Eaton Vance Senior Income Trust

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-09013

 

 

Eaton Vance Senior Income Trust

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

 

 

June 30

Date of Fiscal Year End

June 30, 2013

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


LOGO

 

 

Eaton Vance

Senior Income Trust (EVF)

Annual Report

June 30, 2013

 

 

 

 

LOGO


 

 

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and is not subject to the CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator.

Fund shares 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.


Annual Report June 30, 2013

Eaton Vance

Senior Income Trust

Table of Contents

 

Management’s Discussion of Fund Performance

     2   

Performance

     3   

Fund Profile

     4   

Endnotes and Additional Disclosures

     5   

Financial Statements

     6   

Report of Independent Registered Public Accounting Firm

     41   

Federal Tax Information

     42   

Dividend Reinvestment Plan

     43   

Board of Trustees’ Contract Approval

     45   

Management and Organization

     48   

Important Notices

     51   


Eaton Vance

Senior Income Trust

June 30, 2013

 

Management’s Discussion of Fund Performance1

 

 

Economic and Market Conditions

The U.S. floating-rate loan market performed solidly during the Fund’s fiscal year. Following a strong performance in 2012, momentum continued in the asset class during the first five months of 2013.

In late May 2013, however, U.S. Federal Reserve (the Fed) Chairman Ben Bernanke surprised the markets by indicating that quantitative easing—the Fed’s monthly purchase of about $85 billion in U.S. Treasuries and agency mortgage-backed securities—could slow down and end sooner than many market participants had expected. The negative effect on the bond market was swift and dramatic, but the short duration8 of floating-rate loans helped minimize the effect in that asset class. Loan yields were high enough to offset spread widening and price declines late in the period. For the 12 months ended June 30, 2013, the S&P/LSTA Leveraged Loan Index (the Index)2—a broad barometer for the loan market—advanced 7.32%.

With fundamentals in check for the most part and the default rate low, loan returns for most of the period were driven primarily by favorable technical conditions. Inflows into the asset class remained robust, with institutional demand and retail fund subscriptions outstripping the net supply of new loans issued. Investors’ search for yield and—until late in the period—strong appetite for risk kept loans in demand, due to their near-par valuations, zero-like duration and floating income stream.

With the global economy continuing what appears to be its gradual recovery during the period, improving corporate fundamentals were also a key driver of loan performance. Loan market default rates, a measure of corporate health and credit risk in the market, ended the period at 1.4% on a trailing 12-month basis, well below the market’s 10-year average of approximately 2.4%, according to Standard & Poor’s Leveraged Commentary & Data. With many of the weakest issuers having been winnowed out of the market in the recent recession, surviving firms tended to be operating in a leaner manner, cutting expenses and generating higher operating margins. This helped produce generally strong EBITDA (earnings before interest, taxes, depreciation and amortization) growth rates for those issuers, another positive factor for loan market fundamentals.

Fund Performance

For the fiscal year ended June 30, 2013, Eaton Vance Senior Income Trust (the Fund) shares at net asset value (NAV) had a total return of 9.49%, outperforming the 7.32% return of the Index. The predominant factors driving relative performance versus the Index during the period were quality positioning, investment leverage, high-yield bond exposure and beneficial credit selection.

Under normal market conditions, the Fund invests at least 80% of its total assets in senior, secured floating-rate loans (senior loans). In keeping with the Fund’s secondary goal of preservation of capital, management tends to overweight higher-rated loans relative to the Index—a strategy that may help the Fund experience limited credit losses over time but may detract from relative results versus the Index in times of market exuberance, such as that experienced for most of the period ended June 30, 2013.

For the fiscal year, BB-rated7 loans in the Index returned 5.18%, B-rated loans in the Index returned 6.98% and CCC-rated loans in the Index returned 19.31%. Across these ratings tiers, the Fund had overweight exposure to BB-rated loans and underweight exposure to B-rated and CCC-rated loans. As a result, the Fund’s higher-quality positioning generally served as a relative detractor from performance versus the Index during the period.

While the Fund’s quality positioning acted as a headwind, several factors drove overall favorable results relative to the Index. The Fund’s employment of investment leverage was a contributor to relative performance versus the Index, as leverage enhanced the performance of the Fund’s underlying portfolio. The Fund’s exposure to high-yield bonds, which markedly outperformed the loan market during the period and were not represented in the Index, aided relative results versus the Index as well. Finally, credit selection was broadly beneficial across the Fund’s many sectors.

On a sector-level basis, the Fund’s underweight to retailers (except food and drug) and telecommunications contributed to relative results versus the Index, as those market segments underperformed the broader Index. In contrast, the Fund’s underweight to lower-rated credit-heavy sectors, such as utilities, publishing, and radio and television, detracted from relative results versus the Index, as those areas outperformed the overall Index. Similarly, the Fund’s overweight to historically less volatile sectors, such as food products and food/drug retailers, detracted from relative performance versus the Index, as those sectors trailed the overall market.

 

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund 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 less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

 

  2  


Eaton Vance

Senior Income Trust

June 30, 2013

 

Performance2,3

 

Portfolio Managers Scott H. Page, CFA and John Redding

 

% Average Annual Total Returns    Inception Date      One Year      Five Years      Ten Years  

Fund at NAV

     10/30/1998         9.49      6.88      5.53

Fund at Market Price

             14.26         10.03         5.26   

S&P/LSTA Leveraged Loan Index

             7.32      6.39      5.38
           
% Premium/Discount to NAV                                
              2.31
           
Distributions4                                

Total Distributions per share for the period

            $ 0.476   

Distribution Rate at NAV

              5.88

Distribution Rate at Market Price

              5.74
           
% Total Leverage5                                

Auction Preferred Shares (APS)

              24.26

Borrowings

              14.34   

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund 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 less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

 

  3  


Eaton Vance

Senior Income Trust

June 30, 2013

 

Fund Profile

 

 

Top 10 Issuers (% of total investments)6

 

        

H.J. Heinz Company

    1.1

Intelsat Jackson Holdings Ltd.

    1.1   

SunGard Data Systems, Inc.

    1.1   

Alliance Boots Holdings Limited

    1.1   

Valeant Pharmaceuticals International, Inc.

    1.1   

Aramark Corp.

    1.0   

Asurion LLC

    0.9   

NBTY, Inc.

    0.9   

Calpine Corp. (corporate bond)

    0.9   

Laureate Education, Inc.

    0.8   
         

Total

    10.0
         

 

Top 10 Sectors (% of total investments)6

 

 

Health Care

    11.7

Business Equipment and Services

    9.0   

Electronics/Electrical

    6.2   

Retailers (Except Food and Drug)

    4.8   

Food Products

    4.4   

Telecommunications

    4.0   

Food Service

    4.0   

Financial Intermediaries

    4.0   

Chemicals and Plastics

    3.8   

Leisure Goods/Activities/Movies

    3.8   
         

Total

    55.7
         
 

Credit Quality (% of loan holdings)7

 

LOGO

 

    

 

 

See Endnotes and Additional Disclosures in this report.

 

  4  


Eaton Vance

Senior Income Trust

June 30, 2013

 

Endnotes and Additional Disclosures

 

 

1

The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements”. The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

 

2

S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

 

3

Performance results reflect the effects of leverage.

 

4

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be composed of ordinary income, tax- exempt income, net realized capital gains and return of capital. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.

 

5

Leverage represents the liquidation value of the Fund’s APS and borrowings outstanding as a percentage of Fund net assets applicable to common shares plus APS and borrowings outstanding. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time.

 

6

Excludes cash and cash equivalents.

 

7 

Ratings are based on Moody’s, S&P or Fitch, as applicable. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by Standard and Poor’s or Fitch (Baa or higher by Moody’s) are considered to be investment grade quality. Credit ratings are based largely on the rating agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. Holdings designated as “Not Rated” are not rated by the national rating agencies stated above.

 

8

Duration is a measure of the expected change in price of a bond— in percentage terms—given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest-rate changes.

 

  

Fund profile subject to change due to active management.

    

 

 

  5  


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments

 

 

Senior Floating-Rate Interests — 145.9%(1)   
     
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Aerospace and Defense — 3.0%

                   

Atlantic Aviation FBO Inc.

     

Term Loan, 3.25%, Maturing May 20, 2020

      225      $ 224,859   

AVIO S.p.A.

     

Term Loan, 3.07%, Maturing June 14, 2017

      300        298,500   

Term Loan, 3.88%, Maturing December 14, 2017

  EUR     275        357,327   

Term Loan, 3.95%, Maturing December 14, 2017

      325        323,375   

Booz Allen Hamilton Inc.

     

Term Loan, 4.50%, Maturing July 31, 2019

      422        420,143   

DAE Aviation Holdings, Inc.

     

Term Loan, 6.25%, Maturing October 29, 2018

      341        341,883   

Term Loan, 6.25%, Maturing November 2, 2018

      155        154,987   

Ducommun Incorporated

     

Term Loan, 4.75%, Maturing June 27, 2017

      214        217,540   

Hawker Beechcraft Acquisition Company LLC

     

Term Loan, 5.75%, Maturing February 14, 2020

      400        400,750   

IAP Worldwide Services, Inc.

     

Term Loan, 10.00%, Maturing December 31, 2015(2)

      853        511,808   

ION Media Networks, Inc.

     

Term Loan, 7.25%, Maturing July 31, 2018

      423        423,668   

Sequa Corporation

     

Term Loan, 5.25%, Maturing June 19, 2017

      796        801,224   

Silver II US Holdings, LLC

     

Term Loan, 4.00%, Maturing December 13, 2019

      995        989,326   

TASC, Inc.

     

Term Loan, 4.50%, Maturing December 18, 2015

      734        735,991   

Transdigm, Inc.

     

Term Loan, 3.75%, Maturing February 28, 2020

      2,292        2,270,742   
   
  $ 8,472,123   
   

Air Transport — 0.0%(3)

                   

Evergreen International Aviation, Inc.

     

Term Loan, 5.00%, Maturing June 30, 2015(2)

      55      $ 44,127   
   
  $ 44,127   
   

Automotive — 4.2%

                   

Affinia Group Intermediate Holdings Inc.

     

Term Loan, 4.75%, Maturing April 27, 2020

      950      $ 946,437   

Allison Transmission, Inc.

     

Term Loan, 4.25%, Maturing August 23, 2019

      1,709        1,719,971   

Autoparts Holdings Limited

     

Term Loan, 6.50%, Maturing July 28, 2017

      677        668,370   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Automotive (continued)

                   

Bass Pro Group, LLC

     

Term Loan, 4.00%, Maturing November 20, 2019

      684      $ 684,658   

Federal-Mogul Corporation

     

Term Loan, 2.13%, Maturing December 29, 2014

      2,175        2,080,934   

Term Loan, 2.13%, Maturing December 28, 2015

      568        543,960   

HHI Holdings LLC

     

Term Loan, 5.00%, Maturing October 5, 2018

      975        985,567   

Metaldyne Company LLC

     

Term Loan, 5.00%, Maturing December 18, 2018

      672        673,304   

SRAM, LLC

     

Term Loan, 4.01%, Maturing April 10, 2020

      955        950,658   

Tower International Inc.

  

Term Loan, 5.75%, Maturing April 16, 2020

      400        402,000   

TriMas Corporation

     

Term Loan, 3.75%, Maturing October 10, 2019

      447        451,091   

Veyance Technologies, Inc.

     

Term Loan, 5.25%, Maturing September 8, 2017

      1,446        1,441,313   
   
  $ 11,548,263   
   

Beverage and Tobacco — 0.6%

                   

D.E Master Blenders 1753 N.V.

     

Term Loan, Maturing June 25, 2018(4)

  EUR     1,250      $ 1,616,893   
   
  $ 1,616,893   
   

Brokers, Dealers and Investment Houses — 0.2%

  

       

American Stock Transfer & Trust Company, LLC

     

Term Loan - Second Lien, Maturing December 11,
2020(4)

      500      $ 497,500   
   
  $ 497,500   
   

Building and Development — 0.9%

                   

ABC Supply Co., Inc.

     

Term Loan, 3.50%, Maturing April 16, 2020

      625      $ 621,652   

Armstrong World Industries, Inc.

     

Term Loan, 3.50%, Maturing March 16, 2020

      274        275,033   

Preferred Proppants, LLC

     

Term Loan, 9.00%, Maturing December 15, 2016

      369        336,131   

RE/MAX International, Inc.

     

Term Loan, 5.50%, Maturing April 15, 2016

      800        806,345   

Starwood Property Trust, Inc.

     

Term Loan, 3.50%, Maturing April 17, 2020

      125        124,635   
 

 

  6   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Building and Development (continued)

                   

Summit Materials Companies I, LLC

     

Term Loan, 5.00%, Maturing January 30, 2019

      248      $ 247,917   
   
  $ 2,411,713   
   

Business Equipment and Services — 14.8%

               

Acosta, Inc.

     

Term Loan, 5.00%, Maturing March 2, 2018

      985      $ 991,626   

Acxiom Corporation

     

Term Loan, 3.25%, Maturing March 15, 2015

      346        346,986   

Advantage Sales & Marketing, Inc.

     

Term Loan, 4.25%, Maturing December 18, 2017

      1,544        1,547,606   

Affinion Group, Inc.

     

Term Loan, 6.50%, Maturing October 10, 2016

      659        627,980   

Allied Security Holdings, LLC

     

Term Loan, 5.25%, Maturing February 3, 2017

      489        491,816   

Alpha D2 Limited

     

Term Loan, 4.50%, Maturing April 30, 2019

      1,012        1,014,769   

Altegrity, Inc.

     

Term Loan, 7.75%, Maturing February 20, 2015

      336        333,103   

Term Loan, 5.00%, Maturing February 21, 2015

      1,209        1,160,791   

Altisource Solutions S.a.r.l.

     

Term Loan, 5.75%, Maturing November 27, 2019

      622        626,326   

Audio Visual Services Group, Inc.

     

Term Loan, 6.75%, Maturing November 9, 2018

      546        549,969   

BakerCorp International, Inc.

     

Term Loan, 4.25%, Maturing February 14, 2020

      424        422,171   

BAR/BRI Review Courses, Inc.

     

Term Loan, 6.00%, Maturing June 16, 2017

      327        326,719   

Brand Energy & Infrastructure Services, Inc.

     

Term Loan, 6.25%, Maturing October 23, 2018

      82        82,627   

Term Loan, 6.25%, Maturing October 23, 2018

      340        344,282   

Brickman Group Holdings Inc.

     

Term Loan, 4.00%, Maturing October 14, 2016

      309        310,741   

Term Loan, 4.00%, Maturing September 28, 2018

      390        390,135   

Brock Holdings III, Inc.

     

Term Loan, 6.01%, Maturing March 16, 2017

      559        565,036   

ClientLogic Corporation

     

Term Loan, 6.88%, Maturing January 30, 2017

  EUR     586        724,087   

Term Loan, 7.03%, Maturing January 30, 2017

      303        302,349   

Corporate Executive Board Company, The

     

Term Loan, 5.00%, Maturing July 2, 2019

      274        274,480   

CPM Acquisition Corp.

     

Term Loan, 6.25%, Maturing August 29, 2017

      248        248,435   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Business Equipment and Services (continued)

               

DynCorp International LLC

     

Term Loan, 6.25%, Maturing July 7, 2016

      258      $ 259,987   

Education Management LLC

     

Term Loan, 8.25%, Maturing March 29, 2018

      1,036        957,363   

EIG Investors Corp.

     

Term Loan, 6.25%, Maturing November 8, 2019

      1,020        1,026,249   

Term Loan - Second Lien, 10.25%, Maturing May 8, 2020

      250        253,125   

Expert Global Solutions, Inc.

     

Term Loan, 8.50%, Maturing April 3, 2018

      980        993,838   

Genesys Telecom Holdings, U.S., Inc.

     

Term Loan, 4.00%, Maturing February 7, 2020

      306        306,511   

Genpact International, Inc.

     

Term Loan, 3.50%, Maturing August 30, 2019

      821        825,492   

Go Daddy Operating Company, LLC

     

Term Loan, 4.25%, Maturing December 17, 2018

      1,535        1,530,713   

IMS Health Incorporated

     

Term Loan, 3.75%, Maturing September 1, 2017

      1,216        1,217,793   

ION Trading Technologies S.a.r.l.

     

Term Loan, 4.50%, Maturing May 22, 2020

      325        323,917   

Term Loan - Second Lien, 8.25%, Maturing May 21, 2021

      500        498,750   

ISS Holdings A/S

     

Term Loan, 4.21%, Maturing April 30, 2015

  EUR     123        160,684   

Term Loan, 4.21%, Maturing April 30, 2015

  EUR     877        1,147,744   

Term Loan, 3.03%, Maturing April 30, 2018

      225        225,387   

Ista International GmbH

     

Term Loan, Maturing June 1,
2020(4)

  EUR     225        294,728   

Jason Incorporated

     

Term Loan, 5.00%, Maturing February 28, 2019

      244        244,444   

KAR Auction Services, Inc.

     

Term Loan, 3.75%, Maturing May 19, 2017

      1,392        1,398,288   

Kronos Incorporated

     

Term Loan, 4.50%, Maturing October 30, 2019

      796        801,473   

Term Loan - Second Lien, 9.75%, Maturing April 30, 2020

      450        466,875   

Language Line, LLC

     

Term Loan, 6.25%, Maturing June 20, 2016

      996        987,829   

Mitchell International, Inc.

     

Term Loan - Second Lien, 5.56%, Maturing March 30, 2015

      500        496,650   

Monitronics International Inc.

     

Term Loan, 4.25%, Maturing March 23, 2018

      420        421,534   

National CineMedia, LLC

     

Term Loan, 2.95%, Maturing November 26, 2019

      250        248,906   
 

 

  7   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Business Equipment and Services (continued)

                   

Polarpak Inc.

