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EATON VANCE(R)
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MANAGED INVESTMENTS
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SEMIANNUAL REPORT DECEMBER 31, 2002
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EATON VANCE
SENIOR
INCOME
TRUST
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IMPORTANT NOTICE REGARDING DELIVERY
OF SHAREHOLDER DOCUMENTS
The Securities and Exchange Commission (SEC) permits mutual funds to deliver
only one copy of shareholder documents, including prospectuses, proxy
statements and shareholder reports, to fund investors with multiple accounts at
the same residential or post office box address. This practice is often called
"householding" and it helps eliminate duplicate mailings to shareholders.
EATON VANCE, OR YOUR FINANCIAL ADVISER, MAY HOUSEHOLD THE MAILING OF YOUR
DOCUMENTS INDEFINITELY UNLESS YOU INSTRUCT EATON VANCE, OR YOUR FINANCIAL
ADVISER, OTHERWISE.
If you would prefer that your Eaton Vance documents not be householded, please
contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.
Your instructions that householding not apply to delivery of your Eaton Vance
documents will be effective within 30 days of receipt by Eaton Vance or your
financial adviser.
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Eaton Vance Senior Income Trust as of December 31, 2002
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INVESTMENT UPDATE
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Investment Environment
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THE LOAN MARKET
o In a difficult climate, the Trust registered a positive total return,
primarily the result of a relatively low exposure to the telecom and
technology areas. Importantly, as a diversification tool, loans represented a
useful hedge for hard-pressed investors in the equity markets, who suffered
through a third consecutive year of sharply negative returns. With short-term
interest rates at or near their historical lows, floating-rate loans are
poised to benefit if there is an uptick in rates.
o Conditions in the loan market remained challenging during the six month
period. The credit environment deteriorated due to a stubbornly weak economy
and disappointing earnings results. In addition, accounting scandals and
corporate malfeasance took a toll on investor sentiment. In this environment,
lenders focused increasingly intense scrutiny on potential borrowers.
o Short-term interest rates, already at 40-year lows, fell further, as the
Federal Reserve reduced the Federal Funds rate in November, its twelfth cut
in the past two years. The lower short-term rates caused a decline in the
Trust's yield, as that yield moves up or down with corresponding changes in
short-term rates, such as LIBOR.
The Trust
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PERFORMANCE
o Based on the Trust's December 2002 monthly dividend of $0.043 and a closing
share price of $7.75, the Trust had a market yield of 6.66%.(1) The Trust's
market yield represented a yield advantage over many other income- producing
vehicles.
THE TRUST'S INVESTMENTS
o Diversification has remained a major emphasis. The Trust has maintained an
exposure to a broad range of industries, including defensive sectors, as well
as more economically sensitive companies.
At December 31, 2002, the Trust included 237 borrowers, representing 48
industries, with no single sector accounting for as much as 10% of the Trust.
The average loan as a percentage of the Trust's total net assets was just
0.63%. High-yield corporate bonds constituted 7.5% of the Trust's
investments. The Trust had leverage (borrowing and auction preferred shares)
of $110 million at December 31, 2002, representing 37.7% of the Trust's total
assets.
o We continued to invest in loans using conservative lending criteria,
insisting on solid collateral and/or positive cash flow. This helped the
Trust avoid many of the troubled telecom and technology loans that have
proven so problematic in recent years. The Trust also reduced its investments
in the cable sector, which was harshly impacted by the difficulties of
Adelphia Communications.
o Rite-Aid Corp., one of the nation's largest drug retailers, was the Trust's
largest investment at December 31. Rite-Aid Corp. operates nearly 3,500
retail drug stores, primarily in fast-growing metropolitan areas. The company
has especially benefited from an increase in prescription drug sales and has
dramatically improved operating results in 2002. Most importantly, the
Trust's loan investment benefits from strong asset collateral.
o Amphenol Corp. manufactures electronic and fiber optic connectors, with
end-markets in the auto, industrial and aerospace areas. Strength in the
aerospace and industrial segments contributed to a 23% earnings increase in
the third quarter of 2002. While its communications-related business remains
a challenge, Amphenol Corp. continues to develop new products and should be
well- positioned when a recovery takes hold.
o Iron Mountain, Inc. is a leading provider of records storage and management
services, meeting the increasing needs of the legal, financial and insurance
industries. Benefiting from strong generic growth and timely acquisitions,
the company captured an approximately 40% market share by year- end. Iron
Mountain, Inc.'s strong cash flow and significant underlying equity
contribute to a very sound capital structure.
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Shares of the Trust 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 DECEMBER 31, 2002
Performance(2)
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Average Annual Total Return (by share price, NYSE)
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One Year 5.37%
Life of Fund (10/30/98) 2.30
Average Annual Total Return (at net asset value)
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One Year 2.41%
Life of Fund (10/30/98) 3.49
Five Largest Sector Weightings(3)
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CABLE TELEVISION 9.4%
REAL ESTATE 9.1%
CASINOS & GAMING 8.2%
COMMERCIAL SERVICES 8.1%
RETAIL-FOOD & DRUG 7.8%
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The views expressed in this report are those of the portfolio manager and are
current only through the end of the period of the report as stated on the
cover. These views are subject to change at any time based upon market or other
conditions, and Eaton Vance disclaims any responsibility to update such views.
These views may not be relied on as investment advice and, because investment
decisions for an Eaton Vance fund are based on many factors, may not be relied
on as an indication of trading intent on behalf of any Eaton Vance fund.
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(1) The Trust's market yield is calculated by dividing the most recent dividend
per share by the share market price at the end of the period and
annualizing the result. (2) Returns are historical and are calculated by
determining the percentage change in market value or net asset value with
all distributions reinvested. (3) Five Largest Sector Weightings account
for 42.6% of the Trust's total investments, determined by dividing the
total market value of the holdings by the total investments of the Trust.
Five Largest Sector Weightings refer only to senior floating-rate loan
portion of the Trust and are subject to change.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when sold, may be worth more
or less than their original cost.
Eaton Vance Senior Income Trust as of December 31, 2002
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PORTFOLIO OF INVESTMENTS
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Senior, Floating Rate
Interests -- 150.3%(1)
Principal
Amount Borrower/Tranche Description Value
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Advertising -- 1.5%
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Lamar Media Corp.
$ 1,856,156 Term loan, maturing March 1, 2006 $ 1,857,461
1,103,794 Term loan, maturing June 30, 2006 1,104,570
1,500,000 Term loan, maturing February 1, 2007 1,502,813
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$ 4,464,843
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Aerospace & Defense -- 2.4%
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Alliant Techsystems, Inc.
$ 3,518,607 Term loan, maturing April 20, 2009 $ 3,529,603
Dyncorp
737,280 Term loan, maturing December 9, 2006 736,358
Transdigm Holding Company
335,921 Term loan, maturing May 15, 2006 337,915
861,838 Term loan, maturing May 15, 2007 866,956
United Defense Industries, Inc.
1,652,936 Term loan, maturing June 30, 2009 1,656,183
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$ 7,127,015
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Air Freight & Couriers -- 0.4%
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Evergreen International Aviation, Inc.
$ 1,098,399 Term loan, maturing June 1, 2003 $ 922,655
180,068 Term loan, maturing October 1, 2003 151,257
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$ 1,073,912
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Auto Components -- 4.8%
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Accuride Corporation
$ 1,940,000 Term loan, maturing January 21, 2007 $ 1,794,500
American Axle & Manufacturing, Inc.
1,995,977 Term loan, maturing April 30, 2006 1,990,987
Collins & Aikman
838,075 Term loan, maturing December 31, 2004 831,790
1,468,054 Term loan, maturing December 31, 2005 1,463,860
Exide Corporation
2,000,000 DIP loan, maturing February 15, 2004 1,970,000
253,920 Revolving loan, maturing March 18, 2005 149,971
58,470 Term loan, maturing March 18, 2005 34,534
508,349 Term loan, maturing March 18, 2006 301,832
Federal Mogul Corp DIP (First Lien)
497,874 Term loan, maturing November 30, 2003 499,118
Federal-Mogul Corporation
1,500,000 Term loan, maturing February 24, 2005 923,126
763,183 Term loan, maturing February 24, 2006 755,551
Hayes Lemmerz International, Inc.
471,990 Revolving loan, maturing June 16, 2005* 374,249
20,037 Term loan, maturing June 16, 2005* 16,063
J.L. French Automotive Castings, Inc.
442,643 Term loan, maturing November 30, 2006 382,886
Metaldyne, Inc.
1,498,125 Term loan, maturing December 31, 2009 1,446,315
Stanadyne Automotive Corporation
1,111,434 Term loan, maturing December 10, 2004 1,077,622
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$ 14,012,404
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Broadcast Media -- 5.9%
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Benedek Broadcasting Corporation
$ 4,545 Term loan, maturing November 20, 2007 $ 4,536
Block Communications
995,000 Term loan, maturing November 30, 2009 998,731
CanWest Media, Inc.
2,115,637 Term loan, maturing May 15, 2008 2,116,132
1,321,750 Term loan, maturing May 15, 2009 1,322,059
Citadel Communications Corp.
2,000,000 Term loan, maturing December 31, 2008 2,013,500
Cumulus Media, Inc.
500,000 Term loan, maturing March 31, 2010 503,438
Discovery Communications, Inc.
449,557 Revolving loan, maturing December 31, 2004 424,831
500,000 Term loan, maturing December 31, 2005 482,500
Nexstar Finance, LLC
859,576 Term loan, maturing July 12, 2007 861,188
Paxson Communications Corporation
2,955,000 Term loan, maturing June 30, 2006 2,918,063
Sinclair Broadcast Group, Inc.
3,250,000 Term loan, maturing December 31, 2009 3,257,111
Susquehanna Media Co.
1,840,000 Term loan, maturing June 30, 2007 1,794,000
496,250 Term loan, maturing June 30, 2008 498,731
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$ 17,194,820
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Cable Television -- 9.4%
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Adelphia
$ 4,000,000 DIP loan, maturing June 25, 2004 $ 4,010,000
Century Cable Holdings, LLC
4,000,000 Term loan, maturing December 31, 2009 2,862,000
Charter Communications Operating, LLC.
6,302,375 Term loan, maturing March 18, 2008 5,267,733
Charter Communications VIII
2,970,000 Term loan, maturing February 2, 2008 2,478,325
Classic Cable, Inc.
865,616 Term loan, maturing October 31, 2007 679,509
CSG Systems Intl, Inc.
662,742 Term loan, maturing December 31, 2007 636,784
858,600 Term loan, maturing December 31, 2006 802,791
Hilton Head Communications
2,493,750 Term loan, maturing May 15, 2007 1,748,119
Insight Midwest Holdings, LLC
2,000,000 Term loan, maturing December 31, 2009 1,949,876
Mediacom Broadband, LLC
850,000 Term loan, maturing September 30, 2010 825,799
Mediacom Southeast
818,333 Revolving loan, maturing March 31, 2008 775,371
1,492,500 Term loan, maturing September 30, 2008 1,412,278
Olympus Cable Holdings, LLC
1,000,000 Term loan, maturing September 30, 2010 807,784
RCN Corporation
622,500 Term loan, maturing June 30, 2007 370,388
Videotron LTEE
2,869,947 Term loan, maturing December 1, 2009 2,765,912
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$ 27,392,669
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Casinos & Gaming -- 8.2%
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Alliance Gaming Corporation
$ 2,977,500 Term loan, maturing November 30, 2006 $ 2,991,146
Ameristar Casinos, Inc.
1,496,171 Term loan, maturing December 31, 2006 1,502,156
Argosy Gaming Company
2,930,126 Term loan, maturing June 30, 2008 2,942,336
Aztar Corporation
2,449,239 Term loan, maturing June 30, 2005 2,447,708
Boyd Gaming Corporation
2,485,006 Term loan, maturing June 24, 2008 2,494,325
Isle of Capri Casinos
3,726,862 Term loan, maturing April 25, 2008 3,734,432
Mandalay Resort Group
3,498,412 Term loan, maturing August 18, 2006 3,478,006
Marina District Finance Company
492,542 Term loan, maturing December 31, 2007 491,311
Park Place Entertainment Corporation
2,824,803 Revolving loan, maturing December 31, 2003 2,768,307
Venetian Casino Resort, LLC/Las Vegas Sands, Inc.
