UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-09013

 

Eaton Vance Senior Income Trust

(Exact name of registrant as specified in charter)

 

The Eaton Vance Building, 255 State Street, Boston, Massachusetts

 

02109

(Address of principal executive offices)

 

(Zip code)

 

Alan R. Dynner
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(617) 482-8260

 

 

Date of fiscal year end:

June 30

 

 

Date of reporting period:

June 30, 2007

 

 




Item 1. Reports to Stockholders




Annual Report June 30, 2007

EATON VANCE
SENIOR
INCOME
TRUST



IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS, AND PROXY VOTING

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy ("Privacy Policy") with respect to nonpublic personal information about its customers:

•  Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

•  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). In the normal course of servicing a customer's account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.

•  Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

•  We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.

In addition, our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer's account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser's privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.

For more information about Eaton Vance's Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (the "SEC") permits 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.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC's website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC's public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds' and Portfolios' Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC's website at www.sec.gov.




Eaton Vance Senior Income Trust as of June 30, 2007

ManageMent’s Discussion of funD PerforMance

Performance for the Year ended June 30, 2007

·                                         Based on share price, Eaton Vance Senior Income Trust (the “Fund”), a closed-end fund traded on the New York Stock Exchange, had a total return of 13.81% for the year ended June 30, 2007. That return was the result of an increase in share price to $8.57 on June 30, 2007, from $8.13 on June 30, 2006 and the reinvestment of $0.647 in dividend distributions.(1)

·                                         Based on net asset value (NAV), the Fund had a total return of 8.70% for the year ended June 30, 2007. That return was the result of an increase in NAV to $8.80 on June 30, 2007, from $8.74 on June 30, 2006, and the reinvestment of all distributions.(1)

·                                         Based on its June 2007 monthly dividend payment of $0.051 and a closing share price of $8.57, the Fund had a market yield of 7.14%.(2)

·                                         For performance comparison, the S&P/LSTA Leveraged Loan Index – an unmanaged index of U.S. dollar-denominated leveraged loans – had a total return of 7.24% for the year ended June 30, 2007.(3)

Investment Environment

·                                         The Fund is a closed-end fund and trades on the New York Stock Exchange under the symbol “EVF.” The Fund’s investment objective is to provide a high level of current income, consistent with preservation of capital, by investing primarily in senior loans. The Fund also employs leverage through the issuance of preferred shares and participation in a commercial paper program.

·                                         Short-term interest rates remained fairly stable during the year ended June 30, 2007, as the Federal Reserve held the Federal Funds rate – a short-term interest rate benchmark – at 5.25% throughout the period. Floating-rate loans adjust their interest rates to changes in the London Inter-bank Offered Rate (LIBOR), which closely tracks the Federal Funds rate.

·                                         In the year ended June 30, 2007, despite record new loan issuance, demand exceeded loan supply. The technical imbalance resulted in loans repricing at slightly lower credit spreads. In addition, certain large new issues came to market with fewer financial covenants. However, despite this, management notes that the chief determinants of the loan asset class’s long-term performance – seniority and security – remain in place.

The Fund’s Investments

·                                         The Fund’s investments included 477 borrowers at June 30, 2007, with an average loan size of 0.19% of total investments, and no industry constituting more than 8.0% of total investments. Health care, business equipment and services, publishing, chemicals and plastics, and cable/satellite television were the Fund’s largest industry weightings.(4)

·                                         The Fund had an exposure of 8% of total investments in European loans at June 30, 2007. European issuance continued to grow and represented further opportunities for diversification. For example, while there may be concerns about a slowing U.S. economy, the Fund benefited from loans to companies operating in the relatively robust U.K. and German economies. All of the Fund’s non-dollar-denominated investments were hedged to help protect against foreign currency risk.

·                                         At June 30, 2007, the Fund had leverage in the amount of approximately 40.7% of the Fund’s total assets. The Fund employs leverage though the issuance of Auction Preferred Shares (APS) and a commercial paper program.(5)  Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). The cost of leverage rises and falls with changes in short-term interest rates. Such increases/decreases in the cost of the Fund’s leverage may be offset by increased/decreased income from the Fund’s senior loan investments.


(1)

 

Performance results reflect the effect of leverage resulting from the Fund’s issuance of Auction Preferred Shares and its participation in a commercial paper program.

 

 

 

(2)

 

The Fund’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.

 

 

 

(3)

 

It is not possible to invest directly in an Index. The Index’s total return reflects changes in value of the loans comprising the Index and accrual of interest and does not reflect the commissions or expenses that would have been incurred if an investor individually purchased or sold the loans represented in the Index. Unlike the Fund, the Index’s return does not reflect the effect of leverage, such as the issuance of Auction Preferred Shares and participation in a commercial paper program.

 

 

 

(4)

 

Holdings and industry weightings are subject to change due to active management.

 

 

 

(5)

 

In the event of a rise in long-term interest rates, the value of the Fund’s investment portfolio could decline, which would reduce the asset coverage for its Auction Preferred Shares.

 

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. The Fund’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund’s shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. For performance as of the most recent month end, please refer to www.eatonvance.com.

Shares of the Fund are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

1




Eaton Vance Senior Income Trust as of June 30, 2007

PerforMance

Performance(1) As of 6/30/07

NYSE Symbol

 

EVF

 

 

 

 

 

Average Annual Total Return (by share price, NYSE)

 

 

 

One Year

 

13.81

%

Five Years

 

8.69

 

Life of Fund (10/30/98)

 

5.64

 

 

Average Annual Total Return (at net asset value)

 

 

 

One Year

 

8.70

%

Five Years

 

7.50

 

Life of Fund (10/30/98)

 

5.97

 

 


(1)                                  Performance results reflect the effect of leverage resulting from the Fund’s issuance of Auction Preferred Shares and its participation in a commercial paper program. In the event of a rise in long-term interest rates, the value of the Fund’s investment portfolio could decline, which would reduce the asset coverage for its Auction Preferred Shares.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. The Funds’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund’s shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. For performance as of the most recent month end, please refer to www.eatonvance.com.

Top Ten Holdings (2)

By total investments

Charter Communications Operating

 

1.1

%

Sungard Data Systems, Inc.

 

1.1

 

Georgia Pacific Corp.

 

0.9

 

Idearc, Inc.

 

0.8

 

Metro-Goldwyn-Mayer Holdings

 

0.8

 

Univision Communications, Inc.

 

0.8

 

WMG Acquisition Corp.

 

0.7

 

Nielsen Finance LLC

 

0.7

 

HCA, Inc.

 

0.7

 

Penn National Gaming, Inc.

 

0.6

 

 

 

 

 

Total

 

8.2

%

 


(2)                                 Reflects the Fund’s investments as of June 30, 2007. Holdings are shown as a percentage of the Fund’s total investments. Portfolio information may not be representative of current or future investments and are subject to change due to active management.

Top Five Industries (3)

By total investments

Health Care

 

7.8

%

Business Equip. & Services

 

6.8

 

Publishing

 

6.0

 

Chemicals & Plastics

 

5.9

 

Cable & Satellite Television

 

5.5

 

 


(3)                                 Reflects the Fund’s investments as of June 30, 2007. Industries are shown as a percentage of the Fund’s total investments. Portfolio information may not be representative of current or future investments and are subject to change due to active management.

Credit Quality Ratings For Total Loan Investments (4)

By total loan investments

Baa

 

2.7

%

Ba

 

52.8

 

B

 

31.6

 

Caa

 

3.2

 

Non-Rated (5)

 

9.7

 

 


(4)                                 Credit Quality ratings are those provided by Moody’s, a nationally recognized bond rating service. As a percentage of the Fund’s total loan investments as of June 30, 2007. Fund information may not be representative of the Fund’s current or future investments and may change due to active management.

(5)                                 Certain loans in which the Fund invests are not rated by a rating agency. In management’s opinion, such securities are comparable to securities rated by a rating agency in the categories listed above.

The views expressed in this report are those of the portfolio managers 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.

2




Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS

Senior, Floating Rate Interests — 152.8%(1)      
Principal
Amount
  Borrower/Tranche Description   Value  
Aerospace and Defense — 3.0%      
AWAS Capital, Inc.      
$ 1,185,557     Term Loan, 11.38%, Maturing March 22, 2013   $ 1,201,858    
DRS Technologies, Inc.      
  443,125     Term Loan, 6.86%, Maturing January 31, 2013     444,602    
Evergreen International Aviation      
  1,002,389     Term Loan, 8.91%, Maturing October 31, 2011     1,008,654    
Hawker Beechcraft Acquisition      
  91,667     Term Loan, 5.26%, Maturing March 26, 2014     91,851    
  1,080,625     Term Loan, 7.36%, Maturing March 26, 2014     1,082,796    
Hexcel Corp.      
  425,768     Term Loan, 7.11%, Maturing March 1, 2012     426,832    
IAP Worldwide Services, Inc.      
  517,125     Term Loan, 9.69%, Maturing December 30, 2012     506,244    
Spirit AeroSystems, Inc.      
  629,256     Term Loan, 7.11%, Maturing December 31, 2011     633,287    
Standard Aero Holdings, Inc.      
  907,490     Term Loan, 7.57%, Maturing August 24, 2012     909,192    
TransDigm, Inc.      
  1,375,000     Term Loan, 7.36%, Maturing June 23, 2013     1,383,594    
Vought Aircraft Industries, Inc.      
  1,108,294     Term Loan, 7.83%, Maturing December 17, 2011     1,116,144    
Wesco Aircraft Hardware Corp.      
  981,667     Term Loan, 7.61%, Maturing September 29, 2013     988,416    
    $ 9,793,470    
Air Transport — 0.6%      
Delta Air Lines, Inc.      
$ 650,000     Term Loan, 8.61%, Maturing April 30, 2014   $ 655,525    
Northwest Airlines, Inc.      
  1,150,000     DIP Loan, 7.34%, Maturing August 21, 2008     1,151,880    
    $ 1,807,405    
Automotive — 5.8%      
AA Acquisitions Co., Ltd.      
GBP 1,000,000     Term Loan, 8.18%, Maturing June 25, 2012   $ 2,030,553    
Accuride Corp.      
  891,720     Term Loan, 7.38%, Maturing January 31, 2012     898,169    
Adesa, Inc.      
  2,225,000     Term Loan, 7.61%, Maturing October 18, 2013     2,229,452    
Affina Group, Inc.      
  284,032     Term Loan, 8.36%, Maturing November 30, 2011     286,162    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Automotive (continued)      
AxleTech International Holding, Inc.      
$ 925,000     Term Loan, 11.85%, Maturing April 21, 2013   $ 931,937    
CSA Acquisition Corp.      
  629,589     Term Loan, 7.88%, Maturing December 23, 2011     630,966    
Dana Corp.      
  1,275,000     Term Loan, 7.88%, Maturing March 30, 2008     1,280,180    
Dayco Products, LLC      
  1,089,000     Term Loan, 7.85%, Maturing June 21, 2011     1,093,993    
Federal-Mogul Corp.      
  1,500,000     Term Loan, 7.82%, Maturing December 31, 2007     1,496,406    
Ford Motor Company      
  945,250     Term Loan, 8.36%, Maturing December 15, 2013     950,218    
General Motors Corp.      
  1,273,063     Term Loan, 7.73%, Maturing November 29, 2013     1,283,088    
Goodyear Tire & Rubber Co.      
  1,300,000     Term Loan, 7.10%, Maturing April 30, 2010     1,295,241    
  500,000     Term Loan, 8.82%, Maturing March 1, 2011     502,125    
HLI Operating Co., Inc.      
EUR 21,818     Term Loan, 4.15%, Maturing May 30, 2014     29,761    
EUR 378,182     Term Loan, 6.87%, Maturing May 30, 2014     516,180    
Jason, Inc.      
  300,000     Term Loan, 7.82%, Maturing April 30, 2010     301,125    
Keystone Automotive Operations, Inc.      
  472,625     Term Loan, 8.84%, Maturing January 12, 2012     459,923    
R.J. Tower Corp.      
  1,175,000     DIP Revolving Loan, 9.94%, Maturing August 2, 2007     1,172,671    
TriMas Corp.      
  126,563     Term Loan, 8.07%, Maturing August 2, 2011     128,303    
  544,324     Term Loan, 8.13%, Maturing August 2, 2013     551,809    
United Components, Inc.      
  698,864     Term Loan, 7.61%, Maturing June 30, 2010     701,484    
    $ 18,769,746    
Beverage and Tobacco — 0.8%      
Constellation Brands, Inc.      
$ 750,000     Term Loan, 6.88%, Maturing June 5, 2013   $ 752,812    
Culligan International Company      
EUR 500,000     Term Loan, 8.87%, Maturing May 31, 2013     676,963    
Southern Wine & Spirits of America, Inc.      
  1,088,966     Term Loan, 6.86%, Maturing May 31, 2012     1,091,462    
    $ 2,521,237    

 

See notes to financial statements
3



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Building and Development — 6.8%      
AIMCO Properties, L.P.      
$ 2,050,000     Term Loan, 6.86%, Maturing March 23, 2011   $ 2,051,923    
Beacon Sales Acquisition, Inc.      
  373,125     Term Loan, 7.35%, Maturing September 30, 2013     374,058    
BioMed Realty, L.P.      
  1,640,000     Term Loan, 7.57%, Maturing May 31, 2010     1,646,150    
Building Materials Corp. of America      
  746,255     Term Loan, 8.19%, Maturing February 22, 2014     737,579    
Capital Automotive REIT      
  674,441     Term Loan, 7.07%, Maturing December 16, 2010     678,349    
Epco / Fantome, LLC      
  792,000     Term Loan, 7.98%, Maturing November 23, 2010     793,980    
Formica Corp.      
  543,125     Term Loan, 10.25%, Maturing March 15, 2013     543,295    
FT-FIN Acquisition, LLC      
  299,622     Term Loan, 6.48%, Maturing November 17, 2007(2)     300,371    
Hovstone Holdings, LLC      
  521,828     Term Loan, 6.83%, Maturing February 28, 2009     514,001    
Lanoga Corp.      
  668,275     Term Loan, 7.07%, Maturing June 29, 2013     663,681    
LNR Property Corp.      
  1,500,000     Term Loan, 8.11%, Maturing July 3, 2011     1,503,214    
Mueller Water Products, Inc.      
  750,000     Term Loan, 7.09%, Maturing May 24, 2014     752,344    
Nortek, Inc.      
  923,875     Term Loan, 7.61%, Maturing August 27, 2011     923,182    
November 2005 Land Investors      
  198,324     Term Loan, 8.07%, Maturing May 9, 2011     199,315    
Panolam Industries Holdings, Inc.      
  722,244     Term Loan, 8.11%, Maturing September 30, 2012     724,501    
PLY GEM Industries, Inc.      
  985,609     Term Loan, 8.11%, Maturing August 15, 2011     983,145    
  36,828     Term Loan, 8.11%, Maturing August 15, 2011     36,736    
Realogy Corp.      
  371,212     Term Loan, 8.32%, Maturing September 1, 2014     368,067    
  1,378,788     Term Loan, 8.35%, Maturing September 1, 2014     1,367,107    
South Edge, LLC      
  162,168     Term Loan, 7.13%, Maturing October 31, 2007     161,560    
  421,875     Term Loan, 7.38%, Maturing October 31, 2009     419,238    
Stile Acquisition Corp.      
  565,151     Term Loan, 7.35%, Maturing April 6, 2013     549,633    
Stile U.S. Acquisition Corp.      
  566,113     Term Loan, 7.35%, Maturing April 6, 2013     550,569    
Tousa/Kolter, LLC      
  695,600     Term Loan, 7.61%, Maturing January 7, 2008     696,469    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Building and Development (continued)      
TRU 2005 RE Holding Co.      
$ 2,200,000     Term Loan, 8.32%, Maturing December 9, 2008   $ 2,212,547    
United Subcontractors, Inc.      
  450,000     Term Loan, 12.62%, Maturing June 27, 2013     443,062    
Wintergames Acquisition ULC      
  1,539,558     Term Loan, 7.33%, Maturing October 26, 2007     1,543,407    
    $ 21,737,483    
Business Equipment and Services — 10.8%      
ACCO Brands Corp.      
$ 276,500     Term Loan, 7.11%, Maturing August 17, 2012   $ 278,358    
Activant Solutions, Inc.      
  372,359     Term Loan, 7.38%, Maturing May 1, 2013     371,661    
Acxiom Corp.      
  727,333     Term Loan, 7.07%, Maturing September 15, 2012     731,198    
Affiliated Computer Services      
  443,250     Term Loan, 7.32%, Maturing March 20, 2013     444,871    
  1,163,250     Term Loan, 7.32%, Maturing March 20, 2013     1,167,503    
Affinion Group, Inc.      
  1,491,597     Term Loan, 7.86%, Maturing October 17, 2012     1,505,207    
Allied Security Holdings, LLC      
  687,273     Term Loan, 8.35%, Maturing June 30, 2010     692,427    
Asurion Corp.      
  572,420     Term Loan, 8.32%, Maturing July 13, 2012     573,851    
  450,000     Term Loan, 11.57%, Maturing January 13, 2013     456,750    
DynCorp International, LLC      
  576,121     Term Loan, 7.63%, Maturing February 11, 2011     580,442    
Info USA, Inc.      
  320,141     Term Loan, 7.36%, Maturing February 14, 2012     320,942    
Kronos, Inc.      
  600,000     Term Loan, 7.61%, Maturing June 11, 2014     600,000    
Language Line, Inc.      
  429,109     Term Loan, 8.61%, Maturing June 11, 2011     432,149    
Mitchell International, Inc.      
  500,000     Term Loan, 10.63%, Maturing March 28, 2015     505,208    
N.E.W. Holdings I, LLC      
  550,000     Term Loan, 7.85%, Maturing May 22, 2014     549,427    
Nielsen Finance, LLC      
  3,697,063     Term Loan, 7.61%, Maturing August 9, 2013     3,723,637    
Protection One, Inc.      
  1,230,755     Term Loan, 7.59%, Maturing March 31, 2012     1,236,524    
Quantum Corp.      
  229,167     Term Loan, 9.32%, Maturing August 22, 2012     229,453    
  250,000     Term Loan, 13.57%, Maturing August 22, 2013     249,062    

 

