maturing December 15, 2006 11,078,788
Simmons Company
2,428,571 Term loan, maturing October 30, 2005 2,428,571
6,056,250 Term loan, maturing October 30, 2006 6,056,250
The Boyds Collection, Ltd.
5,000,000 Term loan, maturing April 21, 2005 5,000,000
4,097,224 Term loan, maturing April 21, 2006 4,097,224
- -----------------------------------------------------------------------------
$ 187,818,066
- -----------------------------------------------------------------------------
Household Products -- 1.32%
- -----------------------------------------------------------------------------
BMK, Inc.
$ 5,392,779 Term loan, maturing June 30, 2004 $ 5,392,779
Diamond Brands Operating Corp.
387,273 Revolving loan, maturing March 31, 2004 387,273
1,887,955 Term loan, maturing March 31, 2005 1,887,955
11,334,938 Term loan, maturing March 31, 2006 11,334,938
Playtex FP, Inc.
41,384,817 Term loan, maturing June 15, 2003 41,384,817
Polaroid Corporation
15,357,143 Revolving loan, maturing December 31, 2001 15,357,143
The Imperial Decor Home Group, Inc.
10,739,583 Term loan, maturing March 12, 2005 10,739,583
6,260,417 Term loan, maturing March 12, 2006 6,260,417
The Scotts Company
8,640,984 Term loan, maturing June 30, 2006 8,640,984
8,326,176 Term loan, maturing June 30, 2007 8,326,176
- -----------------------------------------------------------------------------
$ 109,712,065
- -----------------------------------------------------------------------------
Housewares -- 0.52%
- -----------------------------------------------------------------------------
Corning Consumer Products Company
$ 7,920,000 Term loan, maturing October 9, 2006 $ 7,920,000
Pillowtex Corporation
35,058,703 Term loan, maturing December 31, 2004 35,058,703
- -----------------------------------------------------------------------------
$ 42,978,703
- -----------------------------------------------------------------------------
Insurance Brokers -- 0.51%
- -----------------------------------------------------------------------------
Acordia, Inc.
$ 8,150,751 Term loan, maturing December 31, 2004 $ 8,150,751
Willis Corroon Corporation
11,155,000 Term loan, maturing February 19, 2007 11,155,000
11,397,500 Term loan, maturing February 19, 2008 11,397,500
11,397,500 Term loan, maturing August 19, 2008 11,397,500
- -----------------------------------------------------------------------------
$ 42,100,751
- -----------------------------------------------------------------------------
Leisure Time -- 2.67%
- -----------------------------------------------------------------------------
24 Hour Fitness, Inc.
$ 10,000,000 Term loan, maturing December 31, 2004 $ 10,000,000
5,000,000 Term loan, maturing December 31, 2005 5,000,000
Alliance Gaming Corporation
11,719,945 Term loan, maturing January 31, 2005 11,719,945
4,730,322 Term loan, maturing July 31, 2005 4,730,322
AMF Bowling Worldwide, Inc.
9,390,069 Term loan, maturing March 31, 2002 9,390,069
6,569,561 Term loan, maturing March 31, 2003 6,569,561
5,953,703 Term loan, maturing March 31, 2004 5,953,703
Amfac Resorts, Inc.
4,950,000 Term loan, maturing September 30, 2003 4,950,000
4,950,000 Term loan, maturing September 30, 2004 4,950,000
ASC East, Inc.
989,999 Term loan, maturing May 31, 2006 989,999
ASC West, Inc.
2,476,664 Term loan, maturing May 31, 2006 2,476,664
Interval International Corp.
11,758,438 Term loan, maturing December 16, 2005 11,758,438
2,493,671 Term loan, maturing December 16, 2006 2,493,671
9,264,767 Term loan, maturing December 15, 2006 9,264,767
KSL Recreation Group, Inc.
6,644,266 Revolving loan, maturing April 30, 2005 6,644,266
12,952,019 Term loan, maturing April 30, 2005 12,952,019
12,952,019 Term loan, maturing April 30, 2006 12,952,019
Metro-Goldwyn-Mayer Studios Inc.
2,720,000 Revolving loan, maturing December 31, 2005 2,720,000
2,000,000 Term loan, maturing December 31, 2005 2,000,000
20,000,000 Term loan, maturing March 31, 2004 20,000,000
Mikohn Gaming Corporation
10,000,000 Term loan, maturing April 1, 2004 10,000,000
Panavision International, L.P.
22,961,667 Term loan, maturing March 31, 2005 22,961,667
Premier Parks Inc.
18,208,929 Term loan, maturing March 31, 2006 18,208,929
Six Flags Theme Parks Inc.
22,730,739 Term loan, maturing November 30, 2004 22,730,739
- -----------------------------------------------------------------------------
$ 221,416,778
- -----------------------------------------------------------------------------
Machinery -- Diversified -- 0.44%
- -----------------------------------------------------------------------------
Numatics, Incorporated
$ 1,917,742 Term loan, maturing March 19, 2004 $ 1,917,742
3,394,576 Term loan, maturing September 19, 2005 3,394,576
Terex Corporation
20,642,718 Term loan, maturing March 31, 2005 20,642,718
Thermadyne MFG LLC
5,437,508 Term loan, maturing May 22, 2005 5,437,508
5,437,538 Term loan, maturing May 22, 2006 5,437,538
- -----------------------------------------------------------------------------
$ 36,830,082
- -----------------------------------------------------------------------------
Manufacturing -- Diversified -- 3.19%
- -----------------------------------------------------------------------------
Advanced Glassfiber Yarns LLC
$ 24,772,162 Term loan, maturing September 30, 2005 $ 24,772,162
AMSCAN Holdings, Inc.