993,753 Term loan, maturing June 4, 2008 1,001,000
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$ 23,850,727
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Chemicals -- 7.7%
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Arteva B.V. (Kosa)
$ 1,806,497 Term loan, maturing December 31, 2006 $ 1,787,302
Avecia Investments Limited
473,441 Term loan, maturing June 30, 2007 466,339
282,191 Term loan, maturing June 30, 2008 277,959
CP Kelco U.S., Inc.
1,456,516 Term loan, maturing March 31, 2008 1,382,230
489,279 Term loan, maturing September 30, 2008 464,326
Equistar Chemicals, L.P.
1,480,013 Term loan, maturing August 31, 2007 1,482,993
Georgia Gulf Corporation
609,859 Term loan, maturing May 12, 2009 612,908
Huntsman Co. LLC
1,627,126 Term loan, maturing March 31, 2007 1,383,057
780,545 Term loan, maturing March 31, 2008 664,765
Huntsman Int'l
1,154,481 Term loan, maturing June 3, 2006 1,118,115
1,173,907 Term loan, maturing June 30, 2007 1,151,162
1,173,907 Term loan, maturing June 30, 2008 1,151,162
IMC Global, Inc.
2,953,223 Term loan, maturing November 17, 2006 2,965,530
Lyondell Petrochemical Company
562,325 Term loan, maturing June 30, 2007 569,354
Messer Griesham GmbH
2,446,830 Term loan, maturing April 30, 2009 2,459,830
530,864 Term loan, maturing April 30, 2010 533,684
Millenium Chemicals Inc.
390,000 Term loan, maturing June 30, 2006 391,365
NOVEON
1,477,500 Term loan, maturing September 30, 2008 1,481,590
Polymer Group, Inc.
1,925,325 Term loan, maturing December 20, 2005 1,789,178
485,000 Term loan, maturing December 20, 2006 450,646
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$ 22,583,495
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Coal -- 0.7%
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Arch Western Resources, LLC.
$ 2,000,000 Term loan, maturing April 30, 2008 $ 1,988,750
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$ 1,988,750
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Commercial Services -- 8.1%
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Advanstar Communications Inc.
$ 3,348,571 Term loan, maturing November 17, 2007 $ 3,047,200
American Marketing Industries, Inc.
1,269,646 Term loan, maturing November 30, 2003* 507,858
586,377 Term loan, maturing November 30, 2004* 234,551
Anthony Crane Rental, L.P.
1,281,617 Term loan, maturing July 20, 2006 711,297
Coinmach Laundry Corporation
3,629,376 Term loan, maturing July 25, 2009 3,632,781
Corrections Corporation of America
3,972,494 Term loan, maturing May 31, 2008 3,975,473
Environmental Systems Products Hldgs, Inc.
562,337 Term loan, maturing December 31, 2004 462,522
793,423 Term loan, maturing December 31, 2004 739,867
Iron Mountain Incorporated
4,995,000 Term loan, maturing February 15, 2008 5,010,609
Metokote Corporation
535,672 Term loan, maturing November 2, 2005 528,306
MSX International, Inc.
718,858 Term loan, maturing December 31, 2006 646,972
Panavision International, L.P.
2,677,772 Term loan, maturing March 31, 2005 2,289,495
Volume Services, Inc.
1,906,016 Term loan, maturing December 31, 2002 1,894,103
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$ 23,681,034
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Communications Equipment -- 1.7%
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Amphenol Corporation
$ 493,706 Term loan, maturing May 19, 2004 $ 483,678
3,879,137 Term loan, maturing May 19, 2005 3,838,728
Superior Telecom, Inc.
243,641 Term loan, maturing November 27, 2005 97,050
1,509,492 Term loan, maturing November 27, 2005 601,281
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$ 5,020,737
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Construction Materials -- 0.7%
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Formica Corporation
$ 345,294 Revolving loan, maturing May 1, 2004 $ 302,132
116,457 Term loan, maturing May 1, 2004 101,900
799,878 Term loan, maturing April 30, 2006 719,890
Panolam Industries, Inc.
801,948 Term loan, maturing December 31, 2006 777,890
Tapco International Corporation
1,531 Term loan, maturing June 23, 2007 1,519
918 Term loan, maturing June 23, 2008 911
U.S. Aggregates, Inc.
499,919 Term loan, maturing March 31, 2006 249,959
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$ 2,154,201
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Containers & Packaging - Metal & Glass -- 1.4%
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Silgan Holdings Inc.
$ 4,132,222 Term loan, maturing December 31, 2008 $ 4,128,780
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$ 4,128,780
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Containers & Packaging - Paper -- 7.2%
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Blue Ridge Paper Products, Inc.
$ 498,450 Revolving loan, maturing March 31, 2005 $ 473,528
232,653 Term loan, maturing March 31, 2005 221,020
872,455 Term loan, maturing March 31, 2006 850,643
Graphic Packaging Corporation
980,050 Term loan, maturing February 28, 2009 984,951
Impaxx, Inc.
846,994 Term loan, maturing December 31, 2005 542,076
Jefferson Smurfit Corporation
4,981,818 Term loan, maturing March 31, 2007 4,961,358
Port Townsend Paper Corporation
982,500 Term loan, maturing March 16, 2007 898,988
Printpack Holdings, Inc.
2,982,487 Term loan, maturing April 30, 2009 2,994,915
Riverwood International Corporation
4,500,000 Term loan, maturing December 31, 2006 4,490,159
Stone Container Corporation
3,288,462 Term loan, maturing June 30, 2009 3,250,953
1,211,538 Term loan, maturing December 31, 2009 1,198,666
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$ 20,867,257
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Containers & Packaging - Plastics -- 1.2%
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Berry Plastics Corporation
$ 1,993,741 Term loan, maturing June 30, 2010 $ 2,002,774
Consolidated Container Holdings LLC
493,987 Term loan, maturing June 30, 2007 422,188
Tekni-Plex, Inc.
972,556 Term loan, maturing June 30, 2008 956,550
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$ 3,381,512
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Educational Services -- 1.0%
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Jostens, Inc.
$ 983,640 Term loan, maturing December 31, 2009 $ 985,074
Kindercare Learning Centers, Inc.
1,053,529 Term loan, maturing February 13, 2006 1,011,387
Weekly Reader Corporation
967,500 Term loan, maturing September 30, 2007 955,406
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$ 2,951,867
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Electronic Equipment & Instruments -- 1.6%
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Hughes Electronics Corporation
$ 4,000,000 Term loan, maturing August 31, 2003 $ 4,000,000
Knowles Electronics, Inc.
966,654 Term loan, maturing June 29, 2007 800,712
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$ 4,800,712
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Entertainment -- 3.7%
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Amfac Resorts, Inc.
$ 1,194,717 Term loan, maturing September 30, 2003 $ 1,191,730
1,194,717 Term loan, maturing September 30, 2004 1,191,730
Blockbuster Entertainment Corp.
988,636 Term loan, maturing July 1, 2004 973,719
Metro-Goldwyn-Mayer Studios Inc.
5,000,000 Term loan, maturing June 11, 2008 4,963,750
Six Flags Theme Parks Inc.
37,500 Revolving loan, maturing June 30, 2008 35,813
2,500,000 Term loan, maturing June 30, 2009 2,469,533
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$ 10,826,275
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Environmental Services -- 1.4%
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Allied Waste Industries, Inc.
$ 402,565 Term loan, maturing July 30, 2005 $ 394,301
1,354,893 Term loan, maturing July 30, 2006 1,344,005
1,630,602 Term loan, maturing July 30, 2007 1,617,499
International Technology Corporation
470,000 Term loan, maturing June 11, 2004* 44,650
Stericycle, Inc.
629,877 Term loan, maturing November 10, 2006 633,289
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$ 4,033,744
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Food, Beverages & Tobacco -- 7.7%
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American Seafood Holdings Inc.
$ 579,688 Term loan, maturing September 30, 2007 $ 576,789
864,256 Term loan, maturing March 31, 2009 867,632
Aurora Foods, Inc.
248,890 Term loan, maturing March 31, 2007 214,357
2,473,487 Term loan, maturing September 30, 2006 2,130,291
Cott Corporation
1,287,654 Term loan, maturing December 31, 2006 1,292,482
Dean Foods Company
1,990,000 Term loan, maturing July 15, 2008 1,989,130
1,850,000 Term loan, maturing July 15, 2007 1,842,002
Del Monte Corporation
2,500,000 Term loan, maturing December 20, 2010 2,487,500
Eagle Family Foods, Inc.
309,225 Term loan, maturing December 31, 2005 294,472
Flowers Foods, Inc.
1,973,722 Term loan, maturing June 30, 2006 1,983,180
Interstate Brands Corporations
2,957,469 Term loan, maturing July 19, 2007 2,963,384
497,500 Term loan, maturing July 19, 2008 497,889
Michael Foods, Inc.
1,773,555 Term loan, maturing March 30, 2008 1,781,683
Nutra Sweet
1,500,000 Term loan, maturing June 30, 2008 1,496,250
Southern Wine & Spirits of America, Inc.
1,990,000 Term loan, maturing June 28, 2008 1,997,463
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$ 22,414,504
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Health Care - Equipment & Supplies -- 1.9%
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Advance Medical Optics, Inc.
$ 750,000 Term loan, maturing June 30, 2008 $ 752,579
Conmed Corporation
2,500,000 Term loan, maturing December 31, 2007 2,509,375
Leiner Health Products Inc.
266,915 Term loan, maturing March 31, 2004 247,230
Sybron Dental Management
2,034,123 Term loan, maturing June 6, 2009 2,038,699
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$ 5,547,883
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Health Care - Providers & Services -- 6.0%
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Alliance Imaging, Inc.
$ 1,876,989 Term loan, maturing June 10, 2008 $ 1,876,989
Amerisource Bergen Corporation
3,800,000 Term loan, maturing March 31, 2005 3,750,125
Community Health Systems, Inc.
3,491,250 Term loan, maturing July 5, 2010 3,480,612
Concentra Managed Care, Inc.
720,311 Term loan, maturing December 31, 2005 686,816
360,155 Term loan, maturing December 31, 2006 343,408
DaVita, Inc.
2,971,147 Term loan, maturing March 31, 2009 2,975,791
Magellan Health Services, Inc.
526,396 Term loan, maturing February 12, 2005 445,331
526,396 Term loan, maturing February 12, 2006 447,436
Team Health
1,500,000 Term loan, maturing October 31, 2008 1,476,875
Triad Hospitals Holdings, Inc.
1,940,090 Term loan, maturing March 31, 2008 1,948,215
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$ 17,431,598
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Hotels -- 2.2%
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Extended Stay America
$ 2,386,449 Term loan, maturing December 31, 2007 $ 2,350,652
KSL Recreation Group, Inc.
976,565 Term loan, maturing April 30, 2005 968,020
976,565 Term loan, maturing April 30, 2006 970,157
Wyndham International, Inc.
2,743,025 Term loan, maturing June 30, 2006 2,206,421
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$ 6,495,250
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Household Furnish & Appliances -- 1.9%
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Goodman Manufacturing Company, L.P.
$ 925,114 Term loan, maturing September 30, 2003 $ 912,393
Sealy Mattress Company
1,540,158 Term loan, maturing December 15, 2004 1,508,585
392,958 Term loan, maturing December 15, 2005 384,903
502,291 Term loan, maturing December 15, 2006 491,994
Simmons Company
430,083 Term loan, maturing October 30, 2005 429,904
682,336 Term loan, maturing October 30, 2006 681,995
Sleepmaster, LLC
1,155,051 Term loan, maturing December 31, 2006 1,114,623
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$ 5,524,397
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Household Products -- 4.4%
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Church & Dwight Co. Inc.