     

Term Loan, Maturing June 8, 2020(4)

      130      $ 129,438   

Power Team Services, LLC

     

Term Loan, 0.50%, Maturing May 6, 2020(5)

      17        16,500   

Term Loan, 4.25%, Maturing May 6, 2020

      133        132,417   

Quintiles Transnational Corp.

     

Term Loan, 4.50%, Maturing June 8, 2018

      2,609        2,615,124   

Renaissance Learning, Inc.

     

Term Loan, 5.75%, Maturing November 13, 2018

      273        276,008   

Sabre, Inc.

     

Term Loan, 5.25%, Maturing February 19, 2019

      597        601,475   

Sensus USA Inc.

     

Term Loan, 4.75%, Maturing May 9, 2017

      342        341,840   

Spin Holdco Inc.

     

Term Loan, 4.25%, Maturing November 14, 2019

      1,025        1,023,291   

SunGard Data Systems, Inc.

     

Term Loan, 3.94%, Maturing February 28, 2017

      1,323        1,325,949   

Term Loan, 4.00%, Maturing March 8, 2020

      3,566        3,580,922   

SymphonyIRI Group, Inc.

     

Term Loan, 4.50%, Maturing December 1, 2017

      417        418,585   

Trans Union, LLC

     

Term Loan, 4.25%, Maturing February 10, 2019

      1,893        1,904,736   

West Corporation

  

Term Loan, 3.75%, Maturing June 29, 2018

      1,947        1,950,071   
   
  $ 41,086,670   
   

Cable and Satellite Television — 6.0%

                   

Atlantic Broadband Finance, LLC

     

Term Loan, 3.25%, Maturing December 2, 2019

      422      $ 423,131   

BBHI Acquisition LLC

     

Term Loan, 5.25%, Maturing December 14, 2017

      581        583,818   

Bragg Communications Incorporated

     

Term Loan, 3.50%, Maturing February 28, 2018

      198        198,488   

Cequel Communications, LLC

     

Term Loan, 3.50%, Maturing February 14, 2019

      2,197        2,187,379   

Charter Communications Operating, LLC

     

Term Loan, Maturing April 10,
2020(4)

      675        670,201   

Term Loan, 3.00%, Maturing January 4, 2021

      325        323,668   

Crown Media Holdings, Inc.

     

Term Loan, 4.00%, Maturing July 14, 2018

      204        203,545   

CSC Holdings, Inc.

     

Term Loan, 2.70%, Maturing April 17, 2020

      1,650        1,635,563   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Cable and Satellite Television (continued)

                   

Kabel Deutschland GmbH

     

Term Loan, 3.25%, Maturing February 1, 2019

      550      $ 549,771   

Term Loan, 2.88%, Maturing April 17, 2020

  EUR     350        455,720   

Lavena Holdings 4 GmbH

     

Term Loan, 2.62%, Maturing March 6, 2015

  EUR     521        670,700   

Term Loan, 3.00%, Maturing March 4, 2016

  EUR     521        670,700   

Term Loan, 7.37%, Maturing March 6, 2017(6)

  EUR     220        284,206   

Term Loan - Second Lien, 4.12%, Maturing September 2, 2016

  EUR     271        347,562   

Mediacom Communications Corp.

     

Term Loan, 3.25%, Maturing January 29, 2021

      500        496,872   

Mediacom Illinois, LLC

     

Term Loan, 4.50%, Maturing October 23, 2017

      388        388,303   

Sterling Entertainment Enterprises, LLC

     

Term Loan, 3.20%, Maturing December 28, 2017

      375        368,438   

UPC Financing Partnership

     

Term Loan, 4.00%, Maturing January 29, 2021

      400        401,000   

Term Loan, 3.86%, Maturing March 26, 2021

  EUR     726        940,161   

Virgin Media Investment Holdings Limited

     

Term Loan, 4.50%, Maturing June 5, 2020

  GBP     750        1,141,307   

Term Loan, Maturing June 5, 2020(4)

      2,550        2,530,079   

YPSO Holding SA

     

Term Loan, Maturing June 6, 2016(4)

  EUR     203        263,983   

Term Loan, Maturing June 6, 2016(4)

  EUR     323        419,130   

Term Loan, Maturing June 6, 2016(4)

  EUR     474        615,690   
   
  $ 16,769,415   
   

Chemicals and Plastics — 4.8%

                   

AI Chem & Cy S.C.A.

     

Term Loan, 4.50%, Maturing October 3, 2019

      77      $ 76,958   

Term Loan, 4.50%, Maturing October 3, 2019

      148        148,323   

Arysta LifeScience Corporation

     

Term Loan, 4.50%, Maturing May 25, 2020

      1,150        1,145,917   

Axalta Coating Systems US Holdings Inc.

     

Term Loan, 4.75%, Maturing February 3, 2020

      1,920        1,924,132   

AZ Chem US Inc.

     

Term Loan, 5.25%, Maturing December 22, 2017

      498        501,739   

Emerald Performance Materials, LLC

     

Term Loan, 6.75%, Maturing May 18, 2018

      347        347,367   

General Chemical Corporation

     

Term Loan, 5.00%, Maturing October 6, 2015

      230        231,540   

Ineos US Finance LLC

     

Term Loan, 4.00%, Maturing May 4, 2018

      2,105        2,070,468   
 

 

  8   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Chemicals and Plastics (continued)

                   

MacDermid, Inc.

     

Term Loan, 4.00%, Maturing June 7, 2020

      375      $ 374,297   

Milacron LLC

     

Term Loan, 4.25%, Maturing March 28, 2020

      200        200,122   

Oxea S.A.R.L.

     

Term Loan, Maturing November 22, 2019(4)

      350        348,688   

Term Loan - Second Lien, Maturing May 22, 2020(4)

      500        498,275   

PQ Corporation

     

Term Loan, 4.50%, Maturing August 7, 2017

      597        598,166   

Rentpath, Inc.

     

Term Loan, 6.25%, Maturing May 29, 2020

      525        515,156   

Rockwood Specialties Group, Inc.

  

Term Loan, 3.75%, Maturing February 9, 2018

      63        63,679   

Tronox Pigments (Netherlands) B.V.

     

Term Loan, 4.50%, Maturing March 19, 2020

      1,525        1,534,804   

U.S. Security Holdings, Inc.

     

Term Loan, 6.00%, Maturing July 28, 2017

      60        60,851   

Univar Inc.

     

Term Loan, 5.00%, Maturing June 30, 2017

      2,718        2,664,839   

WNA Holdings Inc.

     

Term Loan, Maturing May 15,
2020(4)

      70        70,312   
   
  $ 13,375,633   
   

Clothing / Textiles — 0.1%

                   

Wolverine Worldwide, Inc.

     

Term Loan, 4.00%, Maturing July 31, 2019

      214      $ 215,641   
   
  $ 215,641   
   

Conglomerates — 1.5%

                   

RGIS Services, LLC

     

Term Loan, 4.53%, Maturing October 18, 2016

      1,411      $ 1,412,495   

Term Loan, 5.50%, Maturing October 18, 2017

      691        698,586   

Rocket Software, Inc.

     

Term Loan, 5.75%, Maturing February 8, 2018

      222        221,996   

Term Loan - Second Lien, 10.25%, Maturing February 8, 2019

      250        250,104   

Spectrum Brands, Inc.

     

Term Loan, 4.50%, Maturing December 17, 2019

      1,600        1,607,209   
   
  $ 4,190,390   
   

Containers and Glass Products — 1.9%

                   

Berry Plastics Holding Corporation

     

Term Loan, 3.50%, Maturing February 7, 2020

      1,072      $ 1,061,892   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Containers and Glass Products (continued)

                   

BWAY Corporation

     

Term Loan, 4.50%, Maturing August 7, 2017

      1,343      $ 1,349,966   

CCC Information Services, Inc.

     

Term Loan, 4.00%, Maturing December 20, 2019

      224        224,622   

Pelican Products, Inc.

     

Term Loan, 7.00%, Maturing July 11, 2018

      248        248,428   

Reynolds Group Holdings Inc.

     

Term Loan, 4.75%, Maturing September 28, 2018

      1,712        1,718,839   

Sealed Air Corporation

     

Term Loan, 4.00%, Maturing October 3, 2018

      270        272,793   

TricorBraun, Inc.

     

Term Loan, 4.00%, Maturing May 3, 2018

      323        324,175   
   
  $ 5,200,715   
   

Cosmetics / Toiletries — 0.5%

                   

Bausch & Lomb, Inc.

     

Term Loan, 4.00%, Maturing May 17, 2019

      1,485      $ 1,488,926   
   
  $ 1,488,926   
   

Drugs — 1.1%

                   

Aptalis Pharma, Inc.

     

Term Loan, 5.50%, Maturing February 10, 2017

      247      $ 247,801   

Term Loan, 5.50%, Maturing February 10, 2017

      780        780,488   

Par Pharmaceutical Companies, Inc.

     

Term Loan, 4.25%, Maturing September 30, 2019

      596        592,796   

Warner Chilcott Company, LLC

     

Term Loan, 4.25%, Maturing March 15, 2018

      86        86,271   

Warner Chilcott Corporation

     

Term Loan, 4.25%, Maturing March 15, 2018

      279        279,265   

Term Loan, 4.25%, Maturing March 15, 2018

      640        641,510   

WC Luxco S.a.r.l.

     

Term Loan, 4.25%, Maturing March 15, 2018

      504        505,521   
   
  $ 3,133,652   
   

Ecological Services and Equipment — 0.5%

               

ADS Waste Holdings, Inc.

     

Term Loan, 4.25%, Maturing October 9, 2019

      995      $ 993,135   

Progressive Waste Solutions Ltd.

     

Term Loan, 3.50%, Maturing October 24, 2019

      274        274,822   
   
  $ 1,267,957   
   
 

 

  9   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Electronics / Electrical — 10.2%

  

Aeroflex Incorporated

  

Term Loan, 4.50%, Maturing November 9, 2019

      731      $ 733,304   

Aspect Software, Inc.

     

Term Loan, 7.00%, Maturing May 6, 2016

      625        626,597   

Attachmate Corporation

     

Term Loan, 7.27%, Maturing November 22, 2017

      1,457        1,463,639   

Blue Coat Systems, Inc.

     

Term Loan - Second Lien, Maturing June 19, 2020(4)

      400        400,000   

Cinedigm Digital Funding I, LLC

     

Term Loan, 3.75%, Maturing February 28, 2018

      224        225,112   

CommScope, Inc.

     

Term Loan, 3.75%, Maturing January 12, 2018

      1,051        1,054,425   

CompuCom Systems, Inc.

     

Term Loan, 4.25%, Maturing May 11, 2020

      375        372,774   

DG FastChannel, Inc.

     

Term Loan, 7.25%, Maturing July 26, 2018

      1,376        1,370,893   

Eagle Parent, Inc.

     

Term Loan, 4.50%, Maturing May 16, 2018

      1,797        1,802,963   

Edwards (Cayman Islands II) Limited

     

Term Loan, 4.75%, Maturing March 26, 2020

      646        644,782   

Freescale Semiconductor, Inc.

     

Term Loan, 5.00%, Maturing March 2, 2020

      1,446        1,436,884   

Hyland Software, Inc.

     

Term Loan, 5.50%, Maturing October 25, 2019

      174        174,212   

Infor (US), Inc.

     

Term Loan, 5.25%, Maturing April 5, 2018

      2,319        2,336,789   

Internet Brands, Inc.

     

Term Loan, 6.25%, Maturing March 15, 2019

      474        475,885   

Magic Newco LLC

     

Term Loan, 7.25%, Maturing December 12, 2018

      695        699,744   

Microsemi Corporation

     

Term Loan, 3.75%, Maturing February 19, 2020

      689        692,661   

NXP B.V.

     

Term Loan, 4.50%, Maturing March 3, 2017

      849        863,278   

Term Loan, 4.75%, Maturing January 11, 2020

      473        479,911   

Pact Group Pty Ltd.

     

Term Loan, 3.75%, Maturing May 29, 2020

      775        772,094   

Rovi Solutions Corporation

     

Term Loan, 3.50%, Maturing March 29, 2019

      374        373,127   

RP Crown Parent, LLC

     

Term Loan, 6.75%, Maturing December 21, 2018

      2,515        2,527,944   

Term Loan - Second Lien, 11.25%, Maturing December 20, 2019

      250        256,250   

Sensata Technologies Finance Company, LLC

     

Term Loan, 3.75%, Maturing May 11, 2018

      619        625,309   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Electronics / Electrical (continued)

  

Serena Software, Inc.

     

Term Loan, 4.19%, Maturing March 10, 2016

      715      $ 711,147   

Term Loan, 5.00%, Maturing March 10, 2016

      175        174,344   

Shield Finance Co. S.A.R.L.

     

Term Loan, 6.50%, Maturing May 10, 2019

      495        493,763   

Sirius Computer Solutions, Inc.

     

Term Loan, 7.00%, Maturing November 30, 2018

      263        264,305   

SkillSoft Corporation

     

Term Loan, 5.00%, Maturing May 26, 2017

      607        611,853   

Sophia, L.P.

     

Term Loan, 4.50%, Maturing July 19, 2018

      675        677,610   

SS&C Technologies Inc.

     

Term Loan, 3.50%, Maturing June 7, 2019

      58        57,935   

Term Loan, 3.50%, Maturing June 7, 2019

      562        560,034   

SumTotal Systems LLC

     

Term Loan, 6.25%, Maturing November 16, 2018

      648        647,970   

Sun Products Corporation (The)

     

Term Loan, 5.50%, Maturing March 23, 2020

      1,072        1,062,483   

SurveyMonkey.com, LLC

     

Term Loan, 5.50%, Maturing February 5, 2019

      274        277,056   

VeriFone Inc.

     

Term Loan, 4.25%, Maturing December 28, 2018

      107        106,611   

Vertafore, Inc.

     

Term Loan, 4.25%, Maturing October 2, 2019

      1,047        1,050,430   

Wall Street Systems, Inc.

     

Term Loan - Second Lien, 9.25%, Maturing April 24, 2020

      250        253,750   

Web.com Group, Inc.

     

Term Loan, 4.50%, Maturing October 27, 2017

      989        999,467   
   
  $ 28,357,335   
   

Equipment Leasing — 0.5%

  

Flying Fortress Inc.

  

Term Loan, 3.50%, Maturing June 30, 2017

      1,417      $ 1,411,354   
   
  $ 1,411,354   
   

Financial Intermediaries — 6.0%

                   

Allflex Holdings II, Inc.

     

Term Loan, Maturing June 11, 2020(4)

      325      $ 325,677   

American Capital Holdings, Inc.

     

Term Loan, 5.50%, Maturing August 22, 2016

      425        426,190   

Citco Funding LLC

     

Term Loan, 4.25%, Maturing May 23, 2018

      1,549        1,545,464   
 

 

  10   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Financial Intermediaries (continued)

                   

Clipper Acquisitions Corp.

     

Term Loan, 4.00%, Maturing February 6, 2020

      274      $ 276,703   

First Data Corporation

     

Term Loan, 4.19%, Maturing March 23, 2018

      2,270        2,217,210   

Term Loan, 4.19%, Maturing September 24, 2018

      950        927,794   

Grosvenor Capital Management Holdings, LLP

     

Term Loan, 4.25%, Maturing December 5, 2016

      1,062        1,060,152   

Hamilton Lane Advisors, LLC

     

Term Loan, 5.25%, Maturing February 23, 2018

      332        333,287   

Harbourvest Partners, LLC

     

Term Loan, 4.75%, Maturing November 21, 2017

      431        434,370   

Home Loan Servicing Solutions, Ltd.

     

Term Loan, 4.50%, Maturing June 19, 2020

      525        522,375   

iPayment, Inc.

     

Term Loan, 5.75%, Maturing May 8, 2017

      945        935,850   

La Frontera Generation, LLC

     

Term Loan, 4.50%, Maturing September 30, 2020

      325        323,680   

LPL Holdings, Inc.

     

Term Loan, 3.25%, Maturing March 29, 2019

      1,905        1,902,345   

Mercury Payment Systems Canada, LLC

     

Term Loan, 5.50%, Maturing July 3, 2017

      319        322,890   

Moneygram International, Inc.

     

Term Loan, 4.25%, Maturing March 20, 2020

      224        224,718   

Nuveen Investments, Inc.

     

Term Loan, 4.20%, Maturing May 13, 2017

      3,171        3,161,764   

Ocwen Financial Corporation

     

Term Loan, 5.00%, Maturing February 15, 2018

      623        628,269   

Oz Management LP

     

Term Loan, 1.78%, Maturing November 15, 2016

      667        621,450   

Walter Investment Management Corp.

     

Term Loan, 5.75%, Maturing November 28, 2017

      606        610,529   
   
  $ 16,800,717   
   

Food Products — 7.2%

                   

AdvancePierre Foods, Inc.

     

Term Loan, 5.75%, Maturing July 10, 2017

      648      $ 653,508   

Blue Buffalo Company, Ltd.

     

Term Loan, 4.75%, Maturing August 8, 2019

      645        647,283   

Clearwater Seafoods Limited Partnership

     

Term Loan, Maturing June 24, 2019(4)

      475        477,573   

Del Monte Foods Company

     

Term Loan, 4.00%, Maturing March 8, 2018

      3,117        3,110,966   

Dole Food Company Inc.

     

Term Loan, 3.75%, Maturing April 1, 2020

      848        845,932   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Food Products (continued)

                   

H.J. Heinz Company

     

Term Loan, 3.50%, Maturing June 5, 2020

      5,200      $ 5,206,162   

Hearthside Food Solutions, LLC

     

Term Loan, 6.50%, Maturing June 7, 2018

      596        598,482   

High Liner Foods Incorporated

     

Term Loan, 4.75%, Maturing December 31, 2017

      303        305,561   

JBS USA Holdings Inc.

