UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08743
Van Kampen Senior Income Trust
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(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
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(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
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(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 7/31
Date of reporting period: 10/31/04
Item 1. Schedule of Investments.
The Trust's schedule of investments as of the close of the reporting period
prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
Senior Income Trust
Portfolio of Investments
October 31, 2004 (Unaudited)
Principal Bank Loan
Amount Ratings + Stated
(000) Borrower Moody's S&P Maturity * Value
--------- ---------------------------------------------------- --------- ---- -------------------- ------------
VARIABLE RATE** SENIOR LOAN INTERESTS 165.9%
AEROSPACE/DEFENSE 4.2%
$ 4,320 Alion Science and Technology Corp.,
Term Loan . . . . . . . . . . . . . . . . . . . . . B1 B+ 08/02/09 $ 4,341,600
4,500 AM General, LLC,
Term Loan (i) . . . . . . . . . . . . . . . . . . . NR NR 11/01/11 4,500,000
2,978 Anteon International Corp.,
Term Loan (i) . . . . . . . . . . . . . . . . . . . Ba3 BB 12/31/10 3,016,115
4,975 ARINC, Inc.,
Term Loan . . . . . . . . . . . . . . . . . . . . . Ba3 BB 03/10/11 5,037,188
6,965 CACI International, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . . . . . Ba2 BB 05/03/11 7,034,650
2,700 Ceradyne, Inc.,
Term Loan . . . . . . . . . . . . . . . . . . . . . Ba3 BB- 08/18/11 2,735,438
5,749 DRS Technologies, Inc.,
Term Loan . . . . . . . . . . . . . . . . . . . . . Ba3 BB- 11/04/10 5,803,136
3,969 ILC Industries, Inc.,
Term Loan . . . . . . . . . . . . . . . . . . . . . NR NR 08/05/10 4,031,276
15,555 The Titan Corp.,
Term Loan . . . . . . . . . . . . . . . . . . . . . Ba3 BB- 06/30/09 15,764,181
1,033 The Titan Corp.,
Revolving Credit Agreement . . . . . . . . . . . .. Ba3 BB- 05/23/08 1,019,720
6,961 Transdigm, Inc.,
Term Loan . . . . . . . . . . . . . . . . . . . . . B1 B+ 07/22/10 7,059,165
5,532 United Defense Industries, Inc.,
Term Loan . . . . . . . . . . . . . . . . . . . . . Ba2 BB 08/13/09 5,586,422
------------
65,928,891
------------
AUTOMOTIVE 6.1%
2,766 AMCAN Consolidate Technologies, Inc.,
Term Loan . . . . . . . . . . . . . . . . . . . . . NR NR 03/28/07 2,365,310
952 Eagle Picher Industries,
Term Loan . . . . . . . . . . . . . . . . . . . . . B2 B+ 08/07/09 958,083
20,525 Federal-Mogul Corp.,
Term Loan ( c) . . . . . . . . . . . . . . . . . .. NR NR 02/05/05 to 02/06/05 20,716,438
15,300 Federal-Mogul Corp.,
Revolving Credit Agreement ( c) . . . . . . . . . . NR NR 02/05/05 15,376,825
11,618 Goodyear Tire & Rubber Co.,
Term Loan . . . . . . . . . . . . . . . . . . . . . B1 BB 03/31/06 11,843,220
9,630 MetoKote Corp.,
Term Loan . . . . . . . . . . . . . . . . . . . . . B1 B+ 08/13/10 9,774,074
6,883 Polypore, Inc.,
Term Loan . . . . . . . . . . . . . . . . . . . . . B1 B 11/12/11 6,973,086
12,687 Safelite Glass Corp.,
Term Loan . . . . . . . . . . . . . . . . . . . . . NR NR 09/30/07 11,418,639
AUTOMOTIVE (CONTINUED)
4,295 Tenneco Automotive, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 12/12/10 4,375,831
8,269 TRW Automotive, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba2 BB+ 02/28/09 to 02/28/11 8,401,781
2,142 United Components, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 BB- 06/30/10 2,172,453
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94,375,740
----------
BEVERAGE, FOOD & TOBACCO 11.2%
9,000 Acosta Sales Co., Inc.,
Term Loan (i) . . . . . . . . . . . . . . . NR NR 08/10/10 9,090,000
4,772 Atkins Nutritionals, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 10/29/09 3,941,561
12,110 Birds Eye Foods, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . B1 B+ 06/30/08 12,276,201
5,108 Commonwealth Brands, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . NR NR 08/28/07 5,178,655
500 Culligan International Co.,
Term Loan (i) . . . . . . . . . . . . . . . B1 B+ 09/30/11 507,713
7,198 Del Monte Corp.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB- 12/20/10 7,334,272
6,813 Doane Pet Care Co.,
Term Loan . . . . . . . . . . . . . . . . . B2 B- 03/31/05 to 12/29/06 6,856,861
366 Doane Pet Care Co.,
Revolving Credit Agreement . . . . . . . . B2 B- 12/29/05 364,449
14,493 Dole Food Co., Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB 09/28/08 to 07/21/10 14,713,002
20,339 DS Waters Enterprises, LP,
Term Loan . . . . . . . . . . . . . . . . . B3 B- 11/07/09 19,810,608
17,770 Land O' Lakes, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 10/10/08 18,084,804
4,975 Luigino's, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 04/02/11 5,021,641
5,955 Michael Foods, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 11/21/10 6,042,467
2,000 OSI Foods GMBH & Co. KG,
Term Loan . . . . . . . . . . . . . . . . . NR NR 09/02/11 2,026,250
4,500 OSI Group, LLC,
Term Loan . . . . . . . . . . . . . . . . . NR NR 09/02/11 4,563,284
2,500 OSI-Holland Finance B.V.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 09/02/11 2,532,813
9,576 Pierre Foods, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 06/30/10 9,659,790
29,850 Pinnacle Foods, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 BB- 11/25/10 30,148,500
BEVERAGE, FOOD & TOBACCO(CONTINUED)
5,947 Southern Wine & Spirits of America, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 07/02/08 6,026,072
4,200 Sunny Delight Beverages Co.,
Term Loan . . . . . . . . . . . . . . . . . B2 B+ 08/20/10 4,216,500
5,088 Swift & Co.,
Term Loan . . . . . . . . . . . . . . . . . Ba2 BB 09/19/08 5,177,165
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173,572,608
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BROADCASTING - CABLE 11.2%