$ 2,487,500 Term loan, maturing September 30, 2007 $ 2,502,529
Rayovac Corporation
1,823,333 Term loan, maturing September 30, 2009 1,820,485
Samsonite Corporation
1,939,086 Term loan, maturing June 24, 2006 1,822,741
The Imperial Decor Home Group, Inc.
250,119 Medium term note, maturing April 4, 2006 125,060
The Scotts Company
3,247,721 Term loan, maturing December 31, 2007 3,262,131
United Industries Corporation
1,640,608 Term loan, maturing January 20, 2006 1,643,684
Werner Holding Co.
1,698,205 Term loan, maturing November 30, 2004 1,681,931
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$ 12,858,561
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Insurance -- 2.5%
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Hilb, Rogal and Hamilton Company
$ 3,386,741 Term loan, maturing June 30, 2007 $ 3,394,151
White Mountains Insurance Group, LTD.
962,552 Term loan, maturing March 31, 2006 951,723
Willis Corroon Corporation
2,967,214 Term loan, maturing February 19, 2007 2,944,960
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$ 7,290,834
-------------------------------------------------------------------------------
Leisure -- 1.4%
-------------------------------------------------------------------------------
New England Sports Ventures, LLC
$ 4,000,000 Term loan, maturing February 28, 2005 $ 4,000,000
-------------------------------------------------------------------------------
$ 4,000,000
-------------------------------------------------------------------------------
Leisure Equipment & Products -- 0.3%
-------------------------------------------------------------------------------
Bell Sports, Inc.
$ 944,936 Term loan, maturing March 30, 2007 $ 822,094
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$ 822,094
-------------------------------------------------------------------------------
Machinery -- 2.3%
-------------------------------------------------------------------------------
Flowserve Corporation
$ 2,902,364 Term loan, maturing June 30, 2009 $ 2,871,007
Rexnord Corporation
1,500,000 Term loan, maturing November 30, 2009 1,503,750
The Manitowoc Company
2,462,500 Term loan, maturing June 30, 2007 2,472,350
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$ 6,847,107
-------------------------------------------------------------------------------
Manufacturing -- 7.8%
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Advanced Glassfiber Yarns LLC
$ 1,015,859 Term loan, maturing September 30, 2005* $ 452,057
Citation Corporation
950,468 Term loan, maturing December 1, 2007 836,412
Dayton Superior Corporation
1,608,750 Term loan, maturing September 29, 2005 1,592,663
Dresser, Inc.
1,323,314 Term loan, maturing March 31, 2007 1,325,677
Gentek, Inc.
1,735,549 Term loan, maturing April 30, 2007 990,998
Ingram Industries, Inc.
420,912 Term loan, maturing June 30, 2008 416,703
JohnsonDiversey, Inc.
384,676 Term loan, maturing November 30, 2008 384,997
1,492,500 Term loan, maturing November 30, 2009 1,498,797
Motor Coach Industries
484,287 Term loan, maturing June 15, 2006 417,294
Mueller Group, Inc.
2,487,500 Term loan, maturing May 31, 2008 2,480,038
National Waterworks Holdings, Inc.
2,500,000 Term loan, maturing November 22, 2009 2,508,333
Polypore Incorporated
1,674,459 Term loan, maturing December 31, 2006 1,670,273
SPX Corporation
1,196,563 Term loan, maturing September 30, 2009 1,193,272
1,994,271 Term loan, maturing March 31, 2010 1,989,784
Synthetic Industries, Inc.
985,000 Term loan, maturing December 30, 2007 881,575
Tokheim Corporation
421,997 Revolving loan, maturing December 5, 2005 421,997
2,197,473 Term loan, maturing December 5, 2005* 0
642,667 Term loan, maturing December 5, 2005* 591,254
1,425,980 Term loan, maturing December 5, 2006* 998,186
Trimas Corporation
1,995,192 Term loan, maturing December 31, 2009 1,999,743
-------------------------------------------------------------------------------
$ 22,650,053
-------------------------------------------------------------------------------
Metals & Mining -- 1.8%
-------------------------------------------------------------------------------
Compass Minerals Group, Inc.
$ 1,164,111 Term loan, maturing November 28, 2009 $ 1,170,841
Handy & Harman
874,559 Term loan, maturing July 30, 2006 848,322
Neenah Foundry Company
1,813,782 Term loan, maturing September 30, 2005 1,691,352
Stillwater Mining Company
460,685 Term loan, maturing June 30, 2006 458,382
961,495 Term loan, maturing June 30, 2007 956,687
-------------------------------------------------------------------------------
$ 5,125,584
-------------------------------------------------------------------------------
Miscellaneous -- 0.8%
-------------------------------------------------------------------------------
Sotheby's Holdings, Inc.
$ 1,153,846 Term loan, maturing February 28, 2003 $ 1,148,077
Weight Watchers International, Inc.
955,473 Term loan, maturing December 31, 2007 961,445
168,159 Term loan, maturing December 31, 2008 169,210
-------------------------------------------------------------------------------
$ 2,278,732
-------------------------------------------------------------------------------
Office Equipment & Supplies -- 0.2%
-------------------------------------------------------------------------------
Xerox Corporation
$ 500,000 Term loan, maturing April 30, 2005 $ 477,188
-------------------------------------------------------------------------------
$ 477,188
-------------------------------------------------------------------------------
Oil & Gas -- 0.9%
-------------------------------------------------------------------------------
The Premcor Refining Group, Inc.
$ 2,500,000 Term loan, maturing August 23, 2003 $ 2,481,250
-------------------------------------------------------------------------------
$ 2,481,250
-------------------------------------------------------------------------------
Paper & Forest Products -- 0.4%
-------------------------------------------------------------------------------
Bear Island Paper Company, LLC
$ 1,233,457 Term loan, maturing December 31, 2005 $ 1,153,282
-------------------------------------------------------------------------------
$ 1,153,282
-------------------------------------------------------------------------------
Personal Products -- 2.6%
-------------------------------------------------------------------------------
Armkel, LLC
$ 1,960,013 Term loan, maturing March 31, 2009 $ 1,969,987
Mary Kay Cosmetics, Inc.
1,682,875 Term loan, maturing September 30, 2007 1,690,939
Playtex Products, Inc.
3,982,500 Term loan, maturing May 31, 2009 3,971,301
-------------------------------------------------------------------------------
$ 7,632,227
-------------------------------------------------------------------------------
Publishing & Printing -- 6.9%
-------------------------------------------------------------------------------
American Media Operations Inc.
$ 507,811 Term loan, maturing April 1, 2006 $ 506,700
956,924 Term loan, maturing April 1, 2008 958,120
Bell Actimedia, Inc.
1,000,000 Term loan, maturing November 29, 2009 1,002,500
Dex Media, Inc.
2,500,000 Term loan, maturing November 8, 2009 2,512,240
Journal Register Company
2,558,636 Term loan, maturing September 30, 2006 2,539,446
Liberty Group Operating, Inc.
1,450,000 Term loan, maturing April 30, 2007 1,442,750
Merrill Corporation
238,517 Term loan, maturing November 15, 2006 203,932
959,548 Term loan, maturing November 15, 2007 820,414
Morris Communications Corporation
3,000,000 Term loan, maturing September 30, 2009 3,004,218
R.H. Donnelley Inc.
511,228 Term loan, maturing December 5, 2005 512,378
408,829 Term loan, maturing December 5, 2006 408,488
2,000,000 Term loan, maturing June 30, 2010 2,007,084
The Reader's Digest Association, Inc.
1,492,500 Term loan, maturing May 20, 2008 1,454,920
The Sheridan Group, Inc.
930,914 Term loan, maturing January 30, 2005 930,914
Transwestern Publishing Company LLC
1,960,101 Term loan, maturing June 27, 2008 1,955,200
-------------------------------------------------------------------------------
$ 20,259,304
-------------------------------------------------------------------------------
Real Estate -- 9.1%
-------------------------------------------------------------------------------
125 West 55th Street
$ 1,973,016 Term loan, maturing June 9, 2004 $ 1,973,016
622 Third Ave Company LLC
2,000,000 Term loan, maturing September 30, 2004 2,000,000
AGBRI Octagon
1,732,266 Term loan, maturing May 31, 2004 1,719,274
AIMCO Properties, L.P.
1,568,215 Term loan, maturing February 28, 2004 1,567,235
American Skiing Company Resort Properties, Inc.
720,000 Term loan, maturing December 31, 2002 655,200
AP-Knight LP
2,010,236 Term loan, maturing December 31, 2004 2,007,723
Crescent Real Estate Equities, L.P.
1,000,000 Term loan, maturing May 31, 2005 993,750
FFD Development Company, LLC
960,000 Revolving loan, maturing April 2, 2004 955,200
iStar Preferred Holdings LLC
1,000,000 Term loan, maturing July 20, 2006 990,000
iStar Walden (FKA Starwood Walden LLC)
3,500,000 Term loan, maturing June 30, 2003 3,465,000
Lennar Corporation
1,992,340 Term loan, maturing May 2, 2007 1,998,317
Macerich Partnership, L.P.
2,048,000 Term loan, maturing July 15, 2005 2,046,720
MeriStar Investment Partners, L.P.
500,000 Term loan, maturing March 31, 2003 501,250
Newkirk Master, L.P.
985,111 Term loan, maturing December 31, 2004 986,343
OLY Hightop Parent
1,693,524 Term loan, maturing March 31, 2006 1,693,524
The Woodlands Commercial Properties Co., L.P.
1,900,000 Term loan, maturing November 26, 2005 1,895,250
Trizec Properties, Inc.
1,000,000 Term loan, maturing May 29, 2005 998,750
-------------------------------------------------------------------------------
$ 26,446,551
-------------------------------------------------------------------------------
Restaurants -- 1.5%
-------------------------------------------------------------------------------
AFC Enterprises Inc.
$ 2,088,253 Term loan, maturing May 23, 2009 $ 2,092,603
Buffets, Inc.
2,258,122 Term loan, maturing June 30, 2009 2,232,154
-------------------------------------------------------------------------------
$ 4,324,757
-------------------------------------------------------------------------------
Retail - Food & Drug -- 7.8%
-------------------------------------------------------------------------------
Domino's Inc.
$ 2,736,250 Term loan, maturing June 30, 2008 $ 2,743,947
Duane Reade Inc.
2,088,023 Term loan, maturing February 15, 2007 2,093,243
Fleming Companies, Inc.
3,050,659 Term loan, maturing June 18, 2008 2,988,121
Giant Eagle, Inc.
2,244,375 Term loan, maturing August 6, 2009 2,247,180
Rite Aid Corporation
6,370,878 Term loan, maturing June 27, 2005 6,275,315
Roundy's, Inc.
2,487,500 Term loan, maturing June 6, 2009 2,491,647
SDM Corporation
3,111,455 Term loan, maturing February 4, 2009 3,118,845
Winn-Dixie Stores
783,026 Term loan, maturing March 28, 2007 786,044
-------------------------------------------------------------------------------
$ 22,744,342
-------------------------------------------------------------------------------
Retail - Multiline -- 1.1%
-------------------------------------------------------------------------------
Kmart Corporation
$ 3,250,000 DIP loan, maturing April 22, 2004 $ 3,210,730
-------------------------------------------------------------------------------
$ 3,210,730
-------------------------------------------------------------------------------
Retail - Specialty -- 4.2%
-------------------------------------------------------------------------------
Advance Stores Company, Inc.
$ 230,763 Term loan, maturing November 30, 2006 $ 229,849
2,995,320 Term loan, maturing November 30, 2007 3,000,002
CSK Auto, Inc.
3,000,000 Term loan, maturing December 21, 2004 3,013,125
Jo-Ann Stores, Inc.
2,500,000 Term loan, maturing April 30, 2005 2,487,500
Travelcenters of America, Inc.