See notes to financial statements
4



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Business Equipment and Services (continued)      
Quintiles Transnational Corp.      
$ 900,000     Term Loan, 9.36%, Maturing March 31, 2014   $ 913,500    
Sabare, Inc.      
  2,142,040     Term Loan, 7.61%, Maturing September 30, 2014     2,126,308    
Serena Software, Inc.      
  780,313     Term Loan, 7.59%, Maturing March 10, 2013     785,287    
Sitel (Client Logic)      
EUR 973,203     Term Loan, 6.62%, Maturing January 29, 2014     1,324,217    
  535,403     Term Loan, 7.85%, Maturing January 29, 2014     538,750    
Solera Nederland Holdings      
EUR 448,875     Term Loan, 6.19%, Maturing May 15, 2014     609,638    
SS&C Technologies, Inc.      
  907,834     Term Loan, 7.36%, Maturing November 23, 2012     912,941    
  24,171     Term Loan, 7.83%, Maturing November 23, 2012     24,307    
SunGard Data Systems, Inc.      
  5,892,546     Term Loan, 7.36%, Maturing February 11, 2013     5,924,377    
TDS Investor Corp.      
EUR 994,987     Term Loan, 6.66%, Maturing August 23, 2013     1,351,339    
  1,363,949     Term Loan, 7.82%, Maturing August 23, 2013     1,371,776    
  144,986     Term Loan, 7.86%, Maturing August 23, 2013     145,818    
Transaction Network Services, Inc.      
  371,560     Term Loan, 7.36%, Maturing May 4, 2012     372,489    
WAM Acquisition, S.A.      
EUR 153,716     Term Loan, 6.25%, Maturing May 4, 2014     209,137    
EUR 96,284     Term Loan, 6.25%, Maturing May 4, 2014     130,998    
EUR 153,716     Term Loan, 6.50%, Maturing May 4, 2015     210,067    
EUR 96,284     Term Loan, 6.50%, Maturing May 4, 2015     131,580    
West Corp.      
  1,815,886     Term Loan, 7.75%, Maturing October 24, 2013     1,824,347    
Williams Scotsman, Inc.      
  500,000     Term Loan, 6.82%, Maturing June 27, 2010     499,062    
Worldspan, L.P.      
  746,250     Term Loan, 8.61%, Maturing December 7, 2013     749,981    
    $ 34,804,589    
Cable and Satellite Television — 8.8%      
Atlantic Broadband Finance, LLC      
$ 1,753,585     Term Loan, 7.61%, Maturing February 10, 2011   $ 1,765,093    
Bragg Communications, Inc.      
  544,644     Term Loan, 7.11%, Maturing August 31, 2011     545,325    
Bresnan Broadband Holdings, LLC      
  500,000     Term Loan, 7.38%, Maturing March 29, 2014     500,976    
  650,000     Term Loan, 9.86%, Maturing March 29, 2014     660,156    
Charter Communications Operating, Inc.      
  6,109,362     Term Loan, 7.32%, Maturing April 28, 2013     6,063,542    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Cable and Satellite Television (continued)      
CSC Holdings, Inc.      
$ 1,584,000     Term Loan, 7.07%, Maturing March 29, 2013   $ 1,585,255    
Insight Midwest Holdings, LLC      
  2,875,000     Term Loan, 7.35%, Maturing April 6, 2014     2,885,109    
Mediacom Broadband Group      
  831,013     Term Loan, 7.10%, Maturing January 31, 2015     830,378    
Mediacom Illinois, LLC      
  1,965,125     Term Loan, 7.10%, Maturing January 31, 2015     1,965,807    
NTL Investment Holdings, Ltd.      
  1,355,140     Term Loan, 7.36%, Maturing March 30, 2012     1,362,281    
GBP 331,461     Term Loan, 7.85%, Maturing March 30, 2012     666,301    
GBP 168,539     Term Loan, 7.85%, Maturing March 30, 2012     338,797    
Orion Cable GmbH      
EUR 450,000     Term Loan, 6.97%, Maturing October 31, 2014     611,451    
EUR 450,000     Term Loan, 7.22%, Maturing October 31, 2015     614,151    
Persona Communications Corp.      
  308,444     Term Loan, 8.07%, Maturing October 12, 2013     310,565    
  191,556     Term Loan, 8.07%, Maturing October 12, 2013     192,872    
  500,000     Term Loan, 11.32%, Maturing April 12, 2014     507,812    
Prosienbensat.1 Media AG      
EUR 108,000     Term Loan, Maturing March 2, 2015(8)     145,859    
EUR 11,076     Term Loan, Maturing June 26, 2015(8)     14,921    
EUR 272,924     Term Loan, Maturing June 26, 2015(8)     367,676    
EUR 108,000     Term Loan, Maturing March 2, 2016(8)     145,859    
EUR 300,000     Term Loan, Maturing September 2, 2016(8)     405,165    
EUR 200,000     Term Loan, Maturing March 2, 2017(8)     270,110    
UPC Broadband Holding B.V.      
EUR 2,175,000     Term Loan, 5.94%, Maturing June 30, 2009     2,944,167    
  1,050,000     Term Loan, 7.08%, Maturing October 16, 2011     1,046,719    
Ypso Holdings SA      
EUR 1,000,000     Term Loan, 0.00%, Maturing July 28, 2015(2)     1,363,887    
    $ 28,110,234    
Chemicals and Plastics — 9.7%      
Brenntag Holding GmbH and Co. KG      
$ 803,636     Term Loan, 7.89%, Maturing December 23, 2013   $ 806,902    
  196,364     Term Loan, 7.89%, Maturing December 23, 2013     197,223    
  600,000     Term Loan, 11.89%, Maturing December 23, 2015     611,438    
Cognis GmbH      
EUR 401,639     Term Loan, 6.15%, Maturing September 15, 2013     545,604    
EUR 98,361     Term Loan, 6.15%, Maturing September 15, 2013     133,617    
Georgia Gulf Corp.      
  497,125     Term Loan, 7.82%, Maturing October 3, 2013     501,216    
Hercules, Inc.      
  410,000     Term Loan, 6.82%, Maturing October 8, 2010     410,641    

 

See notes to financial statements
5



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Chemicals and Plastics (continued)      
Hexion Specialty Chemicals, Inc.      
$ 500,000     Term Loan, 7.63%, Maturing May 5, 2012   $ 502,156    
  2,407,411     Term Loan, 7.63%, Maturing May 5, 2013     2,417,490    
  521,641     Term Loan, 7.63%, Maturing May 5, 2013     523,825    
Huish Detergents Inc.      
  500,000     Term Loan, 7.32%, Maturing April 26, 2014     499,375    
Ineos Group Holdings, PLC      
  1,361,250     Term Loan, 7.58%, Maturing December 14, 2013     1,372,027    
  1,361,250     Term Loan, 8.08%, Maturing December 14, 2014     1,372,027    
Innophos, Inc.      
  325,705     Term Loan, 7.57%, Maturing August 10, 2010     327,062    
Invista B.V.      
  1,403,644     Term Loan, 6.86%, Maturing April 29, 2011     1,404,961    
  744,030     Term Loan, 6.86%, Maturing April 29, 2011     744,728    
ISP Chemco, Inc.      
  1,400,000     Term Loan, 7.13%, Maturing June 4, 2014     1,402,625    
Kranton Polymers, LLC      
  1,445,757     Term Loan, 7.38%, Maturing May 12, 2013     1,455,396    
Lucite International Group Holdings      
  116,794     Term Loan, 7.61%, Maturing July 7, 2013(2)     117,597    
  329,874     Term Loan, 7.61%, Maturing July 7, 2013     332,142    
Lyondell Chemical Co.      
  2,084,250     Term Loan, 6.86%, Maturing August 16, 2013     2,086,205    
MacDermid, Inc.      
EUR 498,750     Term Loan, 6.12%, Maturing April 12, 2014     675,692    
Millenium Inorganic Chemicals      
  200,000     Term Loan, 7.57%, Maturing April 30, 2014     201,125    
  500,000     Term Loan, 11.07%, Maturing October 31, 2014     503,750    
Momentive Performance Material      
  1,144,250     Term Loan, 7.63%, Maturing December 4, 2013     1,147,230    
Mosaic Co.      
  468,609     Term Loan, 7.13%, Maturing December 21, 2012     471,782    
Nalco Co.      
  2,731,885     Term Loan, 7.21%, Maturing November 4, 2010     2,748,227    
PQ Corp.      
  1,256,487     Term Loan, 7.32%, Maturing February 10, 2012     1,259,628    
Professional Paint, Inc.      
  396,000     Term Loan, 7.88%, Maturing May 31, 2012     393,030    
Propex Fabrics, Inc.      
  431,082     Term Loan, 8.36%, Maturing July 31, 2012     432,699    
Rockwood Specialties Group, Inc.      
  2,288,300     Term Loan, 7.11%, Maturing December 10, 2012     2,301,602    
Solo Cup Co.      
  1,326,022     Term Loan, 8.84%, Maturing February 27, 2011     1,341,458    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Chemicals and Plastics (continued)      
Solutia, Inc.      
$ 1,039,652     DIP Loan, 8.36%, Maturing March 31, 2008   $ 1,049,074    
Wellman, Inc.      
  900,000     Term Loan, 9.37%, Maturing February 10, 2009     908,625    
    $ 31,198,179    
Clothing / Textiles — 0.9%      
Hanesbrands, Inc.      
$ 926,071     Term Loan, 7.11%, Maturing September 5, 2013   $ 929,913    
  450,000     Term Loan, 9.11%, Maturing March 5, 2014     459,035    
St. John Knits International, Inc.      
  671,544     Term Loan, 8.36%, Maturing March 23, 2012     677,420    
The William Carter Co.      
  738,981     Term Loan, 6.85%, Maturing July 14, 2012     739,905    
    $ 2,806,273    
Conglomerates — 5.6%      
Amsted Industries, Inc.      
$ 931,382     Term Loan, 7.35%, Maturing October 15, 2010   $ 934,875    
Blount, Inc.      
  342,154     Term Loan, 7.08%, Maturing August 9, 2010     342,582    
Brickman Group Holdings, Inc.      
  798,000     Term Loan, 7.40%, Maturing January 23, 2014     799,995    
Bushnell Performance Optics      
  491,463     Term Loan, 8.32%, Maturing August 19, 2011     494,126    
Education Management, LLC      
  2,089,859     Term Loan, 7.13%, Maturing June 1, 2013     2,084,200    
GenTek, Inc.      
  292,130     Term Loan, 7.35%, Maturing February 25, 2011     293,226    
Goodman Global Holdings, Inc.      
  473,614     Term Loan, 7.13%, Maturing December 23, 2011     474,502    
ISS Holdings A/S      
EUR 122,807     Term Loan, Maturing December 31, 2013(8)     167,039    
EUR 877,193     Term Loan, Maturing December 31, 2013(8)     1,193,134    
Ista International GmbH      
EUR 563,126     Term Loan, Maturing May 14, 2015(8)     763,145    
EUR 111,874     Term Loan, Maturing May 14, 2015(8)     152,602    
Jarden Corp.      
  1,172,015     Term Loan, 7.11%, Maturing January 24, 2012     1,175,434    
  825,449     Term Loan, 7.11%, Maturing January 24, 2012     828,115    
Johnson Diversey, Inc.      
  872,450     Term Loan, 7.86%, Maturing December 16, 2011     879,903    
Polymer Group, Inc.      
  1,379,000     Term Loan, 7.61%, Maturing November 22, 2012     1,383,309    

 

See notes to financial statements
6



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Conglomerates (continued)      
RBS Global, Inc.      
$ 740,625     Term Loan, 7.64%, Maturing July 19, 2013   $ 745,486    
Rexnord Corp.      
  677,459     Term Loan, 7.86%, Maturing July 19, 2013     681,905    
RGIS Holdings, LLC      
  61,905     Term Loan, 0.00%, Maturing April 30, 2014(2)     62,124    
  1,238,095     Term Loan, 7.86%, Maturing April 30, 2014     1,242,481    
Sensata Technologies Finance Co.      
  1,415,725     Term Loan, 7.10%, Maturing April 27, 2013     1,415,403    
Terex Corp.      
  396,000     Term Loan, 7.11%, Maturing July 13, 2013     397,485    
US Investigations Services, Inc.      
  1,107,159     Term Loan, 8.09%, Maturing October 14, 2012     1,110,619    
  295,500     Term Loan, 8.09%, Maturing October 14, 2013     296,423    
    $ 17,918,113    
Containers and Glass Products — 5.6%      
Berry Plastics Corp.      
$ 997,500     Term Loan, 7.36%, Maturing April 3, 2015   $ 992,997    
Bluegrass Container Co.      
  205,718     Term Loan, 7.60%, Maturing June 30, 2013     206,590    
  687,532     Term Loan, 7.60%, Maturing June 30, 2013     690,444    
  157,576     Term Loan, 10.32%, Maturing December 30, 2013     160,648    
  492,424     Term Loan, 10.32%, Maturing December 30, 2013     502,027    
Celanese Holdings, LLC      
  2,275,000     Term Loan, 7.10%, Maturing April 2, 2014     2,282,109    
Consolidated Container Co.      
  500,000     Term Loan, 10.86%, Maturing September 28, 2014     493,958    
Crown Americas, Inc.      
  346,500     Term Loan, 7.11%, Maturing November 15, 2012     346,890    
Graham Packaging Holdings Co.      
  2,269,313     Term Loan, 7.63%, Maturing October 7, 2011     2,280,457    
Graphic Packaging International, Inc.      
  3,075,000     Term Loan, 7.34%, Maturing May 16, 2014     3,088,453    
IPG (US), Inc.      
  330,965     Term Loan, 8.17%, Maturing July 28, 2011     331,792    
JSG Acquisitions      
  990,000     Term Loan, 7.48%, Maturing December 31, 2013     1,000,519    
  990,000     Term Loan, 8.10%, Maturing December 13, 2014     1,005,469    
Kranson Industries, Inc.      
  446,835     Term Loan, 7.61%, Maturing July 31, 2013     449,069    
Owens-Brockway Glass Container      
  855,313     Term Loan, 6.82%, Maturing June 14, 2013     856,916    
Smurfit-Stone Container Corp.      
  377,453     Term Loan, 5.22%, Maturing November 1, 2011     379,619    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Containers and Glass Products (continued)      
$ 389,657     Term Loan, 7.38%, Maturing November 1, 2011   $ 392,114    
  1,492,117     Term Loan, 7.38%, Maturing November 1, 2011     1,500,680    
  932,423     Term Loan, 7.38%, Maturing November 1, 2011     938,304    
    $ 17,899,055    
Cosmetics / Toiletries — 0.5%      
American Safety Razor Co.      
$ 400,000     Term Loan, 11.63%, Maturing July 31, 2014   $ 404,000    
Kik Custom Products, Inc.      
  525,000     Term Loan, 10.36%, Maturing November 30, 2014     523,359    
Prestige Brands, Inc.      
  817,225     Term Loan, 7.64%, Maturing April 7, 2011     821,481    
    $ 1,748,840    
Drugs — 1.8%      
Graceway Pharmaceuticals, LLC      
$ 495,833     Term Loan, 8.11%, Maturing May 3, 2012   $ 496,556    
  500,000     Term Loan, 11.86%, Maturing May 3, 2013     494,375    
  150,000     Term Loan, Maturing November 3, 2013(8)     123,750    
Pharmaceutical Holdings Corp.      
  345,625     Term Loan, 8.57%, Maturing January 30, 2012     348,433    
Stiefel Laboratories, Inc.      
  646,830     Term Loan, 7.61%, Maturing December 28, 2013     648,447    
  845,670     Term Loan, 7.61%, Maturing December 28, 2013     847,784    
  500,000     Term Loan, 10.36%, Maturing June 28, 2014     507,500    
Warner Chilcott Corp.      
  1,704,662     Term Loan, 7.36%, Maturing January 18, 2012     1,712,880    
  469,619     Term Loan, 7.36%, Maturing January 18, 2012     471,883    
    $ 5,651,608    
Ecological Services and Equipment — 1.3%      
Allied Waste Industries, Inc.      
$ 838,113     Term Loan, 5.33%, Maturing January 15, 2012   $ 841,989    
  1,542,149     Term Loan, 7.09%, Maturing January 15, 2012     1,548,208    
Blue Waste B.V. (AVR Acquisition)      
EUR 500,000     Term Loan, 6.16%, Maturing April 1, 2015     684,607    
IESI Corp.      
  441,176     Term Loan, 7.11%, Maturing January 20, 2012     442,555    
Sensus Metering Systems, Inc.      
  679,148     Term Loan, 7.37%, Maturing December 17, 2010     682,544    
  63,868     Term Loan, 7.37%, Maturing December 17, 2010     64,187    
    $ 4,264,090    

 

See notes to financial statements
7



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Electronics / Electrical — 4.6%      
Advanced Micro Devices, Inc.      
$ 999,197     Term Loan, 7.36%, Maturing December 31, 2013   $ 998,630    
AMI Semiconductor, Inc.      
  834,749     Term Loan, 6.86%, Maturing April 1, 2012     833,445    
Aspect Software, Inc.      
  1,091,750     Term Loan, 8.36%, Maturing July 11, 2011     1,099,938    
  950,000     Term Loan, 12.44%, Maturing July 11, 2013     956,729    
Communications & Power, Inc.      
  185,185     Term Loan, 7.57%, Maturing July 23, 2010     185,880    
EnerSys Capital, Inc.      
  970,125     Term Loan, 7.11%, Maturing March 17, 2011     975,582    
FCI International S.A.S.      
  114,637     Term Loan, 7.74%, Maturing November 1, 2013     116,121    
  110,363     Term Loan, 7.74%, Maturing November 1, 2013     111,191    
  110,363     Term Loan, 8.08%, Maturing November 1, 2013     111,792    
  114,637     Term Loan, 8.62%, Maturing November 1, 2013     115,496    
Freescale Semiconductor, Inc.      
  2,313,375     Term Loan, 7.11%, Maturing December 1, 2013     2,294,459    
Infor Enterprise Solutions      
  1,418,566     Term Loan, 9.11%, Maturing July 28, 2012     1,429,383    
  740,121     Term Loan, 9.11%, Maturing July 28, 2012     745,672    
  250,000     Term Loan, 11.11%, Maturing March 2, 2014     253,750    
  158,333     Term Loan, 11.60%, Maturing March 2, 2014     160,708    
  91,667     Term Loan, 11.61%, Maturing March 2, 2014     93,042    
Network Solutions, LLC      
  425,000     Term Loan, 7.91%, Maturing March 7, 2014     425,088    
Open Solutions, Inc.      
  1,197,211     Term Loan, 7.45%, Maturing January 23, 2014     1,197,211    
Spectrum Brands, Inc.      
  32,388     Term Loan, 5.17%, Maturing March 30, 2013     32,631    
  655,217     Term Loan, 9.34%, Maturing March 30, 2013     660,131    
TTM Technologies, Inc.      
  225,000     Term Loan, 7.59%, Maturing October 27, 2012     226,125    
VeriFone, Inc.      
  391,875     Term Loan, 7.11%, Maturing October 31, 2013     393,834    
VertaFore, Inc.      
  997,500     Term Loan, 7.86%, Maturing January 31, 2012     999,994    
  450,000     Term Loan, 11.36%, Maturing January 31, 2013     454,360    
    $ 14,871,192    
Equipment Leasing — 0.6%      
The Hertz Corp.      
$ 216,667     Term Loan, 5.36%, Maturing December 21, 2012   $ 217,894    
  1,210,300     Term Loan, 7.10%, Maturing December 21, 2012     1,217,155    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Equipment Leasing (continued)      
United Rentals, Inc.      
$ 166,667     Term Loan, 5.32%, Maturing February 14, 2011   $ 167,024    
  365,224     Term Loan, 7.32%, Maturing February 14, 2011     366,007    
    $ 1,968,080    
Farming / Agriculture — 0.3%      
Central Garden & Pet Co.      
$ 1,110,938     Term Loan, 6.82%, Maturing February 28, 2014   $ 1,109,897    
    $ 1,109,897    
Financial Intermediaries — 2.1%      
AmeriTrade Holding Corp.      
$ 1,025,427     Term Loan, 6.82%, Maturing December 31, 2012   $ 1,027,937    
Coinstar, Inc.      
  278,989     Term Loan, 7.35%, Maturing July 7, 2011     280,558    
Elster Group GmbH (Ruhrgas)      
  233,632     Term Loan, 7.88%, Maturing June 12, 2014     236,954    
Grosvenor Capital Management Holdings      
  1,296,750     Term Loan, 7.60%, Maturing December 5, 2013     1,311,338    
Investools, Inc.      
  300,000     Term Loan, 8.61%, Maturing August 13, 2012     300,750    
iPayment, Inc.      
  493,750     Term Loan, 7.35%, Maturing May 10, 2013     490,047    
Jupiter Asset Management      
GBP 250,000     Term Loan, Maturing June 30, 2015(8)     501,587    
LPL Holdings, Inc.      
  1,925,710     Term Loan, 7.36%, Maturing December 18, 2014     1,930,524    
The Macerich Partnership, L.P.      
  650,000     Term Loan, 6.88%, Maturing April 25, 2010     651,219    
    $ 6,730,914    
Food Products — 4.5%      
Acosta, Inc.      
$ 1,633,894     Term Loan, 7.57%, Maturing July 28, 2013   $ 1,643,851    
Black Lion Beverages III B.V.      
EUR 147,059     Term Loan, 6.31%, Maturing December 31, 2013     200,956    
EUR 852,941     Term Loan, 6.31%, Maturing December 31, 2014     1,165,548    
Chiquita Brands, LLC      
  362,600     Term Loan, 8.38%, Maturing June 28, 2012     366,415    
Dean Foods Co.      
  1,845,375     Term Loan, 6.86%, Maturing April 2, 2014     1,845,261    
Dole Food Company, Inc.      
  88,372     Term Loan, 5.23%, Maturing April 12, 2013     88,127    
  654,506     Term Loan, 7.45%, Maturing April 12, 2013     652,688    
  196,352     Term Loan, 7.54%, Maturing April 12, 2013     195,806    