     

Term Loan, 3.75%, Maturing May 25, 2018

      983        981,309   

Michael Foods Group, Inc.

     

Term Loan, 4.25%, Maturing February 23, 2018

      771        779,671   

Mill US Acquisition LLC

     

Term Loan, Maturing May 22, 2020(4)

      525        522,703   

NBTY, Inc.

     

Term Loan, 3.50%, Maturing October 1, 2017

      4,183        4,190,372   

Pinnacle Foods Finance LLC

     

Term Loan, 3.25%, Maturing April 29, 2020

      1,845        1,838,263   
   
  $ 20,157,785   
   

Food Service — 6.6%

  

Aramark Corp.

  

Term Loan, 3.69%, Maturing July 26, 2016

      88      $ 88,641   

Term Loan, 3.69%, Maturing July 26, 2016

      157        157,477   

Term Loan, 3.78%, Maturing July 26, 2016

      1,081        1,087,139   

Term Loan, 3.78%, Maturing July 26, 2016

      2,386        2,394,533   

Term Loan, 4.01%, Maturing July 26, 2016

  GBP     475        715,227   

Brasa Holdings, Inc.

     

Term Loan, 7.50%, Maturing July 19, 2019

      144        146,046   

Buffets, Inc.

     

Term Loan, 0.16%, Maturing April 22, 2015(2)

      49        49,490   

Burger King Corporation

     

Term Loan, 3.75%, Maturing September 27, 2019

      1,117        1,122,744   

DineEquity, Inc.

     

Term Loan, 3.75%, Maturing October 19, 2017

      1,194        1,197,850   

Dunkin’ Brands, Inc.

     

Term Loan, 3.75%, Maturing February 14, 2020

      1,327        1,325,600   

Landry’s, Inc.

     

Term Loan, 4.75%, Maturing April 24, 2018

      1,284        1,286,997   

NPC International, Inc.

     

Term Loan, 4.50%, Maturing December 28, 2018

      344        347,663   

OSI Restaurant Partners, LLC

     

Term Loan, 3.50%, Maturing October 25, 2019

      1,316        1,313,371   

P.F. Chang’s China Bistro Inc.

     

Term Loan, 5.25%, Maturing July 2, 2019

      199        201,105   
 

 

  11   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Food Service (continued)

  

Sagittarius Restaurants, LLC

     

Term Loan, 6.25%, Maturing October 1, 2018

      299      $ 300,933   

US Foods, Inc.

     

Term Loan, 4.50%, Maturing March 29, 2019

      2,400        2,383,200   

Weight Watchers International, Inc.

     

Term Loan, 3.75%, Maturing April 2, 2020

      3,600        3,585,359   

Wendy’s International, Inc.

     

Term Loan, 3.25%, Maturing May 15, 2019

      684        683,248   
   
  $ 18,386,623   
   

Food / Drug Retailers — 4.5%

                   

Albertson’s, LLC

     

Term Loan, 4.25%, Maturing March 21, 2016

      513      $ 513,262   

Term Loan, 4.75%, Maturing March 21, 2019

      335        332,821   

Alliance Boots Holdings Limited

     

Term Loan, 3.99%, Maturing July 10, 2017

  GBP     3,275        4,900,167   

General Nutrition Centers, Inc.

     

Term Loan, 3.75%, Maturing March 2, 2018

      3,793        3,791,509   

Pantry, Inc. (The)

     

Term Loan, 5.75%, Maturing August 2, 2019

      223        224,150   

Rite Aid Corporation

     

Term Loan, 4.00%, Maturing February 21, 2020

      1,147        1,147,985   

Term Loan - Second Lien, 5.75%, Maturing August 21, 2020

      225        229,360   

Supervalu Inc.

     

Term Loan, 5.00%, Maturing March 21, 2019

      1,371        1,364,342   
   
  $ 12,503,596   
   

Health Care — 18.3%

                   

Alere, Inc.

     

Term Loan, 4.25%, Maturing June 30, 2017

      222      $ 223,632   

Term Loan, 4.25%, Maturing June 30, 2017

      296        297,716   

Term Loan, 4.25%, Maturing June 30, 2017

      1,179        1,184,895   

Alkermes, Inc.

     

Term Loan, 3.50%, Maturing September 18, 2019

      199        197,256   

Alliance Healthcare Services, Inc.

     

Term Loan, 0.50%, Maturing June 3, 2019(5)

      119        119,420   

Term Loan, 4.25%, Maturing June 3, 2019

      506        506,585   

Apria Healthcare Group I

     

Term Loan, 6.75%, Maturing April 5, 2020

      275        274,312   

Ardent Medical Services, Inc.

     

Term Loan, 6.75%, Maturing July 2, 2018

      1,569        1,577,620   

ATI Holdings, Inc.

     

Term Loan, 5.75%, Maturing December 20, 2019

      224        225,134   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Health Care (continued)

                   

Auxilium Pharmaceuticals, Inc.

     

Term Loan, 6.25%, Maturing April 15, 2018

      296      $ 295,015   

Biomet Inc.

     

Term Loan, 3.96%, Maturing July 25, 2017

      2,592        2,586,029   

Catalent Pharma Solutions Inc.

     

Term Loan, 3.70%, Maturing September 15, 2016

      1,249        1,244,889   

Term Loan, 4.25%, Maturing September 15, 2017

      567        565,614   

CHG Buyer Corporation

  

Term Loan, 5.00%, Maturing November 19, 2019

      396        398,611   

Citgo Petroleum Corporation

     

Term Loan, 8.00%, Maturing June 24, 2015

      77        77,182   

Community Health Systems, Inc.

     

Term Loan, 3.77%, Maturing January 25, 2017

      3,182        3,189,613   

Convatec Inc.

     

Term Loan, 5.00%, Maturing December 22, 2016

      571        575,360   

CRC Health Corporation

     

Term Loan, 4.70%, Maturing November 16, 2015

      481        482,207   

DaVita, Inc.

     

Term Loan, 4.50%, Maturing October 20, 2016

      1,463        1,472,088   

Term Loan, 4.00%, Maturing November 1, 2019

      1,567        1,572,856   

DJO Finance LLC

     

Term Loan, 4.75%, Maturing September 15, 2017

      1,367        1,379,235   

Drumm Investors LLC

     

Term Loan, 5.00%, Maturing May 4, 2018

      725        697,594   

Emdeon Business Services, LLC

     

Term Loan, 3.75%, Maturing November 2, 2018

      719        717,579   

Envision Healthcare Corporation

     

Term Loan, 4.00%, Maturing May 25, 2018

      1,578        1,577,176   

Grifols Inc.

     

Term Loan, 4.25%, Maturing June 1, 2017

      1,441        1,450,613   

HCA, Inc.

     

Term Loan, 3.03%, Maturing March 31, 2017

      1,643        1,636,916   

Term Loan, 2.95%, Maturing May 1, 2018

      1,300        1,296,166   

Health Management Associates, Inc.

     

Term Loan, 3.50%, Maturing November 16, 2018

      921        921,368   

Hologic Inc.

     

Term Loan, 4.50%, Maturing August 1, 2019

      943        947,221   

Iasis Healthcare LLC

     

Term Loan, 4.50%, Maturing May 3, 2018

      831        831,573   

inVentiv Health, Inc.

     

Term Loan, 7.50%, Maturing August 4, 2016

      1,243        1,227,691   

Term Loan, 7.75%, Maturing May 15, 2018

      307        302,400   

Kindred Healthcare, Inc.

     

Term Loan, 4.25%, Maturing June 1, 2018

      734        729,298   
 

 

  12   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Health Care (continued)

                   

Kinetic Concepts, Inc.

     

Term Loan, 4.50%, Maturing May 4, 2018

      2,216      $ 2,220,518   

LHP Hospital Group, Inc.

     

Term Loan, 9.00%, Maturing July 3, 2018

      273        279,079   

MedAssets, Inc.

     

Term Loan, 4.00%, Maturing December 13, 2019

      244        244,109   

Medpace, Inc.

     

Term Loan, 5.50%, Maturing June 16, 2017

      308        308,596   

Multiplan, Inc.

     

Term Loan, 4.00%, Maturing August 25, 2017

      997        1,001,524   

MX USA, Inc.

     

Term Loan, 6.50%, Maturing April 28, 2017

      296        297,577   

Obsidian Natural Gas Trust

     

Term Loan, 7.00%, Maturing November 2, 2015

      1,030        1,032,917   

One Call Medical, Inc.

     

Term Loan, 5.50%, Maturing August 16, 2019

      448        450,362   

Onex Carestream Finance LP

     

Term Loan, 5.00%, Maturing June 7, 2019

      1,475        1,457,024   

Pharmaceutical Product Development, Inc.

     

Term Loan, 4.25%, Maturing December 5, 2018

      970        973,561   

Physiotherapy Associates Holdings, Inc.

     

Term Loan, 8.00%, Maturing April 30, 2018

      223        216,891   

Radnet Management, Inc.

     

Term Loan, 4.25%, Maturing October 10, 2018

      844        845,708   

Sage Products, Inc.

     

Term Loan, 4.25%, Maturing December 13, 2019

      276        276,025   

Select Medical Corporation

     

Term Loan, 4.00%, Maturing June 1, 2018

      703        707,061   

Sheridan Holdings, Inc.

     

Term Loan, 4.50%, Maturing June 29, 2018

      322        323,090   

Sheridan Production Partners I, LLC

     

Term Loan, 5.00%, Maturing September 14, 2019

      1,017        1,013,434   

Steward Health Care System LLC

     

Term Loan, 6.75%, Maturing April 15, 2020

      175        176,256   

TriZetto Group, Inc. (The)

     

Term Loan, 4.75%, Maturing May 2, 2018

      735        738,124   

Truven Health Analytics Inc.

  

Term Loan, 4.50%, Maturing June 1, 2019

      844        841,516   

Valeant Pharmaceuticals International, Inc.

     

Term Loan, 3.50%, Maturing February 13, 2019

      892        886,350   

Term Loan, 3.50%, Maturing December 11, 2019

      1,519        1,509,606   

Term Loan, Maturing June 24, 2020(4)

      2,450        2,448,907   

Vanguard Health Holding Company II, LLC

     

Term Loan, 3.75%, Maturing January 29, 2016

      730        733,461   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Health Care (continued)

                   

VWR Funding, Inc.

     

Term Loan, 4.20%, Maturing April 3, 2017

      522      $ 521,069   

Term Loan, 4.45%, Maturing April 3, 2017

      725        722,343   
   
  $ 51,005,972   
   

Home Furnishings — 0.6%

                   

Oreck Corporation

     

Term Loan - Second Lien, 3.77%, Maturing March 19, 2016(2)

      128      $ 100,820   

Serta Simmons Holdings, LLC

     

Term Loan, 5.00%, Maturing October 1, 2019

      848        851,055   

Tempur-Pedic International Inc.

     

Term Loan, 3.50%, Maturing March 18, 2020

      788        783,084   
   
  $ 1,734,959   
   

Industrial Equipment — 2.4%

                   

Alliance Laundry Systems LLC

     

Term Loan, 4.50%, Maturing December 7, 2018

      172      $ 172,615   

Apex Tool Group, LLC

     

Term Loan, 4.50%, Maturing February 1, 2020

      374        374,842   

Colfax Corporation

     

Term Loan, 3.25%, Maturing January 11, 2019

      348        348,685   

Generac Power Systems, Inc.

     

Term Loan, 3.50%, Maturing May 29, 2020

      850        844,954   

Grede LLC

     

Term Loan, 4.50%, Maturing May 2, 2018

      498        499,428   

Husky Injection Molding Systems Ltd.

     

Term Loan, 4.25%, Maturing June 29, 2018

      1,592        1,594,405   

Manitowoc Company, Inc. (The)

     

Term Loan, 4.25%, Maturing November 13, 2017

      66        66,254   

Rexnord LLC

     

Term Loan, 3.75%, Maturing April 2, 2018

      1,386        1,387,044   

Schaeffler AG

     

Term Loan, 4.25%, Maturing January 27, 2017

      400        401,000   

Spansion LLC

     

Term Loan, 5.25%, Maturing December 11, 2018

      372        374,441   

Tank Holding Corp.

     

Term Loan, 4.25%, Maturing July 9, 2019

      478        475,320   
   
  $ 6,538,988   
   

Insurance — 4.3%

                   

Alliant Holdings I, Inc.

     

Term Loan, 5.00%, Maturing December 20, 2019

      995      $ 997,643   
 

 

  13   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Insurance (continued)

                   

AmWINS Group, Inc.

     

Term Loan, 5.00%, Maturing September 6, 2019

      2,015      $ 2,022,935   

Applied Systems, Inc.

     

Term Loan, 4.25%, Maturing June 8, 2017

      1,154        1,159,217   

Asurion LLC

     

Term Loan, 4.50%, Maturing May 24, 2019

      4,378        4,347,901   

Compass Investors Inc.

     

Term Loan, 5.25%, Maturing December 27, 2019

      1,070        1,073,135   

Cooper Gay Swett & Crawford Ltd.

     

Term Loan, 5.00%, Maturing April 16, 2020

      250        252,083   

Cunningham Lindsey U.S. Inc.

     

Term Loan, 5.00%, Maturing December 10, 2019

      473        474,710   

Hub International Limited

     

Term Loan, 3.70%, Maturing June 13, 2017

      1,397        1,399,478   

Sedgwick CMS Holdings, Inc.

     

Term Loan, 4.25%, Maturing June 12, 2018

      325        325,609   
   
  $ 12,052,711   
   

Leisure Goods / Activities / Movies — 5.6%

                   

Bombardier Recreational Products, Inc.

     

Term Loan, 4.00%, Maturing January 30, 2019

      1,603      $ 1,603,359   

Bright Horizons Family Solutions, Inc.

     

Term Loan, 4.00%, Maturing January 30, 2020

      448        449,821   

ClubCorp Club Operations, Inc.

  

Term Loan, 5.00%, Maturing November 30, 2016

      1,723        1,746,919   

Dave & Buster’s, Inc.

     

Term Loan, 4.50%, Maturing June 1, 2016

      484        487,249   

Emerald Expositions Holding, Inc.

     

Term Loan, 5.50%, Maturing June 17, 2020

      375        375,703   

Equinox Holdings, Inc.

     

Term Loan, 4.50%, Maturing January 31, 2020

      599        598,874   

Fender Musical Instruments Corporation

     

Term Loan, 5.75%, Maturing April 3, 2019

      250        251,400   

Hoyts Group Holdings LLC

     

Term Loan, 4.00%, Maturing May 22, 2020

      225        225,000   

Term Loan - Second Lien, 8.25%, Maturing November 20, 2020

      500        502,500   

Kasima, LLC

     

Term Loan, 3.25%, Maturing May 14, 2021

      475        469,656   

Live Nation Entertainment, Inc.

     

Term Loan, 4.50%, Maturing November 7, 2016

      1,286        1,295,770   

LodgeNet Interactive Corp.

     

Term Loan, 6.75%, Maturing March 31, 2018(2)

      428        288,694   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Leisure Goods / Activities / Movies (continued)

                   

Revolution Studios Distribution Company, LLC

     

Term Loan, 3.95%, Maturing December 21, 2014(2)

      386      $ 322,522   

Term Loan - Second Lien, 7.20%, Maturing June 21, 2015(2)

      450        326,340   

Scientific Games International, Inc.

     

Term Loan, Maturing May 22, 2020(4)

      1,825        1,805,772   

SeaWorld Parks & Entertainment, Inc.

     

Term Loan, 3.00%, Maturing May 14, 2020

      1,407        1,400,531   

Six Flags Theme Parks, Inc.

     

Term Loan, 4.00%, Maturing December 20, 2018

      724        729,459   

Town Sports International Inc.

     

Term Loan, 5.75%, Maturing May 11, 2018

      880        887,982   

WMG Acquisition Corp.

     

Term Loan, Maturing July 1, 2020(4)

      37        36,636   

Term Loan, Maturing July 1, 2020(4)

      238        236,473   

Zuffa LLC

     

Term Loan, 4.50%, Maturing February 25, 2020

      1,443        1,435,536   
   
  $ 15,476,196   
   

Lodging and Casinos — 2.7%

                   

Affinity Gaming, LLC

     

Term Loan, 5.50%, Maturing November 9, 2017

      216      $ 218,679   

Ameristar Casinos, Inc.

     

Term Loan, 4.00%, Maturing April 16, 2018

      506        507,488   

Caesars Entertainment Operating Company

     

Term Loan, 9.50%, Maturing October 31, 2016

      965        961,113   

Term Loan, 5.44%, Maturing January 26, 2018

      1,381        1,223,646   

Four Seasons Holdings Inc.

     

Term Loan - Second Lien, Maturing December 28,
2020(4)

      1,300        1,313,812   

Gala Group LTD

     

Term Loan, 5.50%, Maturing May 25, 2018

  GBP     825        1,251,019   

MGM Resorts International

     

Term Loan, 3.50%, Maturing December 20, 2019

      1,294        1,284,931   

Seminole Hard Rock Entertainment, Inc.

     

Term Loan, 3.50%, Maturing May 15, 2020

      125        125,312   

Tropicana Entertainment Inc.

     

Term Loan, 7.50%, Maturing March 16, 2018

      247        249,344   

U.S. Security Holdings, Inc.

     

Term Loan, 6.00%, Maturing July 28, 2017

      308        310,889   
   
  $ 7,446,233   
   
 

 

  14   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Nonferrous Metals / Minerals — 2.9%

                   

Alpha Natural Resources, LLC

     

Term Loan, 3.50%, Maturing May 22, 2020

      400      $ 387,750   

Arch Coal Inc.