3,465,000 Term loan, maturing November 30, 2008 3,481,244
-------------------------------------------------------------------------------
$ 12,211,720
-------------------------------------------------------------------------------
Road & Rail -- 0.7%
-------------------------------------------------------------------------------
Kansas City Southern Industries, Inc.
$ 1,169,125 Term loan, maturing June 12, 2008 $ 1,170,586
RailAmerica Australia Finance Pty. LTD.
160,000 Term loan, maturing May 31, 2009 159,560
RailAmerica Canada Corp.
133,333 Term loan, maturing May 31, 2009 132,967
RailAmerica Transportation Corp.
706,667 Term loan, maturing May 31, 2009 704,723
-------------------------------------------------------------------------------
$ 2,167,836
-------------------------------------------------------------------------------
Shipping Lines -- 0.1%
-------------------------------------------------------------------------------
American Commercial Lines
$ 59,937 Term loan, maturing June 30, 2006 $ 49,987
168,642 Term loan, maturing June 30, 2007 140,648
-------------------------------------------------------------------------------
$ 190,635
-------------------------------------------------------------------------------
Telecommunications - Wireline -- 1.7%
-------------------------------------------------------------------------------
Alec Holdings, Inc.
$ 610,921 Term loan, maturing November 30, 2006 $ 559,502
624,079 Term loan, maturing November 30, 2007 571,552
Broadwing Inc.
1,107,260 Term loan, maturing December 31, 2005 1,019,371
Fairpoint Communications, Inc.
2,901,015 Term loan, maturing March 31, 2006 2,726,954
-------------------------------------------------------------------------------
$ 4,877,379
-------------------------------------------------------------------------------
Telecommunications - Wireless -- 0.9%
-------------------------------------------------------------------------------
American Tower, L.P.
$ 500,000 Term loan, maturing December 31, 2006 $ 442,898
250,000 Term loan, maturing December 31, 2007 228,221
Cricket Communications, Inc.
300,000 Term loan, maturing June 30, 2007* 66,750
Spectrasite Communications, Inc.
1,496,092 Term loan, maturing December 31, 2007 1,320,770
Sygnet Operating Company (Dobson)
423,866 Term loan, maturing March 31, 2007 326,377
306,791 Term loan, maturing December 31, 2007 236,229
Winstar Communications, Inc.
300,534 DIP loan, maturing June 30, 2003* 87,155
-------------------------------------------------------------------------------
$ 2,708,400
-------------------------------------------------------------------------------
Theaters -- 1.6%
-------------------------------------------------------------------------------
Hollywood Theater Holdings, Inc.
$ 905,337 Term loan, maturing March 31, 2006 $ 848,753
Loews Cineplex Entertainment Corporation
500,000 Term loan, maturing September 30, 2006 489,584
947,386 Term loan, maturing March 31, 2007 949,163
541,364 Term loan, maturing March 31, 2007 542,379
Regal Cinemas Inc.
1,948,718 Term loan, maturing May 27, 2007 1,954,808
-------------------------------------------------------------------------------
$ 4,784,687
-------------------------------------------------------------------------------
Utilities -- 0.7%
-------------------------------------------------------------------------------
Michigan Electric Transmission Company, LLC
$ 1,992,509 Term loan, maturing June 30, 2007 $ 1,991,264
-------------------------------------------------------------------------------
$ 1,991,264
-------------------------------------------------------------------------------
Total Senior, Floating Rate Loan Interests
(identified cost $455,997,222) $ 438,482,904
-------------------------------------------------------------------------------
Corporate Bonds & Notes -- 13.0%
Principal Amount
(000's omitted) Security Value
-------------------------------------------------------------------------------
Principal Amount
(000's omitted) Security Value
-------------------------------------------------------------------------------
Aerospace and Defense -- 0.0%
-------------------------------------------------------------------------------
$ 55 K&F Industries, Sr. Sub. Notes
9.625%, 12/15/10 $ 56,237
-------------------------------------------------------------------------------
$ 56,237
-------------------------------------------------------------------------------
Airlines -- 0.7%
-------------------------------------------------------------------------------
American Airlines
$ 895 7.80%, 10/1/06 $ 627,390
Continental Airlines
200 7.434%, 9/15/04 111,056
41 7.08%, 11/1/04 24,918
357 7.033%, 6/15/11 239,806
Dunlop Stand Aero Holdings, Sr. Notes
845 11.875%, 5/15/09 867,181
Northwest Airlines, Inc.
360 8.875%, 6/1/06 235,800
-------------------------------------------------------------------------------
$ 2,106,151
-------------------------------------------------------------------------------
Apparel -- 0.3%
-------------------------------------------------------------------------------
Levi Strauss & Co.
$ 385 6.80%, 11/1/03 $ 381,150
Levi Strauss & Co., Sr. Notes
200 12.25%, 12/15/12 197,000
Russell Corp.
80 9.25%, 5/1/10 86,000
Tropical Sportswear International
140 11.00%, 6/15/08 142,100
William Carter, Series B
160 10.875%, 8/15/11 175,200
-------------------------------------------------------------------------------
$ 981,450
-------------------------------------------------------------------------------
Auto and Parts -- 0.4%
-------------------------------------------------------------------------------
Advance Stores Co., Inc.
$ 85 10.25%, 4/15/08 $ 90,525
Asbury Automotive Group
90 9.00%, 6/15/12 78,750
CSK Auto, Inc.
420 12.00%, 6/15/06 451,500
Key Plastics, Jr. Secured Sub. Notes*
44 4.009%, 4/26/07(2) 44,009
Key Plastics, Sr. Secured Sub. Notes*
118 7.009%, 4/26/07(2) 118,465
NA United Rentals, Inc., Sr. Notes
295 10.75%, 4/15/08 292,050
Rexnord Corp., Sr. Sub. Notes
65 10.125%, 12/15/12 66,950
United Auto Group, Inc., Sr. Sub. Notes
105 9.625%, 3/15/12(3) 102,375
-------------------------------------------------------------------------------
$ 1,244,624
-------------------------------------------------------------------------------
Broadcasting and Cable -- 0.9%
-------------------------------------------------------------------------------
ACME Television Services, Inc.
$ 35 10.875%, 9/30/04 $ 35,787
Adelphia Communications Corp., Sr. Notes
205 9.25%, 10/1/49(2) 75,850
Charter Communication Holdings, Sr. Disc. Notes
20 13.50%, 1/15/11 5,300
Charter Communication Holdings, Sr. Notes
45 10.75%, 10/1/09 20,587
Continental Cablevision
115 9.50%, 8/1/13 133,439
Continental Cablevision, Sr. Notes
170 8.30%, 5/15/06 184,321
Corus Entertainment, Inc., Sr. Sub. Notes
210 8.75%, 3/1/12 223,387
CSC Holdings, Inc., Sr. Notes
40 7.875%, 12/15/07 38,650
CSC Holdings, Inc., Sr. Notes, Series B
50 7.625%, 4/1/11 47,187
CSC Holdings, Inc., Sr. Sub. Notes
35 9.875%, 2/15/13 34,344
95 10.50%, 5/15/16 94,644
DEX Media East LLC/Fin
80 9.875%, 11/15/09(3) 86,000
Echostar Broadband Corp., Sr. Notes
170 9.125%, 1/15/09 179,775
Insight Communications, Sr. Disc. Notes
60 12.25%, 2/15/11 33,375
Mediacom Broadband LLC
50 11.00%, 7/15/13 51,000
Mediacom LLC/Capital Corp., Sr. Notes
430 9.50%, 1/15/13 389,150
Nextmedia Operating, Inc.
65 10.75%, 7/1/11 68,656
Pegasus Commerce
1,000 9.75%, 12/1/06 535,000
Pegasus Sattelite, Sr. Notes
455 12.375%, 8/1/06 243,425
Radio One, Inc.
95 8.875%, 7/1/11 102,125
-------------------------------------------------------------------------------
$ 2,582,002
-------------------------------------------------------------------------------
Building Materials -- 0.4%
-------------------------------------------------------------------------------
Louisiana Pacific Corp., Sr. Notes
$ 60 8.50%, 8/15/05 $ 62,275
Ryland Group, Sr. Notes
80 9.75%, 9/1/10 88,000
Ryland Group, Sr. Sub. Note
945 9.125%, 6/15/11 1,006,425
-------------------------------------------------------------------------------
$ 1,156,700
-------------------------------------------------------------------------------
Business Services - Miscellaneous -- 0.4%
-------------------------------------------------------------------------------
Coinmach Corp., Sr. Notes
$ 360 9.00%, 2/1/10 $ 379,350
Lamar Media Corp., Sr. Sub. Notes
115 7.25%, 1/1/13 117,444
MDP Acquisitions PLC, Sr. Notes
250 9.625%, 10/1/12(3) 261,250
R.H. Donnelley Finance Corp., Sr. Notes
30 8.875%, 12/15/10 32,250
R.H. Donnelley Finance Corp., Sr. Sub. Notes
190 10.875%, 12/15/12 208,050
Trico Marine Services, Sr. Notes
120 8.875%, 5/15/12 111,600
-------------------------------------------------------------------------------
$ 1,109,944
-------------------------------------------------------------------------------
Chemicals -- 0.7%
-------------------------------------------------------------------------------
Avecia Group, PLC
$ 750 11.00%, 7/1/09 $ 588,750
Ferro Corp., Sr. Notes
150 9.125%, 1/1/09 158,513
Hercules, Inc.
30 11.125%, 11/15/07 33,600
Lyondell Chemical Co.
125 9.50%, 12/15/08 116,875
260 9.50%, 12/15/08 243,100
60 11.125%, 7/15/12 59,400
Methanex Corp., Sr. Notes
120 8.75%, 8/15/12 127,800
Olin Corp., Sr. Notes
325 9.125%, 12/15/11 369,716
Resolution Performance, Sr. Sub. Notes
115 13.50%, 11/15/10 121,900
110 13.50%, 11/15/10 116,600
-------------------------------------------------------------------------------
$ 1,936,254
-------------------------------------------------------------------------------
Consumer Products -- 0.2%
-------------------------------------------------------------------------------
Fedders North America
$ 155 9.375%, 8/15/07 $ 118,575
Hockey Co.
330 11.25%, 4/15/09 338,250
-------------------------------------------------------------------------------
$ 456,825
-------------------------------------------------------------------------------
Consumer Services -- 0.1%
-------------------------------------------------------------------------------
Stewart Enterprises
$ 225 10.75%, 7/1/08 $ 249,750
-------------------------------------------------------------------------------
$ 249,750
-------------------------------------------------------------------------------
Containers and Packaging -- 0.3%
-------------------------------------------------------------------------------
Bway Corp., Sr. Sub. Notes
$ 85 10.00%, 10/15/10 $ 88,612
Graphic Packaging Corp.
80 8.625%, 2/15/12 84,600
Jefferson Smurfit Corp., Sr. Notes
170 8.25%, 10/1/12(3) 174,250
Riverwood International Corp.
120 10.875%, 4/1/08 121,200
Stone Container Corp., Sr. Notes
260 8.375%, 7/1/12 267,800
-------------------------------------------------------------------------------
$ 736,462
-------------------------------------------------------------------------------
Drugs -- 0.2%
-----------------------------------------------------------------------
Alaris Medical Systems, Series B
$ 240 11.625%, 12/1/06 $ 272,100
AmerisourceBergen Corp., Sr. Notes
140 7.25%, 11/15/12 144,200
Biovail Corp., Sr. Sub. Notes
250 7.875%, 4/1/10 251,250
-------------------------------------------------------------------------------
$ 667,550
-------------------------------------------------------------------------------
Electronic Components -- 0.2%
-------------------------------------------------------------------------------
Flextronics International Ltd., Sr. Sub. Notes
$ 315 9.875%, 7/1/10 $ 340,987
Sanmina-Sci Corp.
115 10.375%, 1/15/10 116,725
-------------------------------------------------------------------------------
$ 457,712
-------------------------------------------------------------------------------
Electronic Components - Semiconductors -- 0.1%
-------------------------------------------------------------------------------
Chippac International Ltd.