8,327,727 Term loan, maturing December 31, 2004 8,327,727
Chart Industries, Inc.
20,000,000 Term loan, maturing March 31, 2006 20,000,000
Desa International, Inc.
7,275,000 Term loan, maturing November 30, 2004 7,275,000
Envirnmental Systems Products Hldgs, Inc.
900,000 Revolving loan, maturing September 30, 2004 900,000
3,675,000 Term loan, maturing September 30, 2004 3,675,000
17,910,000 Term loan, maturing September 30, 2005 17,910,000
Foamex L.P.
5,075,000 Revolving loan, maturing June 30, 2003 5,075,000
92,593 Term loan, maturing June 30, 2003 92,593
6,286,003 Term loan, maturing June 30, 2005 6,286,003
5,700,007 Term loan, maturing June 30, 2006 5,700,007
6,912,500 Term loan, maturing December 31, 2006 6,912,500
General Cable Corporation
26,500,000 Term loan, maturing May 31, 2007 26,500,000
Huntsman Packaging Corp.
15,087,500 Term loan, maturing June 30, 2006 15,087,500
Impac Group, Inc.
14,887,500 Term loan, maturing June 30, 2005 14,887,500
Insilco Corporation
6,467,500 Term loan, maturing November 24, 2005 6,467,500
International Wire Group, Inc.
32,071,761 Term loan, maturing September 30, 2002 32,071,761
Matthew Warren, Inc.
7,702,417 Term loan, maturing May 31, 2005 7,702,417
2,847,924 Term loan, maturing May 31, 2006 2,847,924
Neenah Foundry Company
19,388,703 Term loan, maturing September 30, 2005 19,388,703
Panolam Industries International
7,893,966 Term loan, maturing November 1, 2004 7,893,966
Panolam Industries LTD
7,895,565 Term loan, maturing December 31, 2005 7,895,565
Samsonite Corporation
6,930,000 Term loan, maturing June 24, 2005 6,930,000
Tokheim Corporation
10,050,000 Term loan, maturing September 30, 2004 10,050,000
- -----------------------------------------------------------------------------
$ 264,648,828
- -----------------------------------------------------------------------------
Medical Products & Supplies -- 1.07%
- -----------------------------------------------------------------------------
Fisher Scientific International Inc
$ 18,521,922 Term loan, maturing January 21, 2007 $ 18,521,922
Nutramax Products, Inc.
12,368,973 Term loan, maturing September 19, 2005 12,368,973
Stryker Corporation
25,664,808 Term loan, maturing December 10, 2005 25,664,808
32,677,600 Term loan, maturing December 10, 2006 32,677,600
- -----------------------------------------------------------------------------
$ 89,233,303
- -----------------------------------------------------------------------------
Metals -- Misc. -- 0.48%
- -----------------------------------------------------------------------------
C II Carbon, LLC
$ 10,894,962 Term loan, maturing June 30, 2008 $ 10,894,962
Handy & Harman
7,000,000 Term loan, maturing July 30, 2006 7,000,000
U.S. Silica Company
3,000,000 Revolving loan, maturing June 30, 2004 3,000,000
1,833,333 Term loan, maturing June 30, 2004 1,833,333
16,982,036 Term loan, maturing June 30, 2006 16,982,036
- -----------------------------------------------------------------------------
$ 39,710,331
- -----------------------------------------------------------------------------
Miscellaneous -- 0.97%
- -----------------------------------------------------------------------------
Coinmach Laundry Corporation
$ 32,130,936 Term loan, maturing June 30, 2005 $ 32,130,936
Kindercare Learning Centers, Inc.
8,301,621 Term loan, maturing February 13, 2006 8,301,621
La Petite Academy, Inc.
4,906,250 Term loan, maturing May 11, 2005 4,906,250
Language Line, LLC
10,000,000 Term loan, maturing March 31, 2006 10,000,000
Prime Succession, Inc.
15,555,556 Term loan, maturing August 1, 2003 15,555,556
Rose Hills Company
9,601,348 Term loan, maturing December 1, 2003 9,601,348
- -----------------------------------------------------------------------------
$ 80,495,711
- -----------------------------------------------------------------------------
Natural Gas/Distrib/Pipeline -- 0.39%
- -----------------------------------------------------------------------------
Firefly Trust (Enron)
$ 15,000,000 Term loan, maturing March 31, 2004 $ 15,000,000
Kinder Morgan
17,794,118 Term loan, maturing May 31, 2000 17,794,118
- -----------------------------------------------------------------------------
$ 32,794,118
- -----------------------------------------------------------------------------
Office Equipment & Supplies -- 1.04%
- -----------------------------------------------------------------------------
CEX Holdings, Inc.
$ 14,850,000 Term loan, maturing April 25, 2005 $ 14,850,000
Cullman Ventures, Inc.
19,501,010 Term loan, maturing January 31, 2004 19,501,010
Identity Group, Inc.
7,000,000 Term loan, maturing April 30, 2007 7,000,000
Neopost (F.M.E. Corporation)
14,810,475 Term loan, maturing June 24, 2006 14,810,475
U.S. Office Products
29,970,370 Term loan, maturing June 9, 2006 29,970,370
- -----------------------------------------------------------------------------
$ 86,131,855
- -----------------------------------------------------------------------------
Paper & Forest Products -- 0.80%
- -----------------------------------------------------------------------------
Alabama River Newsprint
$ 20,858,622 Term loan, maturing December 31, 2002 $ 19,313,394
Bear Island Paper Company, LLC
21,687,651 Term loan, maturing December 31, 2005 21,687,651
Blue Ridge Paper Products, Inc.