     

Term Loan, 5.75%, Maturing May 16, 2018

      1,461        1,455,915   

Constellium Holdco B.V.

     

Term Loan, 6.00%, Maturing March 25, 2020

      249        256,233   

Fairmount Minerals LTD

     

Term Loan, 5.25%, Maturing March 15, 2017

      1,497        1,501,226   

Murray Energy Corporation

     

Term Loan, 4.75%, Maturing May 24, 2019

      200        200,250   

Noranda Aluminum Acquisition Corporation

     

Term Loan, 5.75%, Maturing February 28, 2019

      518        508,068   

Novelis, Inc.

     

Term Loan, 3.75%, Maturing March 10, 2017

      1,660        1,667,725   

Oxbow Carbon and Mineral Holdings LLC

  

Term Loan, 3.70%, Maturing May 8, 2016

      447        448,031   

United Distribution Group, Inc.

     

Term Loan, 7.50%, Maturing October 9, 2018

      595        571,392   

Term Loan - Second Lien, 12.50%, Maturing April 12, 2019

      250        236,875   

Walter Energy, Inc.

     

Term Loan, 5.75%, Maturing April 2, 2018

      821        808,885   
   
  $ 8,042,350   
   

Oil and Gas — 3.9%

                   

Ameriforge Group, Inc.

     

Term Loan, 5.00%, Maturing December 19, 2019

      274      $ 273,283   

Citgo Petroleum Corporation

     

Term Loan, 9.00%, Maturing June 23, 2017

      1,082        1,106,948   

Crestwood Holdings LLC

     

Term Loan, Maturing May 24, 2019(4)

      1,000        1,008,750   

Energy Transfer Equity, L.P.

     

Term Loan, 3.75%, Maturing March 24, 2017

      596        599,278   

Frac Tech International LLC

     

Term Loan, 8.50%, Maturing May 6, 2016

      664        642,663   

MEG Energy Corp.

     

Term Loan, 3.75%, Maturing March 31, 2020

      3,748        3,741,141   

Ruby Western Pipeline Holdings, LLC

     

Term Loan, 3.50%, Maturing March 27, 2020

      225        224,438   

Samson Investment Company

     

Term Loan - Second Lien, 6.00%, Maturing September 25, 2018

      925        925,000   

Sheridan Production Partners I, LLC

     

Term Loan, 5.00%, Maturing September 25, 2019

      82        82,024   

Term Loan, 5.00%, Maturing September 25, 2019

      135        134,288   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Oil and Gas (continued)

                   

Tallgrass Operations, LLC

     

Term Loan, 5.25%, Maturing November 13, 2018

      578      $ 583,617   

Tervita Corporation

     

Term Loan, 6.25%, Maturing May 15, 2018

      1,573        1,571,814   
   
  $ 10,893,244   
   

Publishing — 5.4%

                   

Advanstar Communications Inc.

     

Term Loan, 5.50%, Maturing June 6, 2019

      374      $ 372,192   

Ascend Learning, Inc.

     

Term Loan, 7.01%, Maturing May 23, 2017

      1,710        1,704,831   

Aster Zweite Beteiligungs GmbH

     

Term Loan, 5.46%, Maturing December 31, 2014

  EUR     214        279,360   

Term Loan, 5.46%, Maturing December 31, 2014

  EUR     240        312,248   

Term Loan, 5.53%, Maturing December 31, 2014

      548        547,569   

Term Loan, 5.53%, Maturing December 31, 2014

      561        560,028   

Getty Images, Inc.

     

Term Loan, 4.75%, Maturing October 18, 2019

      2,438        2,418,553   

Instant Web, Inc.

     

Term Loan, 3.57%, Maturing August 7, 2014

      83        59,435   

Term Loan, 3.57%, Maturing August 7, 2014

      792        570,160   

Interactive Data Corporation

     

Term Loan, 3.75%, Maturing February 11, 2018

      2,281        2,273,809   

John Henry Holdings, Inc.

     

Term Loan, 6.00%, Maturing December 6, 2018

      299        301,112   

Laureate Education, Inc.

     

Term Loan, 5.25%, Maturing June 18, 2018

      3,882        3,884,644   

McGraw-Hill Global Education Holdings, LLC

     

Term Loan, 9.00%, Maturing March 22, 2019

      424        418,744   

MediaNews Group Inc.

     

Term Loan, 8.50%, Maturing March 19, 2014

      18        18,294   

Merrill Communications, LLC

     

Term Loan, 7.25%, Maturing March 8, 2018

      349        350,580   

Nelson Education Ltd.

     

Term Loan, 2.78%, Maturing July 3, 2014

      231        198,171   

Tribune Company

     

Term Loan, 4.00%, Maturing December 31, 2019

      846        853,495   
   
  $ 15,123,225   
   

Radio and Television — 3.3%

                   

Clear Channel Communications, Inc.

     

Term Loan, 3.85%, Maturing January 29, 2016

      192      $ 176,052   

Term Loan, 6.95%, Maturing January 30, 2019

      566        517,615   
 

 

  15   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Radio and Television (continued)

  

Cumulus Media Holdings Inc.

     

Term Loan, 4.50%, Maturing September 17, 2018

      2,590      $ 2,603,142   

Term Loan - Second Lien, 7.50%, Maturing September 16, 2019

      445        455,291   

Entercom Radio, LLC

  

Term Loan, 5.01%, Maturing November 23, 2018

      237        239,630   

Foxco Acquisition Sub, LLC

     

Term Loan, 5.50%, Maturing July 14, 2017

      695        702,858   

Gray Television, Inc.

     

Term Loan, 4.75%, Maturing October 15, 2019

      741        747,012   

LIN Television Corp.

     

Term Loan, 4.00%, Maturing December 21, 2018

      296        298,024   

Mission Broadcasting, Inc.

     

Term Loan, 4.25%, Maturing December 3, 2019

      207        209,036   

Nexstar Broadcasting, Inc.

     

Term Loan, 4.25%, Maturing December 3, 2019

      491        496,291   

Nine Entertainment Group Limited

     

Term Loan, 3.50%, Maturing February 5, 2020

      375        374,219   

Raycom TV Broadcasting, Inc.

     

Term Loan, 4.25%, Maturing May 31, 2017

      441        445,410   

Sinclair Television Group Inc.

     

Term Loan, 3.00%, Maturing October 28, 2016

      274        274,312   

Univision Communications Inc.

     

Term Loan, 4.50%, Maturing March 2, 2020

      1,647        1,635,222   
   
  $ 9,174,114   
   

Retailers (Except Food and Drug) — 7.7%

  

99 Cents Only Stores

     

Term Loan, 5.26%, Maturing January 11, 2019

      246      $ 247,181   

B&M Retail Limited

     

Term Loan, 6.01%, Maturing February 18, 2020

  GBP     1,025        1,543,384   

CDW LLC

     

Term Loan, 3.50%, Maturing April 29, 2020

      2,494        2,470,112   

David’s Bridal, Inc.

     

Term Loan, 5.00%, Maturing October 11, 2019

      323        324,689   

Evergreen Acqco 1 LP

     

Term Loan, 5.00%, Maturing July 9, 2019

      347        350,491   

FTD, Inc.

     

Term Loan, 4.75%, Maturing June 11, 2018

      577        577,158   

Harbor Freight Tools USA, Inc.

     

Term Loan, 6.50%, Maturing November 14, 2017

      496        500,716   

J Crew Group, Inc.

     

Term Loan, 4.00%, Maturing March 7, 2018

      858        854,642   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Retailers (Except Food and Drug) (continued)

  

Jo-Ann Stores, Inc.

     

Term Loan, 4.00%, Maturing March 16, 2018

      1,368      $ 1,368,914   

Michaels Stores, Inc.

     

Term Loan, 3.75%, Maturing January 28, 2020

      1,275        1,272,742   

National Vision, Inc.

     

Term Loan, 7.00%, Maturing August 2, 2018

      395        396,975   

Neiman Marcus Group, Inc. (The)

     

Term Loan, 4.00%, Maturing May 16, 2018

      2,525        2,520,069   

Ollie’s Bargain Outlet, Inc.

     

Term Loan, 5.25%, Maturing September 27, 2019

      249        249,061   

Party City Holdings Inc.

     

Term Loan, 4.25%, Maturing July 29, 2019

      697        695,847   

Pep Boys-Manny, Moe & Jack (The)

     

Term Loan, 5.00%, Maturing October 11, 2018

      224        225,697   

Petco Animal Supplies, Inc.

     

Term Loan, 4.00%, Maturing November 24, 2017

      1,594        1,596,465   

Pilot Travel Centers LLC

     

Term Loan, 3.75%, Maturing March 30, 2018

      892        879,069   

Term Loan, 4.25%, Maturing August 7, 2019

      298        294,308   

ServiceMaster Company

     

Term Loan, 4.25%, Maturing January 31, 2017

      721        715,424   

Term Loan, 4.45%, Maturing January 31, 2017

      1,462        1,452,786   

Softlayer Technologies, Inc.

     

Term Loan, 7.75%, Maturing November 5, 2016

      313        315,636   

Visant Holding Corp.

     

Term Loan, 5.25%, Maturing December 22, 2016

      640        613,133   

Vivarte SA

     

Term Loan - Second Lien, 3.83%, Maturing September 8, 2016

  EUR     13        9,030   

Term Loan - Second Lien, 3.83%, Maturing September 8, 2016

  EUR     88        63,211   

Term Loan - Second Lien, 3.83%, Maturing September 8, 2016

  EUR     900        650,174   

Wall Street Systems, Inc.

     

Term Loan, 5.75%, Maturing October 24, 2019

      846        848,489   

Wilton Brands LLC

  

Term Loan, 7.50%, Maturing August 30, 2018

      313        312,617   
   
  $ 21,348,020   
   

Steel — 3.3%

                   

Essar Steel Algoma, Inc.

     

Term Loan, 8.75%, Maturing September 19, 2014

      521      $ 529,747   

FMG America Finance, Inc.

     

Term Loan, 5.25%, Maturing October 18, 2017

      2,978        2,965,301   
 

 

  16   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Steel (continued)

                   

Goodyear Tire & Rubber Company (The)

     

Term Loan - Second Lien, 4.75%, Maturing April 30, 2019

      3,375      $ 3,388,713   

JFB Firth Rixson Inc.

     

Term Loan, 4.25%, Maturing June 30, 2017

      149        149,126   

JMC Steel Group, Inc.

     

Term Loan, 4.75%, Maturing April 3, 2017

      342        341,420   

Neenah Foundry Company

     

Term Loan, 6.75%, Maturing April 26, 2017

      225        225,000   

Patriot Coal Corporation

     

DIP Loan, 9.25%, Maturing October 4, 2013

      425        422,477   

SunCoke Energy, Inc.

     

Term Loan, 4.00%, Maturing July 26, 2018

      152        151,291   

Waupaca Foundry, Inc.

     

Term Loan, 4.79%, Maturing June 29, 2017

      727        727,494   

WireCo WorldGroup, Inc.

     

Term Loan, 6.00%, Maturing February 15, 2017

      323        321,756   
   
  $ 9,222,325   
   

Surface Transport — 0.8%

                   

Hertz Corporation, (The)

     

Term Loan, 3.00%, Maturing March 11, 2018

      760      $ 757,058   

Term Loan, 3.75%, Maturing March 11, 2018

      920        924,115   

Swift Transportation Co. Inc.

     

Term Loan, 4.00%, Maturing December 21, 2017

      608        613,346   
   
  $ 2,294,519   
   

Telecommunications — 5.6%

                   

Arris Group, Inc.

     

Term Loan, 3.50%, Maturing April 17, 2020

      524      $ 520,851   

Cellular South, Inc.

     

Term Loan, 3.25%, Maturing May 22, 2020

      200        199,500   

Cricket Communications, Inc.

     

Term Loan, 4.75%, Maturing October 10, 2019

      249        247,506   

Term Loan, 4.75%, Maturing March 9, 2020

      1,550        1,538,697   

Crown Castle International Corporation

     

Term Loan, 3.25%, Maturing January 31, 2019

      936        934,805   

Intelsat Jackson Holdings Ltd.

     

Term Loan, 4.25%, Maturing April 2, 2018

      5,109        5,126,891   

Mitel Networks Corporation

     

Term Loan, 7.00%, Maturing February 27, 2019

      374        375,232   

SBA Finance

     

Term Loan, 3.75%, Maturing June 29, 2018

      172        172,038   

Term Loan, 3.75%, Maturing September 27, 2019

      82        82,685   
Borrower/Tranche Description        Principal
Amount*
(000’s omitted)
    Value  
     

Telecommunications (continued)

                   

Syniverse Holdings, Inc.

     

Term Loan, 4.00%, Maturing April 23, 2019

      625      $ 624,739   

Term Loan, 5.00%, Maturing April 23, 2019

      941        944,909   

Telesat LLC

     

Term Loan, 3.50%, Maturing March 28, 2019

      3,416        3,420,903   

TNS, Inc.

     

Term Loan, 5.00%, Maturing February 14, 2020

      442        443,323   

Windstream Corporation

     

Term Loan, 4.00%, Maturing August 8, 2019

      969        972,534   
   
  $ 15,604,613   
   

Utilities — 4.0%

                   

AES Corporation

     

Term Loan, 3.75%, Maturing June 1, 2018

      1,342      $ 1,347,806   

Calpine Construction Finance Company, L.P.

     

Term Loan, 3.00%, Maturing May 4, 2020

      525        520,781   

Term Loan, 3.25%, Maturing January 31, 2022

      200        198,425   

Calpine Corp.

     

Term Loan, 4.00%, Maturing April 2, 2018

      466        465,907   

Term Loan, 4.00%, Maturing April 2, 2018

      2,370        2,371,708   

Term Loan, 4.00%, Maturing October 9, 2019

      422        421,615   

Chrysler Group LLC

  

Term Loan, Maturing May 24, 2017(4)

      2,475        2,488,471   

Dynegy Holdings Inc.

     

Term Loan, 4.00%, Maturing April 23, 2020

      477        475,135   

Equipower Resources Holdings LLC

     

Term Loan, Maturing December 15, 2020(4)

      300        298,500   

Expera Specialty Solutions, LLC

     

Term Loan, Maturing December 21, 2018(4)

      250        248,125   

LSP Madison Funding, LLC

     

Term Loan, 5.58%, Maturing June 28, 2019

      303        305,483   

Raven Power Finance, LLC

     

Term Loan, 8.25%, Maturing November 15, 2018

      249        249,994   

Texas Competitive Electric Holdings Company, LLC

     

Term Loan, 4.72%, Maturing October 10, 2017

      2,601        1,828,467   
   
  $ 11,220,417   
   

Total Senior Floating-Rate Interests
(identified cost $407,961,320)

      $ 406,114,914   
   
 

 

  17   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

 

Corporate Bonds & Notes — 11.2%   
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Aerospace and Defense — 0.0%(3)

                   

GenCorp, Inc.

     

7.125%, 3/15/21(7)

      20      $ 20,800   
                     
      $ 20,800   
                     

Automotive — 0.1%

                   

American Axle & Manufacturing, Inc.

     

9.25%, 1/15/17(7)

      68      $ 73,610   

General Motors Financial Co., Inc.

     

2.75%, 5/15/16(7)

      5        4,928   

4.75%, 8/15/17(7)

      40        41,200   

3.25%, 5/15/18(7)

      5        4,875   

4.25%, 5/15/23(7)

      15        14,006   

Navistar International Corp.

     

8.25%, 11/1/21

      50        49,375   
                     
      $ 187,994   
                     

Beverage and Tobacco — 0.0%(3)

                   

Constellation Brands, Inc.

     

6.00%, 5/1/22

      35      $ 37,713   

4.25%, 5/1/23

      45        42,581   
                     
      $ 80,294   
                     

Brokers, Dealers and Investment Houses — 0.0%(3)

  

Alliance Data Systems Corp.

     

6.375%, 4/1/20(7)

      30      $ 31,050   

E*TRADE Financial Corp.

     

6.00%, 11/15/17

      5        5,075   

6.375%, 11/15/19

      25        25,500   
                     
      $ 61,625   
                     

Building and Development — 0.1%

                   

American Builders & Contractors Supply Co., Inc.

     

5.625%, 4/15/21(7)

      15      $ 14,775   

Brookfield Residential Properties, Inc.

     

6.50%, 12/15/20(7)

      25        25,312   

Builders FirstSource, Inc.

     

7.625%, 6/1/21(7)

      35        33,950   

HD Supply, Inc.

     

8.125%, 4/15/19

      20        22,000   

7.50%, 7/15/20(7)

      15        15,225   

11.50%, 7/15/20

      15        17,438   
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Building and Development (continued)

  

Interline Brands, Inc.

     

10.00%, 11/15/18(6)

      65      $ 70,200   

Nortek, Inc.

     

10.00%, 12/1/18

      45        49,050   

8.50%, 4/15/21(7)

      25        26,625   
                     
      $ 274,575   
                     

Business Equipment and Services — 0.1%

  

Education Management, LLC/Education Management Finance Corp.

     

15.00%, 7/1/18(7)

      28      $ 28,973   

FTI Consulting, Inc.

     

6.00%, 11/15/22(7)

      20        20,350   

Hertz Corp. (The)

     

6.25%, 10/15/22

      25        26,219   

IMS Health Incorporated

     

6.00%, 11/1/20(7)

      40        40,800   

MDC Partners, Inc.

     

6.75%, 4/1/20(7)

      15        15,038   

TransUnion Holding Co., Inc.

     

8.125%, 6/15/18(7)

      55        58,506   

United Rentals North America, Inc.