2,239 Cebridge Connections, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 02/23/09 2,247,846
77,823 Charter Communications Operating, LLC,
Term Loan (i) . . . . . . . . . . . . . . . B2 B 04/27/10 to 04/27/11 77,239,031
9,593 Frontiervision Operating Partners, LP,
Term Loan ( c) . . . . . . . . . . . . . .. NR NR 09/30/05 to 03/31/06 9,641,109
2,354 Frontiervision Operating Partners, LP,
Revolving Credit Agreement ( c) . . . . . . NR NR 10/31/05 2,365,631
7,300 Hilton Head Communications, LP,
Term Loan ( c) . . . . . . . . . . . . . .. NR NR 03/31/08 7,124,800
4,676 Hilton Head Communications, LP,
Revolving Credit Agreement ( c) . . . . . . NR NR 09/30/07 4,596,755
18,361 Insight Midwest Holdings, LLC,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB 12/31/09 18,653,249
5,037 MCC Iowa, LLC,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB+ 09/30/10 5,090,897
31,245 Olympus Cable Holdings, LLC,
Term Loan ( c) . . . . . . . . . . . . . .. NR NR 06/30/10 to 09/30/10 30,791,466
10,871 Parnassos, LP,
Term Loan ( c) . . . . . . . . . . . . . .. NR NR 06/30/07 10,844,969
4,753 Parnassos, LP,
Revolving Credit Agreement ( c) . . . . . . NR NR 06/30/07 4,736,768
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173,332,521
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BROADCASTING - DIVERSIFIED 1.4%
8,259 DirecTV Holdings, LLC,
Term Loan . . . . . . . . . . . . . . . . . Ba2 BB 03/06/10 8,382,039
10,000 Emmis Operating Co.,
Term Loan . . . . . . . . . . . . . . . . . Ba2 B+ 11/10/11 10,107,500
3,900 Entravision Communications Corp.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 02/24/12 3,932,439
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22,421,978
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BROADCASTING - RADIO 0.7%
7,692 Spanish Broadcasting Systems, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 10/30/09 7,788,023
BROADCASTING - RADIO (CONTINUED)
3,500 Susquehanna Media Co.,
Term Loan . . . . . . . . . . . . . . . . . Ba2 BB- 03/31/12 3,551,408
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11,339,431
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BROADCASTING - TELEVISION 0.8%
7,500 Gray Communications Systems, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba2 B+ 06/30/11 7,603,125
4,800 NEP Supershooters, LP,
Term Loan . . . . . . . . . . . . . . . . . B1 B 02/03/11 4,854,000
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12,457,125
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BUILDINGS & REAL ESTATE 2.9%
8,000 AIMCO Properties, LP,
Term Loan (i) . . . . . . . . . . . . . . . NR NR 05/30/08 8,135,000
7,897 CB Richard Ellis Services, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . B1 B+ 03/31/10 7,978,360
4,896 Central Parking Corp.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB- 03/31/10 4,985,072
6,068 Corrections Corp. of America,
Term Loan (i) . . . . . . . . . . . . . . . Ba3 BB- 03/31/08 6,174,455
4,606 Crescent Real Estate Equities Co.,
Term Loan (i) . . . . . . . . . . . . . . . NR NR 01/12/06 4,649,121
4,695 General Growth, LLC,
Term Loan . . . . . . . . . . . . . . . . . Ba2 NR 04/16/06 4,724,561
1,552 GEO Group, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB- 07/09/09 1,570,671
6,000 Landsource Communities Development, LLC,
Term Loan . . . . . . . . . . . . . . . . . NR NR 03/31/10 6,101,250
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44,318,490
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BUSINESS EQUIPMENT 0.8%
4,887 Katun Corp.,
Term Loan . . . . . . . . . . . . . . . . . NR B+ 06/30/09 4,899,719
8,086 Verifone, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 06/30/11 to 12/31/11 8,222,590
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13,122,309
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CHEMICALS, PLASTICS & RUBBER 11.4%
1,800 Becker-Underwood, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 09/30/11 to 03/31/12 1,800,000
6,500 Brenntag AG,
Term Loan (i) . . . . . . . . . . . . . . . B1 BB- 02/27/12 6,613,750
9,600 Celanase AG,
Term Loan (i) . . . . . . . . . . . . . . . NR B+ 04/06/11 to 10/06/11 9,778,749
4,485 Hercules, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba1 BB 10/08/10 4,524,225
CHEMICALS, PLASTICS & RUBBER (CONTINUED)
40,200 Huntsman Corp,
Term Loan . . . . . . . . . . . . . . . . . B2 B 03/31/10 40,823,944
22,500 Huntsman ICI Chemicals, LLC,
Term Loan . . . . . . . . . . . . . . . . . B1 B 12/31/10 22,899,375
11,020 ISP Chemco, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba2 BB+ 03/27/11 11,143,596
16,700 KOSA B.V.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB 04/29/11 17,023,562
7,557 Krayton Polymers, LLC,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 12/23/10 7,626,482
26,250 Nalco Co.,
Term Loan . . . . . . . . . . . . . . . . . B1 BB- 11/04/09 to 11/04/10 26,716,964
9,156 Rhodia, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B2 NR 06/27/06 9,070,252
16,800 Rockwood Specialties Group, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 07/30/12 16,990,310
1,968 Unifrax Corp.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 05/19/10 2,003,341
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177,014,550
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CONSTRUCTION MATERIAL 2.7%
10,448 Builders FirstSource, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . NR NR 02/25/10 10,538,916
1,975 Building Materials Holding Corp.,
Term Loan (i) . . . . . . . . . . . . . . . Ba2 BB- 08/21/10 1,986,109
6,973 Compression Polymers Corp.,
Term Loan . . . . . . . . . . . . . . . . . B1 B 03/12/10 7,035,692
4,688 Interline Brands, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B2 B+ 11/30/09 4,743,164
889 Itron, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB- 06/28/11 898,471
2,664 Juno Lighting, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 11/21/10 2,701,926