 

See notes to financial statements
8



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Food Products (continued)      
Foodvest Limited      
EUR 483,210     Term Loan, 6.59%, Maturing March 16, 2014   $ 659,860    
EUR 251,739     Term Loan, 7.09%, Maturing March 16, 2015     345,383    
JRD Holdings, Inc.      
  350,000     Term Loan, Maturing June 26, 2014(8)     351,094    
Michael Foods, Inc.      
  1,071,938     Term Loan, 7.36%, Maturing November 21, 2010     1,077,967    
National Dairy Holdings, L.P.      
  145,429     Term Loan, 7.32%, Maturing March 15, 2012     145,792    
Pinnacle Foods Finance, LLC      
  2,025,000     Term Loan, 8.11%, Maturing April 2, 2014     2,029,007    
Provimi Group SA      
EUR 725,000     Term Loan, Maturing June 28, 2015(8)     979,149    
EUR 400,000     Term Loan, Maturing December 28, 2016(8)     540,220    
QCE Finance, LLC      
  497,487     Term Loan, 7.61%, Maturing May 5, 2013     499,540    
  500,000     Term Loan, 11.11%, Maturing November 5, 2013     506,607    
Reddy Ice Group, Inc.      
  1,055,000     Term Loan, 7.11%, Maturing August 9, 2012     1,057,308    
    $ 14,350,579    
Food Service — 2.1%      
AFC Enterprises, Inc.      
$ 220,454     Term Loan, 7.63%, Maturing May 23, 2009   $ 222,107    
Aramark Corp.      
GBP 497,500     Term Loan, 8.08%, Maturing January 27, 2014     998,159    
Buffets, Inc.      
  99,167     Term Loan, 5.25%, Maturing May 1, 2013     100,096    
  747,079     Term Loan, 8.11%, Maturing November 1, 2013     754,083    
Burger King Corp.      
  993,045     Term Loan, 6.88%, Maturing June 30, 2012     995,597    
CBRL Group, Inc.      
  952,548     Term Loan, 6.86%, Maturing April 27, 2013     954,532    
Denny's, Inc.      
  70,000     Term Loan, 7.32%, Maturing March 31, 2012     70,262    
  403,472     Term Loan, 7.36%, Maturing March 31, 2012     404,985    
Maine Beverage Co., LLC      
  379,464     Term Loan, 7.10%, Maturing June 30, 2010     378,516    
NPC International, Inc.      
  208,333     Term Loan, 7.10%, Maturing May 3, 2013     208,789    
OSI Restaurant Partners, LLC      
  31,955     Term Loan, Maturing May 9, 2013(8)     32,085    
  393,045     Term Loan, Maturing May 9, 2014(8)     394,642    
RMK Acquisition Corp. (Aramark)      
  59,398     Term Loan, 5.20%, Maturing January 26, 2014     59,516    
  842,138     Term Loan, 7.36%, Maturing January 26, 2014     843,813    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Food Service (continued)      
Sagittarius Restaurants, LLC      
$ 197,500     Term Loan, 7.61%, Maturing March 29, 2013   $ 198,426    
    $ 6,615,608    
Food / Drug Retailers — 2.6%      
General Nutrition Centers, Inc.      
$ 550,000     Term Loan, 7.60%, Maturing September 16, 2013   $ 547,078    
Iceland Foods Group Ltd.      
GBP 375,000     Term Loan, 8.02%, Maturing May 2, 2014     759,905    
GBP 375,000     Term Loan, 8.52%, Maturing May 2, 2015     763,040    
GBP 500,000     Term Loan, 10.14%, Maturing May 2, 2016     1,030,762    
Rite Aid Corp.      
  2,100,000     Term Loan, Maturing June 1, 2014(8)     2,106,126    
Roundy's Supermarkets, Inc.      
  2,325,671     Term Loan, 8.11%, Maturing November 3, 2011     2,345,730    
Supervalu, Inc.      
  792,000     Term Loan, 6.86%, Maturing June 1, 2012     794,764    
    $ 8,347,405    
Forest Products — 3.1%      
Appleton Papers, Inc.      
$ 725,000     Term Loan, 7.09%, Maturing June 5, 2014   $ 726,209    
Boise Cascade Holdings, LLC      
  411,698     Term Loan, 0.00%, Maturing April 30, 2014(2)     411,853    
  1,833,706     Term Loan, 6.86%, Maturing April 30, 2014     1,834,394    
Buckeye Technologies, Inc.      
  65,620     Term Loan, 7.34%, Maturing April 15, 2010     65,689    
Georgia-Pacific Corp.      
  4,678,750     Term Loan, 7.11%, Maturing December 20, 2012     4,694,747    
NewPage Corp.      
  791,919     Term Loan, 7.63%, Maturing May 2, 2011     798,230    
Xerium Technologies, Inc.      
  1,334,877     Term Loan, 8.11%, Maturing May 18, 2012     1,334,877    
    $ 9,865,999    
Healthcare — 12.5%      
Accellent, Inc.      
$ 925,900     Term Loan, 7.86%, Maturing November 22, 2012   $ 926,093    
Alliance Imaging, Inc.      
  1,132,099     Term Loan, 7.88%, Maturing December 29, 2011     1,137,194    
American Achievement Corp.      
  212,432     Term Loan, 7.72%, Maturing March 25, 2011     213,803    
American Medical Systems      
  851,416     Term Loan, 7.68%, Maturing July 20, 2012     852,481    

 

See notes to financial statements
9



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Healthcare (continued)      
AMN Healthcare, Inc.      
$ 213,522     Term Loan, 7.11%, Maturing November 2, 2011   $ 213,856    
AMR HoldCo, Inc.      
  1,073,630     Term Loan, 7.36%, Maturing February 10, 2012     1,077,656    
Cardinal Health 409, Inc.      
  825,000     Term Loan, 7.61%, Maturing April 10, 2014     823,711    
Carestream Health, Inc.      
  1,450,000     Term Loan, 7.34%, Maturing April 30, 2013     1,453,445    
  500,000     Term Loan, 10.59%, Maturing October 30, 2013     506,875    
Carl Zeiss Vision Holding GmbH      
  630,000     Term Loan, 7.84%, Maturing March 23, 2015     637,875    
Community Health Systems, Inc.      
  3,344,184     Term Loan, 7.11%, Maturing August 19, 2011     3,355,157    
CONMED Corp.      
  340,722     Term Loan, 7.51%, Maturing April 13, 2013     340,935    
CRC Health Corp.      
  272,938     Term Loan, 7.86%, Maturing February 6, 2013     274,643    
  246,833     Term Loan, 7.86%, Maturing February 6, 2013     248,375    
Davita, Inc.      
  2,715,474     Term Loan, 6.86%, Maturing October 5, 2012     2,722,474    
DJ Orthopedics, LLC      
  222,143     Term Loan, 6.88%, Maturing April 7, 2013     221,935    
Emdeon Business Services, LLC      
  926,376     Term Loan, 7.61%, Maturing November 16, 2013     932,745    
Encore Medical Finance, LLC      
  1,068,181     Term Loan, 7.88%, Maturing November 3, 2013     1,070,518    
Fenwal, Inc.      
  500,000     Term Loan, Maturing August 28, 2014(8)     503,125    
FGX International, Inc.      
  294,000     Term Loan, 9.36%, Maturing December 12, 2012     293,265    
FHC Health Systems, Inc.      
  137,673     Term Loan, 12.07%, Maturing December 18, 2009     141,803    
  96,371     Term Loan, 14.07%, Maturing December 18, 2009     98,780    
  750,000     Term Loan, 15.11%, Maturing February 7, 2011     768,750    
Fresenius Medical Care Holdings      
  1,503,456     Term Loan, 6.73%, Maturing March 31, 2013     1,504,444    
Hanger Orthopedic Group, Inc.      
  396,000     Term Loan, 7.61%, Maturing May 30, 2013     397,818    
HCA, Inc.      
  3,631,750     Term Loan, 7.61%, Maturing November 18, 2013     3,651,964    
Health Management Association, Inc.      
  1,331,663     Term Loan, 7.11%, Maturing February 28, 2014     1,334,500    
HealthSouth Corp.      
  1,578,633     Term Loan, 7.85%, Maturing March 10, 2013     1,586,887    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Healthcare (continued)      
Iasis Healthcare, LLC      
$ 155,008     Term Loan, 7.36%, Maturing March 14, 2014(2)   $ 155,299    
  41,335     Term Loan, 7.32%, Maturing March 14, 2014     41,413    
  452,522     Term Loan, 7.36%, Maturing March 14, 2014     453,371    
Ikaria Acquisition, Inc.      
  327,660     Term Loan, 7.86%, Maturing March 28, 2013     329,707    
IM US Holdings, LLC      
  350,000     Term Loan, 0.00%, Maturing June 26, 2015(2)     350,000    
Invacare Corp.      
  547,250     Term Loan, 7.57%, Maturing February 12, 2013     549,644    
Kinetic Concepts, Inc.      
  118,888     Term Loan, 6.86%, Maturing October 3, 2009     119,223    
Leiner Health Products, Inc.      
  518,950     Term Loan, 9.83%, Maturing May 27, 2011     513,923    
LifeCare Holdings, Inc.      
  443,250     Term Loan, 8.36%, Maturing August 11, 2012     431,773    
LifePoint Hospitals, Inc.      
  1,138,946     Term Loan, 6.99%, Maturing April 15, 2012     1,136,616    
Magellan Health Services, Inc.      
  457,958     Term Loan, 5.20%, Maturing August 15, 2008     459,103    
  228,979     Term Loan, 7.11%, Maturing August 15, 2008     229,551    
Matria Healthcare, Inc.      
  108,218     Term Loan, 7.36%, Maturing January 19, 2012     108,184    
MultiPlan Merger Corp.      
  367,556     Term Loan, 7.82%, Maturing April 12, 2013     370,140    
  262,024     Term Loan, 7.82%, Maturing April 12, 2013     263,866    
National Mentor Holdings, Inc.      
  33,600     Term Loan, 5.32%, Maturing June 29, 2013     33,705    
  560,736     Term Loan, 7.36%, Maturing June 29, 2013     562,488    
National Rental Institutes, Inc.      
  470,250     Term Loan, 7.63%, Maturing March 31, 2013     470,544    
Nyco Holdings      
EUR 500,000     Term Loan, 6.66%, Maturing December 29, 2014     675,392    
EUR 500,000     Term Loan, 7.16%, Maturing December 29, 2015     678,508    
Physiotherapy Associates, Inc.      
  450,000     Term Loan, Maturing June 27, 2013(8)     450,000    
RadNet Management, Inc.      
  299,250     Term Loan, 8.86%, Maturing November 15, 2012     299,998    
  350,000     Term Loan, 12.86%, Maturing November 15, 2013     356,125    
Renal Advantage, Inc.      
  196,563     Term Loan, 7.86%, Maturing October 5, 2012     198,528    
Select Medical Holding Corp.      
  1,248,218     Term Loan, 7.36%, Maturing February 24, 2012     1,244,353    
Sunrise Medical Holdings, Inc.      
  342,860     Term Loan, 9.38%, Maturing May 13, 2010     339,432    

 

See notes to financial statements
10



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Healthcare (continued)      
Vanguard Health Holding Co., LLC      
$ 1,621,365     Term Loan, 7.61%, Maturing September 23, 2011   $ 1,629,813    
Viant Holdings, Inc.      
  300,000     Term Loan, Maturing June 25, 2014(8)     300,844    
    $ 40,042,650    
Home Furnishings — 1.5%      
Interline Brands, Inc.      
$ 531,587     Term Loan, 7.07%, Maturing June 23, 2013   $ 532,584    
  367,609     Term Loan, 7.07%, Maturing June 23, 2013     368,298    
National Bedding Co., LLC      
  995,000     Term Loan, 7.36%, Maturing August 31, 2011     996,866    
  350,000     Term Loan, 10.36%, Maturing August 31, 2012     354,156    
Oreck Corp.      
  679,383     Term Loan, 10.00%, Maturing February 2, 2012(3)     611,445    
Simmons Co.      
  1,542,797     Term Loan, 7.41%, Maturing December 19, 2011     1,549,867    
  500,000     Term Loan, 10.65%, Maturing February 15, 2012     492,916    
    $ 4,906,132    
Industrial Equipment — 3.5%      
Aearo Technologies, Inc.      
$ 400,000     Term Loan, 10.86%, Maturing September 24, 2013   $ 405,500    
  400,000     Term Loan, 7.61%, Maturing July 2, 2014     401,000    
Alliance Laundry Holdings, LLC      
  229,362     Term Loan, 7.61%, Maturing January 27, 2012     231,082    
Colfax Corp.      
  587,545     Term Loan, 7.63%, Maturing May 30, 2009     591,217    
Flowserve Corp.      
  1,079,225     Term Loan, 6.88%, Maturing August 10, 2012     1,081,114    
Foamex L.P.      
  1,411,765     Term Loan, 7.60%, Maturing February 12, 2013     1,409,670    
FR Brand Acquisition Corp.      
  498,750     Term Loan, 7.63%, Maturing February 7, 2014     500,620    
Generac Acquisition Corp.      
  693,000     Term Loan, 7.86%, Maturing November 7, 2013     682,791    
  500,000     Term Loan, 11.36%, Maturing April 7, 2014     478,594    
Gleason Corp.      
  313,939     Term Loan, 7.63%, Maturing June 30, 2013     315,902    
  300,000     Term Loan, 10.84%, Maturing December 31, 2013     303,375    
Itron, Inc.      
EUR 300,000     Term Loan, 5.98%, Maturing April 18, 2014     409,976    
John Maneely Co.      
  1,598,303     Term Loan, 8.62%, Maturing December 8, 2013     1,595,431    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Industrial Equipment (continued)      
PP Acquisition Corp.      
$ 1,570,744     Term Loan, 8.32%, Maturing November 12, 2011   $ 1,574,671    
TFS Acquisition Corp.      
  1,116,563     Term Loan, 8.86%, Maturing August 11, 2013     1,124,937    
    $ 11,105,880    
Insurance — 2.5%      
Amwins Group Inc.      
$ 500,000     Term Loan, 10.84%, Maturing June 8, 2014   $ 502,500    
Applied Systems, Inc.      
  719,563     Term Loan, 7.85%, Maturing September 26, 2013     723,610    
ARG Holding, Inc.      
  447,750     Term Loan, 8.38%, Maturing November 30, 2011     450,269    
  650,000     Term Loan, 12.63%, Maturing November 30, 2012     659,750    
CCC Information Services Group, Inc.      
  324,028     Term Loan, 7.86%, Maturing February 10, 2013     325,850    
Conseco, Inc.      
  400,000     Term Loan, 7.32%, Maturing October 10, 2013     401,250    
  1,488,750     Term Loan, 7.32%, Maturing October 10, 2013     1,493,402    
Crawford and Company      
  692,679     Term Loan, 7.85%, Maturing October 31, 2013     695,276    
Hilb, Rogal & Hobbs Co.      
  1,357,813     Term Loan, 6.86%, Maturing April 26, 2013     1,358,661    
Hub International Holdings, Inc.      
  82,353     Term Loan, Maturing June 13, 2014(8)     82,379    
  367,647     Term Loan, Maturing June 13, 2014(8)     367,762    
U.S.I. Holdings Corp.      
  950,000     Term Loan, 8.11%, Maturing May 4, 2014     957,916    
    $ 8,018,625    
Leisure Goods / Activities / Movies — 8.8%      
24 Hour Fitness Worldwide, Inc.      
$ 888,750     Term Loan, 7.86%, Maturing June 8, 2012   $ 895,600    
Alliance Atlantis Communications, Inc.      
  331,373     Term Loan, 6.85%, Maturing December 31, 2011     331,321    
AMC Entertainment, Inc.      
  987,500     Term Loan, 7.07%, Maturing January 26, 2013     991,259    
AMF Bowling Worldwide, Inc.      
  500,000     Term Loan, 11.57%, Maturing December 8, 2013     505,000    
Bombardier Recreational Product      
  979,747     Term Loan, 7.86%, Maturing June 28, 2013     982,503    
Carmike Cinemas, Inc.      
  497,487     Term Loan, 8.61%, Maturing May 19, 2012     501,396    

 