     

8.375%, 9/15/20

      10        10,875   

7.625%, 4/15/22

      10        10,875   
                     
      $ 211,636   
                     

Cable and Satellite Television — 0.1%

                   

AMC Networks, Inc.

     

4.75%, 12/15/22

      15      $ 14,550   

CCO Holdings, LLC/CCO Capital Corp.

     

5.25%, 9/30/22

      80        76,400   

5.75%, 1/15/24

      30        29,025   

DISH DBS Corp.

     

6.75%, 6/1/21

      85        90,737   

5.875%, 7/15/22

      30        30,600   
                     
      $ 241,312   
                     

Chemicals and Plastics — 1.5%

                   

Ashland, Inc.

     

3.00%, 3/15/16(7)

      5      $ 5,050   

Hexion US Finance Corp.

     

6.625%, 4/15/20(7)

      475        476,187   

6.625%, 4/15/20

      1,000        1,002,500   
 

 

  18   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Chemicals and Plastics (continued)

                   

Ineos Finance PLC

     

7.25%, 2/15/19(7)

  EUR     500      $ 683,366   

8.375%, 2/15/19(7)

      500        548,125   

7.50%, 5/1/20(7)

      400        427,000   

Milacron, LLC/Mcron Finance Corp.

     

7.75%, 2/15/21(7)

      10        10,025   

Rockwood Specialties Group, Inc.

     

4.625%, 10/15/20

      65        65,569   

TPC Group, Inc.

     

8.75%, 12/15/20(7)

      20        20,550   

Trinseo Materials Operating S.C.A.

     

8.75%, 2/1/19(7)

      1,000        960,000   

Tronox Finance, LLC

     

6.375%, 8/15/20(7)

      60        56,850   
                     
      $ 4,255,222   
                     

Clothing / Textiles — 0.0%(3)

                   

Levi Strauss & Co.

     

6.875%, 5/1/22

      15      $ 16,350   

SIWF Merger Sub, Inc./Springs Industries, Inc.

     

6.25%, 6/1/21(7)

      25        24,563   
                     
      $ 40,913   
                     

Conglomerates — 0.1%

                   

Belden, Inc.

     

5.50%, 9/1/22(7)

      10      $ 9,875   

General Cable Corp.

     

5.75%, 10/1/22(7)

      40        39,800   

Harbinger Group, Inc.

     

7.875%, 7/15/19(7)

      15        15,413   

Spectrum Brands Escrow Corp.

     

6.375%, 11/15/20(7)

      25        26,250   

6.625%, 11/15/22(7)

      40        42,000   
                     
      $ 133,338   
                     

Containers and Glass Products — 0.7%

  

BOE Merger Corp.

     

9.50%, 11/1/17(6)(7)

      45      $ 46,125   

Crown Americas, LLC/Crown Americas Capital Corp. IV

     

4.50%, 1/15/23(7)

      25        23,687   

Reynolds Group Holdings, Inc.

     

5.75%, 10/15/20

      1,975        1,994,750   

Sealed Air Corp.

     

8.375%, 9/15/21(7)

      5        5,675   
                     
      $ 2,070,237   
                     
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Cosmetics / Toiletries — 0.1%

                   

Alphabet Holding Co., Inc.

     

7.75%, 11/1/17(6)

      65      $ 66,950   

Party City Holdings, Inc.

     

8.875%, 8/1/20(7)

      65        70,037   

Sun Products Corp. (The)

     

7.75%, 3/15/21(7)

      30        29,925   
                     
      $ 166,912   
                     

Diversified Financial Services — 0.3%

                   

KION Finance SA

     

4.703%, 2/15/20(7)(8)

  EUR     650      $ 850,302   
                     
      $ 850,302   
                     

Drugs — 0.1%

                   

Valeant Pharmaceuticals International, Inc.

     

6.375%, 10/15/20(7)

      115      $ 114,281   

VPII Escrow Corp.

     

7.50%, 7/15/21(7)

      30        31,088   
                     
      $ 145,369   
                     

Ecological Services and Equipment — 0.0%(3)

  

ADS Waste Holdings, Inc.

     

8.25%, 10/1/20(7)

      25      $ 25,625   

Clean Harbors, Inc.

     

5.25%, 8/1/20

      25        25,500   

5.125%, 6/1/21

      30        30,375   
                     
      $ 81,500   
                     

Electronics / Electrical — 0.1%

                   

Ceridian Corp.

     

11.00%, 3/15/21(7)

      10      $ 11,100   

CommScope Holding Co., Inc.

     

6.625%, 6/1/20(6)(7)

      25        24,000   

Infor US, Inc.

     

9.375%, 4/1/19

      35        38,106   

NCR Corp.

     

5.00%, 7/15/22

      30        29,100   

Nuance Communications, Inc.

     

5.375%, 8/15/20(7)

      60        58,950   
                     
      $ 161,256   
                     
 

 

  19   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Equipment Leasing — 0.6%

                   

Air Lease Corp.

     

4.50%, 1/15/16

      135      $ 136,350   

International Lease Finance Corp.

     

5.65%, 6/1/14

      405        413,606   

8.625%, 9/15/15

      595        653,756   

6.75%, 9/1/16(7)

      175        189,875   

7.125%, 9/1/18(7)

      175        194,250   
                     
      $ 1,587,837   
                     

Financial Intermediaries — 0.6%

                   

Ally Financial, Inc.

     

2.475%, 12/1/14(8)

      20      $ 19,809   

0.00%, 6/15/15

      40        37,108   

4.625%, 6/26/15

      275        281,984   

CIT Group, Inc.

     

5.50%, 2/15/19(7)

      25        25,937   

5.375%, 5/15/20

      5        5,144   

5.00%, 8/15/22

      10        9,969   

First Data Corp.

     

7.375%, 6/15/19(7)

      500        516,250   

6.75%, 11/1/20(7)

      625        639,062   

11.25%, 1/15/21(7)

      25        25,063   

10.625%, 6/15/21(7)

      25        24,813   

Lender Processing Services, Inc.

     

5.75%, 4/15/23

      40        42,700   

Nuveen Investments, Inc.

     

9.50%, 10/15/20(7)

      70        70,000   
                     
      $ 1,697,839   
                     

Food Products — 0.0%(3)

                   

B&G Foods, Inc.

     

4.625%, 6/1/21

      10      $ 9,575   

Michael Foods Holding, Inc.

     

8.50%, 7/15/18(6)(7)

      20        20,650   
                     
      $ 30,225   
                     

Food Service — 0.0%(3)

                   

Aramark Corp.

     

5.75%, 3/15/20(7)

      15      $ 15,413   
                     
      $ 15,413   
                     
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Food / Drug Retailers — 0.0%(3)

                   

Pantry, Inc. (The)

     

8.375%, 8/1/20

      40      $ 43,150   
                     
      $ 43,150   
                     

Health Care — 1.0%

                   

Alere, Inc.

     

8.625%, 10/1/18

      20      $ 21,200   

6.50%, 6/15/20(7)

      15        14,606   

Amsurg Corp.

     

5.625%, 11/30/20

      15        15,075   

Biomet, Inc.

     

6.50%, 8/1/20

      55        56,959   

CDRT Holding Corp.

     

9.25%, 10/1/17(6)(7)

      45        45,788   

Community Health Systems, Inc.

     

5.125%, 8/15/18

      1,115        1,134,512   

7.125%, 7/15/20

      65        67,113   

DaVita, Inc.

     

5.75%, 8/15/22

      110        110,275   

DJO Finance, LLC/DJO Finance Corp.

     

8.75%, 3/15/18

      10        10,850   

HCA Holdings, Inc.

     

6.25%, 2/15/21

      40        40,900   

HCA, Inc.

     

6.50%, 2/15/20

      10        10,844   

Hologic, Inc.

     

6.25%, 8/1/20

      130        135,444   

INC Research, LLC

     

11.50%, 7/15/19(7)

      25        27,000   

inVentiv Health, Inc.

     

9.00%, 1/15/18(7)

      625        654,687   

Kinetic Concepts, Inc./KCI USA, Inc.

     

10.50%, 11/1/18

      25        27,000   

Tenet Healthcare Corp.

     

4.375%, 10/1/21(7)

      300        275,625   

United Surgical Partners International, Inc.

     

9.00%, 4/1/20

      35        37,975   

VWR Funding, Inc.

     

7.25%, 9/15/17

      50        52,000   
                     
      $ 2,737,853   
                     
 

 

  20   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Home Furnishings — 0.2%

                   

Libbey Glass, Inc.

     

6.875%, 5/15/20

      333      $ 350,066   

Sanitec Corp.

     

4.953%, 5/15/18(7)(8)

  EUR     125        161,504   

Tempur-Pedic International, Inc.

     

6.875%, 12/15/20(7)

      15        15,900   
                     
      $ 527,470   
                     

Homebuilders / Real Estate — 0.0%(3)

                   

BC Mountain, LLC/BC Mountain Finance, Inc.

     

7.00%, 2/1/21(7)

      30      $ 30,675   
                     
      $ 30,675   
                     

Industrial Equipment — 0.0%(3)

                   

Erikson Air-Crane, Inc., Promissory Note

     

6.00%, 11/2/20(2)(7)(9)

      39      $ 31,352   

Manitowoc Co., Inc. (The)

     

5.875%, 10/15/22

      20        20,200   
                     
      $ 51,552   
                     

Insurance — 0.4%

                   

A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub, LLC

     

7.875%, 12/15/20(7)

      20      $ 20,200   

CNO Financial Group, Inc.

     

6.375%, 10/1/20(7)

      525        560,438   

Hub International, Ltd.

     

8.125%, 10/15/18(7)

      35        36,575   

Onex USI Acquisition Corp.

     

7.75%, 1/15/21(7)

      50        49,500   

Towergate Finance PLC

     

6.006%, 2/15/18(7)(8)

  GBP     325        486,419   
                     
      $ 1,153,132   
                     

Leisure Goods / Activities / Movies — 0.2%

  

AMC Entertainment, Inc.

     

8.75%, 6/1/19

      60      $ 64,500   

Bombardier, Inc.

     

4.25%, 1/15/16(7)

      20        20,550   

6.125%, 1/15/23(7)

      10        9,975   

National CineMedia, LLC

     

6.00%, 4/15/22

      380        391,875   

NCL Corp., Ltd.

     

5.00%, 2/15/18(7)

      10        9,850   
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Leisure Goods / Activities / Movies (continued)

  

Regal Entertainment Group

     

5.75%, 2/1/25

      10      $ 9,550   

Royal Caribbean Cruises

     

6.875%, 12/1/13

      20        20,450   

7.25%, 6/15/16

      10        11,050   

7.25%, 3/15/18

      20        22,600   

Seven Seas Cruises, S. de R.L.

     

9.125%, 5/15/19

      35        37,275   

Viking Cruises, Ltd.

     

8.50%, 10/15/22(7)

      35        38,500   

WMG Acquisition Corp.

     

6.00%, 1/15/21(7)

      23        23,517   
                     
      $ 659,692   
                     

Lodging and Casinos — 0.8%

                   

Buffalo Thunder Development Authority

     

9.375%, 12/15/14(7)(10)

      265      $ 85,462   

Caesars Entertainment Operating Co., Inc.

     

8.50%, 2/15/20

      1,075        1,016,547   

Caesars Operating Escrow, LLC/Caesars Escrow Corp.

     

9.00%, 2/15/20(7)

      275        263,312   

9.00%, 2/15/20(7)

      575        552,000   

Inn of the Mountain Gods Resort & Casino

     

8.75%, 11/30/20(7)

      31        31,155   

MGM Resorts International

     

6.625%, 12/15/21

      50        51,625   

7.75%, 3/15/22

      15        16,369   

Mohegan Tribal Gaming Authority

     

10.50%, 12/15/16(7)

      50        49,000   

11.00%, 9/15/18(7)

      20        18,950   

Station Casinos, LLC

     

7.50%, 3/1/21(7)

      35        35,525   

SugarHouse HSP Gaming Property, LP/SugarHouse HSP Gaming Finance Corp.

     

6.375%, 6/1/21(7)

      10        9,725   

Tunica-Biloxi Gaming Authority

     

9.00%, 11/15/15(7)

      165        146,850   

Waterford Gaming, LLC

     

8.625%, 9/15/14(2)(7)

      84        41,490   
                     
      $ 2,318,010   
                     

Mining, Steel, Iron and Nonprecious Metals — 0.1%

                   

ArcelorMittal

     

6.75%, 2/25/22

      10      $ 10,300   
 

 

  21   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Mining, Steel, Iron and Nonprecious Metals (continued)

  

       

Eldorado Gold Corp.

     

6.125%, 12/15/20(7)

      55      $ 53,350   

IAMGOLD Corp.

     

6.75%, 10/1/20(7)

      55        46,750   

Inmet Mining Corp.

     

8.75%, 6/1/20(7)

      15        15,412   

7.50%, 6/1/21(7)

      20        19,250   
                     
      $ 145,062   
                     

Nonferrous Metals / Minerals — 0.0%(3)

                   

New Gold, Inc.

     

7.00%, 4/15/20(7)

      20      $ 20,300   

6.25%, 11/15/22(7)

      35        33,688   
                     
      $ 53,988   
                     

Oil and Gas — 0.5%

                   

Atlas Energy Holdings Operating Co., LLC

     

7.75%, 1/15/21(7)

      15      $ 14,400   

Atlas Pipeline Partners, LP

     

4.75%, 11/15/21(7)

      10        9,013   

Berry Petroleum Co.

     

6.375%, 9/15/22

      5        5,006   

Bonanza Creek Energy, Inc.

     

6.75%, 4/15/21

      20        20,434   

Bristow Group, Inc.

     

6.25%, 10/15/22

      45        46,294   

Chesapeake Energy Corp.

     

6.125%, 2/15/21

      75        79,125   

5.75%, 3/15/23

      45        45,675   

Concho Resources, Inc.

     

5.50%, 4/1/23

      80        79,200   

Continental Resources, Inc.

     

5.00%, 9/15/22

      85        86,912   

4.50%, 4/15/23(7)

      30        29,213   

CrownRock, LP/CrownRock Finance, Inc.

     

7.125%, 4/15/21(7)

      30        29,550   

CVR Refining, LLC/Coffeyville Finance, Inc.

     

6.50%, 11/1/22(7)

      65        64,025   

EP Energy, LLC/EP Energy Finance, Inc.

     

6.875%, 5/1/19

      100        107,500   

9.375%, 5/1/20

      70        79,450   

EP Energy, LLC/Everest Acquisition Finance, Inc.

     

7.75%, 9/1/22

      20        21,500   
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Oil and Gas (continued)

                   

EPL Oil & Gas, Inc.

     

8.25%, 2/15/18

      40      $ 41,400   

FTS International Services, LLC/FTS International Bonds, Inc.

     

8.125%, 11/15/18(7)

      18        18,765   

Kodiak Oil & Gas Corp.

     

5.50%, 1/15/21(7)

      5        4,881   

Laredo Petroleum, Inc.

     

7.375%, 5/1/22

      35        36,925   

MEG Energy Corp.

     

6.375%, 1/30/23(7)

      50        48,750   

Newfield Exploration Co.

     

5.625%, 7/1/24

      65        63,375   

Oasis Petroleum, Inc.

     

6.875%, 1/15/23

      75        77,625   

Plains Exploration & Production Co.

     

6.875%, 2/15/23

      95        101,747   

Rosetta Resources, Inc.

     

5.625%, 5/1/21

      25        24,438   

Sabine Pass LNG, L.P.

     

6.50%, 11/1/20(7)

      55        55,825   

SandRidge Energy, Inc.

     

7.50%, 3/15/21

      15        14,400   

Seven Generations Energy, Ltd.

     

8.25%, 5/15/20(7)

      15        15,000   

SM Energy Co.

     

6.50%, 1/1/23

      40        42,200   

Tesoro Corp.

     

5.375%, 10/1/22

      55        55,962   
                     
      $ 1,318,590   
                     

Publishing — 0.1%

                   

Laureate Education, Inc.

     

9.25%, 9/1/19(7)

      315      $ 338,625   

McGraw-Hill Global Education Holdings, LLC/McGraw-Hill Global Education Finance

     

9.75%, 4/1/21(7)

      45        46,237   
                     
      $ 384,862   
                     

Radio and Television — 0.7%

                   

Clear Channel Communications, Inc.

     

9.00%, 12/15/19(7)

      451      $ 439,725   

11.25%, 3/1/21(7)

      20        20,950   
 

 

  22   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Radio and Television (continued)

                   

Clear Channel Worldwide Holdings, Inc., Series A

     

6.50%, 11/15/22(7)

      25      $ 25,750   

Clear Channel Worldwide Holdings, Inc., Series B

     

6.50%, 11/15/22(7)

      70        72,450   

Entravision Communications Corp.

     

8.75%, 8/1/17

      844        902,025   

LBI Media, Inc.

     

13.50%, 4/15/20(7)

      6        2,421   

Starz, LLC/Starz Finance Corp.

     

5.00%, 9/15/19

      35        34,913   

Univision Communications, Inc.

     

6.75%, 9/15/22(7)

      425        448,375   

5.125%, 5/15/23(7)

      25        23,750   
                     
      $ 1,970,359   
                     

Real Estate Investment Trusts (REITs) — 0.0%(3)

  

       

RHP Hotel Properties LP/RHP Finance Corp.

     

5.00%, 4/15/21(7)

      5      $ 4,875   
                     
      $ 4,875   
                     

Retailers (Except Food and Drug) — 0.2%

                   

Burlington Holdings, LLC/Burlington Holding Finance, Inc.

     

9.00%, 2/15/18(6)(7)

      40      $ 41,200   

Claire’s Stores, Inc.