1,867 National Waterworks, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 BB- 11/22/09 1,889,133
2,400 Professional Paint, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 09/30/11 2,433,000
983 Sensus Metering Systems, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B2 B+ 12/17/10 992,152
9,304 Werner Holding Co., Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B 06/11/09 9,172,355
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42,390,918
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CONTAINERS, PACKAGING & GLASS 7.0%
3,440 BWAY Corp.,
Term Loan (i) . . . . . . . . . . . . . . . B1 B+ 06/30/11 3,492,677
1,796 Consolidated Container Company, LLC,
Term Loan . . . . . . . . . . . . . . . . . B2 B- 12/15/08 1,815,699
22,058 Dr. Pepper/Seven Up Bottling Group, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 NR 12/19/10 22,377,590
6,637 Graham Packaging Co.,
Term Loan . . . . . . . . . . . . . . . . . B2 B 10/07/11 6,738,502
17,393 Graphic Packaging International Corp.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 06/30/10 17,723,081
4,276 Impress Metal Packaging Holding B.V.,
Term Loan . . . . . . . . . . . . . . . . . NR B+ 12/31/06 4,286,593
1,915 Jefferson Smurfit Corp.,
Revolving Credit Agreement . . . . . . . . NR NR 03/31/05 1,902,092
2,793 Kranson Industries, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 07/30/11 2,820,930
14,613 Owens-Illinois, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B2 BB- 04/01/07 to 04/01/08 14,861,944
7,322 Packaging Dynamics,
Term Loan . . . . . . . . . . . . . . . . . NR NR 09/29/08 to 09/29/09 7,338,457
2,925 Ranpak Corp.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 03/15/10 2,928,656
689 Smurfit-Stone Container Corp.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 06/30/09 693,832
2,361 Smurfit-Stone Container Corp.,
Revolving Credit Agreement . . . . . . . .. NR NR 12/31/05 2,341,698
7,463 Solo Cup, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 02/27/11 7,551,893
5,242 Stone Container Corp.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 06/30/09 5,272,319
508 Tekni-Plex, Inc.,
Revolving Credit Agreement . . . . . . . .. B3 B- 06/21/06 500,837
5,970 U.S. Can Corp.,
Term Loan . . . . . . . . . . . . . . . . . B2 B 01/10/10 5,977,463
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108,624,263
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DIVERSIFIED MANUFACTURING 1.0%
2,898 Chart Industries, Inc,
Term Loan . . . . . . . . . . . . . . . . . NR NR 09/15/09 2,892,677
12,284 Mueller Group, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B2 B+ 04/23/11 12,384,215
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15,276,892
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ECOLOGICAL 4.0%
37,597 Allied Waste North America, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . B1 BB 01/15/10 38,011,624
1,485 Casella Waste Systems, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . B1 BB- 05/11/07 1,504,027
6,848 Duratek, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 BB- 12/16/09 6,847,826
2,881 Environmental Systems Products Holdings,
Term Loan . . . . . . . . . . . . . . . . . B2 NR 12/12/08 to 12/12/10 2,950,294
5,224 Great Lakes Dredge & Dock Corp.,
Term Loan . . . . . . . . . . . . . . . . . B2 B- 12/22/10 5,224,046
2,970 IESI Corp.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 09/30/10 3,016,406
3,582 Waste Services, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Caa1 B- 03/31/11 3,555,135
653 Waste Services, Inc.,
Revolving Credit Agreement . . . . . . . . Caa1 B- 04/29/09 637,000
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61,746,358
----------
EDUCATION & CHILD CARE 0.2%
2,944 Educate Operating Co., LLC,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 03/31/11 2,978,662
438 TEC Worldwide, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 02/28/05 439,447
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3,418,109
----------
ELECTRONICS 5.7%
1,980 AMI Semiconductor, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 BB- 09/26/08 2,002,275
8,872 Audio Visual Services Corp.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 03/04/06 9,359,848
4,178 Automata, Inc.,
Term Loan (a) (c) (j) . . . . . . . . . . . NR NR 02/28/03 to 02/28/04 0
10,929 Knowles Electronics, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B3 NR 06/29/07 11,081,074
972 Knowles Electronics, Inc.,
Revolving Credit Agreement . . . . . . . . B3 NR 06/30/06 957,420
4,620 Memec Group Ltd.,
Term Loan . . . . . . . . . . . . . . . . . B2 B 04/30/09 to 06/15/10 4,629,375
17,415 ON Semiconductor Corp.,
Term Loan . . . . . . . . . . . . . . . . . B3 B 08/04/09 17,451,599
17,182 Rayovac Corp.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 09/30/09 17,461,291
11,760 Seagate Technologies, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba1 BB+ 05/13/07 11,940,810
ELECTRONICS (CONTINUED)
7,332 UGS Corp.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 05/27/11 7,450,764
5,400 Viasystems, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B2 NR 09/30/09 5,451,748
-----------
87,786,204
-----------
ENTERTAINMENT & LEISURE 10.9%
2,481 24 Hour Fitness, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . B1 B 07/01/09 2,513,816
5,274 Detroit Red Wings, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 08/30/06 5,287,028
4,467 Festival Fun Parks, LLC,
Term Loan . . . . . . . . . . . . . . . . . NR NR 06/30/07 to 12/31/07 4,448,439
3,034 GT Brands Holdings, LLC,
Term Loan . . . . . . . . . . . . . . . . . NR NR 09/30/07 2,457,614
61,633 Metro-Goldwyn-Mayer, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 04/30/11 61,926,092
8,958 Mets II, LLC,
Term Loan . . . . . . . . . . . . . . . . . NR NR 08/23/05 9,025,521
4,200 New Jersey Basketball, LLC,