11,500,000 Term loan, maturing March 31, 2006 11,500,000
Pacifica Papers, Inc.
14,000,000 Term loan, maturing March 5, 2006 14,000,000
- -----------------------------------------------------------------------------
$ 66,501,045
- -----------------------------------------------------------------------------
Property & Casualty Insurance -- 0.11%
- -----------------------------------------------------------------------------
TRG Holding Corporation
$ 8,745,000 Term loan, maturing January 7, 2003 $ 8,745,000
- -----------------------------------------------------------------------------
$ 8,745,000
- -----------------------------------------------------------------------------
Publishing -- 2.73%
- -----------------------------------------------------------------------------
Cygnus Publishing, Inc.
$ 13,246,875 Term loan, maturing June 5, 2005 $ 13,246,875
Morris Communications Corporation
19,700,000 Term loan, maturing June 30, 2005 19,700,000
Penton Media, Inc.
325,000 Revolving loan, maturing May 31, 2005 325,000
3,170,241 Term loan, maturing May 31, 2005 3,170,241
7,792,639 Term loan, maturing May 31, 2006 7,792,639
Primedia Inc.
7,790,000 Revolving loan, maturing June 30, 2004 7,790,000
51,500,000 Term loan, maturing June 30, 2004 51,500,000
R.H. Donnelley Inc.
11,169,264 Term loan, maturing December 5, 2005 11,169,264
12,838,236 Term loan, maturing December 5, 2006 12,838,236
Rand McNally & Company
992,500 Term loan, maturing April 30, 2005 992,500
4,466,250 Term loan, maturing April 30, 2006 4,466,250
Reiman Publications
5,500,000 Term loan, maturing November 30, 2005 5,500,000
The Sheridan Group, Inc.
7,930,000 Term loan, maturing January 30, 2005 7,930,000
Von Hoffman Press, Inc.
9,374,456 Term loan, maturing May 30, 2004 9,374,456
24,863,605 Term loan, maturing May 30, 2005 24,863,605
Yellow Book USA, L.P.
4,850,000 Term loan, maturing September 30, 2005 4,850,000
3,692,308 Term loan, maturing December 31, 2005 3,692,308
2,307,692 Term loan, maturing December 31, 2006 2,307,692
Ziff-Davis Publishing Company
197,368 Revolving loan, maturing March 31, 2005 197,368
2,105,263 Term loan, maturing March 31, 2005 2,105,263
33,000,000 Term loan, maturing March 31, 2006 33,000,000
- -----------------------------------------------------------------------------
$ 226,811,697
- -----------------------------------------------------------------------------
Publishing -- Newspapers -- 1.09%
- -----------------------------------------------------------------------------
21ST Century Newspapers, Inc.
$ 9,381,250 Term loan, maturing September 15, 2005 $ 9,381,250
Journal Register Company
47,000,000 Term loan, maturing September 30, 2006 47,000,000
The McClatchy Company
34,257,576 Term loan, maturing September 10, 2007 34,257,576
- -----------------------------------------------------------------------------
$ 90,638,826
- -----------------------------------------------------------------------------
Railroads -- 0.10%
- -----------------------------------------------------------------------------
I & M Rail Link, LLC
$ 2,524,400 Revolving loan, maturing March 31, 2004 $ 2,524,400
5,600,000 Term loan, maturing March 31, 2004 5,600,000
- -----------------------------------------------------------------------------
$ 8,124,400
- -----------------------------------------------------------------------------
REITs -- 0.59%
- -----------------------------------------------------------------------------
Meditrust Corporation
$ 6,097,995 Revolving loan, maturing July 15, 2001 $ 6,097,995
8,000,000 Term loan, maturing July 15, 1999 8,000,000
20,000,000 Term loan, maturing July 15, 2001 20,000,000
Prison Realty Corporation
14,925,000 Term loan, maturing January 1, 2003 14,925,000
- -----------------------------------------------------------------------------
$ 49,022,995
- -----------------------------------------------------------------------------
Restaurants -- 1.40%
- -----------------------------------------------------------------------------
AFC Enterprises Inc
$ 8,932,500 Term loan, maturing June 30, 2004 $ 8,932,500
Applebee's International, Inc.
12,662,799 Term loan, maturing March 31, 2006 12,662,799
Coco's Carrow's and Jojo's Restaurants
6,500,000 Term loan, maturing April 30, 2003 6,500,000
Friendly Ice Cream Corporation
1,281,429 Term loan, maturing November 15, 2004 1,281,429
6,407,143 Term loan, maturing November 15, 2005 6,407,143
Long John Silver's Restaurants Inc.
6,167,258 Term loan, maturing June 30, 2002 5,550,532
Shoney's Inc.
14,995,464 Term loan, maturing April 30, 2002 14,995,464
Tricon Global Restaurants, Inc.
60,029,569 Term loan, maturing October 2, 2002 60,029,569
- -----------------------------------------------------------------------------
$ 116,359,436
- -----------------------------------------------------------------------------
Retail Stores -- Drug Stores -- 0.14%
- -----------------------------------------------------------------------------
Duane Reade Inc.