     

8.875%, 3/15/19

      10        10,550   

9.00%, 3/15/19(7)

      70        77,350   

6.125%, 3/15/20(7)

      25        24,688   

7.75%, 6/1/20(7)

      20        19,450   

Hot Topic, Inc.

     

9.25%, 6/15/21(7)

      55        55,962   

Michaels Stores, Inc.

     

7.75%, 11/1/18

      75        80,625   

New Academy Finance Co., LLC/New Academy Finance Corp.

     

8.00%, 6/15/18(6)(7)

      50        51,500   

Petco Holdings, Inc.

     

8.50%, 10/15/17(6)(7)

      110        112,750   

Radio Systems Corp.

     

8.375%, 11/1/19(7)

      30        32,025   

Sally Holdings, LLC/Sally Capital, Inc.

     

5.75%, 6/1/22

      95        96,900   
                     
      $ 603,000   
                     
Security        Principal
Amount*
(000’s omitted)
    Value  
     

Steel — 0.0%(3)

                   

AK Steel Corp.

     

8.75%, 12/1/18(7)

      15      $ 15,844   
                     
      $ 15,844   
                     

Surface Transport — 0.0%(3)

                   

Watco Cos., LLC/Watco Finance Corp.

     

6.375%, 4/1/23(7)

      15      $ 15,000   
                     
      $ 15,000   
                     

Telecommunications — 1.1%

                   

Avaya, Inc.

     

9.00%, 4/1/19(7)

      20      $ 19,300   

Crown Castle International Corp.

     

5.25%, 1/15/23

      55        53,006   

Frontier Communications Corp.

     

7.625%, 4/15/24

      20        20,150   

Intelsat Jackson Holdings SA

     

7.25%, 10/15/20

      55        58,025   

Intelsat Luxembourg SA

     

7.75%, 6/1/21(7)

      65        65,894   

8.125%, 6/1/23(7)

      55        56,994   

Lynx I Corp.

     

5.375%, 4/15/21(7)

      475        479,750   

6.00%, 4/15/21(7)

  GBP     475        719,951   

MetroPCS Wireless, Inc.

     

6.25%, 4/1/21(7)

      60        61,275   

6.625%, 4/1/23(7)

      85        86,806   

NII International Telecom SCA

     

7.875%, 8/15/19(7)

      30        28,575   

SBA Communications Corp.

     

5.625%, 10/1/19(7)

      30        29,813   

SBA Telecommunications, Inc.

     

5.75%, 7/15/20(7)

      50        50,313   

Sprint Nextel Corp.

     

7.00%, 8/15/20

      555        588,300   

6.00%, 11/15/22

      75        73,875   

Wind Acquisition Finance SA

     

5.456%, 4/30/19(7)(8)

  EUR     250        324,599   

6.50%, 4/30/20(7)

      225        224,437   

Windstream Corp.

     

6.375%, 8/1/23

      15        14,100   
                     
      $ 2,955,163   
                     
 

 

  23   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

Security        Principal
Amount*
(000’s omitted)
    Value  
     

Utilities — 1.4%

                   

AES Corporation

     

4.875%, 5/15/23

      15      $ 14,025   

Calpine Corp.

     

7.50%, 2/15/21(7)

      2,138        2,293,005   

7.875%, 1/15/23(7)

      1,530        1,652,400   

Energy Future Intermediate Holding Co., LLC/EFIH Finance, Inc.

     

6.875%, 8/15/17(7)

      20        20,400   

Energy Transfer Equity, L.P.

     

7.50%, 10/15/20

      15        16,462   
                     
      $ 3,996,292   
                     

Total Corporate Bonds & Notes
(identified cost $30,887,702)

   

  $ 31,299,168   
                     
Asset-Backed Securities — 3.0%   
     
Security        Principal
Amount
(000’s omitted)
    Value  

Avalon Capital Ltd. 3, Series 1A, Class D, 2.224%, 2/24/19(7)(8)

    $ 295      $ 271,361   

Babson Ltd., Series 2005-1A, Class C1, 2.227%, 4/15/19(7)(8)

      376        350,346   

Babson Ltd., Series 2013-IA, Class C, 2.912%, 4/20/25(7)(8)

      225        214,983   

Babson Ltd., Series 2013-IA, Class D, 3.712%, 4/20/25(7)(8)

      175        164,098   

Centurion CDO 8 Ltd., Series 2005-8A, Class D, 5.774%, 3/8/17(7)(8)

      492        492,125   

Centurion CDO 9 Ltd., Series 2005-9A, Class D1, 5.028%, 7/17/19(7)(8)

      500        472,751   

CIFC Funding, Ltd., Series 2013-2A, Class A3L, 2.976%, 4/21/25(7)(8)

      1,325        1,250,824   

Dryden Senior Loan Fund, Series 2013-28A, Class A3L,
8/15/25(7)(11)

      750        750,000   

Dryden Senior Loan Fund, Series 2013-28A, Class B1L,
8/15/25(7)(11)

      320        309,603   

Dryden Senior Loan Fund, Series 2013-28A, Class B2L,
8/15/25(7)(11)

      215        193,175   

Madison Park Funding Ltd., Series 2006-2A, Class D, 5.023%, 3/25/20(7)(8)

      1,000        1,000,135   

Oak Hill Credit Partners, Series 2013-8A, Class C, 2.975%, 4/20/25(7)(8)

      200        190,418   

Oak Hill Credit Partners, Series 2013-8A, Class D, 3.775%, 4/20/25(7)(8)

      200        187,703   
Security        Principal
Amount
(000’s omitted)
    Value  
     

Octagon Investment Partners XVI Ltd., Series 2013-1A, Class C1, 3.022%, 7/17/25(7)(8)

    $ 475      $ 475,000   

Octagon Investment Partners XVI Ltd., Series 2013-1A, Class D, 3.622%, 7/17/25(7)(8)

      475        462,555   

Octagon Investment Partners XVI Ltd., Series 2013-1A, Class E, 4.772%, 7/17/25(7)(8)

      550        518,925   

Schiller Park CLO Ltd., Series 2007-1A, Class D, 2.526%, 4/25/21(7)(8)

      1,000        921,690   
                     

Total Asset-Backed Securities
(identified cost $8,441,467)

   

  $ 8,225,692   
                     
Common Stocks — 1.6%   
     
Security        Shares     Value  

Automotive — 0.1%

  

Dayco Products, LLC(9)(12)

      10,159      $ 360,644   
                     
      $ 360,644   
                     

Building and Development — 0.1%

                   

Panolam Holdings Co.(2)(12)(13)

      131      $ 171,962   

United Subcontractors, Inc.(2)(9)(12)

      292        13,359   
                     
      $ 185,321   
                     

Food Service — 0.1%

                   

Buffets Restaurants Holdings, Inc.(2)(9)(12)

      22,185      $ 144,202   
                     
      $ 144,202   
                     

Home Furnishings — 0.1%

                   

Oreck Corp.(2)(9)(12)

      2,275      $ 0   

Sanitec Europe Oy B Units(2)(9)(12)

      26,265        199,315   

Sanitec Europe Oy E Units(2)(9)(12)

      25,787        0   
                     
      $ 199,315   
                     

Leisure Goods / Activities / Movies — 0.4%

                   

Metro-Goldwyn-Mayer Holdings, Inc.(9)(12)

      22,424      $ 1,132,412   
                     
      $ 1,132,412   
                     

Lodging and Casinos — 0.3%

                   

Affinity Gaming, LLC(2)(9)(12)

      23,498      $ 305,478   

Greektown Superholdings, Inc.(12)

      45        3,600   

Tropicana Entertainment, Inc.(2)(9)(12)

      25,430        397,344   
                     
      $ 706,422   
                     
 

 

  24   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

Security        Shares     Value  
     

Nonferrous Metals / Minerals — 0.0%(3)

                   

Euramax International, Inc.(2)(9)(12)

      468      $ 105,188   
                     
      $ 105,188   
                     

Publishing — 0.5%

                   

ION Media Networks, Inc.(2)(9)

      2,155      $ 1,365,839   

MediaNews Group, Inc.(2)(9)(12)

      5,771        121,079   
                     
      $ 1,486,918   
                     

Total Common Stocks
(identified cost $2,442,905)

   

  $ 4,320,422   
                     
Warrants — 0.0%(3)   
     
Security        Shares     Value  

Oil and Gas — 0.0%(3)

  

SemGroup Corp., Expires 11/30/14(12)

      789      $ 20,928   
                     

Total Warrants
(identified cost $8)

   

  $ 20,928   
                     
Miscellaneous — 0.0%(3)   
     
Security        Shares     Value  

Business Equipment and Services — 0.0%(3)

  

NCS Acquisition Corp., Escrow Certificate(2)(12)

      20,000      $ 276   
                     
      $ 276   
                     

Cable and Satellite Television — 0.0%(3)

  

       

Adelphia Recovery Trust(2)(12)

      261,268      $ 0   

Adelphia, Inc., Escrow Certificate(12)

      270,000        2,362   
                     
      $ 2,362   
                     

Oil and Gas — 0.0%(3)

                   

SemGroup Corp., Escrow Certificate(12)

      290,000      $ 5,800   
                     
      $ 5,800   
                     

Total Miscellaneous
(identified cost $250,466)

      $ 8,438   
                     
Short-Term Investments — 3.4%   
     
Description        Interest
(000’s omitted)
    Value  
     

Eaton Vance Cash Reserves Fund, LLC, 0.11%(14)

    $ 9,455      $ 9,454,974   
                     

Total Short-Term Investments
(identified cost $9,454,974)

   

  $ 9,454,974   
                     

Total Investments — 165.1%
(identified cost $459,438,842)

   

  $ 459,444,536   
                     

Less Unfunded Loan Commitments — (0.1)%

  

  $ (135,714
                     

Net Investments — 165.0%
(identified cost $459,303,128)

   

  $ 459,308,822   
                     

Other Assets, Less Liabilities — (25.5)%

  

  $ (70,943,346
                     

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (39.5)%

  

  $ (110,001,062
                     

Net Assets Applicable to Common Shares — 100.0%

  

  $ 278,364,414   
                     

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.

 

DIP     Debtor in Possession
EUR     Euro
GBP     British Pound Sterling

 

  * In U.S. dollars unless otherwise indicated.

 

  (1) 

Senior floating-rate interests (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their 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, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. 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) 

For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 13).

 

  (3) 

Amount is less than 0.05%.

 

  (4) 

This Senior Loan will settle after June 30, 2013, at which time the interest rate will be determined.

 

  (5) 

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

 

  (6) 

Represents a payment-in-kind security which may pay all or a portion of interest in additional par.

 

 

  25   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Portfolio of Investments — continued

 

 

 

  (7) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At June 30, 2013, the aggregate value of these securities is $27,259,618 or 9.8% of the Trust’s net assets applicable to common shares.

 

  (8) 

Variable rate security. The stated interest rate represents the rate in effect at June 30, 2013.

 

  (9) 

Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

 

(10) 

Currently the issuer is in default with respect to interest payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

 

(11) 

When-issued security which will settle after June 30, 2013, at which time the interest rate will be determined.

 

(12) 

Non-income producing security.

 

(13) 

Restricted security (see Note 8).

 

(14) 

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, 2013.

 

  26   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Statement of Assets and Liabilities

 

 

Assets   June 30, 2013  

Unaffiliated investments, at value (identified cost, $449,848,154)

  $ 449,853,848   

Affiliated investment, at value (identified cost, $9,454,974)

    9,454,974   

Cash

    6,284,467   

Restricted cash*

    530,000   

Foreign currency, at value (identified cost, $5,023,532)

    5,030,485   

Interest receivable

    1,750,418   

Interest receivable from affiliated investment

    755   

Receivable for investments sold

    2,851,909   

Receivable for open forward foreign currency exchange contracts

    41,099   

Tax reclaims receivable

    841   

Prepaid expenses and other assets

    17,951   

Total assets

  $ 475,816,747   
Liabilities   

Notes payable

  $ 65,000,000   

Payable for investments purchased

    20,480,481   

Payable for when-issued securities

    1,252,778   

Payable for open forward foreign currency exchange contracts

    69,152   

Payable to affiliates:

 

Investment adviser fee

    303,850   

Administration fee

    93,781   

Trustees’ fees

    4,258   

Accrued expenses

    246,971   

Total liabilities

  $ 87,451,271   

Auction preferred shares (4,400 shares outstanding) at liquidation value plus cumulative unpaid dividends

  $ 110,001,062   

Net assets applicable to common shares

  $ 278,364,414   
Sources of Net Assets   

Common shares, $0.01 par value, unlimited number of shares authorized, 37,864,018 shares issued and outstanding

  $ 378,640   

Additional paid-in capital

    324,774,578   

Accumulated net realized loss

    (47,912,937

Accumulated undistributed net investment income

    1,139,058   

Net unrealized depreciation

    (14,925

Net assets applicable to common shares

  $ 278,364,414   
Net Asset Value Per Common Share        

($278,364,414 ÷ 37,864,018 common shares issued and outstanding)

  $ 7.35   

 

* Represents restricted cash on deposit at the custodian for open forward foreign currency exchange contracts.

 

  27   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Statement of Operations

 

 

Investment Income   Year Ended
June 30, 2013
 

Interest and other income

  $ 22,913,278   

Dividends

    524,085   

Interest allocated from affiliated investment

    9,242   

Expenses allocated from affiliated investment

    (963

Total investment income

  $ 23,445,642   
Expenses        

Investment adviser fee

  $ 3,529,372   

Administration fee

    1,078,321   

Trustees’ fees and expenses

    17,082   

Custodian fee

    278,356   

Transfer and dividend disbursing agent fees

    20,684   

Legal and accounting services

    134,330   

Printing and postage

    55,920   

Interest expense and fees

    631,991   

Preferred shares service fee

    162,527   

Miscellaneous

    133,569   

Total expenses

  $ 6,042,152   

Deduct —

 

Reduction of custodian fee

  $ 14   

Total expense reductions

  $ 14   

Net expenses

  $ 6,042,138   

Net investment income

  $ 17,403,504   
Realized and Unrealized Gain (Loss)   

Net realized gain (loss) —

 

Investment transactions

  $ 3,565,809   

Investment transactions allocated from affiliated investment

    262   

Foreign currency and forward foreign currency exchange contract transactions

    437,245   

Net realized gain

  $ 4,003,316   

Change in unrealized appreciation (depreciation) —

 

Investments

  $ 3,299,709   

Foreign currency and forward foreign currency exchange contracts

    (227,282

Net change in unrealized appreciation (depreciation)

  $ 3,072,427   

Net realized and unrealized gain

  $ 7,075,743   
Distributions to preferred shareholders        

From net investment income

  $ (127,105

Net increase in net assets from operations

  $ 24,352,142   

 

  28   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Statements of Changes in Net Assets

 

 

    Year Ended June 30,  
Increase (Decrease) in Net Assets   2013     2012  

From operations —

   

Net investment income

  $ 17,403,504      $ 15,980,515   

Net realized gain from investment, foreign currency and forward foreign currency exchange contract transactions

    4,003,316        2,421,526   

Net change in unrealized appreciation (depreciation) from investments, foreign currency and forward foreign currency exchange contracts

    3,072,427        (4,859,938

Distributions to preferred shareholders —

   

From net investment income

    (127,105     (93,709

Net increase in net assets from operations

  $ 24,352,142      $ 13,448,394   

Distributions to common shareholders —

   

From net investment income

  $ (17,660,884   $ (16,207,874

Total distributions to common shareholders

  $ (17,660,884   $ (16,207,874

Capital share transactions —

   

Proceeds from shelf offering, net of offering costs (See Note 6)

  $ 8,228,437      $   

Reinvestment of distributions to common shareholders

    277,018          

Net increase in net assets from capital shares transactions

  $ 8,505,455      $   

Net increase (decrease) in net assets

  $ 15,196,713      $ (2,759,480
Net Assets Applicable to Common Shares   

At beginning of year

  $ 263,167,701      $ 265,927,181   

At end of year

  $ 278,364,414      $ 263,167,701   
Accumulated undistributed net investment income
included in net assets applicable to common shares
   

At end of year

  $ 1,139,058      $ 1,212,423   

 

  29   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Statement of Cash Flows

 

 

Cash Flows From Operating Activities   Year Ended
June 30, 2013
 

Net increase in net assets from operations

  $ 24,352,142   

Distributions to preferred shareholders

    127,105   

Net increase in net assets from operations excluding distributions to preferred shareholders

  $ 24,479,247   

Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:

 

Investments purchased

    (232,495,646

Investments sold and principal repayments

    220,374,382   

Increase in short-term investments, net

    (1,955,490

Net amortization/accretion of premium (discount)

    (1,205,888

Increase in restricted cash

    (530,000

Decrease in interest receivable

    27,848   

Increase in interest receivable from affiliated investment

    (436

Decrease in receivable for open forward foreign currency exchange contracts

    236,644   

Increase in tax reclaims receivable

    (841

Decrease in prepaid expenses and other assets

    6,178   

Increase in payable for open forward foreign currency exchange contracts

    26,003   

Increase in payable to affiliate for investment adviser fee

    24,274   

Increase in payable to affiliate for administration fee

    8,544   

Increase in payable to affiliate for Trustees’ fees

    58   

Decrease in accrued expenses

    (12,783

Decrease in unfunded loan commitments

    (558,114

Net change in unrealized (appreciation) depreciation from investments

    (3,299,709

Net realized gain from investments

    (3,565,809

Net cash provided by operating activities

  $ 1,558,462   
Cash Flows From Financing Activities   

Proceeds from shelf offering, net of offering costs

  $ 8,228,437   

Distributions paid to common shareholders, net of reinvestments

    (17,383,866

Cash distributions to preferred shareholders

    (127,028

Proceeds from notes payable

    23,000,000   

Repayment of notes payable

    (4,000,000

Net cash provided by financing activities

  $ 9,717,543   

Net increase in cash*

  $ 11,276,005   

Cash at beginning of year(1)

  $ 38,947   

Cash at end of year(1)

  $ 11,314,952   
Supplemental disclosure of cash flow information:   

Noncash financing activities not included herein consist of:

 

Reinvestment of dividends and distributions

  $ 277,018   

Cash paid for interest and fees on borrowings

  $ 622,574   

 

* Includes net change in unrealized appreciation (depreciation) on foreign currency of $6,540.