Term Loan . . . . . . . . . . . . . . . . . NR NR 08/16/08 4,200,000
4,726 Pure Fishing,
Term Loan . . . . . . . . . . . . . . . . . B1 BB- 09/30/10 4,797,144
29,041 Regal Cinemas, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR BB- 11/10/10 29,433,408
8,764 Six Flags Theme Parks, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 B 06/30/09 8,832,537
6,000 Tiger Ballpark, LLC,
Term Loan . . . . . . . . . . . . . . . . . NR NR 12/01/06 6,011,250
9,059 True Temper, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B2 B 03/15/11 8,968,106
12,438 Warner Music Group,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 02/28/11 12,629,610
4,559 Worldwide Sports & Recreation, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 12/31/06 4,570,861
2,880 YankeesNets, LLC,
Term Loan . . . . . . . . . . . . . . . . . NR NR 06/25/07 2,926,800
1,320 Yankess Holdings, LP,
Term Loan . . . . . . . . . . . . . . . . . NR NR 06/25/07 1,341,450
-----------
169,369,676
-----------
FARMING & AGRICULTURE 1.1%
4,193 Ames True Temper, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B2 B 07/02/11 4,248,399
FARMING & AGRICULTURE (CONTINUED)
2,222 Central Garden & Pet Co.,
Term Loan . . . . . . . . . . . . . . . . . Ba2 BB+ 05/15/09 2,248,260
10,262 United Industries Corp.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 04/29/11 to 10/31/11 10,438,195
-----------
16,934,854
-----------
FINANCE 2.2%
3,279 DCS Business Services, Inc.,
Term Loan . . . . . . . . . . .. . . . . .. NR NR 12/31/08 to 12/31/09 3,285,706
4,392 Outsourcing Solutions,
Term Loan . . . . . . . . . . . . . . . . . NR NR 12/09/08 4,419,729
7,029 Rent-A-Center, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba2 BB+ 06/30/10 7,100,387
8,136 Risk Management Assurance Co.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 12/21/06 7,972,820
10,785 Transfirst Holdings, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 03/31/10 to 03/31/11 10,849,369
-----------
33,628,011
-----------
HEALTHCARE 6.8%
7,861 Ameripath, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B2 B+ 03/27/10 7,919,846
7,334 AMN Healthcare Services, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba2 BB- 10/02/08 7,374,797
7,200 Ardent Health Services,
Term Loan (i) . . . . . . . . . . . . . . . B1 B+ 08/12/11 7,206,754
41,623 Community Health Systems, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . Ba3 BB- 08/19/11 41,801,587
6,277 Concentra Operating Corp.,
Term Loan (i) . . . . . . . . . . . . . . . B1 B+ 06/30/10 6,350,019
6,219 FHC Health Systems, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B2 B 10/31/06 6,297,027
6,798 Genesis Healthcare Corp.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB- 12/01/10 6,890,391
7,363 InteliStaf Group, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 10/31/05 to 10/31/07 7,307,925
2,394 Medcath Holdings Corp.,
Term Loan . . . . . . . . . . . . . . . . . B2 B+ 06/30/11 2,429,163
3,483 Multiplan, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 B+ 03/04/09 3,521,678
2,993 Sterigenics International, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B2 B+ 06/14/11 3,029,906
4,927 Triad Hospitals, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba2 BB 09/30/08 5,002,287
-----------
105,131,380
-----------
HEALTHCARE & BEAUTY 1.7%
6,269 American Safety Razor Co.,
Term Loan . . . . . . . . . . . . . . . . . B2 B 04/29/11 6,362,528
19,940 Prestige Brands Holdings, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B2 CCC 04/06/11 to 10/06/11 20,218,548
----------
26,581,076
----------
HOME & OFFICE FURNISHINGS, HOUSEWARES & DURABLE CONSUMER PRODUCTS 2.1%
6,215 Formica Corp.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 06/10/10 6,246,269
2,394 Holmes Group, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B 11/08/10 2,394,000
2,790 Hunter Fan Co.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 04/30/10 2,837,081
1,422 Imperial Home Decor Group, Inc.,
Term Loan (a) (d) (j) . . . . . . . . . . . NR NR 04/04/06 35,557
6,911 National Bedding Co.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB- 08/31/08 6,993,188
14,437 Sealy Mattress Co.,
Term Loan . . . . . . . . . . . . . . . . . B2 B+ 04/06/12 14,645,039
----------
33,151,134
----------
HOTELS, MOTELS, INNS & GAMING 11.3%
10,977 Alliance Gaming Corp.,
Term Loan (i) . . . . . . . . . . . . . . . Ba3 BB- 09/04/09 11,107,019
2,481 Ameristar Casinos, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB- 12/20/06 2,512,438
11,400 Boca Resorts Hotel Corp.,
Term Loan (i) . . . . . . . . . . . . . . . NR NR 07/22/09 11,400,000
4,988 Boyd Gaming Corp.,
Term Loan (i) . . . . . . . . . . . . . . . Ba2 BB 06/30/11 5,055,455
3,218 Global Cash Access, LLC,
Term Loan . . . . . . . . . . . . . . . . . B2 B+ 03/10/10 3,275,817
6,721 Greektown Casino, LLC,
Term Loan . . . . . . . . . . . . . . . . . NR NR 12/31/05 6,796,681
4,963 Green Valley Ranch Gaming, LLC,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 12/24/10 5,036,938
2,475 Isle of Capri Casinos, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba2 BB- 04/26/08 2,505,937
8,068 Kuilima Resort Co.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 06/29/07 to 09/29/07 8,048,011
10,222 Mandalay Resort Group,
Term Loan . . . . . . . . . . . . . . . . . NR NR 06/30/08 10,234,822
2,400 Marina District Finance Co.,
Term Loan . . . . . . . . . . . . . . . . . B2 NR 10/20/11 2,418,499
HOTELS, MOTELS, INNS & GAMING (CONTINUED)
3,046 Penn National Gaming, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB- 09/01/07 3,098,321
37,944 Planet Hollywood International, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 09/01/10 36,710,944
88 Planet Hollywood International, Inc.,
Term Loan (k) . . . . . . . . . . . . . . . NR NR 09/01/10 85,320
7,200 Ruffin Gaming, LLC,
Term Loan . . . . . . . . . . . . . . . . . NR NR 07/14/07 7,254,000