$ 11,356,250 Term loan, maturing February 15, 2005 $ 11,356,250
- -----------------------------------------------------------------------------
$ 11,356,250
- -----------------------------------------------------------------------------
Retail Stores -- Food Chains -- 0.43%
- -----------------------------------------------------------------------------
Fred Meyer, Inc.
$ 6,548,473 Term loan, maturing March 11, 2003 $ 6,548,473
Pathmark Stores, Inc.
29,145,165 Term loan, maturing December 15, 2001 29,145,165
- -----------------------------------------------------------------------------
$ 35,693,638
- -----------------------------------------------------------------------------
Retail Stores -- General Mdse -- 0.56%
- -----------------------------------------------------------------------------
Service Merchandise
$ 30,000,000 Term loan, maturing April 30, 2003 $ 30,000,000
Tuesday Morning Corporation
16,537,769 Term loan, maturing December 31, 2004 16,537,769
- -----------------------------------------------------------------------------
$ 46,537,769
- -----------------------------------------------------------------------------
Retail Stores -- Specialty -- 1.30%
- -----------------------------------------------------------------------------
Advanced Stores Company, Inc.
$ 6,000,000 Term loan, maturing April 15, 2005 $ 6,000,000
31,000,000 Term loan, maturing April 15, 2006 31,000,000
Central Tractor Farm & Country, Inc.
10,500,000 Term loan, maturing April 30, 2006 10,500,000
CSK Auto, Inc.
24,984,000 Term loan, maturing October 31, 2003 24,984,000
10,000,000 Term loan, maturing October 31, 2004 10,000,000
Nebraska Book Company
7,384,764 Term loan, maturing March 31, 2006 7,384,764
Petro Shopping Centers, L.P.
6,374,093 Term loan, maturing December 31, 2003 6,374,093
Travelcenters of America, Inc.
11,943,218 Term loan, maturing March 27, 2005 11,943,218
- -----------------------------------------------------------------------------
$ 108,186,075
- -----------------------------------------------------------------------------
Steel -- 1.45%
- -----------------------------------------------------------------------------
Adience, Inc.
$ 12,393,545 Term loan, maturing April 30, 2005 $ 12,393,545
13,263,190 Term loan, maturing July 30, 2005 13,263,190
Ispat Inland, LP
11,880,000 Term loan, maturing July 15, 2005 11,880,000
11,880,000 Term loan, maturing July 16, 2006 11,880,000
Refraco Inc.
10,857,143 Term loan, maturing October 15, 2005 10,857,143
Ucar Global Enterprises, Inc.
14,920,784 Term loan, maturing December 31, 2002 14,920,784
45,474,987 Term loan, maturing December 31, 2003 45,474,987
- -----------------------------------------------------------------------------
$ 120,669,649
- -----------------------------------------------------------------------------
Telecommunications -- Long Distance -- 5.21%
- -----------------------------------------------------------------------------
Access Communiations, Inc.
$ 9,533,346 Term loan, maturing December 31, 2004 $ 9,533,346
Alec Holdings, Inc.
6,842,105 Term loan, maturing November 30, 2006 6,842,105
6,157,895 Term loan, maturing November 30, 2007 6,157,895
American Cellular Wireless LLC.
34,192,500 Term loan, maturing June 25, 2007 34,192,500
22,942,500 Term loan, maturing December 25, 2007 22,942,500
CCPR Services, Inc.
28,000,000 Term loan, maturing June 30, 2006 28,000,000
Cellular, Inc Financial Corporation
468,000 Revolving loan, maturing September 30, 2005 468,000
2,228,571 Term loan, maturing September 30, 2005 2,228,571
5,146,827 Term loan, maturing September 30, 2006 5,146,827
9,171,887 Term loan, maturing March 31, 2007 9,171,887
25,681,286 Term loan, maturing September 30, 2007 25,681,286
Centennial Cellular Corp.
2,000,000 Term loan, maturing November 30, 2005 2,000,000
24,792,083 Term loan, maturing November 30, 2006 24,792,083
24,792,083 Term loan, maturing November 30, 2007 24,792,083
Davel Communications
3,986,667 Term loan, maturing June 23, 2005 3,986,667
Microcell Connexions
17,000,000 Term loan, maturing December 30, 2005 17,000,000
11,203,150 Term loan, maturing March 1, 2006 11,203,150
Nextel Communications, Inc.
35,000,000 Term loan, maturing September 30, 2006 35,000,000
Spectrasite Communications, Inc.
18,000,000 Term loan, maturing June 30, 2006 18,000,000
Sygnet Operating Company (Dobson)
14,444,444 Term loan, maturing March 31, 2007 14,444,444
12,555,556 Term loan, maturing December 23, 2007 12,555,556
Teligent, Inc.
15,000,000 Term loan, maturing July 8, 1999 15,000,000
Tritel Holding Corp.
17,750,000 Term loan, maturing December 31, 2007 17,750,000
Triton Cellular Partners, L.P.
7,250,000 Term loan, maturing February 1, 2008 7,250,000
Western PCS Holding Corporation
28,000,000 Term loan, maturing June 30, 2007 28,000,000
Western Wireless
35,000,000 Term loan, maturing March 31, 2002 35,000,000
15,500,000 Term loan, maturing March 31, 2004 15,500,000
- -----------------------------------------------------------------------------
$ 432,638,900
- -----------------------------------------------------------------------------
Telephone -- 0.52%
- -----------------------------------------------------------------------------
Mitel Corporation
$ 4,722,050 Term loan, maturing December 12, 2003 $ 4,722,050
MJD Communications
7,547,455 Term loan, maturing March 31, 2006 7,547,455
4,437,426 Term loan, maturing March 31, 2007 4,437,426
NSC Communications Corporation
11,161,765 Term loan, maturing October 1, 2003 11,161,765
Telecorp PCS
15,000,000 Term loan, maturing January 17, 2007 15,000,000
- -----------------------------------------------------------------------------
$ 42,868,696
- -----------------------------------------------------------------------------
Textile -- Apparel Mfg. -- 1.54%
- -----------------------------------------------------------------------------
CAF Holdings, Inc.