 

(1) 

Balance includes foreign currency, at value.

 

  30   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Financial Highlights

 

Selected data for a common share outstanding during the periods stated

 

    Year Ended June 30,  
    2013     2012     2011     2010     2009  

Net asset value — Beginning of year (Common shares)

  $ 7.160      $ 7.240      $ 6.710      $ 5.480      $ 7.480   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.468      $ 0.435      $ 0.420      $ 0.395      $ 0.492   

Net realized and unrealized gain (loss)

    0.194        (0.071     0.557        1.198        (2.012

Distributions to preferred shareholders

         

From net investment income(1)

    (0.003     (0.003     (0.006     (0.006     (0.033

Total income (loss) from operations

  $ 0.659      $ 0.361      $ 0.971      $ 1.587      $ (1.553
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.476   $ (0.441   $ (0.441   $ (0.357   $ (0.439

Tax return of capital

                                (0.008

Total distributions to common shareholders

  $ (0.476   $ (0.441   $ (0.441   $ (0.357   $ (0.447

Premium from common shares sold through shelf offering (see Note 6)(1)

  $ 0.007      $      $      $      $   

Net asset value — End of year (Common shares)

  $ 7.350      $ 7.160      $ 7.240      $ 6.710      $ 5.480   

Market value — End of year (Common shares)

  $ 7.520      $ 7.020      $ 7.200      $ 6.630      $ 4.690   

Total Investment Return on Net Asset Value(2)

    9.49     5.58     14.80     29.77     (18.99 )% 

Total Investment Return on Market Value(2)

    14.26     4.09     15.55     49.83     (21.66 )% 

 

  31   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Year Ended June 30,  
Ratios/Supplemental Data   2013     2012     2011     2010     2009  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 278,364      $ 263,168      $ 265,927      $ 245,741      $ 200,183   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees(4)

    1.98     2.01     1.95     2.05     2.44

Interest and fee expense(5)

    0.23     0.23     0.23     0.25     0.99

Total expenses

    2.21     2.24     2.18     2.30     3.43

Net investment income

    6.35     6.17     5.90     6.08     9.64

Portfolio Turnover

    52     38     53     43     18

The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares and borrowings, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares plus preferred shares and borrowings):(3)

         

Expenses excluding interest and fees(4)

    1.25     1.27     1.26     1.31     1.54

Interest and fee expense(5)

    0.15     0.15     0.15     0.16     0.62

Total expenses

    1.40     1.42     1.41     1.47     2.16

Net investment income

    4.03     3.93     3.82     3.90     6.06

Senior Securities:

         

Total notes payable outstanding (in 000’s)

  $ 65,000      $ 46,000      $ 36,000      $ 31,000      $ 3,000   

Asset coverage per $1,000 of notes payable(6)

  $ 6,975      $ 9,112      $ 11,442      $ 12,476      $ 104,397   

Total preferred shares outstanding

    4,400        4,400        4,400        4,400        4,400   

Asset coverage per preferred share(7)

  $ 64,766      $ 67,174      $ 70,536      $ 68,571      $ 69,290   

Involuntary liquidation preference per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1)

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. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3)

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(4)

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(5)

Interest and fee expense relates to the notes payable incurred to redeem the Trust’s APS (see Note 10).

 

(6)

Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, and dividing the result by the notes payable balance in thousands.

 

(7)

Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, dividing the result by the sum of the value of the notes payable and liquidation value of preferred shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 259%, 269%, 282%, 274% and 277% at June 30, 2013, 2012, 2011, 2010 and 2009, respectively.

 

(8)

Plus accumulated and unpaid dividends.

 

  32   See Notes to Financial Statements.


Eaton Vance

Senior Income Trust

June 30, 2013

 

Notes to Financial Statements

 

 

1  Significant Accounting Policies

Eaton Vance Senior Income Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Trust’s investment objective is to provide a high level of current income, consistent with the preservation of capital, by investing primarily in senior, secured floating-rate loans.

The following is a summary of significant accounting policies of the Trust. The policies are in conformity with accounting principles generally accepted in the United States of America.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value 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 relevant factors. Fair value determinations are made by the portfolio managers of the Trust based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Trust. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Trust. 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 (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

Debt Obligations. Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

Equity Securities. Equity securities (including common shares of closed-end investment companies) listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices.

Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average asked prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Trust’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.

Affiliated Fund. The Trust may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). The value of the Trust’s investment in Cash Reserves Fund reflects the Trust’s proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under 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. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities in the same manner as debt obligations described above.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust in a manner that fairly reflects the security’s value, or the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or

 

  33  


Eaton Vance

Senior Income Trust

June 30, 2013

 

Notes to Financial Statements — continued

 

 

of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of 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.

D  Federal Taxes — The Trust’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year 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, 2013, the Trust, for federal income tax purposes, had a capital loss carryforward of $47,913,141 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Trust of any liability for federal income or excise tax. The capital loss carryforward will expire on June 30, 2017 ($18,334,797), June 30, 2018 ($22,498,410) and June 30, 2019 ($7,079,934). In addition, such capital loss carryforward cannot be utilized prior to the utilization of new capital losses, if any, created after June 30, 2013.

During the year ended June 30, 2013, a capital loss carryforward of $3,928,771 was utilized to offset net realized gains by the Trust.

As of June 30, 2013, the Trust had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Trust files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Trust. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Trust maintains with SSBT. All credit balances, if any, used to reduce the Trust’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

F  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect 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.

G  Unfunded Loan Commitments — The Trust may enter into certain credit agreements all or a portion of which may be unfunded. The Trust is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At June 30, 2013, the Trust had sufficient cash and/or securities to cover these commitments.

H  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.

I  Indemnifications — Under the Trust’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 Trust. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

J  Forward Foreign Currency Exchange Contracts — The Trust 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. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed or offset by another contract with the same broker for the same settlement date and currency. 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.

 

  34  


Eaton Vance

Senior Income Trust

June 30, 2013

 

Notes to Financial Statements — continued

 

 

K  When-Issued Securities and Delayed Delivery Transactions — The Trust may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Trust maintains security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

L  Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of the Trust is the amount included in the Trust’s Statement of Assets and Liabilities and represents the unrestricted cash on hand at its custodian and does not include any short-term investments.

2   Auction Preferred Shares

The Trust issued Auction Preferred Shares (APS) on June 27, 2001 in a public offering. The underwriting discount and other offering costs incurred in connection with the offering were recorded as a reduction of the paid-in capital of the common shares. Dividends on the APS, which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. Series of APS are identical in all respects except for the reset dates of the dividend rates. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. Auctions have not cleared since February 13, 2008 and the rate since that date has been the maximum applicable rate (see Note 3). The maximum applicable rate on the APS is 125% of the “AA” Financial Composite Commercial Paper Rate at the date of the auction. The stated spread over the reference benchmark rate is determined based on the credit rating of the APS.

The number of APS issued and outstanding as of June 30, 2013 is as follows:

 

     APS Issued and
Outstanding
 

Series A

    2,200   

Series B

    2,200   

The APS are redeemable at the option of the Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if the Trust is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years’ dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. The Trust is required to maintain certain asset coverage with respect to the APS as defined in the Trust’s By-Laws and the 1940 Act. The Trust pays an annual fee up to 0.15% of the liquidation value of the APS to broker/dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.

3  Distributions to Shareholders

The Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, the Trust intends to distribute all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years). Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for the APS at June 30, 2013, and the amount of dividends accrued (including capital gains, if any) to APS shareholders, average APS dividend rates, and dividend rate ranges for the year then ended were as follows:

 

     APS Dividend
Rates at
June 30, 2013
     Dividends
Accrued to APS
Shareholders
     Average APS
Dividend
Rates
     Dividend
Rate
Ranges (%)
 

Series A

    0.10    $ 63,921         0.11      0.03–0.20   

Series B

    0.06         63,184         0.11         0.03–0.20   

 

  35  


Eaton Vance

Senior Income Trust

June 30, 2013

 

Notes to Financial Statements — continued

 

 

Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trust’s APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rates. The table above reflects such maximum dividend rates for each series as of June 30, 2013.

The Trust distinguishes between distributions on a tax basis and 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. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended June 30, 2013 and 2012 was as follows:

 

    Year Ended June 30,  
     2013      2012  

Distributions declared from:

    

Ordinary income

  $ 17,787,989       $ 16,301,583   

During the year ended June 30, 2013, accumulated net realized loss was increased by $32,527, accumulated undistributed net investment income was increased by $311,120, and paid-in capital was decreased by $278,593 due to differences between book and tax accounting, primarily for foreign currency gain (loss), mixed straddles, defaulted bond interest and investments in partnerships. These reclassifications had no effect on the net assets or net asset value per share of the Trust.

As of June 30, 2013, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:

 

   

Undistributed ordinary income

  $ 1,150,092   

Capital loss carryforward

  $ (47,913,141

Net unrealized depreciation

  $ (25,755

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales, partnership allocations and defaulted bonds.

4  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for management and investment advisory services rendered to the Trust. The fee is computed at an annual rate of 0.81% (0.82% prior to May 1, 2013) of the Trust’s average weekly gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage. Pursuant to a fee reduction agreement between the Trust and EVM that commenced on May 1, 2010, the annual adviser fee rate is reduced by 0.01% every May 1 thereafter for the next twenty-nine years. The fee reduction cannot be terminated without the consent of the Trustees and shareholders. For the year ended June 30, 2013, the Trust’s investment adviser fee totaled $3,529,372. The Trust invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. The administration fee is earned by EVM for administering the business affairs of the Trust and is computed at an annual rate of 0.25% of the Trust’s average weekly gross assets. For the year ended June 30, 2013, the administration fee amounted to $1,078,321.

Trustees and officers of the Trust who are members of EVM’s organization receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended June 30, 2013, no significant amounts have been deferred. Certain officers and Trustees of the Trust are officers of EVM.

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities and principal repayments on Senior Loans, aggregated $249,221,628 and $222,752,668, respectively, for the year ended June 30, 2013.

 

  36  


Eaton Vance

Senior Income Trust

June 30, 2013

 

Notes to Financial Statements — continued

 

 

6  Common Shares of Beneficial Interest

The Trust may issue common shares pursuant to its dividend reinvestment plan. Common shares issued by the Trust pursuant to its dividend reinvestment plan for the year ended June 30, 2013 were 37,672. There were no transactions in common shares by the Trust for the year ended June 30, 2012.

Pursuant to a registration statement filed with and declared effective November 14, 2012 by the SEC, the Trust is authorized to issue up to an additional 3,677,150 common shares through an equity shelf offering program (the “shelf offering”). Under the shelf offering, the Trust, subject to market conditions, may raise additional capital from time to time and in varying amounts and offering methods at a net price at or above the Trust’s net asset value per common share.

During the year ended June 30, 2013, the Trust sold 1,073,798 common shares and received proceeds (net of offering costs) of $8,228,437 through its shelf offering. The net proceeds in excess of the net asset value of the shares sold was $244,867.

Offering costs (other than the applicable sales commissions) incurred in connection with the shelf offering were borne directly by EVM. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM, is the distributor of the Trust’s shares and is entitled to receive a sales commission from the Trust of 1.00% of the gross sales price per share, a portion of which is re-allowed to sales agents. The Trust was informed that the sales commissions retained by EVD during the year ended June 30, 2013 were $16,623.

7  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Trust at June 30, 2013, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

  $ 459,313,958   

Gross unrealized appreciation

  $ 5,092,801   

Gross unrealized depreciation

    (5,097,937

Net unrealized depreciation

  $ (5,136

8  Restricted Securities

At June 30, 2013, the Trust owned the following securities (representing 0.1% of net assets applicable to common shares) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Trust has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The 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      Cost      Value  

Common Stocks

          

Panolam Holdings Co.

    12/30/09         131       $ 71,985       $ 171,962   

Total Restricted Securities

                    $ 71,985       $ 171,962   

9  Financial Instruments

The Trust may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts 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 Trust has in particular classes of financial instruments and do 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.

 

  37  


Eaton Vance

Senior Income Trust

June 30, 2013

 

Notes to Financial Statements — continued

 

 

A summary of obligations under these financial instruments at June 30, 2013 is as follows:

 

Forward Foreign Currency Exchange Contracts  
          

Sales

 
Settlement Date   Deliver    In Exchange For    Counterparty    Net Unrealized
Appreciation
(Depreciation)
 
7/31/13   British Pound Sterling 533,958    United States Dollar 826,236    HSBC Bank USA    $ 14,273   
8/30/13   British Pound Sterling 4,292,259    United States Dollar 6,483,328    Goldman Sachs
International
     (42,443
8/30/13   Euro
2,009,781
   United States Dollar 2,600,697    Citibank NA      (15,990
9/30/13   British Pound Sterling 2,218,667    United States Dollar 3,399,331    Citibank NA      26,826   
9/30/13   Euro
8,954,590
   United States Dollar 11,649,653    HSBC Bank USA      (10,719
                   $ (28,053

At June 30, 2013, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

The Trust is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Trust holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Trust enters into forward foreign currency exchange contracts.

The Trust enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Trust’s net assets below a certain level over a certain period of time, which would trigger a payment by the Trust for those derivatives in a liability position. At June 30, 2013, the fair value of derivatives with credit-related contingent features in a net liability position was $69,152.

The non-exchange traded derivatives in which the Trust invests, including forward foreign currency exchange contracts, are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. At June 30, 2013, the maximum amount of loss the Trust would incur due to counterparty risk was $41,099, representing the fair value of such derivatives in an asset position, with the highest amount from any one counterparty being $26,826. To mitigate this risk, the Trust has entered into master netting agreements with substantially all its derivative counterparties, which allows it and a counterparty to aggregate amounts owed by each of them for derivative transactions under the agreement into a single net amount payable by either the Trust or the counterparty. At June 30, 2013, the maximum amount of loss the Trust would incur due to counterparty risk would be reduced by approximately $27,000 due to master netting agreements. Counterparties may be required to pledge collateral in the form of cash, U.S. Government securities or highly-rated bonds for the benefit of the Trust if the net amount due from the counterparty with respect to a derivative contract exceeds a certain threshold. The amount of collateral posted by the counterparties with respect to such contracts would also reduce the amount of any loss incurred.

 

  38  


Eaton Vance

Senior Income Trust

June 30, 2013

 

Notes to Financial Statements — continued

 

 

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at June 30, 2013 was as follows:

 

    Fair Value  
Derivative   Asset Derivative      Liability Derivative  

Forward foreign currency exchange contracts

  $ 41,099 (1)     $ (69,152 )(2) 

 

(1)

Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts; Net unrealized depreciation.

 

(2)

Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts; Net unrealized depreciation.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the year ended June 30, 2013 was as follows:

 

Derivative   Realized Gain (Loss)
on Derivatives Recognized
in Income
     Change in Unrealized
Appreciation (Depreciation)
on Derivatives Recognized in
Income
 

Forward foreign currency exchange contracts

  $ 309,982 (1)     $ (262,647 )(2) 

 

(1)

Statement of Operations location: Net realized gain (loss) – Foreign currency and forward foreign currency exchange contract transactions.

 

(2)

Statement of Operations location: Change in unrealized appreciation (depreciation) – Foreign currency and forward foreign currency exchange contracts.

The average notional amount of forward foreign currency exchange contracts outstanding during the year ended June 30, 2013, which is indicative of the volume of this derivative type, was approximately $17,992,000.

10  Revolving Credit and Security Agreement

The Trust has entered into a Revolving Credit and Security Agreement, as amended (the Agreement) with conduit lenders and a bank that allows it to borrow up to $65 million ($50 million prior to March 28, 2013) and to invest the borrowings in accordance with its investment practices. Borrowings under the Agreement are secured by the assets of the Trust. Interest is charged at a rate above the conduits’ commercial paper issuance rate and is payable monthly. Under the terms of the Agreement, in effect through March 19, 2014, the Trust also pays a program fee of 0.80% (0.60% prior to March 28, 2013) per annum on its outstanding borrowings to administer the facility and a liquidity fee of 0.15% (0.25% if the outstanding loan amount is less than or equal to 50% of the total facility size) per annum on the borrowing limit under the Agreement. Prior to March 28, 2013, the Trust paid a liquidity fee of 0.45% per annum on the borrowing limit. Program and liquidity fees for the year ended June 30, 2013 totaled $512,380 and are included in interest expense and fees on the Statement of Operations. The Trust is required to maintain certain net asset levels during the term of the Agreement. At June 30, 2013, the Trust had borrowings outstanding under the Agreement of $65,000,000 at an interest rate of 0.22%. Based on the short-term nature of the borrowings under the Agreement and the variable interest rate, the carrying amount of the borrowings at June 30, 2013 approximated its fair value. If measured at fair value, borrowings under the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 13) at June 30, 2013. For the year ended June 30, 2013, the average borrowings under the Agreement and the average interest rate (excluding fees) were $47,613,699 and 0.25%, respectively.

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. Certain 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 Trust, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities 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.

 

  39  


Eaton Vance

Senior Income Trust

June 30, 2013

 

Notes to Financial Statements — continued

 

 

12  Credit Risk

The Trust invests primarily in below investment grade floating-rate loans and floating-rate debt obligations, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value.