16,899 Scientific Games Corp.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB- 12/31/09 17,152,031
4,200 Seminol Tribe of Florida, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR BB 09/30/11 4,242,000
4,268 United Auburn Indian Community,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB+ 01/24/09 4,289,682
10,364 Venetian Casino Resorts, LLC,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 06/15/11 10,555,799
20,540 Wyndham International, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 04/01/06 to 06/30/06 20,609,338
3,563 Wyndham International, Inc.,
Revolving Credit Agreement . . . . . . . .. NR NR 04/01/06 3,514,908
-----------
175,903,960
-----------
INSURANCE 2.8%
5,985 Alliant Resources Group, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B2 B 08/31/11 5,992,481
4,975 Bristol West Holdings, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba1 BB+ 02/18/11 4,999,875
2,874 CCC Information Services Group, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 08/20/10 2,895,747
11,970 Conseco, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . B2 BB- 06/22/10 12,221,873
3,014 Hilb, Rogal & Hamilton Co.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB- 06/30/07 3,021,493
1,173 Mitchell International, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 08/15/11 1,188,030
4,095 Universal American Financial Corp.,
Term Loan . . . . . . . . . . . . . . . . . NR BBB- 03/31/09 4,105,238
3,151 USI Holdings Corp.,
Term Loan . . . . . . . . . . . . . . . . . B1 BB- 08/11/08 3,173,649
5,211 Vertafore, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 03/30/08 to 03/30/10 5,248,029
-----------
42,846,415
-----------
MACHINERY 1.1%
3,523 Alliance Laundry Holdings, LLC,
Term Loan . . . . . . . . . . . . . . . . . B1 B 08/02/07 3,536,528
4,443 Ashtead Group, PLC,
Term Loan (i) . . . . . . . . . . . . . . . B1 BB- 06/01/07 4,423,813
2,552 Douglas Dynamics, LLC,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 03/31/10 2,590,219
1,019 Flowserve Corp.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB- 06/30/09 1,036,373
1,245 Goodman Global Holdings, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 11/21/09 1,257,450
2,487 United Rentals (North America), Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB 02/14/11 2,518,905
2,087 Weigh-Tronix, LLC.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 09/30/05 2,068,851
-----------
17,432,139
-----------
MEDICAL PRODUCTS & SERVICES 7.0%
2,454 Advanced Medical Optics, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . B1 BB- 06/25/09 2,491,426
6,525 Alliance Imaging, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . B1 B+ 06/10/08 6,508,101
2,503 Colgate Medical, Ltd.,
Term Loan . . . . . . . . . . . . . . . . . Ba2 BB- 12/30/08 2,524,168
10,883 CONMED Corp.,
Term Loan (i) . . . . . . . . . . . . . . . Ba3 BB- 12/15/09 11,009,717
1,961 Dade Behring, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . Ba3 BBB- 10/03/08 to 10/03/10 1,970,782
38,036 DaVita, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba2 BB 03/31/07 to 06/30/10 38,534,587
10,973 Fisher Scientific International, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BBB 08/02/11 11,077,079
10,592 Fresenius Medical Care Holding, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba1 BB+ 02/21/10 10,685,329
10,068 Insight Health,
Term Loan . . . . . . . . . . . . . . . . . B1 B 10/17/08 10,149,373
4,819 Kinetics Concepts, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB- 08/11/10 4,880,445
571 Rotech Healthcare, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba2 BB 03/31/08 577,777
5,635 Symmetry Medical, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 06/30/08 to 06/30/09 5,678,902
3,204 VWR International, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 BB- 04/07/11 3,259,731
-----------
109,347,417
-----------
MINING, STEEL, IRON & NON-PRECIOUS METALS 1.0%
3,344 CII Carbon, LLC,
Term Loan . . . . . . . . . . . . . . . . . NR NR 06/25/08 3,318,789
4,190 Fairmount Minerals, Ltd.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 04/07/10 4,200,308
5,772 New Enterprise Stone & Lime Co., Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 07/30/10 5,811,362
2,437 Techs Industries, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 01/14/10 2,443,594
----------
15,774,053
----------
NATURAL RESOURCES 2.5%
3,600 Foundation PA Coal Co.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB- 07/30/11 3,645,000
7,024 La Grange Acquisition, LP,
Term Loan . . . . . . . . . . . . . . . . . NR NR 01/18/08 7,140,339
6,584 LYONDELL-CITGO Refining, LP,
Term Loan . . . . . . . . . . . . . . . . . NR NR 05/21/07 6,632,876
13,714 Ocean Rig ASA - (Norway),
Term Loan . . . . . . . . . . . . . . . . . B3 CCC 06/01/08 13,714,286
7,481 Transwestern Pipeline Co.,
Term Loan . . . . . . . . . . . . . . . . . B1 BBB 04/30/09 7,529,564
----------
38,662,065
----------
NON-DURABLE CONSUMER PRODUCTS 1.8%
1,937 Aero Products International, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 12/19/08 1,823,306
4,988 Amscan Holdings, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . B1 B+ 04/30/12 5,049,844
3,721 Boyds Collection, Ltd.,
Term Loan . . . . . . . . . . . . . . . . . B1 B 04/21/05 3,664,802
5,985 Church & Dwight Co., Inc.,
Term Loan (i) . . . . . . . . . . . . . . . Ba2 BB 05/30/11 6,063,553
7,590 General Binding Corp.,
Term Loan . . . . . . . . . . . . . . . . . B2 B+ 01/15/08 7,623,206
4,097 JohnsonDiversey, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB- 11/03/09 4,169,951
----------
28,394,662
----------
PERSONAL & MISCELLANEOUS SERVICES 1.6%
3,949 Alderwoods Group, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . B1 BB- 08/19/10 4,021,858
8,795 Coinmach Laundry Corp.,
Term Loan (i) . . . . . . . . . . . . . . . B1 B+ 07/25/09 8,897,965
