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 |
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Eaton Vance Senior Income Trust |
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(Exact name of registrant as specified in charter) |
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The Eaton Vance Building, 255 State Street, Boston, Massachusetts |
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02109 |
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(Address of principal executive offices) |
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(Zip code) |
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Alan R. Dynner |
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(Name and address of agent for service) |
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Registrants telephone number, including area code: |
(617) 482-8260 |
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Date of fiscal year end: |
June 30 |
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Date of reporting period: |
June 30, 2007 |
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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
ManageMents 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 Funds 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 classs long-term performance seniority and security remain in place.
The Funds Investments
· The Funds 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 Funds 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 Funds 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 Funds 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 Funds leverage may be offset by increased/decreased income from the Funds senior loan investments.
(1) |
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Performance results reflect the effect of leverage resulting from the Funds issuance of Auction Preferred Shares and its participation in a commercial paper program. |
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(2) |
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The Funds 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. |
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(3) |
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It is not possible to invest directly in an Index. The Indexs 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 Indexs return does not reflect the effect of leverage, such as the issuance of Auction Preferred Shares and participation in a commercial paper program. |
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(4) |
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Holdings and industry weightings are subject to change due to active management. |
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(5) |
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In the event of a rise in long-term interest rates, the value of the Funds 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 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 Funds 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 Funds 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 |
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EVF |
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Average Annual Total Return (by share price, NYSE) |
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One Year |
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13.81 |
% |
Five Years |
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8.69 |
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Life of Fund (10/30/98) |
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5.64 |
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Average Annual Total Return (at net asset value) |
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One Year |
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8.70 |
% |
Five Years |
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7.50 |
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Life of Fund (10/30/98) |
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5.97 |
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(1) Performance results reflect the effect of leverage resulting from the Funds 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 Funds 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 Fundss 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 Funds 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 Funds 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 |
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1.1 |
% |
Sungard Data Systems, Inc. |
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1.1 |
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Georgia Pacific Corp. |
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0.9 |
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Idearc, Inc. |
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0.8 |
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Metro-Goldwyn-Mayer Holdings |
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0.8 |
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Univision Communications, Inc. |
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0.8 |
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WMG Acquisition Corp. |
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0.7 |
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Nielsen Finance LLC |
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0.7 |
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HCA, Inc. |
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0.7 |
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Penn National Gaming, Inc. |
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0.6 |
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Total |
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8.2 |
% |
(2) Reflects the Funds investments as of June 30, 2007. Holdings are shown as a percentage of the Funds 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 |
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7.8 |
% |
Business Equip. & Services |
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6.8 |
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Publishing |
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6.0 |
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Chemicals & Plastics |
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5.9 |
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Cable & Satellite Television |
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5.5 |
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(3) Reflects the Funds investments as of June 30, 2007. Industries are shown as a percentage of the Funds 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 |
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2.7 |
% |
Ba |
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52.8 |
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B |
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31.6 |
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Caa |
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3.2 |
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Non-Rated (5) |
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9.7 |
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(4) Credit Quality ratings are those provided by Moodys, a nationally recognized bond rating service. As a percentage of the Funds total loan investments as of June 30, 2007. Fund information may not be representative of the Funds 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 managements 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 |
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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 |
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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 |
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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 registrants 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 registrants fiscal years ended June 30, 2006 and June 30, 2007 by the registrants principal accountant for professional services rendered for the audit of the registrants 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 registrants 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 registrants 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 registrants principal accountant other than audit, audit-related, and tax services.
(e)(1) The registrants audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrants 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 registrants audit committee at least annually. The registrants audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrants principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrants 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 registrants principal accountant for the registrants 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 registrants 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 registrants audit committee has considered whether the provision by the registrants principal accountant of non-audit services to the registrants 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 accountants 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 registrants 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 Funds investment adviser and adopted the investment advisers proxy voting policies and procedures (the Policies) which are described below. The Trustees will review the Funds 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 Funds 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 Boards Special Committee except as contemplated under the Fund Policy. The Boards Special Committee will instruct the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a companys 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 Funds 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 advisers 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 Commissions 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 Funds investments as well as allocations of the Funds 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 Funds 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 Vances 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 Vances 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 Funds 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 |
|
Total Assets of |
|
Number of Accounts |
|
Total Assets of |
|
||
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 Funds most recent fiscal year end.
Portfolio Manager |
|
Dollar Range of |
|
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 managers management of the Fund and his or her management of these other investment portfolios. Potential areas of conflict may include allocation of a portfolio managers 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 EVMs 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 EVCs nonvoting common stock and/or restricted shares of EVCs nonvoting common stock. EVMs investment professionals also receive certain retirement, insurance and other benefits that are broadly available to all EVMs employees. Compensation of EVMs 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 funds 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 EVMs 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 registrants principal executive officer and principal financial officer that the effectiveness of the registrants 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 Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants 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 registrants internal control over financial reporting.
Item 12. Exhibits
(a)(1) |
|
Registrants Code of Ethics Not applicable (please see Item 2). |
(a)(2)(i) |
|
Treasurers Section 302 certification. |
(a)(2)(ii) |
|
Presidents 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 |
|
|