$ 3,129,412 Term loan, maturing June 30, 2002 $ 3,129,412
Cluett American Corp
14,850,000 Term loan, maturing May 18, 2005 14,850,000
Galey & Lord, Inc.
13,956,401 Term loan, maturing April 2, 2005 13,956,401
9,903,080 Term loan, maturing April 1, 2006 9,903,080
GFSI, Inc.
13,720,000 Term loan, maturing March 31, 2004 13,720,000
Globe Manufacturing Corp
12,100,000 Term loan, maturing July 31, 2006 12,100,000
Joan Fabrics Corporation
8,463,929 Term loan, maturing June 30, 2003 8,463,929
14,923,863 Term loan, maturing June 30, 2005 14,923,863
7,532,587 Term loan, maturing June 30, 2006 7,532,587
Renfro Corporation
4,600,000 Term loan, maturing November 15, 2003 4,600,000
The William Carter Company
13,058,093 Term loan, maturing October 31, 2003 13,058,093
Walls Industries, Inc.
$ 4,851,063 Term loan, maturing February 28, 2005 $ 4,851,063
6,765,958 Term loan, maturing February 28, 2006 6,765,958
- -----------------------------------------------------------------------------
$ 127,854,386
- -----------------------------------------------------------------------------
Toys -- 0.09%
- -----------------------------------------------------------------------------
Hedstrom Corporation
$ 5,795,405 Term loan, maturing June 30, 2003 $ 5,795,405
2,033,044 Term loan, maturing June 30, 2005 2,033,044
- -----------------------------------------------------------------------------
$ 7,828,449
- -----------------------------------------------------------------------------
Transportation -- Misc. -- 1.66%
- -----------------------------------------------------------------------------
American Commercial Lines
$ 10,520,607 Term loan, maturing July 30, 2006 $ 10,520,607
20,337,706 Term loan, maturing June 30, 2007 20,337,706
Evergreen International Aviation, Inc.
19,069,092 Term loan, maturing April 30, 2002 19,069,092
6,805,902 Term loan, maturing May 31, 2003 6,805,902
Gemini Leasing, Inc.
13,650,000 Term loan, maturing December 31, 2002 13,650,000
MTL
14,393,077 Term loan, maturing August 28, 2005 14,393,077
12,336,923 Term loan, maturing February 28, 2006 12,336,923
North American Van Lines, Inc.
14,775,000 Term loan, maturing March 30, 2006 14,775,000
Piedmont
6,389,831 Term loan, maturing July 23, 2006 6,389,831
6,389,831 Term loan, maturing July 23, 2007 6,389,831
Transportation Manufacturing Operations, Inc.
13,000,000 Term loan, maturing June 15, 2006 13,000,000
- -----------------------------------------------------------------------------
$ 137,667,969
- -----------------------------------------------------------------------------
Total Senior, Secured, Floating-Rate Interests
(identified cost, $7,516,231,522) $7,501,442,185
- -----------------------------------------------------------------------------
Common Stocks and Warrants -- 0.07%
Shares/Rights Security Value
- -----------------------------------------------------------------------------
806,708 AFC Enterprises Common Stock* $ 6,050,310
608 Classic Cable Common Stock Warrants* 0
34,364 PSI Acquisition Warrants* 0
52,190 AM Cosmetics Common Stock* 0
583 AM Cosmetics (Series E) Preferred Stock* 0
- -----------------------------------------------------------------------------
Total Common Stocks and Warrants
(identified cost, $0) $ 6,050,310
- -----------------------------------------------------------------------------
Commercial Paper -- 0.01%
Principal
Amount Security Value
- -----------------------------------------------------------------------------
$ 643,149 Alabama River Newsprint Commercial Paper $ 595,503
- -----------------------------------------------------------------------------
Total Commercial Paper
(identified cost, $643,149) $ 595,503
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Short-Term Investments -- 7.67%
Principal Maturity
Amount Date Security Rate Value
- ----------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C>
$ 76,161,000 07/07/99 American Express Credit Corporation 5.00% $ 76,097,533
75,000,000 07/07/99 American Express Credit Corporation 5.28% 74,934,000
114,700,000 07/01/99 Associates Corporation of North America 5.75% 114,700,000
50,000,000 07/15/99 Corporate Asset Funding Company 4.86% 49,905,500
43,975,000 07/06/99 Corporate Asset Funding Company 4.88% 43,945,195
20,000,000 07/08/99 Corporate Receivables Corporation 4.88% 19,981,022
30,000,000 07/16/99 Corporate Receivables Corporation 4.85% 29,939,375
65,432,000 07/01/99 Corporate Receivables Corporation 144A 5.80% 65,432,000
39,361,000 07/27/99 Delaware Funding Corporation 5.22% 39,212,609
87,849,000 07/09/99 GE Capital Corporation 5.25% 87,746,509
35,000,000 07/13/99 GE Capital Corporation 4.84% 34,943,534
- ----------------------------------------------------------------------------------------------------
Total Short-term Investments,
at amortized cost $ 636,837,277
- ----------------------------------------------------------------------------------------------------
Total Investments -- 98.06%
(identified cost, $8,153,711,988) $8,144,925,275
- ----------------------------------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.94% $ 161,118,185
- ----------------------------------------------------------------------------------------------------
Total Net Assets -- 100% $8,306,043,460
- ----------------------------------------------------------------------------------------------------
* Non-income producing security.