2,993 Coinstar, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . Ba3 BB- 07/07/11 3,042,998
PERSONAL & MISCELLANEOUS SERVICES (CONTINUED)
2,834 Encompass Service Corp.,
Term Loan (a) (c) (j) . . . . . . . . . . . Caa1 NR 05/10/07 170,026
4,489 Global Imaging Systems, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB- 05/10/10 4,544,859
2,200 InfoUSA, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB 03/25/09 2,227,500
1,078 Iron Mountain, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 BB- 04/02/11 1,086,197
832 Stewart Enterprises, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB 01/31/06 839,484
----------
24,830,887
----------
PHARMACEUTICALS 1.0%
2,993 Accredo Health, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . Ba2 BB 04/30/11 3,014,944
11,685 MedPointe, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B 09/30/07 to 09/30/08 11,740,939
----------
14,755,883
----------
PRINTING & PUBLISHING 16.5%
10,476 Adams Outdoor Advertising, LP,
Term Loan (i) . . . . . . . . . . . . . . . B1 B+ 10/15/11 to 04/15/12 10,624,969
431 Advanstar Communications, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . B2 B 10/11/07 433,184
7,032 American Media Operations, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . Ba3 B+ 04/01/07 7,137,666
7,444 American Reprographics Co.,
Term Loan (i) . . . . . . . . . . . . . . . B1 BB- 06/18/09 7,578,668
1,130 CanWest Media, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . Ba3 B+ 08/15/09 1,145,101
10,000 Cygnus Business Media, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B3 B 07/13/09 9,975,000
1,559 Daily News, LP,
Term Loan . . . . . . . . . . . . . . . . . NR NR 03/19/08 1,566,711
4,640 Day International Group, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B 09/16/09 4,683,585
8,716 Dex Media East, LLC,
Term Loan . . . . . . . . . . . . . . . . . Ba2 BB- 11/08/08 to 05/08/09 8,827,256
38,530 Dex Media West, LLC,
Term Loan . . . . . . . . . . . . . . . . . Ba2 BB- 09/09/09 to 03/09/10 39,079,747
9,859 F&W Publications, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 12/31/09 9,972,792
7,500 Freedom Communications,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB 05/18/12 7,625,625
PRINTING & PUBLISHING (CONTINUED)
7,344 Haights Cross Communications, LLC,
Term Loan . . . . . . . . . . . . . . . . . B3 B- 08/20/08 7,564,273
8,688 Herald Media, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 07/22/11 to 01/22/12 8,815,857
15,080 Journal Register Co.,
Term Loan . . . . . . . . . . . . . . . . . Ba2 BB+ 08/12/12 15,155,400
6,933 Lamar Media Corp.,
Term Loan . . . . . . . . . . . . . . . . . Ba2 BB- 06/30/10 7,001,585
3,096 Liberty Group Operating, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B 03/31/07 3,115,612
3,000 MC Communications, LLC,
Term Loan . . . . . . . . . . . . . . . . . NR NR 12/31/10 2,985,000
2,494 MediaNews Group, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 12/30/10 2,514,012
9,207 Merrill Communications, LLC,
Term Loan . . . . . . . . . . . . . . . . . B1 B 07/30/09 9,313,450
8,950 Morris Publishing Group, LLC,
Term Loan . . . . . . . . . . . . . . . . . Ba1 BB 03/31/11 9,059,083
5,985 Network Communications, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 06/30/11 6,056,072
7,809 Primedia, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B3 B 06/30/08 to 06/30/09 7,539,642
28,054 R.H. Donnelley, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB 12/31/09 to 06/30/11 28,458,446
16,811 Transwestern Publishing Co., LLC,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 02/25/11 to 02/25/12 17,023,875
3,555 Vutek, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 NR 06/25/10 3,523,894
14,000 Xerox Corp.,
Term Loan . . . . . . . . . . . . . . . . . NR BB- 09/30/08 14,107,912
5,909 Ziff-Davis Media, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B3 CCC 03/31/07 5,880,701
-----------
256,765,118
-----------
RESTAURANTS & FOOD SERVICE 0.3%
4,800 Denny's Corp.,
Term Loan . . . . . . . . . . . . . . . . . B3 B 09/30/09 to 09/30/10 4,911,002
-----------
RETAIL - OIL & GAS 1.6%
2,352 Barjan Products, LLC,
Term Loan . . . . . . . . . . . . . . . . . NR NR 04/30/07 998,282
890 Barjan Products, LLC,
Revolving Credit Agreement . . . . . . . .. NR NR 04/30/07 889,898
RETAIL - OIL & GAS (CONTINUED)
7,375 Getty Petroleum Marketing, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 05/19/10 7,494,844
13,783 The Pantry, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 03/12/11 13,997,962
785 Travelcenters of America, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB 11/14/08 794,523
----------
24,175,509
----------
RETAIL - SPECIALTY 2.0%
3,177 DRL Acquisition, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 04/30/09 3,165,956
1,969 Home Interiors & Gifts, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B2 B 03/31/11 1,901,320
12,745 Jostens, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 10/04/11 12,951,931
12,144 Nebraska Book Co., Inc.,
Term Loan . . . . . . . . . . . . . . . . . B2 B 03/04/11 12,310,473
----------
30,329,680
----------
RETAIL - STORES 3.2%
2,353 Advance Stores Co., Inc.,
Term Loan (i) . . . . . . . . . . . . . . . Ba2 BB 11/30/07 2,364,579
1,519 Alimentation Couche-Tard, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . Ba2 BB 12/17/10 1,536,856
7,719 CSK Auto, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . Ba3 B+ 06/19/09 7,810,410
2,341 Murray's Discount Auto Stores, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 08/08/09 2,343,551
30,000 Rite Aid Corp.,
Term Loan . . . . . . . . . . . . . . . . . NR B+ 08/31/09 30,337,500
5,664 Rite Aid Corp.,
Revolving Credit Agreement . . . . . . . .. NR B+ 09/20/09 5,649,472
----------
50,042,368
----------
TELECOMMUNICATIONS - LOCAL EXCHANGE CARRIERS 2.0%
8,766 Cincinnati Bell, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . B1 B+ 06/30/08 8,859,463