$ 90 12.75%, 8/1/09 $ 94,950
Fairchild Semiconductor, Sr. Sub. Notes
215 10.50%, 2/1/09 233,275
-------------------------------------------------------------------------------
$ 328,225
-------------------------------------------------------------------------------
Energy Services -- 0.2%
-------------------------------------------------------------------------------
Hornbeck Leevac Marine Service, Sr. Notes
$ 195 10.625%, 8/1/08 $ 206,700
Port Arthur Finance Corp.
369 12.50%, 1/15/09 407,331
-------------------------------------------------------------------------------
$ 614,031
-------------------------------------------------------------------------------
Engines -- 0.1%
-------------------------------------------------------------------------------
Briggs and Stratton Corp.
$ 250 8.875%, 3/15/11 $ 270,625
-------------------------------------------------------------------------------
$ 270,625
-------------------------------------------------------------------------------
Entertainment -- 0.3%
-------------------------------------------------------------------------------
Hollywood Entertainment, Sr. Sub. Notes
$ 160 9.625%, 3/15/11 $ 164,000
Premier Parks, Inc.
145 9.75%, 6/15/07 141,375
Premier Parks, Inc., Sr. Disc. Notes
110 10.00%, 4/1/08 106,975
Royal Caribbean Cruises, Sr. Notes
85 8.75%, 2/2/11 79,475
Six Flags, Inc., Sr. Notes
30 9.50%, 2/1/09 29,100
240 8.875%, 2/1/10 226,800
-------------------------------------------------------------------------------
$ 747,725
-------------------------------------------------------------------------------
Environmental Services -- 0.1%
-------------------------------------------------------------------------------
Allied Waste
$ 140 9.25%, 9/1/12(3) $ 144,200
Allied Waste Industries, Inc.
180 10.00%, 8/1/09 179,550
-------------------------------------------------------------------------------
$ 323,750
-------------------------------------------------------------------------------
Foods -- 0.5%
-------------------------------------------------------------------------------
American Seafood Group LLC
$ 400 10.125%, 4/15/10 $ 410,000
B&G Foods, Inc.
75 9.625%, 8/1/07 77,531
Burns Philip Capital Ltd.
270 9.75%, 7/15/12(3) 260,550
Dean Foods Co., Sr. Notes
155 8.15%, 8/1/07 163,325
Del Monte Corp., Sr. Sub. Notes
200 8.625%, 12/15/12 205,000
Luigino's, Inc., Sr. Sub. Notes
130 10.00%, 2/1/06 133,412
New World Pasta Company
165 9.25%, 2/15/09 90,750
-------------------------------------------------------------------------------
$ 1,340,568
-------------------------------------------------------------------------------
Furniture and Appliances -- 0.1%
-------------------------------------------------------------------------------
Fedders North America
$ 515 9.375%, 8/15/07 $ 393,975
-------------------------------------------------------------------------------
$ 393,975
-------------------------------------------------------------------------------
Gaming -- 0.7%
-------------------------------------------------------------------------------
Argosy Gaming Co.
$ 90 10.75%, 6/1/09 $ 99,450
Boyd Gaming Corp., Sr. Sub. Notes
135 9.50%, 7/15/07 142,087
Chukchansi EDA, Sr. Notes
230 14.50%, 6/15/09(3) 231,150
Penn National Gaming, Inc., Sr. Sub. Notes
920 11.125%, 3/1/08 1,012,000
Wheeling Island Gaming
400 10.125%, 12/15/09 414,000
Wynn Las Vegas LLC/Corp.
195 12.00%, 11/1/10 197,925
-------------------------------------------------------------------------------
$ 2,096,612
-------------------------------------------------------------------------------
Health Services -- 0.1%
-------------------------------------------------------------------------------
Alliance Imaging, Sr. Sub. Notes
$ 35 10.375%, 4/15/11 $ 34,300
Pacificare Health System
225 10.75%, 6/1/09 241,875
Select Medical Corp., Sr. Sub. Notes
60 9.50%, 6/15/09 62,400
-------------------------------------------------------------------------------
$ 338,575
-------------------------------------------------------------------------------
Instruments - Controls -- 0.3%
-----------------------------------------------------------------------
Wesco Distribution, Inc.
$ 1,000 9.125%, 6/1/08 $ 805,000
-------------------------------------------------------------------------------
$ 805,000
-------------------------------------------------------------------------------
Instruments - Scientific -- 0.2%
-------------------------------------------------------------------------------
Fisher Scientific International, Sr. Sub. Notes
$ 600 9.00%, 2/1/08 $ 628,500
Perkinelmer, Inc., Sr. Sub. Notes
90 8.875%, 1/15/13 89,100
-------------------------------------------------------------------------------
$ 717,600
-------------------------------------------------------------------------------
Lodging -- 0.1%
-------------------------------------------------------------------------------
Hilton Hotels Corp.
$ 170 7.625%, 12/1/12 $ 171,971
HMH Properties, Inc.
115 7.875%, 8/1/05 113,850
35 7.875%, 8/1/08 34,125
Host Marriott L.P.
35 9.25%, 10/1/07 35,525
-------------------------------------------------------------------------------
$ 355,471
-------------------------------------------------------------------------------
Lodging and Gaming -- 1.2%
-------------------------------------------------------------------------------
Ameristar Casinos, Inc.
$ 150 10.75%, 2/15/09 $ 165,000
Hollywood Casino Shreveport, 1st Mtg. Notes
205 13.00%, 8/1/06 212,175
Hollywood Casino, Sr. Sub. Notes
310 11.25%, 5/1/07 336,350
John Q Hamons Hotels/Finance, Series B
65 8.875%, 5/15/12 65,650
Majestic Star Casino, LLC
925 10.875%, 7/1/06 948,125
Mandalay Resort Group, Sr. Sub. Notes
60 10.25%, 8/1/07 66,150
MGM Grand, Inc.
500 9.75%, 6/1/07 555,000
Sun International Hotels, Sr. Sub. Notes
230 8.875%, 8/15/11 235,750
Venetian Casino/Las Vegas Sands
900 11.00%, 6/15/10(3) 945,000
-------------------------------------------------------------------------------
$ 3,529,200
-------------------------------------------------------------------------------
Machinery -- 0.1%
-------------------------------------------------------------------------------
Flowserve Corp.
$ 5 12.25%, 8/15/10 $ 5,475
Manitowoc Co., Inc. (The), Sr. Sub. Notes
130 10.50%, 8/1/12(3) 135,525
Terex Corp.
135 10.375%, 4/1/11 127,575
150 9.25%, 7/15/11 137,438
-------------------------------------------------------------------------------
$ 406,013
-------------------------------------------------------------------------------
Manufacturing -- 0.8%
-------------------------------------------------------------------------------
Dresser, Inc.
$ 120 9.375%, 4/15/11 $ 121,200
Foamex L.P./Capital Corp.
210 10.75%, 4/1/09(3) 148,050
Grey Wolf, Inc., Sr. Notes
120 8.875%, 7/1/07 123,000
Insilco Corp.
1,000 12.00%, 8/15/07 25,000
SPX Corp., Sr. Notes
160 7.50%, 1/1/13 163,000
Tekni-Plex, Inc., Sr. Sub. Notes
90 12.75%, 6/15/10(3) 84,600
Transdigm Inc.
930 10.375%, 12/1/08 967,200
Trimas Corp.
180 9.875%, 6/15/12 179,100
Tyco International Group SA
55 4.95%, 8/1/03 54,184
275 5.80%, 8/1/06 260,121
80 6.75%, 2/15/11 75,738
-------------------------------------------------------------------------------
$ 2,201,193
-------------------------------------------------------------------------------
Medical Products -- 0.1%
-------------------------------------------------------------------------------
Advanced Medical Optics, Sr. Sub. Notes
$ 105 9.25%, 7/15/10 $ 108,675
Hanger Orthopedic Group
75 10.375%, 2/15/09 78,000
Medquest Inc., Sr. Sub. Notes
170 11.875%, 8/15/12(3) 166,600
-------------------------------------------------------------------------------
$ 353,275
-------------------------------------------------------------------------------
Medical Services -- 0.0%
-------------------------------------------------------------------------------
Magellan Health Services, Sr. Notes
$ 170 9.375%, 11/15/07(3) $ 135,150
-------------------------------------------------------------------------------
$ 135,150
-------------------------------------------------------------------------------
Oil and Gas - Equipment and Services -- 0.4%
-------------------------------------------------------------------------------
Chesapeake Energy Corp.
$ 180 8.375%, 11/1/08 $ 187,200
Grant Prideco Escrow
35 9.00%, 12/15/09 36,575
Parker Drilling Co.
70 10.125%, 11/15/09 72,450
SESI, LLC
585 8.875%, 5/15/11 599,625
Williams Companies, Inc.
135 9.25%, 3/15/04 108,000
150 6.75%, 1/15/06 105,750
-------------------------------------------------------------------------------
$ 1,109,600
-------------------------------------------------------------------------------
Oil and Gas - Exploration and Production -- 0.9%
-------------------------------------------------------------------------------
Comstock Resources, Inc.
$ 480 11.25%, 5/1/07 $ 511,200
El Paso Energy Partners
70 8.50%, 6/1/11(3) 65,275
50 8.50%, 6/1/11(3) 46,625
El Paso Energy Partners, Sr. Sub. Notes
125 10.625%, 12/1/12 128,438
Encore Acquisition Co.
185 8.375%, 6/15/12(3) 193,325
Grey Wolf, Inc., Series C
40 8.875%, 7/1/07 40,800
Plains All American Pipeline, Sr. Notes
85 7.75%, 10/15/12(3) 88,825
Plains E&P Co., Sr. Sub. Notes
130 8.75%, 7/1/12(3) 135,850
Premcor USA, Inc.
75 11.50%, 10/1/09 72,375
Western Natural Gas
1,000 10.00%, 6/15/09 1,075,000
Westport Resources Corp., Sr. Sub. Notes
115 8.25%, 11/1/11 121,325
-------------------------------------------------------------------------------
$ 2,479,038
-------------------------------------------------------------------------------
Paper and Forest Products -- 0.1%
-------------------------------------------------------------------------------
Buckeye Technologies, Inc., Sr. Sub. Notes
$ 35 9.25%, 9/15/08 $ 30,275
Caraustar Industries, Inc.
10 9.875%, 4/1/11 10,350
Georgia-Pacific Corp.
120 9.50%, 12/1/11 118,200
Longview Fibre Co., Sr. Sub. Notes
225 10.00%, 1/15/09 237,375
Williams Scotsman, Inc.
15 9.875%, 6/1/07 13,950
-------------------------------------------------------------------------------
$ 410,150
-------------------------------------------------------------------------------
Printing and Business Products -- 0.1%
-------------------------------------------------------------------------------
MDC Communications Corp., Sr. Sub. Notes
$ 215 10.50%, 12/1/06 $ 193,500
Xerox Corp., Sr. Notes
95 9.75%, 1/15/09 91,675
-------------------------------------------------------------------------------
$ 285,175
-------------------------------------------------------------------------------
Publishing -- 0.1%
-------------------------------------------------------------------------------
Canwest Media, Inc., Sr. Sub. Notes
$ 120 10.625%, 5/15/11 $ 128,700
Hollinger International Publications, Inc.
85 9.25%, 3/15/07 89,144
Vertis, Inc., Sr. Notes
85 10.875%, 6/15/09(3) 88,825
115 10.875%, 6/15/09(3) 120,175
-------------------------------------------------------------------------------
$ 426,844
-------------------------------------------------------------------------------
REITS -- 0.2%
-------------------------------------------------------------------------------
Ventas Realty LP/Capital CRP
$ 70 8.75%, 5/1/09 $ 72,800
360 9.00%, 5/1/12 378,000
-------------------------------------------------------------------------------
$ 450,800
-------------------------------------------------------------------------------
Retail - Apparel -- 0.0%
-------------------------------------------------------------------------------
Mothers Work, Inc.