(1) Senior secured floating rate interests often require prepayments from excess cash flow 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 secured floating rate interests will have an expected average
life of approximately three years.
Note: At June 30, 1999, the Portfolio had unfunded commitments amounting to
$129,878,816 under various revolving credit agreements.
</TABLE>
See notes to financial statements.
<PAGE>
Senior Debt Portfolio AS OF JUNE 30, 1999
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities
As of June 30, 1999
(Expressed in United States Dollars)
Assets
- ------------------------------------------------------------------------------
Investments, at value
(identified cost, $8,153,711,988) $8,144,925,275
Cash 136,664,172
Interest receivable 39,935,297
Miscellaneous receivable 101,715
Prepaid expenses 971,710
Deferred organization expenses 22,331
- ------------------------------------------------------------------------------
Total assets $8,322,620,500
- ------------------------------------------------------------------------------
Liabilities
- ------------------------------------------------------------------------------
Deferred facility fee income $ 16,237,493
Payable to affiliate for Trustees' fees 29,425
Other accrued expenses 310,122
- ------------------------------------------------------------------------------
Total liabilities $ 16,577,040
- ------------------------------------------------------------------------------
Net assets applicable to investors' interest in portfolio $8,306,043,460
- ------------------------------------------------------------------------------
Sources of Net Assets
- ------------------------------------------------------------------------------
Net proceeds from capital contributions and withdrawals $8,314,830,173
Net unrealized depreciation (computed on the basis
of identified cost) (8,786,713)
- ------------------------------------------------------------------------------
Total $8,306,043,460
- ------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
Senior Debt Portfolio AS OF JUNE 30, 1999
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS CONT'D
- --------------------------------------------------------------------------------
Statement of Operations
For the Six Months Ended June 30, 1999
(Expressed in United States Dollars)
Investment Income
- -----------------------------------------------------------------------------
Interest $ 278,405,334
Facility fees earned 3,598,260
Miscellaneous 88,622
- -----------------------------------------------------------------------------
Total investment income $ 282,092,216
- -----------------------------------------------------------------------------
Expenses
- -----------------------------------------------------------------------------
Investment adviser fee $ 26,016,073
Trustees fees and expenses 31,116
Legal and accounting services 462,384
Custodian fee 395,911
Interest 172,055
Amortization of organization expenses 3,077
Miscellaneous 194,847
- -----------------------------------------------------------------------------
Total expenses $ 27,275,463
- -----------------------------------------------------------------------------
Net investment income $ 254,816,753
- -----------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
- -----------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost basis) $ (6,719,626)
- -----------------------------------------------------------------------------
Net realized loss $ (6,719,626)
- -----------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ (5,243,476)
- -----------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) $ (5,243,476)
- -----------------------------------------------------------------------------
Net realized and unrealized loss $ (11,963,102)
- -----------------------------------------------------------------------------
Net increase in net assets from operations $ 242,853,651
- -----------------------------------------------------------------------------
See notes to financial statements
<PAGE>
Senior Debt Portfolio AS OF JUNE 30, 1999
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS CONT'D
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
(Expressed in United States Dollars)
Increase (Decrease) Six Months Ended Year Ended
in Net Assets June 30, 1999 December 31, 1998
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
From operations --
Net investment income $ 254,816,753 $ 360,840,178
Net realized gain (loss) (6,719,626) 936,231
Net change in unrealized appreciation
(depreciation) (5,243,476) (6,219,087)
- -------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 242,853,651 $ 355,557,322
- -------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 2,409,499,457 $3,159,636,461
Withdrawals (776,643,330) (1,119,932,026)
- -------------------------------------------------------------------------------------------
Net increase in net assets from capital
transactions $ 1,632,856,127 $2,039,704,435
- -------------------------------------------------------------------------------------------
Net increase in net assets $ 1,875,709,778 $2,395,261,757
- -------------------------------------------------------------------------------------------
Net Assets
- -------------------------------------------------------------------------------------------
At beginning of period $ 6,430,333,682 $4,035,071,925
- -------------------------------------------------------------------------------------------
At end of period $ 8,306,043,460 $6,430,333,682
- -------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
<PAGE>
Senior Debt Portfolio AS OF JUNE 30, 1999
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS CONT'D
- --------------------------------------------------------------------------------
Statement of Cash Flows
(Expressed in United States Dollars)
Six Months Ended
Increase (Decrease) in Cash June 30, 1999
- -------------------------------------------------------------------------
Cash flows from (used for) operating activities --
Purchase of loan interests $ (2,880,179,192)
Proceeds from sales and principal repayments 1,357,496,951
Interest received 282,954,074
Facility fees received 8,126,724
Miscellaneous income received 88,622
Interest paid (166,000)
Deferred organization expense 3,077
Operating expenses paid (27,016,082)
Net increase in short-term investments (272,801,788)
- -------------------------------------------------------------------------
Net cash used for operating activities $ (1,531,493,614)
- -------------------------------------------------------------------------
Cash flows from (used for) financing activities --
Proceeds from capital contributions $ 2,409,499,457
Payments for capital withdrawals (776,643,330)
- -------------------------------------------------------------------------
Net cash provided from financing activities $ 1,632,856,127