See notes to financial statements
11



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Leisure Goods / Activities / Movies (continued)      
Cedar Fair, L.P.      
$ 2,379,731     Term Loan, 7.32%, Maturing August 30, 2012   $ 2,392,375    
Cinemark, Inc.      
  1,985,000     Term Loan, 7.13%, Maturing October 5, 2013     1,989,095    
Deluxe Entertainment Services      
  35,433     Term Loan, 5.26%, Maturing January 28, 2011     35,560    
  793,701     Term Loan, 7.61%, Maturing January 28, 2011     796,553    
  70,866     Term Loan, 7.61%, Maturing January 28, 2011     71,121    
Easton-Bell Sports, Inc.      
  793,731     Term Loan, 7.11%, Maturing March 16, 2012     794,103    
HEI Acquisition, LLC      
  1,025,000     Term Loan, 9.36%, Maturing April 13, 2014     1,019,875    
HIT Entertainment, Inc.      
  788,000     Term Loan, 7.59%, Maturing March 20, 2012     790,709    
Mega Blocks, Inc.      
  835,125     Term Loan, 7.13%, Maturing July 26, 2012     832,777    
Metro-Goldwyn-Mayer Holdings, Inc.      
  4,327,663     Term Loan, 8.61%, Maturing April 8, 2012     4,343,048    
National Cinemedia, LLC      
  400,000     Term Loan, 7.11%, Maturing February 13, 2015     399,678    
Regal Cinemas Corp.      
  2,183,500     Term Loan, 6.86%, Maturing November 10, 2010     2,189,738    
Revolution Studios Distribution Co., LLC      
  784,420     Term Loan, 9.07%, Maturing December 21, 2014     790,303    
  450,000     Term Loan, 12.32%, Maturing June 21, 2015     454,500    
Six Flags Theme Parks, Inc.      
  1,700,000     Term Loan, 7.61%, Maturing April 30, 2015     1,700,000    
Southwest Sports Group, LLC      
  600,000     Term Loan, 7.88%, Maturing December 22, 2010     600,188    
Universal City Development Partners, Ltd.      
  934,709     Term Loan, 7.36%, Maturing June 9, 2011     942,304    
WMG Acquisition Corp.      
  450,000     Revolving Loan, 0.00%, Maturing February 28, 2010(2)     441,750    
  3,535,095     Term Loan, 7.36%, Maturing February 28, 2011     3,550,069    
    $ 28,340,825    
Lodging and Casinos — 4.1%      
Ameristar Casinos, Inc.      
$ 591,000     Term Loan, 6.82%, Maturing November 10, 2012   $ 591,369    
Bally Technologies, Inc.      
  1,669,303     Term Loan, 8.61%, Maturing September 5, 2009     1,684,170    
CCM Merger, Inc.      
  1,009,407     Term Loan, 7.36%, Maturing April 25, 2012     1,015,873    
Fairmont Hotels and Resorts, Inc.      
  281,373     Term Loan, 8.57%, Maturing May 12, 2011     283,835    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Lodging and Casinos (continued)      
Green Valley Ranch Gaming, LLC      
$ 264,313     Term Loan, 7.36%, Maturing February 16, 2014   $ 265,705    
Isle of Capri Casinos, Inc.      
  1,184,625     Term Loan, 7.09%, Maturing February 4, 2012     1,189,561    
Las Vegas Sands, LLC      
  1,840,000     Term Loan, 7.11%, Maturing May 23, 2014     1,838,357    
Lodgenet Entertainment Corp.      
  450,000     Term Loan, 7.36%, Maturing April 4, 2014     452,742    
Penn National Gaming, Inc.      
  3,453,487     Term Loan, 7.11%, Maturing October 3, 2012     3,461,924    
Pinnacle Entertainment, Inc.      
  400,000     Term Loan, 0.00%, Maturing December 14, 2011(2)     400,250    
Venetian Casino Resort, LLC      
  460,000     Term Loan, 0.00%, Maturing May 14, 2014(2)     459,589    
VML US Finance, LLC      
  241,667     Term Loan, 7.61%, Maturing May 25, 2012     242,988    
  483,333     Term Loan, 7.61%, Maturing May 25, 2013     487,727    
Wimar Opco, LLC      
  883,946     Term Loan, 7.61%, Maturing January 3, 2012     891,570    
    $ 13,265,660    
Nonferrous Metals / Minerals — 2.7%      
Alpha Natural Resources, LLC      
$ 467,875     Term Loan, 7.11%, Maturing October 26, 2012   $ 469,191    
Euramax International, Inc.      
  325,750     Term Loan, 8.38%, Maturing June 28, 2012     325,072    
  334,211     Term Loan, 12.35%, Maturing June 28, 2013     329,302    
  165,789     Term Loan, 12.35%, Maturing June 28, 2013     163,355    
Freeport-McMoran Copper and Gold      
  1,600,667     Term Loan, 9.00%, Maturing March 19, 2014     1,603,437    
Magnequench International, Inc.      
  400,943     Term Loan, 8.37%, Maturing August 31, 2009     400,942    
Magnum Coal Co.      
  100,000     Term Loan, 8.57%, Maturing March 15, 2013     99,562    
  987,500     Term Loan, 10.50%, Maturing March 15, 2013     983,180    
Murray Energy Corp.      
  733,125     Term Loan, 8.36%, Maturing January 28, 2010     742,289    
Noranda Aluminum Acquisition      
  212,500     Term Loan, 7.32%, Maturing May 18, 2014     213,297    
Novelis, Inc.      
  656,262     Term Loan, 7.59%, Maturing January 6, 2012     657,749    
  368,208     Term Loan, 7.61%, Maturing January 6, 2012     369,043    
Oxbow Carbon and Mineral Holdings      
  100,671     Term Loan, 0.00%, Maturing May 8, 2014(2)     100,807    
  1,146,456     Term Loan, 7.40%, Maturing May 8, 2014     1,148,008    

 

See notes to financial statements
12



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Nonferrous Metals / Minerals (continued)      
Stillwater Mining Co.      
$ 706,092     Term Loan, 7.63%, Maturing July 30, 2010   $ 707,857    
Thompson Creek Metals Co.      
  475,588     Term Loan, 10.09%, Maturing October 26, 2012     480,344    
    $ 8,793,435    
Oil and Gas — 4.0%      
Big West Oil, LLC      
$ 618,750     Term Loan, 0.00%, Maturing May 1, 2014(2)   $ 620,491    
  506,250     Term Loan, 7.61%, Maturing May 1, 2014     507,674    
Concho Resources, Inc.      
  1,075,000     Term Loan, 9.10%, Maturing March 27, 2012     1,077,016    
Dresser, Inc.      
  500,000     Term Loan, 7.86%, Maturing May 4, 2014     502,760    
  700,000     Term Loan, 11.11%, Maturing May 4, 2015     710,238    
El Paso Corp.      
  725,000     Term Loan, 5.23%, Maturing July 31, 2011     727,669    
Key Energy Services, Inc.      
  630,400     Term Loan, 7.84%, Maturing June 30, 2012     633,749    
Kinder Morgan, Inc.      
  2,125,000     Term Loan, 6.82%, Maturing May 21, 2014     2,125,948    
Niska Gas Storage      
  133,333     Term Loan, 7.07%, Maturing May 13, 2011     133,833    
  77,024     Term Loan, 7.11%, Maturing May 13, 2011     77,325    
  113,418     Term Loan, 7.11%, Maturing May 13, 2011     113,861    
  697,908     Term Loan, 7.11%, Maturing May 12, 2013     700,634    
Primary Natural Resources, Inc.      
  987,500     Term Loan, 9.32%, Maturing July 28, 2010(3)     986,414    
Targa Resources, Inc.      
  395,714     Term Loan, 5.24%, Maturing October 31, 2012     398,001    
  2,000,671     Term Loan, 7.36%, Maturing October 31, 2012     2,012,237    
Volnay Acquisition Co. I      
  716,000     Term Loan, 7.36%, Maturing January 12, 2014     722,414    
W&T Offshore, Inc.      
  402,500     Term Loan, 7.61%, Maturing May 26, 2010     404,429    
Western Refining, LLC      
  58,929     Term Loan, 0.00%, Maturing June 2, 2014(2)     59,002    
  241,071     Term Loan, 7.07%, Maturing June 2, 2014     241,373    
    $ 12,755,068    
Publishing — 9.9%      
American Media Operations, Inc.      
$ 2,000,000     Term Loan, 8.59%, Maturing January 31, 2013   $ 2,015,834    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Publishing (continued)      
Aster Zweite Beteiligungs GmbH      
EUR 236,166     Term Loan, 6.42%, Maturing September 27, 2013   $ 321,666    
  500,000     Term Loan, 7.62%, Maturing September 27, 2013     503,572    
CBD Media, LLC      
  352,941     Term Loan, 7.82%, Maturing December 31, 2009     354,853    
Dex Media East, LLC      
  1,348,656     Term Loan, 6.86%, Maturing May 8, 2009     1,348,809    
Dex Media West, LLC      
  1,050,751     Term Loan, 6.86%, Maturing March 9, 2010     1,051,342    
Gatehouse Media Operating, Inc.      
  325,000     Term Loan, 7.35%, Maturing August 28, 2014     323,131    
  725,000     Term Loan, 7.36%, Maturing August 28, 2014     720,831    
  350,000     Term Loan, 7.61%, Maturing August 28, 2014     349,125    
Idearc, Inc.      
  4,477,500     Term Loan, 7.36%, Maturing November 17, 2014     4,500,649    
Josten's Corp.      
  880,379     Term Loan, 7.33%, Maturing October 4, 2011     885,973    
MediaNews Group, Inc.      
  519,750     Term Loan, 7.07%, Maturing August 2, 2013     518,451    
Mediannuaire Holding      
EUR 500,000     Term Loan, 8.39%, Maturing April 10, 2016     693,892    
Merrill Communications, LLC      
  682,771     Term Loan, 9.25%, Maturing February 9, 2009     685,864    
Philadelphia Newspapers, LLC      
  382,458     Term Loan, 8.10%, Maturing June 29, 2013     384,210    
R.H. Donnelley Corp.      
  27,714     Term Loan, 6.59%, Maturing December 31, 2009     27,692    
  256,080     Term Loan, 6.86%, Maturing June 30, 2010     256,384    
Reader's Digest Association      
  1,770,563     Term Loan, 7.35%, Maturing March 2, 2014     1,771,807    
Riverdeep Interactive Learning, Inc.      
  1,392,976     Term Loan, 8.11%, Maturing December 20, 2013     1,397,826    
SGS International, Inc.      
  394,000     Term Loan, 7.87%, Maturing December 30, 2011     394,985    
Source Media, Inc.      
  588,629     Term Loan, 7.61%, Maturing November 8, 2011     594,883    
SP Newsprint Co.      
  969,921     Term Loan, 5.32%, Maturing January 9, 2010     971,134    
Sun Media Corp.      
  2,154,864     Term Loan, 7.11%, Maturing February 7, 2009     2,160,926    
TL Acquisitions, Inc.      
  1,025,000     Term Loan, 0.00%, Maturing July 5, 2014(2)     1,014,750    
Trader Media Corp. 2003 1st Lien Gbp Facility B      
GBP 1,375,000     Term Loan, 8.08%, Maturing March 23, 2015     2,758,731    

 

See notes to financial statements
13



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Publishing (continued)      
Tribune Co.      
$ 980,000     Term Loan, 7.82%, Maturing May 17, 2009   $ 981,736    
  1,600,000     Term Loan, 8.32%, Maturing May 17, 2014     1,566,000    
Valassis Communications, Inc.      
  286,538     Term Loan, 7.11%, Maturing March 2, 2014     285,786    
Xsys US, Inc.      
EUR 263,834     Term Loan, 6.42%, Maturing September 27, 2013     359,349    
  605,124     Term Loan, 7.57%, Maturing September 27, 2013     609,446    
  618,087     Term Loan, 7.57%, Maturing September 27, 2014     625,372    
Yell Group, PLC      
  1,400,000     Term Loan, 7.32%, Maturing February 10, 2013     1,409,758    
    $ 31,844,767    
Radio and Television — 5.9%      
ALM Media Holdings, Inc.      
$ 810,109     Term Loan, 7.82%, Maturing March 4, 2010   $ 812,008    
Block Communications, Inc.      
  443,250     Term Loan, 7.36%, Maturing December 22, 2011     443,527    
Cequel Communications, LLC      
  875,000     Term Loan, 9.86%, Maturing May 5, 2014     899,123    
  1,732,515     Term Loan, 11.36%, Maturing May 5, 2014     1,799,031    
CMP KC, LLC      
  489,344     Term Loan, 9.38%, Maturing May 5, 2013     491,791    
CMP Susquehanna Corp.      
  715,714     Term Loan, 7.36%, Maturing May 5, 2013     719,144    
Discovery Communications, Inc.      
  1,300,000     Term Loan, 7.36%, Maturing April 30, 2014     1,307,110    
Emmis Operating Company      
  437,143     Term Loan, 7.36%, Maturing November 2, 2013     439,726    
Entravision Communications Corp.      
  714,125     Term Loan, 6.85%, Maturing September 29, 2013     716,134    
Gray Television, Inc.      
  693,000     Term Loan, 6.85%, Maturing January 19, 2015     691,375    
Intelsat Bermuda, Ltd.      
  575,000     Term Loan, 7.86%, Maturing February 1, 2014     576,309    
Intelsat Subsuduary Holding Co.      
  522,375     Term Loan, 7.35%, Maturing July 3, 2013     524,334    
Montecito Broadcast Group, LLC      
  344,750     Term Loan, 7.82%, Maturing January 27, 2013     346,151    
NEP II, Inc.      
  324,187     Term Loan, 7.61%, Maturing February 16, 2014     325,707    
Nexstar Broadcasting, Inc.      
  963,100     Term Loan, 7.11%, Maturing October 1, 2012     961,897    
  912,276     Term Loan, 7.11%, Maturing October 1, 2012     911,135    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Radio and Television (continued)      
NextMedia Operating, Inc.      
$ 150,096     Term Loan, 7.32%, Maturing November 15, 2012   $ 150,190    
  66,709     Term Loan, 7.32%, Maturing November 15, 2012     66,750    
PanAmSat Corp.      
  1,318,375     Term Loan, 7.35%, Maturing January 3, 2014     1,323,526    
Paxson Communications Corp.      
  1,350,000     Term Loan, 8.61%, Maturing January 15, 2012     1,382,063    
SFX Entertainment      
  738,750     Term Loan, 8.09%, Maturing June 21, 2013     741,059    
Sirius Satellite Radio, Inc.      
  250,000     Term Loan, 7.63%, Maturing December 19, 2012     249,063    
Spanish Broadcasting System, Inc.      
  984,887     Term Loan, 7.11%, Maturing June 10, 2012     986,118    
Tyrol Acquisition 2 SAS      
EUR 425,000     Term Loan, 6.07%, Maturing January 19, 2015     579,855    
EUR 425,000     Term Loan, 6.32%, Maturing January 19, 2016     582,175    
Young Broadcasting, Inc.      
  873,428     Term Loan, 7.88%, Maturing November 3, 2012     877,140    
    $ 18,902,441    
Rail Industries — 0.6%      
Kansas City Southern Railway Co.      
$ 1,012,237     Term Loan, 7.07%, Maturing March 30, 2008   $ 1,016,876    
RailAmerica, Inc.      
  825,000     Term Loan, 7.61%, Maturing August 14, 2008     827,578    
    $ 1,844,454    
Retailers (Except Food and Drug) — 4.1%      
Advantage Sales & Marketing, Inc.      
$ 250,000     Term Loan, Maturing March 29, 2013(8)   $ 250,000    
  442,706     Term Loan, 7.36%, Maturing March 29, 2013     442,706    
Amscan Holdings, Inc.      
  300,000     Term Loan, 7.63%, Maturing May 25, 2013     300,688    
Claire's Stores, Inc.      
  250,000     Term Loan, 8.11%, Maturing May 24, 2014     246,094    
Coinmach Laundry Corp.      
  2,981,842     Term Loan, 7.88%, Maturing December 19, 2012     2,997,216    
Cumberland Farms, Inc.      
  843,625     Term Loan, 7.36%, Maturing September 29, 2013     846,789    
Harbor Freight Tools USA, Inc.      
  1,049,873     Term Loan, 7.61%, Maturing July 15, 2010     1,058,621    
Home Interiors & Gifts, Inc.      
  615,972     Term Loan, 10.35%, Maturing March 31, 2011     447,350    
Mapco Express, Inc.      
  290,019     Term Loan, 8.09%, Maturing April 28, 2011     291,650    

 

See notes to financial statements
14



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Retailers (Except Food and Drug) (continued)      
Nebraska Book Co., Inc.      
$ 465,770     Term Loan, 7.83%, Maturing March 4, 2011   $ 468,099    
Neiman Marcus Group, Inc.      
  451,899     Term Loan, 7.12%, Maturing April 5, 2013     453,982    
Oriental Trading Co., Inc.      
  700,000     Term Loan, 11.36%, Maturing January 31, 2013     710,063    
  891,000     Term Loan, 7.59%, Maturing July 31, 2013     890,165    
Pantry, Inc. (The)      
  127,778     Term Loan, 0.00%, Maturing May 15, 2014(2)     128,204    
  447,222     Term Loan, 7.07%, Maturing May 15, 2014     448,714    
Rent-A-Center, Inc.      
  583,075     Term Loan, 7.11%, Maturing November 15, 2012     585,080    
Rover Acquisition Corp.      
  1,144,250     Term Loan, 7.86%, Maturing October 26, 2013     1,152,322    
Savers, Inc.      
  181,827     Term Loan, 8.11%, Maturing August 11, 2012     183,646    
  206,563     Term Loan, 8.11%, Maturing August 11, 2012     208,629    
The Yankee Candle Company, Inc.      
  897,750     Term Loan, 7.36%, Maturing February 6, 2014     901,771    
    $ 13,011,789    
Steel — 0.2%      
Algoma Acquisition Corp.      
$ 250,000     Term Loan, Maturing June 20, 2013(8)   $ 250,625    
Niagara Corp.      
  550,000     Term Loan, Maturing June 29, 2014(8)     551,375    
    $ 802,000    
Surface Transport — 1.6%      
Gainey Corp.      
$ 420,750     Term Loan, 8.10%, Maturing April 20, 2012   $ 419,961    
Horizon Lines, LLC      
  192,756     Term Loan, 7.57%, Maturing July 7, 2011     194,021    
Oshkosh Truck Corp.      
  1,019,875     Term Loan, 7.11%, Maturing December 6, 2013     1,024,334    
Ozburn-Hessey Holding Co., LLC      
  295,701     Term Loan, 8.62%, Maturing August 9, 2012     294,961    
Sirva Worldwide, Inc.      
  771,102     Term Loan, 12.60%, Maturing December 1, 2010     740,258    
Swift Transportation Co., Inc.      
  1,700,000     Term Loan, 8.38%, Maturing May 10, 2014     1,682,089    
Vanguard Car Rental USA      
  632,250     Term Loan, 8.34%, Maturing June 14, 2013     637,952    
    $ 4,993,576    

 

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Telecommunications — 5.6%      
Alaska Communications Systems Holdings, Inc.      
$ 530,000     Term Loan, 7.11%, Maturing February 1, 2012   $ 531,041    
American Cellular Corp.      
  1,321,688     Term Loan, 7.32%, Maturing March 15, 2014     1,322,239    
Centennial Cellular Operating Co., LLC      
  1,833,333     Term Loan, 7.36%, Maturing February 9, 2011     1,844,629    
Consolidated Communications, Inc.      
  2,244,965     Term Loan, 7.11%, Maturing July 27, 2015     2,255,490    
FairPoint Communications, Inc.      
  1,130,000     Term Loan, 7.13%, Maturing February 8, 2012     1,131,942    
Hargray Acquisition Co.      
  500,000     Term Loan, Maturing June 29, 2015(8)     503,125    
Iowa Telecommunications Services      
  334,000     Term Loan, 7.11%, Maturing November 23, 2011     335,392    
IPC Systems, Inc.      
  500,000     Term Loan, 7.61%, Maturing May 31, 2014     497,032    
NTelos, Inc.      
  1,110,238     Term Loan, 7.57%, Maturing August 24, 2011     1,115,789    
Stratos Global Corp.      
  569,250     Term Loan, 8.11%, Maturing February 13, 2012     572,215    
Trilogy International Partners      
  475,000     Term Loan, Maturing June 29, 2012(8)     481,828    
Triton PCS, Inc.      
  1,546,026     Term Loan, 8.57%, Maturing November 18, 2009     1,557,621    
Univision Communications, Inc.      
  400,000     Term Loan, 7.82%, Maturing March 29, 2009     399,000    
  229,530     Term Loan, 0.00%, Maturing September 29, 2014(2)     226,694    
  3,570,470     Term Loan, 7.61%, Maturing September 29, 2014     3,526,353    
Windstream Corp.      
  1,663,796     Term Loan, 6.86%, Maturing July 17, 2013     1,671,075    
    $ 17,971,465    
Utilities — 3.4%      
AEI Finance Holding, LLC      
$ 145,028     Revolving Loan, 5.26%, Maturing March 30, 2012   $ 146,206    
  1,104,972     Term Loan, 8.36%, Maturing March 30, 2014     1,113,950    
Astoria Generating Co.      
  625,000     Term Loan, 9.11%, Maturing August 23, 2013     632,791    
BRSP, LLC      
  985,409     Term Loan, 8.38%, Maturing July 13, 2009     990,336    
Calpine Corp.      
  448,875     DIP Loan, 7.61%, Maturing March 30, 2009     449,951    
Cogentrix Delaware Holdings, Inc.      
  278,715     Term Loan, 6.86%, Maturing April 14, 2012     279,586    