3,000 Fairpoint Communications, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 BB- 03/31/07 3,011,250
4,975 McLeod USA, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Caa3 NR 05/30/08 2,474,969
1,607 Orius Corp., LLC,
Term Loan . . . . . . . . . . . . . . . . . NR NR 01/23/09 to 01/23/10 390,588
1,127 Orius Corp., LLC,
Revolving Credit Agreement . . . . . . . . NR NR 01/23/05 873,119
TELECOMMUNICATIONS - LOCAL EXCHANGE CARRIERS (CONTINUED)
14,581 Qwest Corp.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB- 06/30/07 15,178,509
7,500 WCI Capital Corp.,
Term Loan (a) (c) (j) . . . . . . . . . . . NR NR 09/30/07 18,750
1,216 WCI Capital Corp.,
Revolving Credit Agreement (a) (c) (j) . .. NR NR 12/31/04 50,103
-----------
30,856,751
-----------
TELECOMMUNICATIONS - LONG DISTANCE 0.9%
6,232 360networks Holdings, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 11/12/07 6,161,522
20,807 Pacific Crossing, Ltd.,
Term Loan (a) (c) . . . . . . . . . . . . . NR NR 07/28/06 1,378,493
6,000 WilTel Communications, LLC,
Term Loan . . . . . . . . . . . . . . . . . B2 NR 10/01/09 6,007,500
-----------
13,547,515
-----------
TELECOMMUNICATIONS-WIRELESS 6.5%
2,394 American Tower, LP,
Term Loan (i) . . . . . . . . . . . . . . . B1 B 08/31/11 2,429,350
2,394 Cellular South, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . NR NR 05/04/11 2,428,414
12,935 Centennial Cellular, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . B2 B- 02/09/11 13,105,923
8,914 Dobson Cellular Systems, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR B- 03/31/10 8,890,885
8,580 Microcell Solutions, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B3 B- 03/17/11 8,626,478
31,075 Nextel Finance Co.,
Term Loan . . . . . . . . . . . . . . . . . Ba1 BB+ 12/15/10 31,200,306
12,165 Nextel Partners, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B+ 05/31/11 12,371,550
3,686 Spectrasite Communications, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB- 06/30/07 to 12/31/07 3,696,081
1,098 Syniverse Holding, LLC.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB- 09/30/10 1,113,580
11,970 Western Wireless Corp.,
Term Loan . . . . . . . . . . . . . . . . . B2 B- 05/31/11 12,167,720
5,000 WFP Tower Co., LP,
Term Loan (i) . . . . . . . . . . . . . . . NR NR 03/31/06 5,004,690
-----------
101,034,977
-----------
TEXTILES & LEATHER 0.0%
1,995 Malden Mills Industries, Inc.,
Term Loan (a) . . . . . . . . . . . . . . . NR NR 10/01/08 0
-----------
TRANSPORTATION - CARGO 0.5%
4,618 Pacer International, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 BB- 06/10/10 4,684,026
1,485 Quality Distribution, Inc.,
Term Loan . . . . . . . . . . . . . . . . . Caa1 B- 11/13/09 1,455,300
2,320 Transport Industries, LP,
Term Loan . . . . . . . . . . . . . . . . . B2 B+ 06/13/10 2,323,949
-------------
8,463,275
-------------
TRANSPORTATION - PERSONAL 2.0%
22,296 Laidlaw Investments Ltd.,
Term Loan . . . . . . . . . . . . . . . . . Ba3 BB+ 06/19/09 22,668,982
934 Neoplan USA Corp.,
Revolving Credit Agreement (d) . . . . . .. NR NR 06/30/06 933,750
7,740 Transcore Holdings, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 01/05/08 7,749,611
-------------
31,352,343
-------------
TRANSPORTATION-RAIL MANUFACTURING 0.2%
3,000 Helm, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 07/02/10 3,043,125
-------------
UTILITIES 4.0%
6,843 AES Corp.,
Term Loan (i) . . . . . . . . . . . . . . . Ba3 B+ 04/30/08 6,958,330
18,688 Allegheny Energy, Inc.,
Term Loan (i) . . . . . . . . . . . . . . . B1 B+ 03/08/11 to 06/08/11 18,805,070
2,407 CenterPoint Energy, Inc.,
Revolving Credit Agreement (i) . . . . . .. Ba1 BBB- 10/07/06 2,401,501
4,194 Coleto Creek WLE, LP,
Term Loan (i) . . . . . . . . . . . . . . . Ba2 BB 06/30/11 to 06/30/12 4,271,383
4,179 Midwest Generation, LLC,
Term Loan . . . . . . . . . . . . . . . . . Ba3 B+ 04/27/11 4,247,343
5,518 Mission Energy Holdings Co.,
Term Loan . . . . . . . . . . . . . . . . . B3 CCC 12/11/06 5,543,562
4,694 Pike Electric, Inc.,
Term Loan . . . . . . . . . . . . . . . . . NR NR 07/01/12 4,780,937
15,503 Reliant Resources, Inc.,
Term Loan . . . . . . . . . . . . . . . . . B1 B 03/15/07 15,785,521
-------------
62,793,647
-------------
TOTAL VARIABLE RATE** SENIOR LOAN INTERESTS 165.9%............................................ 2,577,185,309
-------------
NOTES 1.1%
Barjan Products, LLC ($1,122,526 par, 5.00% coupon, maturing 04/30/07) (k) 0
Commonwealth Brands, Inc. ($1,500,000 par, 9.71% coupon, maturing 08/28/07) (h) 1,582,500
Dade Behring, Inc. ($4,957,557 par, 11.91% coupon, maturing 10/03/10) 5,527,675
Pioneer Cos., Inc. ($1,624,077 par, 5.48% coupon, maturing 12/31/06) (h) 1,640,318
Satelites Mexicanos ($7,385,000 par, 5.93% coupon, maturing 06/30/04), 144A Private Placement
(b) (g) (h) 6,240,325
US Unwired, Inc. ($1,200,000 par, 5.79% coupon, maturing 06/15/10) (h) 1,239,000
----------
TOTAL NOTES 16,229,818
----------
EQUITIES 2.2%
Aladdin Gaming, LLC (7.84% Ownership Interest, Acquired 09/03/04, Cost $470,400) (e) (f) 470,400
Barjan Products, Inc. (2,201,571 preferred shares, Acquired 06/21/04, Cost $3,104,488) (e) (f) 0
Dade Behring Holdings, Inc. (166,320 common shares) (e) 9,362,153
Environmental Systems Products Holdings, Inc. (3,275 common shares, Acquired 06/22/04, Cost
$0) (e) (f) 33,143
Gentek, Inc. (182,766 common shares) (e) 7,493,406
Gentek, Inc. (Warrants for 271 common shares) (e) 0
Holmes Group, Inc. (1,851 common shares, Acquired 05/24/04, Cost $0) (e) (f) 5,183
IDT Corp. (22,898 common shares) (e) 316,450
Imperial Home Decor Group, Inc. (512,023 common shares, Acquired 04/26/01, Cost $522,263) (d)
(e) (f) 0
London Clubs International (Warrants for 141,981 common shares, Acquired 10/15/04, Cost
$260,912) (e) (f) 303,854
Malden Mills Industries (263,436 common shares, Acquired 10/29/03, Cost $0) (e) (f) 0