$ 35 11.25%, 8/1/10 $ 37,450
-------------------------------------------------------------------------------
$ 37,450
-------------------------------------------------------------------------------
Retail - Food and Drug -- 0.0%
-------------------------------------------------------------------------------
Pantry, Inc., Sr. Sub. Notes
$ 90 10.25%, 10/15/07 $ 81,225
-------------------------------------------------------------------------------
$ 81,225
-------------------------------------------------------------------------------
Retail - General -- 0.3%
-------------------------------------------------------------------------------
Kindercare Learning Centers, Inc., Sr. Sub. Notes
$ 1,000 9.50%, 2/15/09 $ 975,000
-------------------------------------------------------------------------------
$ 975,000
-------------------------------------------------------------------------------
Semiconductor Equipment and Products -- 0.2%
-------------------------------------------------------------------------------
Amkor Technologies, Inc., Sr. Notes
$ 445 9.25%, 5/1/06 $ 382,700
35 9.25%, 2/15/08(3) 29,750
Amkor Technologies, Inc., Sr. Sub. Notes
35 10.50%, 5/1/09 27,125
On Semiconductor Corp.
40 12.00%, 5/15/08(3) 29,600
-------------------------------------------------------------------------------
$ 469,175
-------------------------------------------------------------------------------
Telecommunications - Services -- 0.1%
-------------------------------------------------------------------------------
Qwest Services Corp.
$ 194 13.50%, 12/15/10 $ 201,685
-------------------------------------------------------------------------------
$ 201,685
-------------------------------------------------------------------------------
Transportation -- 0.3%
-------------------------------------------------------------------------------
Pacer International, Inc.
$ 575 11.75%, 6/1/07 $ 595,125
Petroleum Helicopters, Series B
155 9.375%, 5/1/09 163,719
-------------------------------------------------------------------------------
$ 758,844
-------------------------------------------------------------------------------
Utilities -- 0.1%
-------------------------------------------------------------------------------
AES Corp.
$ 60 10.00%, 7/15/05 $ 56,345
National Waterworks, Inc., Sr. Sub. Notes
115 10.50%, 12/1/12 120,606
-------------------------------------------------------------------------------
$ 176,951
-------------------------------------------------------------------------------
Utility - Electric Power Generation -- 0.0%
-------------------------------------------------------------------------------
Illinois Power Corp.
$ 105 11.50%, 12/15/10 $ 101,850
-------------------------------------------------------------------------------
$ 101,850
-------------------------------------------------------------------------------
Wireless Communication Services -- 0.4%
-------------------------------------------------------------------------------
American Tower Corp.
$ 225 9.375%, 2/1/09 $ 176,625
AT&T Wireless Services, Inc.
30 8.125%, 5/1/12 30,209
Insight Midwest/Insight Capital, Sr. Notes
235 10.50%, 11/1/10 229,713
Nextel Communications, Inc., Sr. Disc. Notes
20 10.65%, 9/15/07 19,200
Nextel Communications, Inc., Sr. Notes
270 12.00%, 11/1/08 267,300
265 9.375%, 11/15/09 241,150
15 9.50%, 2/1/11 13,575
Nextel Partners, Inc., Sr. Notes
25 11.00%, 3/15/10 21,375
Qwest Corp.
170 8.875%, 3/15/12(3) 165,750
Ubiquitel Operating Co.
95 14.00%, 4/15/10 6,175
-------------------------------------------------------------------------------
$ 1,171,072
-------------------------------------------------------------------------------
Wireline Communication Services - North
America -- 0.0%
-------------------------------------------------------------------------------
Metromedia Fiber Network, Sr. Notes
$ 500 10.00%, 11/15/08 $ 8,750
500 10.00%, 12/15/09 8,750
-------------------------------------------------------------------------------
$ 17,500
-------------------------------------------------------------------------------
Total Corporate Bonds & Notes
(identified cost $40,616,820) $ 37,851,008
-------------------------------------------------------------------------------
Common Stocks, Preferred Stocks and Warrants -- 2.2%
Security
Shares/Rights
-------------------------------------------------------------------------------
11,403 American Marketing Industries, Inc. Common
(Series B)* $ 0
4,887 American Marketing Industries Holdings, Inc.* 0
Preferred, Series A-1
11,403 American Marketing Industries Holdings, Inc.* 0
Preferred, Series A-4
32,537 Carlyle-Key Partners* 32,537
2,992 Environmental Systems Products Common*
Stock
529 Environmental Systems Products Preferred* 86,028
Stock
3,144 Exide Corp., Warrents* 0
90,043 IHDG Realty, Inc.* 0
90,043 Imperial Home Decor Group* 0
9 Kac Mezz Holdings, Class A, Warrents* 0
8 Kac Mezz Holdings, Class B, Warrents* 0
15 Key Plastics Holdings, Inc.* 15,231
163 Tokheim Corp.* 0
11,087 Tokheim Corp.* 0
925,000 Van Kampen Senior Income Trust 6,197,500
-------------------------------------------------------------------------------
Total Common Stocks, Preferred Stocks and Warrants
(identified cost, $7,127,545) $ 6,331,296
-------------------------------------------------------------------------------
Commercial Paper -- 3.4%
Principal Amount
(000's omitted) Security
-------------------------------------------------------------------------------
American Express Credit Corp.
$ 5,000 1.33%, 1/6/03 $ 4,999,077
Kitty Hawk Funding Corp.
4,840 1.36%, 1/29/03 4,834,880
-------------------------------------------------------------------------------
$ 9,833,957
-------------------------------------------------------------------------------
Total Commercial Paper
(amortized cost $9,833,957) $ 9,833,957
-------------------------------------------------------------------------------
Total Investments -- 168.9%
(identified cost $513,575,544) $ 492,499,165
-------------------------------------------------------------------------------
Other Assets, Less Liabilities -- (68.9)% $(200,981,880)
-------------------------------------------------------------------------------
Net Assets -- 100% $ 291,517,285
-------------------------------------------------------------------------------
(1) Senior floating rate interests often require prepayments from excess cash
flows or permit the borrower to repay at its election. The degree to
which borrowers repay, whether as a contractual requirement or at their
election, cannot be predicted with accuracy. As a result, the actual
remaining maturity may be substantially less than the stated maturities
shown. However, it is anticipated that the senior floating rate interests
will have an expected average life of approximately two to four years.
(2) Priced by adviser.
(3) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
* Non-income producing security.
Note: At December 31, 2002, the Trust had unfunded commitments amounting to
$7,672,510 under various revolving credit agreements.
Eaton Vance Senior Income Trust as of December 31, 2002
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2002
ASSETS
-------------------------------------------------------------------------------
Investments, at value
(identified cost, $513,575,544) $492,499,165
Cash 7,749,845
Receivable for investments sold 478,976
Dividends and interest receivable 2,745,208
Receivable from affiliate 213,083
Prepaid expenses 74,021
-------------------------------------------------------------------------------
Total assets $503,760,298
-------------------------------------------------------------------------------
LIABILITIES
-------------------------------------------------------------------------------
Amounts due under commercial paper program $100,000,000
Dividends payable 1,545,765
Miscellaneous liabilities 358,128
Payable for investments purchased 38,809
Payable to affiliate for Trustees' fees 5,826
Accrued expenses
Interest 128,394
Operating expenses 143,318
-------------------------------------------------------------------------------
Total liabilities $102,220,240
-------------------------------------------------------------------------------
Auction Preferred Shares (4,400 shares outstanding)
at liquidation value plus cumulative unpaid dividends 110,022,773
-------------------------------------------------------------------------------
Net assets applicable to common shares $291,517,285
-------------------------------------------------------------------------------
SOURCES OF NET ASSETS
-------------------------------------------------------------------------------
Common Shares, $0.01 par value; unlimited number of
shares authorized, 35,948,079 shares issued and
outstanding $ 359,481
Additional paid-in capital 356,878,145
Accumulated net realized loss (computed on the basis
of identified cost) (44,804,512)
Accumulated undistributed net investment income 160,550
Net unrealized depreciation (computed on the basis of
identified cost) (21,076,379)
-------------------------------------------------------------------------------
Net assets applicable to common shares $291,517,285
-------------------------------------------------------------------------------
NET ASSET VALUE PER COMMON SHARE
-------------------------------------------------------------------------------
($291,517,285 / 35,948,079 common shares
issued and outstanding) $ 8.11
-------------------------------------------------------------------------------
See notes to financial statements
Eaton Vance Senior Income Trust as of December 31, 2002
FINANCIAL STATEMENTS
STATEMENT OF OPERATIONS
For the Six Months Ended
December 31, 2002
INVESTMENT INCOME
-------------------------------------------------------------------------------
Interest $ 14,900,995
Dividends 245,310
Miscellaneous 23,221
-------------------------------------------------------------------------------
Total investment income $ 15,169,526
-------------------------------------------------------------------------------
EXPENSES
-------------------------------------------------------------------------------
Investment adviser fee $ 2,193,481
Administration fee 645,142
Trustees' fees and expenses 5,517
Preferred shares remarketing agent fee 138,629
Legal and accounting services 123,280
Custodian fee 70,628
Printing and postage 59,247
Registration fees 35,808
Transfer and dividend disbursing agent fees 31,156
Interest expense 995,616
Miscellaneous 180,240
-------------------------------------------------------------------------------
Total expenses $ 4,478,744
-------------------------------------------------------------------------------
Net investment income $ 10,690,782
-------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS)
-------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost basis) $ (4,259,249)
-------------------------------------------------------------------------------
Net realized loss $ (4,259,249)
-------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ (5,495,853)
-------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) $ (5,495,853)
-------------------------------------------------------------------------------
Net realized and unrealized loss $ (9,755,102)
-------------------------------------------------------------------------------
Distributions to preferred shareholders $ (925,826)
-------------------------------------------------------------------------------
Net increase in net assets from operations $ 9,854
-------------------------------------------------------------------------------
See notes to financial statements
Eaton Vance Senior Income Trust as of December 31, 2002
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
Increase (Decrease) Six Months Ended Year Ended
in Net Assets December 31, 2002 June 30, 2002
-------------------------------------------------------------------------------
From operations --
Net investment income $ 10,690,782 $ 24,704,131
Net realized loss (4,259,249) (20,444,427)
Net change in unrealized
appreciation (depreciation) (5,495,853) 5,582,366
Distributions to preferred
shareholders (925,826) (2,726,001)
--------------------------------------------------------------------------------
Net increase in net assets from
operations $ 9,854 $ 7,116,069
--------------------------------------------------------------------------------
Distributions to common shareholders --
From net investment income $(11,251,674) $(22,675,640)
--------------------------------------------------------------------------------
Total distributions to common
shareholders $(11,251,674) $(22,675,640)
--------------------------------------------------------------------------------
Capital share transactions --
Reinvestment of distributions to
shareholders $ -- $ 721,050
--------------------------------------------------------------------------------
Net increase in net assets from
capital share transactions $ -- $ 721,050
--------------------------------------------------------------------------------
Net decrease in net assets $(11,241,820) $(14,838,521)
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares
--------------------------------------------------------------------------------
At beginning of period $302,759,105 $317,597,626
--------------------------------------------------------------------------------
At end of period $291,517,285 $302,759,105
--------------------------------------------------------------------------------
Accumulated undistributed net investment income
included in net assets applicable to common shares
--------------------------------------------------------------------------------
At end of period $ 160,550 $ 1,647,268
--------------------------------------------------------------------------------
See notes to financial statements
Eaton Vance Senior Income Trust as of December 31, 2002
FINANCIAL STATEMENTS CONT'D
STATEMENT OF CASH FLOWS
Six Months Ended
Increase (Decrease) in Cash December 31, 2002
-------------------------------------------------------------------------------
Cash Flows From (Used For) Operating Activities --
Purchases of loan interests and corporate bonds $(148,641,834)
Proceeds from sales and principal repayments 150,210,654
Interest and dividends received 14,782,908
Receivable from affiliate (213,083)
Miscellaneous income received 105,854
Interest paid (1,020,320)
Prepaid 14,106
Operating expenses paid (3,563,170)
Net increase in short-term investments (27,133)
-------------------------------------------------------------------------------
Net cash from operating activities $ 11,647,982