 

See notes to financial statements
15



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal
Amount
 
Borrower/Tranche Description
 
Value
 
Utilities (continued)      
Covanta Energy Corp.      
$ 305,155     Term Loan, 5.26%, Maturing February 9, 2014   $ 305,488    
  619,845     Term Loan, 6.88%, Maturing February 9, 2014     620,523    
Elster Group GmbH (Ruhrgas)      
  233,632     Term Loan, 7.38%, Maturing June 12, 2013     236,224    
Kemble Water Structure Ltd.      
GBP 750,000     Term Loan, 9.77%, Maturing October 13, 2013     1,518,784    
LS Power Acquisition Company      
  325,000     Term Loan, 9.11%, Maturing November 1, 2014     327,979    
Mach General, LLC      
  37,500     Term Loan, 7.36%, Maturing February 22, 2013     37,514    
  360,688     Term Loan, 7.36%, Maturing February 22, 2014     360,823    
Mirant North America, LLC.      
  996,970     Term Loan, 7.07%, Maturing January 3, 2013     999,026    
NRG Holdings Inc.      
  1,400,000     Term Loan, 0.00%, Maturing June 1, 2014(2)     1,391,250    
Pike Electric, Inc.      
  122,034     Term Loan, 6.88%, Maturing July 1, 2012     122,085    
  208,397     Term Loan, 6.88%, Maturing December 10, 2012     208,484    
Vulcan Energy Corp.      
  1,270,284     Term Loan, 6.86%, Maturing July 23, 2010     1,272,269    
    $ 11,013,269    
Total Senior, Floating Rate Interests
(identified cost $489,204,789)
  $ 490,502,032    
Corporate Bonds & Notes — 13.8%      
Principal Amount
(000's omitted)
  Security   Value  
Aerospace and Defense — 0.1%      
Alion Science and Technologies Corp.      
$ 145     10.25%, 2/1/15(4)   $ 150,437    
Bombardier Recreational Product      
  70     8.00%, 11/15/14(4)     72,800    
DRS Technologies, Inc., Sr. Sub. Notes      
  40     7.625%, 2/1/18     40,600    
    $ 263,837    
Air Transport — 0.0%      
Continental Airlines      
$ 99     7.033%, 6/15/11   $ 98,590    
    $ 98,590    

 

Principal Amount
(000's omitted)
  Security   Value  
Automotive — 0.2%      
Altra Industrial Motion, Inc.      
$ 120     9.00%, 12/1/11   $ 124,800    
  60     9.00%, 12/1/11(4)     62,400    
American Axle & Manufacturing, Inc.      
  75     7.875%, 3/1/17     74,062    
Commercial Vehicle Group, Inc., Sr. Notes      
  55     8.00%, 7/1/13(4)     55,137    
Goodyear Tire & Rubber Co., Sr. Notes      
  45     8.625%, 12/1/11(4)     47,587    
Goodyear Tire & Rubber Co., Sr. Notes, Variable Rate      
  95     9.135%, 12/1/09(4)     95,712    
Tenneco Automotive, Inc.      
  140     8.625%, 11/15/14     144,900    
United Components, Inc., Sr. Sub. Notes      
  65     9.375%, 6/15/13     67,437    
    $ 672,035    
Brokers / Dealers / Investment Houses — 0.1%      
Residential Capital Corp., Variable Rate      
$ 440     7.187%, 4/17/09(4)   $ 438,216    
    $ 438,216    
Building and Development — 0.8%      
Grohe Holding of GmbH      
EUR 1,000     6.843%, 1/15/14   $ 1,366,597    
Interface, Inc., Sr. Sub. Notes      
  20     9.50%, 2/1/14     21,650    
Interline Brands, Inc., Sr. Sub. Notes      
  70     8.125%, 6/15/14     70,875    
Nortek, Inc., Sr. Sub. Notes      
  450     8.50%, 9/1/14     430,875    
NTK Holdings, Inc., Sr. Disc. Notes      
  200     10.75%, 3/1/14     146,000    
Panolam Industries International, Sr. Sub. Notes      
  205     10.75%, 10/1/13(4)     215,250    
PLY GEM Industries, Inc.      
  15     9.00%, 2/15/12     13,556    
Realogy Corp., Sr. Notes      
  230     10.50%, 4/15/14(4)     219,650    
Stanley-Martin Communities, LLC      
  40     9.75%, 8/15/15(4)     35,400    
    $ 2,519,853    

 

See notes to financial statements
16



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Business Equipment and Services — 0.7%      
Affinion Group, Inc.      
$ 55     10.125%, 10/15/13(4)   $ 58,987    
Affinion Group, Inc., Sr. Sub. Notes      
  70     11.50%, 10/15/15(4)     75,950    
Education Management, LLC, Sr. Notes      
  150     8.75%, 6/1/14     154,500    
Education Management, LLC, Sr. Sub Notes      
  280     10.25%, 6/1/16     296,100    
HydroChem Industrial Services, Inc., Sr. Sub. Notes      
  50     9.25%, 2/15/13(4)     51,750    
Kar Holdings, Inc., Sr. Notes, Variable Rate      
  70     9.358%, 5/1/14(4)     70,175    
Muzak, LLC / Muzak Finance, Sr. Notes      
  20     10.00%, 2/15/09     19,975    
Neff Corp., Sr. Notes      
  25     10.00%, 6/1/15(4)     25,062    
Norcross Safety Products, LLC/Norcross Capital Corp., Sr. Sub. Notes, Series B      
  170     9.875%, 8/15/11     179,350    
Rental Service Corp.      
  45     9.50%, 12/1/14(4)     46,125    
Sabre Holdings Corp.      
  65     8.35%, 3/15/16     58,825    
Safety Products Holdings, Inc. (PIK)      
  83     11.75%, 1/1/12(3)     86,941    
SunGard Data Systems, Inc.      
  145     9.125%, 8/15/13     149,169    
The Hertz Corp., Sr. Notes      
  290     8.875%, 1/1/14     303,775    
Travelport, LLC, Sr. Notes      
  260     9.875%, 9/1/14     276,900    
West Corp.      
  370     9.50%, 10/15/14     381,100    
  45     11.00%, 10/15/16     47,250    
    $ 2,281,934    
Cable and Satellite Television — 0.6%      
Cablevision Systems Corp., Series B      
$ 130     8.00%, 4/15/12   $ 129,025    
Cablevision Systems Corp., Sr. Notes, Series B, Variable Rate      
  20     9.82%, 4/1/09     21,000    
CCH I Holdings, LLC      
  180     11.75%, 5/15/14     177,750    
CCH I, LLC/CCH I Capital Co.      
  160     11.00%, 10/1/15     167,800    

 

Principal Amount
(000's omitted)
  Security   Value  
Cable and Satellite Television (continued)      
CCH II, LLC/CCH II Capital Co.      
$ 140     10.25%, 9/15/10   $ 146,825    
CCO Holdings, LLC / CCO Capital Corp., Sr. Notes      
  395     8.75%, 11/15/13(4)     403,887    
CSC Holdings, Inc., Sr. Notes      
  10     8.125%, 7/15/09     10,225    
CSC Holdings, Inc., Sr. Notes, Series B      
  55     7.625%, 4/1/11     54,862    
Insight Communications, Sr. Disc. Notes      
  525     12.25%, 2/15/11     549,937    
Kabel Deutschland GmbH      
  135     10.625%, 7/1/14     148,500    
Mediacom Broadband Corp., LLC, Sr. Notes      
  130     8.50%, 10/15/15(4)     131,300    
National Cable, PLC      
  75     8.75%, 4/15/14     77,625    
    $ 2,018,736    
Chemicals and Plastics — 0.4%      
Equistar Chemical, Sr. Notes      
$ 97     10.625%, 5/1/11   $ 102,577    
Huntsman International, LLC      
  91     11.625%, 10/15/10     98,052    
Ineos Group Holdings, PLC, Sr. Sub Note      
  210     8.50%, 2/15/16(4)     206,325    
Lyondell Chemical Co., Sr. Notes      
  192     10.50%, 6/1/13     208,320    
MacDermid, Inc., Sr. Sub. Notes      
  65     9.50%, 4/15/17(4)     65,650    
Mosaic Co., Sr. Notes      
  70     7.375%, 12/1/14(4)     71,050    
  70     7.625%, 12/1/16(4)     71,925    
Nova Chemicals Corp., Sr. Notes, Variable Rate      
  105     8.484%, 11/15/13(4)     105,525    
Reichhold Industries Inc., Sr. Notes      
  215     9.00%, 8/15/14(4)     222,525    
    $ 1,151,949    
Clothing / Textiles — 0.4%      
Levi Strauss & Co., Sr. Notes      
$ 155     12.25%, 12/15/12   $ 168,562    
  75     9.75%, 1/15/15     80,625    
  235     8.875%, 4/1/16     242,050    

 

See notes to financial statements
17



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Clothing / Textiles (continued)      
Oxford Industries, Inc., Sr. Notes      
$ 390     8.875%, 6/1/11   $ 404,625    
Perry Ellis International, Inc., Sr. Sub. Notes      
  195     8.875%, 9/15/13     198,900    
Phillips Van-Heusen, Sr. Notes      
  15     7.25%, 2/15/11     15,300    
  100     8.125%, 5/1/13     104,625    
    $ 1,214,687    
Conglomerates — 0.1%      
Goodman Global Holdings, Inc., Sr. Notes, Variable Rate      
$ 107     8.36%, 6/15/12   $ 108,070    
RBS Global & Rexnord Corp.      
  95     9.50%, 8/1/14     97,850    
  90     11.75%, 8/1/16     97,200    
    $ 303,120    
Containers and Glass Products — 0.2%      
Berry Plastics Holding Corp.      
$ 220     8.875%, 9/15/14   $ 223,850    
Berry Plastics Holding Corp., Variable Rate      
  60     9.235%, 9/15/14     60,900    
Intertape Polymer US, Inc., Sr. Sub. Notes      
  175     8.50%, 8/1/14     174,125    
Pliant Corp. (PIK)      
  219     11.85%, 6/15/09(3)     235,860    
    $ 694,735    
Cosmetics / Toiletries — 0.0%      
Revlon Consumer Products Corp., Sr. Sub. Notes      
$ 75     8.625%, 2/1/08   $ 73,875    
    $ 73,875    
Ecological Services and Equipment — 0.1%      
Waste Services, Inc., Sr. Sub. Notes      
$ 245     9.50%, 4/15/14   $ 258,781    
    $ 258,781    
Electronics / Electrical — 0.2%      
Advanced Micro Devices, Inc., Sr. Notes      
$ 25     7.75%, 11/1/12   $ 23,625    
Avago Technologies Finance      
  95     10.125%, 12/1/13     101,650    

 

Principal Amount
(000's omitted)
  Security   Value  
Electronics / Electrical (continued)      
$ 50     11.875%, 12/1/15   $ 56,125    
CPI Holdco, Inc., Sr. Notes, Variable Rate      
  50     11.151%, 2/1/15     51,750    
NXP BV/NXP Funding, LLC, Variable Rate      
  425     8.11%, 10/15/13     427,656    
Open Solutions, Inc., Sr. Sub. Notes      
  30     9.75%, 2/1/15(4)     30,450    
    $ 691,256    
Financial Intermediaries — 2.4%      
Alzette, Variable Rate      
$ 500     11.86%, 12/15/20(3)   $ 500,000    
Avalon Capital Ltd. 3, Series 1A, Class D, Variable Rate      
  380     7.31%, 2/24/19(3)(4)     376,642    
Babson Ltd. Series 2005-1A, Class C1, Variable Rate      
  500     7.306%, 4/15/19(3)(4)     493,368    
Bryant Park CDO Ltd., Series 2005-1A, Class C, Variable Rate      
  500     7.406%, 1/15/19(3)(4)     496,822    
Carlyle High Yield Partners, Series 2004-6A, Class C, Variable Rate      
  500     7.81%, 8/11/16(3)(4)     501,291    
Centurion CDO 8 Ltd., Series 2005 8A, Class D, Variable Rate      
  500     10.85%, 3/8/17(3)     511,754    
Centurion CDO 9 Ltd., Series 2005-9A      
  500     9.35%, 7/17/19(3)     506,581    
Ford Motor Credit Co.      
  110     6.625%, 6/16/08     109,951    
  385     7.375%, 10/28/09     382,372    
  185     7.875%, 6/15/10     185,084    
Ford Motor Credit Co., Sr. Notes      
  10     9.875%, 8/10/11     10,505    
Ford Motor Credit Co., Variable Rate      
  535     8.355%, 11/2/07     538,457    
General Motors Acceptance Corp.      
  215     6.375%, 5/1/08     214,194    
  55     5.85%, 1/14/09     54,224    
  20     7.00%, 2/1/12     19,634    
  240     8.00%, 11/1/31     246,083    
Madison Park Funding Ltd., Series 2006-2A, Class D, Variable Rate      
  1,000     10.11%, 3/25/20(3)(4)     1,010,922    
Schiller Park Ltd. Series 2007 1A, Class D      
  1,000     7.107%, 4/25/21(3)     992,500    
Sonata Securities S.A., Series 2006-5      
  158     8.90%, 12/28/07     159,854    
Sonata Securities S.A., Series 2006-6      
  441     8.90%, 12/28/07     445,164    
    $ 7,755,402    

 

See notes to financial statements
18



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Food Products — 0.1%      
ASG Consolidated, LLC / ASG Finance, Inc., Sr. Disc. Notes,
(0.00% until 2008)
     
$ 275     11.50%, 11/1/11   $ 257,125    
Dole Food Company, Inc.      
  115     7.25%, 6/15/10     111,550    
Dole Food Company, Inc., Sr. Notes      
  25     8.625%, 5/1/09     25,062    
Pierre Foods, Inc., Sr. Sub. Notes      
  35     9.875%, 7/15/12     35,700    
    $ 429,437    
Food Service — 0.2%      
Aramark Corp., Sr. Notes      
$ 30     8.50%, 2/1/15(4)   $ 30,675    
Aramark Corp., Sr. Notes, Variable Rate      
  185     8.856%, 2/1/15(4)     188,700    
El Pollo Loco, Inc.      
  195     11.75%, 11/15/13     206,700    
NPC International, Inc.      
  170     9.50%, 5/1/14     165,750    
Nutro Products, Inc., Sr. Notes, Variable Rate      
  40     9.37%, 10/15/13(4)     42,424    
    $ 634,249    
Food / Drug Retailers — 0.3%      
General Nutrition Center, Sr. Notes, Variable Rate (PIK)      
$ 190     9.796%, 3/15/14(4)   $ 184,300    
General Nutrition Center, Sr. Sub. Notes      
  190     10.75%, 3/15/15(4)     190,950    
Rite Aid Corp.      
  360     6.125%, 12/15/08     354,600    
  260     9.50%, 6/15/17(4)     250,900    
    $ 980,750    
Forest Products — 0.2%      
Abitibi-Consolidated Finance      
$ 50     7.875%, 8/1/09   $ 48,500    
Abitibi-Consolidated, Inc.      
  100     8.55%, 8/1/10     96,000    
Georgia Pacific Corp.      
  15     9.50%, 12/1/11     15,975    
Jefferson Smurfit Corp.      
  40     7.50%, 6/1/13     39,000    
JSG Funding PLC, Sr. Notes      
  33     9.625%, 10/1/12     34,732    

 

Principal Amount
(000's omitted)
  Security   Value  
Forest Products (continued)      
NewPage Corp.      
$ 235     10.00%, 5/1/12   $ 254,975    
NewPage Corp., Variable Rate      
  80     11.606%, 5/1/12     87,600    
    $ 576,782    
Healthcare — 0.8%      
Accellent, Inc.      
$ 130     10.50%, 12/1/13(4)   $ 129,675    
Advanced Medical Optics, Inc., Sr. Sub. Notes      
  40     7.50%, 5/1/17(4)     38,000    
AMR HoldCo, Inc./EmCare HoldCo, Inc., Sr. Sub. Notes      
  170     10.00%, 2/15/15(4)     184,450    
Community Health Systems, Inc., Sr. Notes      
  205     8.875%, 7/15/15     208,844    
HCA, Inc.      
  190     8.75%, 9/1/10     198,787    
  80     7.875%, 2/1/11     81,402    
  325     9.25%, 11/15/16(4)     346,937    
MultiPlan Merger Corp., Sr. Sub. Notes      
  260     10.375%, 4/15/16(4)     278,200    
National Mentor Holdings, Inc., Sr. Sub. Notes      
  125     11.25%, 7/1/14     135,625    
Res-Care, Inc., Sr. Notes      
  105     7.75%, 10/15/13(4)     108,150    
Service Corp. International, Sr. Notes      
  125     7.00%, 6/15/17     119,687    
Universal Hospital Service, Inc., (PIK)      
  20     8.50%, 6/1/15(4)     19,900    
Universal Hospital Service, Inc., Variable Rate      
  20     8.759%, 6/1/15(4)     20,100    
US Oncology, Inc.      
  145     9.00%, 8/15/12     150,075    
  290     10.75%, 8/15/14     311,750    
Vanguard Health Holdings Co., LLC, Sr. Disc. Notes,      
  55     11.25%, 10/1/15     45,100    
Varietal Distribution Merger Sub, Inc., Sr. Notes      
  50     10.25%, 7/15/15     50,125    
    $ 2,426,807    
Industrial Equipment — 0.1%      
Chart Industries, Inc., Sr. Sub. Notes      
$ 105     9.125%, 10/15/15   $ 110,775    

 

See notes to financial statements
19



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Industrial Equipment (continued)      
ESCO Corp., Sr. Notes      
$ 80     8.625%, 12/15/13(4)   $ 84,400    
ESCO Corp., Sr. Notes, Variable Rate      
  80     9.235%, 12/15/13(4)     82,000    
Manitowoc Co., Inc. (The)      
  29     10.50%, 8/1/12     30,595    
    $ 307,770    
Leisure Goods / Activities / Movies — 0.4%      
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital Corp.      
$ 105     12.50%, 4/1/13(4)   $ 106,575    
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital Corp.,
Variable Rate
     
  195     10.07%, 4/1/12(4)     195,975    
Marquee Holdings, Inc., Sr. Disc. Notes, (0.00% until 2009)      
  435     12.00%, 8/15/14     380,625    
Universal City Development Partners, Ltd., Sr. Notes      
  200     11.75%, 4/1/10     212,500    
Universal City Florida Holdings, Sr. Notes, Variable Rate      
  325     10.106%, 5/1/10     333,125    
    $ 1,228,800    
Lodging and Casinos — 1.2%      
Buffalo Thunder Development Authority      
$ 205     9.375%, 12/15/14(4)   $ 206,025    
CCM Merger, Inc.      
  130     8.00%, 8/1/13(4)     130,000    
Chukchansi EDA, Sr. Notes, Variable Rate      
  150     8.859%, 11/15/12(4)     153,375    
Eldorado Casino Shreveport      
  59     10.00%, 8/1/12     59,981    
Fontainebleau Resorts LLC      
  205     10.25%, 6/15/15(4)     202,950    
Galaxy Entertainment Finance, Variable Rate      
  100     10.409%, 12/15/10(4)     104,750    
Greektown Holdings, LLC, Sr. Notes      
  110     10.75%, 12/1/13(4)     117,150    
Host Hotels & Resorts L.P., Sr. Notes      
  100     6.875%, 11/1/14     99,375    
Inn of the Mountain Gods, Sr. Notes      
  345     12.00%, 11/15/10     371,737    
Las Vegas Sands Corp.      
  20     6.375%, 2/15/15     19,125    
Majestic Star Casino, LLC      
  180     9.50%, 10/15/10     188,100    