- -------------------------------------------------------------------------
Net increase in cash $ 101,362,513
- -------------------------------------------------------------------------
Cash at beginning of period $ 35,301,659
- -------------------------------------------------------------------------
Cash at end of period $ 136,664,172
- -------------------------------------------------------------------------
Reconciliation of Net Increase in Net Assets
From Operations to Net Cash Used For
Operating Activities
- -------------------------------------------------------------------------
Net increase in net assets from operations $ 242,853,651
Decrease in receivable for investments sold 6,389,759
Decrease in interest receivable 4,758,993
Decrease in prepaid expenses 160,457
Decrease in deferred organization expenses 3,077
Increase in deferred facility fee income 5,760,659
Increase in payable to affiliate 7,525
Decrease in accrued expenses (77,678)
Net increase in investments (1,791,350,057)
- -------------------------------------------------------------------------
Net cash used for operating activities $ (1,531,493,614)
- -------------------------------------------------------------------------
See notes to financial statements
<PAGE>
Senior Debt Portfolio AS OF JUNE 30, 1999
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS CONT'D
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Supplementary Data (Expressed in United States Dollars)
Year Ended December 31,
Six Months Ended -----------------------------------------------------------------
June 30, 1999 1998 1997 1996 1995(1)
- ----------------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets(1)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Operating expenses 0.73%(2) 0.93% 0.94% 0.98% 1.01%(2)
Interest expense 0.01%(2) 0.01% 0.02% 0.04% 0.13%(2)
Net investment income 6.88%(2) 7.12% 7.12% 7.17% 7.95%(2)
Portfolio turnover 20% 56% 81% 75% 39%
- ----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 8,306,043 $ 6,430,334 $ 4,035,072 $ 3,010,074 $ 1,621,339
- ----------------------------------------------------------------------------------------------------------------------------
(1) For the period from the start of business, February 22, 1995, to December 31, 1995.
(2) Annualized.
</TABLE>
See notes to financial statements
<PAGE>
- --------------------------------------------------------------------------------
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, continuously offered, 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. The following is a summary of
significant accounting policies of the Portfolio. The Policies are in
conformity with accounting principles generally accepted in the United
States of America.
A Investment Valuation -- The Portfolio's investments in interests in senior
secured floating-rate loans (Senior Loans) are valued at fair value by the
Portfolio's investment adviser, Boston Management and Research (BMR), under
procedures established by the Trustees as permitted by Section 2(a)(41) of
the Investment Company Act of 1940. Such procedures include the
consideration of relevant factors, data and information relating to fair
value, including (i) the characteristics of and fundamental analytical data
relating to the Senior Loan, including the cost, size, current interest
rate, period until next interest rate reset, maturity and base lending rate
of the Senior Loan, the terms and conditions of the loan and any related
agreements and the position of the 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 evaluations 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 loans
and the market environment and investor attitudes towards the Senior Loan
and interests in similar loans; (v) the reputation and financial condition
of the agent bank and any intermediate participant in the loan; and (vi)
general economic and market conditions affecting the fair value of the
Senior Loan. Other portfolio securities (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 last quoted bid 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. The value of
interest rate swaps will be determined in accordance with a discounted
present value formula and then confirmed by obtaining a bank quotation.
Short-term obligations which mature in sixty 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 then 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 for federal income tax purposes. 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 some
of the Portfolio's investors are regulated investment companies that invest
all or substantially all of their 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.
D Deferred Organization Expenses -- Costs incurred by the Portfolio in
connection with its organization are being amortized on the straight-line
basis over five years.
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 Adviser Fee and Other Transactions with Affiliates
- ------------------------------------------------------------------------------
The investment advisory fee is paid to BMR as compensation for investment
advisory services rendered to the Portfolio. The fee is computed at a
monthly rate of 19/240 of 1% (0.95% annually) of the Portfolio's average
daily gross assets up to and including $1 billion and at reduced rates as
daily gross assets exceed that level. Effective May 1, 1999, the Trustees of
the Portfolio voted to accept a waiver of BMR's compensation so that the
aggregate advisory fees paid by the Portfolio under the advisory agreement
during any fiscal year will not exceed on an annual basis 0.50% of average
daily gross assets of the Portfolio up to and including $1 billion and at
reduced rates as daily gross assets exceed that level. For the six months
ended June 30, 1999, the effective annual rate, based on average daily gross
assets, was 0.70% and amounted to $26,016,073. Except as to Trustees of the
Portfolio who are not members of BMR's organization, officers and Trustees
receive remuneration for their services to the Portfolio out of such
investment adviser fee.
Certain officers and Trustees of the Portfolio are officers of BMR. Trustees
of the Portfolio that are not affiliated with the Investment Adviser may
elect to defer receipt of all or a percentage of their annual fees in
accordance with the terms of the Trustees Deferred Compensation Plan. For
the six months ended June 30, 1999, no significant amounts have been
deferred.
3 Investments
- ------------------------------------------------------------------------------
The Portfolio invests primarily in Senior Loans. The ability of the issuers
of the Senior Loans to meet their obligations may be affected by economic
developments in a specific industry. The cost of purchases and the proceeds
from principal repayments and sales of Senior Loans for the six months ended
June 30, 1999 aggregated $2,880,179,192 and $1,351,107,192, respectively.