-------------------------------------------------------------------------------
Cash Flows From (Used For) Financing Activities --
Cash distributions paid $ (10,632,627)
Net increase in amounts due under commercial paper program (5,000,000)
-------------------------------------------------------------------------------
Net cash used for financing activities $ (15,632,627)
-------------------------------------------------------------------------------
Net decrease in cash $ (3,984,645)
-------------------------------------------------------------------------------
Cash at beginning of period $ 11,734,490
-------------------------------------------------------------------------------
Cash at end of period $ 7,749,845
-------------------------------------------------------------------------------
RECONCILIATION OF NET INCREASE IN NET ASSETS
FROM OPERATIONS TO NET CASH FROM
OPERATING ACTIVITIES
-------------------------------------------------------------------------------
Net increase in net assets from operations $ 9,854
Decrease in receivable for investments sold 418,182
Decrease in dividends and interest receivable 65,350
Increase in receivable from affiliate (213,083)
Decrease in prepaid expenses 14,106
Increase in miscellaneous liability 82,633
Decrease in payable to affiliate (4,835)
Decrease in accrued expenses (99,911)
Decrease payable for investments purchased (149,041)
Distributions to preferred shareholders 925,826
Net decrease in investments 10,598,901
-------------------------------------------------------------------------------
Net cash from operating activities $ 11,647,982
-------------------------------------------------------------------------------
See notes to financial statements
Eaton Vance Senior Income Trust as of December 31, 2002
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
Year Ended June 30,
Six Months Ended -------------------------------------------------------------------
December 31, 2002 2002(1)(2) 2001 2000 1999(1)(3)
------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period (Common Shares) $ 8.420 $ 8.860 $ 9.810 $ 10.090 $ 10.000
------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
------------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.297 $ 0.687 $ 0.872 $ 0.868 $ 0.539
Net realized and unrealized
gain (loss) (0.268) (0.420) (0.908) (0.271) 0.036
Distribution to preferred
shareholders (0.026) (0.076) -- -- --
------------------------------------------------------------------------------------------------------------------------------
Total income (loss) from
operations $ 0.003 $ 0.191 $ (0.036) $ 0.597 $ 0.575
------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
------------------------------------------------------------------------------------------------------------------------------
From net investment income $ (0.313) $ (0.631) $ (0.882) $ (0.877) $ (0.465)
------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.313) $ (0.631) $ (0.882) $ (0.877) $ (0.465)
------------------------------------------------------------------------------------------------------------------------------
Preferred and Common shares
offering costs charged to
paid-in capital $ -- $ -- $ (0.001) $ -- $ (0.020)
------------------------------------------------------------------------------------------------------------------------------
Preferred Shares underwriting
discounts $ -- $ -- $ (0.031) $ -- $ --
------------------------------------------------------------------------------------------------------------------------------
Net asset value -- End of
period (Common Shares) $ 8.110 $ 8.420 $ 8.860 $ 9.810 $ 10.090
------------------------------------------------------------------------------------------------------------------------------
Market value -- End of period
(Common Shares) $ 7.750 $ 7.760 $ 8.940 $ 9.313 $ 10.000
------------------------------------------------------------------------------------------------------------------------------
Total Return(4) 3.64% (6.18)% 5.65% 2.00% 4.93%
------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA+ ++
------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
common shares, end of period
(000's omitted) $291,517 $302,759 $317,597 $349,803 $359,705
Ratios (As a percentage of
average daily net assets
attributable to common
shares):
Net expenses(5) 2.35%(6) 2.28% 1.89% 1.84% 1.65%(6)
Interest expense 0.67%(6) 0.85% 2.50% 2.41% 2.02%(6)
Total expenses(5) 3.02%(6) 3.13% 4.39% 4.25% 3.67%(6)
Net investment income(5) 7.22%(6) 8.01% 9.37% 8.73% 8.17%(6)
Portfolio Turnover 30% 69% 37% 63% 27%
------------------------------------------------------------------------------------------------------------------------------
+ The operating expenses of the Trust may reflect a reduction of the investment adviser fee and the administration fee. Had such
actions 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
attributable to common
shares):
Expenses 1.97%(6)
Interest expense 2.02%(6)
Net investment income 7.85%(6)
Net investment income per share $ 0.518
++ The ratios reported above are based on net assets attributable solely to common shares. The ratios based on net assets,
including amounts related to preferred shares since the initial offering of preferred shares, are as follows:
Ratios (As a percentage of average total net assets):
Net expenses(5) 1.71%(6) 1.68% 1.88%
Interest expense 0.49%(6) 0.63% 2.50%
Total expenses(5) 2.20%(6) 2.31% 4.38%
Net investment income(5) 5.25%(6) 5.90% 9.33%
------------------------------------------------------------------------------------------------------------------------------
Senior Securities:
Total preferred shares
outstanding $ 4,400 $ 4,400 $ 4,400 $ -- $ --
Asset coverage per preferred
share(7) $ 91,259 $ 93,814 $ 97,192 $ -- $ --
Involuntary liquidation
preference per preferred
share(8) $ 25,000 $ 25,000 $ 25,000 $ -- $ --
Approximate market value per
preferred share(8) $ 25,000 $ 25,000 $ 25,000 $ -- $ --
------------------------------------------------------------------------------------------------------------------------------
(1) Net investment income per share was computed using average shares outstanding.
(2) The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using
the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended June 30,
2002 was to increase net investment income per share by $0.001, increase net realized and unrealized losses per share by
$0.001, and increase the ratio of net investment income to average net assets attributable to common shares for less than
0.01%. Per share data and ratios for the periods prior to July 1, 2001 have not been restated to reflect this change in
presentation.
(3) For the period from the start of business, October 30, 1998, to June 30, 1999.
(4) Returns are historical and are calculated by determining the percentage change in market value with all distributions
reinvested. Total return is not computed on an annualized basis.
(5) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets attributable to
common shares reflect the Trust's leverage capital structure.
(6) Annualized.
(7) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets,
and dividing this by the number of preferred shares outstanding.
(8) Plus accumulated and unpaid dividends.
See notes to financial statements
Eaton Vance Senior Income Trust as of December 31, 2002
NOTES TO FINANCIAL STATEMENTS
1 Significant Accounting Policies
-------------------------------------------------------------------------------
Eaton Vance Senior Income Trust (the Trust) is an entity commonly known as a
Massachusetts business trust and is registered under the Investment Company
Act of 1940 as a non-diversified closed-end management investment company.
The Trust's investment objective is to provide a high level of current
income consistent with the preservation of capital, by investing primarily
in senior, secured floating rate loans. The following is a summary of
significant accounting policies consistently followed by the Trust in the
preparation of its financial statements. The policies are in conformity with
accounting principles generally accepted in the United States of America.
Certain prior year amounts have been reclassified for presentation purposes.
A Investment Valuation -- The Trust's investments are primarily in interests
in senior floating rate loans (Senior Loans). Certain Senior Loans are
deemed liquid because reliable market quotations are readily available for
them. Liquid loans are valued on the basis of prices furnished by a pricing
service. Other Senior Loans are valued at fair value by the Trust's
investment adviser, Eaton Vance Management (EVM), under procedures
established by the Trustees as permitted by Section 2(a)(41) of the
Investment Company Act of 1940. Such procedures include the consideration of
relevant factors, data and information relating to fair value, including (i)
the characteristics of and fundamental analytical data relating to the
Senior Loan, including the cost, size, current interest rate, period until
next interest rate reset, maturity and base lending rate of the Senior Loan,
the terms and conditions of the Senior Loan and any related agreements and
the position of the loan in the borrower's debt structure; (ii) the nature,
adequacy and value of the collateral, including the Trust'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 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 is determined by changes in the relationship between
two rates of interest. 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 Trust 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 Trust 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. Facility fees received are recognized as income over
the expected term of the loan. Dividend income is recorded on the ex-
dividend date for dividends received in cash and/or securities.
C Federal Taxes -- The Trust'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. At June 30, 2002, the Trust, for federal
income tax purposes, had a capital loss carryover of $29,482,716, which will
expire on June 30, 2009 ($1,925,241) and June 30, 2010 ($27,557,475). These
amounts will reduce the Trust's taxable income arising from future net
realized gain on investments, if any, to the extent permitted by the
Internal Revenue Code and thus will reduce the amount of the distributions
to shareholders which would otherwise be necessary to relieve the Trust of
any liability for federal income or excise tax.
Additionally, at June 30, 2002, the Trust had net capital losses of
$11,045,646 attributable to security transactions incurred after October 31,
2001. These are treated as arising on the first day of the Trust's current
taxable year.
D Expense Reduction -- Investors Bank & Trust Company (IBT) serves as
custodian of the Trust. Pursuant to the custodian agreement, IBT receives a
fee reduced by credits which are determined based on the average daily cash
balances the Trust maintains with IBT. All significant credit balances used
to reduce the Trust's custodian fees are reported as a reduction of expenses
on the Statement of Operations.
E Use of Estimates -- The preparation of 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 income and expense during the
reporting period. Actual results could differ from those estimates.
F Other -- Investment transactions are accounted for on the date the
investments are purchased or sold. Gains and losses on securities sold are
determined on the basis of identified cost.
2 Auction Preferred Shares (APS)
-------------------------------------------------------------------------------
The Trust issued 2,200 shares of Auction Preferred Shares Series A and 2,200
shares of Auction Preferred Shares Series B on June 27, 2001 in a public
offering. The underwriting discount and other offering costs were recorded
as a reduction to paid in capital. Dividends on the APS, which accrue daily,
are paid cumulative at a rate which was established at the offering of the
APS and have been reset every 7 days thereafter by an auction. Dividend
rates at December 31, 2002 were 1.40% and 1.30% for Series A and Series B
Shares, respectively. Series A and Series B are identical in all respects
except for the dates of reset for the dividend rates.
The APS are redeemable at the option of the Trust, at a redemption price
equal to $25,000 per share, plus accumulated and unpaid dividends on any
dividend payment date. The APS are also subject to mandatory redemption at a
redemption price equal to $25,000 per share, plus accumulated and unpaid
dividends, if the Trust is in default on its asset maintenance requirements
with respect to the APS. If the dividends on the APS shall remain unpaid in
an amount equal to two full years' dividends, the holders of the APS as a
class have the right to elect a majority of the Board of Trustees. In
general, the holders of the APS and the common shares have equal voting
rights of one vote per share, except that the holders of the APS, as a
separate class, have the right to elect at least two members of the Board of
Trustees. The APS have a liquidation preference of $25,000 per share, plus
accumulated and unpaid dividends. The Trust is required to maintain certain
asset coverage with respect to the APS as defined in the Trust's By-Laws.
The Trust pays annual fees equivalent to 0.25% of the preferred shares'
liquidation value for the remarketing efforts associated with the preferred
auctions.
In accordance with the provisions of EITF D-98, "Classification and
Measurement of Redeemable Securities", effective for the current period, the
Trust has reclassified its APS Shares outside of permanent equity in the net
assets section of the statement of assets and liabilities. In addition,
distributions to APS shareholders are now classified as a component of the
"Net increase in net assets from operations" on the statements of operations
and statement of changes in net assets, and as a component of the "Total
income (loss) from operations" in the financial highlights. Prior year
amounts presented have been restated to conform to this period's
presentation. This change has no impact on the net assets applicable to
common shares of the Trust.
3 Distributions to Shareholders
-------------------------------------------------------------------------------
The Trust intends to make monthly distributions to common shareholders of
net investment income, after payment of any dividends on any outstanding
preferred shares. Distributions are recorded on the ex-dividend date.