 

Principal Amount
(000's omitted)
  Security   Value  
Lodging and Casinos (continued)      
Majestic Star Casino, LLC, (0.00% until 2008)      
$ 75     12.50%, 10/15/11(4)   $ 56,625    
MGM Mirage, Inc.      
  85     7.50%, 6/1/16     81,069    
Mohegan Tribal Gaming Authority, Sr. Sub. Notes      
  60     8.00%, 4/1/12     62,250    
OED Corp. / Diamond Jo      
  203     8.75%, 4/15/12     204,015    
Pinnacle Entertainment Inc., Sr. Sub. Notes      
  75     7.50%, 6/15/15     72,750    
Pokagon Gaming Authority, Sr. Notes      
  60     10.375%, 6/15/14(4)     66,450    
San Pasqual Casino      
  160     8.00%, 9/15/13(4)     162,400    
Seminole Hard Rock Entertainment, Variable Rate      
  95     7.86%, 3/15/14(4)     96,188    
Station Casinos, Inc.      
  30     7.75%, 8/15/16     29,850    
Station Casinos, Inc., Sr. Notes      
  50     6.00%, 4/1/12     47,250    
Trump Entertainment Resorts, Inc.      
  625     8.50%, 6/1/15     623,438    
Tunica-Biloxi Gaming Authority, Sr. Notes      
  165     9.00%, 11/15/15(4)     173,250    
Turning Stone Resort Casinos, Sr. Notes      
  40     9.125%, 9/15/14(4)     40,900    
Waterford Gaming, LLC, Sr. Notes      
  357     8.625%, 9/15/12(4)     373,958    
    $ 3,742,961    
Nonferrous Metals / Minerals — 0.3%      
Aleris International, Inc., Sr. Notes      
$ 115     9.00%, 12/15/14(4)   $ 116,581    
Aleris International, Inc., Sr. Sub. Notes      
  350     10.00%, 12/15/16(4)     349,125    
Alpha Natural Resources, Sr. Notes      
  75     10.00%, 6/1/12     79,500    
FMG Finance PTY, Ltd.      
  270     10.625%, 9/1/16(4)     322,650    
FMG Finance PTY, Ltd., Variable Rate      
  110     9.36%, 9/1/11     117,150    
Novelis, Inc.      
  70     7.25%, 2/15/15     72,188    
    $ 1,057,194    

 

See notes to financial statements
20



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Oil and Gas — 1.1%      
Allis-Chalmers Energy, Inc.      
$ 45     8.50%, 3/1/17   $ 45,169    
Allis-Chalmers Energy, Inc., Sr. Notes      
  245     9.00%, 1/15/14     250,513    
Cimarex Energy Co.      
  65     7.125%, 5/1/17     63,700    
Clayton Williams Energy, Inc., Sr. Notes      
  85     7.75%, 8/1/13(4)     78,625    
Compton Pet Finance Corp.      
  195     7.625%, 12/1/13     193,538    
Copano Energy, LLC, Sr. Notes      
  35     8.125%, 3/1/16     35,700    
Denbury Resources, Inc., Sr. Sub. Notes      
  30     7.50%, 12/15/15     30,075    
El Paso Corp., Sr. Notes      
  130     9.625%, 5/15/12     145,413    
Encore Acquisition Co., Sr. Sub. Notes      
  85     7.25%, 12/1/17     78,625    
Giant Industries      
  130     8.00%, 5/15/14     140,699    
Ocean Rig Norway AS, Sr. Notes      
  120     8.375%, 7/1/13(4)     124,200    
OPTI Canada, Inc.      
  50     7.875%, 12/15/14     50,250    
  100     8.25%, 12/15/14(4)     102,000    
Parker Drilling Co., Sr. Notes      
  85     9.625%, 10/1/13     91,163    
Petrohawk Energy Corp.      
  435     9.125%, 7/15/13     462,188    
Plains Exploration & Production Co.      
  135     7.00%, 3/15/17     128,588    
Premcor Refining Group, Sr. Notes      
  210     9.50%, 2/1/13     223,632    
Quicksilver Resources, Inc.      
  115     7.125%, 4/1/16     111,550    
SemGroup L.P., Sr. Notes      
  290     8.75%, 11/15/15(4)     292,900    
Sesi, LLC      
  30     6.875%, 6/1/14     29,325    
Southern Natural Gas      
  150     8.00%, 3/1/32     170,871    
Stewart & Stevenson, LLC, Sr. Notes      
  165     10.00%, 7/15/14(4)     173,250    
United Refining Co., Sr. Notes      
  355     10.50%, 8/15/12     369,200    
  100     10.50%, 8/15/12     104,000    
Verasun Energy Corp.      
  55     9.875%, 12/15/12     58,025    
    $ 3,553,199    

 

Principal Amount
(000's omitted)
  Security   Value  
Publishing — 0.3%      
CBD Media, Inc., Sr. Sub. Notes      
$ 70     8.625%, 6/1/11   $ 71,050    
Clarke American Corp., Sr. Notes      
  55     9.50%, 5/15/15(4)     52,938    
Deluxe Corp., Sr. Notes      
  30     7.375%, 6/1/15(4)     30,000    
Dex Media West, LLC, Sr. Sub. Notes      
  92     9.875%, 8/15/13     98,900    
Idearc, Inc.      
  120     8.00%, 11/15/16     121,800    
MediaNews Group, Inc., Sr. Sub. Notes      
  50     6.875%, 10/1/13     43,250    
MediMedia USA, Inc., Sr. Sub Notes      
  80     11.375%, 11/15/14(4)     86,200    
Reader's Digest Association, Sr. Sub. Notes      
  320     9.00%, 2/15/17(4)     300,800    
    $ 804,938    
Radio and Television — 0.4%      
CanWest Media, Inc.      
$ 217     8.00%, 9/15/12   $ 216,767    
Intelsat Bermuda, Ltd.      
  175     9.25%, 6/15/16     186,813    
LBI Media, Inc.      
  90     10.125%, 7/15/12     94,838    
LBI Media, Inc., Sr. Disc. Notes, (0.00% until 2008)      
  80     11.00%, 10/15/13     73,600    
Rainbow National Services, LLC, Sr. Notes      
  100     8.75%, 9/1/12(4)     104,500    
Rainbow National Services, LLC, Sr. Sub. Debs.      
  355     10.375%, 9/1/14(4)     391,388    
Sirius Satellite Radio, Sr. Notes      
  90     9.625%, 8/1/13(4)     88,650    
    $ 1,156,556    
Rail Industries — 0.1%      
American Railcar Industry, Inc.      
$ 100     7.50%, 3/1/14   $ 100,000    
Kansas City Southern Mexico, Sr. Notes      
  135     7.625%, 12/1/13(4)     135,000    
  30     7.375%, 6/1/14(4)     29,850    
Kansas City Southern Railway Co.      
  50     9.50%, 10/1/08     52,000    
    $ 316,850    

 

See notes to financial statements
21



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Retailers (Except Food and Drug) — 0.7%      
Amscan Holdings, Inc., Sr. Sub. Notes      
$ 135     8.75%, 5/1/14   $ 133,988    
AutoNation, Inc., Variable Rate      
  75     7.356%, 4/15/13     75,188    
Bon-Ton Department Stores, Inc.      
  205     10.25%, 3/15/14     208,588    
GameStop Corp.      
  700     8.00%, 10/1/12(4)     735,000    
Michaels Stores, Inc., Sr. Notes      
  170     10.00%, 11/1/14(4)     175,100    
Michaels Stores, Inc., Sr. Sub. Notes      
  70     11.375%, 11/1/16(4)     73,500    
Neiman Marcus Group, Inc.      
  160     9.00%, 10/15/15     172,000    
  520     10.375%, 10/15/15     574,600    
Toys "R" Us      
  115     7.375%, 10/15/18     97,463    
    $ 2,245,427    
Steel — 0.1%      
AK Steel Corp.      
$ 24     7.875%, 2/15/09   $ 24,060    
Ispat Inland ULC, Sr. Notes      
  127     9.75%, 4/1/14     140,814    
RathGibson, Inc.      
  240     11.25%, 2/15/14     253,200    
    $ 418,074    
Surface Transport — 0.0%      
Horizon Lines, LLC      
$ 118     9.00%, 11/1/12   $ 125,375    
    $ 125,375    
Telecommunications — 0.9%      
Alamosa Delaware, Inc., Sr. Notes      
$ 280     11.00%, 7/31/10   $ 296,657    
Centennial Cellular Operating Co. / Centennial
Communication Corp., Sr. Notes
     
  130     10.125%, 6/15/13     140,075    
Digicel Group, Ltd., Sr. Notes      
  165     8.875%, 1/15/15(4)     162,113    
  185     9.125%, 1/15/15(4)     182,919    
Digicel, Ltd., Sr. Notes      
  240     9.25%, 9/1/12(4)     254,100    

 

Principal Amount
(000's omitted)
  Security   Value  
Telecommunications (continued)      
iPCS, Inc., Variable Rate      
$ 65     7.48%, 5/1/13(4)   $ 65,406    
Level 3 Financing, Inc., Sr. Notes      
  120     9.25%, 11/1/14     121,800    
  140     8.75%, 2/15/17(4)     139,125    
Qwest Capital Funding, Inc.      
  60     7.00%, 8/3/09     60,300    
  25     7.90%, 8/15/10     25,563    
Qwest Communications International, Inc.      
  450     7.50%, 2/15/14     457,875    
Qwest Communications International, Inc., Sr. Notes      
  30     7.50%, 11/1/08     30,300    
Qwest Corp., Sr. Notes      
  145     7.625%, 6/15/15     150,438    
Qwest Corp., Sr. Notes, Variable Rate      
  505     8.61%, 6/15/13     550,450    
Windstream Corp., Sr. Notes      
  105     8.125%, 8/1/13     110,250    
  30     8.625%, 8/1/16     31,875    
    $ 2,779,246    
Utilities — 0.3%      
AES Corp., Sr. Notes      
$ 15     8.75%, 5/15/13(4)   $ 15,900    
  15     9.00%, 5/15/15(4)     15,956    
Dynegy Holdings, Inc.      
  105     8.375%, 5/1/16     103,163    
  15     7.75%, 6/1/19     14,025    
NGC Corp.      
  205     7.625%, 10/15/26     182,450    
NRG Energy, Inc.      
  70     7.25%, 2/1/14     70,350    
  190     7.375%, 1/15/17     191,188    
NRG Energy, Inc., Sr. Notes      
  65     7.375%, 2/1/16     65,325    
Orion Power Holdings, Inc., Sr. Notes      
  380     12.00%, 5/1/10     431,300    
    $ 1,089,657    
Total Corporate Bonds & Notes
(identified cost, $43,410,422)
  $ 44,311,078    

 

See notes to financial statements
22



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Convertible Bonds — 0.1%      
Principal Amount   Security   Value  
Aerospace and Defense — 0.1%      
$ 170,000     L-3 Communications Corp.(4)   $ 192,525    
    $ 192,525    
Radio and Television — 0.0%      
  35,000     Sinclair Broadcast Group, Inc.   $ 34,169    
    $ 34,169    
Total Convertible Bonds
(identified cost, $206,274)
  $ 226,694    
Common Stocks — 0.6%      
Shares   Security   Value  
Automotive — 0.0%      
  10,443     Hayes Lemmerz International(5)   $ 55,870    
    $ 55,870    
Cable and Satellite Television — 0.1%      
  4,866     Time Warner Cable, Inc.(5)   $ 190,601    
    $ 190,601    
Ecological Services and Equipment — 0.0%      
  2,992     Environmental Systems Products(3)(5)(6)   $ 0    
    $ 0    
Equipment Leasing — 0.4%      
  24,880     Maxim Crane Works Holdings(5)   $ 1,346,630    
    $ 1,346,630    
Gaming — 0.1%      
  358     Shreveport Gaming Holdings, Inc.(3)(5)   $ 6,390    
  17,663     Trump Entertainment Resorts, Inc.(5)     221,671    
    $ 228,061    
Total Common Stocks
(identified cost, $756,316)
  $ 1,821,162    

 

Convertible Preferred Stocks — 0.1%      
Shares   Security   Value  
Oil and Gas — 0.0%      
  542     Chesapeake Energy Corp.   $ 54,471    
    $ 54,471    
Telecommunications— 0.1%      
  3,583     Crown Castle International Corp., (PIK)   $ 206,918    
    $ 206,918    
Total Convertible Preferred Stocks
(identified cost, $212,699)
  $ 261,389    
Preferred Stocks — 0.0%      
Shares   Security   Value  
Automotive — 0.0%      
  35     Hayes Lemmerz International, Series A(3)(5)(6)   $ 809    
    $ 809    
Chemicals and Plastics — 0.0%      
  15     Key Plastics, LLC, Series A(3)(5)(6)   $ 0    
    $ 0    
Total Preferred Stocks
(identified cost, $16,750)
  $ 809    
Miscellaneous — 0.0%      
Shares   Security   Value  
  261,268     Adelphia Recovery Trust(5)   $ 24,821    
  270,000     Adelphia, Inc., Escrow Certificate(5)     84,375    
    $ 109,196    
Total Miscellaneous
(identified cost, $252,930)
  $ 109,196    

 

See notes to financial statements
23



Eaton Vance Senior Income Trust as of June 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Warrants — 0.0%      
Shares/Rights   Security   Value  
  210     American Tower Corp., Exp. 8/1/08(4)(5)   $ 124,451    
Total Warrants
(identified cost, $14,075)
  $ 124,451    
Closed-End Investment Companies — 1.8%      
Shares   Security   Value  
  200,000     First Trust / Four Corners Senior Floating Rate
Income Fund II
  $ 3,750,000    
  290,000     ING Prime Rate Trust     2,175,000    
Total Closed-End Investment Companies
(identified cost, $5,394,991)
  $ 5,925,000    
Short-Term Investments — 0.6%      

 

Description   Interest
(000's omitted)
  Value  
Investment in Cash Management Portfolio,
4.82%(7)
    1,835     $ 1,834,719    
Total Short-Term Investments
(identified cost)
          $ 1,834,719    

 

Total Investments — 169.8%
(identified cost $541,303,965)
  $ 545,116,530    
Less Unfunded Loan
Commitments — (1.1)%
  $ (3,545,766 )  
Net Investments — 168.7%
(identified cost $537,758,199)
  $ 541,570,764    
Other Assets, Less Liabilities — (34.4)%   $ (110,581,116 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (34.3)%
  $ (110,046,853 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 320,942,795    

 

PIK - Payment-In-Kind.

EUR - Euro

GBP - British Pound

(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 three years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate ("LIBOR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.

(2)  Unfunded or partially unfunded loan commitments. See Note 1G for description.

(3)  Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.

(4)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2007, the aggregate value of the securities is $15,189,404 or 4.7% of the Fund's net assets.

(5)  Non-income producing security.

(6)  Restricted security.

(7)  Affiliated investment company available to Eaton Vance portfolios and funds which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of June 30, 2007.

(8)   This Senior Loan will settle after June 30, 2007, at which time the interest rate will be determined.

See notes to financial statements
24




Eaton Vance Senior Income Trust as of June 30, 2007

FINANCIAL STATEMENTS

Statement of Assets and Liabilities

As of June 30, 2007

Assets  
Unaffiliated investments, at value (identified cost, $535,923,480)   $ 539,736,045    
Affiliated investment, at value (identified cost, $1,834,719)     1,834,719    
Cash     12,461,597    
Foreign currency, at value (identified cost, $935,105)     940,330    
Receivable for investments sold     3,138,987    
Dividends and interest receivable     4,197,932    
Receivable from open swap contracts     45,606    
Prepaid expenses     40,341    
Total assets   $ 562,395,557    
Liabilities  
Demand note payable   $ 110,000,000    
Payable for investments purchased     20,027,076    
Payable for open forward foreign currency contracts     164,918    
Payable to affiliate for investment advisory fees     407,584    
Payable to affiliate for administration fees     121,437    
Accrued expenses:  
Interest     541,816    
Operating expenses     143,078    
Total liabilities   $ 131,405,909    
Auction preferred shares (4,400 shares outstanding) at liquidation
value plus cumulative unpaid dividends
  $ 110,046,853    
Net assets applicable to common shares   $ 320,942,795    
Sources of Net Assets  
Common Shares, $0.01 par value, unlimited number of shares authorized,
36,466,497 shares issued and outstanding
  $ 364,665    
Additional paid-in capital     361,010,138    
Accumulated net realized loss     (46,213,583 )  
Accumulated undistributed net investment income     2,105,192    
Net unrealized appreciation     3,676,383    
Net assets applicable to common shares   $ 320,942,795    
Net Asset Value Per Common Share  
($320,942,795 ÷ 36,466,497 common shares
issued and outstanding)
  $ 8.80    

 

Statement of Operations

For the Year Ended
June 30, 2007

Investment Income  
Interest   $ 41,861,248    
Dividends     814,274    
Interest income allocated from affiliated investment     507,967    
Expenses allocated from affliated investment     (48,594 )  
Total investment income   $ 43,134,895    
Expenses  
Investment adviser fee   $ 4,721,764    
Administration fee     1,402,874    
Trustees' fees and expenses     12,942    
Interest expenses     6,915,981    
Preferred shares remarketing agent fee     274,998    
Custodian fee     225,276    
Legal and accounting services     159,918    
Printing and postage     74,403    
Transfer and dividend disbursing agent fees     69,267    
Miscellaneous     79,271    
Total expenses   $ 13,936,694    
Deduct —
Reduction of custodian fee
  $ 13,385    
Total expense reductions   $ 13,385    
Net expenses   $ 13,923,309    
Net investment income   $ 29,211,586    
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) —
Investment transactions
  $ 1,596,057    
Swap contracts     28,980    
Foreign currency and forward foreign currency exchange contract transactions     (100,580 )  
Net realized gain   $ 1,524,457    
Change in unrealized appreciation (depreciation) —
Investments
  $ 689,901    
Swap contracts     31,525    
Foreign currency and forward foreign currency exchange contracts     (181,788 )  
Net change in unrealized appreciation (depreciation)   $ 539,638    
Net realized and unrealized gain   $ 2,064,095    
Distributions to preferred shareholders          
From net investment income     (5,610,210 )  
Net increase in net assets from operations   $ 25,665,471    

 

See notes to financial statements
25



Eaton Vance Senior Income Trust as of June 30, 2007

FINANCIAL STATEMENTS CONT'D

Statements of Changes in Net Assets

Increase (Decrease)
in Net Assets
  Year Ended
June 30, 2007
  Year Ended
June 30, 2006
 
From operations —
Net investment income
  $ 29,211,586     $ 25,412,443    
Net realized gain from investments,
swap contracts and foreign currency 
and forward foreign currency 
exchange contract transactions
    1,524,457       518,317    
Net change in unrealized appreciation
(depreciation) from investments,  
swap contracts and foreign currency 
and forward foreign currency 
exchange contracts
    539,638       (1,281,385 )  
Distributions to preferred shareholders —
From net investment income
    (5,610,210 )     (4,433,211 )  
Net increase in net assets from operations   $ 25,665,471     $ 20,216,164    
Distributions to common shareholders —
From net investment income
  $ (23,593,824 )   $ (20,749,437 )  
Total distributions to common shareholders   $ (23,593,824 )   $ (20,749,437 )  
Net increase (decrease) in net assets   $ 2,071,647     $ (533,273 )  
Net Assets Applicable to
Common Shares
 
At beginning of year   $ 318,871,148     $ 319,404,421    
At end of year   $ 320,942,795     $ 318,871,148    
Accumulated undistributed
net investment income
included in net assets
applicable to common shares
 
At end of year   $ 2,105,192     $ 1,940,990    

 

Statement of Cash Flows

Increase (Decrease) in Cash   Year Ended
June 30, 2007
 
Cash Flows From (Used For) Operating Activities —
Purchases of investments
  $ (348,962,318 )  
Proceeds from sales and principal repayments     337,892,375    
Increase in payable from purchases of investments     18,158,049    
Increase in receivable for investments sold     (2,742,324 )  
Interest and dividends received     43,153,732    
Interest paid     (6,909,774 )  
Miscellaneous revenue received     343,525    
Foreign currency transactions     (117,450 )  
Operating expenses paid     (6,978,387 )  
Swap contract transactions     43,137    
Decrease in unfunded commitments     (1,543,297 )  
Decrease in prepaid expenses     3,754    
Net decrease in short-term investments     12,236,459    
Net cash from operating activities   $ 44,577,481    
Cash Flows Used For Financing Activities —
Decrease in demand note payable
  $ (10,000,000 )  
APS distributions paid     (5,593,789 )  
Cash distributions paid     (23,593,824 )  
Net cash used for financing activities   $ (39,187,613 )  
Net increase in cash   $ 5,389,868    
Cash at beginning of year   $ 8,012,059    
Cash at end of year(1)   $ 13,401,927    
Reconciliation of Net Increase / (Decrease) in
Net Assets From Operations to
Net Cash From Operating Activities
 
Net increase in net assets from operations   $ 25,665,471    
Distributions to preferred shareholders     5,610,210    
Increase in payable for purchase of investments     18,158,049    
Increase in receivable for investments sold     (2,742,324 )  
Decrease in unfunded commitments     (1,543,297 )  
Increase in swap contract transactions     (17,368 )  
Increase in dividends and interest receivable     (23,955 )  
Decrease in prepaid expenses     3,754    
Increase in payable to affiliate     19,791    
Increase in accrued expenses     15,357    
Decrease in forward foreign currency transactions     164,918    
Net increase in investments     (733,125 )  
Net cash from operating activities   $ 44,577,481    

 

(1)  Balance includes foreign currency, at value.