4 Short-Term Debt and Credit Agreements
- ------------------------------------------------------------------------------
On March 13, 1998, the Portfolio entered a $400 million unsecured line of
credit 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 approximately $172,000 which is
computed at the annual rate of 0.10% of the credit agreement. There were no
significant borrowings under this agreement during the six months ended June
30, 1999. As of June 30, 1999, the Portfolio had no borrowings outstanding.
5 Federal Income Tax Basis of Investments
- ------------------------------------------------------------------------------
The cost and unrealized appreciation/depreciation in the value of the
investments owned at June 30, 1999, as computed on a federal income tax
basis, were as follows:
Aggregate cost $ 8,153,711,988
-------------------------------------------------------------------------
Gross unrealized appreciation $ 6,051,803
Gross unrealized depreciation (14,838,516)
-------------------------------------------------------------------------
Net unrealized depreciation $ (8,786,713)
-------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
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 June 30, 1999, the related statements of operations and cash
flows for the period then ended, the statements of changes in net assets for
the period ended June 30, 1999 and the year ended December 31, 1998, and the
supplementary data for the period ended June 30, 1999, each of the years in
the three-year period ended December 31, 1998 and for the period from the
start of business, February 22, 1995, to December 31, 1995 (all expressed in
U.S. Dollars). 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 June 30, 1999 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 present
fairly, in all material respects, the financial position of Senior Debt
Portfolio as of June 30, 1999, and the results of its operations, its cash
flows, the changes in net assets and its supplemental data for the respective
stated periods in conformity with accounting principles generally accepted in
the United States of America.
As discussed in Note 1A, the financial statements include Senior Loans and
certain other securities held by the Portfolio valued at $7,508,087,998
(90.39% of net assets of the Portfolio), which values are fair values
determined by the Portfolio's investment adviser in the absence of actual
market values. Determination of fair value involves subjective judgment, as
the actual market value of a particular Senior Loan or security can be
established only by negotiations between the parties in a sale transaction. We
have reviewed the procedures established by the Trustees and used by the
Portfolio's investment adviser in determining the fair values of such Senior
Loans and securities and have inspected underlying documentation, and in the
circumstances, we believe that the procedures are reasonable and the
documentation appropriate.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
August 13, 1999
<PAGE>
Eaton Vance Advisers Senior Floating-Rate Fund AS OF JUNE 30, 1999
- --------------------------------------------------------------------------------
MANAGEMENT
- --------------------------------------------------------------------------------
Eaton Vance Advisers Senior Floating-Rate Fund
Officers Trustees
JAMES B. HAWKES JESSICA M. BIBLIOWICZ
President and Trustee President and Chief Executive Officer
National Financial Partners
SCOTT H. PAGE
Vice President DONALD R. DWIGHT
President, Dwight Partners, Inc.
PAYSON F. SWAFFIELD
Vice President SAMUEL L. HAYES, III
Jacob H. Schiff Professor of Investment Banking
JAMES L. O'CONNOR Emeritus, Harvard University
Treasurer Graduate School of Business Administration
ALAN R. DYNNER NORTON H. REAMER
Secretary Chairman and Chief Executive Officer,
United Asset Management Corporation
LYNN A. STOUT
Professor of Law,
Georgetown University Law Center
JACK L. TREYNOR
Investment Adviser and Consultant
Senior Debt Portfolio
Officers Trustees
JAMES B. HAWKES JESSICA M. BIBLIOWICZ
President and Trustee President and Chief Executive Officer
National Financial Partners
SCOTT H. PAGE
Vice President and DONALD R. DWIGHT
Co-Portfolio Manager President, Dwight Partners, Inc.
PAYSON F. SWAFFIELD SAMUEL L. HAYES, III
Vice President and Jacob H. Schiff Professor of Investment Banking
Co-Portfolio Manager Emeritus, Harvard University
Graduate School of Business Administration
JAMES L. O'CONNOR
Treasurer NORTON H. REAMER
Chairman and Chief Executive Officer,
ALAN R. DYNNER United Asset Management Corporation
Secretary
LYNN A. STOUT
Professor of Law,
Georgetown University Law Center
JACK L. TREYNOR
Investment Adviser and Consultant
<PAGE>
INVESTMENT ADVISER OF SENIOR DEBT PORTFOLIO
Boston Management and Research
The Eaton Vance Building
255 State Street
Boston, MA 02109
ADMINISTRATOR OF EATON VANCE ADVISERS SENIOR FLOATING-RATE FUND
Eaton Vance Management
The Eaton Vance Building
255 State Street
Boston, MA 02109
PRINCIPAL UNDERWRITER
Eaton Vance Distributors, Inc.
The Eaton Vance Building
255 State Street
Boston, MA 02109
(617) 482-8260
CUSTODIAN
Investors Bank & Trust Company
200 Clarendon Street
Boston, MA 02116
TRANSFER AGENT
First Data Investor Services Group
Attention: Eaton Vance Funds
P.O. Box 5123
Westborough, MA 01581-5123
BANKING COUNSELS
Mayer, Brown & Platt
787 Seventh Avenue
New York, NY 10019
Nixon & Peabody
101 Federal Street, 12th Floor
Boston, MA 02110
EATON VANCE ADVISERS SENIOR FLOATING-RATE FUND
THE EATON VANCE BUILDING
255 STATE STREET
BOSTON, MA 02109
- --------------------------------------------------------------------------------
This report must be preceded or accompanied by a current prospectus which
contains more complete information on the Fund, including its sales
charges and expenses. Please read the prospectus carefully before you
invest or send money.
- --------------------------------------------------------------------------------
2-2237-8/99
I-SFRSRC-8/99