Malden Mills Industries (860,902 preferred shares, Acquired 10/29/03, Cost $0) (e) (f) 0
NeighborCare, Inc. (512,640 common shares) (e) 13,138,963
Neoplan USA Corp. (8,517 common shares, Acquired 09/04/03, Cost $85) (d) (e) (f) 85
Neoplan USA Corp. (2,262 preferred shares, Acquired 09/04/03, Cost $1,074,522) (d) (e) (f) 2,262
Orius Corp. (315,080 common shares, Acquired 02/03/03, Cost $0) (e) (f) 0
Outsourcing Solutions (74,835 common shares, Acquired 01/30/04, Cost $3,399,503) (e) (f) 3,180,488
Planet Hollywood International, Inc. (Warrants for 76,700 common shares, Acquired 09/03/04, Cost
$0) (e) (f) 0
Railworks Corp. (186 preferred shares, Acquired 02/10/03, Cost $2,135,664) (e) (f) 0
Railworks Corp. (Warrants for 3,282 common shares, Acquired 02/10/03, Cost $0) (e) (f) 0
Rotech Medical Corp. (48,485 common shares, Acquired 06/12/02, Cost $193,940) (e) (f) 0
Safelite Glass Corp. (421,447 common shares, Acquired 10/20/00, Cost $1,714,995) (e) (f) 0
Safelite Realty (28,448 common shares, Acquired 10/06/00, Cost $0) (e) (f) 0
Targus Group International (Warrants for 28,689 common shares, Acquired 01/30/04, Cost $0) (e) (f) 8,607
----------
TOTAL EQUITIES 34,314,994
----------
TOTAL LONG-TERM INVESTMENTS 169.2% 2,627,730,121
(Cost $2,645,170,009) --------------
SHORT-TERM INVESTMENTS 4.1%
REPURCHASE AGREEMENT 3.3%
State Street Bank & Trust Corp. ($51,700,000 par collateralized by U.S. Government obligations in a
pooled cash account, interest rate of 1.73%, dated 10/29/04, to be sold on 11/01/04 at $51,707,453) (i) 51,700,000
TIME DEPOSIT 0.8%
State Street Bank & Trust Corp. ($13,159,945 par collateralized by U.S. Government obligations in a
pooled cash account, interest rate of 1.25%, dated 10/29/04, to be sold on 11/01/04 at $13,161,773) (i) 13,159,945
--------------
TOTAL SHORT-TERM INVESTMENTS 64,859,945
--------------
(Cost $64,859,945)
TOTAL INVESTMENTS 173.3% 2,692,590,066
--------------
(Cost $2,710,029,954)
BORROWINGS (27.0)%
(420,000,000)
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (45.1)%
(700,189,128)
LIABILITIES IN EXCESS OF OTHER ASSETS (1.2)%
(19,297,072)
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%
--------------
$1,553,103,866
==============
NR - NOT RATED
t Bank Loans rated below Baa by Moody's Investor Service, Inc. or BBB by
Standard & Poor's Group are considered to be below investment grade.
Industry percentages are calculated as a percentage of net assets.
(a) This Senior Loan interest is non-income producing.
(b) 144A Securities are those which are exempt from registration under Rule
144A of the Securities Act of 1933, as amended. These securities may only
be resold in transactions exempt from registration which are normally
transactions with qualified institutional buyers.
(c) This borrower has filed for protection in federal bankruptcy court.
(d) Affiliated company.
(e) Non-income producing security as this stock currently does not declare
dividends.
(f) Restricted Security. Securities were acquired through the restructuring of
senior loans. These securities are restricted as they are not allowed to
be deposited via the Depository Trust Company. If at a later point in
time, the company wishes to register, the issuer will bear the costs
associated with registration. The aggregate value of restricted securities
represents 0.26% of the net assets applicable to common shares of the
Trust.
(g) The borrower is in the process of restructuring or amending the terms of
this loan.
(h) Variable rate security. Interest rate shown is that in effect at October
31, 2004.
(i) A portion of this security is segregated in connection with unfunded
commitments.
(j) This borrower is currently in liquidation.
(k) Payment-in-kind security.
* Senior Loans in the Trust's portfolio generally are subject to mandatory
and/or optional prepayment. Because of these mandatory prepayment
conditions and because there may be significant economic incentives for a
Borrower to prepay, prepayments of Senior Loans in the Trust's portfolio
may occur. As a result, the actual remaining maturity of Senior Loans held
in the Trust's portfolio may be substantially less than the stated
maturities shown. Although the Trust is unable to accurately estimate the
actual remaining maturity of individual Senior Loans, the Trust estimates
that the actual average maturity of the Senior Loans held in its portfolio
will be approximately 18-24 months.
** Senior Loans in which the Trust invests generally pay interest at rates
which are periodically redetermined by reference to a base lending rate
plus a premium. These base lending rates are generally (i) the lending
rate offered by one or more major European banks, such as the London
Inter-Bank Offered Rate ("LIBOR"), (ii) the prime rate offered by one or
more major United States banks and (iii) the certificate of deposit rate.
Senior Loans are generally considered to be restricted in that the Trust
ordinarily is contractually obligated to receive approval from the Agent
Bank and/or Borrower prior to the disposition of a Senior Loan.
Item 2. Controls and Procedures.
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-Q
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the Trust's internal control over financial
reporting that occurred during the registrant's fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the Trust's
internal control over financial reporting.
Item 3. Exhibits.
(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.cert.
(b) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.cert.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Senior Income Trust
By: /s/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: December 14, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: December 14, 2004
By: /s/ James M. Dykas
------------------
Name: James M. Dykas
Title: Principal Financial Officer
Date: December 14, 2004