See notes to financial statements
26




Eaton Vance Senior Income Trust as of June 30, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Year Ended June 30,  
    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Net asset value — Beginning of year (Common shares)   $ 8.740     $ 8.760     $ 8.780     $ 8.500     $ 8.420    
Income (loss) from operations  
Net investment income   $ 0.801     $ 0.697     $ 0.533     $ 0.468     $ 0.569    
Net realized and unrealized gain (loss)     0.060       (0.026 )     (0.029 )     0.293       0.079    
Distributions to preferred shareholders from net investment income     (0.154 )     (0.122 )     (0.068 )     (0.035 )     (0.045 )  
Total income from operations   $ 0.707     $ 0.549     $ 0.436     $ 0.726     $ 0.603    
Less distributions to common shareholders  
From net investment income   $ (0.647 )   $ (0.569 )   $ (0.456 )   $ (0.446 )   $ (0.523 )  
Total distributions to common shareholders   $ (0.647 )   $ (0.569 )   $ (0.456 )   $ (0.446 )   $ (0.523 )  
Net asset value — End of year (Common shares)   $ 8.800     $ 8.740     $ 8.760     $ 8.780     $ 8.500    
Market value — End of year (Common shares)   $ 8.570     $ 8.130     $ 8.040     $ 9.460     $ 8.920    
Total Investment Return on Net Asset Value(2)      8.70 %     7.02 %     5.16 %     8.65 %     8.04 %  
Total Investment Return on Market Value(2)      13.81 %     8.46 %     (10.42 )%     11.59 %     23.03 %  

 

See notes to financial statements
27



Eaton Vance Senior Income Trust as of June 30, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Year Ended June 30,  
    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Ratios/Supplemental Data   
Net assets applicable to common shares, end of year (000's omitted)   $ 320,943     $ 318,871     $ 319,404     $ 318,792     $ 306,438    
Ratios (As a percentage of average net assets applicable to common shares):  
Expenses before custodian fee reduction(3)     2.21 %     2.16 %     2.20 %     2.17 %     2.22 %  
Expenses after custodian fee reduction(3)     2.20 %     2.16 %     2.20 %     2.17 %     2.22 %  
Interest expense     2.16 %     1.76 %     1.02 %     0.54 %     0.72 %  
Total expenses(3)     4.36 %     3.92 %     3.22 %     2.71 %     2.94 %  
Net investment income(3)     9.11 %     7.94 %     6.06 %     5.41 %     6.92 %  
Portfolio Turnover     64 %     55 %     72 %     82 %     56 %  

 

    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 are as follows:

Ratios (As a percentage of average total net assets):  
Expenses before custodian fee reduction(3)     1.64 %     1.61 %     1.64 %     1.61 %     1.62 %  
Expenses after custodian fee reduction(3)     1.64 %     1.61 %     1.64 %     1.61 %     1.62 %  
Interest expense     1.61 %     1.31 %     0.76 %     0.40 %     0.52 %  
Total expenses(3)     3.25 %     2.92 %     2.40 %     2.01 %     2.14 %  
Net investment income(3)     6.79 %     5.91 %     4.51 %     4.00 %     5.05 %  
Senior Securities:  
Total preferred shares outstanding     4,400       4,400       4,400       4,400       4,400    
Asset coverage per preferred share(4)   $ 97,952     $ 97,478     $ 97,601     $ 97,456     $ 94,649    
Involuntary liquidation preference per preferred share(5)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(5)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    

 

(1)  Net investment income per share and distributions to preferred shareholders were computed using average common shares outstanding.

(2)  Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.

(3)  Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets attributable to common shares reflect the Fund's leverage capital structure from the issuance of preferred shares.

(4)  Calculated by subtracting the Fund's total liabilities (not including the preferred shares) from the Fund's total assets, and dividing this by the number of preferred shares outstanding.

(5)  Plus accumulated and unpaid dividends.

See notes to financial statements
28




Eaton Vance Senior Income Trust as of June 30, 2007

NOTES TO FINANCIAL STATEMENTS

1  Significant Accounting Policies

Eaton Vance Senior Income Trust (the Fund) is an entity commonly known as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act) as a closed-end management investment company. The Fund'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 Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America.

A  Investment Valuation — The Fund's investments are primarily in interests in senior floating rate loans (Senior Loans). Certain Senior Loans are deemed to be liquid because reliable market quotations are readily available for them. Liquid Senior Loans are valued on the basis of prices furnished by a pricing service. Other Senior Loans are valued at fair value by the Fund's investment adviser, Eaton Vance Management (EVM), under procedures approved by the Trustees. In connection with determining the fair value of a Senior Loan, the investment adviser makes an assessment of the likelihood that the borrower will make a full repayment of the Senior Loan. The primary factors considered by the investment adviser when making this assessment are (i) the creditworthiness of the borrower, (ii) the value of the collateral backing the Senior Loan, and (iii) the priority of the Senior Loan versus other creditors of the borrower. If, based on its assessment, the investment adviser believes there is a reasonable likelihood that the borrower will make a full repayment of the Senior Loan, the investment adviser will determine the fair value of the Senior Loan using a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other loan interests issued by companies of comparable credit quality. If, based on its assessment, the investment adviser believes there is not a reasonable likelihood that the borrower will make a full repayment of the Senior Loan, the investment adviser will determine the fair value of the Senior Loan using analyses that include, but are not limited to (i) a comparison of the value of the borrower's outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower's assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising such factors, data and information and the relative weight to be given thereto as it deems relevant, including without limitation, some or all of the following: (i) the fundamental characteristics of and fundamental analytical data relating to the Senior Loan, including the cost, size, current interest rate, maturity and base lending rate of the Senior Loan, the terms and conditions of the Senior Loan and any related agreements, and the position of the Senior Loan in the borrower's debt structure; (ii) the nature, adequacy and value of the collateral securing the Senior Loan, including the Fund's rights, remedies and interests with respect to the collateral; (iii) the creditworthiness of the borrower, based on an evaluation of, among other things, its financial condition, financial statements and information about the borrower's business, cash flows, capital structure and future prospects; (iv) information relating to the market for the Senior Loan, including price quotations for and trading in the Senior Loan and interests in similar Senior Loans and the market environment and investor attitudes towards the Senior Loan and interests in similar Senior Loans; (v) the experience, reputation, stability and financial condition of the agent and any intermediate participants in the Senior Loan; and (vi) general economic and market conditions affecting the fair value of the Senior Loan. Fair value determinations are made by the portfolio managers of a Fund based on information available to such managers. The portfolio managers of other funds and portfolios managed by Eaton Vance that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Fund. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds and portfolios managed by Eaton Vance that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Fund. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser's Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans are valued in the same manner as Senior Loans.

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-


29



Eaton Vance Senior Income Trust as of June 30, 2007

NOTES TO FINANCIAL STATEMENTS CONT'D

size trading units of such securities which may use market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. The value of interest rate swaps will be based on dealer quotations. Short-term obligations which mature in sixty days or less are valued at amortized cost, which approximates value. If short-term debt securities are acquired with a remaining maturity of more than 60 days, they will be valued by a pricing service. Over-the-counter options are valued at the mean between the bid and the asked price provided by dealers. Foreign exchange rates for foreign exchange forward contracts and for the translation of non-U.S. dollar-denominated investments into U.S. dollars are obtained from a pricing service. Credit default swaps are valued by the broker-dealer (usually the counterparty to the agreement). Marketable securities listed on the NASDAQ Global or Global Select Market System are valued at the NASDAQ official closing price. Financial futures contracts listed on the commodity exchanges and options thereon are valued at closing settlement prices. Repurchase agreements are valued at cost plus accrued interest. Other portfolio securities for which there are no quotations or valuations and investments for which the price of the security is not believed to represent its fair market value, are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund. Occasionally, events affecting the value of foreign securities may occur between the time trading is completed abroad and the close of the Exchange which will not be reflected in the computation of the Fund's net asset value (unless the Fund deems that such event would materially affect its net asset value in which case an adjustment would be made and reflected in such computation). The Fund may rely on an independent fair valuation service in making any such adjustment as to the value of a foreign equity security.

The Fund may invest in Cash Management Portfolio (Cash Management), an affiliated investment company managed by Boston Management and Research (BMR), a subsidiary of EVM. Cash Management values its investment securities utilizing the amortized cost valuation technique permitted by Rule 2a-7 of the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium.

B  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

C  Federal Taxes — The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders, each year, substantially all of its net investment income and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. At June 30, 2007, the Fund, for federal income tax purposes, had a capital loss carryover of $46,210,611, which will expire on June 30, 2010 ($25,817,521), June 30, 2011 ($13,711,847) and June 30, 2012 ($6,681,243). These amounts will reduce the Fund'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 Fund of any liability for federal income or excise tax.

D  Credit Default Swaps — The Fund may enter into credit default swap contracts for risk management purposes, including diversification. When the Fund is a buyer of a credit default swap contract, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Fund would pay the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would have spent the stream of payments and received no benefit from the contract. When the Fund is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay upon default of the referenced debt obligations. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. The Fund will segregate assets in the form of cash and cash equivalents in an amount equal to the aggregate market value of the credit default swap of which it is the seller, marked to market on a daily basis. These transactions involve certain risks, including the risk that the counterparty may be unable to fulfill the transaction.

E  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are converted each business day


30



Eaton Vance Senior Income Trust as of June 30, 2007

NOTES TO FINANCIAL STATEMENTS CONT'D

into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F  Forward Foreign Currency Exchange Contracts — The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar. The Fund will enter into forward contracts for hedging purposes as well as non-hedging purposes. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until such time as the contracts have been closed.

G  Unfunded Loan Commitments — The Fund may enter into certain credit agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments are disclosed in the accompanying Portfolio of Investments.

H  Expense Reduction — Investors Bank & Trust Company (IBT) serves as custodian of the Fund. Effective July 2, 2007, the parent company of IBT was acquired by State Street Corporation. Pursuant to the custodian agreement, IBT receives a fee reduced by credits which are determined based on the average daily cash balance the Fund maintains with IBT. All credit balances, if any, are used to reduce the Fund's custodian fees and are reported as a reduction of expenses in the Statements of Operations.

I  Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

J  Indemnifications — Under the Fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund, and shareholders are indemnified against personal liability for the obligations of the Fund. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

K  Other — Investment transactions are accounted for on the date the securities are purchased or sold. Realized gains and losses on securities sold are determined on the basis of identified cost.

2  Auction Preferred Shares (APS)

The Fund issued 2,200 shares of APS Series A and 2,200 shares of APS 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 cumulatively 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 ranged from 4.70% to 5.27% for Series A and 4.50% to 5.31% for Series B, during the year ended June 30, 2007. 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 Fund 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 Fund is in default for an extended period 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


31



Eaton Vance Senior Income Trust as of June 30, 2007

NOTES TO FINANCIAL STATEMENTS CONT'D

accumulated and unpaid dividends. The Fund is required to maintain certain asset coverage with respect to the APS as defined in the Fund's By-Laws and the 1940 Act. The Fund pays annual fees equivalent to 0.25% of the preferred shares' liquidation value for the remarketing efforts associated with the preferred auctions.

3  Distributions to Shareholders

The Fund intends to make monthly distributions to common shareholders of net investment income, after payment of any dividends on any outstanding APS. In addition, at least annually, the Fund intends to distribute net capital gains, if any. 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 APS is generally seven days. The applicable dividend rate for the APS on June 30, 2007 was 4.950% and 5.070%, for Series A and Series B shares, respectively. For the year ended June 30, 2007, the Fund paid dividends to APS shareholders amounting to $2,796,869 and $2,813,341 for Series A and Series B shares, respectively, representing an average APS dividend rate for such period of 5.09% and 5.12%, respectively.

The Fund distinguishes between distributions on a tax basis and those on a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in-capital.

The tax character of distributions paid for the years ended June 30, 2007 and June 30, 2006 were as follows:

    Year Ended June 30,  
    2007   2006  
Distributions declared from:  
Ordinary income   $ 29,204,034     $ 25,182,648    

 

During the year ended June 30, 2007, additional paid-in capital was decreased by $392,669, accumulated undistributed net investment income was increased by $156,650, and accumulated net realized loss was decreased by $236,019 due to differences between book and tax accounting for amortization/accretion, foreign currency transactions and swap contracts. This change had no effect on net assets or the net asset value per share.

At June 30, 2007, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed income   $ 1,666,404    
Unrealized gain   $ 4,112,199    
Capital loss carryforwards   $ (46,210,611 )  

 

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. There was no share activity for the years ended June 30, 2007 and 2006, respectively.

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 Fund's average weekly gross assets, was earned by EVM as compensation for management and investment advisory services rendered to the Fund. For the year ended June 30, 2007, the fee was equivalent to 0.85% of the Fund's average weekly gross assets. The portion of the advisory fees payable by Cash Management on the Fund's investment of cash therein is credited against the Fund's advisory fees. For the year ended June 30, 2007, the Fund's advisory fee totaled $4,768,976 of which $47,212 was allocated from Cash Management and $4,721,764 was paid or accrued directly by the Fund. Except for Trustees of the Fund who are not members of EVM's organization, officers and Trustees receive remuneration for their services to the Fund out of such investment adviser fee. EVM also serves as the administrator of the Fund. An administration fee, computed at the monthly rate of 1/48 of 1% (0.25% annually) of the average weekly gross assets of the Fund, is paid to EVM for managing and administering the Fund's business affairs. For year ended June 30, 2007, the fee was equivalent to 0.25% of the Fund's average weekly gross assets for such period and amounted to $1,402,874.

Certain officers and Trustees of the Fund are officers of the above organization.

6  Investment Transactions

The Fund invests primarily in Senior Loans. The ability of the issuers of the Senior Loans held by the Fund to meet their obligations may be affected by economic developments in a specific industry. Purchases and sales


32



Eaton Vance Senior Income Trust as of June 30, 2007

NOTES TO FINANCIAL STATEMENTS CONT'D

of investments other than short-term obligations and including principal repayments on Senior Loans aggregated $348,662,732 and $337,892,375 respectively, for the year ended June 30, 2007.

7  Short-Term Debt and Credit Agreements

The Fund has entered into a revolving credit agreement that will allow the Fund to borrow up to $120 million to support the issuance of commercial paper and to permit the Fund 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 commercial paper program fees of approximately $352,000 and a commitment fee of approximately $145,000 which is computed at the annual rate of 0.10% on the unused portion of the revolving credit agreement. As of June 30, 2007, the Fund had commercial paper outstanding of $110,000,000, at an interest rate of 5.27% and is reflected in the demand note payable on the Statement of Assets and Liabilities. Maximum and average borrowings for the year ended June 30, 2007 were $120,000,000 and $119,534,247, respectively, and the average interest rate was 5.37%.

8  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities and to assist in managing exposure to various market risks. These financial instruments include written options, forward foreign currency exchange contracts, financial futures contracts, interest rate swaps, and credit default swaps and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and does not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at June 30, 2007 is as follows:

Forward Foreign Currency Exchange Contracts

Purchases  
Settlement Date   In exchange for   Deliver   Net Unrealized
Appreciation
(Depreciation)
 
7/10/07 British Pound United States Dollar  
499,375
    998,251       3,582    
7/11/07 Euro United States Dollar  
400,000
    541,200       (833 )  
            $ 2,749    
Sales  
Settlement Date   Deliver   In exchange for   Net Unrealized
Appreciation
(Depreciation)
 
7/31/07 British Pound United States Dollar  
5,421,287
    10,834,162       (39,018 )  
7/31/07 Euro United States Dollar  
17,510,148
    23,542,141       (128,649 )  
    $ (167,667 )  

 

The Portfolio had the following swap agreements outstanding at June 30, 2007:

Credit Default Swaps  
Notional
Amount
  Expiration
Date
  Description   Net Unrealized
Appreciation
 
  1,500,000       3/20/2010     Agreement with Lehman Brothers dated 3/15/2005 whereby the Fund will receive 2.20% per year times
the notional amount. The Fund makes a payment of the notional amount only upon a default event on the
reference entity, a Revolving Credit Agreement issued by Inergy, L.P.
    $45,606    

 

At June 30, 2007, the Fund had sufficient cash and/or securities to cover potential obligations arising under these contracts.


33



Eaton Vance Senior Income Trust as of June 30, 2007

NOTES TO FINANCIAL STATEMENTS CONT'D

9  Federal Income Tax Basis of Unrealized Appreciation (Depreciation)

The cost and unrealized appreciation (depreciation) in the value of the investments owned at June 30, 2007, as determined on a federal income tax basis, were as follows:

Aggregate cost   $ 537,322,383    
Gross unrealized appreciation   $ 5,629,269    
Gross unrealized depreciation     (1,380,888 )  
Net unrealized appreciation   $ 4,248,381    

 

Unrealized depreciation on swap contracts and forward foreign currency exchange contracts was $136,182.

10  Restricted Securities

At June 30, 2007, the Fund owned the following securities (representing less than 0.1% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The fair value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

Description   Date of
Acquisition
  Shares/Face   Cost   Value  
Common Stocks              
Environmental
Systems Products
  10/24/00     2,992     $ 0     $ 0    
    $ 0     $ 0    
Preferred Stocks  
Hayes Lemmerz
International, Series A
  6/04/03     35     $ 1,750     $ 809    
Key Plastics, LLC, Series A   4/26/01     15       15,000       0    
            $ 16,750     $ 809    
    Total Restricted Securities           $ 16,750     $ 809    

 

11  Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers and issuers than in the United States.