13  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

Ÿ  

Level 1 – quoted prices in active markets for identical investments

 

Ÿ  

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

Ÿ  

Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At June 30, 2013, the hierarchy of inputs used in valuing the Trust’s investments and open derivative instruments, which are carried at value, were as follows:

 

Asset Description   Level 1     Level 2     Level 3*     Total  

Senior Floating-Rate Interests (Less Unfunded Loan Commitments)

  $         —      $ 404,335,399      $ 1,643,801      $ 405,979,200   

Corporate Bonds & Notes

           31,226,326        72,842        31,299,168   

Asset-Backed Securities

           8,225,692               8,225,692   

Common Stocks

           1,496,656        2,823,766        4,320,422   

Warrants

           20,928               20,928   

Miscellaneous

           8,162        276        8,438   

Short-Term Investments

           9,454,974               9,454,974   

Total Investments

  $      $ 454,768,137      $ 4,540,685      $ 459,308,822   

Forward Foreign Currency Exchange Contracts

  $      $ 41,099      $      $ 41,099   

Total

  $      $ 454,809,236      $ 4,540,685      $ 459,349,921   

Liability Description

                               

Forward Foreign Currency Exchange Contracts

  $      $ (69,152   $      $ (69,152

Total

  $      $ (69,152   $      $ (69,152

 

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Trust.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended June 30, 2013 is not presented.

At June 30, 2013, there were no investments transferred between Level 1 and Level 2 during the year then ended.

 

  40  


Eaton Vance

Senior Income Trust

June 30, 2013

 

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 “Trust”), including the portfolio of investments, as of June 30, 2013, 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 Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with 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 Trust 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 Trust’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, 2013, by correspondence with the custodian, brokers and selling or agent banks; where replies were not received from brokers and selling or agent banks, we performed other auditing procedures. 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, 2013, 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 16, 2013

 

  41  


Eaton Vance

Senior Income Trust

June 30, 2013

 

Federal Tax Information (Unaudited)

 

 

The Form 1099-DIV you receive in January 2014 will show the tax status of all distributions paid to your account in calendar year 2013. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Trust.

Dividends Received Deduction.  Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Trust’s dividend distribution that qualifies under tax law. For the Trust’s fiscal 2013 ordinary income dividends, 2.75% qualifies for the corporate dividends received deduction.

 

  42  


Eaton Vance

Senior Income Trust

June 30, 2013

 

Dividend Reinvestment Plan

 

 

The Trust offers a dividend reinvestment plan (Plan) pursuant to which shareholders automatically have distributions reinvested in common shares

(Shares) of the Trust unless they elect otherwise through their investment dealer. On the distribution payment date, if the NAV 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 NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by American Stock Transfer &

Trust Company, the Plan agent (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 the Trust transfer agent re-register your Shares in your name or you will not be able to

participate.

The Agent’s service fee for handling distributions will be paid by the Trust. Plan participants 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 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 Agent to sell part or all

of his or her Shares and remit the proceeds, the 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

Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.

 

  43  


Eaton Vance

Senior Income Trust

June 30, 2013

 

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 DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.

This authorization form, when signed, should be mailed to the following address:

Eaton Vance Senior Income Trust

c/o American Stock Transfer & Trust Company

P.O. Box 922

Wall Street Station

New York, NY 10269-0560

 

 

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 non-diversified, closed-end management investment company and has no employees.

Number of Shareholders

As of June 30, 2013, Trust records indicate that there are 126 registered shareholders and approximately 10,886 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 Trust reports directly, which contain important information about the Trust, please write or call:

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

1-800-262-1122

New York Stock Exchange symbol

The New York Stock Exchange symbol is EVF.

 

  44  


Eaton Vance

Senior Income Trust

June 30, 2013

 

Board of Trustees’ Contract Approval

 

 

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 continuation 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, 2013, 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 Contract Review Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2013, as well as information considered during prior meetings of the committee. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

 

Ÿ  

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

 

Ÿ  

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

 

Ÿ  

An independent report comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

 

Ÿ  

Data regarding investment performance in comparison to benchmark indices and customized peer groups, in each case as approved by the Board with respect to the funds;

 

Ÿ  

For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

 

Ÿ  

Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

 

Ÿ  

Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;

 

Ÿ  

Information about 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 client commission arrangements and the fund’s policies with respect to “soft dollar” arrangements;

 

Ÿ  

Data relating to portfolio turnover rates of each fund;

 

Ÿ  

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;

 

Ÿ  

Information about each adviser’s processes for monitoring best execution of portfolio transactions, and other policies and practices of each adviser with respect to trading;

Information about each Adviser

 

Ÿ  

Reports detailing the financial results and condition of each adviser;

 

Ÿ  

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;

 

Ÿ  

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;

 

Ÿ  

Copies of or descriptions of each adviser’s policies and procedures relating to proxy voting, the handling of corporate actions and class actions;

 

Ÿ  

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;

 

Ÿ  

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

 

Ÿ  

A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

 

  45  


Eaton Vance

Senior Income Trust

June 30, 2013

 

Board of Trustees’ Contract Approval — continued

 

 

Other Relevant Information

 

Ÿ  

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

 

Ÿ  

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

 

Ÿ  

The terms of each advisory agreement.

In addition to the information identified above, the Contract Review 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, 2013, with respect to one or more funds, the Board met eight times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met eight, twenty-one, five, nine and thirteen times respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each adviser relating to each fund. The Board and its Committees considered the investment and trading strategies used in pursuing each fund’s investment objective, including, where relevant, the use of derivative instruments, as well as processes for monitoring best execution of portfolio transactions and risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters.

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 Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review 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 Contract Review 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 Contract Review Committee concluded that the continuation of the investment advisory agreement of Eaton Vance Senior Income Trust (the “Fund”) with Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment 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 considered the abilities and experience of such investment personnel in analyzing special considerations relevant to investing in senior floating rate loans. Specifically, the Board noted the experience of the Adviser’s large group of bank loan investment professionals and other personnel who provide services to the Fund, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation methods of the Adviser to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board 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 in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

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.

 

  46  


Eaton Vance

Senior Income Trust

June 30, 2013

 

Board of Trustees’ Contract Approval — continued

 

 

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 investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to a relevant universe of comparable funds identified by an independent data provider and appropriate benchmark indices, as well as a customized peer group of similarly managed funds approved by the Board. The Board reviewed comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2012 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 administrative fee rates, payable by the Fund (referred to as “management fees”). As part of its review, the Board considered the management fees and the Fund’s total expense ratio for the year ended September 30, 2012, 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. The Board considered that, at the request of the Contract Review Committee, the Adviser had implemented a series of permanent reductions in management fees beginning in May 2010, which include a further fee reduction effective May 1, 2013. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee, as well as actions taken by management in recent years to reduce expenses at the Eaton Vance fund complex level, including the negotiation of reduced fees for transfer agency and custody services.

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 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 their relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

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 reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale. The Board also considered the fact that the Fund is not continuously offered and that the Fund’s assets are not expected to increase materially in the foreseeable future. The Board 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 at this time.

 

  47  


Eaton Vance

Senior Income Trust

June 30, 2013

 

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. 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 Two International Place, Boston, Massachusetts 02110. 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. EVD is the Trust’s principal underwriter and a wholly-owned subsidiary of EVC. 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. Each Trustee oversees 186 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee serves for a three year term. Each officer serves until his or her successor is elected.

 

Name and Year of Birth   

Position(s)

with the
Trust

    

Term of Office;

Length of
Service

    

Principal Occupation(s) and Directorships

During Past Five Years and Other Relevant Experience

Interested Trustee

            

Thomas E. Faust Jr.

1958

   Class I Trustee     

Until 2014.

3 years.

Since 2007.

    

Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 186 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust.

Directorships in the Last Five Years.(1) Director of EVC and Hexavest Inc.

            

Noninterested Trustees

         

Scott E. Eston

1956

   Class II Trustee     

Until 2015.

3 years.

Since 2011.

    

Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., L.L.C. (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand L.L.P. (now PricewaterhouseCoopers) (public accounting firm) (1987-1997).

Directorships in the Last Five Years. None.

Benjamin C. Esty

1963

   Class I Trustee     

Until 2014.

3 years.

Since 2005.

    

Roy and Elizabeth Simmons Professor of Business Administration and Finance Unit Head, Harvard University Graduate School of Business Administration.

Directorships in the Last Five Years.(1) None.

Allen R. Freedman

1940

   Class II Trustee     

Until 2015.

3 years.

Since 2007.

    

Private Investor. Former Chairman (2002-2004) and a Director (1983-2004) of Systems & Computer Technology Corp. (provider of software to higher education). Formerly, a Director of Loring Ward International (fund distributor) (2005-2007). Former Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007). Former Chief Executive Officer of Assurant, Inc. (insurance provider) (1979-2000).

Directorships in the Last Five Years.(1) Director of Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Director of Assurant, Inc. (insurance provider) (1979-2011).

William H. Park

1947

   Class III Trustee     

Until 2013.

3 years.

Since 2003.

    

Consultant and private investor. Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981).

Directorships in the Last Five Years.(1) None.

Ronald A. Pearlman(A)

1940

   Class I Trustee     

Until 2014.

3 years.

Since 2003.

    

Professor of Law, Georgetown University Law Center. Formerly, Deputy Assistant Secretary (Tax Policy) and Assistant Secretary (Tax Policy), U.S. Department of the Treasury (1983-1985). Formerly, Chief of Staff, Joint Committee on Taxation, U.S. Congress (1988-1990).

Directorships in the Last Five Years.(1) None.

 

  48  


Eaton Vance

Senior Income Trust

June 30, 2013

 

Management and Organization — continued

 

 

Name and Year of Birth   

Position(s)

with the
Trust

    

Term of Office;

Length of
Service

    

Principal Occupation(s) and Directorships

During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

         

Helen Frame Peters

1948

   Class III Trustee     

Until 2015.

3 years.

Since 2008.

    

Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998).

Directorships in the Last Five Years.(1) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).

Lynn A. Stout

1957

   Class III Trustee     

Until 2013.

3 years.

Since 1999.

    

Distinguished Professor of Corporate and Business Law, Jack G. Clarke Business Law Institute, Cornell University Law School. Formerly, the Paul Hastings Professor of Corporate and Securities Law (2006-2012) and Professor of Law (2001-2006), University of California at Los Angeles School of Law.

Directorships in the Last Five Years.(1) None.

Harriett Tee Taggart

1948

   Class III Trustee     

Until 2013.

2 years.

Since 2011.

    

Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006).

Directorships in the Last Five Years. Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).

Ralph F. Verni(A)

1943

  

Chairman of the Board and

Class II Trustee

    

Until 2015.

3 Years.

Chairman of the Board since 2007 and Trustee since 2005

    

Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (2002-2006).

Directorships in the Last Five Years.(1) None.

            

Principal Officers who are not Trustees

    
Name and Year of Birth    Position(s)
with the
Trust
    

Length of

Service

    

Principal Occupation(s)

During Past Five Years

Scott H. Page

1959

   President      Since 2007      Vice President of EVM and BMR.

Payson F. Swaffield

1956

   Vice President      Since 2011      Vice President and Chief Income Investment Officer of EVM and BMR.

Maureen A. Gemma

1960

   Vice President, Secretary and Chief Legal Officer      Vice President since 2011, Secretary since 2007 and Chief Legal Officer since 2008      Vice President of EVM and BMR.

James F. Kirchner(2)

1967

   Treasurer      Since 2013      Vice President of EVM and BMR.

 

  49  


Eaton Vance

Senior Income Trust

June 30, 2013

 

Management and Organization — continued

 

 

Name and Year of Birth    Position(s)
with the
Trust
    

Length of

Service

    

Principal Occupation(s)

During Past Five Years

Principal Officers who are not Trustees (continued)

    

Paul M. O’Neil

1953

   Chief Compliance Officer      Since 2004      Vice President of EVM and BMR.

 

(1)

During their respective tenures, the Trustees (except Mr. Eston and Ms. Taggart) also served as trustees of one or more of the following Eaton Vance funds (which operated in the years noted): Eaton Vance Credit Opportunities Fund (launched in 2005 and terminated in 2010); Eaton Vance Insured Florida Plus Municipal Bond Fund (launched in 2002 and terminated in 2009); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009).

(2)

Prior to 2013, Mr. Kirchner served as Assistant Treasurer of the Trust since 2007.

(A) 

APS Trustee.

 

  50  


Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

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:

 

Ÿ  

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.

 

Ÿ  

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.

 

Ÿ  

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

 

Ÿ  

We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy 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, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only 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 advisor/broker-dealer, it is likely that only such advisor’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 (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 advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, 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 advisor. 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 advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of 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 at 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 and by accessing the SEC’s website at www.sec.gov.

Additional Notice to Shareholders.  A Fund also may purchase shares of its common stock in the open market when they trade at a discount to net asset value or at other times if the Fund determines such purchases are advisable. There can be no assurance that a Fund will take such action or that such purchases would reduce the discount. If applicable, a Fund may also redeem or purchase its outstanding auction preferred shares (APS) in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information.  The Eaton Vance closed-end funds make certain fund performance data and portfolio characteristics available on the Eaton Vance website after the end of each month. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors — Closed-End Funds”.

 

  51  


 

 

This Page Intentionally Left Blank


Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent

American Stock Transfer & Trust Company

59 Maiden Lane

Plaza Level

New York, NY 10038

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

 


LOGO

 

171-8/13   SITSRC


Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a consultant and private investor. Previously, he served as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

Item 4. Principal Accountant Fees and Services

(a)-(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended June 30, 2012 and June 30, 2013 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.

Eaton Vance Senior Income Trust

 

Fiscal Years Ended

   06/30/12      06/30/13  

Audit Fees

   $ 60,300       $ 64,850   

Audit-Related Fees(1)

   $ 23,330       $ 0   

Tax Fees(2)

   $ 18,390       $ 18,900   

All Other Fees(3)

   $ 1,240       $ 1,200   
  

 

 

    

 

 

 

Total

   $ 103,260       $ 84,950   
  

 

 

    

 

 

 

 

(1) 

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

(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 and other related tax compliance/planning matters.

(3) 

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

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval


process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

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

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

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended June 30, 2012 and June 30, 2013; and (ii) the aggregate non-audit fees
(i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.

 

Fiscal Years Ended

   06/30/12      06/30/13  

Registrant

   $ 42,960       $ 20,100   

Eaton Vance(1)

   $ 579,130       $ 261,151   

 

(1) 

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

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

Item 5. Audit Committee of Listed registrants

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. William H. Park (Chair), Scott E. Eston, Ronald A. Pearlman, Helen Frame Peters and Ralph F. Verni are the members of the registrant’s audit committee.

Item 6. Schedule of Investments

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


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

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

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

In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser’s personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personnel of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.

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

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

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


Mr. Page has been an EVM portfolio manager since 1996 and is a Vice President of EVM and Boston Management and Research, an EVM subsidiary (“BMR”). He is head of EVM’s Bank Loan Investment Group. Mr. Redding has been a portfolio manager since 2001 and is a Vice President of EVM and BMR. This information is provided as of the date of filing of this report.

The following table shows, as of the Fund’s most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) 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 millions of dollars) in those accounts.

 

     Number of
All Accounts
     Total Assets
of
All Accounts
     Number of
Accounts

Paying a
Performance Fee
     Total Assets of
Accounts

Paying a
Performance Fee
 

Scott H. Page

           

Registered Investment Companies

     14       $ 30,054.4         0       $ 0   

Other Pooled Investment Vehicles

     7       $ 8,575.4         1       $ 304.4   

Other Accounts

     2       $ 1,520.3         0       $ 0   

John P. Redding

           

Registered Investment Companies

     1       $ 453.4         0       $ 0   

Other Pooled Investment Vehicles

     4       $ 6,903.6         0       $ 0   

Other Accounts

     0       $ 0         0       $ 0   

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

 

Portfolio Manager

   Dollar Range of Equity
Securities Owned in the Fund
 

Scott H. Page

   $ 100,001 - $500,000   

John P. Redding

   $ 100,001 - $500,000   

Potential for Conflicts of Interest. It is possible that conflicts of interest may arise in connection with a portfolio manager’s management of a Fund’s investments on the one hand and the investments of other accounts for which the portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Fund and other accounts he or she advises. In addition, due to differences in the investment strategies or restrictions between a Fund and the other accounts, a portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager may compensate the investment 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 the portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, the portfolio manager will endeavor to exercise his or her discretion in a manner that he or she believes is equitable to all interested persons. EVM has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies which govern the investment adviser’s trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocation, cross trades and best execution.

Compensation Structure for EVM

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

Method to Determine Compensation. EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus the benchmark(s) stated in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance measures include, but are not limited to, the Sharpe Ratio. Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When a fund’s peer group as determined by Lipper or Morningstar is deemed by EVM’s management not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer group or market index. 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. For funds with an investment objective other than total return (such as current income), consideration will also be given to the fund’s success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance.

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

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


significantly from year to year based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation.

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

No such purchases this period.

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

No Material Changes.

Item 11. Controls and Procedures

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

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

Item 12. Exhibits

 

(a)(1)

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

(a)(2)(i)

   Treasurer’s Section 302 certification.

(a)(2)(ii)

   President’s Section 302 certification.

(b)

   Combined Section 906 certification.


Signatures

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

 

Eaton Vance Senior Income Trust
By:  

/s/ Scott H. Page

  Scott H. Page
  President
Date:   August 9, 2013

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/ James F. Kirchner

  James F. Kirchner
  Treasurer
Date:   August 9, 2013
By:  

/s/ Scott H. Page

  Scott H. Page
  President
Date:   August 9, 2013