Distributions to preferred shareholders are recorded daily and are payable
at the end of each dividend period. Each dividend payment period for the
Auction Preferred Shares is generally seven days. The applicable dividend
rate for the Auction Preferred Shares on December 31, 2002 was 1.40% and
1.30%, for Series A and Series B Shares, respectively. For the six months
ended December 31, 2002, the Trust paid dividends to Auction Preferred
shareholders amounting to $465,255 and $460,571 for Series A and Series B
Shares, respectively, representing an average APS dividend rate for such
period of 1.65% and 1.64%, respectively.
4 Common Shares of Beneficial Interest
-------------------------------------------------------------------------------
The Agreement and Declaration of Trust permits the Trustees to issue an
unlimited number of full and fractional $0.01 par value common shares of
beneficial interest. Transactions in common shares were as follows:
Six Months Ended Year Ended
December 31, 2002 June 30, 2002
-----------------------------------------------------------------------------
Issued to shareholders electing to
receive payments of distributions
in Fund common shares 0 81,797
-----------------------------------------------------------------------------
Net increase 0 81,797
-----------------------------------------------------------------------------
5 Investment Adviser Fee and Other Transactions with Affiliates
-------------------------------------------------------------------------------
The investment adviser fee, computed at a monthly rate of 17/240 of 1%
(0.85% annually) of the Trust's average weekly gross assets, was earned by
EVM as compensation for management and investment advisory services rendered
to the Trust. For the six months ended December 31, 2002, the fee was
equivalent to 0.85% of the Trust's average daily gross assets and amounted
to $2,193,481. Except for Trustees of the Trust who are not members of EVM's
organization, officers and Trustees receive remuneration for their services
to the Trust out of such investment adviser fee. EVM also serves as the
administrator of the Trust. An administration fee, computed at the monthly
rate of 1/48 of 1% (0.25% annually) of the average weekly gross assets
of the Trust, is paid to EVM for managing and administering business affairs
of the Trust. For the six months ended December 31, 2002, the fee was
equivalent to 0.25% of the Trust's average daily gross assets for such
period and amounted to $645,142.
Certain officers and Trustees of the Trust are officers of the above
organization.
6 Investment Transactions
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The Trust invests primarily in Senior Loans. The ability of the issuers of
the Senior Loans held by the Trust 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 and
corporate bonds aggregated $148,492,793 and $149,792,472, respectively, for
the six months ended December 31, 2002.
7 Short-Term Debt and Credit Agreements
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The Trust has entered into a revolving credit agreement that will allow the
Trust to borrow $120 million to support the issuance of commercial paper and
to permit the Trust to invest in accordance with its investment practices.
Interest is charged under the revolving credit agreement at the bank's base
rate or at an amount above either the bank's adjusted certificate of deposit
rate or federal funds effective rate. Interest expense includes a commitment
fee of approximately $93,000 which is computed at the annual rate of 0.15%
on the unused portion of the revolving credit agreement. There were no
significant borrowings under this agreement during the period. As of
December 31, 2002, the Trust had commercial paper outstanding of
$100,000,000, at an interest rate of 1.52%. Maximum and average borrowings
for the six months ended December 31, 2002 were $110,000,000 and
$106,000,000, respectively, and the average interest rate was 1.72%.
8 Federal Income Tax Basis of Unrealized Appreciation (Depreciation)
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The cost and unrealized appreciation (depreciation) in value of the
investment securities at December 31, 2002, as computed on a federal income
tax basis, were as follows:
Aggregate cost$503,724,992
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Gross unrealized appreciation$ 2,054,553
Gross unrealized depreciation (23,114,336)
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Net unrealized depreciation $ (21,059,783)
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9 Annual Meeting of Shareholders (Unaudited)
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The Trust held its Annual Meeting of Shareholders on October 25, 2002.
35,948,079 common shares and 4,400 Auction Preferred Shares (APS) were
outstanding on August 29, 2002, the record date for the shares eligible to
vote at the meeting. 33,375,681 common shares (92.844% of the record date
common shares) and 4,376 APS shares (99.455% of the record date APS shares)
were represented at the meeting. The following action was taken by the
shareholders:
Item 1: The election of Jessica M. Bibliowicz, James B. Hawkes and Donald R.
Dwight as Trustees of the Trust for a three-year term expiring in 2005. Mr.
Dwight was designated the Nominee to be elected solely by APS shareholders:
Number of Shares
Nominees For Trustee ---------------------------------------
Elected by All Shareholders For Withheld
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Jessica M. Bibliowicz 32,604,692 775,365
James B. Hawkes 32,659,662 720,395
Number of Shares
Nominees For Trustee ---------------------------------------
Elected by APS Shareholders For Withheld
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Donald R. Dwight 4,366 10
Eaton Vance Senior Income Trust as of December 31, 2002
INDEPENDENT AUDITORS' REPORT
To the Trustees and Shareholders of
Eaton Vance Senior Income Trust
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We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of Eaton Vance Senior Income Trust
(the Trust) as of December 31, 2002, and the related statement of operations
and cash flows for the six months then ended, the statements of changes in net
assets for the six months then ended and for the year ended June 30, 2002, and
the financial highlights for the six months then ended and for each of the
years in the four-year period then ended June 30, 2002. These financial
statements and financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights 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 financial highlights are free of material
misstatement. Our procedures included confirmation of securities and Senior
Loans owned at December 31, 2002 by correspondence with the custodian, brokers
and selling or agent banks; where replies were not received from brokers and
selling or agent banks, we performed other auditing procedures. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. 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 financial highlights, referred
to above, present fairly, in all material respects, the financial position of
Eaton Vance Senior Income Trust as of December 31, 2002, and the results of
its operations, the changes in its net assets, its cash flows and its
financial highlights for the respective stated periods in conformity with
accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
February 7, 2003
Eaton Vance Senior Income Trust
DIVIDEND REINVESTMENT PLAN
The Trust offers a dividend reinvestment plan (the Plan) pursuant to which
shareholders automatically have dividends and capital gains distributions
reinvested in common shares (the Shares) of the Trust unless they elect
otherwise through their investment dealer. On the distribution payment date,
if the net asset value per Share is equal to or less than the market price per
Share plus estimated brokerage commissions then new Shares will be issued. The
number of Shares shall be determined by the greater of the net asset value per
Share or 95% of the market price. Otherwise, Shares generally will be
purchased on the open market by the Plan Agent. Distributions subject to
income tax (if any) are taxable whether or not shares are reinvested.
If your shares are in the name of a brokerage firm, bank, or other nominee,
you can ask the firm or nominee to participate in the Plan on your behalf. If
the nominee does not offer the Plan, you will need to request that your shares
be re-registered in your name with the Trust's transfer agent, PFPC Inc. or
you will not be able to participate.
The Plan Agent's service fee for handling distributions will be paid by the
Trust. Each participant will be charged their pro rata share of brokerage
commissions on all open-market purchases.
Plan participants may withdraw from the Plan at any time by writing to the
Plan Agent at the address noted on the following page. If you withdraw, you
will receive shares in your name for all Shares credited to your account under
the Plan. If a participant elects by written notice to the Plan Agent to have
the Plan Agent sell part or all of his or her Shares and remit the proceeds,
the Plan Agent is authorized to deduct a $5.00 fee plus brokerage commissions
from the proceeds.
If you wish to participate in the Plan and your shares are held in your own
name, you may complete the form on the following page and deliver it to the
Plan Agent.
Any inquires regarding the Plan can be directed to the Plan Agent, PFPC Inc.
at 1-800-331-1710.
Eaton Vance Senior Income Trust
APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN
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This form is for shareholders who hold their common shares in their own names.
If your common shares are held in the name of a brokerage firm, bank, or other
nominee, you should contact your nominee to see if it will participate in the
Plan on your behalf. If you wish to participate in the Plan, but your brokerage
firm, bank or nominee is unable to participate on your behalf, you should
request that your common shares be re-registered in your own name which will
enable your participation in the Plan.
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The following authorization and appointment is given with the understanding
that I may terminate it at any time by terminating my participation in the Plan
as provided in the terms and conditions of the Plan.
--------------------------------------
Please print exact name on account:
--------------------------------------
Shareholder signature Date
--------------------------------------
Shareholder signature Date
Please sign exactly as your common
shares are registered. All persons
whose names appear on the share
certificate must sign.
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DIVIDENDS AND
DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
THIS AUTHORIZATION FORM, WHEN SIGNED, SHOULD BE MAILED TO THE FOLLOWING
ADDRESS:
Eaton Vance Senior Income Trust
c/o PFPC Inc.
P.O. Box 43027
Providence, RI 02940-3027
800-331-1710
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NUMBER OF EMPLOYEES
The Trust is organized as a Massachusetts business trust and is registered
under the Investment Company Act of 1940, as amended, as a closed-end,
nondiversified, management investment company and has no employees.
NUMBER OF SHAREHOLDERS
As of December 31, 2002, our records indicate that there were 311 registered
shareholders for and approximately 17,463 shareholders owning the Trust shares
in street name, such as through brokers, banks, and financial intermediaries.
If you are a street name shareholder and wish to receive our reports directly,
which contain important information about the Trust, please write or call:
Eaton Vance Distributors, Inc.
The Eaton Vance Building
255 State Street
Boston, MA 02109
1-800-225-6265
NEW YORK STOCK EXCHANGE SYMBOL
The New York Stock Exchange Symbol is EVF
Eaton Vance Senior Income Trust as of December 31, 2002
INVESTMENT MANAGEMENT
Eaton Vance Senior Income Trust
Officers Trustees
JAMES B. HAWKES JESSICA M. BIBLIOWICZ
President, Chief Executive President and Chief Executive Officer,
Officer and Trustee National Financial Partners
SCOTT H. PAGE DONALD R. DWIGHT
Vice President and President, Dwight Partners, Inc.
Co-Portfolio Manager
SAMUEL L. HAYES, III
JOHN P. REDDING Jacob H. Schiff Professor of Investment
Vice President and Banking Emeritus, Harvard University
Co-Portfolio Manager Graduate School of Business
Administration
PAYSON F. SWAFFIELD
Vice President and NORTON H. REAMER
Co-Portfolio Manager President, Unicorn Corporation
Chairman, Hellman, Jordan Management Co., Inc.
MICHAEL W. WEILHEIMER Advisory Director of Berkshire Capital
Vice President Corporation
JAMES L. O'CONNOR LYNN A. STOUT
Treasurer Professor of Law, UCLA School of Law
ALAN R. DYNNER JACK L. TREYNOR
Secretary Investment Adviser and Consultant
INVESTMENT ADVISER AND ADMINISTRATOR OF EATON VANCE SENIOR INCOME TRUST
EATON VANCE MANAGEMENT
The Eaton Vance Building
255 State Street
Boston, MA 02109
CUSTODIAN
INVESTORS BANK & TRUST COMPANY
200 Clarendon Street
Boston, MA 02116
TRANSFER AGENT
PFPC INC.
P.O. Box 43027
Providence, RI 02940-3027
1-800-331-1710
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EATON VANCE FUNDS
EATON VANCE MANAGEMENT
BOSTON MANAGEMENT AND RESEARCH
EATON VANCE DISTRIBUTORS, INC.
PRIVACY NOTICE
The Eaton Vance organization is committed to ensuring your financial privacy.
This notice is being sent to comply with privacy regulations of the Securities
and Exchange Commission. Each of the above financial institutions has in effect
the following policy with respect to nonpublic personal information about its
customers:
o Only such information received from you, through application forms or
otherwise, and information about your Eaton Vance fund transactions will be
collected.
o None of such information about you (or former customers) will be disclosed to
anyone, except as permitted by law (which includes disclosure to employees
necessary to service your account).
o Policies and procedures (including physical, electronic and procedural
safeguards) are in place that are designed to protect the confidentiality of
such information.
For more information about Eaton Vance's privacy policies, call:
1-800-262-1122
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EATON VANCE SENIOR INCOME TRUST
THE EATON VANCE BUILDING
255 STATE STREET
BOSTON, MA 02109
171-2/03 SITSRC