12  Recently Issued Accounting Pronouncements

In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109". FIN 48 clarifies the accounting for uncertainty in income taxes recognized in accordance with FASB Statement No. 109, "Accounting for Income Taxes." This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. FIN 48 is effective during the first required financial reporting period for fiscal years beginning after December 15, 2006. Management is currently evaluating the impact of applying the various provisions of FIN 48.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements". FAS 157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. FAS 157 is effective for fiscal years beginning after November 15, 2007. Management is currently evaluating the impact the adoption of FAS 157 will have on the Fund's financial statement disclosures.


34




Eaton Vance Senior Income Trust as of June 30, 2007

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Shareholders
of Eaton Vance Senior Income Trust

We have audited the accompanying statement of assets and liabilities of Eaton Vance Senior Income Trust (the Fund), including the portfolio of investments, as of June 30, 2007, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund'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 the standards of the Public Company Accounting Oversight Board (United States). 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. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities and Senior Loans owned as of June 30, 2007 by correspondence with the custodian, broker, and selling or agent banks; where replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the 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 June 30, 2007, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP
Boston, Massachusetts
August 17, 2007


35



Eaton Vance Senior Income Trust as of June 30, 2007

FEDERAL TAX INFORMATION (Unaudited)

The Form 1099-DIV you receive in January 2008 will show the tax status of all distributions paid to your account in calendar 2007. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code regulations, shareholders must be notified within 60 days of the Fund's fiscal year end regarding exempt-interest dividends.


36




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.


37



Eaton Vance Senior Income Trust

APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN

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.

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.

The 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

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 management investment company and has no employees.

Number of Shareholders

As of June 30, 2007, our records indicate that there were 219 registered shareholders for and approximately 13,773 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.


38



Eaton Vance Senior Income Trust

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund's board of trustees, including by a vote of a majority of the trustees who are not "interested persons" of the fund ("Independent Trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a "Board") of the Eaton Vance group of mutual funds (the "Eaton Vance Funds") held on April 23, 2007, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Special Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Special Committee reviewed information furnished for a series of meetings of the Special Committee held in February, March and April 2007. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

•  An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

•  An independent report comparing each fund's total expense ratio and its components to comparable funds;

•  An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

•  Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;

•  Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;

•  Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management

•  Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed;

•  Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through "soft dollar" benefits received in connection with the funds' brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;

•  Data relating to portfolio turnover rates of each fund;

•  The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

Information about each Adviser

•  Reports detailing the financial results and condition of each adviser;

•  Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

•  Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

•  Copies of or descriptions of each adviser's proxy voting policies and procedures;

•  Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

•  Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

Other Relevant Information

•  Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

•  Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds' administrator; and

•  The terms of each advisory agreement.


39



Eaton Vance Senior Income Trust

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONT'D

In addition to the information identified above, the Special Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2007, the Board met eleven times and the Special Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met thirteen , fourteen and nine times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund's investment objective.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund's investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Special Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Special Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Special Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Special Committee concluded that the continuance of the investment advisory agreement between the Eaton Vance Senior Income Trust (the "Fund") and Eaton Vance Management (the "Adviser"), including its fee structure, is in the interests of shareholders and, therefore, the Special Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Special Committee as well as the factors considered and conclusions reached by the Special Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.

The Board considered the Adviser's management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board evaluated the abilities and experience of such investment personnel in analyzing special considerations relevant to investing in senior secured floating-rate loans. The Board noted the experience of the Adviser's 30 bank loan investment professionals and other personnel who provide services to the Fund, including five portfolio managers and 17 analysts. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board also reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission and the National Association of Securities Dealers.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the respective investment advisory agreements.


40



Eaton Vance Senior Income Trust

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONT'D

Fund Performance

The Board compared the Fund's investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three- and five-year periods ended September 30, 2006 for the Fund. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by the Fund (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the year ended September 30, 2006, as compared to a group of similarly managed funds selected by an independent data provider.

The Board considered the financial resources committed by the Adviser in structuring the Fund at the time of its initial public offering and the waiver of fees provided by the Adviser for the first five years of the Fund's life. After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services and the Fund's total expense ratio are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with its relationship with the Fund.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board also considered the fact that the Fund is not continuously offered and concluded that, in light of the level of the adviser's profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates and the Fund.


41




Eaton Vance Senior Income Trust

MANAGEMENT AND ORGANIZATION

Fund Management. The Trustees of Eaton Vance Senior Income Trust (the Trust) are responsible for the overall management and supervision of the Trust's affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The "noninterested Trustees" consist of those Trustees who are not "interested persons" of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109. As used below, "EVC" refers to Eaton Vance Corp., "EV" refers to Eaton Vance, Inc., "EVM" refers to Eaton Vance Management, "BMR" refers to Boston Management and Research and "EVD" refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below.

Name and
Date of Birth
  Position(s)
with the
Trust
  Term of
Office and
Length of
Service
  Principal Occupation(s)
During Past Five Years
  Number of Portfolios
in Fund Complex
Overseen By
Trustee(1) 
  Other Directorships Held  
Interested Trustee(s)  
Thomas E. Faust Jr. 5/31/58   Trustee   Until 2008. 3 years. Trustee since 2007.   President of EVC, BMR, and EV and Director of EVD. Chief Investment Officer of EVC, EVM and BMR. Trustee and/or officer of 177 registered investment companies and 5 private investment companies in the Eaton Vance Fund Complex. Mr. Faust is an interested person because of his position with EVM, BMR, EVC and EV, which are affiliates of the Trust.     177     Director of EVC  
James B. Hawkes 11/9/41   Trustee and President   Until 2008. 3 years. Trustee and President since 1998.   Chairman and Chief Executive Officer of EVC, BMR, EVM and EV; Director of EV and EVD. Trustee and/or officer of 177 registered investment companies in the Eaton Vance Fund Complex. Mr. Hawkes is an interested person because of his positions with BMR, EVM, EVC and EV, which are affiliates of the Trust.     177     Director of EVC  
Noninterested Trustee(s)  
Benjamin C. Esty 1/2/63   Trustee   Until 2008. 3 years. Trustee since 2005.   Roy and Elizabeth Simmons Professor of Business Administration, Harvard University Graduate School of Business Administration (since 2003). Formerly, Associate Professor, Harvard University Graduate School of Business Administration (2000-2003).     177     None  
Allen R. Freedman 4/3/40   Trustee   Until 2009. 3 years. Trustee since 2007.   Former Chairman and Chief Excecutive Officer of Assurant, Inc. (insurance provider) (1978-2000).     175     Director of Assurant, Inc. and Stonemor Partners L.P. (owner and operator of cemeteries)  
William H. Park 9/19/47   Trustee   Until 2007. 3 years. Trustee since 2003.   Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (since 2006). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (since 2002-2005).     177     None  
Ronald A. Pearlman(A) 7/10/40   Trustee   Until 2008. 3 years. Trustee since 2003.   Professor of Law, Georgetown University Law Center.     177     None  
Norton H. Reamer 9/21/35   Trustee   Until 2009. 3 years. Trustee since 1998.   President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) (since October 2003). President, Unicorn Corporation (an investment and financial advisory services company) (since September 2000). Formerly, Chairman and Chief Operating Officer, Hellman, Jordan Management Co., Inc. (an investment management company) (2000-2003). Formerly, Advisory Director of Berkshire Capital Corporation (investment banking firm) (2002-2003).     177     None  

 


42



Eaton Vance Senior Income Trust

MANAGEMENT AND ORGANIZATION CONT'D

Name and
Date of Birth
  Position(s)
with the
Trust
  Term of
Office and
Length of
Service
  Principal Occupation(s)
During Past Five Years
  Number of Portfolios
in Fund Complex
Overseen By
Trustee(1) 
  Other Directorships Held  
Noninterested Trustee(s) (continued)                          
Heidi L. Steiger 7/8/53   Trustee   Until 2007. 3 years. Trustee since 2007.   President, Lowenhaupt Global Advisors, LLC (global wealth management firm) (since 2005); Formerly, President and Contributing Editor, Worth Magazine (2004); Formerly, Executive Vice President and Global Head of Private Asset Management (and various other positions), Neuberger Berman (investment firm) (1986-2004).     177     Director of Nuclear Electric Insurance Ltd. (nuclear insurance provider) and Aviva USA (insurance provider)  
Lynn A. Stout 9/14/57   Trustee   Until 2007. 3 years. Trustee since 1999.   Professor of Law, University of California at Los Angeles School of Law.     177     None  
Ralph F. Verni(A) 1/26/43   Trustee and Chairman of the Board   Until 2009, 3 years. Trustee since 2005 and Chairman of the Board since 2007.   Consultant and private investor.     177     None  

 

Name and
Date of Birth
  Position(s)
with
the Trust
  Term of
Office and
Length of
Service
  Principal Occupation(s)
During Past Five Years
 
Scott H. Page 11/30/59   Vice President   Since 1998   Vice President of EVM and BMR. Officer of 15 registered investment companies managed by EVM or BMR.  
John P. Redding 3/21/63   Vice President   Since 2001   Vice President of EVM and BMR. Officer of 1 registered investment company managed by EVM or BMR.  
Payson F. Swaffield 8/13/56   Vice President   Since 1998   Vice President of EVM and BMR. Officer of 15 registered investment companies managed by EVM or BMR.  
Michael W. Weilheimer 2/11/61   Vice President   Since 1998   Vice President of EVM and BMR. Officer of 24 registered investment companies managed by EVM or BMR.  
Barbara Campbell 6/19/57   Treasurer   Since 2005(2)   Vice President of BMR, EVM and EVD. Officer of 177 registered investment companies managed by EVM or BMR.  
Alan R. Dynner 10/10/40   Secretary   Since 1998   Vice President. Secretary and Chief Legal Officer of BMR, EVM, EVD, EV and EVC. Officer of 177 registered investment companies managed by EVM or BMR.  
Paul M. O'Neil 7/11/53   Chief Compliance Officer   Since 2004   Vice President of EVM and BMR. Officer of 177 registered investment companies managed by EVM or BMR.  

 

(1)  Includes both master and feeder funds in a master-feeder structure.

(2)  Prior to 2005, Ms. Campbell served as Assistant Treasurer of the Trust since 1998.

(A)  APS Trustee.

In accordance with Section 303A.12 (a) of the New York Stock Exchange Listed Company Manual, the Fund's Annual CEO Certification certifying as to compliance with NYSE's Corporate Governance Listing Standards was submitted to the Exchange on November 8, 2006.


43



This Page Intentionally Left Blank




Investment Adviser and Administrator of Eaton Vance Senior Income Trust
Eaton Vance Management

The Eaton Vance Building
255 State Street
Boston, MA 02109

Custodian
State Street Bank and Trust Company

200 Clarendon Street
Boston, MA 02116

Transfer Agent
PFPC Inc.

Attn: Eaton Vance Funds
P.O. Box 43027
Providence, RI 02940-3027
1-800-262-1122

Independent Registered Public Accounting Firm
Deloitte & Touche LLP

200 Berkeley Street
Boston, MA 02116-5022

Eaton Vance Senior Income Trust
The Eaton Vance Building
255 State Street
Boston, MA 02109



171-8/07  SITSRC




Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.  The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.

Item 3. Audit Committee Financial Expert

During the period the registrant’s Board designated William H. Park, Samuel L. Hayes, III and Norton H. Reamer, each an independent trustee, as its audit committee financial experts.  Mr. Hayes retired from the Board effective July 1, 2007. Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (“UAM”) (a holding company owning institutional investment management firms).  Mr. Hayes is the Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard University Graduate School of Business Administration.  Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company).  Formerly, Mr. Reamer was Chairman and Chief Operating Officer of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds).

Item 4. Principal Accountant Fees and Services

(a)-(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended June 30, 2006 and June 30, 2007 by the registrant’s principal accountant for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by the principal accountant during such periods.

Eaton Vance Floating Rate Income Trust

Fiscal Years Ended

 

06/30/06

 

06/30/07

 

 

 

 

 

 

 

Audit Fees

 

$

52,950

 

$

58,700

 

 

 

 

 

 

 

Audit-Related Fees(1)

 

$

21,000

 

$

5,150

 

 

 

 

 

 

 

Tax Fees(2)

 

$

8,100

 

$

13,384

 

 

 

 

 

 

 

All Other Fees(3)

 

$

0

 

$

0

 

 

 

 

 

 

 

Total

 

$

82,050

 

$

77,234

 

 


(1)           Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees and specifically includes fees for the performance of certain agreed upon procedures relating to the registrant’s auction preferred shares.

(2)           Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation.

(3)           All other fees consist of the aggregate fees billed for products and services provided by the registrant’s principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”).  The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge




of its pre-approval responsibilities.  As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees.  Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually.  The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by the registrant’s principal accountant for the registrant’s fiscal year ended June 30, 2006 and the fiscal year ended June 30, 2007; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by the registrant’s principal accountant for the same time periods.

Fiscal Years Ended

 

06/30/06

 

06/30/07

 

 

 

 

 

 

 

Registrant

 

$

29,100

 

$

18,534

 

 

 

 

 

 

 

Eaton Vance(1)

 

$

35,600

 

$

78,500

 

 

 

 

 

 

 

Total

 

$

64,700

 

$

97,034

 

 


(1)                                 The investment adviser to the registrant, as well as any of its affiliates that provide ongoing services to the registrant, are subsidiaries of Eaton Vance Corp.

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5.  Audit Committee of Listed registrants

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended.  As of the end of the period Norton H. Reamer (Chair), Samuel L. Hayes, III, William H. Park, Heidi L. Steiger, Lynn A.




Stout and Ralph E. Verni were the members of the registrant’s audit committee. Mr. Hayes retired from the Board effective July 1, 2007.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the “Fund Policy”), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below.  The Trustees will review the Fund’s proxy voting records from time to time and will annually consider approving the Policies for the upcoming year.  In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board’s Special Committee except as contemplated under the Fund Policy.  The Board’s Special Committee will instruct the investment adviser on the appropriate course of action.

The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services.  The investment adviser will generally vote proxies through the Agent.  The Agent is required to vote all proxies and/or refer then back to the investment adviser pursuant to the Policies.  It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent.  The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies.  The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies.  The investment adviser generally supports management on social and environmental proposals.  The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.

In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients.  The investment adviser’s personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personal of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the




recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists.  If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.

Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

Item 8.      Portfolio Managers of Closed-End Management Investment Companies

Scott H. Page, John Redding, Payson F. Swaffield and other Eaton Vance Management (“EVM”) investment professionals comprise the investment team responsible for the overall management of the Fund’s investments as well as allocations of the Fund’s assets between common and preferred stocks.  Messrs. Page, Redding and Swaffield are the portfolio managers responsible for the day-to-day management of specific segments of the Fund’s investment portfolio.

Mr. Page has been an Eaton Vance portfolio manager since 1996 and is a Vice President of EVM and Boston Management and Research, an Eaton Vance subsidiary (“BMR”). He is co-head of Eaton Vance’s Senior Loan Group.  Mr. Swaffield has been an Eaton Vance portfolio manager since 1996 and is a Vice President of EVM and BMR.  Along with Mr. Page, he is co-head of Eaton Vance’s Senior Loan Group.  Mr. Redding has been with Eaton Vance since 1998 and is a Vice President of EVM and BMR.  This information is provided as of the date of filing of this report.

The following tables show, as of the Fund’s most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets in the accounts managed within each category.  The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets in those accounts.

 

 

Number of
All Accounts

 

Total Assets of
All Accounts*

 

Number of Accounts
Paying a Performance
Fee

 

Total Assets of
Accounts Paying a
Performance Fee*

 

Scott H. Page

 

 

 

 

 

 

 

 

 

Registered Investment Companies

 

13

 

$

16,684.4

 

0

 

$

0

 

Other Pooled Investment Vehicles

 

8

 

$

6,054.9

 

7

 

$

3,154.8

 

Other Accounts

 

2

 

$

1,008.2

 

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

John P. Redding

 

 

 

 

 

 

 

 

 

Registered Investment Companies

 

1

 

$

430.9

 

0

 

$

0

 

Other Pooled Investment Vehicles

 

6

 

$

2,397.4

 

6

 

$

2,397.4

 

Other Accounts

 

0

 

$

0

 

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

Payson F. Swaffield

 

 

 

 

 

 

 

 

 

Registered Investment Companies

 

13

 

$

16,684.4

 

0

 

$

0

 

Other Pooled Investment Vehicles

 

8

 

$

6,054.9

 

7

 

$

3,154.8

 

Other Accounts

 

2

 

$

1,008.2

 

0

 

$

0

 

 




 


*In millions of dollars. For registered investment companies, assets represent net assets of all open-end investment companies and gross assets of all closed-end investment companies.

The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of the Fund’s most recent fiscal year end.

Portfolio Manager

 

Dollar Range of
Equity Securities
Owned in the Fund

 

Scott H. Page

 

$100,001 - $500,000

 

John P. Redding

 

$100,001 - $500,000

 

Payson F. Swaffield

 

None

 

 

Potential for Conflicts of Interest.  The portfolio managers manage multiple investment portfolios.  Conflicts of interest may arise between a portfolio manager’s management of the Fund and his or her management of these other investment portfolios. Potential areas of conflict may include allocation of a portfolio manager’s time, investment opportunities and trades among investment portfolios, including the Fund, personal securities transactions and use of Fund portfolio holdings information.   In addition, some investment portfolios may compensate the investment adviser or sub-adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for a portfolio manager in the allocation of management time and investment opportunities.  Eaton Vance Management has adopted policies and procedures that it believes are reasonably designed to address these conflicts.  There is no guarantee that such policies and procedures will be effective or that all potential conflicts will be anticipated.

Portfolio Manager Compensation Structure

Compensation of EVM’s portfolio managers and other investment professionals has three primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual stock-based compensation consisting of options to purchase shares of EVC’s nonvoting common stock and/or restricted shares of EVC’s nonvoting common stock. EVM’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to all EVM’s employees. Compensation of EVM’s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.

Method to Determine Compensation. EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus appropriate peer groups or benchmarks. Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to risk-adjusted performance. For funds with an investment objective other than total return (such as current




income), consideration will also be given to the fund’s success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance.

The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers’ performance in meeting them.

EVM seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. EVM participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of EVM and its parent company. The overall annual cash bonus pool is based on a substantially fixed percentage of pre-bonus operating income. While the salaries of EVM’s portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

No such purchases this period.

Item 10. Submission of Matters to a Vote of Security Holders.

No Material Changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.




Item 12. Exhibits

(a)(1)

 

Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)

 

Treasurer’s Section 302 certification.

(a)(2)(ii)

 

President’s Section 302 certification.

(b)

 

Combined Section 906 certification.

 




Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Senior Income Trust

 

 

 

 

 

By:

/s/James B. Hawkes

 

 

 

James B. Hawkes

 

 

 

President

 

 

 

 

 

 

 

 

 

 

Date:

August 14, 2007

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By:

/s/Barbara E. Campbell

 

 

 

Barbara E. Campbell

 

 

 

Treasurer

 

 

 

 

 

 

 

 

 

 

Date:

August 14, 2007

 

 

 

 

 

 

 

 

 

 

By:

/s/James B. Hawkes

 

 

 

James B. Hawkes

 

 

 

President

 

 

 

 

 

 

 

 

 

 

Date:

August 14, 2007